It's GDP day, Shell swings the axe and Chinese shares have more big moves into the close. Here are some of the things that people in markets are talking about this morning.
The latest report on the U.S. economy is due at 8.30 a.m. ET this morning. There is a lot to look out for in the release, including the effect of annual revisions on the Q1 surprise negative print. Bloomberg News executive editor Dan Moss says the consumer component is the most important data point to look for.
The economy in Spain grew at the fastest pace in eight years in the second quarter of 2015, according to preliminary data released by the National Statistics Institute in Madrid. Growth rose 1 percent on the previous quarter and 3.1 percent on an annual basis. While the preliminary release did not give a breakdown by component, economists see domestic demand as the strongest driver of the accelerating growth in Spain.
Royal Dutch Shell Plc announced plans to cut 6,500 jobs and reduce capital investment by $7 billion today as part of cost-reductions in preparation for what the company called a "prolonged downturn" in oil prices. This is a marked change from Shell's position in April when it expected oil to return to $90 a barrel in three years, but does align the company with industry-wide investment cut-backs. Shares in the company gained the most in three weeks following the announced cuts.
Facebook Inc. reported results after the close yesterday, with revenue beating estimates. Monthly users of Facebook's main social site jumped 13 percent to 1.49 billion with 968 million logging in daily in June. The company said that it plans to keep up its brisk pace of investment. Shares fell 3.4 percent in extending trading in New York.
China's last hour question
Shares in China's Shanghai Composite Index closed down 2.2 percent following a sudden fall in the last hour of trading. Thursday's collapse was a mirror image of Wednesday's close when shares surged in the last hour to close 3.4 percent higher. Without any macro developments to explain the large moves as the end of trading, investors are left scratching their heads.
What we've been reading
This is what's caught our eye over the last 24 hours.
- The great inflation that started in 1966 should serve as a warning to Yellen.
- Few issues fire Britons up more than immigration. What are the facts?
- The volume of ETF shares being traded is now larger than U.S. GDP.
- Here's what Greece stopped importing - and what it couldn't cut back on - in the crisis.
- Part of an aircraft that may be from lost MH370 has washed up on the shore of Reunion Island.
- Yanis Varoufakis responds to claims of treason.
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