Business News

Earnings, Jobs and a Sliding Euro

How bad is this earnings season? Well, according to Bloomberg, about three-quarters of the S&P 500 have already reported results, with profits down 3.1% on a share-weighted basis due to plunging profits oil and commodity-related companies. The figures reveal the biggest quarterly drop in earnings since 3Q of 2009, and the second straight period of profit declines. Earnings growth turned negative for the first time in six years last quarter.  (SA)
The euro is getting weaker and the U.S. dollar is getting stronger, reigniting a debate among traders over whether the currencies will trade in parity before the end of the year. The moves follow recent dovish remarks from ECB President Mario Draghi and comments from Fed Chair Janet Yellen, The Euro has recently edged down to just $1.08... (FT)
Jobless numbers are just out this morning: Initial claims for state unemployment benefits rose 16,000 to a seasonally adjusted 276,000, higher than expectations of 262,000.  It was the 35th straight week that claims were below the 300,000 threshold, which is normally associated with a strong jobs market. (CBNC)
Oil is down $.02 at $46.32 a barrel. Saudi Arabia's state oil company has raised its official selling prices to Asia for December but cut them for Europe and the United States, as the world's largest crude exporter tries to place its barrels in an oversupplied market. (FT)

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