Stock Futures Waver After Mixed Jobs Data
The Hong Kong Hang Seng index finished higher by 1.02% and the Nikkei in Japan closed up 1.1% after data showing that inflation eased further in China in July, providing the country with more leeway to reduce interest rates or increase spending amid a spate of weak July indicators.
Industrial production in China fell to 9.2% in July from 9.5% in June, its lowest rate since May 2009, and retail sales growth slowed to 13.1% from 13.7%. Fixed asset investment also missed estimates.
In corporate news, News Corp.(NWSA) posted a quarterly loss of $1.55 billion, or 64 cents a share, after the media giant recorded a $2.9 billion write-down on its publishing assets.
Excluding the write-down, News Corp. earned 32 cents a share in the quarter, down from 35 cents a share a year earlier, but in-line with analysts' expectations.
Revenue declined 7% to $8.37 billion; analysts were calling for revenue of $8.78 billion.
News Corp. said in June that it planned to separate its struggling publishing business from its entertainment assets by next year.
Zynga (ZNGA) Chief Operating Officer John Schappert, is resigning, effectively immediately, according to an 8-K filing from the San Francisco-based social gaming company
Several private-equity firms that have been approached to join in a buyout of Best Buy(BBY) are sitting on the fence, private-equity sources told Reuters, citing the lack of a tangible plan by the retailer's founder Richard Schulze.
Your one-stop shop for 2012 stock recommendations and market predictions.
-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse.