Swiss and Italian Exports Fall, U.S. Earnings Misses Weigh on Stock

Tag : italian clothing
Swiss and Italian Exports Fall, U.S. Earnings Misses Weigh on StockIndexes

Fundamental Headlines
USDJPY - Japan's all industry index fell to 0.4% from 0.8% in April asslumping service and construction sectors outweighed a 2.6% gain inmanufacturing. Meanwhile, supermarket sales fell 0.9% in June ledby a 9.8% drop in clothing sales followed by 4.5% decline inhousehold goods.
EURUSD - Italian consumer confidence fell to 95.4, the lowest level since1993. Record oil and foods costs have sapped consumer purchasingpower in Europe's fourth largest economy. Meanwhile, the Italiantrade balance deficit widened to -2328 million as textile exportsfell 9.6%.
USDCHF - The Swiss trade balance surplus rose to a record high 2.41 billionfrancs in June. However, the positive differential was a result ofdeclining imports surpassing falling exports. U.S. and U.K. demandfor Swiss goods fell 8.1% and 12% respectively, as a strong francmade goods less competitive in those declining economies. Theweakening consumption is also a problem, as consumers may betightening their wallets more than anticipated, which could weighfurther on domestic growth. Icahn Ends Feud With Yahoo, Setting Up an Uneasy Truce ( link ) - Wall Street Journal Bernanke Disclosure Lists No-Frills Investments ( link ) - Wall Street Journal Fed Seems Focused on Inflation over Growth ( link ) - Financial Times European Stocks, U.S. Futures Drop; Ericsson, Vodafone Decline ( link ) - Bloomberg Fannie, Freddie May Record More Losses, Ofheo Says ( link ) - Bloomberg

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