Nasdaq extends record on Google, energy weighs on S&P 500 Index

The  Nasdaq  Composite  Index  rose  to  an  all-time  high  for  a  second  day after  Google  Inc.  jumped  on  better-than-estimated  earnings,  while  a decline in energy shares muted gains in the S&P  500 Index.  The S&P 500 climbed 0.1% to 2,126.64. The Dow fell 33.80 points (0.2%) to 18,086.45.

Consumer sentiment in US retreats on concerns about economy

Consumer  confidence  declined  in  July  on  concerns  global  risks  will  dim prospects  for  the  US  economy.  The  University  of  Michigan’s  preliminary index  of  sentiment  dropped  to  93.3  during  the  month  from  96.1  in  June, figures  showed.  The  median  forecast  in  a  Bloomberg  News  survey  of economists called for a reading of 96.

Consumer prices in US rose in June, paced by higher rents

The cost of living in the US  rose in June for the fifth consecutive month, paced  by  increases  in  rents  that  are  helping  nudge  inflation  toward  the Federal  Reserve’s  goal.  The  consumer-price  index  climbed  0.3%  mom after rising 0.4% in May, a Labor Department report showed. That matched the median forecast of 81 economists surveyed by Bloomberg.

Housing starts in US surge to second-highest level since 2007

New-home construction in the US  climbed in June to the second-highest level  since  November  2007  as  builders  stepped  up  work  on  apartment projects. Housing starts rose 9.8% mom to a 1.17m annualized rate (1.07m in  May),  figures  from  the  Commerce  Department  showed.  The  median estimate of economists surveyed by Bloomberg was a 1.11m rate.

Greek Banks to Open Monday as Next Parliamentary Vote Looms

Greek banks will reopen for basic services on Monday, three weeks after they were shut to prevent their collapse, as Prime Minister Alexis Tsipras prepares  for  a  second  parliamentary  vote  crucial  to  securing  a  bailout. Greeks will regain banking services including the ability to deposit checks and access safe deposit boxes, the government said. Although customers will continue to face restrictions on cash withdrawals, the daily limit of €60 (US$65) will be replaced by a cumulative maximum of €420 a week.

Merkel sees Greek debt relief option as banks set to open

German  Chancellor  Angela  Merkel  held  out  the  prospect  of  limited  debt relief as crisis-ravaged Greece prepares to reopen its banks three weeks after they were shut. Merkel said  that she’s prepared to discuss the matter once Greece successfully completes the first round of a new bailout. She ruled out any haircut on Greek debt.

China home price gains spread as large cities lead recovery

Declines in China’s new-home prices were restricted to fewer than half of the  cities  monitored  for  the  first  time  in  15  months  as  sales  extended  a rebound  after  authorities  cut  interest  rates  and  eased  property  curbs. Prices  declined  in  33  of  the  70  cities  in  June  from  a  month  earlier, compared with 41 in May, according to the National Bureau of Statistics.

Crude caps longest run of weekly losses since January on glut

Brent  oil  capped  the  longest  run  of  weekly  declines  since  January  as ample  inventories  and  an  accord  to  ease  sanctions  on  Iran  suggested global  markets  will  remain  oversupplied.  Brent  for  September  settlement rose US$0.18 to US$57.10 a barrel.

Source: Bloomberg