Friday 31 July 2015

Get the latest news from The City at 8am, plus a US business update landing at 4pm

LinkedIn investors sign out as losses widen

LinkedIn has disappointed investors with quarterly results that revealed losses have widened from $1m to $68m (£43m) and gave an underwhelming forecast for full-year revenues, Reuters reports. Shares tanked as much as eight per cent after hours despite the company beating expectations to post a 33% increase in revenue to $711m (£492m). 

Oil price slump pummels Chevron profits

Chevron badly missed analyst expectations with its latest quarterly results, as it followed a stream of bad news in an oil exploration sector rocked by plunging prices by announcing net earnings of just $571m (£364m), down dramatically from $5.7bn this time last year. CNBC reports that Exxon Mobil also easily missed forecasts and reported net profit of $4.2bn (£2.7bn), down from $8.8bn.

Buzzfeed investment yields $1.5bn valuation

Buzzfeed is set to be valued at $1.5bn (£960m) as a result of a fresh fundraising that will see broadcaster and film studio NBCUniversal invest around $250m in the digital content hub. The Financial Times says it is also set to invest an unknown sum into Vox Media, in a fundraising that will value it at $850m (£543m).

Sharp pulls out of US TV market

Struggling Japanese electronics firm Sharp has pulled out of the North and South American TV market, after it sold its production facilities in Mexico to Chinese TV manufacturer Hisense for $23.7m (£15m). The FT reports the sale was announced as Sharp, which makes displays for Apple's iPhones, reported losses had increased to Y33.98bn (£175m) for the second quarter.

Quote of the day... Shine has gone from gold

"The most recent breakdown is really just confirmation of what's been in the charts for some time now." Ari Wald of analyst Oppenheimer tells CNBC that the recent gold price slump has been coming - and could yet get much worse. Gold is still lingering at around $1,088 an ounce today after hints of a rate rise in the near future arrested a modest recovery in midweek.

Surging Jeep sales propel Fiat Chrysler

Fiat Chrysler has became the latest carmaker to report strong results on the back of booming sales in the US, with a surge in demand for its Jeep utility vehicles pushing profits up 69% to €333m (£256m) in the second quarter. The New York Times notes the report comes after a $105m fine was handed down earlier this month over recall issues, particularly relating to faults with Jeep models.

THE NUMBERS... AT 9.20 EDT

Dow Jones: down 0.03% to 17745.98
FTSE-100: up 0.57% to 6668.87 
Dax: up 0.40% to 11257.15 
Cac-40: up 0.58% to 5046.42 
Nikkei: down 0.1% to 20542 
Hang Seng: up 0.56% to 24636.28 
US dollar: buys €0.9001 and £0.6387 
Sterling: buys $1.5657 and €1.4093 
Oil: $52.91 down 0.75%