Rate will rise to 40 next year, and reforms are only likely to slow the growth rate. China suggests that moodys was overestimates the difficulties facing chinas economy. The shanghai was flat. The hang seng was up by 0. 1 in europe, a mixed picture. Things are flat forever the dax and cac. Ftse up by 0. 25 points. M h na news, Constellation Brands made an offer to take over brownforman. And glencore making a takeover approach to bunge. Bunge says it is not engaged in talks with glencore. Pro and uber says it inadvertently underpaid new york city drivers for 2 1 2 years. The company took a commission from full fare prices. Uber says it will pay back drivers, with interest, for the mistake. The wall street journal said the average driver would be repaid 900, totalling 45 million. We will talk with adam lashinsky, author of the new book wild ride inside ubers quest for domination. Lets get to this. The United Kingdom raising the threat level to critical and deploying soldiers to key sites
Our road map begins with the retail surprise. Best buy, sears, Williams Sonoma, all with earnings beat. Shares of best buy are surging. And Mickey Drexler is explaining how the j crew market missed the tech revolution. The s p is on track for another fresh record close. Opec agrees on the cut extension and oil is down. A lot of news on the retail front. Best buy is up, helped by an unexpected increase in u. S. Comps. Williams sonoma is out with better than expected guidance and earnings beat and then sears coming in above forecast. Although sales continue to slump. Its not often, jim, an 11. 9 decline in comp is actually above expectations. Yeah. Look, sears is a big short squeeze whenever it goes up and people realize well, wait a second. Even when they keep selling Closing Stores the existing stores have bad numbers. These are terminal numbers. I mean, i wont tell you that maybe you can close all of the stores and see the stock go up. But i have never i mean, there has never been a r
Kenmore brands and appliances on the shopping site. So, mario, i guess this is what were used to now. Do we have to look at our portfolios and are they saying that it can be disrupted by amazon its part of the free market system its good for the consumer something to come along with the business only two days ago along with a baseball team. Inflation for the goods and analysts watching this, all they have to do is look at page 41 of their annual report. Appliances are 7. 8 of the companys total revenues, however, thats been the big growth factor on a com space and thats what the street looks for. Do you think some of this is over blown look, mr. Market, that is the volatility in the market where is home depot going to be in the next five years the important element is inflation in the goods they sell they are going to do something material because they are saturated in the u. S. , they have to do something. Im glad that amazon comes along and knocks off everybody it keeps you on your t
An economy close to full employment. Today that mystery was at least partly solved. In july, according to the commerce department, sales at retail rs and restaurants rose at their fastest clip since december. Steve liesman has the numbers and an explanation. Reporter the governments retail sales report showed that consumers are finally spending in line with their levels of confidence and employment. July retail sales rose 0. 6 , the best gain of the year outstripping wall street estimates. A decline in june sales has been revised to show a decent gain. I think the retail sales are pretty important. It was strong the last two months or week. There were factors that helped boost sales like amazon prime day which concentrated sales in july. Amazon said the prime day sales was the biggest sales day in its history. And the nonstore category including ecommerce showed a strong 1. 3 monthly gain. But autos and Department Stores did well offsetting declines at gasoline stations. It was a myste
Wti is higher by 87 cents, 54. 27. Brent is higher as well, 92 cents. 57. 10 over in london. Nat gas is lower by 7 cents. Decline of more than 2 . Among the top corporate stories, kraft heinz is withdrawing its bid for a merger with unilever. Kraft worried that it would be too hard to negotiate after the Public Disclosure of its bid so quickly. A kraft spokesman said the company intended to proceed on a friendly basis but found unilever did not wanted to pursue a transaction. Restaurant brands is in advanced talks to buy popeyes. The deal will probably be valuing popeyes at 1. 7 billion. An announcement could come this week. Wandas proposed 1 billion acquisition of Dick Clark Productions is under pressure. Wanda is run by chinas richest man. It already owns Legendary Entertainment and amc entertainment. Reuters reports wandas deal for dick clark is shaky but not yet dead. Part of the problem is they cant get the money out of the country. By the way, on this kraft heinz deal tell us. It