UK wages rise at fastest rate since 2008, but unemployment also up: Morning Brief
Tuesday, August 13, 2019
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WHAT TO WATCH
Investors will get a pulse on the state of the U.S. economy when key inflation data is released ahead of the opening bell. The Labor Department will report July’s Consumer Price Index (CPI), and economists polled by Bloomberg are expecting core CPI to have risen 0.2% from June and 2.1% from the same period last year.
Meanwhile, turning to corporate earnings, cannabis company Tilray (TLRY) will report second-quarter results after the market close. The pot company is expected to report a loss of 26 cents per share on $40.3 million in revenue, according to data compiled by Bloomberg.
After Tilray’s meteoric stock rise in 2018, shares have failed to impress investors this year. The stock is down 40% so far in 2019. Given rival Aurora Cannabis’ (ACB) recently lowered revenue outlook following weaker-than-expected marijuana sales, Tilray’s report will be closely monitored to gauge the health of the retail cannabis sales both in Canada and in the U.S.
Tilray stock currently has five Buy ratings, 11 Hold ratings and two Sell ratings. The options market is implying a 9.6% move in either direction following its report.
Other notable earnings scheduled for Tuesday include Advance Auto Parts (AAP), JD.com (JD) before market open; The RealReal (REAL) after market close.
TOP NEWS
UK wages are rising at the fastest rate since 2008: Average pay in Britain is rising at its fastest rate since the middle of the financial crisis, official figures show. Weekly wages including bonuses increased by 3.7% in the year to June to £538, the highest increase since 2008, according to the Office for National Statistics (ONS). [Yahoo Finance UK]
UK unemployment rate on the rise: The unemployment rate has crept up in the UK, official figures reveal, but some fear it could be the “beginning of the end” for Britain’s record jobs boom. The number of people looking for work increased by 0.1% to 3.9% between April and June, according to Office for National Statistics (ONS) data published on Tuesday. Economists had predicted it would hold steady. [Yahoo Finance UK]
China central bank official says yuan at right level: China's yuan is at an appropriate level currently and two-way fluctuations in the currency will not necessarily cause disorderly capital flows, a senior official at the People's Bank of China told Reuters on Tuesday. The yuan <CNY=CFXS> has weakened nearly 2.4% since U.S. President Donald Trump threatened earlier this month to impose more tariffs on Chinese goods from Sept. 1, though there are signs China is trying to stem the declines. [Reuters]
Verizon to sell Tumblr to WordPress owner: Verizon Communications (VZ) said on Monday it would sell its blogging website Tumblr to Automattic Inc, the owner of popular online-publishing tool WordPress.com. Tumblr was acquired by Yahoo for more than $1 billion in 2013 and Verizon acquired it as part of its deal for Yahoo in 2015. [Reuters]
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