1:55 PM New York City, New York – World financial markets declined after volatile Chinese stocks raised the prospect of larger than expected economic slowdown. Oil and copper traded at new six-year lows. German lawmakers approved third Greek bailout.
Market indexes in New York and across Europe dropped after volatile stocks in China overshadowed local news.
Shanghai index plunged as much as 5% before recovering to close up 1.2% after central bank decided to inject more liquidity. However, markets in Asia and around the world declined on the growing worries that Chinese economy may be in weaker conditions that the economic data suggest.
Oil and copper declined to new six-year lows on the worries that the demand in China is slowing down.
The index of consumer prices in July increased 0.1% from June. For the year, all item index before seasonal adjustment rose 0.2%, the Department of Labor said.
On Wall Street, Tollbooth Strategy Index decreased 100.91 or 0.9% to 10,820.38.
S&P 500 index dropped 22.35 or 1.1% to 2,074.58 and the Nasdaq Composite Index slipped 54.79 or 1.1% to 5,004.82.
Crude oil in New York declined $1.70 to $40.92 a barrel and gold soared $11.20 to $1,128.10 an ounce.
Lowe''s Companies, Inc
) rose 13 cents to $73.13 after the home improvement retailer reported net sales in the second-quarter ending in July jumped 4.5% to $17.4 billion from a year ago period.
Comparable store sales in the quarter increased 4.3% comparable sales for U.S. home improvement business gained 4.6%.
Net income in the quarter soared 8.4% to $1.13 billion or $1.20 per diluted share compared to $1.04 billion or $1.04 from the same quarter last year.
Lowe''s estimated total sales estimated to increase 4.5% to 5% and comparable sales are forecasted to increase 4% to 4.5% and diluted earnings per share of about $3.29.
) increased 48 cents to $80.78 after the discount stores operator reported net sales in the second-quarter ending on August 1 advanced 2.8% to $17.43 billion from a year ago period.
Same store sales in the quarter increased 2.4%.
Net income in the quarter surged 222% to $753 million or $1.18 per diluted share compared to $234 million or 37 cents from the same quarter last year.
For the third-quarter, Target forecasted earnings per share in the range of 79 cents to 89 cents from 79 cents reported in the same period a year ago.
For the year, the retailer lifted estimated earnings per share between $4.60 and $4.75 compared to earlier estimated range of $4.50 to $4.65.
Separately, Target agreed to reimburse up to $67 million to settle Visa claims in connection to massive data breach of 40 million debit and credit cards during the holiday shopping season in 2013.
The company also negotiates with MasterCard Inc in the same matter.
German lawmakers overwhelmingly approved third Greek bailout and Dutch and other lawmakers are set to vote in favor as well. The approval will allow Greece to make a loan repayment to the European Central Bank later this week.
Seasonally adjusted construction activities in June fell 1.9% in euro area and 1.1% in the wider region of EU28 compared to a month ago.
In May, activities in EU area rose 0.2% but fell 0.2% in the EU28, the statistical office of the European Communities reported.
In London trading, FTSE 100 index slumped 77.02 or 1.2% to 6,449.36 and in Frankfurt the DAX index declined 183.70 or 1.7% to 10,730.05.
In Paris, CAC 40 index dropped 55 or 1.1% to 4,915.29.
plunged 7.4% to 577.50 kronor after the Denmark-based brewing company reported net revenues in the first-half ending in June rose 1.1% to 32.40 billion kronor from 32.06 billion kronor in a year ago period.
Net profit in the period tumbled 29.9% form a year ago to 1.50 billion kronor compared to 2.14 billion kronor and diluted earnings per share slipped to 11.4 kronor from 14.7 kronor.
declined 8.9% to 160.50 pence after the Switzerland-based natural resource company reported revenues in the first-half ending in June plummeted 24.9% to $85.71 billion from $114.06 billion in a year ago period.