World Markets Live - August 1st - CNBC Live Events
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World Markets Live - August 1st

We’ll be updating you throughout the day with essential breaking news, data alerts, earnings reports and all the major market movements.

  • Germany's July manfuacturing PMI comes in at 58.1, under forecasts of 58.3 and down from June's 59.6.
     
    Also, Germany's seasonally adjusted jobless total falls by 9,000 to 2.537 million, according to the Labour office. This is greater than the Reuters poll forecast of 5,000, but the jobless rate is unchanged at 5.7 percent. 
     
    The unadjusted jobless total rises to 2.518 from 2.473 million in June.
  • UK Government says concerned British Gas price rise will hit many people already on poor-value tariffs. The government says wants rapid progress from OFGEM on commitment to safeguard customers. That's according to Reuters.
  • These are the top stories for the hour:
     
    • BP beats on second quarter net profit as production rises 10 percent. But the energy giant sees its earnings halve from Q1 due to a write-off on exploration in Angola.
    • Assets under management at British fund Man Group rise nearly 20 percent in the first half, lifted by the firm's recent purchase of real estate fund Aalto.
    • President Trump removes Anthony Scaramucci from his role as Communications Director after only 10 days in the job, as new chief of staff John Kelly makes his mark on the White House.
  • Factories in the euro zone started the second half with buoyant growth, which although slightly weaker than previously estimated was broad-based and appears to be sustainable, a survey showed on Tuesday.

    IHS Markit's final manufacturing Purchasing Managers' Index dipped to 56.6 from June's six-year high of 57.4, slightly down from a flash estimate of 56.8. Any reading above 50 indicates growth.

    An output index that feeds into a composite PMI due on Thursday fell to 56.5 from 58.7, which was the highest since April 2011.
  • Higher oil prices and deeper cost cuts have helped BP to a second quarter profit beat.
     
    The British oil giant reported a 10 percent rise in production, though it took a big charge related to failed exploration in Angola. BP is now targeting output of 800 thousand barrels per day by 2020.
     
    Despite seeing an increase in net debt, BP said it expects relief in the second half of the year from a boost in divestment proceeds and a decline in payments related to the Gulf of Mexico spill.
     
    Russ Mould, investment director at AJ Bell, says bears will focus on rising net debt, slower revenue gains from disposals, and cash flow not covering day-to-day expenses.
     
    The big debate: is that fat, juicy dividend safe? There’s enough in there to keep bears interested or there may not be.
     
    He says he’d be surprised if the company cut its dividend, but the company has to work hard to maintain that payment.
     
    BP Shares are up nearly 4 percent this morning.
     
     
  • The U.K. regulator OFCOM proposes to impose caps on Openreach's rental charges for accessing the network in order to increase certainty and predictability for investors.
     
    OFCOM is consulting on the methodology to calculate maximum charges. OFCOM anticipates the proposal to impose caps would result in a material reduction of most rental charges.
  • Venezuelan President Nicolas Maduro is attacking U.S. sanctions on the country, calling them desperate. The White House imposed a number of non-oil related sanctions on Maduro's government, labelling him a dictator.
     
    The U.S. administration says Maduro seized absolute power through a sham election, undermining democracy. 
     
    Nicolas Maduro celebrates the results of Sunday's election
     
    Meanwhile. Venezuela's opposition leaders have been taken from their homes, their families have said. The wives of Leopoldo Lopez and Antonio Ledezma both tweeted links to videos that appear to show the men being led into cars by armed officers.

    Both leaders were serving house arrests and had called on Venezuelans to join protests against Maduro. The government has not commented on the reports.
     
  • Here are some of the notable stocks moving markets today:
     
    • DSM has exceeded expectations for the first half, posting net profit of 312 million euros, a 42% jump on the same period last year. The Dutch chemicals company has raised its full year outlook for 2017, forecasting earnings growth in the double digits.
    • Rolls-Royce is running full throttle. The aerospace engine maker posted a first half profit of £287 million, beating expectations.  A pickup in engine orders boosted performance. The CEO says cost-cutting measures are working, but warned there's no room for complacency. Shares in Rolls Royce hit a 2 year high off the back of the results.
     
     
    • U.K. homebuilder Taylor Wimpey is to pay a special dividend of £340 million after reporting a near 20 percent increase in first-half revenues. However, the company was forced to set aside £130 million to compensate homebuyers affected by a leasehold scandal.
    • Hedge fund Man Group reported a nearly 20 percent boost in assets under management during the first half. This figure was bolstered by new investment and the acquisition of a real estate fund.
  • BP is in focus today after posting underlying profit for the first half rose 75 percent to $2.2 billion, thanks largely to a recovery in the upstream business.
     
    Nicholas Hyett, equity analyst at Hargreaves Lansdown, says oil spills from several years ago are still weighing on the company.
     
    Were it not for the Deepwater Horizon oil spill more than 7 years ago, BP would be in pretty good shape right now. Despite the tough oil price environment, cash flows would be comfortably ahead of capex and dividend expenses, and the group is still managing to spend a reasonable amount on developing new fields.
     
    As it is, the Gulf of Mexico payments, which had a negative cash impact of around $2bn this quarter, continue to weigh on the group and are forcing it to take on an ever larger debt burden.
     
    Fortunately the group’s upstream division has delivered a strong set of numbers this time out, and while the Downstream refining business hasn’t delivered the growth we’ve seen from the likes of Shell, it remains robustly profitable. Gulf of Mexico costs are expected to fall from here, but BP remains a bit of a waiting game.
     
     Shares in BP are up more than 3 percent today.
     
     
  • A walkout at the Bank of England! Support staff including maintenance and security personnel at the Bank of England will go ahead with a three-day strike, after talks aimed at averting the action failed.
     
    Employees are angered over pay, and have planned protests outside the central bank. The strike marks the first in more than 50 years, by BOE staff. 
  • U.K. July manufacturing PMI is 55.1 versus June's 54.2. This beats expectations of 54.4.
     
    Manufacturing output hit a four month low of 55.6, down from June's 55.9.
     
    Meanwhile, manufacturing PMI export orders rose to 58.2 versus 52.5 in June, this is its highest reading since April 2010.
  • Not a huge movement by cable in reaction to the PMI data. Sterling was a little negative to the dollar but is now up about 2 basis points.
     
     
  • Euro zone PMI came in at 56.6, slightly below expectations. The figure, however, still indicates strong growth.
     
    In June, the Euro zone PMI hit a 6 year high of 57.4.
     
    The euro is lower against the dollar today.
     
     
  • The latest polling data shows German Chancellor Angela Merkel's Conservatives are expected to receive 37 percent of the vote, while the rival Social Democrats are on 24.5 percent, ahead of the election later this year. That's according to the INSA poll.
  • The euro zone GDP growth rate for Q2 are due shortly.
     
    Here's what the Royal Bank of Canada's FIC team expects to see:
     
    Though the PMIs are pointing to a faster rate of expansion, we leave our forecast for Q2 euro area GDP growth unchanged at 0.6% q/q. That is slightly ahead of the ECB’s current central estimate for growth of 0.5% q/q from the June forecast.
     
    No expenditure or country level breakdown is available with this preliminary release, but GDP estimates for France and Spain are released in advance, which we expect to show expansion of 0.5% q/q and 1.0% q/q, respectively. 
  • Sterling has hit a new 10-month high of $1.324 this morning, following the release of better-than-expected manufacturing data for July.
     
     
  • Apple has failed to dismiss a lawsuit claiming it "broke" its FaceTime video conferencing feature to force users of older iPhones to upgrade. A U.S. judge ruled iPhone 4 and 4S users can pursue class action claims.
     
    However, Apple has argued the plaintiffs did not suffer any economic losses as FaceTime is a free service.
     
    This comes as Apple is set to release its third quarter earnings this week after reporting a decline in year-on-year iPhone sales in its previous quarter.
     
    Neil Campling, head of global TMT research at Northern Trust Capital Markets, agrees markets are more interested in the guidance for the next quarter rather than numbers from the past quarter.
     
    The key focus for Apple is what happens with the new product cycle for the next iPhone. The key thing really here is the timing of the ramp of the product, because many of the supply chain companies in the past couple of weeks have given guidance that suggests the quarterly ramp in September could be quite low, but then we could have a super cycle from December quarter onwards, because of component supply issues on the chip side.
     
     
  • U.S. futures indicate a strong opening for markets later today, with Dow called more than 125 points higher.
     
    This as the Dow closed Monday's session at a record high as Wall Street cheered the strong earnings season.
     
     
  • Flash Q2 euro area GDP grew at 0.6 percent quarter over quarter and 2.1 percent on the year. This matches forecasts.
  • Three non-Spanish investment funds have shown interest in acquiring 20 percent of Spain's domestic gas distribution network owned by Gas Natural.
     
    The sale of the 20 percent stake could raise around 1.5 billion euros and be finalised within 1 to 3 weeks. That's according to Reuters citing a source.
  • Ferrari's wants to produce a "utility vehicle" in a plan to double its profits. This is the final five-year plan under current CEO Sergio Marchionne, who is set to retire in 2021. The plan will will target annual deliveries beyond the self-imposed limit of 10,000 cars.
     
    That's according to Bloomberg citing sources.
     
    Shares in the luxury car maker are up nearly 2 percent today.
     
     
     
     
  • Spanish new car sales increased 2.5 percent year on year in July. That's according to ANFAC.
  • Euro zone GDP grew 0.6 percent in Q2 on the quarter and 2.1 percent on the year, but Q1 was revised down to 0.5 percent. Growth was in line with expectations.
     
    The annualized rate is 2.3 percent, up from 2 percent in Q1. This is a little slower than the U.S. but faster than the U.K., according to Reuters.
     
    Jack Allen, European economist at Capital Economics, says first half GDP growth is a little weaker than expected.
     
    We do not yet have an expenditure breakdown of GDP, but the sharp rise in retail sales growth in Q2 and the high level of consumer confidence suggests that the consumer sector performed well. And the monthly goods trade data suggest that the trade surplus rose. So after a strong start to the year, investment growth may have slowed in Q2.
     
    Allen says there are reasons for optimism.  
     
    First of all, German GDP data for Q2 have not yet been released, and the monthly data point to a sharp acceleration in growth there. So the euro-zone aggregate may yet be revised up. And July’s consumer and business surveys point to continued fairly strong growth at the start of Q3. The big picture then is that economy is performing well, which strengthens the case for the ECB to taper its asset purchases next year.
  • Iraq's oil minister says the country's July oil exports were 3.23 million barrels per day. 
     
    That's down from 3.27 million barrels per day in June.
     
    Oil prices are robust today.
     
     
     
  • Sterling hit a high against the dollar this morning, rising to levels not seen since mid-September. 
     
    The U.K. currency got a boost from PMI manufacturing data which indicated steady expansion to the sector. July's reading of PMI was 55.1 versus June's 54.2 and beating expectations of 54.4.
     
     
    Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics, warns modest growth in manufacturing will not compensate for the slowdown in the consumer sectors of the economy.
     
    The rise in the PMI chiefly reflected a pickup in the new orders balance, to 56.4, from 54.3. Manufacturers, however, reported that stocks of finished goods accumulated for the third consecutive month in July, so the pickup in orders won’t feed though fully to production over the coming months.
  • South Africa's central bank governor Lesetja Kganyago says the recession in his country is broad-based. He says policy uncertainty could lead to an even deeper recession, according to Reuters.
     
    Kganyago says he still expects modest economic growth in Q2 and that political uncertainty is impacting investor sentiment. He adds that mining and agriculture policy uncertainty is hurting confidence.
     
    Lesetja Kganyago
  • Air Canada reports Q2 adjusted earnings per share of 78 Canadian cents. Second quarter revenue was C$3.91 billion.
     
    Net income for the quarter was C$300 million. 
     
    The carrier warns capacity growth will begin to slow in 2018 and employee benefit expenses will increase  by around $50 million in 2017. It also warns the CASM (Cost Per Available Seat Mile) will decrease 1.5 to 2.5 percent in Q3 of this year compared to the year before.
  • Monday was the deadline for European Union countries to submit bids for hosting the European Medicines Agency (EMA) and European Banking Authority (EBA), which are both currently based in London.
     
    The headquarters will have to move away from the U.K. in light of Brexit, which is due to take effect by 29 Mar 2019. Around 1,000 staff are employed at the two agencies.
     
    19 cities proposed to host the EMA, including:
     •    Amsterdam (The Netherlands)
    •    Athens (Greece)
    •    Barcelona (Spain)
    •    Bonn (Germany)
    •    Bratislava (Slovakia)
    •    Brussels (Belgium)
    •    Bucharest (Romania)
    •    Copenhagen (Denmark)
    •    Dublin (Ireland)
    •    Helsinki (Finland)
    •    Lille (France)
    •    Milan (Italy)
    •    Porto (Portugal)
    •    Sofia (Bulgaria)
    •    Stockholm (Sweden)
    •    Malta (Malta)
    •    Vienna (Austria)
    •    Warsaw (Poland)
    •    Zagreb (Croatia)
     
    Meanwhile, eight proposed hosting the EBA, including Dublin. The Irish government has offered to spend 10 million euros to help with the relocation and committed to contribute €78m towards the agency's rent and maintenance in Ireland.
     
    The European Commission aims to assess the bids by 30 September. Interior ministers will vote on the new host countries at the EU General Affairs Council meeting in November.
  • The MSCI Emerging Markets index rose 5.6 percent in July. The index is set for its 7th consecutive positive month for the first time since August 2014.
     
    Maarten-Jan Bakkum, senior strategist for emerging markets at NN Investment Partners, says emerging markets are continuing to recover.
     
    Growth momentum has been positive for more than a year, and has actually accelerated in recent weeks. This is largely why the recent nervousness in financial markets about a possible accelerated tightening in monetary policy in the US and Europe has had little impact on Emerging Markets (EMs). EM bonds saw outflows for the first time this year, but then yields hardly increased. At the same time, EM equities continued to attract new capital and the pace of the outperformance over developed markets even accelerated.
     
     
     
  • The Stoxx 600 is up half a percent today. Earnings, PMI data and Q2 GDP growth are helping to drive stocks higher.
     
    The oil & gas and industrials sectors are leading the market higher.
     
    Here's how the individual bourses are performing. Switzerland's financial markets are closed for Swiss National Day.
     
     
     
  • WestJet Airlines reports Q2 net earnings of $48 million, up 32 percent. Q2 earnings per share is C$0.41, compared to the IBES view of C$0.28.
     
    The airline also announces a normal course issuer bid to buy back 5,856,671 outstanding shares on the Toronto Stock Exchange.
     
  • Quality Systems Inc reports Q1 revenue of $130.9 million versus the IBES view of $126.8 million.
     
    The company sees full year 2018 revenue of $512 million to $530 million. However, it adjusted its earnings per share view to 62 cents to 70 cents, down from a view of 66 cents to 74 cents.
     
    The company says the change in outlook takes into account the incremental investments in Eagledream Health platform.
  • Pfizer reports Q2 earnings per share of 51 cents, on revenue of $12.9 billion and net income of $3.07 billion. Revenue missed the IBES view of $13.08 billion.
     
    The drugmaker reaffirms its 2017 revenue guidance range of $52 to $54 billion.
     
    The company warns Q2 operational growth was "negatively impacted" by lower revenues for Enbrel in its most developed European markets.
  • U.S.-listed shares of Ferrari are called 3 percent higher in premarket trade following Bloomberg reports that the luxury car maker plans to produce a four-seat utility vehicle.
     
     
  • Xerox reports Q2 revenue of $2.57 billion, with adjusted earnings per share of 87 cents and net income of $166 million. 
     
    Revenue missed estimates of $2.61 billion, but beat the earnings per share view of 80 cents. The company affirmed its full-year revenue, cash flow and operating margin guidance, but narrowed its earnings per share guidance.
  • Emerson Electric reports Q3 sales of $4 billion, with net income of $413 million and earnings per share of 64 cents.
     
    The company missed estimates of $4.03 billion revenue and 69 cents earnings per share.
     
    The company sees full year net sales up around 5 percent. 
  • Even more U.S. earnings.
     
    Under Armour reports Q2 revenue of $1.1 billion, beating the IBES view of $1.08 billion. The company sees full year earnings per share of 18 to 21 cents and sees full year revenue op 9 to 11 percent.
     
    The company reports a Q2 net loss of $12.3 million and Q2 loss per share of 3 cents, although a loss of 6 cents per share was expected.
     
    The company's board has approved a restructuring plan. The company says the "dynamic and promotional retail environment in North America continued to temper results."
     

    Under Armour earnings: 3 cent loss, vs 6 cent loss expected

    CNBCEarlier this year, Under Armour posted its first-ever loss, though it was not nearly as bad as some had feared for the sporting-goods retailer.
     
  • Pharma giant Pfizer has beaten on its Q2 adjusted EPS with $0.67 edging past the average estimate of $0.66.
     
    Revenue fell to $12.9 billion from the first quarter figure of $13.15 billion. Pfizer has raised its 2017 adjusted guidance to a range sitting between $2.54 to $2.60.
     
    In premarket trade, Pfizer shares have risen.
     
    Source: CNBC
     
     
    Additionally, the CME group has reported second quarter earnings of adjusted EPS $1.23. That edging just above a consensus forecast of $1.21.
     
    The revenue was $925 million and the firm said the average number of daily contracts it executed across the quarter was 16.5 million.
     
    Source: CNBC
     
  • U.S. stock index futures are pointing  to a higher open on Tuesday as a new month of trading kicked off.

    At 12:30 p.m. London time, Dow futures are up an implied 100 points, putting the 30-stock index ever closer to the elusive 22,000 milestone.
     
    S&P 500 and Nasdaq 100 futures, meanwhile sit higher by 6.20 points and 18.42 points, respectively.
     
    Today is, of course, the first trading day of August.
     
     
  • Workers at the Bank of England (BoE) walked out on strike on Tuesday for the first time in five decades, over a pay dispute.
     
    Employees working in the central bank’s maintenance and security departments, will continue the industrial action over the next three days.
     
    Staff employed in the bank’s “parlors” - ground floor offices where BoE governor Mark Carney and his senior colleagues work - are also involved in the strike.
     
    Workers and union members are joined in protest outside the Bank of England.
     
    Staff wore masks displaying BoE governor Mark Carney outside the institution’s headquarters in Threadneedle Street, London.

    The central bank maintained that operations at the bank would continue smoothly. 
  • Something is wrong when the Mustang engine is as "quiet as a dishwasher".
     

    Ford tames the Mustang roar with neighbor friendly ‘quiet mode’

    CNBCA brush with the law has led to an innovative new development on Ford's latest Mustang.
  • Oil price have slipped on Tuesday but remain around the $50 a barrel mark.
     
    Traders believe the market is returning to a healthier balance between demand and supply.
     
     
    Our guest from this morning said balance could be hard to maintain.
     

    Oil demand going up, but supply is the issue: Pro

    CNBCRuss Mould, investment director at AJ Bell, discusses oil prices and the impact of shale gas and picks Shell over BP for choice of investment.
     
  • No Trump tweets so far today. Surely Kelly's not that effective.
     

    Kelly flexes his muscle on his first day on the job at the White House

    CNBCHere's an early indication that John Kelly, a decorated retired Marine general who served three tours in Iraq, is not afraid to stand up to President Trump.
  • US. stock index futures point to a higher open on Tuesday as earnings help drive sentiment.
     
     
    Below are some of the main stocks making moves before trade opens. For the fuller picture put together by @peterschack you can click here.

    Under Armour – The athletic footwear and apparel maker reported a quarterly loss of three cents per share, half of what analysts had expected, and revenue beat forecasts. Under Armour cut its full-year outlook below forecasts, however, and also announced a restructuring that will include job cuts.

    Pfizer – The drugmaker came in one cent a share above estimates, with quarterly profit of 67 cents per share. Revenue came in below forecasts, however, as demand for its Enbrel and Prevnar drugs dropped. Pfizer did increase the midrange of its 2017 earnings forecast.

    Snap – Snap will not be eligible for inclusion in the S&P 500 following a new rule which takes effect today, barring companies with multiple share classes. The decision does not affect existing S&P 500 members with multiple shares classes like Alphabet and Berkshire Hathaway.

    BP – The oil giant earned $553 million for the second quarter, reversing a year-ago loss although its bottom line continues to be affected by costs related to the 2010 Gulf of Mexico oil spill.

    Sprint – The wireless services provider earned five cents per share for its latest quarter, compared to consensus forecasts of a one cent loss. Revenue beat forecasts, while Sprint chalked up net additions of 61,000 wireless subscribers.

  • U.S. personal income has come in unchanged in June versus a forecast 0.4% increase.
     
    The PCE core price index, which excludes food and energy , has come in at +0.1 percent in June. That corresponds to a 1.5 percent rise over the year.
  • Credit agency Fitch Ratings warns that Poland's tensions with the EU raise medium-term risks, adding the deteriorating relationship between the two could negatively affect Poland's growth and government finances.
     
    The main risk is if EU funds to Poland are cut in the next budget cycle. This would lower Poland's economy growth. The decline in relations could also damage Poland's attractiveness for investment. 
     
    The Polish government could try to compensate for lost EU funds with its own resources, but it would weaken the public finances, Fitch warns.
  • Here are the cities competing to take EU agencies away from London post-Brexit

    CNBCBrexit is happening and with it Europe needs to decide where to relocate the two European agencies based in the United Kingdom.
  • Driven out the door.
     
    The Automobile Association (AA) in the United Kingdom has sacked its chairman for gross misconduct. No explanation has been forthcoming but the move is immediate.
     
    Shares in AA have plunged.
     
     
    An excerpt of the regulatory statement outlining the move reads as follows:
     
    "The AA plc announces that Bob Mackenzie has been removed by the Board from his role as Executive Chairman, from his other roles and as a Director and as an employee of the Company, for gross misconduct, with immediate effect.
     
    The roles held by Bob Mackenzie will be filled as follows:
     
    John Leach has been appointed as Chairman. John joined the AA in June 2014 as a Non-Executive Director and was appointed as Senior Independent Director on 13 November 2014. John is also Chair of the Nomination Committee and a member of the Risk and Audit Committees.
     
    Simon Breakwell has been appointed as Acting Chief Executive. Simon joined the AA in September 2014 as a Non-Executive Director and is currently Chair of the Remuneration Committee and a member of the Nomination Committee. Outside of the AA, Simon is currently a Venture Partner at TCV, one of the leading global mid cap funds, and Chairman of Business Data 4 Travel. Simon was a founder of Expedia and a member of the main board for ten years from 1996. More recently, Simon was responsible for establishing the European operations for Uber.com."
     
  •  
    U.S. Markets are open for trade:
     
     
  • Pound sterling has hit a high of 1.3239 against the dollar. That is the highest level since Sep 16, 2016 when the sterling traded as high as 1.3248.
     
    The pound is still way lower than the level it touched just prior to the Brexit vote.


  • It hasn't got to 22,000 but the Dow is on a fair old run.



  • These are the best performing blue chip stocks in the United States, after just shy of 25 minutes of trade on Tuesday.




  • And here are the worst performers in the U.S. after just over 30 minutes of trade.




  • At one stage, the dollar index hit a 15-month low after weaker than expected construction spending and ISM manufacturing data.

    The manufacturing PMI dropped in July to 56.3  versus the June figure of 57.8. It should be remembered that readings above 50 still indicate an expansion of activity.

    Separately, the U.S. construction spend in June fell 1.3 percent. A rise of 0.4 percent was forecast.

    The dollar is bouncing around a little but remains under pressure. 


  • Doing a deal?

    The Canadian Prime Minister Justin Trudeau has said he is "very hopeful" of getting a deal with the United States on Softwood lumber.


    The lumber dispute has gone on for decades between the country with the U.S. accusing Canada of subsidizing its producers.

    Canada argues that it is not an unfair subsidy as the use of softwood is not restricted to one particular industry.

    British Columbia is the province which is considered to have been hit hardest by the lack of business from the U.S.A.
  •  

    Summer slump in the showroom kills July auto sales

    CNBCAuto dealers across the industry are struggling to move new models as quickly as they would like.
  • Below are the major corporate releases due for release across Europe tomorrow:
     
    FRANCE
    Societe Generale HY
     
    GERMANY
    Commerzbank Q2 
    Lufthansa Q2 
    Vonovia Q2 
    Hugo Boss Q3 
     
    NETH
    ING
     
    IRELAND
    Smurfit Kappa HY
     
    ITALY
    Generali 
    UniCredit 
    Yoox Net-a-Porter 
    Poste Italiane 
     
    UK
    BAE Systems
    Rio Tinto H1
    Standard Chartered HY
    Travis Perkins Interim 
    RSA Insurance
  •  
    European markets have closed higher on Tuesday afternoon as investors digested earnings reports.
     
     
    The pan-European Stoxx 600 was up with most sectors and major bourses in positive territory. Swiss stock markets were closed due to a national holiday.

    Oil and gas stocks were among the top performers on better-than-expected earnings news. BP surpassed analyst expectations on Tuesday, despite profits more than halving from the first three months of the year after a hefty charge from an unsuccessful project in Angola. Its shares were nearly 3 percent higher.

    British aircraft engine maker Rolls-Royce Holdings posted a first-half net profit on Tuesday, driven by an uptick in performance from its civil aerospace sector. Its shares surged to the top of the benchmark on the news, up over 9 percent.
  • And that is where we will leave the blog today.
     
    Tomorrow, the T.V. team will be talking with Jean-Sébastien Jacques, CEO,  of Rio Tinto and Severin Cabannes, Deputy CEO, Societe Generale.
     
    Be sure to join the blog from 6:00 a.m. London time.
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