Category: Rttnews

Russia Central Bank Hikes Rate By 200 Bps

Posted on by RTT Staff Writer

Russia’s central bank raised its benchmark rate by 200 basis points on Friday amid rising risks to inflation and slower domestic demand, and also kept the door open for further tightening.

The board of directors, led by Governor Elvira Nabiullina, decided to lift the key rate to 18.00 percent from 16.00 percent. This was the first hike so far this year.

Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services. Monetary policy needs to be tightened further to bring inflation down, the bank noted.

The bank said it will consider the necessity of further key rate increase at its upcoming meetings.

Inflation forecast for 2024 was substantially raised to 6.5-7.0 percent. Given the monetary policy stance, annual inflation will fall to 4.0-4.5 percent in 2025 and stay close to 4 percent further on, the bank said.

The bank observed that the balance of inflation risks is still tilted to the upside. Disinflationary risks are primarily related to a faster slowdown in domestic demand growth than estimated, the bank said.

Capital Economics’ economist Nicholas Farr said the interest rates will be left on hold over the rest of this year. However, the risks are clearly skewed towards higher inflation and interest rates given the tightness in the labor market and large military spending supporting activity.

U.S. Stocks May See Initial Strength Following Inflation Data

Posted on by RTT Staff Writer

Following the mixed performance seen in the previous session, stocks are likely to move mostly higher in early trading on Friday. The major index futures are currently pointing to initial strength on Wall Street, with the S&P 500 futures up by 0.8 percent.

The futures remained firmly positive following the release of a highly anticipated Commerce Department report showing consumer prices in the U.S. crept up in line with economist estimates in the month of June.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The markets may also benefit from bargain hunting after the tech-heavy Nasdaq and the S&P 500 fell to their lowest closing levels in over a month on Thursday.

U.S. stocks saw some heavy selling in the final hour of the session on Thursday as the mood turned a bit cautious amid concerns about mega-cap firms’ earnings.

Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.2 percent to close at 39,935.07, a long way down from the day’s high of 40,438.82. The S&P 500, which advanced to 5,491.59, ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.5 percent.

The Nasdaq ended with a loss of 160.69 points or 0.9 percent at 17,181.72, coming off a high of 17,544.46.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index fell by 0.5 percent, while China’s Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has climbed by 0.5 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index are both up by 0.9 percent.

In commodities trading, crude oil futures are falling $0.38 to $77.90 a barrel after climbing $0.69 to $78.28 a barrel on Thursday. Meanwhile, after plummeting $62.20 to $2,353.50 an ounce in the previous session, gold futures are jumping $21.10 to $2,374.60 an ounce.

On the currency front, the U.S. dollar is trading at 154.31 yen versus the 153.95 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0857 compared to yesterday’s $1.0846.

RTE Liverwurst, Deli Meat Products Recalled After Listeria Outbreak

Posted on by RTT Staff Writer

Jarratt, Virginia -based Boar’s Head Provisions Co., Inc. is recalling all liverwurst product in market as well as additional deli meat products, citing potential adulteration with Listeria monocytogenes, according to the U.S. Department of Agriculture’s Food Safety and Inspection Service or FSIS. The company is recalling around 207,528 pounds of products.

The recall was initiated after FSIS was notified that a sample collected by the Maryland Department of Health tested positive for L. monocytogenes. The testing was part of an outbreak investigation of L. monocytogenes infections linked to meats sliced at delis. Further testing is ongoing to determine if the product sample is related to the outbreak.

Consumption of food contaminated with L. monocytogenes can cause listeriosis, a serious infection that primarily affects people who are pregnant, aged 65 or older, or with weakened immune systems. Less commonly, persons outside these risk groups are affected.

As of July 25, 2024, 34 sick people have been identified in 13 states, including 33 hospitalizations and two deaths.

The recall involves all liverwurst products produced by the establishment, as well as deli meat products that were produced on the same line and on the same day as the liverwurst.

The ready-to-eat liverwurst products were produced between June 11, 2024, and July 17, 2024, and have a 44-day shelf life.

The liverwurst products, “Boar’s Head Strassburger Brand Liverwurst MADE IN VIRGINIA, come as 3.5-lb. loaves in plastic casing, or various weight packages sliced in retail delis.

The products shipped to retailers bear sell by dates ranging July 25, 2024, to August 30, 2024.

Further, the impacted ready-to-eat deli meat products were produced on June 27. The recall involves Boar’s Head branded Virginia Ham Old Fashioned Ham, Italian Cappy Style Ham, Extra Hot Italian Cappy Style Ham, Bologna, Beef Salami, Steakhouse Roasted Bacon Heat & Eat, Garlic Bologna, And Beef Bologna. The products come in various sizes and sell by dates.

The affected products with establishment number “EST. 12612” inside the USDA mark of inspection were distributed to retail deli locations across the United States.

FSIS said it is working with the Centers for Disease Control and Prevention and state public health partners to investigate the multistate outbreak of L. monocytogenes infections linked to meats sliced at delis.

FSIS is concerned that some product may be in consumers’ refrigerators and in retail deli cases. Consumers are urged to throw away the products or return to the place of purchase.

For More Such Health News, visit rttnews.com

U.S. Consumer Prices Inch Up 0.1% In June, In Line With Estimates

Posted on by RTT Staff Writer

Consumer prices in the U.S. crept up in line with economist estimates in the month of June, according to a highly anticipated report released by the Commerce Department on Friday.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

“The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,” said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

“While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.”

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.

The report said personal income edged up by 0.2 percent in June after rising by a downwardly revised 0.4 percent in May.

Economists had expected personal income to climb by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.

Disposable personal income, or personal income less personal current taxes, also rose by 0.2 percent in June after climbing by 0.4 percent in May.

The Commerce Department also said personal spending increased by 0.3 percent in June after rising by an upwardly revised 0.4 percent in May.

Economists had expected personal spending to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.

Excluding price changes, personal spending edged up by 0.2 percent in May after climbing by 0.4 percent in May.

With spending rising by slightly more than income, personal saving as a percentage of disposable personal edged down to 3.4 percent in June from 3.5 percent in May.

U.S. Consumer Sentiment Index Dips Slightly Less Than Previously Estimated In July

Posted on by RTT Staff Writer

The University of Michigan released revised data on Friday showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

“Sentiment has lifted 33% above the June 2022 historic low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes,” said Surveys of Consumers Director Joanne Hsu.

“Labor market expectations remain relatively stable, providing continued support to consumer spending,” she added. “However, continued election uncertainty is likely to generate volatility in economic attitudes in the months ahead.”

The University of Michigan said the current economic conditions index fell to 62.7 in July from 65.9 in June, while the index of consumer expectations dipped to 68.8 in July from 69.6 in June.

Meanwhile, the report said year-ahead inflation expectations fell for the second straight month, edging down to 2.9 percent in July from 3.0 percent in June.

Long-run inflation expectations came in unchanged at 3.0 percent in July but remain somewhat elevated relative to the 2.2-2.6 percent range seen in the two years pre-pandemic.

U.S. Stocks Mostly Higher As Inflation Data Adds To Interest Rate Optimism

Posted on by RTT Staff Writer

Stocks have moved mostly higher during trading on Friday, with the major averages all moving to the upside after turning in a mixed performance on Thursday. The Nasdaq and the S&P 500 are rebounding after ending the previous session at their lowest closing levels in over a month.

Currently, the major averages are off their highs of the session but still firmly positive. The Dow is up 605.29 points or 1.5 percent at 40,540.36, the Nasdaq is up 125.02 points or 0.7 percent at 17,306.74 and the S&P 500 is up 50.99 points or 0.9 percent at 5,450.21.

The strength on Wall Street comes as the release of closely watched inflation data by the Commerce Department has added to confidence about an interest rate by the Federal Reserve in September.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

“The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,” said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

He added, “While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.”

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

Sector News

Housing stocks are turning in some of the market’s best performances on the day, with the Philadelphia Housing Sector Index surging by 3.1 percent to a record intraday high.

Significant strength is also visible among telecom stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca North American Telecom Index. The has reached its best intraday level in over five months.

Networking, gold and transportation stocks are also seeing considerable strength, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index fell by 0.5 percent, while China’s Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has climbed by 0.5 percent, the U.K.’s FTSE 100 Index is up by 1.1 percent and the French CAC 40 Index is up by 1.2 percent.

In the bond market, treasuries have moved higher amid a positive reaction to the inflation data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 4.199 percent.

Atlanta Fed Sees U.S. Q3 GDP Growth At 2.8%

Posted on by RTT Staff Writer

The Atlanta Fed released its initial estimate for the third quarter growth based on its GDPNow model on Friday that projected the U.S. economy to grow 2.8 percent in the third quarter.

Official data released on Thursday revealed that the gross domestic product grew a faster-than-expected 2.8 percent in the second quarter after rising 1.4 percent in the first quarter.

Second quarter growth was 0.2 percentage points above the Atlanta Fed’s final GDPNow model nowcast released on July 24.

The Commerce Department said the GDP growth primarily reflected increases in consumer spending, private inventory investment, and non-residential fixed investment.

The next GDPNow update is due on Thursday, August 1.

U.S. Stocks See Further Upside After Early Advance

Posted on by RTT Staff Writer

After moving mostly higher early in the session, stocks have seen further upside over the course of the trading day on Friday. The major averages have all moved sharply higher following the mixed performance seen in the previous session.

The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is up 788.73 points or 2.0 percent at 40,723.80, the Nasdaq is up 254.50 points or 1.5 percent at 17,436.22 and the S&P 500 is up 84.411 points or 1.6 percent at 5,483.33.

The rally on Wall Street comes as the release of closely watched inflation data by the Commerce Department has added to confidence about an interest rate by the Federal Reserve in September.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

“The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,” said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

He added, “While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.”

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

Sector News

Housing stocks continue to turn in some of the market’s best performances on the day, with the Philadelphia Housing Sector Index soaring by 3.4percent to a record intraday high.

Substantial strength has also emerged among semiconductor stocks, as reflected by the 2.8 percent surge by the Philadelphia Semiconductor Index. The index is bouncing off its lowest closing level in over two months.

Networking stocks have also showed a significant move to the upside over the course of the session, driving the NYSE Arca Networking Index up by 2.2 percent.

Significant strength is also visible among telecom stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca North American Telecom Index. The has reached its best intraday level in over five months.

Transportation software and telecom stocks are also seeing considerable strength, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index fell by 0.5 percent, while China’s Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index climbed by 0.7 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index both jumped by 1.2 percent.

In the bond market, treasuries have moved higher amid a positive reaction to the inflation data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.8 basis points at 4.207 percent.

U.S. Stocks Rally As Inflation Data Adds To Interest Rate Optimism

Posted on by RTT Staff Writer

Following the mixed performance seen in the previous session, stocks moved sharply higher during trading on Friday. The major averages all showed strong moves to the upside, with the Nasdaq and the S&P 500 bouncing off their lowest closing levels in over a month.

The major averages ended the day off their best levels of the session but still firmly in positive territory. The Dow surged 654.27 points or 1.6 percent to 40,589.34, the Nasdaq shot up 176.16 points or 1.0 percent to 17,357.88 and the S&P 500 jumped 59.88 points or 1.1 percent to 5,459.10.

For the week, the Dow advanced by 0.8 percent, but the S&P 500 slid by 0.8 percent and the Nasdaq slumped by 2.1 percent.

The strength on Wall Street came as the release of closely watched inflation data by the Commerce Department added to confidence about an interest rate by the Federal Reserve in September.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

“The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,” said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

He added, “While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.”

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

Sector News

Housing stocks turned turn in some of the market’s best performances on the day, with the Philadelphia Housing Sector Index soaring by 3.2 percent to a record closing high.

Substantial strength also emerged among telecom stocks, as reflected by the 2.6 percent surge by the NYSE Arca North American Telecom Index.

Semiconductor and networking stocks also saw considerable strength, contributing to the jump by the tech-heavy Nasdaq.

Commercial real estate, transportation and steel stocks also showed notable moves to the upside amid broad based strength on Wall Street.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index fell by 0.5 percent, while China’s Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index climbed by 0.7 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index both jumped by 1.2 percent.

In the bond market, treasuries moved higher amid a positive reaction to the inflation data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.6 basis points to 4.200 percent.

Looking Ahead

Next week’s trading is likely to be driven by reaction to the Federal Reserve’s monetary policy announcement. While the Fed is widely expected to leave interest rates unchanged, the accompanying statement could impact the outlook for rates.

Earnings news is also likely to attract attention, with a slew of big-name companies scheduled to report their quarterly results next week.

Asian Markets Trade Mostly Lower

Posted on by RTT Staff Writer

Asian stock markets are trading mostly lower on Friday, following the mixed cues from Wall Street overnight, as concerns about a slowdown in Chinese growth more than offset strong U.S. GDP data and signs of cooling inflation that continued to raise hopes the US Fed will cut interest rates as early as September. Asian markets ended mostly lower on Thursday.

Recouping some of the losses in the previous two sessions, the Australian stock market is significantly higher on Friday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 7,900 level, with gains in iron ore miners, financial and energy stocks partially offset by losses in gold miners.

The benchmark S&P/ASX 200 Index is gaining 72.60 points or 0.92 percent to 7,933.80, after touching a high of 7,938.30 earlier. The broader All Ordinaries Index is up 73.20 points or 0.90 percent to 8,167.50. Australian markets ended sharply lower on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining more than 2 percent each, while Mineral Resources is advancing almost 5 percent and Fortescue Metals is adding almost 3 percent.

Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent, Beach energy is adding more than 1 percent and Santos is advancing almost 2 percent, while Origin Energy is edging down 0.1 percent.

Among tech stocks, Afterpay owner Block and Xero are edging up 0.2 to 0.4 percent each, while WiseTech Global is adding more than 1 percent. Zip is losing almost 4 percent. Appen is flat.

Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are edging up 0.3 to 0.5 percent each.

Gold miners are mostly lower. Newmont is losing more than 3 percent, Gold Road Resources is down almost 1 percent and Northern Star Resources is declining more than 2 percent, while Evolution Mining is edging up 0.1 percent. Resolute Mining is flat.

In the currency market, the Aussie dollar is trading at $0.655 on Friday.

Recouping some of the sharp losses in the previous two sessions, the Japanese stock market is notably higher in choppy trading on Friday, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 37,900 level, with gains in financial stocks partially offset by weakness in technology stocks. The yen rose to its strongest level in recent months against the US dollar on Bank of Japan’s rate hike bets.

Traders also reacted to the latest inflation figures from Tokyo that showed Tokyo’s core inflation rate accelerated for a third month in July.

The benchmark Nikkei 225 Index closed the morning session at 38,057.61, up 188.10 points or 0.50 percent, after hitting a low of 37,668.93 and a high of 38,105.96 earlier. Japanese stocks closed sharply lower on Thursday.

Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining almost 2 percent. Among automakers, Honda is adding almost 2 percent, while Toyota is losing 1.5 percent.

In the tech space, Advantest is losing almost 3 percent, Tokyo Electron is declining more than 4 percent and Screen Holdings is down almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial is gaining more than 2 percent and Mizuho Financial is adding more than 1 percent, while Sumitomo Mitsui Financial is advancing almost 2 percent.

Among major exporters, Mitsubishi Electric is losing almost 1 percent, while Sony and Panasonic are edging down 0.1 to 0.2 percent each. Canon is soaring almost 8 percent after reporting upbeat results and boosting full-year outlook.

Among other major gainers, Hino Motors is skyrocketing 14 percent, Fujitsu is soaring more than 10 percent, Tokuyama is surging more than 6 percent and Chugai Pharmaceutical is gaining almost 5 percent, while Fuji Electric and Taiyo Yuden are adding almost 4 percent each. IHI and Sumco are advancing more than 3 percent each, while Fanuc, Hitachi and Mitsubishi Heavy Industries are up almost 3 percent each.

Conversely, Renesas Electronics is plunging more than 6 percent, Lasertec is losing more than 4 percent and Nissan Motor is declining algmost 4 percent.

In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Friday.

Elsewhere in Asia, Taiwan is surging 3.4 percent, while New Zealand, China, Singapore and Malaysia are lower by between 0.1 and 0.2 percent each. Hong Kong, South Korea and Indonesia are higher by between 0.6 and 0.8 percent each.

On Wall Street, stocks saw some heavy selling in the final hour of the session on Thursday as the mood turned a bit cautious amid concerns about mega-cap firms’ earnings.

Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.20 percent at 39,935.07, while the S&P 500 ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.51 percent and the Nasdaq ended with a loss of 160.69 points or 0.93 percent at 17,181.72, coming off a high of 17,544.46.

Meanwhile, the major European markets also ended the day mixed. The U.K.’s FTSE 100 gained 0.4 percent, while Germany’s DAX and France’s CAC 40 ended down 0.48 percent and 1.15 percent, respectively.

Crude oil prices climbed higher on Thursday, extending recent gains after data showed a sharper than expected acceleration in U.S. GDP growth in Q2. West Texas Intermediate Crude oil futures for September rose $0.69 at $78.28 a barrel.