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Fundamental Review for 13 of August

Published 08/13/2015, 11:37 AM
Updated 01/01/2017, 02:20 AM

Fundamental Review for 13 of August

Euro Makes A Correction Today

Euro makes corrective moves today against the dollar after yesterday's strong rise it had made, but remained on the levels of $1.11.

Specifically, at 09:50 GMT, euro moved with losses of 0.40% at $1.1115, while earlier it recorded profits up to the levels of $1.1190.

The European currency fell today due to Germany's data for inflation, which show that the European Central Bank is not expected to change its monetary policy.

Lenovo: Job Cuts Of 3,200 People

The Chinese Lenovo Group (HK:0992) proceeded to cut jobs under the restructuring plan after the two major absorptions and the fall by 51% in the first quarter profits.

The news led the share of the computer manufacturing company - which has acquired Motorola (NYSE:MSI) Mobility and a unit of International Business Machines (NYSE:IBM) – to the lowest level in 18 months.

It is noted that the company faces a challenging environment as the market of personal computers continues to shrink and the Chinese smartphone market is saturated.

In this climate, Lenovo announced the cut of 3,200 jobs as a part of the cost-cutting plan by $650 billion. This is 5% of its total labor force.

US Derivatives React Positively

The US derivatives react positively and rebounded from the shocks that Wall Street accepted from China's decision to proceed with a devaluation of its currency.

In particular, at 11:26 GMT, futures contracts of September of S&P 500 rose by 0.3% at 2090.75 points, while the corresponding futures of Dow Jones moved higher by 61 points and reached 17,428 points.

On the dashboard, the share of Kohl's Corporation (NYSE:KSS) fell by 4.9% as the results that it announced for the second quarter were below the estimates. The company announced profits of $130 million from $232 million that it announced in the same quarter last year.

In contrast, Tesla Motors (NASDAQ:TSLA) recorded profits of 2.3%, after its request for public offering of 2.1 million shares, priced at $238.17. According to the management, a strong interest has been expressed for the cover of the procedure.

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