Tag Archives: Americas

Wall St. reaches new highs as China moves to limit coronavirus impact

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(Reuters) – U.S. stocks gained for a fourth straight session on Thursday and Wall Street’s main indexes hit record highs as concerns eased over the economic fallout from the coronavirus outbreak in China.

China said it would halve additional tariffs levied against some U.S. goods, seen by analysts as a move to boost confidence after the fast-spreading coronavirus disrupted businesses and sparked broad market volatility.

“The one primary thing that everyone has been listening to and watching and seeing how it moves the market has been the coronavirus,” said Jonathan Corpina, senior managing partner for Meridian Equity Partners in New York. “The headlines have been somewhat neutral lately, and that has been acceptable for the markets.”

Adding to the optimism for stocks were data showing that the number of Americans filing for unemployment benefits dropped to a nine-month low last week, with investors casting an eye toward Friday’s monthly U.S. employment report.

The Dow Jones Industrial Average .DJI rose 88.92 points, or 0.3%, to 29,379.77, the S&P 500 .SPX gained 11.09 points, or 0.33%, to 3,345.78 and the Nasdaq Composite .IXIC added 63.47 points, or 0.67%, to 9,572.15.

Among S&P 500 sectors, communication services .SPLRCL and technology .SPLRCT led the way, while energy .SPNY fell the most.

Even with optimism about containing the broad economic damage from the coronavirus, the impact of the health emergency in China continued to show up in corporate reports. Chipmaker Qualcomm Inc (QCOM.O) flagged a potential threat to the mobile phone industry from the outbreak. Its shares fell 0.3%.

Investors were also digesting the acquittal on Wednesday of U.S. President Donald Trump on impeachment charges.

“The outcome was fairly well telegraphed and I think widely believed, but it ends the chapter for now and I think that is a modest positive for investor sentiment,” said James Ragan, director of wealth management research at D.A. Davidson in Seattle.

With the fourth-quarter corporate reporting season more than halfway completed, S&P 500 companies are expected to have increased earnings by 2.1% for the period, according to IBES data from Refinitiv.

In earnings news, Becton Dickinson and Co (BDX.N) shares slid 11.8%, contributing the biggest drag on the S&P 500, after the medical technology company cut its 2020 forecast.

Kellogg (K.N) shares slumped 8.5% after the breakfast cereal maker forecast full-year earnings that widely missed market expectations.

Twitter shares (TWTR.N) soared 15.0% after the social media company reported $1 billion in quarterly revenue for the first time.

Philip Morris International shares (PM.N) rose 2.7% after the tobacco company released results.

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., February 6, 2020. REUTERS/Lucas Jackson

Advancing issues outnumbered declining ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored decliners.

The S&P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 122 new highs and 41 new lows.

About 7.3 billion shares changed hands in U.S. exchanges, below the 7.7 billion daily average over the last 20 sessions.

Reporting by Lewis Krauskopf; Additional reporting by Medha Singh in Bengaluru; Editing by Leslie Adler and Alistair Bell

Our Standards:The Thomson Reuters Trust Principles.

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Oil rises to three-month excessive on upbeat information, Center East rigidity

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LONDON (Reuters) – Oil costs rose to three-month highs on Monday, underpinned by optimism over an anticipated China-U.S. commerce deal and upbeat industrial information, whereas merchants saved an in depth watch on the Center East following U.S. air strikes in Iraq and Syria.

FILE PHOTO: An oil pump is seen simply after sundown outdoors Saint-Fiacre, close to Paris, France September 17, 2019. REUTERS/Christian Hartmann

Brent crude futures LCOc1 had been up 0.9% at $68.75 a barrel, up 59 cents. The worldwide benchmark has risen round 27% in 2019.

West Texas Intermediate (WTI) crude futures CLc1 rose 22 cents or 0.2% to $61.94 a barrel by 0940 GMT. The U.S. benchmark is up about 36% to date this yr.

“Oil costs have reached their highest stage for the reason that Saudi oilfield assault in mid-September”, stated market analyst Margaret Yang of CMC Markets.

Regardless of a the comparatively low value positive factors regardless of an array of bullish elements, Yang added: “Merchants are additionally cautious about profit-taking prospects.”

Tensions within the Center East have flared up as america carried out air strikes on Sunday towards the Kataib Hezbollah militia group, whereas protesters in Iraq on Saturday briefly compelled the closure of its southern Nassiriya oilfield.

In the meantime, Libyan state oil agency NOC stated it’s contemplating the closure of its western Zawiya port and evacuating workers from the refinery because of clashes close by.

Oil costs had been additionally supported by declining U.S. crude shares, which fell by 5.5 million barrels within the week to Dec. 20, far exceeding a 1.7-million-barrel drop forecast in a Reuters ballot.

In China, manufacturing unit exercise had probably expanded once more in December on stronger exterior demand and an infrastructure push at dwelling though the tempo of progress is about to ease as markets await extra certainty on a U.S.-China commerce truce, a Reuters ballot confirmed.

China’s Commerce Ministry stated it’s in shut contact with america on the signing of a long-awaited commerce deal.

The 2 international locations on Dec. 13 introduced a “Part one” settlement that reduces some U.S. tariffs in alternate for what U.S. officers stated can be a giant bounce in Chinese language purchases of American farm merchandise and different items.

Some analysts, nevertheless, cited ample international crude shares as a serious impediment in 2020 to efforts to rein in output by the Group of the Petroleum Exporting International locations and its allies like Russia.

“At the same time as OPEC and its non-OPEC companions endeavor to make further provide cuts in Q1 2020, we’re not satisfied this will likely be enough to avert giant international stock,” stated Harry Tchilinguirian, international oil strategist at BNP Paribas.

“We stay of the opinion that oil fundamentals proceed to current draw back threat.”

Extra reporting by Seng Li Peng, modifying by Louise Heavens

Our Requirements:The Thomson Reuters Belief Ideas.

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Huawei CFO’s arrest at airport to be focus of Vancouver listening to

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VANCOUVER (Reuters) – Legal professionals for Huawei Chief Monetary Officer Meng Wanzhou will probably be in a Canadian courtroom on Monday to press for particulars surrounding her arrest at Vancouver’s airport practically 10 months in the past.

FILE PHOTO: Huawei’s Monetary Chief Meng Wanzhou leaves her household house in Vancouver, British Columbia, Canada, Could 8, 2019. REUTERS/Lindsey Wasson/File Photograph

Meng, 47, was detained on Dec. 1 on the request of america, the place she is charged with financial institution fraud and accused of deceptive HSBC Holdings Plc (HSBA.L) about Huawei Applied sciences Co Ltd’s [HWT.UL] enterprise in Iran. Meng, who is anticipated in court docket, has mentioned she is harmless and is preventing extradition.

The arrest has strained China’s relations with each america and Canada.

At Monday’s 10 a.m. (1700 GMT) listening to earlier than Justice Heather Holmes of the British Columbia Supreme Court docket, Meng’s protection group will request extra disclosure surrounding her detention on the airport, together with contacts between U.S. and Canadian authorities.

Meng’s attorneys argue she was unlawfully detained, searched and questioned for over three hours after she landed on a flight from Hong Kong. Below the ruse of an immigration examine, the protection claims, Canadian officers delayed her arrest and picked up proof for U.S. authorities.

Extradition proceedings in opposition to Meng ought to be halted if officers abused the method, the attorneys say. Moreover accusations of misconduct associated to her detention, they argue america is utilizing Meng for financial and political achieve, noting that after her arrest, U.S. President Donald Trump mentioned he would intervene if it might assist shut a commerce deal.

Legal professionals for Canada will reply to the demand for extra details about Meng’s arrest in court docket, in response to a Canadian Division of Justice spokesman, who added that Meng had already been supplied with “intensive disclosure, past what’s required.”

Canadian police and border officers, in response to a civil declare Meng filed earlier this yr, have mentioned they acted “lawfully and in good religion.”

Vancouver lawyer Gary Botting, who has seen a video of Meng being detained on the airport, mentioned immigration officers got here throughout as “Keystone Cops.”

“There are actual questions on whether or not her rights had been violated,” mentioned Botting, who briefed Meng’s protection group on Canada’s extradition regulation after her arrest however is not concerned with the case.

The extradition listening to itself is just not scheduled to begin till January.

Meng, the daughter of Huawei founder Ren Zhengfei, spent 10 days in jail in December however was then launched on C$10 million ($7.5 million) bail and resides in considered one of her two multimillion-dollar houses in Vancouver. She is required to put on an digital ankle bracelet and pay for safety guards.

Huawei, the world’s largest telecommunications gear maker, has been accused by america of actions opposite to nationwide safety or overseas coverage pursuits.

U.S. and Chinese language officers resumed commerce talks final week, because the world’s two largest economies attempt to negotiate a approach out of their 14-month commerce warfare.

Reporting by Karen Freifeld; Modifying by Chris Sanders and Tom Brown

Our Requirements:The Thomson Reuters Belief Ideas.

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Apple faucets recycled uncommon earth components for iPhone components

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Sept 18 (Reuters) – Apple Inc’s new iPhones will used recycled uncommon earth components in a key part, the corporate stated on Wednesday.

Apple stated it’ll used recycled uncommon earths in its “Taptic Engine,” a component that lets iPhones mimic a bodily button click on regardless of being a flat pane of glass. The half is about one-quarter of the uncommon earth components contained in the iPhone fashions.

Uncommon earths, a gaggle of 17 specialised minerals, have turn out to be a flash level in commerce tensions between the US and China. The weather are utilized in weapons, shopper electronics and different items.

China dominates the processing of the uncooked minerals, and has implied via its state-controlled media that it may prohibit uncommon earths gross sales to the US, simply because it did to Japan after a diplomatic dispute in 2010.

Lisa Jackson, Apple’s vice chairman of atmosphere, coverage and social initiatives, stated Apple’s use of recycled uncommon earths was “not associated” to commerce tensions however may assist it keep a gentle provide.

“That is a kind of completely satisfied coincidences the place what is nice for the planet is actually good for enterprise on the identical time,” Jackson advised Reuters. “One of many issues we discuss rather a lot internally, simply generally, is how way more resilient this makes our provide chain.”

In shopper electronics, uncommon earths reside in tiny audio system and actuators. The components are so small that gathering them for recycling is troublesome and costly.

For now, Apple will use recycled uncommon earths from an outdoor provider, not from beforehand used iPhones. Apple declined to call the provider or say what merchandise the uncommon earths have been recovered from.

However Jackson stated that Apple’s scale – new iPhone fashions are usually promote tens of hundreds of thousands of models per 12 months – helped make the challenge economically viable.

“Now we have primarily made a marketplace for this entrepreneur, this innovator, who discovered a strategy to recycle uncommon earths,” Jackson stated.

Apple usually goals to reuse components from its previous units.

Apple stated on Wednesday that aluminum from enclosures recovered via its trade-in applications will likely be melted down and made into new MacBook Air laptop computer computer systems. The corporate beforehand disclosed that cobalt recovered from iPhone batteries disassembled by robots at its recycling labs in Texas is put into new iPhone batteries.

Apple is experimenting with methods to get well uncommon earths from its telephones utilizing its robots, which may take away tiny components and separate them into assortment bins to combination sufficient materials to make recycling viable.

The corporate can also be researching ways in which standard recyclers, who shred units and separate out the assorted supplies, may tweak their traces to get well the weather, info that Jackson stated Apple is open to sharing.

“There are some improvements of ours that we truly need individuals to repeat. In order a lot as doable – so long as it doesn’t give away a few of our different design and engineering innovation – we’re completely satisfied to convey alongside the recycling trade,” Jackson stated. “Now we have began to be way more clear round this expertise improvement than we often are.” (Reporting by Stephen Nellis in San Francisco; Modifying by Greg Mitchell and Sonya Hepinstall)

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Wall Avenue falls as vitality drags; focus shifts to Fed assembly

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(Reuters) – U.S. shares edged decrease on Tuesday as a drop in oil costs weighed on the vitality sector, whereas buyers stayed away from making huge bets forward of the Federal Reserve’s two-day coverage assembly, the place it’s extensively anticipated to chop rates of interest.

Merchants work on the ground on the New York Inventory Alternate (NYSE) in New York, U.S., September 9, 2019. REUTERS/Brendan McDermid

The vitality index .SPNY fell 1.59% and was the most important drag on the benchmark S&P 500 index .SPX after sources instructed Reuters that Saudi Arabia was near restoring 70% of the oil manufacturing misplaced after weekend assaults on its greatest refinery.

The sector recorded its finest one-day surge since January on Monday.

The U.S. central financial institution concludes its coverage assembly on Wednesday, with merchants at present anticipating a 65.8% likelihood of 1 / 4 proportion level reduce from the Fed this week, down from 88.8% on Friday, in response to CME’s FedWatch.

Fee-sensitive financial institution index .SPXBK was down 1% in anticipation of a discount in borrowing prices.

“It’s simply typical buying and selling on the vigil of a Fed assembly,” stated Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“We haven’t seen any panic from what occurred over the weekend. I believe (the Fed) will keep on with 1 / 4 of a proportion level reduce even after the Saudi assault.”

For the reason that final rate of interest reduce in July, U.S. financial information has proven blended indicators concerning the home economic system. Whereas robust retail gross sales and wage progress have bolstered shopper confidence, a protracted U.S.-China commerce conflict has weighed on manufacturing and enterprise sentiment.

Newest information confirmed U.S. manufacturing output elevated greater than anticipated in August, rebounding from a drop in July.

At 10:04 a.m. ET, the Dow Jones Industrial Common .DJI was down 58.03 factors, or 0.21%, at 27,018.79, the S&P 500 .SPX was down 1.03 factors, or 0.03%, at 2,996.93. The Nasdaq Composite .IXIC was down 3.29 factors, or 0.04%, at 8,150.26.

Amongst shares, Residence Depot Inc (HD.N) dropped 1.6% after Guggenheim downgraded the house enchancment chain’s shares to “impartial” from “purchase”.

Corning Inc (GLW.N) tumbled 7.8% after the Gorilla glass maker reduce its current-quarter show quantity forecast.

Kraft Heinz Co (KHC.O) slipped 3.7% after the packaged meals maker’s second-largest investor, 3G Capital, bought over 25 million shares in open market at a reduction.

Deputy-level commerce talks between the USA and China are set to renew on Thursday, however any settlement between the 2 sides is anticipated to be a superficial repair at this stage.

Tariff concessions from each nations final week helped the benchmark S&P 500 come inside 1% of its all-time excessive touched in July.

Declining points outnumbered advancers for a 1.59-to-1 ratio on the NYSE and a 1.77-to-1 ratio on the Nasdaq. The S&P index recorded six new 52-week highs and one new low, whereas the Nasdaq recorded 24 new highs and 10 new lows.

Reporting by Medha Singh and Shreyashi Sanyal in Bengaluru; Enhancing by Anil D’Silva

Our Requirements:The Thomson Reuters Belief Rules.

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U.S., Chinese language commerce deputy talks to start out on Thursday: USTR

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WASHINGTON (Reuters) – Deputy-level U.S.-China commerce talks are scheduled to start out in Washington on Thursday, the U.S. Commerce Consultant’s workplace mentioned on Monday, paving the way in which for high-level talks in October aimed toward resolving a bitter commerce struggle.

FILE PHOTO: Chinese language and U.S. flags flutter close to The Bund, earlier than U.S. commerce delegation meet their Chinese language counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly Tune/File Photograph/File Photograph

A USTR spokesman didn’t provide any additional particulars concerning the deputy-level talks.

Earlier, U.S. Chamber of Commerce chief government Tom Donohue mentioned that U.S. Commerce Consultant Lighthizer instructed enterprise executives that he was in search of a “actual settlement” that addresses mental property and know-how switch points first raised by the USTR two years in the past.

Donohue, talking at a information convention to induce congressional approval of the U.S.-Mexico-Canada commerce settlement, mentioned that Lighthizer “did point out that there was some motion within the path of buying of (U.S.) agricultural merchandise and different points.”

However Lighthizer gave no indication that the talks could produce an interim take care of a extra restricted scope, as instructed by some media stories, Donohue mentioned.

The top of the largest U.S. enterprise lobbying group added that it might be troublesome to safe an settlement that absolutely addresses U.S. calls for for sweeping adjustments to China’s mental property and know-how switch practices, market entry and subsidy points.

“Whereas I’m optimistic about it, I’m additionally a dead-ass realist and this isn’t a easy drawback,” Donohue mentioned of the brand new spherical of talks.

Lighthizer and U.S. Treasury Secretary Steven Mnuchin are anticipated to satisfy with China’s high negotiator, Vice Premier Liu He, in early October.

President Donald Trump final week delayed a tariff improve that had been scheduled for Oct. 1 on $250 billion price of Chinese language items after China additionally delayed tariffs on some U.S. imports.

The world’s two largest economies haven’t held in-person talks since late July towards resolving their 14-month commerce struggle, which has roiled markets, disrupted provide chains and threatened world progress.

Financial elements are weighing on either side, mentioned Stephen Kho, former performing chief counsel on China enforcement at USTR who’s now a companion at Akin Gump regulation agency.

“Each side are feeling the ache now. So an interim deal could possibly be carried out, but when they’re on the lookout for a complete deal … that can be very laborious,” Kho mentioned.

Reporting by David Lawder, Further reporting by Andrea Shalal; Enhancing by Angus MacSwan, Dan Grebler and Sandra Maler

Our Requirements:The Thomson Reuters Belief Ideas.

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Wall Avenue set to open decrease after Saudi assaults; vitality shares surge

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(Reuters) – Wall Avenue was set to open decrease on Monday because the weekend assault on Saudi Arabian oil services knocked out 5% of the world’s provide, sparking issues over world financial development and heightening tensions within the Center East.

FILE PHOTO: Merchants work on the ground on the New York Inventory Change (NYSE) in New York, U.S., September 12, 2019. REUTERS/Brendan McDermid

The assault on the world’s largest oil exporter despatched oil costs up as a lot as 20% earlier than they eased off their peaks as U.S. President Donald Trump approved using the nation’s emergency oil stockpile to make sure steady provides. [O/R]

“The Dow futures aren’t down too terribly at this level, so we’ll have to attend and see,” mentioned Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

“I’d fear extra about what occurs down the road and the elevated uncertainty, prospects for navy motion.”

Shares of vitality firms soared, with the S&P 500-listed Marathon Oil Corp MRO.O, Devon Vitality Corp (DVN.N), Concho Sources Inc (CXO.N) and Apache Corp (APA.N) up between 9.7% and 12.8%. Oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) superior greater than 3.4%.

From a inventory perspective, the provision disruptions ought to put a bid into U.S. vitality shares, which have meaningfully lagged the broader market, JPM analysts wrote in a notice.

“Specifically, we might see a optimistic transfer within the oily small and mid-cap group,” the analysts wrote.

The S&P 500 vitality .SPNY sector’s 5.6% rise this 12 months was a lot beneath the 20% climb for broader S&P 500 .SPX.

In the meantime, shares of airways and cruise line operators dropped in anticipation of upper gas prices. American Airways Group Inc (AAL.O), Delta Air Traces Inc (DAL.N) and Carnival Corp (CCL.N) fell between 3% and 5%.

Traders’ flight to security lifted gold costs, the Japanese yen JPY= and despatched the U.S. benchmark 10-year Treasury bond yields US10YT=RR down sharply from their multi-week highs.

Curiosity-rate delicate banks corresponding to Financial institution of America Corp (BAC.N), Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N) have been down greater than 1%. [US/]

This week’s centerpiece is the Federal Reserve’s financial coverage resolution on Wednesday the place the central financial institution is broadly anticipated to ship the second rate of interest lower this 12 months of 1 / 4 foundation factors.

Hints on whether or not the central financial institution will maintain easing its financial coverage will probably be essential in figuring out how lengthy Wall Avenue’s sturdy rally will final.

Cooling commerce tensions between america and China final week has introduced the benchmark S&P 500 .SPX lower than 1% beneath its document excessive.

At 8:26 a.m. ET, Dow e-minis 1YMcv1 have been down 89 factors, or 0.33%. S&P 500 e-minis EScv1 have been down 9.25 factors, or 0.31% and Nasdaq 100 e-minis NQcv1 have been down 39.75 factors, or 0.5%.

Amongst different movers, Common Motors Co (GM.N) fell 2.4% after the United Auto Employees (UAW) went on strike on Sunday, the primary nationwide strike at GM in 12 years.

Reporting by Medha Singh and Ambar Warrick in Bengaluru; Enhancing by Saumyadeb Chakrabarty and Arun Koyyur

Our Requirements:The Thomson Reuters Belief Ideas.

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Trade optimism, Apple push Wall Street slightly higher

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(Reuters) – U.S. stocks rose slightly on Wednesday as China’s move to ease trade tensions with the United States soothed investor nerves, while shares of Apple gained a day after the launch of its latest iPhones.

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 9, 2019. REUTERS/Brendan McDermid

Apple Inc (AAPL.O) rose 1.79% and provided the biggest boost to all three major indexes, a day after it unveiled new iPhones and rolled out a streaming TV service at a price that undercuts Disney (DIS.N) and Netflix (NFLX.O).

The gains took the Silicon Valley giant’s market valuation just shy of $1 trillion and lifted the wider technology sector .SPLRCT.

Adding to the positive momentum, China’s finance ministry exempted 16 types of U.S. goods from additional retaliatory tariffs, ahead of a planned meeting between trade negotiators.

While the move is seen as a friendly gesture to thaw relations with the United States, analysts are skeptical about how much it will move the needle in resolving a trade war that has hurt the global economy.

“The exemption could be seen as a gesture of sincerity toward the US ahead of negotiations in October, but is probably more a means of supporting the (Chinese) economy,” Iris Pang, a Greater China economist with ING, wrote in a note.

Comments from a senior White House adviser on Tuesday urging investors to be patient about resolving the dispute further downplayed expectations that a trade deal would be agreed this year.

Markets were largely subdued as investors held out on big bets ahead of stimulus decisions from central banks to stem a global slowdown. The U.S. Federal Reserve and the European Central Bank are expected to cut interest rates at their policy meetings over the next two weeks.

U.S. President Donald Trump on Wednesday renewed his attacks on Fed Chairman Jerome Powell, saying that the central bank should get interest rates down to “ZERO, or less.”

“People will be interested to hear what is going to be said (by the Fed) next week, so until then, barring something unexpected, things will be quiet,” said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.

At 10:15 a.m. ET, the Dow Jones Industrial Average .DJI was up 26.56 points, or 0.10%, at 26,935.99, the S&P 500 .SPX was up 6.69 points, or 0.22%, at 2,986.08 and the Nasdaq Composite .IXIC was up 46.24 points, or 0.57%, at 8,130.40.

Energy stocks .SPNY led gains on the S&P 500, with Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) providing the biggest boost to the sector.

Among other stocks, shares of Micron Technology Inc (MU.O) rose 3.10% after Longbow Research upgraded its stock to “buy”.

Wynn Resorts Ltd (WYNN.O) fell 2.44% and was among the biggest losers on the S&P 500 after the hotel operator announced a $750 million debt offering.

Advancing issues outnumbered decliners by a 2.09-to-1 ratio on the NYSE and by a 2.34-to-1 ratio on the Nasdaq.

The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 28 new highs and eight new lows.

Reporting by Uday Sampath in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur

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Boeing plane deliveries down 72% in August as MAX grounding weighs

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(Reuters) – Boeing Co (BA.N) handed over around a quarter as many planes in August as it did a year ago, pushing total deliveries so far this year down more than 40%, as the worldwide grounding of its best-selling 737 MAX jet enters its seventh month.

FILE PHOTO: The Boeing logo is displayed on a screen, at the New York Stock Exchange (NYSE) in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

Regular monthly numbers from the U.S. planemaker showed it delivered 18 aircraft in August, down from 64 in the same period, a year ago.

In the eight months through August, deliveries totaled 276 aircraft, compared with 481 last year.

Chicago-based Boeing has not delivered any of its 737 MAX aircraft since the single-aisle plane was grounded worldwide in March after two fatal crashes in Indonesia and Ethiopia.

U.S. airlines have removed the grounded jet from their flight schedules until December or early next year.

The planemaker has said it expects to receive certification from the Federal Aviation Administration by October to put the jets back in the air.

Boeing is still playing catch up with European rival Airbus SE (AIR.PA), which remains ahead with combined deliveries of 500 aircraft for the first eight months of 2019. Airbus delivered 207 of its A320neo jets, which competes with the 737 MAX.

Net orders after cancellations were a negative 85 aircraft so far this year for Boeing, compared with 95 for Airbus.

(Graphic: Airbus leads on deliveries, Boeing plays catch up png, here)

Reporting by Sanjana Shivdas in Bengaluru; editing by Patrick Graham and Saumyadeb Chakrabarty

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