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31/12/2015

Every New Year we dream of a better world for us and ours. This Year let us take up the onus to make the world a better place for you, me and everyone else.
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26/10/2015

Welcome to The New York Times on Apple News.
We’re pleased to offer you some of our best articles, updated around the clock. For the full range of our award-winning journalism, visit NYTimes.com.
MUMBAI, India — If Mark Zuckerberg hopes to deliver on his vision of bringing the Internet to the four billion people who lack it, the Facebook chief will first need to make his plan more appealing to salesmen like Shoaib Khan.
Mr. Khan’s perfume and cellphone shop in one of this city’s many slums recently displayed a large blue banner advertising Mr. Zuckerberg’s project, called Internet.org, in the back. Another sign for Facebook’s free package of Internet services — offered in India through the cellphone carrier Reliance Communications — was posted prominently in front.
But when a reporter asked Mr. Khan about his experience with Internet.org, he had no idea what it was. After the program was explained to him, he quickly dismissed it.
“The Reliance connection is very patchy,” Mr. Khan said, shaking his head. “I would really have to sell the customer on it.”
Facebook’s rocky experience since it brought Internet.org to India in February shows that good intentions and technological savvy are not enough to achieve a noble goal like universal Internet access.
The skepticism of phone sellers like Mr. Khan and the weaknesses of Facebook’s Indian partner are just two of the problems that have bedeviled Mr. Zuckerberg’s project so far.
Internet.org’s free services — which include news articles, health and job information and a text-only version of Facebook — are deliberately stripped down to minimize data use and the cost to the phone company. Facebook says the primary goal is to show people what the Internet is all about. But many Indians want more and complain that, contrary to its altruistic claims, the project is simply a way to get them onto Facebook and to sign up for paid plans from Reliance.
Internet activists have also attacked Facebook, accusing it of cherry-picking partners to include in its walled garden rather than simply offering a small amount of free access to the whole Internet. Their concerns have struck a chord with the Indian government, which is considering new rules that would govern such free services.
Mr. Zuckerberg declined several requests to discuss Internet.org. But he remains passionate about his crusade. “Internet access needs to be treated as an important enabler of human rights and human potential,” he told the United Nations last month.
The Internet.org suite, rebranded last month as Free Basics, is now in 25 countries, from Indonesia to Panama. Facebook is investing heavily in other parts of the project, including experiments to deliver cheap Wi-Fi to remote villages and to beam Internet service from high-flying drones.
Mr. Zuckerberg is also determined to win over the Indian public. Last month, he hosted a live-streamed chat with India’s prime minister, Narendra Modi, from Facebook’s Silicon Valley headquarters. And this week, Mr. Zuckerberg will be in New Delhi, where he will take questions from some of Facebook’s 130 million Indian users.
The magnitude of the task ahead was apparent during a reporter’s visit in August to Dharavi, home to as many as a million of Mumbai’s poor.
Several billboards advertised Freenet, Reliance’s version of Internet.org. But in the neighborhood’s narrow alleys, where rivulets of raw sewage competed with sandaled feet, there was little evidence that anyone had taken notice.
A conversation with a dozen cellphone users at a tea shop uncovered no one who had heard of Freenet or Internet.org, but plenty of complaints about Reliance’s sluggish data network and poor customer service compared with the market leaders, Airtel and Vodafone.
At Yahoo Mobilewala, a nearby phone shop named in honor of the American Internet company, the owner, Rizwan Khan, offered service from every major carrier. But his stack of Reliance chips — each in a blue Freenet envelope that said “Go free Facebook” — was gathering dust in its display case.
In India, most cellular service is prepaid. Customers typically buy or refill a special chip, known as a SIM card, often loading it with a dollar’s worth of data or calls at a time. Phone card vendors are key advisers, educating people about all their options.
“New customers don’t come looking for Freenet,” said Mr. Khan, who is not related to Shoaib Khan. Even if Reliance’s network were good, he said, the package excludes WhatsApp, a popular messaging app owned by Facebook, and users must pay to see the photos in their Facebook feeds. “If you have to pay for data, what’s the point of calling it free?” he said.
Phone card sellers also tend to promote whatever makes them the most money. Mr. Khan noted that another carrier had recently awarded him his choice of a Hero motorcycle or 45,000 rupees — nearly $700 — for signing up 1,000 customers. Reliance offered nothing similar, he said.
In more than two dozen interviews in poor neighborhoods of Mumbai, a reporter found several people who had tried Internet.org but only one who used it regularly — a 23-year-old man who said he used the free version of Facebook Messenger on the app to chat with friends when he ran out of money on his prepaid account.
Chris Daniels, the Facebook executive who leads Internet.org, said the company was primarily trying to reach people who were completely new to the Internet.
In an interview last week, Mr. Daniels said about a million people had been introduced to the Internet in India because of the program. After their first 30 days online, he said, about 40 percent of them became paying data customers, 5 percent stuck with only free services and the rest left.
“This is a program that is working to bring people online, and working incredibly well,” Mr. Daniels said. “Connectivity is something that improves people’s lives. It’s an enabler for people to be able to help themselves find jobs, help themselves improve their health situation, improve their education for themselves and their children.”
Gurdeep Singh, the chief executive of Reliance’s consumer business, defended the quality of his company’s network, but acknowledged that it needed to do more to raise awareness of Freenet and persuade retailers to promote it.
“This is a slow process,” Mr. Singh said in an interview at the company’s sprawling campus in Navi Mumbai, a few miles from Dharavi. “We are fighting this huge battle against digital illiteracy.”
According to Reliance research, 36 percent of phone card sellers don’t have a phone capable of Internet access, which makes them poor ambassadors for the concept.
But Mr. Singh said Reliance was committed to Freenet, which was initially limited to seven states, and planned to offer it nationally soon. “India is at the stage where everyone must get access to the Internet,” he said.
While that is a goal shared by many, Facebook’s approach has run into a buzz saw of criticism from Internet advocates here, who see it as an attempt by the world’s largest social network to become the gatekeeper to the Internet for a new generation of users.
“On the open Internet, everyone is equal,” said Nikhil Pahwa, editor and publisher of MediaNama, an Indian news site, who has vociferously opposed Internet.org. “On Internet.org, Facebook is the kingmaker.”
Mr. Pahwa helped organize a campaign called Save the Internet, which rallied a million Indians to press regulators to stop Internet.org and establish rules protecting net neutrality. That principle, also a subject of intense debate in the United States and Europe, says that Internet access providers should give customers equal access to all content.
The Telecom Regulatory Authority of India is still mulling potential regulations. In a recent interview, however, the agency’s chairman, Ram Sewak Sharma, was skeptical of Internet.org. “Maybe they have wonderful objectives, but the way it is being implemented, that’s not really appropriate,” he said.
Mr. Daniels said Facebook had been listening to all the criticism and had made many changes to Internet.org, including opening it to other companies that wanted to offer free services on the platform. “We always appreciate feedback, in whatever form it comes,” he said.
RELATED COVERAGE
Facebook Strives to Bring Cheap Wi-Fi to Rural India Oct. 25, 2015
Facebook to Test Emoji as Reaction Icons Oct. 8, 2015
Facebook Takes a Step Into Education Software Sept. 3, 2015
Facebook Joins the Live-Streaming Crowd With a Service for Celebrities Aug. 6, 2015
Facebook Posts Solid Gains, a Feat Eluding Rivals July 29, 2015
As Facebook Sweeps Across Europe, Regulators Gird for Battle May 25, 2015

13/11/2014

India and US reach WTO breakthrough over food
2 hours ago
From the section Business
Container port
A global trade deal could add $1tn (£630bn) to the world economy
India and the US have resolved their disagreements on food security issues, paving the way for a global trade pact.
The prospect of a global trade deal had faded at a World Trade Organization (WTO) summit in Indonesia last year, after India said it would not budge on some rules governing food subsidies.
The trade deal had been due to take effect in the middle of next year.
The breakthrough stems from a bilateral summit in September when Prime Minister Narendra Modi visited the US.
Analysts have estimated the global trade deal could add $1tn (£630bn) to the world economy.
US Trade Representative Michael Froman said in a statement: "On the basis of this breakthrough with India, we now look forward to working with all WTO Members and with Director General Roberto Azevedo to reach a consensus that enables full implementation of all elements of the landmark Bali Package, including the Trade Facilitation Agreement."
The statement also said Delhi and Washington have agreed that India's food security programmes would not be challenged under WTO rules "until a permanent solution regarding this issue has been agreed and adopted".
line
Analysis: Sanjoy Majumder, South Asia correspondent, BBC News
This breakthrough on the issue of food subsidies will be seen as a major victory for India.
Earlier this year, India refused to back the Trade Facilitation Agreement - a key deal which could add $1tn to the global economy and create more than 20 million jobs, mostly in developing countries.
So India's decision to hold out was strongly criticised. Some even saw it as the beginning of the end of the WTO.
India feared that signing up to the deal would affect its $12bn food security programme - a key welfare measure aimed at delivering millions of people from poverty.
As part of this, India buys grains such as rice and wheat from farmers at above market prices, sells a part of it to poor households and stockpiles the rest to guard against shortages.
It does this to both protect farmers, but also provide affordable food to many. Under the TFA, India would have had to agree to cap its programme or invite sanctions.
India argued that the TFA should be implemented without any conditions until a separate agreement on the issue of food subsidies is reached, a concession it has now won.

11/11/2014

Online retailer Alibaba says it sold $2bn (£1.2bn) of goods in the first hour of China's annual "Singles' Day".
That compares with $3.1bn in sales seen in the first half of last year's event.
Singles' Day is considered the world's biggest online retail sales day. It compares with "Cyber Monday" in the US - the day after Thanksgiving also marketed as a big online shopping day.
Alibaba said it expected to break sales records during the annual event, offering big discounts to boost sales.
"I bet the number [of goods bought] is going to be scary," said Alibaba's executive chairman Jack Ma last week. He estimated that 200 million packages would be shipped from orders made during the day.

09/10/2013

European Markets trade low; the U.S. shutdown Continues

It looks like the European shares are going to open lower on Wednesday morning as the U.S. government shutdown continues and the October 17 deadline edges ever closerThe FTSE is opening down 23 points at 6,342, the German DAX is seen down 23 points at 8,532.European stocks are expected to follow global markets lower amid escalated concerns over US credit default with only nine days left to raise the debt limit before the October 17 deadline.

European Central Bank (ECB) Executive Board Member Joerg Asmussen warned that depositors could still be tapped if a European bank lender failed in the future, but stressed it would only be as a last resort.

` US Federal Reserve set to change

President Obama said at a press conference on Tuesday that he had yet to see serious proposals from the Republicans that would allow both sides to resolve their core differences.

"So my suggestion to the Speaker has been and will continue to be: 'Let's stop the excuses, let's take a vote in the House, and let's end this shutdown right now'...There are enough reasonable Democrats and Republicans in the house who are willing to vote 'yes' on the budget that the Senate had already passed."

Although concerns over the debt ceiling continue, Asian stocks moved off the lows on Wednesday to trade mixed on news that president Obama will announce Janet Yellen as the next chair of the fed

Yellen is widely perceived as being more positive on monetary policy and investors expect her to take a slower path towards a reduction of the Fed's bond-buying program. The announcement is scheduled for 3pm ET (10a.m. London time) on Wednesday.

Economic data to look out for

Starting the day with the German industrial production report at 11:00 am. Then at 22:30 Federal Open Market Committee (FOMC) are scheduled to hold a meeting resulting in possible fluctuations on the US session and finally ECB President Mario Draghi is expected to address the world today. Due to deliver a speech titled "The Malcolm Wiener Lecture" at the Harvard Kennedy School of Government, in Cambridge. As head of the ECB, which controls short-term interest rates, he has more influence over the euro's value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

DrJoe

09/09/2013

European Markets End the Week on an Upbeat Note
European markets closed higher on Friday after an afternoon roller-coaster ride, where weaker-than-expected jobs data from the U.S. increased speculation the Federal Reserve may delay its anticipated tapering of asset purchases. Meanwhile, comments from Russian President Vladimir Putin that he will assist Syria in case of an external attack took stocks of intraday highs. You’ve got Syria chatter which increases tensions between Putin and Obama. And you have the disappointing jobs data where the nonfarm payrolls were much worse than expected. It wasn’t as much as the August number, but more that the revision to July data was terrible. The July data is now the lowest number this year. The market got a bit of a rally after that because it pushed back tapering expectations beyond September.

The U.S. nonfarm-payrolls report showed169,000 new jobs were added to the economy in August, below the 180,000 expected by analysts and economists.. Meanwhile, the number of new jobs created in July was slashed to 104,000 from 162,000 — the smallest monthly gain since June 2012. The unemployment rate ticked down to 7.3% from 7.4%, but that was because fewer people were looking for work. The jobs report is considered one of the most important data releases from the U.S. and a weak number could increase speculation the Federal Reserve will delay the anticipated tapering of its $85-billion-a-month asset purchases.

U.S. Labor Market Still needs Fed Support?
The bottom line is that today’s report paints a picture for the labour market that is not as rosy as most had expected. Jobs are not being cut perhaps, but they are also not being created at a pace that signals a healthy, robust economy. The Fed may still choose to move forward, but the recent jobs data certainly doesn’t point to an economy that is firing on all cylinders. With the markets very focused on the Fed’s next move, any sign that tapering could be delayed could be seen as a positive catalyst, at least in the near term.

The next Federal Reserve meeting is on Sept. 17-18 and analysts speculated ahead of Friday’s data that the central bank could begin the taping process after that meeting. Focusing back to on tensions within Syria, Russian President Vladimir Putin added to international tensions about Syria. In St. Petersburg, where the G-20 meeting is taking place, Putin said Russia will continue its arms sales and aid to Syria even if other countries launch a military strike against the Middle Eastern nation. The comments came as U.S. President Barack Obama was trying to secure international land congressional support to launch an intervention in Syria for the country’s alleged use of chemical weapons.

Syrian, Fed Speculation could cause Fireworks this Week
Markets will this week react to any steps toward strikes against Syria and further digest Friday’s tepid jobs report, the last big data point before the Federal Reserve decides whether to start taking away the punch bowl. President Obama will work on winning support for a strike from U.S. lawmakers, who return from a recess on Monday. He didn’t win as much backing from world leaders as he hoped at the G20 summit on Friday and Saturday. Meanwhile, the Fed now could be less likely to announce a tapering of its QE program at its Sept. 17-18 meeting after Friday’s weaker-than-expected jobs report. However many economists and strategists think a September scale back is likely. The debate and speculation will continue in the coming week.

Apple will probably generate the most headlines with its new product event on Tuesday. The tech giant is expected to unveil new versions of its iPhone, including a cheaper, colourful model. Apple was one reason why tech lagged earlier this year. Apple shares were in a downtrend in the first half of 2013, weighing on the performance of the Nasdaq Composite.

DrJoe.

20/08/2013

European Markets Inch UP on the Week

European markets eked out a small gain after turning higher in late trade Friday, posting a minor weekly rise as investors focus on the region’s improving economic performance while weighing prospects the U.S. Federal Reserve will begin to scale back monetary stimulus. Volume was thin, as investors were apprehensive ahead of the weekend due to a recent global market sell off and tapering talk. Despite the uneven data released recently, many Federal Reserve officials are still stating that there are more odds stacked that tapering will take place in September. The concern is not tapering, but the pace of the tapering which could certainly elevate the market volatility in the market.
Looking a little closer to home the FTSE 100 ended higher on Friday, buoyed by gains for mining shares. Thursday’s session knocked nearly 1.6% off the index, which was the biggest one-day and percentage decline since June 20, 2013. The losses were sparked by fears about imminent tapering of the U.S. Federal Reserve’s bond-buying program. Nevertheless that FTSE managed to recover slightly on Friday as better than expected economic data out of both Europe and the U.S. bought buyers back into the market.

U.S. Markets LOG 3-day losing streak, DOW Posts worst week in 2013

U.S. markets finished slightly lower in lacklustre trading Friday, extending their losses for a third-straight session. Major indexes posted their first back-to-back weekly losses since late June. From the highs the U.S. indices have corrected have corrected between 3 to 5 percent the speculation from here is for the market to be choppy and sideways from here going into the next Fed meeting. On the economic front, the consumer sentiment index slipped to 80 in August from 85.1 in July, according to the Thomson Reuters/University of Michigan's preliminary reading on the overall index.

Housing starts rose 5.9 percent to a seasonally adjusted annual rate of 896,000 units in July, according to the Commerce Department, which was less than the expected 900,000 however June's starts were revised up to show a 846,000-unit pace instead of the previously reported 836,000 units. The housing numbers were reasonably healthy—they're not as robust as they were earlier in the year but there's been some concern about rates being notably higher and whether that's going to choke off the recovery in housing?


FOMC Minutes this week; More Housing Data

With a thin data calendar this week, home sales data will be in focus with existing home sales for July on Wednesday, June FHFA home price index on Thursday, and new home sales on Friday. This past Friday, new home construction showed a 5.9% uptick for July even though forecasters had hoped for a slightly higher increase. The release of FOMC minutes on Wednesday from July’s meeting may also generate some market volatility owing to thin summer staffing at financial firms. The market expects the minutes to add a little more colour to July’s meeting rather than changing the story.

While more than nine-tenths of S&P 500 companies have already reported earnings this season, many big-name retailers are set to report this week, and that could bring with it little reason to cheer. This past week saw August consumer sentiment taking a turn for the worse, while Wal-Mart Stores Inc. and other retailers reported cautious consumer spending. That pullback in spending, along with weak earnings from retailers and a considerable decline in outlook could be a cause for concern.

DrJoe

26/07/2013

IMF not confident with Eurozone future outlook

On Thursday the International Monetary Fund (IMF) came out and stated that they do not expect Europe to pick up an recovery until 2014 despite better consumer confidence and business activity is picking up. The IMF have released a statement that indicated that the Eurozone would remain in recession for the second year in a row, contracting another 0.6% before returning to 0.9% growth in 2014. Spanish unemployment has dropped for the first time in two years to 26.3% in Q2 from 27.2% the first quarter. However the size of the figure remains totally unacceptable as stated by the Spanish economic minister.

European shares are looking to open slightly higher on Friday drawing some support from the US markets and a flurry of earnings results from both Europe and from across the Atlantic. All major European indices (FTSE 100, DAX and CAC) are sitting between 20 and 40 points higher leading into the day. The focus will remain on earning results from European firms as well as the continuing results from the US Q2 earnings from the Dow, S&P 500 and Nasdaq.



Volatility in the US increases as earnings results continues

Thursday’s US session saw major volatility come into the US markets across the board as companies from the major indices continue to release mixed earnings. All major averages such as the Dow, S&P 500 and NASDAQ all slipped below their 10-day moving averages in early trade only to recover later in the session. US durable goods spiked which could point to a factory rebound as business received more orders from automobiles and machinery in June. This data is considered a good gauge of planned spending by US businesses, and could point to solid economic growth for the second half of the year. The results came in substantially better than expected with analyst expectations looking for a result of 0.5% increase and actual figures hitting 4.2%. Weekly jobless claims were also released which increased by 7,000 to a seasonally adjusted 343,000.

Before the US trading session opens on Friday the Reuters/Michigan Consumer Sentiment Index will report its results for July. This survey is often very widely watched for personal consumer confidence in economic activity and shows a picture of whether or not consumer are willing to spend money. The previous figure for last month was 84.1. The Nasdaq again saw a number of its components release earnings on Thursday with Facebook and Baidu being the standouts. Facebook surged nearly 30% with nearly 20 brokerages raising their price targets for the stock.



Starbucks exceeds expectations while Amazon falls short

The Nasdaq once more had a big day of earnings on Thursday as some well recognised companies reported results for the second quarter. Starbucks and Amazon were among the more recognizable companies to post earnings with Starbucks beating forecasts as Amazon fell short. Amazon.com, the online retailer now considered one of eBay’s biggest rivals, reported a loss of 2 cents on sales on revenue of $15.7 billion, missing expectations for earnings of 5 cents a share on sales of $15.73 billion. Shares are pointing more than 2% lower in pre-market trading. Coffeehouse giant Starbucks on the other hand posted earnings of 55 cents a share and had revenue of $3.74 billion. These figures beat anticipated forecasts of 53 cents a share on sales of $3.72 billion. Starbucks is currently set to open almost 6% higher during pre-market trading.

Facebook and Baidu after yesterday’s results posted stellar gains with Facebook closing just shy of a 30% gain while Baidu also impressed investors by jumping up more than 11% after a choppy session which saw the search engine giant jump more than 17% at one stage. Almost 50% of US companies have now reported earnings with 68% topping earnings expectations and 56% topping revenue expectations.

DrJoe

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23/07/2013

All eyes on Europe as Portugal fail to organise bailout
European shares are set to open mixed on Monday with Euro zone member Portugal failing to come to an agreement over the future of future of the country’s bailout on the weekend.
The Portuguese government was expected to find a way to make the bailout terms work but were unable to come to a final decision on the best way forward. Original plans have Portugal exiting the international bailout program in 2014 but this could now be in doubt as a political impasse appears over remaining spending required by the bailout.
Talks between the two ruling coalition parties and the opposition collapsed on Friday and now the spending cuts required of 4.7 billion Euros to keep the countries 78 billion euro bailout program on track until mid-2014 is in serious doubt. It is now increasingly likely that a second bailout program for Portugal may be needed. Key assets to look out for on Monday will be the EUR/USD and the European indices such as the German DAX and the French CAC.

S&P 500 joins the Dow in fresh highs and 4 straight weekly rally
Stocks were left quite unchanged on Friday as trading took a relatively lacklustre turn. The S&P 500 managed to squeeze out a small gain at another record high however with the very disappointing results from tech giants Google and Microsoft, overall shares weren’t able to rally as much. At least eight brokerages slashed their price targets for Google while seven did the same for Microsoft. The NASDAQ was the only major index not able to find gains due to the poor tech sector earnings. Nonetheless, both the Dow and S&P 500 have continued to log their fourth straight week higher as investors are confident positivity will continue. So far, 20% of the S&P 500 companies have reported their earnings for the second quarter and 65% of these have reported earnings which have beaten expectations. If all the remaining companies report earnings in line with expectations we would find earnings up 3% from Q2 in 2012.
The US is now again seen as a source of strength in the world economy only five years after it was the centre of a global crisis. This was done with good use of government structure and federal policies to improve the market place. All eyes will now continue to fall on the impact the current improvements in the US market and how soon the Federal reserve may act on tapering down the current QE program.
Netflix and McDonalds are set to release much anticipated Q2 earnings
A strong day of earnings results is expected on Monday as both Netflix and fast food giant McDonalds are set to release their earnings and revenue projections for the second quarter. McDonalds is poised to release their figures before the market opens while we won’t see what the final result for Netflix is until after the close of the US trading session. McDonalds has historically been a poor performer around earnings as it has shown to lose ground in the three days surrounding earnings five of the last six quarters. Analysts are expecting an earnings consensus of $1.40 per share. A strong figure above $1.40 could result in a jump for the share price and a pleasant move to the McDonalds shareholders.

After the closing bell, we will expect Netflix to release their second quarter earnings. Current expectations are sitting at $0.41 per share. There are whispers surrounding the market that profits will beat this figure and come out at $0.49 EPS If this was to occur, Tuesday could see a push in Netflix share prices and today would be a good time look at possible long positions on the entertainment company.

DrJoe

18/07/2013

Assets to Watch for today:
European Session: FTSE 100, EUR/JPY, Gold
U.S Session: DOW, S&P 500, IBM, Ebay

Bernanke Comments Send European Markets Higher

European stock markets rallied on Wednesday, after U.S. Federal Reserve Chairman Ben Bernanke said the timetable for tapering asset purchases could change to reflect economic and financial developments. Among notable movers shares of BHP Billiton PLC picked up 2% after the mining giant said iron-ore production hit a record high in its past financial year. European markets extended gains after Chairman Bernanke said the Fed’s proposed timetable to reduce its $85-billion-a-month asset purchases is not on a “preset” path. In his remarks, prepared for delivery to the House Financial Services Committee, Bernanke reiterated earlier guidance that the economy will likely allow the Fed to pull back on the asset purchases later this year and end them altogether around midyear 2014.



But if the labour market becomes less favourable and financial conditions tighten, “the current pace of purchases could be maintained for longer. At 10 a.m. Eastern, Bernanke kicked off his semi-annual testimony, followed by a Q&A session with lawmakers, which was ongoing at the time of the European market close. The overall sentiment is still fairly good. Markets have digested over the last couple of weeks that monetary conditions will get more stringent, but in turn for an economy that looks better, Less liquidity is in itself not good news, but it is positive if it only comes with a better economy.



U.S. Markets Gain After Bernanke Speech

Stocks squeezed out modest gains in choppy trading Wednesday, following comments from Fed Chairman Ben Bernanke that monetary policy will remain highly accommodative even as the central bank could start to scale back its bond buying later this year. Bernanke said the pace of asset purchases could be reduced "somewhat more quickly" if economic conditions were to improve faster than expected. On the other hand, the current $85 billion monthly pace "could be maintained for longer" if the labour market outlook darkened, or inflation did not look like it was rising back toward the Fed's 2 percent goal.

Meanwhile, the U.S. economy continued to grow at a modest to moderate pace in June and early July, with manufacturing expanding in most areas of the country, according to the Federal Reserve's Beige Book report. On the economic front, housing starts tumbled 9.9 percent in June to a seasonally adjusted annual rate of 836,000 units, according to the Commerce Department, the lowest level since last August. Economists polled by Reuters had expected ground-breaking to rise to a 959,000-unit rate last month.



Tech Earnings Reports – Significantly volatility expected

EBay Inc. on Wednesday reported second-quarter results that were in line with Wall Street’s estimates, but saw its shares fall almost 6% in after-hours trading as its outlook fell short of analysts’ expectations. For the quarter ended June 30, eBay earned $640 million, or 49 cents a share, on revenue of $3.9 billion. During the same period a year ago, eBay earned $692 million, or 53 cents a share, on $3.4 billion in sales. However, reaction to eBay’s outlook hit the company’s stock in after-hours trading, as eBay forecast third-quarter earnings excluding one-time items of 61 cents to 63 cents a share, and sales between $3.85 billion and $3.95 billion.

IBM reported second-quarter earnings Wednesday that exceeded analyst expectations, while revenue came in short of forecasts. The world's largest technology services company also raised its full-year outlook. IBM shares were last up nearly 3 percent in after-hours trade. Earnings excluding items rose to $3.91 per share from $3.51 per share in the year-earlier period. Revenue eased 3 percent to $24.9 billion from $25.78 billion. Analysts had expected the company to report earnings excluding items of $3.77 a share on $25.37 billion in revenue, according to a consensus estimate from Thomson Reuters.

DrJoe