Customers at a supermarket in Qingdao, China. Agence France-Presse
Robust earnings from Google-owner Alphabet and Twitter took the S&P 500 and Nasdaq indexes close to record levels on Friday, with data showing the domestic economy slowed lesser than expected in the second quarter providing support.
General Motors (GM) and Ford Motor announced their quarterly sales in China fell, albeit at a slower pace sequentially, as the US automakers were hit by a slowing economy amid the Sino-US trade war.
Bolstered by improving sales and better margins, profits for China’s industrial companies rose in May, bucking a months-long downtrend. But analysts are unsure if the modest gains can last. China’s industrial profits have been faltering for over a year
Spot gold was flat at $1,868.29 per ounce by 0627 GMT. But prices are down over 4% for the week pressured by a broadly stronger greenback. US gold futures were down 0.3% to $1,871.
Brent crude was down 4 cents at $41.90 a barrel by 0635 GMT, while US West Texas Intermediate (WTI) crude dropped 8 cents to $40.23.
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, chaired the virtual meeting of the Industrial Cooperation Committee of the Gulf Cooperation Council on Thursday.