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Dollar rises against main rivals after Q2 GDP revised higher

The dollar strengthened against its rivals Friday after the Commerce Department released an upward revision to second-quarter economic growth. The U.S. economy grew at an annual rate of 3.9% in the second quarter, higher than the previous estimate of 3.7% growth. The euro fell to $1.1130 after the data, from $1.1160 shortly beforehand. The dollar rose to 121.20 yen from 121.00 beforehand. The British pound fell to $1.5164 from $1.5180. Also, the dollar trimmed its losses against emerging-market currencies like the Mexican peso and the Brazilian real.

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U.S. GDP grew 3.9% in second quarter instead of 3.7%

WASHINGTON (MarketWatch) – The U.S. economy grew at an annual 3.9% pace in the second quarter instead of 3.7%, revised government data show. Higher consumer spending and somewhat stronger business investment mostly accounted for the upward revision, the Commerce Department said. Consumer spending, the main engine of U.S. growth, rose 3.6% vs. an earlier 3.1% estimate. Business investment in structures was revised up to 6.2% from a 3.1% increase. Home construction climbed at a 9.3% rate instead of 7.8%. The value of inventories, which adds to GDP, increased by $113.5 billion, down from a prior $121.1 billion estimate. The trade picture was little changed. Exports rose 5.1% while imports edged up 3%. Inflation as measured by the PCE price index rose at a 2.2% annual rate, unchanged from the prior reading. Looking ahead, economists surveyed by MarketWatch predict gross domestic product will slow to a 2.5% clip in the third quarter.

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Brooklyn rental market was more competitive than Manhattan in August: Zillow

The Brooklyn rental market was more competitive than the Manhattan rental market in August, with rental properties spending the shortest time on the market among all New York neighborhoods, according to Zillow’s StreetEasy Market Report. Midwood and Prospect Park South were the fastest-moving neighborhoods, with rentals spending 11 days and 13 days on the market, the report found. In Manhattan, Little Italy, Sutton Place and the Upper East Side were the fastest movers, with rentals spending 14 days on the market. The median asking rent in Brooklyn rose 4% to $2,650 in the month, its sharpest increase of the year. In Manhattan, the median asking rent rose 3.3% to $3,460. “Renters in Brooklyn face the steepest competition for apartments and also carry the city’s highest rent burden,” said StreetEasy data scientist Alan Lightfeldt. “This trend will continue until income growth accelerates and the supply of affordable homes increases across the city.”

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BlackBerry shares tumbled after company posts wider-than-expected loss

BlackBerry Ltd. shares slumped 7.5% in premarket trade Friday, after the mobile device maker reported a wider-than-expected loss for its fiscal second quarter. The company said it had net income of $51 million, or 10 cents per basic share, in the quarter, after a loss of $207 million, or 39 cents per basic share, in the year-earlier period. The company had a diluted loss per share of 24 cents in the quarter, narrower than the 39 cents loss posted a year ago. The statement said basic GAAP net income includes a purchase accounting impact on GAAP revenue, a non-cash credit associated with the change in the fair value of debentures of $228 million, pre-tax charges of $85 million related to restructuring, stock compensation of $14 million, and amortization of acquired intangibles of $11 million. Excluding those items, the company had a loss per share of 13 cents, a penny wider than the FactSet consensus of 12 cents. Revenue totaled $490 million, way below the $916 million recorded in the year-earlier period. The revenue number includes a purchase accounting write down of deferred revenue stemming from the company’s acquisition of WatchDox. The FactSet consensus was for revenue of $809 million. The company said it is planning to launch a handheld device called Priv that will run on the Android operating system and use BlackBerry security. Shares have fallen 36% in the year so far, while the S&P 500 is down 6%.

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BMW shares rise after German magazine clarifies report on emissions

BMW AG shares climbed 4.6% in Frankfurt on Friday after German magazine Auto Bild late Thursday said it had no evidence of exhaust manipulation by the auto maker. BMW shares on Thursday dropped sharply after the magazine reported the emissions on a street test of one of the company’s car models was much higher than allowed in Europe.

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Stock futures higher in the wake of Yellen’s comments

Stock futures pushed higher on Friday, hours after Federal Reserve Chairwoman Janet Yellen maintained a dovish stance on interest rates in a speech late Thursday. “Investors are certainly cheering the news that she hasn’t picked up a particular set date to raise the interest rate, but she did balance her dovish tone by adding that the rate hike is still a possibility later this year,” wrote Naeem Aslam chief market analyst at AvaTrade, in a note to clients. Futures for the Dow Jones Industrial Average jumped 88 points, or 0.6%, to 16,185, while those for the S&P 500 index gained 9.45 points, or 0.5%, to 1,928. Futures for the Nasdaq 100 index gained 19.25 points, or 0.5%, to 4,264.75. Gains for stock futures come after U.S. stocks closed lower for a third day on Thursday. Led by losses for Caterpillar Inc. , which slid 6%, the Dow industrials finished down 78.57 points, to 16,201.32, paring back an earlier 264-point drop.

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