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API data show drop in U.S. crude supply, but gasoline stockpiles edge higher: sources

The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped 5.8 million barrels for the week ended Aug. 25, but gasoline stockpiles unexpectedly edged higher by 476,000 barrels, according to sources. The API data also showed that inventories of distillates fell 486,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 1.5 million barrels in crude inventories, along with declines of 1.9 million barrels for gasoline and 600,000 barrels for distillate supplies. October crude was at $46.39 a barrel in electronic trading, down from the settlement of $46.44 on the New York Mercantile Exchange.

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From:: Stock Market News

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AeroVironment shares surge on better-than-expected quarter

AeroVironment Inc. shares surged in the extended session Tuesday after the drone maker’s quarterly results topped Wall Street estimates. AeroVironment shares rallied 9% to $42.90 after hours. The company reported a fiscal first-quarter loss of $4.4 million, or 19 cents a share, compared to $11.6 million, or 51 cents a share, in the year-ago period. Revenue rose to $43.8 million from $36.2 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 34 cents a share on revenue of $42.4 million. For the year, AeroVironment estimates earnings of 45 cents to 65 cents a share on revenue of $280 million to $300 million. Analysts expect earnings of 56 cents a share on revenue of $293.3 million.

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H&R Block shares fall 5% after wider fiscal Q1 loss

Shares of H&R Block Inc. fell 5% late Tuesday after the tax preparer posted a slightly wider-than-expected loss in the fiscal first quarter. H&R Block said it lost $131 million, or 63 cents a share, in the quarter, compared with $124 million, or 56 cents a share, in the year-ago period. Revenue rose 10% to $138 million, from $125 million a year ago, primarily on increased U.S. assisted tax preparation fees and revenues from the company’s Peace of Mind service plan, H&R Block said. Analysts polled by FactSet had expected a loss of 62 cents a share on sales of $129 million. The company usually reports a fiscal first-quarter loss due to the seasonality of its tax business, and the quarter typically represents less than 5% of annual revenues and less than 15% of annual expenses. The shares ended the regular session down 1.3%.

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From:: Stock Market News

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Home Prices ‘Unlikely’ to Reverse Course

By Susanne Dwyer

Home prices increased in the latest S&P CoreLogic Case-Shiller Indices, up 5.8 percent year-over-year in June, compared to 5.7 percent in May.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index’s 10-City Composite rose 4.9 percent year-over-year, down from 5.0 percent in May, while its 20-City Composite rose 5.7 percent year-over-year, identical to May. Month-over-month, the 10-City Composite and the 20-City Composite both rose 0.7 percent.

Of the 20 cities analyzed for the Index, Dallas, Texas, Portland, Ore., and Seattle, Wash., came out on top, with prices up 7.7 percent year-over-year in Dallas, 8.2 percent in Portland and 13.4 percent in Seattle.

“The trend of increasing home prices is continuing,” says David M. Blitzer, chairman of the Index Committee and managing director at S&P Dow Jones Indices. “Price increases are supported by a tight housing market. Both the number of homes for sale and the number of days a house is on the market have declined for four to five years.

“Currently the months supply of existing homes for sale is low, at 4.2 months,” Blitzer says. “In addition, housing starts remain below their pre-financial crisis peak as new-home sales have not recovered as fast as existing-home sales.

“Rising prices are the principal factor driving affordability down,” says Blitzer. “However, other drivers of affordability are more favorable: the national unemployment rate is down, and the number of jobs created continues to grow at a robust pace, rising to close to 200,000 per month. Wages and salaries are increasing, maintaining a growth rate a bit ahead of inflation. Mortgage rates, up slightly since the end of 2016, are under 4 percent. Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely.”

Source: S&P Dow Jones Indices

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From:: Finance and Economy

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Home Prices ‘Unlikely’ to Reverse Course

By Susanne Dwyer

Home prices increased in the latest S&P CoreLogic Case-Shiller Indices, up 5.8 percent year-over-year in June, compared to 5.7 percent in May.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index’s 10-City Composite rose 4.9 percent year-over-year, down from 5.0 percent in May, while its 20-City Composite rose 5.7 percent year-over-year, identical to May. Month-over-month, the 10-City Composite and the 20-City Composite both rose 0.7 percent.

Of the 20 cities analyzed for the Index, Dallas, Texas, Portland, Ore., and Seattle, Wash., came out on top, with prices up 7.7 percent year-over-year in Dallas, 8.2 percent in Portland and 13.4 percent in Seattle.

“The trend of increasing home prices is continuing,” says David M. Blitzer, chairman of the Index Committee and managing director at S&P Dow Jones Indices. “Price increases are supported by a tight housing market. Both the number of homes for sale and the number of days a house is on the market have declined for four to five years.

“Currently the months supply of existing homes for sale is low, at 4.2 months,” Blitzer says. “In addition, housing starts remain below their pre-financial crisis peak as new-home sales have not recovered as fast as existing-home sales.

“Rising prices are the principal factor driving affordability down,” says Blitzer. “However, other drivers of affordability are more favorable: the national unemployment rate is down, and the number of jobs created continues to grow at a robust pace, rising to close to 200,000 per month. Wages and salaries are increasing, maintaining a growth rate a bit ahead of inflation. Mortgage rates, up slightly since the end of 2016, are under 4 percent. Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely.”

Source: S&P Dow Jones Indices

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From:: Real Estate News

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Oil cuts losses by the finish as traders await weekly data on U.S. supplies

Oil prices finished Tuesday with a modest decline, pressured by expectations that refinery shutdowns due to storm system Harvey will prompt a rise in U.S. crude supplies. Prices, however, pared much of their earlier losses as traders looked ahead to U.S. supply data due Wednesday from the Energy Information Administration covering the week ended Aug. 25. Analysts polled by S&P Global Platts expect the government to report a fall of 1.5 million barrels in crude stockpiles, along with drawdowns of 1.9 million and 600,000 barrels for gasoline and distillate inventories, respectively. October West Texas Intermediate crude fell 13 cents, or 0.3%, to settle at a more than one-month low of $46.44 a barrel on the New York Mercantile Exchange.

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From:: Stock Market News

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Euro dips below $1.20 again, dollar gauge claws back losses

The euro gave up some gains on Tuesday afternoon, slipping below the $1.20 mark to $1.1991, after breaking through the psychological barrier earlier. The ICE U.S. Dollar Index , which measures the buck against six rival currencies, clawed back some of its losses, moving to 92.2450, leaving it flat on the session. The euro represents more than half of the weighting of the ICE’s dollar index. Currencies considered havens, such as the Japanese yen and the Swiss franc , surged against the buck in flight-to-safety bids following North Korea’s first missile launch in Japanese airspace since 2009, rattling investors’ nerves and heightening already simmering tensions between the Pyongyang and U.S. allies near the Korean Peninsula. The greenback most recently bought ¥109.45, compared with an intraday low of ¥108.27, the lowest point since November 2016, while it fetched 0.9536 francs versus a low of 0.9429 earlier.

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Gold marks highest finish since late September 2016

Gold prices climbed for a third-straight session Tuesday to settle at their highest level since late September. A North Korean missile launch fed geopolitical tensions in the region and prompted investors to seek out haven assets. December gold rose $3.60, or 0.3%, to settle at $1,318.90 an ounce. That was the highest settlement for a most-active contract since Sept. 29, according to FactSet data.

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From:: Stock Market News

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Home Prices Continue Climbing, Records Broken

House values continue to rise, with some home price indices solidly in record territory. But escalating values reflect a persistent inventory shortage.

As of June, the Case-Shiller U.S. National Home Price NSA Index landed at 192.60. That was the seventh month in a row the index reached a new high.

The Case-Shiller U.S. 20-City Composite Home Price Index came in at 200.54. The index increased 0.7 percent from May and jumped 5.7 percent from June 2016.

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From:: Financing