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Asian markets fall after grim U.S. GDP data

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Asian markets fall after grim U.S. GDP data

Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record.

Earnings reports, a gauge of how well businesses are managing the fallout from the coronavirus pandemic, added to the gloom. Some technology companies have bucked the trend and are showing positive results. But many companies are hurting.

Japan’s Nikkei 225
NIK,
-2.31%

tumbled 2.3% while Hong Kong’s Hang Seng index
HSI,
+0.08%

rose 0.2%. The Shanghai Composite
SHCOMP,
+0.21%

was about flat while the smaller-cap Shenzhen Composite
399106,
+0.71%

gained 0.3%. South Korea’s Kospi
180721,
-0.11%

slipped 0.2%, Taiwan’s Taiex
Y9999,
+0.00%

declined 0.3%, and Australia’s S&P/ASX 200
XJO,
-1.77%

fell 1.6%. Markets in Singapore, Malaysia and Indonesia were closed for holidays.

August tends to be a lousy month for stocks, noted Stephen Innes of AxiTrader Corp.

“Stock markets are looking extraordinarily corrective to the extent that we could be entering a pullback phase as we head into August, most commonly referred to as the summer swoon,” Innes said in a commentary.

In one positive signal, China reported its manufacturing activity edged up in July and export orders strengthened despite weak U.S. and European demand. The monthly survey released Friday was another sign the world’s second-largest economy is gradually recovering from the coronavirus pandemic.

Central bank meetings for various countries are on the agenda for the coming week.

“Second-quarter GDP for Indonesia and the Philippines will also draw scrutiny, highlighting the impact of the pandemic,” said Bernard Aw, principal economist for IHS Markit in Singapore.

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The Japanese government said late Thursday the nation’s economy was likely to sink 4.5% for the fiscal year ending in March 2021. It forecasts a return to growth in the following fiscal year.

Among the Japanese companies reporting earnings next week are Sony Corp.
6758,
-0.92%

, Honda Motor Co.
7267,
-4.46%

, Toyota Motor Corp.
7203,
-2.54%

and Nintendo Co.
7203,
-2.54%
.

Some companies are holding up better than others.

Japanese media reports said Toyota was on course to become the No. 1 automaker in the world again, overtaking Volkswagen, now the top manufacturer in global vehicle sales. Toyota’s sales were already recovering in markets like China, which is recovering from its early outbreaks of COVID-19, according to the company.

Overnight, the U.S. reported the economy contracted at a record-shattering 32.9% annual rate in April-June as pandemic shutdowns expanded.

News of the deep, steep collapse came as a resurgence of outbreaks has pushed businesses in many areas to close for a second time. The government’s estimate of the second-quarter fall in the gross domestic product has no comparison since records began in 1947. The previous worst quarterly contraction — at 10%, less than a third of what was reported Thursday — occurred in 1958 during the Eisenhower administration.

The bad news was no big surprise, and on Wall Street, the S&P 500
SPX,
-0.37%

dropped 0.4% to 3,246.22. Nearly three out of four stocks in the index declined. Among the hardest-hit were oil producers, banks and other companies that most need the economy to escape recession.

The Dow Jones Industrial Average
DJIA,
-0.85%

lost 0.9% to 26,313.65.

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Stocks seemed set for a much steeper fall earlier in the day but stronger-than-expected profits reported by UPS and other companies helped the market trim its losses. So did steadying prices for Amazon and other big tech-oriented stocks, which reported their own results after the day’s trading ended.

Anticipation of their reports, which proved to be even better than Wall Street expected, helped the Nasdaq composite
COMP,
+0.42%

completely erase its early loss and climb 0.4% to 10,587.81.

But overall, earnings reports have been far below year-ago levels, before the pandemic struck. The big companies in the S&P 500 are on track to report a nearly 38% drop for the second quarter from a year earlier, according to FactSet.

Shortly after trading ended for the day, Amazon
AMZN,
+0.60%

, Apple
AAPL,
+1.21%

, Facebook
FB,
+0.51%

and Google’s parent company Alphabet
GOOGL,
+0.97%

GOOG,
+0.62%

all reported bigger profits for the latest quarter than Wall Street had forecast. Investors have continued to flock to them expecting they will thrive as the pandemic accelerates a shift toward online commerce.

Benchmark U.S. crude
CLU20,
+0.52%

gained 14 cents to $40.06 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude
BRNU20,
+0.46%

, the international standard, rose 37 cents to $43.31 a barrel.

The dollar
USDJPY,
-0.43%

slipped to 104.22 Japanese yen from 104.73 yen.

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Portuguese historical films will premiere on 29 December.

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Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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#History of Bermuda #A photo #Portuguese

Model: Everybody, Entertainment, Movies/Movies, History, News

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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