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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Aug 24, 2017
Audi board to decide on management reshuffle on Monday: sources

The supervisory board of Volkswagen’s (DE:VOWG_p) premium carmaker Audi will meet on Monday to decide on a management reshuffle that will see four of its seven executives leave, several people familiar with the matter told Reuters.

Audi’s controlling panel aims to replace the management board members overseeing production, sales, finances and personnel, they said late on Wednesday, adding that Chief Executive Rupert Stadler would remain in office.

Sources had told Reuters earlier this week that Audi’s management was to be reshuffled by the start of the IAA auto show in mid-September.

Audi, which is the biggest contributor of profits to Volkswagen, is grappling with car recalls, prosecutor investigations and persistent criticism from unions and managers over the emissions scandal and its performance post-dieselgate.

Source: http://bit.ly/2wHdHvS

Dollar holds onto modest gains, Jackson Hole on tap

The dollar held onto modest gains against the other major currencies on Thursday, recovering from the previous session’s losses as investors turned their attention to the upcoming Jackson Hole summit.

Market participants were looking ahead to this week’s annual meeting of top central bankers and economists in Jackson Hole, Wyoming, where the heads of the U.S. and European central banks will be making keynote speeches.

The greenback had weakened after the U.S. Commerce Department reported on Wednesday that new home sales unexpectedly tumbled in July.

Sentiment on the dollar was already vulnerable after U.S. President Donald Trump said at a rally in Arizona on Tuesday that he would be willing to shut down the government in order to get the funding needed for his proposed wall along the U.S.-Mexico border.

Source: http://bit.ly/2v8nVWC

Uber second-quarter bookings increase, loss narrows

Uber Technologies Inc [UBER.UL] on Wednesday reported a 16 percent increase in quarterly bookings and a smaller loss than the previous period as the ride-services company showed signs of inching toward profitability.

The shrinking losses reflect Uber’s efforts to rein in massive spending on subsidies for both drivers and customers even as it battles rivals in tough markets like South Asia.

The San Francisco-based company said it lost $645 million in the second quarter, 9 percent less than the $708 million loss in the first quarter and 35 percent less than the $991 million loss in the fourth quarter of last year. For all of 2016, Uber lost about $3 billion.

As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers.

The continued growth in ridership suggests Uber’s core business has so far weathered a string of scandals. But the scale of its losses are unprecedented in Silicon Valley and executives have declined to offer a timetable for profitability.

By Heather Somerville

Source: http://bit.ly/2w73fLA

Weak pound pushes UK household spending growth to slowest since 2014

British household spending grew at its weakest pace since late 2014 in the three months to June as the effect of a weaker pound since last year’s Brexit vote weighed on Britons’ spending power, official statistics showed on Thursday.

Year-on-year spending growth dropped to 2.0 percent from 2.6 percent after expanding just 0.1 percent in the second quarter, the Office for National Statistics said.

Overall growth in gross domestic product was unrevised from an earlier estimate at 0.3 percent on a quarterly basis and 1.7 percent annually, the ONS added – representing the weakest start to any year since 2012.

“GDP growth has slowed markedly in the first half of the year,” ONS statistician Darren Morgan said. “Household spending grew weakly, with the lower-value pound hitting household budgets,” he added.

Source: http://bit.ly/2wImxJQ