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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Jul 11, 2017
Dollar at 2-month highs vs. yen before Yellen testimony

The dollar was trading at two-month highs against the yen on Tuesday as investors’ awaited comments from Federal Reserve Chair Janet Yellen for fresh cues on the future path of interest rates.

USD/JPY was up 0.26% at 114.33 by 03.50 AM ET (07.50 AM GMT) after rising as high as 114.48 overnight, the most since May 11.

Investors were looking ahead to comments from Yellen, who was due to make semi-annual testimony on monetary policy before the U.S. Congress on Wednesday and Thursday.

Markets were waiting to see if Yellen will indicate whether the Fed is on track to make a third rate hike this year.

 

(Jul 11, 2017 08:53 GMT)

Source: http://bit.ly/2u3DVaM

Pearson cashes in $1 billion of its Penguin Random House stake

Pearson (L:PSON) is set to raise $1 billion from the sale of a 22 percent stake in book publisher Penguin Random House to majority owner Bertelsmann (F:BTGGg), in the British group’s latest bid to rebuild following a string of profit warnings.

Hit by a sharp downturn in its biggest markets, Pearson has sold off some of its best known assets in recent years including the Financial Times and the Economist to enable it to invest in its core business of education.

The 173-year-old group said on Tuesday it would now reduce its stake in the world’s biggest consumer book publisher to 25 percent from 47 percent, enabling it to free up cash to return to shareholders and bolster its balance sheet.

 

By Kate Holton

(Jul 11, 2017 06:59AM ET)

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

Audi seeks to eclipse emissions scandal with new technology-packed A8 car

Battered by its emissions scandal, Audi launched its latest technology-packed A8 luxury saloon on Tuesday, aimed at overtaking rivals Mercedes-Benz and BMW as it struggles to overcome its biggest-ever corporate crisis.

Last week Munich prosecutors arrested an Audi employee in connection with “dieselgate”, the latest setback to Volkswagen’s (DE:VOWG_p) luxury car arm and main profit driver, after the German government a month earlier had accused Audi of cheating on emissions tests.

Having slipped behind its two German rivals on global sales last year, Audi has risked stalling without innovation and needed a new prestige product, said Stefan Bratzel, head of the Center of Automotive Management think-tank near Cologne.

“Innovation is key in premium car-making,” Bratzel said. “The new A8 will polish the brand’s image and line-up at a critical time.”

 

By Andreas Cremer and Irene Preisinger

(Jul 11, 2017 08:10AM ET)

Source: http://bit.ly/2uMH647