• Automotive oil, additives and lubricant maker *Valvoline Inc.* said Monday it has reached an agreement with Aramco to sell its global products business for $2.65 billion in cash. Valvoline shares finished down by 2.7%.
*The yield on the 10-year Treasury note fell 3.7 basis points to 2.605%, the lowest level since April 5, based on 3 p.m. levels, according to Dow Jones Market Data. Yields and debt prices move opposite each other.*
*The dollar fell. Bitcoin dropped after reaching the highest levels since mid-June on Saturday, fueled by optimism that the market may have recovered from its worst levels. Bitcoin was down 3.5% at $22,968.*
*Oil declined after poor Chinese economic data added to concerns that a global slowdown may sap demand. West Texas Intermediate dropped below $96 a barrel after sinking almost 7% in July in the first back-to-back monthly loss since late 2020.*
The Shanghai Composite ended 0.2% higher, while the Hang Seng Index eked out a fractional gain and Japan’s Nikkei 225 advanced 0.7%.
*European stocks closed slightly lower to begin the new month, with investors digesting a fresh round of corporate earnings.*
*Investors digested a fresh swathe of corporate earnings and key economic data out of the euro zone last week, with data released last Friday showing economic growth in the euro zone accelerated in the second quarter, despite the escalating gas crisis and record-high inflation.*
*The 19-member bloc posted a 0.7% rise in gross domestic product, exceeding expectations for growth of 0.2% and contrasting sharply with the negative annualized readings out of the United States in the first and second quarter.*
*On the data front, euro zone manufacturing activity contracted in July, S&P Global’s final manufacturing PMI (purchasing managers’ index) revealed on Monday, deepening fears that the bloc could be sliding into recession.*
*What to watch this week:*
• Airbnb, Alibaba and BP are among earnings reports
• Reserve Bank of Australia rate decision, Tuesday
• US JOLTS job openings, Tuesday
• Chicago Fed President Charles Evans, St. Louis Fed President James Bullard due to speak at separate events, Tuesday
• OPEC+ meeting on output, Wednesday
• US factory orders, durable goods, ISM services, Wednesday
• BOE rate decision, Thursday
• US initial jobless claims, trade, Thursday
• Cleveland Fed President Loretta Mester due to speak, Thursday
• US employment report for July, Friday
*Currencies*
• The Bloomberg Dollar Spot Index fell 0.3%
• The euro rose 0.4% to $1.0258
• The British pound rose 0.7% to $1.2254
• The Japanese yen rose 1.2% to 131.62 per dollar
Bonds
• The yield on 10-year Treasuries declined six basis points to 2.59%
• Germany’s 10-year yield declined four basis points to 0.78%
• Britain’s 10-year yield declined six basis points to 1.81%
*Commodities*
• West Texas Intermediate crude fell 4.8% to $93.88 a barrel
• Gold futures rose 0.4% to $1,788.60 an ounce
By: via @AlliesFin Serve Stock Market
