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Tencent earnings; Global slowdown; Oil stabilizes

1. Tencent earnings: WeChat owner Tencent (...

Posted: Nov 14, 2018 11:39 AM
Updated: Nov 14, 2018 11:39 AM

1. Tencent earnings: WeChat owner Tencent (TCEHY) reported an increase in sales on Wednesday despite regulatory headaches in China.

The company said revenue jumped 24% in the third quarter compared to the same period last year. Tencent attributed the growth to payment-related services, online advertising, digital content sales and its cloud service.

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Tencent Holdings Limited

The technology and entertainment conglomerate has had a tough year. Its stock is down about 30% so far in 2018.

The company was hit hard by a Chinese government crackdown on gaming. China is the world's biggest gaming market, and Tencent is the world's biggest gaming company.

Tencent released 10 new smartphone games this year and said Wednesday it has 15 more ready to go, pending regulatory approval. Smartphone games sales increased 7% over the previous year, while PC gaming revenue declined 15%.

2. Global slowdown: Worries about a global slowdown have increased after Japan and Germany said their economies contracted in the third quarter.

The problems plaguing the economies are different, but their size means the pain cannot be ignored: Japan boasts the world's third largest economy, while Germany is ranked fourth.

The German economy contracted 0.2% in the third quarter compared to the previous three months, its first decline in more than three years. Data showed the slowdown was mainly due to weak exports and a fall in consumer spending.

Global trade tensions and new vehicle emissions tests have also hit the country's massive car industry.

Japan said its GDP shrunk 0.3% in the third quarter. The country recently enjoyed its longest streak of economic growth in decades, but momentum has stalled this year.

Inflation remains below the central bank's target of 2% despite a massive stimulus program and unusual policies like negative interest rates.

There were other reasons to worry about Europe: New data showed the eurozone economy grew 0.2% in the third quarter, just half the rate reported for the previous three months. Growth in the wider European Union also slowed.

Watch CNNMoney's 'Markets Now' today at 12:45 p.m. ET

3. Global market overview: US stock futures were pointing lower.

European markets opened lower, following a negative session in Asia.

Italian banks were under pressure after the country's government refused to cave to pressure from the European Commission to slash its planned budget deficit.

The Dow closed 0.4% lower on Tuesday. The S&P 500 dipped 0.2% and the Nasdaq was flat.

US crude futures have stabilized after dropping 7% on Tuesday. It was crude's worst day since September 2015 and a record 12th consecutive decline. Oil was trading up 0.8% on Wednesday at $56.00 per barrel.

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4. Earnings and economics: Macy's (M) is set to report results before the opening bell. The retailer's stock is up more than 40%, but investors are worried the momentum is slowing.

Blue Apron (APRN) said Tuesday it will cut 4% of its workforce in order to become more profitable. The company is shedding customers and reported a $34 million loss in the third quarter.

US inflation data for October will be released at 8:30 a.m. ET.

The pound was jittery ahead of a crucial meeting of Prime Minister Theresa May's cabinet.

The European Union and the United Kingdom have agreed a draft Brexit divorce, but a key test comes later on Wednesday when May will seek her divided cabinet's backing.

Markets Now newsletter: Get a global markets snapshot every afternoon. Sign up now!

5. Coming this week:

Wednesday — Progressive (PGR), Cisco Systems (CSCO) and Macy's (M) earnings; Inflation numbers for October
Thursday — Nvidia (NVDA), Nordstrom (JWN), Walmart (WMT), and Manchester United (MANU) earnings; October retail sales
Friday — Williams-Sonoma (WSM) earnings

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 265146

Reported Deaths: 5777
CountyCasesDeaths
DeSoto17741191
Hinds16891332
Harrison14279204
Rankin11239220
Jackson10917190
Lee9071145
Madison8599169
Jones6731118
Forrest6208124
Lauderdale6121192
Lowndes5544120
Lafayette520598
Lamar505865
Washington4933125
Bolivar4126109
Oktibbeha408382
Panola386981
Pontotoc377460
Monroe3686110
Warren3685103
Marshall357170
Union356864
Pearl River3495106
Neshoba3490154
Leflore3118109
Lincoln306788
Hancock294262
Sunflower291975
Tate280662
Alcorn273154
Pike270181
Itawamba269363
Scott260048
Yazoo256756
Prentiss253754
Coahoma249755
Copiah249749
Tippah249750
Simpson242872
Leake238167
Marion224273
Grenada223972
Covington221073
Adams215171
Wayne213734
Winston207671
George204739
Newton199946
Attala197064
Tishomingo194961
Chickasaw189344
Jasper181138
Holmes172068
Clay166837
Tallahatchie157235
Stone152525
Clarke148162
Calhoun141322
Smith130026
Yalobusha123335
Walthall114537
Greene113729
Noxubee113026
Montgomery112036
Carroll106822
Lawrence106817
Perry105131
Amite102126
Webster96824
Tunica89021
Claiborne88825
Jefferson Davis88430
Benton85823
Humphreys84724
Kemper80920
Quitman7139
Franklin70617
Choctaw63713
Wilkinson59825
Jefferson56821
Sharkey45217
Issaquena1606
Unassigned00

Alabama Coronavirus Cases

Cases: 441170

Reported Deaths: 6660
CountyCasesDeaths
Jefferson646811007
Mobile31620572
Madison28310217
Tuscaloosa21525275
Montgomery19954332
Shelby19335132
Baldwin17256189
Lee13205107
Morgan12639142
Etowah12107181
Calhoun11521206
Marshall10471123
Houston9009164
Limestone834981
Cullman8274124
Elmore8214110
DeKalb7894107
Lauderdale7871107
St. Clair7854130
Talladega6481112
Walker6036183
Jackson601545
Colbert549994
Blount547386
Autauga537662
Coffee462464
Dale410785
Franklin374950
Russell357515
Chilton345473
Covington339680
Escambia335444
Tallapoosa3149109
Dallas313296
Chambers304270
Clarke300236
Pike262531
Lawrence254155
Marion253761
Winston233642
Bibb222348
Geneva211547
Marengo209331
Pickens199631
Hale185244
Barbour182738
Fayette178629
Butler174460
Cherokee165731
Henry159925
Monroe152421
Randolph146436
Washington142327
Clay130546
Crenshaw124045
Macon122337
Cleburne121825
Lamar120222
Lowndes115536
Wilcox107922
Bullock103528
Perry100018
Conecuh97922
Sumter90527
Greene77923
Coosa63618
Choctaw51924
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