Forex- U.S. Dollar Flat as Weekly Jobless Claims Rise to Five-Month High  By Investing.com


© Reuters.

Investing.com – The U.S. dollar was unmoved on Thursday as the number of Americans applying for unemployment benefits rose to an unexpected five-month high and there were no new comments on monetary policy from Federal Reserve Chair Jerome Powell.

Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 225,000 for the week ended Nov. 9, the highest reading since June 22, the Labor Department said on Thursday.

Meanwhile Powell is testifying before Congress for the second day this week.

Powell said in written testimony on Wednesday that the U.S. economy is on track, but that the Fed was watching out for broader risks. He also indicated that the central bank is unlikely to keep cutting rates, after easing monetary policy three times this year.

The , which measures the greenback’s strength against a basket of six major currencies, was flat at 98.210 as of 10:50 AM ET (15:50 GMT). The biggest move within the basket was against the Aussie dollar, which fell 1% to its lowest in nearly a month after an abrupt weakening of the Australian labor market. That comes against the background of devastating bush fires that have also dented sentiment toward the in recent days, casting doubt over the country’s long-term dependence on exports of natural resources such as coal that are widely linked to climate change.

The safe haven Japanese yen was higher with down 0.2% to 108.61.

Elsewhere, the euro was lower, with down 0.1% to 1.0996 as Germany barely escaped a recession in the third-quarter. Still, Brexit uncertainty and fallout from the U.S.-China trade war continue to cast a shadow on the bloc.

Sterling was flat with at 1.2849.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.S. producer prices rise solidly; healthcare costs increasing By Reuters


© Reuters. FILE PHOTO: People shop at an H&M store during the grand opening of the The Hudson Yards development in New York

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. producer prices increased by the most in six months in October, lifted by gains in the costs of goods and services, further bolstering the Federal Reserve’s stance that it will probably not cut interest rates again in the near term.

The report from the Labor Department on Thursday showed healthcare costs accelerated last month, with the cost of outpatient care at hospitals posting its largest rise since 2009. The jump in healthcare prices mirrored gains reported in October’s consumer price index report on Wednesday.

Rising healthcare costs, if sustained, suggest inflation could trend higher, though it is not likely to become troublesome because of a moderation in the pace of rent increases.

The U.S. central bank last month cut rates for the third time this year and signaled a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008. Fed Chair Jerome Powell reiterated that stance in testimony before lawmakers on Wednesday.

The producer price index for final demand rose 0.4% last month, the biggest increase since April, after falling 0.3% in September. In the 12 months through October, the PPI climbed 1.1%, the smallest increase since October 2016, after advancing 1.4% in the 12 months through September. Annual producer inflation retreated as last year’s hefty gain dropped out of the calculation.

Economists polled by Reuters had forecast the PPI would rise 0.3% in October and climb 0.9% on a year-on-year basis.

Excluding the volatile food, energy and trade services components, producer prices edged up 0.1% after being unchanged in September. The so-called core PPI increased 1.5% in the 12 months through October after gaining 1.7% in the 12 months through September. Annual core PPI also slowed last month as last October’s increase dropped out of the calculation.

The data came on the heels of a report on Wednesday showing a strong rise in consumer prices in October amid large gains in healthcare costs and prices of used cars and trucks.

The Fed, which has a 2% annual inflation target, tracks the core personal consumption expenditures (PCE) price index for monetary policy. The core PCE price index rose 1.7% on a year-on-year basis in September and has undershot its target this year. October PCE price data will be published later this month.

U.S. stock index futures were trading slightly lower while the dollar () was largely unchanged against a basket of currencies. Prices of U.S. Treasuries rose.

LABOR MARKET STRENGTH

Stabilizing inflation follows in the wake of fairly upbeat data on the economy, including better-than-expected job growth in October and an acceleration in services sector activity, which have eased financial market fears of a recession. There have also been hopeful signs in the 16-year trade war between the United States and China, which has pressured business investment and manufacturing.

Though another report from the Labor Department on Thursday showed the number of Americans filing claims for unemployment benefits rose to a five-month high last week, that likely does not signal a shift in labor market conditions as claims for several states were estimated because of Monday’s holiday.

Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 225,000 for the week ended Nov. 9, the highest reading since June 22, the Labor Department said. Some of the states, including California, Pennsylvania and Virginia, did not have enough time to process the claims data because of Monday’s Veterans Day holiday, leading to them making estimates.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose only 1,750 to 217,000 last week.

Labor market strength, marked by the lowest unemployment rate in nearly 50 years, is supporting consumer spending and helping to offset some of the hit on the economy from the U.S.-China trade war.

In October, wholesale energy prices rebounded 2.8% after dropping 2.5% in September. They were boosted by a 7.3% surge in gasoline prices, which followed a 7.2% decline in September.

Gasoline accounted for nearly half of the 0.7% increase in goods prices last month. Goods prices fell 0.4% in September.

Wholesale food prices jumped 1.3% in October after rising 0.3% in September. Core goods prices were unchanged last month. They slipped 0.1% in September.

The cost of services increased 0.3% last month after decreasing 0.2% in September. Services were lifted by a 0.8% surge in trade services, which measure changes in margins received by wholesalers and retailers.

The cost of healthcare services accelerated 0.8% in October after gaining 0.3% in the prior month. The cost of hospital outpatient care increased 0.7% last month, the most since July 2009. Inpatient care prices rose 0.6%, the most since October 2018. Those healthcare costs feed into the core PCE price index.

But portfolio management fees, which also go into the calculation of the core PCE price, index fell 0.9% in October after being unchanged in September.



Biggest rise in German exports in nearly two years gives some relief from recession fears By Reuters


© Reuters. FILE PHOTO: Aerial view of containers at a loading terminal in the port of Hamburg

By Michelle Martin

BERLIN (Reuters) – German exports posted their biggest rise in almost two years in September, data showed on Friday, providing some relief amid widespread concerns that Europe’s largest economy will dip into recession in the third quarter.

The Federal Statistics Office said seasonally adjusted exports increased by 1.5% on the month. That was their biggest increase since November 2017 and compared with economist expectations for a rise of 0.4%.

“This looks like a revival in foreign trade but looking at the whole year, September is more of an outlier,” said Jens-Oliver Niklasch, economist at Landesbank Baden-Wuerttemberg.

He said foreign trade had been rather weak throughout 2019, adding: “The risks in overseas trade have got smaller but have not yet disappeared.”

Germany’s export-reliant manufacturers have been suffering from a slowing world economy and business uncertainty linked to a trade war between the United States and China, and Britain’s planned, if delayed, exit from the European Union.

The economy shrank by 0.1% in the second quarter, and recent data have suggested manufacturing fared badly in the third, which could put Germany in recession – usually defined as two straight quarters of contraction.

A panel of economists advising the government on Wednesday said Germany’s long-term upswing had come to an end and warned that the export-oriented German economy was particularly at risk from a possible escalation of the trade conflicts. But they did not expect a “broad and deep recession”.

Other data published this week has painted a mixed picture of the industrial sector, with output falling more than forecast in September while orders rose more than forecast. And a survey showed Germany’s manufacturers remained stuck in recession in October as new orders fell.

Friday’s data showed imports climbed by 1.3% in September. The trade surplus widened to 19.2 billion euros from an upwardly revised 18.7 billion euros in the prior month. Economists polled by Reuters had expected imports to be unchanged and saw the trade surplus at 18.1 billion euros.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Euro zone September producer prices post minimal rise By Reuters



BRUSSELS (Reuters) – Euro zone industry prices edged up slightly in September after a larger fall in the previous month, official estimates showed on Tuesday, as the bloc continues to struggle with low inflation.

The European Union statistics agency Eurostat said prices at factory gates in the 19 countries sharing the euro rose by 0.1% in September on the month, in line with the Reuters consensus, and after a 0.5% fall in August.

On the year, prices dropped by 1.2%, also in line with market expectations.

Industrial producer prices signal inflationary pressure early in the pipeline because unless their change is absorbed by intermediaries and retailers, it is transmitted to the final consumer, impacting consumer inflation.

The European Central Bank wants to keep consumer inflation below, but close to 2 percent over the medium term, but has struggled to accelerate price growth for years despite programs of government bond buying on the market.

A preliminary estimate for October, released last week, shows the euro zone’s headline inflation is slowing to 0.7% on the year from 0.8% in September.

The ECB decided in September to re-launch bond purchases as inflation remained to slow.

The monthly increase of producer prices was mostly due to a 0.5% rise in energy costs at factories. Excluding energy, industry prices were flat.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Uber’s quarterly loss widens as costs rise; shares fall sharply


(Reuters) – Uber Technologies Inc (UBER.N) on Monday posted a wider third-quarter loss as costs soared at the ride-hailing company, sending shares down 4.4% in after-hours trading.

FILE PHOTO: A screen displays the company logo for Uber Technologies Inc. on the day of it’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. REUTERS/Brendan McDermid

But the company promised it would be profitable by the end of 2021 as quarterly revenue beat expectations.

Uber Chief Executive Dara Khosrowshahi told journalists on a conference call that the company would achieve adjusted EBITDA profitability for the full year of 2021. The move follows a similar announcement by smaller ride-hailing competitor Lyft Inc (LYFT.O) on Wednesday.

But Uber at the same time is spending heavily to expand into new business areas and is offering vast promotions to gain market share.

Uber’s costs jumped about 33% to $4.92 billion in the latest quarter. Gross bookings, which include ride-hailing, mobility, food delivery and freight payments before costs and other expenses, rose 29.4% from a year earlier to $16.47 billion.

“Another quarter with more than a billion in losses, but I’m unsure why anyone would be surprised by that,” said Clement Thibault, analyst at investing.com. “Uber has done nothing but log losses so far,” he said, adding that the results “change neither the bull nor the bear thesis on the company.”

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Uber, known for its ride-hailing app available in more than 700 cities worldwide, has vastly diversified its business over the past years.

The company is building out its food delivery and long-haul trucking business, developing self-driving cars, offering banking services to its drivers and even planning commercial passenger drone shuttles by 2023.

Uber’s shares are expected to be further pressured on Wednesday, when a restriction on selling stock lifts. Some analysts expect more than 80% of the company’s outstanding shares will become eligible for sale.

Uber said its monthly active platform users rose to 103 million globally in the third quarter, from 82 million a year earlier, but fell short of analysts’ estimates of 105.5 million, according to IBES data from Refinitiv.

Total revenue rose nearly 30% to $3.81 billion, beating estimates of $3.69 billion.

Lyft’s results last week soothed some worries as the ride-hailing company posted better-than-expected third-quarter revenue and an improved outlook showed it was well on its way to profitability by the end of 2021.

Revenue from Uber’s ride-hailing business rose about 19% to $2.90 billion while sales from its Uber Eats segment rose 64%.

Net loss attributable to the company widened to $1.16 billion in the quarter ended Sept. 30, from $986 million a year earlier.

On a per-share basis, net loss attributable to stockholders narrowed to 68 cents from $2.21.

Uber was the biggest of a group of Silicon Valley startups that have gone public this year against the backdrop of a global stock market sell-off sparked by trade tensions between the United States and China. Uber also faces increased regulation in several countries and fights with its drivers over wages and working conditions.

The company’s shares were down 4.4% at $29.70 in after-hours trading.

Reporting by Akanksha Rana in Bengaluru and Tina Bellon in New York; Editing by Shounak Dasgupta and Matthew Lewis



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Nonfarm Payrolls Rise 128K and the Market Cheers By Investing.com


© Reuters.

Investing.com – The latest jobs report gave the stock market everything it wanted, with strong payroll growth and tamer inflation.

The U.S. economy created more jobs than Wall Street expected in October, the Labor Department reported Friday, in an unusual month affected by the strike by workers at General Motors.

Stocks rose at the open of trading, with the rising 0.6%.

rose by 128,000, compared with expectations for a rise of 89,000 according to forecasts compiled by Investing.com. September’s hiring was revised up to 180,000 from an initially-reported 136,000.

The ticked up to 3.6%, in line with forecasts.

“Put it all together, and this latest jobs report says the labor market is chugging along,” economist Justin Wolfers tweeted.

The GM (NYSE:) strike cut nonfarm payrolls by 42,000, so the gain would be 170,000 without the work stoppage. Workers on strike are not counted as employed in the survey.

rose 0.2%, versus expectations for a rise of 0.3%, while came in at 34.4, matching estimates.

“Over the past three months, (the jobs report has) averaged an extra +176,000 jobs per month,” Wolfers said. “That’s more than enough to keep pushing the unemployment rate down even further.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Spotify shares surge after surprise profit, rise in paid users


(Reuters) – Spotify Technology SA (SPOT.N) posted a surprise profit and beat Wall Street expectations for third-quarter revenue as the music streaming company added more-than-expected subscribers to its premium service, sending its shares up 12%.

A trader is reflected in a computer screen displaying the Spotify brand before the company begins selling as a direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson

The Swedish company, which has outstripped Apple Music (AAPL.O) in the race to dominate music streaming globally, said its number of premium subscribers had risen by 26 million in the past year to 113 million at the end of September.

“The fact that it’s delivering growth against an increasingly competitive backdrop is particularly impressive – especially when that competition is Amazon and Apple,” said Hargreaves Lansdown analyst Nicholas Hyett.

Spotify said in a letter to shareholders it was adding roughly twice as many subscribers per month as Apple.

However, lower-than-expected addition of new subscribers in the second quarter had led to concerns that rivals might be gaining on Spotify, particularly in countries where Spotify faces home-grown competitors.

“Investors were concerned that competition within the streaming music market was beginning to impact Spotify,” Atlantic Equities analyst James Cordwell said. “But the Q3 results seems to put this concern to rest.”

Spotify said it had also reduced artist marketing and research and development costs in the quarter, contributing to the surprise profit.

Spotify, which launched its service over a decade ago, has overcome resistance from large record labels and some major music artists to reshape how people listen to music.

The world’s most popular music streaming service forecast fourth-quarter total premium subscribers of 120 million to 125 million, largely in line with analysts’ expectations of 122.6 million.

The company expects its broader measure of monthly average users to grow to between 255 million and 270 million in the current quarter.

Net income attributable to shareholders rose to 241 million euros, or 36 cents per share, for the third quarter, compared with 43 million euros, or 23 cents per share, a year earlier. Analysts were expecting a loss of 29 cents per share.

Revenue rose 28% to 1.73 billion euros ($1.92 billion) for the three months ended Sept. 30. Analysts were expecting revenue of 1.72 billion euros.

Spotify said Chief Financial Officer Barry McCarthy would retire in January and be replaced by Paul Vogel, the current vice president of financial planning and analysis. McCarthy will rejoin the board of directors after he steps down.

Reporting by Neha Malara and Supantha Mukherjee in Bengaluru, additional reporting by Ayanti Bera; Editing by Shinjini Ganguli and Patrick Graham



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Portugal’s PM targets 25% minimum wage rise in his new term By Reuters



By Andrei Khalip

LISBON (Reuters) – Portugal’s Prime Minister Antonio Costa promised on Saturday to raise the monthly minimum wage by 25% to 750 euros ($830) by 2023 as he started his second term in the office, while reiterating the goal to cut public debt to below 100% of GDP.

Costa’s center-left Socialists, who presided over four years of strong economic growth and budget deficit cuts, won an Oct. 6 election, expanding their parliamentary representation as the biggest party but still just shy of a majority.

Costa has relied on support from the two far-left parties in parliament – the Communists and Left Bloc – in the last four years and the wage plan is likely to be well received by them. Portugal still has one of the lowest minimum wages in western Europe.

“The government now outlines its goal of reaching the minimum salary of 750 euros in 2023,” Costa said at the swearing-in ceremony of his new minority government, adding that the planned increase should surpass a rise of almost 20% in the previous legislature.

“The national minimum salary will evolve every year after discussions with the collective bargaining partners, depending on the employment dynamics and economic growth, but never ignoring the social importance it has,” he said.

While warning that the global economic environment presented challenges to growth, Costa said the government’s commitment to promoting further economic expansion, achieving balanced public accounts and greater social justice “does not depend on economic cycles”.

Parliament is yet to debate the new government’s program, which is likely to be presented next week. It does not require a compulsory vote, but if parliament decides to vote on it and it is rejected, the government could collapse.

Analysts, however, do not expect any major obstacles for the Socialist government to be allowed to rule.

Next year’s budget is likely to prove its first big test, with the far left demanding more public spending, while Costa insists on sticking to strict expenditure controls to achieve a balanced budget next year after an estimated deficit of just 0.1% this year, down from 2018’s 0.4%.

Portugal’s public debt is expected to end this year at just over 119%, down from 121.5% in 2018 and well below the 2014 peak of nearly 131% hit after Portugal’s debt crisis and bailout.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



American, Southwest profits rise even as 737 MAX impact swells


(Reuters) – American Airlines Group (AAL.O) and Southwest Airlines (LUV.N) posted quarterly profit rises on Thursday even as the two U.S. carriers pointed to rising impact from the continued grounding of Boeing 737 MAX.

FILE PHOTO: An American Airlines jet takes off from Washington National Airport in Washington, U.S., August 9, 2017. REUTERS/Joshua Roberts/File Photo

Both companies said they remained in negotiations with Boeing Co (BA.N) over compensation for the 737 MAX grounding, now in its eighth month following two deadly crashes in Indonesia and Ethiopia that together killed 346 people.

“We’re working to ensure that Boeing shareholders bear the cost of Boeing’s failures, not American Airlines’ shareholders,” American Chief Executive Doug Parker said on a conference call.

American shares rose 2% to $28.85 and Southwest shares were up 4.7% at $55.72.

Both airlines have been forced to cancel more than 100 daily flights into early next year as Boeing works on software and training updates to win regulatory approval for the planes to fly again.

American trimmed the top end of its adjusted 2019 forecast at $5.50 per share versus its previous forecast range of $4.50 to $6 per share and raised the estimated costs related to the MAX grounding to $540 million for the year.

Southwest did not provide a full-year profit forecast but said it took a $210-million hit to operating income in the quarter from the ongoing MAX safety ban.

But with slimmer fleets and fewer seats to sell, both airlines have been able to charge higher fares thanks to robust U.S. travel demand.

Closely-watched revenues per available seat mile, or unit revenues, rose 4.2% in the quarter at Southwest, which primarily flies domestically, while total unit revenues at American, with a larger international presence, rose 2%.

American’s net income rose to $425 million, or 96 cents per share, in the third quarter ended Sept. 30 from $372 million, or 81 cents per share, a year earlier, while total operating revenue rose 3% to $11.91 billion.

At Southwest, net income rose to $659 million, or $1.23 per share from $615 million, or $1.08 per share, a year earlier on a 1.1% rise in operating revenue to $5.64 billion.

Reporting by Sanjana Shivdas in Bengaluru and Tracy Rucinski in Chicago; Editing by Anil D’Silva and Nick Zieminski



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Halliburton vows more cost cuts as shale demand dwindles, shares rise


(Reuters) – Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.

FILE PHOTO: Oil production equipment is seen in a Halliburton yard in Williston, North Dakota, U.S., April 30, 2016. REUTERS/Andrew Cullen/File Photo

The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America, said it would take steps over the next few quarters that will lead to $300 million in annualized cost savings.

Oilfield service providers are struggling with reduced spending by oil and gas producers as investors push for higher buybacks and dividends rather than growth in a weak oil price environment.

Larger rival Schlumberger NV said on Friday it had recorded a $1.58 billion goodwill impairment charge related to its pressure pumping business in North America.

“HAL is taking costs out more aggressively than the Street forecast, which it expects to lead to strong Q4 operating margin improvement in the Drilling & Evaluation segments despite falling revenue,” said Anish Kapadia, founder of London-based oil and gas consultancy firm AKap Energy.

Halliburton warned of further activity declines in North America, with fourth-quarter revenue for its hydraulic fracturing business declining by low double digits and margins by 125 basis points to 175 basis points.

“Feedback from our customers lead us to believe that the rig count and completions activity may be lower than the fourth quarter of last year,” Chief Executive Officer Jeff Miller told analysts during a post-earnings call.

Halliburton said its revenue from North America, which accounts for more than half of the company’s total, fell 21% in the third quarter. Revenue from completion and production fell 16% in the three months ended Sept. 30.

The company also idled more equipment in the third quarter than the first six months of the year, Miller said.

Evercore ISI analyst James West said Halliburton was “showing leadership by walking away from unprofitable or low return work.”

Net profit attributable to Halliburton fell to $295 million, or 34 cents per share, in the three months ended Sept. 30, from $435 million, or 50 cents per share, a year earlier.

Analysts had on average estimated 34 cents per share, according to Refinitiv IBES data.

Revenue fell to $5.55 billion, below analysts’ average estimate of $5.80 billion.

Halliburton’s shares were last up 5.9% at $19.52. The stock also pulled rivals higher, with Schlumberger gaining 2.4%.

Reporting by Shariq Khan and Taru Jain in Bengaluru; Editing by Sriraj Kalluvila



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