Market players are monitoring financial reports to see how businesses have managed the fallout from the continued outbreaks of COVID-19. Some technology companies have bucked the trend and are showing positive results. But many companies are hurting.
France reported that its economy contracted 13.8% in the April-June quarter, a bit better than expected."Second quarter GDP for Indonesia and the Philippines will also draw scrutiny, highlighting the impact of the pandemic," said Bernard Aw, principal economist for IHS Markit in Singapore. Among the Japanese companies reporting earnings next week are Sony Corp., Honda Motor Co., Toyota Motor Corp. and Nintendo Co.Japanese media reports said Toyota was on course to become the No. 1 automaker in the world again, overtaking Volkswagen, now the top manufacturer in global vehicle sales. Toyota's sales were already recovering in markets like China, which is recovering from its early outbreaks of COVID-19, according to the company.
The bad news was no big surprise, and on Wall Street, the S&P 500 dropped 0.4% to 3,246.22. Nearly three out of four stocks in the index declined.
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