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BS: U.S. Equity Futures Fall With Europe as Dollar Advances
 
U.S. equity futures fell with European stocks as companies from LVMH Moet Hennessy Louis Vuitton SA (MC) to Amazon.com Inc. (AMZN:US) missed earnings estimates. Russian shares retreated for a second week, while the dollar strengthened.

Nasdaq 100 Index futures fell 0.3 percent at 8:33 a.m. in New York, as Amazon sank 11 percent. Contracts (SPX) on the Standard & Poor’s 500 Index dropped 0.2 percent after closing at a record for the second straight day. The Stoxx Europe 600 Index slipped 0.2 percent, dropping from a two-week high. Russia’s Micex (INDEXCF) Index declined 1.4 percent. The Bloomberg Dollar Spot Index advanced to the strongest level in more than a month.

While LVMH missed analysts’ projections, better-than-estimated results from Facebook Inc. (FB:US) to Royal Bank of Scotland Group Plc (RBS) helped global equities climb for a second week. In Russia, the central bank unexpectedly raised borrowing costs for a third time this year, and the U.S. and Canada said they will oppose World Bank projects related to Russia to intensify pressure on the country over its actions in Ukraine. A Commerce Department report showed orders for U.S. business equipment rose in June following a revised drop the prior month.

VIDEO: South Korea, Taiwan Stocks Offer Opportunities: Hui
“I was quite surprised by LVMH and didn’t see that profit miss coming,” said Michael Woischneck, who helps oversee about 1 billion euros ($1.3 billion) at Lampe Asset Management in Dusseldorf. “We’re still not that far into the earnings season and this week has been fine, with quite a few companies reporting very good numbers. As long as we don’t see really harsh sanctions against Russia, I don’t think this can derail the overall positive trend in the economic recovery and the markets for 2014.”

Amazon Sinks

Amazon plunged 11 percent after the world’s largest online retailer posted a second-quarter loss (AMZN:US) of $126 million, wider than analysts had estimated. Pandora Media Inc. sank 9.1 percent after the biggest Internet radio service reported listener growth that missed some analysts’ projections. Visa Inc. (V:US) declined 2.9 percent after the world’s largest payments network lowered its revenue forecast (V:US) for the rest of the year.

Eleven companies in the S&P 500 report earnings today. About 78 percent of those that have posted results this season have beaten analysts’ estimates for profit, while 66 percent exceeded sales projections, according to data compiled by Bloomberg. Profits probably rose 6.2 percent in the second quarter, while sales gained 3.3 percent, according to analyst estimates compiled by Bloomberg.

The S&P 500 is heading for a second weekly gain as corporate earnings reports have boosted confidence in the economy and inflation data signaled the Federal Reserve won’t be compelled to raise interest rates in the near future.

Durable Goods

Bookings for non-military capital goods excluding aircraft climbed 1.4 percent after a 1.2 percent decrease in May that was previously reported as a 0.7 percent gain, data from the Commerce Department showed today in Washington. Demand for all durable goods -- items meant to last at least three years -- increased 0.7 percent.

The Stoxx 600 slid today after three daily gains that sent it to its highest level since July 7. The gauge is less than 2 percent away from its six-year high reached June 10 and has increased 1.2 percent this week for a second weekly advance.

LVMH lost 6.2 percent after the world’s largest luxury-goods company posted worse-than-expected financial results and said demand weakened in Asia.

British Sky Broadcasting Group Plc fell 5.4 percent after offering to buy 21st Century Fox Inc.’s Sky Italia unit and 57 percent stake in Sky Deutschland AG to expand in Europe. Sky Deutschland rose 1.7 percent.

European Shares

RBS jumped 13 percent after saying pretax profit almost doubled in the first half of the year and forecasting that it will meet a target to cut costs by 1 billion pounds ($1.7 billion) in 2014. That helped send a gauge of Stoxx 600 lenders to the biggest rally among 19 industry groups.

Air France-KLM Group rose 4.1 percent after Europe’s largest airline group posted second-quarter profit that exceeded estimates.

Germany’s DAX Index (DAX) lost 0.5 percent. Business confidence in the nation slipped in July more than economists had forecast, according to a report from the Ifo institute. Separate data showed that consumer confidence in Europe’s largest economy will increase in August to its highest level since December 2006, forecasts from GfK SE, a Nuremberg-based market research company, showed.

The MSCI All-Country World Index slipped less than 0.1 percent today, heading for a 0.7 percent weekly gain, a second weekly increase. The MSCI AC Asia Pacific Index rose 0.2 today, climbing to its highest level since June 2008 and sending its weekly advance to 1.3 percent.
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