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The U.S. dollar trimmed losses on Thursday after data
showed the the world’s largest economy expanded faster than expected and
inflation slowed in the second quarter.
Oil prices fell nearly 2 percent on Thursday amid
concerns over weak demand in China, the world's largest crude importer. As
growth concerns mount, China's central bank today unexpectedly cut a key policy
rate and interest paid on bank deposits.
Gold slid over 1% on Thursday, falling to its lowest
level in two weeks, as investors squared positions to focus on U.S. economic
data that could offer additional insights into the timing of the Federal
Reserve’s potential interest rate cuts.
In corporate news, shares in Universal Music Group (UMG)
experienced their steepest slide since going public on Thursday, after the
Amsterdam-traded company’s subscription and streaming revenue growth failed to
meet investor expectations.
The world’s largest record label reported a 6.9% increase in
subscription revenue in recorded music in its second quarter, falling short of
the 11% growth anticipated by analysts surveyed by Bloomberg.
Chief financial officer Boyd Muir attributed the
disappointing results to slowdowns in advertising revenue from major platforms
like Spotify and YouTube.
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