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Tuesday Morning Business Brief

July 22, 2014, 6:36 AM

Tuesday Morning Business Brief

Wall Street traders have a lot to weigh as the market opens today, with the government reporting the Consumer Price Index and the National Association of Realtors releasing figures on existing home sales for June. In addition, there are several earnings reports due later today, including the figures from Apple Inc. The market closed lower Monday amid concerns about political instability in the world and a mixed package of earnings reports. The Dow Jones industrial average fell 48.45 points, or 0.3 percent, while the Nasdaq composite lost 7.44 points, or 0.2 percent. Futures point to an upbeat opening today.

  • International stock markets rose today as tensions over the downing of a passenger jet in Ukraine eased after pro-Moscow separatists released a train packed with bodies and handed over the aircraft's black boxes. Benchmark crude oil rose above $103 a barrel. The dollar gained against the euro and the yen.
     
  • Starbucks and Burger King are the latest companies to be drawn into a scandal involving possibly outdated meat in China. And concerns have spread to Japan where McDonald's says the Chinese supplier accused of selling expired beef and chicken had provided 20 percent of the meat in its chicken nuggets. Chinese authorities are expanding their investigation of the meat supplier.
     
  • Imax and China's biggest state-owned film exhibitor are teaming up to open 19 giant screen cinemas in the world's No. 2 movie market. Imax Corp. and Shanghai Film Corp. said Tuesday that a "significant number" of the theaters will open before the end of 2015. Box office revenues in China surged 27 percent last year to $3.6 billion, making the country a crucial market for international film companies.
     
  • Second-quarter earnings for Netflix more than doubled as new episodes from a hit series helped the Internet video service surpass 50 million worldwide subscribers for the first time. The gains announced Monday include an additional 570,000 U.S. subscribers, slightly more than Netflix's management predicted.

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