Experts believe a wider spat with Europe would be much more damaging than the current tit-for-tat with China.Traderead more
After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
Markets pay particular attention to Italy's spending, given its public debt pile. This stands at above 130% of its growth rate, one of the highest in the world.Politicsread more
Flight bookings to Hong Kong have fallen 10%, hit by the unrest in the city, said Alan Joyce, the chief executive of Australian carrier Qantas Airways.Airlinesread more
Analysts generally doubt how effective the People Bank of China's latest interest rate announcement will be in significantly helping businesses grow.China Economyread more
These in-demand skills can command top pay packets, says Feon Ang of professional networking site LinkedIn.Get Aheadread more
Japanese manufacturing activity shrank for a fourth straight month in August as export orders fell at a sharper pace.Asia Marketsread more
The Washington governor had centered his campaign around climate change, calling it "the most urgent challenge of our time."Politicsread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
* BP reports Q2 profit of $2.8 bln, beating expectations
Strong oil and gas production growth offset weaker prices
* BP has no plan to take its own tankers through Hormuz
* BP shares up 3% at 0836 GMT, leading FTSE index (Adds graphic, detail on dividend, updates shares)
By Ron Bousso
LONDON, July 30 (Reuters) - A strong increase in oil and gas production helped BP offset weaker crude prices and refining profit to beat second-quarter profit expectations on Tuesday, lifting its shares.
BP's result contrasts with Total and Norway's Equinor, which both reported sharp earning drops, and builds on a steady recovery following deep cost cuts since the 2014 downturn, project start-ups and last year's $10.5 billion acquisition of BHP's U.S. shale assets.
Shares in BP were up 3% at 0836 GMT, compared with a 0.1% gain in the broader FTSE index. BP and rival Royal Dutch Shell kept the blue-chip index in positive territory.
"At the midpoint of our five-year plan, BP is right on target," Chief Executive Bob Dudley said in a statement.
BP's underlying replacement cost profit, the company's definition of net income, reached $2.8 billion in the second quarter, exceeding a company-provided forecast of $2.46 billion.
The second-quarter profit was up from $2.4 billion in the previous quarter.
The results beat expectations for 10 quarters in a row, analysts at Bernstein said.
"Strong volume growth from accretive barrels and seamless execution remains underappreciated," said Bernstein, which has an "outperform" recommendation on the stock.
The company's operating cash flow recovered to $6.8 billion in the quarter from $5.3 billion in the previous quarter as a result of a one-off working capital release.
BP's dividend remained unchanged at 10.25 cents per share.
Chief Financial Officer Brian Gilvary said the company would consider raising the dividend towards the end of the year as proceeds from asset sales come through and debt is reduced.
Second-quarter production rose to 3.8 million barrels of oil equivalent per day, 4% higher than a year earlier.
BP said it expects third-quarter 2019 reported production to be lower than second-quarter, reflecting maintenance activities as well as the impact of Hurricane Barry on operations in the Gulf of Mexico.
Benchmark Brent crude oil prices in the second quarter averaged around $69 a barrel, up from $63 the previous quarter but down from $74 a barrel a year earlier, BP said.
In the refining and marketing segment, known as downstream, profits dropped due to lower sales and refinery throughput as plants underwent maintenance ahead of a major change in marine fuel standards in 2020.
Global growth in oil demand slowed in the first half of the year to around 1 million barrels per day but has slightly recovered in the second half, CFO Gilvary told Reuters.
Despite the higher profit, BP's debts rose in the first half of the year to $46.5 billion from $38.7 billion the previous year, mostly as a result of the BHP acquisition.
Gearing, the ratio between debt and BP's market value, rose to 31% compared with 27.5%.
Shell reports results on Thursday, while Exxon Mobil and Chevron are scheduled for Friday.
(Additional reporting by Noor Zainab Hussain in Bengaluru, Josephine Mason in London Editing by Saumyadeb Chakrabarty, Alexander Smith and Dale Hudson)