Exxon Mobil Corp., the biggest and richest U.S. oil company, reported a 52% drop in profit for its second quarter, as higher profit from its refining and chemical operations couldn’t offset plunging earnings in its exploration and production business amid lower crude prices. Shares of Exxon Mobil, down 16% over the past year, fell 1.8% to $81.50 in premarket trading.
The International Monetary Fund is participating fully in the ongoing talks for a new bailout program for Greece, a spokeswoman for the European Commission said on Friday, dismissing reports the IMF could be abandoning the rescue plan. The talks on a new bailout program are ongoing "with the IMF present and fully participating in the talks in Athens," Commission spokeswoman Mina Andreeva told journalists in Brussels.
Commodities and China investors waved a relieved goodbye to July on Friday following a brutal sell-off that has revived fears about the global economy and overshadowed more encouraging news from the U.S. and Europe.
There were signs that the rout wasn't over yet as Chinese stocks - which have suffered their worst monthly drop in six years - wobbled again, oil prices slipped following a more than 15 percent July slump and metals from industrial copper to precious gold hit multi-year lows.
U.S. stocks edged up on Friday as historically low wage growth supported the view that the Fed could delay the timing of a rate increase.
The Dow Jones industrial average (DJI) rose 10.96 points, or 0.06 percent, to 17,756.94, the S&P 500 (SPX) gained 2.98 points, or 0.14 percent, to 2,111.61 and the Nasdaq composite (IXIC) added 12.37 points, or 0.24 percent, to 5,141.16.
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