Hungary's Orban says proposed new budget will 'ruin the EU'
"This budget would ruin the European Union. This budget I believe will not survive even next year, the Commission will either have to withdraw it or the Commission will have to backtrack step by step," Orban said, criticising plans to allocate money to Ukraine and planned changes to farm subsidies.
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Netflix shares fall as weak dollar-driven forecast fails to impress
July 18 (Reuters) - Netflix (NFLX.O), opens new tab shares declined more than 4% on Friday as some investors were disappointed by a revenue forecast that was driven more by a weaker dollar than strong demand for the streamer's content. Expectations were running high for the streaming giant, after its shares nearly doubled in value in the past year and viewers binged on content such as the final season of South Korean survival drama "Squid Game" in the second quarter. But executives said much of the increase in the annual forecast was driven by weakness in the U.S. dollar, now predicting revenue of between $44.8 billion and $45.2 billion, up from $43.5 billion to $44.5 billion previously. "When your shares are already binge-watched to perfection, the earnings beat needed to be stronger to satisfy expectations," said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors. "Instead, some sold on the good news and maybe questioned whether the positive FX effect will be there a few quarters down the road." A crackdown on password-sharing, more sports content and its ad-supported tier helped Netflix draw tens of millions of new viewers in 2024. But the company stopped reporting subscriber numbers earlier this year, shifting focus to metrics like revenue and profit, a move that has raised concerns about growth. The streaming giant, whose $517-billion market value is more than the combined worth of Disney (DIS.N), opens new tab, Comcast (CMCSA.O), opens new tab and Warner Bros Discovery (WBD.O), opens new tab, posted quarterly earnings per share of $7.19, beating estimates of $7.08, according to data compiled by LSEG. "A strong content slate in the second half of the year and growing traction for its advertising efforts could help support continued revenue gains in the third quarter and beyond," said Seth Shafer, principal analyst at S&P Global Market Intelligence Kagan. At least 16 analysts raised their price targets on the stock following the results, bringing the median target to $1,385, as per data compiled by LSEG.
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Germany's Merz casts doubt on Ukraine EU entry by 2034
BERLIN, July 18 (Reuters) - German Chancellor Friedrich Merz on Friday cast doubt on the possibility of Ukraine joining the European Union by 2034, saying accession was unlikely to come at a point affecting the bloc's medium-term finance plans, which run to 2034. "For us, the absolute top priority is, first and foremost, to do everything possible to end this war," Merz said on Friday after a meeting with Romanian President Nicușor Dan in Berlin. "Then we'll talk about the reconstruction of Ukraine... but that's going to take a number of years ... It will probably not even affect the EU's current medium-term financial outlook," the chancellor said. European Commission President Ursula von der Leyen said in Kyiv in February that Ukraine could join the EU before 2030 if the country continues reforms at the current speed and quality. EU leaders have also said accession to the EU would be the most important security guarantee for the future of Ukraine.
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Oil prices steady as mixed US economic news offsets new EU sanctions on Russia
NEW YORK, July 18 (Reuters) - Crude oil futures held steady on Friday as mixed U.S. economic news offset worries the European Union's latest sanctions against Russia for its war in Ukraine could reduce oil supplies. Brent crude futures fell 15 cents, or 0.2%, to $69.37 a barrel by 11:22 a.m. EDT (1522 GMT), while U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.2%, to $67.38. That kept both crude benchmarks on track to lose about 1% this week. In the United States, single-family homebuilding dropped to an 11-month low in June as high mortgage rates and economic uncertainty hampered home purchases, suggesting residential investment contracted again in the second quarter. In another report, however, U.S. consumer sentiment improved in July, while inflation expectations continued to decline. Lower inflation will make it easier for the U.S. Federal Reserve to reduce interest rates, which should boost economic growth by making it cheaper for consumers to borrow money. Stronger economic growth should also boost energy demand. In Europe, the EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries. The EU will set a moving price cap on Russian crude at 15% below its average market price, EU diplomats said, aiming to improve on a largely ineffective $60 cap that the Group of Seven major economies have tried to impose since December 2022. "New sanctions on Russian oil from the U.S. and Europe this week were met by a muted market reaction," analysts at Capital Economics said in a note. "This is a reflection of investors doubting President (Donald) Trump will follow through with his threats, and a belief that new European sanctions will be no more effective than previous attempts." "We expect weak demand fundamentals to reassert themselves this year and to push Brent crude prices down to $60 (a barrel) at the end of the year," Capital Economics said. The EU will also no longer import any petroleum products made from Russian crude, though the ban will not apply to imports from Norway, Britain, the U.S., Canada and Switzerland, EU diplomats said. EU foreign policy chief Kaja Kallas also said on X that the EU has designated the largest Rosneft ( opens new tab oil refinery in India as part of the measures. India is the biggest importer of Russian crude while Turkey is the third-biggest, Kpler data shows. Europe produces less diesel and jet fuel than it consumes, making it reliant on imports from other regions. Those EU bans on refined products imports helped boost U.S. and European diesel and gasoil futures. In the United States, higher diesel prices in recent days boosted the diesel crack spread to its highest since February. Crack spreads measure refining profit margins. "This shows the market fears the loss of diesel supply into Europe, as India had been a source of barrels," said Rystad Energy's vice president of oil markets, Janiv Shah. In other news, U.S. oil major Chevron (CVX.N), opens new tab closed its $55 billion acquisition of U.S. energy firm Hess (HES.N), opens new tab on Friday after winning a landmark legal battle against larger U.S. oil major rival Exxon Mobil (XOM.N), opens new tab to gain access to the largest oil discovery in decades off Guyana.
