Prices are so high that some lenders are coming out ahead on defaulted auto debt. And far fewer borrowers are underwater on their car loans, meaning they don't owe more than the car is worth when they trade it in. It is a tricky time to buy a car, but a pretty good time to owe money on one.
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Bitcoin Jumps 20% to a Six-Week High
The price of bitcoin jumped to a six-week high on Monday, with some investors attributing the rally to short positions being liquidated and speculation that Amazon.com Inc. may be venturing into digital currencies.
Bitcoin soared to $39,112.05, up more than 20% from its 5 p.m. EDT level Friday, according to CoinDesk, reaching its highest level since mid-June. Ether, its rival currency, jumped more than 16%.
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German Business Sentiment Falls in July
German business sentiment worsened in July amid an increase in coronavirus infections and supply woes, missing forecasts for an increase.
The Ifo business-climate index came in at 100.8 points in July compared with the 101.7 points registered in June, according to data from the Ifo Institute released Monday. The reading missed a forecast from economists polled by The Wall Street Journal, who expected the index to increase to 102.5.
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Senators Try to Finalize Deal on Infrastructure Package
WASHINGTON-Lawmakers pushed to finalize an infrastructure agreement Sunday, but said they were still struggling to resolve a dispute over how much to increase public-transit funding, a snag that could delay their goal of advancing the bill in a Senate vote early this week.
GOP senators had blocked efforts by Democrats to begin consideration of the roughly $1 trillion infrastructure bill on Wednesday, saying too much of the package remained unresolved. Lawmakers in a bipartisan group crafting the legislation said late last week that they hoped to finish in time to reverse that outcome in a second vote in the next few days.
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U.S. Set to Push Global Economy Over the Recovery Line
The U.S. economy likely returned to its late-2019 size during the three months through June, helping to lift global output above its pre-pandemic level for the first time.
Economists surveyed by The Wall Street Journal estimate that figures to be released Thursday will show that the U.S. gross domestic product rose at an 8.5% seasonally adjusted annual rate in the second quarter. That likely left U.S. GDP-the value of all goods and services produced across the economy, adjusted for seasonality and inflation-above the $19.2 trillion level reached in the final quarter of 2019, the last before the spread of Covid-19 pushed large parts of the global economy to shut down and contract, they say.
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What's Holding Back China's Recovery? The Kids Aren't Alright
What is holding back China's economic recovery, particularly in services and consumption?
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Investors Are Buying American
Investors around the globe are pouring money into U.S. financial assets, a sign of confidence that the world's largest economy remains poised to pull through the Covid-19 pandemic better than many others.
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Tokyo's Olympics Were Supposed to Be in 2020. Tokyo's Covid Protocols Are Still There.
TOKYO-Under the lights of the Nippon Budokan arena this weekend, Naohisa Takato elevated all 130 pounds of himself to hero status as he won Japan's first gold of the Olympics.
And when his symbolic moment came atop of the podium, he beamed with the pride of a nation as he waited for his prize. The medal was presented to him on a tray like an airplane lunch.
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Covid-19 Immunity Wanes, but Third Shot Still Rarely Needed, BioNTech CEO Says
BERLIN-Immunity against the coronavirus is waning in people who were fully vaccinated with the shot made by BioNTech SE and Pfizer Inc. in January because of the rapidly spreading Delta variant, BioNTech's chief executive said, confirming data that emerged from Israel last week.
But even as antibody levels are dropping seven months after immunization among some vaccine recipients, most of them will remain protected against severe disease and might not yet need a third dose, according to Ugur Sahin, CEO of the German company that invented the vaccine and partnered with Pfizer to develop the product for the global market.
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Fires Continue to Rage in Oregon, Northern California
Fire crews made progress Sunday in containing the nation's largest forest fire, named after Bootleg Creek in southern Oregon, as scores of blazes raged in the parched Pacific Northwest, northern Rockies and northern California.
The Bootleg Fire was 46% contained Sunday afternoon, according to Sarah Gracey, a spokeswoman for fire agencies fighting the blaze, which has burned close to 410,000 acres. More than 2,400 people have been evacuated and 67 houses have been destroyed, but there were no new evacuations announced Sunday, she said.
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U.S. Intensifies Airstrikes in Afghanistan as Taliban Offensive Nears Kandahar
The U.S. has stepped up airstrikes in southern Afghanistan amid growing apprehension over a Taliban offensive threatening Kandahar, the country's second-largest city and spiritual capital of the Taliban movement.
The fall of Kandahar would deal a heavy blow to the U.S.-backed government in Kabul, which is trying to impart calm to its citizens as the Taliban has seized swaths of the countryside, but so far failed to take a major city.
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Write to sarka.halas@wsj.com
TODAY IN CANADA
Earnings:
Celestica 2Q
TFI Intl Inc. (TFII.T) 2Q
Economic Indicators (ET):
Nothing major scheduled
Stocks to Watch:
No items published
Other News:
No items published
Market Talk:
No items published
Expected Major Events for Monday
00:30/JPN: Jul Japan Flash Manufacturing PMI
08:00/GER: Jul Ifo Business Climate Index
10:00/FRA: 1Q OECD Quarterly Employment Situation
14:00/US: Jun New Residential Sales
14:30/US: Jul Texas Manufacturing Outlook Survey
23:01/UK: Jun Zoopla House Price Index
23:50/JPN: Jun Services Producer Price Index
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Monday
AMCON Distributing Co (DIT) is expected to report for 3Q.
ATI Physical Therapy Inc (ATIP) is expected to report for 2Q.
Agree Realty (ADC) is expected to report for 2Q.
Alexandria Real Estate Equities Inc (ARE) is expected to report $0.57 for 2Q.
Alliance Resource Partners LP (ARLP) is expected to report $0.73 for 2Q.
American Campus Communities Inc (ACC) is expected to report $-0.07 for 2Q.
Amrep Corp (AXR) is expected to report for 4Q.
Bank of Hawaii Corp (BOH) is expected to report $1.31 for 2Q.
Brandywine Realty Trust (BDN) is expected to report $0.01 for 2Q.
Cadence Design Systems (CDNS) is expected to report $0.47 for 2Q.
Calix (CALX) is expected to report $0.21 for 2Q.
Chemung Financial (CHMG) is expected to report $1.09 for 2Q.
Coastal Financial Corp (CCB) is expected to report $0.48 for 2Q.
Copper Mountain (CMMC.T,CPPMF) is expected to report $0.15 for 2Q.
Dorman Products (DORM) is expected to report $1.12 for 2Q.
Eco (Atlantic) Oil & Gas Ltd (EOG.V) is expected to report for Full year.
Enterprise Financial Services Corp (EFSC) is expected to report $1.07 for 2Q.
Exagen Inc (XGN) is expected to report for 2Q.
FNCB Bancorp Inc (FNCB) is expected to report for 2Q.
First Merchants Corp (FRME) is expected to report $0.92 for 2Q.
HBT Financial Inc (HBT) is expected to report for 2Q.
Hasbro Inc (HAS) is expected to report $0.43 for 2Q.
Helix Energy Solutions (HLX) is expected to report $-0.08 for 2Q.
Lake Shore Bancorp (LSBK) is expected to report for 2Q.
Lakeland Financial (LKFN) is expected to report $0.86 for 2Q.
Ledyard Financial Group (LFGP) is expected to report for 2Q.
Lennox International Inc (LII) is expected to report $4.40 for 2Q.
Lockheed Martin Corp (LMT) is expected to report $6.56 for 2Q.
Medpace Holdings Inc (MEDP) is expected to report $0.99 for 2Q.
National Bank Holdings (NBHC) is expected to report $0.70 for 2Q.
Northwest Bancshares Inc (NWBI) is expected to report $0.30 for 2Q.
Otis Worldwide Corp (OTIS) is expected to report for 2Q.
PetMed Express (PETS) is expected to report $0.36 for 1Q.
PotlatchDeltic Corp (PCH) is expected to report $2.72 for 2Q.
Prudential Bancorp Inc (PBIP) is expected to report $0.23 for 3Q.
RPM International Inc (RPM) is expected to report $1.26 for 4Q.
Sino-Global Shipping Amer (SINO) is expected to report for 3Q.
Sun Communities Inc (SUI) is expected to report for 2Q.
Tesla Inc (TSLA) is expected to report $0.55 for 2Q.
U.S. Gold Corp (USAU) is expected to report for 4Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
There are no actions to report from the last 24 hours.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-26-21 0612ET
