On Wednesday, TripAdvisor (TRIP, +13.55%) and Marriott
International, Inc. (MAR, +0.24%) announced that they are expanding their
partnership. The global hotel portfolio of the Marriott has now been added to
the Instant Booking Platform of TripAdvisor which means that from this summer,
clients will be able to search for and to book one of the Marriott’s 4,200
hotels worldwide from the comfort of the TripAdvisor site. This strategic
partnership will also enable TripAdvisor clients to familiarize themselves with
the 19 leading brands that make up the Marriott's portfolio. CEO and President
of Marriott International, Arne Sorenson, stated that the partnership is a
clear indication of the similarities in the growth strategy of both the
companies within the travel industry. Added to this, Shafiq Khan, senior vice
president, channel strategy and distribution of Marriott International, Inc.
commented that the partnership enables clients to book Marriott hotels with
ease and convenience while those clients who book via TripAdvisor, will also be
eligible for Marriott Rewards and Ritz-Carlton Rewards points. To make a
booking, one simply needs to access the TripAdvisor Instant Booking platform
and click on the ‘"Book on TripAdvisor" button. Throughout the booking
process, clients are reminded that the service is powered by Marriott while
contact details of each hotel are also provided. Added to this, all queries
will be handled directly by Marriott representatives. In 2014, Marriott
International reported revenues of nearly $14 billion while the shares of
TripAdvisor, the world’s largest travel site, are currently trading at $87.65 a
share.
In U.S. trading on Wednesday, U.S. stocks ended with modest
gains after a volatile trading session. This came after the Chairwoman of the
Federal Reserve, Janet Yellen, announced that key interest rates will remain
unchanged while she also emphasized the fact that the Fed would watch economic
data for cues regarding the timing of interest rate hikes. Yellen also made it
clear that the timing of the rates hike is far less important than the pace as
well as the trajectory. At the close of trading, the Dow Jones Industrial
Average (DJIA) gained 0.2%, or 31.26 points, to 17,935.74 while the S&P 500
index (SPX) advanced 0.2%, or 4.15 points, to 2,100.44. Following the upward
trend was the Nasdaq Composite index (COMP) which rose 0.2%, or 9.33 points, to
5,064.88.
CURRENCIES
In forex trading on Wednesday, the U.S. dollar (USD) traded
higher. This came as investors shifted their attention to the monthly policy
statement by the Federal Reserve to assess the timing regarding interest rate
hikes. The EUR/USD traded at 1.1228, down 0.15%. This came after the single
currency hit a high of 1.1292 during the trading day. Also, the GBP/USD traded
at a 1-month high of 1.5701, up 0.34%. This came after data showed that the
average weekly earnings in the U.K., which excludes bonuses, rose on a year
over year basis by 2.7 percent in the 3 months to April. Meanwhile, against the
Swiss franc and the Canadian dollar, the USD traded mixed with USD/CHF trading
at 0.9305, down 0.17% while the USD/CAD traded at 1.2313, up 0.16%. Also, the
U.S. dollar index was at 95.34, up 0.13 percent.
COMMODITIES
On Thursday, crude oil prices declined in early Asian trade.
Investors have now shifted their attention to the data on the rig count in the
U.S. in order to get a clearer indication regarding production in the U.S.
compared to the global demand. WTI crude oil for August delivery traded at
$60.12 a barrel, down 0.35%, on the NYMEX. On Wednesday, crude futures traded
mixed as a result of the decision by the Federal Reserve to maintain the
current short term interest rates. Meanwhile, on Wednesday, Brent crude oil for
delivery in August traded at $63.84 a barrel, up 0.24%, or $0.15, on the
Intercontinental Exchange (ICE) in London.
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