Finance news

• UPDATE 2-DoubleLine's Gundlach sees no Fed rate increase in 2015

  05-05-2015 23:57
  NEW YORK, May 5 (Reuters) - Jeffrey Gundlach, chief executive of investment firm DoubleLine Capital, said on Tuesday he believes the U.S. Federal Reserve will probably not raise interest rates this...
  
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• Less room at the inn: Hotels in U.S. raise rates as travel picks up

  05-05-2015 23:11 via news.yahoo.com
  
  Hyatt Hotels Corp on Tuesday joined Hilton Worldwide Holdings Inc , Marriott International Inc and Starwood Hotels & Resorts Worldwide Inc in forecasting that group bookings would drive growth this year. "Groups are booking more in advance now because they feel they have a better line of light at the future economic outlook," said Lauro Ferroni, head of hotels and hospitality research at property consulting firm Jones Lang LaSalle. Occupancy rates at more expensive hotels are expec
  
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• UPDATE 1-U.S. allows merger of ZF Friedrichshafen, TRW with divestitures

  05-05-2015 23:10
  WASHINGTON, May 5 (Reuters) - German car parts maker ZF Friedrichshafen AG won U.S. antitrust approval for its $13.5 billion takeover of TRW Automotive Holdings Corp on condition that certain TRW...
  
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• News Corp quarterly revenue falls on currency, lower ad sales

  05-05-2015 22:58 via news.yahoo.com
  
  By Jennifer Saba (Reuters) - News Corp , owner of the Wall Street Journal and HarperCollins, reported a decline in quarterly revenue and profit due to foreign currency changes and a drop in ad sales at its newspapers. Total revenue for the third quarter fell 1 percent to $2.06 billion. Analysts were expecting revenue of $2.11 billion, according to Thomson Reuters I/B/E/S. Revenue at its News and Information Services unit, which represents about 65 percent of the company's overall revenue, d
  
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• CANADA FX DEBT-C$ gives back most of its gains as equities fade

  05-05-2015 22:53
  * Canadian dollar at C$1.2072 or 82.84 U.S. cents * Bond prices mixed across the maturity curve (Adds closing data) By Andrea Hopkins TORONTO, May 5 (Reuters) - The Canadian dollar gave back most of...
  
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• LatAm credits shrug off weak equities

  05-05-2015 22:45
  NEW YORK, May 5 (IFR) - Latin American credits showed strong resilience to weakness in equities on Tuesday, as several names across the region ended the session on a solid footing.
  
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• U.S. farm lender CoBank reports flat income, rising loan demand

  05-05-2015 22:44
  May 5 (Reuters) - CoBank, the largest cooperative bank within the U.S. government-backed Farm Credit System, on Tuesday reported first-quarter net income that was flat compared with a year ago but...
  
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• Regulator mulls pay hikes for Fannie Mae and Freddie Mac CEOs

  05-05-2015 22:40
  WASHINGTON, May 5 (Reuters) - The regulator of mortgage finance firms Fannie Mae and Freddie Mac could allow them to raise the pay of their chief executives in order to keep and attract talent at the...
  
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• S&P raises Pakistan's outlook, forecasts higher growth

  05-05-2015 22:39 via news.yahoo.com
  
  Standard and Poor's on Tuesday revised Pakistan's credit rating outlook from stable to positive and forecast higher GDP growth for 2015 to 2017, amid a stint of economic reforms. "We are therefore revising the outlook on the long term ratings on Pakistan to positive from stable," the agency said, affirming a B- rating. Pakistan's GDP grew by 4.1 percent in the fiscal year ending June last year. The International Monetary Fund (IMF) has voiced satisfaction with Pakistan&#
  
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• US stocks sink as oil price jumps above $60

  05-05-2015 22:39 via news.yahoo.com
  
  NEW YORK (AP) — A combination of concerns knocked the U.S. stock market lower Tuesday, snapping a two-day run.
  
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• News Corp revenue falls marginally

  05-05-2015 22:25 via news.yahoo.com
  
  (Reuters) - News Corp , the publisher of the Wall Street Journal, reported a marginal fall in quarterly revenue, hurt by the stronger dollar and dwindling advertising sales at its newspapers.
  
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• Wall St. ends down after weak data

  05-05-2015 22:02 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks finished sharply lower on Tuesday after a surprisingly wide March U.S. trade deficit raised concerns that the economy shrank in the first quarter.
  
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• Merkel says her coalition "working very well" despite spying row

  05-05-2015 21:21 via news.yahoo.com
  
  By Madeline Chambers BERLIN (Reuters) - Chancellor Angela Merkel tried to reassure Germans on Tuesday that the government was working smoothly despite a spat between her conservatives and their Social Democrat (SPD) coalition partners over the activities of the BND intelligence agency. The political bickering erupted following allegations that the BND helped the U.S. National Security Agency (NSA) to spy on European firms and officials, putting strain on Merkel's right-left coalition which
  
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• Vanguard unveils advice and investing program for the hoi polloi

  05-05-2015 21:06
  NEW YORK (Reuters) - Arguing that many of its customers cannot afford to pay high investment advisory fees, The Vanguard Group on Tuesday unveiled a low-cost service combining an automated investment...
  
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• Bigger, de-globalizing world may be hostile for investors: James Saft

  05-05-2015 20:42
  (Reuters) - The world is becoming a bigger, not a smaller place, a process financial markets and investors may not enjoy.
  
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• Wall St. stumbles on weak trade data; investors eye Fed

  05-05-2015 20:22 via news.yahoo.com
  
  Despite a rally of more than 2 percent in oil , energy stocks were stung for a second day by criticism of fracking companies by David Einhorn, the influential head of hedge fund Greenlight Capital. "Earnings season is largely over and everyone is waiting for the payroll number," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. All 10 major S&P sectors were down, with the utilities index 2.07 percent lower as investors dumped dividend stocks to take
  
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• Moldova seeks to solve riddle of missing $1 bln

  05-05-2015 20:04
  CHISINAU, May 5 (Reuters) - Moldova will step up an
  investigation into the disappearance of more than $1 billion
  from three banks, the head of the central bank told Reuters on
  Tuesday, after around...
  
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• Global stocks, dollar fall; U.S. Treasury yields hit 5-month highs

  05-05-2015 19:51 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - Long-term U.S. Treasury yields hit their highest level of 2015 on Tuesday as investors reassessed the chances of a September interest rate hike by the U.S. Federal Reserve, while global stock prices fell on uneasiness about U.S. and Asian growth. At the moment, I'm more bearish than bullish and I would sell on any stock market rally," said Terry Torrison, managing director at Monaco-based McLaren Securities. The dollar fell as data showed the Unite
  
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• Wednesday preview: GSK and Sainsbury's top the bill amid earnings influx

  05-05-2015 19:35 via news.yahoo.com
  
  While investors will continue to look ahead to the elections, Wednesday's session is set to be a busy one for UK markets amid a barrage of blue-chip corporate earnings and economic data.
  
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• EU upgrades outlook but Greece woes deepen

  05-05-2015 19:14 via news.yahoo.com
  
  The EU upgraded its growth outlook for the eurozone Tuesday on the back of cheaper oil and a weak currency, but a sudden worsening of Greece's economic woes cast a pall over the brightening situation. "The European economy is enjoying its brightest spring in several years, with the upturn supported by both external factors and policy measures that are beginning to bear fruit," said EU Economic Affairs Commissioner Pierre Moscovici. The European Commission forecast that the eurozon
  
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• Greece blows hot and cold in race to avert cash crunch

  05-05-2015 19:10 via news.yahoo.com
  
  ATHENS/BRUSSELS (Reuters) - Greece blew hot and cold with its euro zone partners on Tuesday as it struggled to avert a potentially catastrophic funding crunch this month, when it must make a big debt repayment to the IMF as cash reserves dry up. Finance Minister Yanis Varoufakis said after talks in Paris and Brussels that he expected euro zone finance ministers to acknowledge next Monday progress toward a cash-for-reform deal, opening the way to easing Athens' liquidity crisis. "We are
  
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• UBS reports record profit in U.S. wealth unit on lower costs

  05-05-2015 18:30
  NEW YORK (Reuters) - UBS Wealth Americas earned record pretax profit of $293 million in the first quarter, but its brokers fell short of their Swiss parent's target of adding new money from clients...
  
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• US stocks drift lower after 2-day run; oil price jumps

  05-05-2015 18:15 via news.yahoo.com
  
  NEW YORK (AP) — The U.S. stock market sank Tuesday, taking a break after a two-day run. Chevron and other oil giants rose as crude oil climbed above $60 a barrel for the first time this year.
  
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• Banks lead Britain's FTSE lower, focus on election

  05-05-2015 17:59
  LONDON, May 5 (Reuters) - Britain's top share index ended lower on Tuesday tracking sharp losses in the U.S. market, with HSBC leading the banking sector down after saying a bank levy was hampering...
  
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• U.S. trade data points to first-quarter economic contraction

  05-05-2015 17:52 via news.yahoo.com
  
  A surge in imports lifted the U.S. trade deficit in March to its highest level in nearly 6-1/2 years, suggesting the economy contracted in the first quarter. Growth, however, is regaining momentum as other data on Tuesday showed activity in the services sector, which accounts for more than two-thirds of the economy, accelerated to a five-month high in April. The Commerce Department said the trade deficit jumped 43.1 percent to $51.4 billion in March, the largest since October 2008. Economists ha
  
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• US trade deficit balloons to six-year high in March

  05-05-2015 17:49 via news.yahoo.com
  
  The US trade deficit swelled in March to a six-year high as imports surged after the end of the West Coast port strike and the dollar stayed strong. The yawning trade gap raised expectations that the initial estimate of first quarter growth in the world's largest economy could be cut from a weak 0.2 percent annual rate to possibly a contraction, with no momentum heading into the second quarter. The trade gap was $51.4 billion in March, the largest since October 2008 amid the financial crisi
  
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• Treasury yields hit five-month highs; global stocks, dollar fall

  05-05-2015 17:46 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - Long-term U.S. Treasury yields hit their highest level of 2015 on Tuesday as investors reassessed the chances of a September interest rate hike by the U.S. Federal Reserve, while global stock prices fell on uneasiness about U.S. and Asian growth. At the moment, I'm more bearish than bullish and I would sell on any stock market rally," said Terry Torrison, managing director at Monaco-based McLaren Securities. The dollar fell as data showed the Unite
  
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• Growth in US services firms picked up speed last month

  05-05-2015 17:25 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. service firms' growth accelerated in April, fueled by more orders, rising sales and an uptick in hiring. The figures provide solid evidence that the economy is recovering from its first-quarter stumble.
  
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• Guinea Bissau reviews contracts from mining to timber: PM

  05-05-2015 17:17 via news.yahoo.com
  
  By Emma Farge and Fernando Pereira BISSAU (Reuters) - Guinea Bissau is reviewing contracts signed by previous governments as the West African country seeks to ensure miners have sufficient means to kick-start its $2 billion economy, its prime minister told Reuters. Domingos Simoes Pereira, elected at polls a year ago that sealed a transition back to democracy after a 2012 coup, said the review was also aimed at diversifying investment in services such as maritime transport and telecoms, dominate
  
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• Greece casts shadow on European equities

  05-05-2015 16:35 via news.yahoo.com
  
  Eurozone stocks slumped Tuesday as Greece once again cast a shadow over sentiment, but London rose as British investors nervously eyed the looming general election and played catch-up after a long holiday weekend. London's benchmark FTSE 100 rose 0.41 percent to 7,014.33 points from Friday's close, with less than 48 hours to go until Britons head to the polls on Thursday. The market -- boosted also by upbeat results from troubled global banking giant HSBC -- was shut on Monday for a pu
  
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• US trade deficit jumps to 6-year high of $51.4 billion

  05-05-2015 16:32 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. trade deficit in March swelled to the highest level in more than six years, propelled by a flood of imports that may have sapped the U.S. economy of any growth in the first quarter.
  
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• MIDEAST STOCKS-Saudi slips on strict foreign investment rules, weak data; Egypt jumps

  05-05-2015 16:06 via news.yahoo.com
  
  * Saudi regulator finalises foreign investment rules * Makes no major changes, keeps in place tight limits * PMI survey shows non-oil growth slowing * But PMI data positive for UAE, Egypt * IMF commends Cairo's reforms, says they're starting to pay off By Olzhas Auyezov DUBAI, May 5 (Reuters) - Saudi Arabia's bourse edged down on Tuesday after data showed the economy's non-oil growth was slowing and the kingdom's regulator announced no major changes in restrictive rules governing direct foreign
  
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• Congo touts job creation, but unemployment still sky-high

  05-05-2015 16:05 via news.yahoo.com
  
  Strong economic growth helped Democratic Republic of Congo create around 100,000 jobs per year from 2012-14, the prime minister’s office said on Tuesday, but unemployment remains above 40 percent in a country wrecked by war and corruption. Congo - which vies with Zambia for the title of Africa's largest copper producer - posted economic growth of 9.5 percent last year, and this should rise to 10.3 percent this year, Augustin Matata Ponyo's office said in a statement. His office did n
  
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• Wall St. opens lower as trade deficit rises

  05-05-2015 15:35 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened lower on Tuesday after two sessions of gains as trade deficit rose in March, pointing to a contraction in economic growth in the first quarter.
  
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• Wall St. set for lower open as trade data suggests GDP contraction

  05-05-2015 15:22 via news.yahoo.com
  
  The U.S. trade deficit surged to its highest level in nearly 6-1/2 years in March and the $51.4 billion trade gap was far larger than the $45.2 billion deficit the government assumed in its snapshot of first-quarter gross domestic product last week. "The dollar is clearly one factor in the lower revenue number," said Tom Donino, co-head of trading at First New York Securities in New York.
  
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• BRIEF-Court changes Advadis bankruptcy proceedings to liquidation bankruptcy

  05-05-2015 15:13
  * Court in Katowice resolves to change company's bankruptcy
  proceedings to bankruptcy with liquidation from bankruptcy with
  possibility of arrangement with creditors
  
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• U.S. trade deficit largest since 2008 as imports surge

  05-05-2015 15:04 via news.yahoo.com
  
  The U.S. trade deficit surged to its highest level in nearly 6-1/2 years in March as imports rebounded strongly after being held down by a labor dispute at key West Coast ports, suggesting the economy contracted in the first quarter. Economists polled by Reuters had forecast the trade deficit rising to $41.2 billion.
  
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• Saudi privatisations may accelerate, stock exchange chief says

  05-05-2015 14:50 via news.yahoo.com
  
  RIYADH, May 5 (Reuters) - A new government policy-making council may accelerate privatisations of state-owned companies in Saudi Arabia, Saudi Stock Exchange chief executive Adel al-Ghamdi said on Tuesday. The Council of Economic and Development Affairs, comprising top officials, was created by King Salman when he took the throne in January. Ghamdi, speaking at a major financial conference a day after the Capital Market Authority released rules allowing direct foreign investment in the Saudi sto
  
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• Stocks cautious after plunge in Chinese market

  05-05-2015 13:39 via news.yahoo.com
  
  LONDON (AP) — Stock markets were subdued on Tuesday after Chinese stocks plunged as the start of an IPO wave cooled investor sentiment.
  
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• Stock futures off ahead of service sector, trade data

  05-05-2015 13:36 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures were lower on Tuesday ahead of another round of earnings reports and the release of key data that will show if economic growth is gaining pace after slowing in the first quarter.
  
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• Asian bourses drift as IPOs roil China stocks

  05-05-2015 13:33 via news.yahoo.com
  
  HONG KONG: Asian stocks drifted Tuesday, reversing earlier gains, with China stocks taking fright as new share issues raised the prospect of a sell-off. Hong Kong’s main index slid 1.0 percent by mid-session, tracking China stocks which fell as the new issues raised the prospect of funds being diverted from existing equities, dealers said. The benchmark Shanghai Composite Index dropped 1.84 percent at the break. “Today and tomorrow will be the peak for the latest round of IPOs so people may
  
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• Spanish jobless claims fall

  05-05-2015 13:32 via news.yahoo.com
  
  Spain registered its steepest decline in the number of jobless people for April in almost two decades, government data showed Tuesday, as the eurozone country's economic recovery gathered pace. Spain's seasonal employment market, which includes jobs in the country's vital tourism industry, is often tight in April as hotels and restaurants take on extra staff for the Easter break. Deputy Labour Minister Engracia Hidalgo said in a statement that the data show the "solid and pos
  
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• Energy stocks help Britain's FTSE to advance, focus on election

  05-05-2015 13:30
  LONDON, May 5 (Reuters) - Britain's top share index climbed higher on Tuesday after resuming trade following a long weekend, with energy stocks leading the market higher tracking a rise in crude oil...
  
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• Carmat shares suspended after death of second patient

  05-05-2015 13:10
  PARIS, May 5 (Reuters) - Trading in Carmat shares was suspended on Tuesday after the company's second artificial heart patient died on Saturday, nine months after receiving the transplant.
  
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• UPDATE 3-Adidas begins marathon turnaround in North America

  05-05-2015 13:08
  * Shares up 1.2 percent (Adds details from conference call)
  
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• Greece outlook slashed as eurozone improves

  05-05-2015 13:05 via news.yahoo.com
  
  The EU on Tuesday sharply slashed its growth outlook for Greece this year due to its ongoing battle with its international creditors, dampening an otherwise improved outlook for the eurozone. The Greek economy slumped severely in the first three months of the year, the European Commission said in its Spring forecasts, cutting its overall 2015 growth outlook for Greece to 0.5 percent, a huge tumble from its earlier prediction of 2.5 percent. The sharp downturn will heap pressure on the radical le
  
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• France, Saudi discuss multi-billion-euro projects

  05-05-2015 12:54 via news.yahoo.com
  
  France and Saudi Arabia are discussing economic projects worth tens of billions of euros, French Foreign Minister Laurent Fabius said Tuesday. "If concluded, these 20 projects would be worth tens of billions of euros," Fabius told reporters in Riyadh. French President Francois Hollande is also in Saudi Arabia to attend a Gulf leaders' summit on Tuesday, a day after he oversaw the signing of a warplanes deal with Qatar worth 6.3 billion euros ($7 billion). Fabius said that agreemen
  
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• Barclays lowers European insurers on capital and earnings headwinds

  05-05-2015 12:48 via news.yahoo.com
  
  Barclays Capital has lowered its recommendation for the entire European insurance sector from 'neutral' to 'negative'.
  
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• WestJet's first-quarter earnings jump on lower fuel costs

  05-05-2015 12:43 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's WestJet Airlines Ltd reported a sharp rise in first-quarter earnings on Tuesday, helped by lower fuel prices and an improvement in other operating costs as revenue rose. Net earnings rose to C$140.7 million ($116.4 million), or C$1.09 a share, from C$89.3 million, or 69 Canadian cents per share, a year earlier. Revenue rose 4 percent to C$1.08 billion. (Reporting by Allison Martell; editing by Jason Neely)
  
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• BSE Sensex edges lower in choppy trade

  05-05-2015 12:21 via news.yahoo.com
  
  MUMBAI (Reuters) - The BSE Sensex edged lower in a choppy session on Tuesday, led by declines in domestic-oriented stocks on worries that the remaining January-March quarterly earnings may not meet market expectations while lower Asian stocks also weighed on sentiment. The benchmark BSE Sensex closed down 0.18 percent at 27,440.14, while the broader Nifty ended 0.09 percent lower at 8,324.80. ITC Ltd lost 1.2 percent, while HDFC Bank Ltd lost 1.3 percent. (Reporting by Indulal PM; Editing by Ana
  
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