Finance news

• China share plunge smacks world markets; S&P, Nasdaq in correction

  24-08-2015 23:55 via news.yahoo.com
  
  A near-9 percent dive in China shares sent world stocks and commodity prices tumbling on Monday, and U.S. stocks ended a volatile day with the S&P 500 and Nasdaq composite indexes sliding into correction territory. The Standard & Poor's 500 index closed down 3.9 percent for the day and was 11 percent lower than its May record high. The benchmark S&P index has accumulated 9.95 percent of losses in just five sessions.
  
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• The Troubling Truth Revealed by the Stock Market’s Nosedive

  24-08-2015 23:47 via news.yahoo.com
  
  Monday was a bloodbath in global markets, continuing the weakness from last week. The Dow Jones Industrial Average fell more than 1,000 points at the open, rallied back and then gave up most of those gains to close down 587 points, or about 3.6 percent. The S&P 500 and the Nasdaq also ended the day off nearly 4 percent, after the Nasdaq had earlier dropped nearly 9 percent as popular momentum stocks like Facebook (FB) rolled over.
  
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• Stocks slump; Dow ends down 588 after early 1,000-pt. slide

  24-08-2015 23:46 via news.yahoo.com
  
  U.S. stocks slid again Monday, with the Dow Jones industrial average briefly plunging more than 1,000 points in a sell-off that sent a shiver of fear from Wall Street to Main Street.
  
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• Wall St. has worst day in four years, S&P now in correction

  24-08-2015 23:41 via news.yahoo.com
  
  U.S. stock indexes plunged almost 4 percent on Monday as investors, rattled about China's economy, sold heavily in an unusually volatile session that confirmed the S&P 500 was formally in a correction. The Dow Jones industrial average briefly slumped more than 1,000 points, its most dramatic intraday trading range ever, with key component Apple falling heavily only to claw back and end down 2.5 percent. It was the S&P 500's worst day since 2011 and followed an 8.5 percent slump in Chines
  
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• US STOCKS-Wall St has worst day in four years, S&P now in correction

  24-08-2015 23:36 via news.yahoo.com
  
  U.S. stock indexes plunged almost 4 percent on Monday as investors, rattled about China's economy, sold heavily in an unusually volatile session that confirmed the S&P 500 was formally in a correction. The Dow Jones industrial average briefly slumped more than 1,000 points, its most dramatic intraday trading range ever, with key component Apple falling heavily only to claw back and end down 2.5 percent.
  
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• US Markets Slump After Chinese Stock Rout

  24-08-2015 23:34 via news.yahoo.com
  
  The US stock market rebounded slightly following an early trading plunge in the wake of a big drop in Chinese stocks. Driven by growing fears about a slowdown in China, the US stock market suffered its biggest one-day drop in nearly four years on Friday. A big sell-off in Chinese stock on Monday caused the rout to continue.
  
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• US stocks slump; Dow briefly plunges 1,000 points

  24-08-2015 22:26 via news.yahoo.com
  
  The U.S. stock market took investors on a stomach-churning ride Monday, as the Dow Jones industrial average briefly plunged more than 1,000 points and sent a shiver of fear from Wall Street to Main Street.
  
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• TSX ends downs more than 3 percent in volatile trade

  24-08-2015 22:18 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index ended down more than 3 percent on Monday, part of a global equity selloff prompted by a plunge in the Chinese stock market and sinking prices for crude oil, a major Canadian export. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 420.93 points, or 3.12 percent, at 13,052.74. All 10 main groups fell at least 1 percent, with the energy sector off 4.3 percent. (Reporting by Alastair Sharp; Editing by James Dalgleish)
  
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• US stocks end sharply lower: S&P 500 -3.93%

  24-08-2015 22:09 via news.yahoo.com
  
  New York (AFP) - US stocks finished sharply lower Monday, but far above the session's floor, following a bruising day in global financial markets sparked by mounting worries over the Chinese economy.
  
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• Wall St. tumbles again as S&P enters correction

  24-08-2015 22:08 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended more than 3 percent lower on Monday, their fifth straight drop, in an unusually volatile session that confirmed the S&P 500 was formally in a correction. The Dow Jones industrial average fell 585.66 points, or 3.56 percent, to 15,874.09, the S&P 500 lost 77.49 points, or 3.93 percent, to 1,893.4 and the Nasdaq Composite dropped 179.79 points, or 3.82 percent, to 4,526.25. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
  
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• Oil tumbles up to 6 percent to new lows as China fears intensify rout

  24-08-2015 22:08 via news.yahoo.com
  
  Oil's weeks-long slump accelerated sharply on Monday with prices tumbling as much as 6 percent to fresh 6-1/2-year lows as a renewed dive in the Chinese equities market sent global financial markets into a tailspin. A near 9-percent fall in China shares roiled global markets and sent the Dow Jones Industrial Average down more than 1,000 points in early trading. Wall Street pared losses by mid-morning, briefly easing oil's slide, but a second wave of selling re-emerged in the afternoon.
  
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• Why China’s Economy May Be In Better Shape Than We Think

  24-08-2015 22:07 via news.yahoo.com
  
  Much of the blame for the global stock market sell-off that began last week and carried over into Monday has been placed on China. A substantial slowdown in its industrial sector and clumsy management of the country’s stock market and currency have given investors pause and critics ammunition. On Monday morning, leading Republican presidential contender Donald Trump took to social media to predict that China could drive the U.S. into a depression.
  
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• US oil finishes below $40 for first time since 2009

  24-08-2015 22:00 via news.yahoo.com
  
  Oil prices sank Monday, with the US crude benchmark finishing below $40 a barrel for the first time in six years on worries about China's weakening economy after an equities sell-off. "The petroleum markets are extending last week's decline along with global equity markets on Monday as worries over slowing Chinese economic growth intensified," said Tim Evans, energy markets strategist at Ciri Futures. Financial markets endured one of their worst days since the 2008 financial crisis, starting wit
  
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• Why You Should Ignore the Stock Market Sell-Off

  24-08-2015 21:58 via news.yahoo.com
  
  Here’s the best thing you can do if you’re worried that today’s tanking stock market is killing your returns: Nothing. Today’s morning selloff may have been bigger than any one-day point loss for the Dow, but it’s still doesn’t approach the magnitude of stock market crashes. “Volatility is a way of life when you’re investing in stocks,” says Wasif Latif, head of global multi-assets at USAA investments.
  
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• China's plunge has emerging market funds looking closer to home

  24-08-2015 21:56 via news.yahoo.com
  
  By David Randall, Ross Kerber and Tariro Mzezewa NEW YORK/BOSTON, Aug 24 (Reuters) - With Chinese stocks down nearly 9 percent on Monday and Latin American countries already hurting, some top-performing emerging market fund managers are throwing in the towel when it comes to playing once-hot overseas growth stories. Fund managers from Federated Investors Inc,, Wells Fargo & Co and Wasatch say they have been moving more money to companies in Mexico, Poland and India after China's stock market
  
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• China stock plunge smacks global shares, U.S. stocks dive

  24-08-2015 21:21 via news.yahoo.com
  
  World stock markets plunged on Monday after a near-9 percent dive in China shares and a tumble in oil prices, while U.S. stocks were on track to end the day with steep losses even after a striking comeback in a volatile day. A key measure of U.S. equity volatility, the CBOE Volatility Index, or VIX, shot above the 50 mark for the first time since 2009 before dropping back to 36 as U.S. investors turned their focus back to domestic issues.
  
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• The Silver Lining Behind Black Monday’s Stock Market Plunge

  24-08-2015 21:15 via news.yahoo.com
  
  The stock market opened with a thud Monday, with the Dow Jones Industrial Average quickly dropping more than 1,000 points and the S&P 500 selloff briefly reaching correction territory, more than 10 percent off its peak. The Chinese government has pulled back from propping up its stock market, but that primarily affects what UniCredit Global Chief Economist Erik F. Nielsen calls a “minuscule share of Chinese households” invested in the market.
  
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• Scientists Are Trying to Save Salad From the Drought

  24-08-2015 21:13 via news.yahoo.com
  
  For the last four years, California has been dreaming of water. Gov. Jerry Brown officially declared a state of emergency in 2014, followed by a mandatory water reduction of 25 percent in urban areas. But the water saved by digging up lawns and installing new showerheads hasn’t helped farmers who have let an estimated 540,000 acres of land go fallow, resulting in a total economic loss of $2.7 billion, according to a report by the California Department of Food and Agriculture.
  
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• Canadian oil stocks hit hard on markets

  24-08-2015 21:04 via news.yahoo.com
  
  Already hurting because of low oil prices, Canadian oil and gas companies are being hit hard on the stock market. Stock markets around the globe suffered huge losses, although some were able to rebound. Calgary-based oil and gas company Encana had its shares dip to $7.44, their lowest level since the company was created through a merger in 2002.
  
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• Exclusive: DoubleLine's Gundlach says U.S. equity markets face another major leg down

  24-08-2015 20:54 via news.yahoo.com
  
  By Jennifer Ablan NEW YORK (Reuters) - DoubleLine Capital co-founder Jeffrey Gundlach, widely followed for his investment calls, warned on Monday that the U.S. equity markets face another round of selling pressure. "The U.S. stock market is in a mode of uncertainty, at best," Gundlach said in a telephone interview with Reuters. The market is wounded and it takes time for people to get around to feeling good again." U.S. stocks staged a stunning recovery on Monday after the S&P 500 and the Na
  
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• France, Germany shrug off markets rout over China woes

  24-08-2015 20:51 via news.yahoo.com
  
  France and Germany on Monday shrugged off a rout in world markets over China's slowing growth, with French President Francois Hollande saying that the global economy was "strong enough" to withstand any such downturn. "The world economy is strong enough to also have prospects for growth which are not simply linked to the situation in China," Hollande told reporters, on the sidelines of a meeting in Berlin with German Chancellor Angela Merkel and Ukraine President Petro Poroshenko.
  
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• Brazil VP drops liaison role, remains in Rousseff gov't: sources

  24-08-2015 20:47 via news.yahoo.com
  
  By Leonardo Goy BRASILIA (Reuters) - Brazilian Vice President Michel Temer has decided to drop his role as day-to-day political coordinator in Congress for President Dilma Rousseff but is not leaving her government, two sources in the administration said on Monday. Temer is an important ally of the embattled Rousseff and his decision will further hamstring the unpopular president, who is facing calls for her resignation or impeachment as the economy flounders. The sources, who asked not to be na
  
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• Wall Street reduces losses after Apple rebounds

  24-08-2015 20:41 via news.yahoo.com
  
  The Dow Jones industrial average briefly slumped more than 1,000 points, its biggest point-drop ever. The Dow has never lost more than 800 points in a day. Apple slid as much as 13 percent before recovering most of that loss to trade 0.4 percent lower at $105.30.
  
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• DJ Calvin Harris outdoes Jennifer Lawrence with $66 million earnings

  24-08-2015 20:40 via news.yahoo.com
  
  Scotland's Calvin Harris on Monday topped a Forbes list of the world's highest paid DJs, earning an estimated $66 million in an annual payday that surpassed "Hunger Games" actress Jennifer Lawrence and reflected the explosion of electronic dance music (EDM). Harris, 31, a record producer who has worked with the likes of Rihanna and Ne-Yo, saw his 2014 album "Motion" debut at the top of the U.S. dance charts. Harris's estimated haul of $66 million from his music work and endorsements earned him m
  
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• Apple's Cook reassures investors on China, stock boomerangs

  24-08-2015 20:12 via news.yahoo.com
  
  Apple Inc's Chief Executive Tim Cook took an unusual step of reassuring shareholders on Monday in comments to CNBC about the iPhone maker's business in China ahead of a dramatic 13 percent drop and rebound in its stock that put it in positive territory. Chinese consumers are critical to fueling demand for iPhones, and a slump in the country's stock market and Beijing's recent devaluation of the yuan have shaken Apple investors already worried about slowing growth in the world's No. 2 economy. Wi
  
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• Wall Street's early slide points to selling climax, buyers jump in

  24-08-2015 20:10 via news.yahoo.com
  
  In a matter of five sessions, sentiment shifted dramatically on Wall Street and seemed to climax early on a volatile Monday, when the S&P fell as much as 12.5 percent from its record intraday high set last May, and the Dow Jones industrial average, fell 1,089 points shortly after the opening bell. In mid-afternoon trading, major Wall Street indexes were still down more than 2 percent. "We are unlikely to be going into a bear market," said Jason Ware, chief investment officer at Albion Financ
  
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• DJ Calvin Harris outdoes Jennifer Lawrence with $66 mln earnings

  24-08-2015 20:07 via news.yahoo.com
  
  Scotland's Calvin Harris on Monday topped a Forbes list of the world's highest paid DJs, earning an estimated $66 million in an annual payday that surpassed "Hunger Games" actress Jennifer Lawrence and reflected the explosion of electronic dance music (EDM). Harris, 31, a record producer who has worked with the likes of Rihanna and Ne-Yo, saw his 2014 album "Motion" debut at the top of the U.S. dance charts. Harris's estimated haul of $66 million from his music work and endorsements earned him m
  
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• De Beers cuts diamond prices to boost demand

  24-08-2015 20:06 via news.yahoo.com
  
  De Beers, the world's biggest diamond producer, has lowered prices by as much as nine percent to boost sales, Bloomberg News said Monday quoting three unnamed sources. The move came amid a wider commodities slump, with global stock markets plunging over fears of an economic slowdown in China, a key growth sector for diamond sales. "The industry is in a very precarious position, it could go either way," Kieron Hodgson, an analyst at Panmure Gordon in London, told Bloomberg.
  
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• China stock plunge hits world markets, but U.S. stocks stabilize

  24-08-2015 20:03 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - World stock markets plunged on Monday after a near-9 percent dive in China shares, but commodities and the dollar pared losses and U.S. stocks staged a striking comeback in a volatile session after European markets closed. A key measure of U.S. equity volatility, the CBOE Volatility Index, or VIX, shot above the 50 mark for the first time since 2009 before dropping back to 33 as U.S. investors turned their focus back to domestic U.S. issues. "With those marke
  
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• AP survey: Dimmer outlook for US economy, wages and hiring

  24-08-2015 19:52 via news.yahoo.com
  
  WASHINGTON (AP) — For much of the economy's fitful and sluggish six-year recovery from the Great Recession, analysts have foreseen a sunnier future: Growth would pick up in six months, or in a year.
  
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• Wall Street stages dramatic comeback as Apple rebounds

  24-08-2015 19:51 via news.yahoo.com
  
  The Dow Jones industrial average briefly slumped more than 1,000 points, its biggest point-drop ever. The Dow has never lost more than 800 points in a day. "There was some panic selling that came out of Europe and the selloff was overdone but a lot of institutional investors are seeing this as a buying opportunity," said Michael Joyce, President of JoycePayne Partners.
  
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• US crude flirts with close of under $40 a barrel

  24-08-2015 19:47 via news.yahoo.com
  
  NEW YORK (AP) — Oil prices are continuing to slide on fears of a slowdown in the world economy, with U.S. crude on pace to close at under $40 a barrel for the first time since the days of the global economic crisis.
  
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• Brazil VP drops liaison role, remains in Rousseff government: source

  24-08-2015 19:39 via news.yahoo.com
  
  By Leonardo Goy BRASILIA (Reuters) - Brazilian Vice President Michel Temer has decided to drop his role as day-to-day political coordinator in Congress for President Dilma Rousseff but is not leaving her government, a source in the administration said on Monday. Temer is an important ally of the embattled Rousseff and his decision will further hamstring the unpopular president, who is facing calls for her resignation or impeachment as the economy flounders. The source, who asked not to be named,
  
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• U.S. inflation probably lower than reported, Fed study says

  24-08-2015 19:24 via news.yahoo.com
  
  U.S. inflation in the first half of the year was probably "markedly lower" than reported, but policymakers are unlikely to set interest rates incorrectly as a result, according to an analysis published Monday by the San Francisco Federal Reserve Bank. Researchers at the regional Fed bank had earlier found that the very weak readings for economic growth in the early part of the year were likely due to inadequate adjustments for seasonal fluctuations, and that true economic growth was probably muc
  
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• Obama briefed on global financial markets developments: White House

  24-08-2015 19:17 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. President Barack Obama has been briefed on developments in global financial markets, the White House said on Monday after world stock markets plunged. White House spokesman Josh Earnest said that the U.S. economy is strong and that U.S. officials continue to urge China to pursue financial reforms, including moving toward a more market-determined exchange rate for its currency. (Reporting by Roberta Rampton, Susan Heavey, Jeff Mason; Editing by Emily Stephenson)
  
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• Oil sinks as China fears roil markets

  24-08-2015 19:00 via news.yahoo.com
  
  Crude oil prices sank Monday after a plunge in Chinese equities raised fresh fears about China's faltering economy, the largest consumer of energy, and its impact on the global economy. The Shanghai stock market's 8.5 percent dive Monday, its steepest in eight years, roiled markets worldwide, hammering stocks, the dollar and commodities. Oil prices struck new six-year lows in the sell-off as concerns mounted about demand in China, the world's second-largest economy and consumer of crude oil afte
  
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• South Africa's rand tumbles to all-time low

  24-08-2015 18:53 via news.yahoo.com
  
  The currency has been under sustained pressure lately and is one of the worst hit out of 25 emerging market peers as jittery investors dispose of high-risk assets in the wake of slowing economic growth in China. South Africa's central bank issued a statement saying it would consider intervening in the foreign exchange market "to ensure orderly market conditions". "Developments in South African markets in recent days are largely a response to external factors," it added.
  
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• Wall Street pares losses as Apple rebounds

  24-08-2015 18:49 via news.yahoo.com
  
  U.S. stocks staged a dramatic recovery off their lows on Monday, helped by a turnaround in Apple's shares, but the three main indexes remained in or within spitting distance of correction territory amid fears China's growth is slowing. The Dow Jones industrial average - which fell into the correction zone on Friday - briefly slumped more than 1,000 points, its biggest point-drop ever. At midday, the Dow was down about 243 points or 1.48 percent as bargain hunters stepped in.
  
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• Nigeria's Buhari orders investigation into defense purchasing

  24-08-2015 18:44 via news.yahoo.com
  
  Nigeria's president has ordered an investigation into military hardware purchases under his two predecessors to try to root out corruption and fulfill his election promise of stopping Islamist group Boko Haram's insurgency, the presidency said on Monday. President Muhammadu Buhari has told the National Security Adviser (NSA) to set up a panel to look into defense procurement over the past eight years, when the People's Democratic Party was in power, his spokesman Femi Adesina said in a statement
  
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• China stock plunge hits world stocks, dollar; U.S. stabilizes

  24-08-2015 18:25 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - World stock markets plunged on Monday, after a near 9 percent dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exits. The Standard & Poor's 500 index was down by a similar margin after the U.S. benchmark earlier dropped nearly 10 percent below its record. A key measure of U.S. equity volatility, the CBOE Volatility Index, or VIX, shot above the 50 mark for the first time since 2009, and the New York
  
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• US Markets Rebound After Opening Plunge

  24-08-2015 18:16 via news.yahoo.com
  
  The US stock market has rebounded slightly following an early trading plunge in the wake of a big drop in Chinese stocks. Driven by growing fears about a slowdown in China, the US stock market suffered its biggest one-day drop in nearly four years on Friday. A big sell-off in Chinese stock on Monday caused the rout to continue.
  
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• Don't Panic Over Dow's 1,089 Plunge and Definitely Don't Sell

  24-08-2015 17:51 via news.yahoo.com
  It’s a rookie mistake to yank money out of a falling stock market, here’s why…
  
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• Oil plunges on China worry, pares losses in volatile trade

  24-08-2015 17:50 via news.yahoo.com
  
  By Robert Gibbons NEW YORK (Reuters) - Crude oil futures fell sharply to fresh 6-1/2-year lows on Monday, then pared losses in volatile trading as a dive in Chinese equities sparked more fears of drastically curbed oil consumption even as a supply glut pressures prices. A near 9-percent tumble in China shares roiled global markets and sent the Dow Jones Industrial Average down more than 1,000 points in early trading, before Wall Street pared losses.
  
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• Commodities rocked by Chinese demand fears

  24-08-2015 17:48 via news.yahoo.com
  
  Most commodities suffered dramatic price declines Monday, with oil plumbing new lows as worries intensified that China's economic slowdown would slash demand from the world's top consumer of many raw materials. "The steep fall in commodities today is all down to bearish sentiment about China with the huge rout in its equities market," Daniel Ang, investment analyst at Phillip Futures in Singapore, told AFP. "Investors are fearing further price drops in commodities and are channelling funds to sa
  
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• Apple's China business strong in July and Aug: Cook to CNBC

  24-08-2015 17:36 via news.yahoo.com
  
  Apple Inc's China business experienced "strong growth" in July and August, Chief Executive Tim Cook told CNBC on Monday, seeking to assuage investor concerns over the company's prospects in a market considered critical for its growth. IPhone activations in China had accelerated over the past few weeks and the App Store in China had its best performance of the year over the past two weeks, Cook told CNBC in an emailed response to questions about Apple's business in China. A slump in China's stock
  
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• German entrepreneurs use business to fight hostility to refugees

  24-08-2015 17:29 via news.yahoo.com
  
  By Caroline Copley DRESDEN, Germany (Reuters) - Ashamed by the rise of anti-Islam group PEGIDA in Dresden at the end of last year, local businesswoman Viola Klein was determined to send a signal that not everyone in the eastern German city was hostile to immigrants. "We spoke with our staff and said we have to do something to counter the view that foreigners have no business here," said Klein, manager of software developer Saxonia Systems, which has funneled between 80,000 and 100,000 euros ($92
  
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• BUZZ-Healthcare stocks: Down on market selloff

  24-08-2015 17:24 via news.yahoo.com
  
  ** Shares of healthcare companies including drugmakers and biotechnology therapy developers fall about 3 pct as Wall Street opens sharply lower ** More than 8 pct drop in Chinese shares, selloff in oil ...
  
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• Wall Street pares losses but still down sharply

  24-08-2015 17:18 via news.yahoo.com
  
  Wall Street pared some losses on Monday after the Dow Jones industrial average lost more than a 1,000 points in volatile trading following a steep drop in Chinese shares and a selloff in oil and other commodities. The Dow, which was down 325 points in mid-morning trading, has never lost more than 800 points in a day. With Monday's selloff, the Nasdaq composite joined the Dow in sliding into correction territory.
  
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