Finance news

• TSX ends higher, helped by banks and energy shares

  25-08-2015 23:50 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index finished modestly higher on Tuesday after surging as much as 3 percent following China's decision to cut interest rates and banks' reserve requirement to kick-start economic growth. The Toronto Stock Exchange's S&P/TSX composite index ended up 98.19 points, or 0.75 percent, at 13,150.93. It had risen sharply at the open following Monday's global rout, as the People's Bank of China's 25 basis point cut in key rates and 50 basis p
  
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• Markets rally fizzles in US as China worries persist

  25-08-2015 23:46 via news.yahoo.com
  
  The global markets rebound fizzled out on Wall Street Tuesday as investors locked in gains and took cover from more possible turmoil. What appeared one hour before the close of New York trading as a solid comeback, after the global "Black Monday" onslaught of selling, turned into a sixth straight day of losses on US markets. Frankfurt and Paris closed up more than 4.0 percent, while London gained 3.09 percent.
  
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• Wall Street's rally goes up in smoke, indexes end lower

  25-08-2015 23:44 via news.yahoo.com
  
  The Dow has fallen 10.5 pct over the last five sessions, marking its biggest five-day fall since August 2011. "Investors are still concerned about exogenous growth and shifting Fed policy, and both of those are still on the table," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
  
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• UK Stock Market Fightback But US Suffers Falls

  25-08-2015 23:40 via news.yahoo.com
  
  The FTSE 100 index of Britain's leading shares has clawed back many of the big losses it sustained on so-called 'Black Monday' - boosted by a fresh interest rate cut in China. But America's Dow Jones ended down more than 200 points (over 1%), wiping out gains of around 2% earlier in the session after it suffered big losses the previous day . Beijing is to cut core interest rates in a renewed attempt to stimulate its slowing economy and help address a sell-off of Chinese shares.
  
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• Wall Street ends down after China rate cut fails to calm nerves

  25-08-2015 23:24 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - U.S. stocks ended down on Tuesday after sharply reversing early gains late in the session as investors were unconvinced China's move to cut to interest rates and banks' reserve requirements could ease global growth concerns. Wall Street trading was volatile and the S&P 500 ended down 1.4 percent after a late selloff following a gain of as much as 2.9 percent earlier in the day.
  
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• US stocks reverse in final hour; Dow falls 205 points

  25-08-2015 23:21 via news.yahoo.com
  
  A rally in U.S. stocks evaporated in the minutes before the closing bell Tuesday, sending the Dow Jones industrial average down more than 200 points and extending Wall Street's losing streak to six days.
  
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• After riding Internet wave, top China investor bets on hardware

  25-08-2015 23:18
  
  BEIJING/HONG KONG (Reuters) - Long before she became the first woman to figure in the top-10 on Forbes "Midas List" of leading venture capital investors this year, GGV Capital's Jenny Lee cut her...
  
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• UPDATE 4-Washington D.C. regulators reject Exelon-Pepco power merger

  25-08-2015 22:56
  WASHINGTON, Aug 25 (Reuters) - Utilities regulators for the District of Columbia on Tuesday denied Exelon Corp's $6.8 billion bid for Pepco Holdings Inc, dealing a major blow to a deal that would...
  
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• China struggles to keep economy on track to 'new normal'

  25-08-2015 22:36 via news.yahoo.com
  
  BEIJING (AP) — China's slump is shaking the world economy, turning a country long seen as a growth engine into a possible threat.
  
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• UPDATE 3-Bad oil-and-gas loans soar as BMO profit tops estimates

  25-08-2015 22:17
  TORONTO, Aug 25 (Reuters) - Bank of Montreal on Tuesday reported that bad oil-and-gas loans increased sharply in the third quarter as profit topped market expectations on growth in its wealth...
  
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• U.S. tax cuts don't pay for themselves -Republican-appointed official says

  25-08-2015 22:15 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - The new Republican-appointed director of the Congressional Budget Office delivered some bad news on Tuesday to the party's "Reaganomics" devotees: Tax cuts don't pay for themselves through turbocharged economic growth. Keith Hall, who served as an economic adviser to former President George W. Bush, made the pronouncement at his first news conference after the CBO reduced its 2015 budget deficit forecast by $60 billion. "No, the evidence is that tax cuts do
  
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• Oil recovers but still ends near six-and-a-half-year lows

  25-08-2015 22:05 via news.yahoo.com
  
  Oil rose as much as 3 percent on Tuesday as oversold conditions brought some buyers back to the market, but a lingering supply glut and worries about the slowing economy in top commodities consumer China kept crude prices near 6-1/2-year lows. China cut interest rates on Tuesday and lowered the amount of reserves banks must hold in its latest move to stimulate growth, aiding a recovery in European and Wall Street shares. "Forty dollars a barrel is not sustainable because only Middle East and som
  
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• Wall Street's sharp rally loses its edge

  25-08-2015 21:14 via news.yahoo.com
  
  Investors drove prices sharply higher from the opening bell but caution set in by the afternoon due to lingering concerns that a slowdown in China could hobble global growth, even after the country's central bank cut interest rates on Tuesday for the second time in two months. "They are trying to figure out what the slowdown in China means to the global economy," he said. Monday's pummeling pushed the S&P 500's valuation down to about 15 times expected earnings, compared to around 17 for muc
  
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• Georgia's lari sinks to 2015 low as foreign markets plummet

  25-08-2015 20:56 via news.yahoo.com
  
  The currency of ex-Soviet Georgia reached its lowest value this year on Tuesday following the nosedive of global markets over concerns about the Chinese economy. Russia's economic turmoil and volatility on international markets has sent shock waves through the small South Caucasian state and other former Soviet republics. Georgian Prime Minister Irakli Garibashvili called on the population to remain calm in light of the national currency's depreciation.
  
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• China rate cut gives stocks, oil, dollar relief; volatility high

  25-08-2015 20:47 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - Markets rebounded on Tuesday with world stocks, oil prices and bond yields all rising after China cut interest rates and banks' reserve requirements in a bid to kick-start its wavering economic growth. The dollar turned around Tuesday to rise 1.2 percent against a basket of major currencies as the stimulus boost to China economy renewed focus on U.S. economic data and a potential Federal Reserve rate hike this year. Monday's selloff was U.S. equities' steepes
  
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• Wall St. rally loses steam in afternoon trading

  25-08-2015 20:21 via news.yahoo.com
  
  Investors snapped up beaten-down stocks from the opening bell but caution set in by early afternoon amid lingering concerns that a slowdown in China could hobble global growth. "They are trying to figure out what the slowdown in China means to the global economy," he said. Financial markets got an early boost from China's second interest rate cut in two months.
  
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• Consumer confidence, housing data signal economy's resilience

  25-08-2015 19:41 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer confidence hit a seven-month high in August and new single-family home sales rebounded in July, suggesting underlying strength in the economy that could still allow the Federal Reserve to raise interest rates this year. "This is evidence of the 'some further improvement' in the economy that the Fed is waiting for to raise rates. The Conference Board said its consumer index jumped 10.5 points to 101.5 this month, the highest reading since Jan
  
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• Belarus' ruble takes a hit, hurt by Russia's economic woes

  25-08-2015 19:30 via news.yahoo.com
  
  MINSK, Belarus (AP) — The currency of Belarus is taking a sharp hit, falling about 5 percent in one day as its giant neighbor Russia is battered by economic troubles.
  
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• Sorrell: China's Stock Market Bubble Has Burst

  25-08-2015 19:26 via news.yahoo.com
  
  A long-term "impairment" in China's growth rates would have "very significant implications" for the global economy, according to the chief executive of one of Britain's biggest investors in China. Speaking exclusively to Sky News, Sir Martin Sorrell, whose WPP Group employs 15,000 people in China, said the continuing slump in Shanghai's main share index reflected "concern about the unrealistic boom in Chinese share prices". "This doesn’t change my thinking (about long-term investment in Ch
  
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• Hedge funds put brave face on stocks turmoil, some see bargains

  25-08-2015 19:07
  
  By Svea Herbst-Bayliss, Lawrence Delevingne and Tim McLaughlin
  
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• Russia's biggest air show hurt by economic crisis, sanctions

  25-08-2015 18:53 via news.yahoo.com
  
  By Gleb Stolyarov ZHUKOVSKY, Russia (Reuters) - Russian civil aviation companies face a disappointing week at the country's largest air show that opened on Tuesday as economic crisis and Western sanctions take a heavy toll on order books and scare away many foreign firms. By contrast, demand for Russian military aircraft is booming and the biennial MAKS air show is increasingly being used to showcase the country's military might. According to Russian media, Russia and Iran will sign a $1 billion
  
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• Numis upgrades Investec to 'buy' and cuts earnings forecasts

  25-08-2015 18:53 via news.yahoo.com
  
  (ShareCast News) - Analysts at Numis have upgraded Investec to 'buy' from 'hold' and said the dual listed bank was undervalued.
  
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• As Tax Payments Rise, 2015 Deficit Will Be Smallest in 8 Years

  25-08-2015 18:46 via news.yahoo.com
  
  As the stock market began recovering from its “Black Monday” upheaval, the non-partisan Congressional Budget Office released a soothing report on Tuesday projecting that this year’s budget deficit will be even smaller than previously thought and that the U.S. economy is on track to grow by a healthy 3.1 percent in 2016. The deficit in the fiscal year ending Sept. 30 will total $426 billion, according to CBO, or $59 billion below what it was last year — and $60 billion sma
  
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• European shares end up 4 pct after China cuts rates

  25-08-2015 18:39 via news.yahoo.com
  
  European shares rose more than 4 percent on Tuesday, their best one-day gain since late 2011, as a rate cut in China fuelled a recovery from a bruising 48-hour sell-off. Battered mining and technology stocks were among the big winners when China moved to support its stuttering economy and a plunging stock market that had sent shockwaves around the globe. China's woes have led to fears of fresh deflationary pressures around the world.
  
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• UPDATE 1-Greece's Syriza projects election confidence despite split

  25-08-2015 18:38
  * Breakaway party appeals for more defectors (Adds leftist leader, opposition quotes)
  
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• Spooked investors seek other havens over gold, for now

  25-08-2015 18:32 via news.yahoo.com
  
  By Jan Harvey LONDON (Reuters) - Gold has failed to rally in the face of China's stock market crisis as investors, scorched by a brutal end to the market's 12-year bull run, chose cash and bonds for safety over bullion while they seek clarity on the timing of a U.S. rate increase. As a broad rule, bullion tends to benefit from stock market weakness as an alternative asset, but previous equity crashes show the initial price response can be to fall. "In 2008, when Lehman Brothers collapsed, we saw
  
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• UPDATE 1-Devaluation fears push Argentine peso to record low on black market

  25-08-2015 18:30
  BUENOS AIRES, Aug 25 (Reuters) - Argentina's peso currency weakened to a record low of 16.0 per U.S. dollar on the black market on Tuesday, currency traders said, as investors and savers bet on a...
  
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• Britain's FTSE posts biggest daily rise since 2011 after China cuts rates

  25-08-2015 18:30
  * RSA rallies after bid from Zurich (Adds quotes, closing prices)
  
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• Dubai, Saudi markets make gains after sell-offs

  25-08-2015 18:28 via news.yahoo.com
  
  DUBAI, United Arab Emirates (AP) — Saudi Arabia's stock market closed more than 7 percent higher and Dubai's main index inched up more than 4 percent on Tuesday after several days of sell-offs on the back of a further slide in oil prices and investor concerns over China's economy.
  
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• US open: Dow jumps over 300 points as Wall Street rebounds from worst day since 2011

  25-08-2015 18:18 via news.yahoo.com
  
  (ShareCast News) - US equities rebounded firmly early Tuesday, as Wall Street looked to bounce back from its worst day in four years.
  
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• Oil rebounds but still near 6-1/2-year lows

  25-08-2015 18:13 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil rose more than 3 percent on Tuesday as oversold conditions brought some buyers back to the market, but a lingering supply glut and worries about the slowing economy in top commodities consumer China kept crude prices near 6-1/2-year lows. China cut interest rates on Tuesday and lowered the amount of reserves banks must hold in its latest move to stimulate growth, aiding a recovery in European and Wall Street shares.
  
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• Oil rebounds but still near six-and-a-half-year lows

  25-08-2015 18:12 via news.yahoo.com
  
  Oil rose more than 3 percent on Tuesday as oversold conditions brought some buyers back to the market, but a lingering supply glut and worries about the slowing economy in top commodities consumer China kept crude prices near 6-1/2-year lows. China cut interest rates on Tuesday and lowered the amount of reserves banks must hold in its latest move to stimulate growth, aiding a recovery in European and Wall Street shares.
  
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• Portuguese government sees good news in higher tax revenue

  25-08-2015 18:10 via news.yahoo.com
  
  LISBON, Portugal (AP) — Portugal's center-right government is citing a jump in tax revenue as evidence the economy is growing and proof that its crackdown on tax evasion is working.
  
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• Euronext cash, derivatives orders hit record highs on Aug 24

  25-08-2015 18:01
  LONDON, Aug 25 (Reuters) - Stock exchange Euronext said on Tuesday it saw record trading volumes on Monday, during a global financial sell-off.
  
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• GLOBAL MARKETS-Stocks, oil, dollar rise after China cuts rates

  25-08-2015 17:59
  * Market rebounds on cut in China rates, reserve requirements
  
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• UPDATE 1-U.S. appeals court rules against New Jersey sports betting law

  25-08-2015 17:57
  NEW YORK, Aug 25 (Reuters) - A U.S. appeals court on Tuesday ruled against a New Jersey law authorizing sports gambling in the state, upholding a lower court ruling that voided the state's repeal of...
  
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• South Africa's economy contracts, risk of recession grows

  25-08-2015 17:57 via news.yahoo.com
  
  By Mfuneko Toyana PRETORIA (Reuters) - South Africa's economy shrank for the first time in more than a year during the second quarter of 2015, raising the risk that labour disputes and slowing Chinese demand for commodities could push it towards recession. Gross domestic product in Africa's most industrialised economy shrank by 1.3 percent in the second quarter after growing 1.3 percent in the first three months of the year, Statistics South Africa said on Tuesday. This was the first quarter-on-
  
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• MOVES-UBS hires Downie as head of EMEA liability management

  25-08-2015 17:56
  LONDON, Aug 25 (IFR) - UBS has hired Sarah Downie as head of liability management within its Europe, Middle East and Africa debt capital markets business, according to an internal memo seen by...
  
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• Europe blue-chip shares on the cheap? Think again

  25-08-2015 17:52 via news.yahoo.com
  
  By Lionel Laurent LONDON (Reuters) - Stock markets are rebounding after a bruising 48-hour sell-off. Powe said a company such as Fielmann , a German spectacles maker with a market value of 4.6 billion euros ($5.27 billion), was an example of a better bet in the long run.
  
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• U.S. sells 1-month bills at higher interest rate

  25-08-2015 17:40
  NEW YORK, Aug 25 (Reuters) - The U.S. Treasury Department on Tuesday sold $40 billion of one-month bills at an interest rate of 0.045 percent, up slightly from last week's auction at an interest rate...
  
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• Gulf stocks rise after sell-off over oil prices

  25-08-2015 17:39 via news.yahoo.com
  
  Stock markets in the Gulf on Tuesday recovered some of the heavy losses suffered this week due to a panic sell-off sparked by falling oil prices. Market leader Emaar Properties gained 3.43 percent after losing 8.31 percent on Sunday. Arabtec Construction group, whose stocks dropped a 9.6 percent on Sunday, nearing its 10-percent daily limit, recovered by 9.94 percent on Tuesday.
  
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• China rate cut, data surprises send euro zone yields rocketing

  25-08-2015 17:37
  * Traders say poor liquidity exacerbating moves (Updates prices, adds quote)
  
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• New home sales rise; consumer confidence at seven-month high

  25-08-2015 17:26 via news.yahoo.com
  
  New U.S. single-family home sales rebounded in July and consumer confidence increased to a seven-month high in August, pointing to underlying strength in the economy that could still allow the Federal Reserve to raise interest rates this year. In a second report, the Conference Board said its consumer index jumped to 101.5 this month, the highest reading since January, amid optimism over the labor market. A global stock market sell-off, sparked by slowing economic growth in China, and renewed we
  
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• CBO says U.S. revenue gains push down deficit, delay default

  25-08-2015 17:26 via news.yahoo.com
  
  The U.S. budget deficit is likely to fall by $60 billion in 2015 due to strong revenue gains, the Congressional Budget Office said on Tuesday, enabling the government to stave off default without a debt limit hike perhaps through early December. The CBO said it now estimates a $426 billion deficit for fiscal year 2015, down from its $486 billion forecast made in March. The new forecast would bring the deficit to its lowest dollar amount since 2007, and as a 2.4 percent share of U.S. economic out
  
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• RPT-U.S. appeals court rules against New Jersey sports betting law

  25-08-2015 17:23
  NEW YORK, Aug 25 (Reuters) - A U.S. appeals court on Tuesday ruled against a New Jersey law authorizing sports gambling in the state, according to a court ruling, upholding a lower court ruling that...
  
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• UPDATE 2-CBO says U.S. revenue gains push down deficit, delay default

  25-08-2015 17:21
  WASHINGTON, Aug 25 (Reuters) - The U.S. budget deficit is likely to fall by $60 billion in 2015 due to strong revenue gains, the Congressional Budget Office said on Tuesday, enabling the government...
  
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• Wall Street posts biggest rally of the year

  25-08-2015 17:19 via news.yahoo.com
  
  U.S. stocks posted their sharpest rally of the year on Tuesday, as investors sought out bargains a day after Wall Street's worst performance in four years on fears China's economy was slowing. Markets also got a shot of good news with China's second interest rate cut in two months. The Nasdaq composite index led the way with a 3.2 percent rise, boosted by Apple's 5.7 percent gain to $108.96.
  
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• Mexico cenbank sells $200 mln at daily auction

  25-08-2015 17:19
  MEXICO CITY, Aug 25 (Reuters) - The central bank of Mexico sold $200 million on Tuesday at an average price of 16.9652 pesos per dollar, the bank said, part of an auction program to boost foreign...
  
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• 'India can withstand China impact by staying on reform path'

  25-08-2015 17:12 via news.yahoo.com
  
  Mumbai, Aug 25 (IANS) The Indian economy can withstand the fallout of events in China like Monday's biggest stock market plunge, with the reform measures taken by the government and Reserve Bank of India progressing in the right direction, RBI deputy governor S.S.Mundra said on Tuesday. "In the medium to long-term, we are on the right path from the viewpoint of where we were two years ago and where we are today," Mundra told reporters on the sidelines of industry chamber FICCI-Indian Banks'Assoc
  
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• Fewest net shorts in U.S. Treasuries in a month-JP Morgan

  25-08-2015 17:05
  NEW YORK, Aug 25 (Reuters) - The weekly number of investors who are bearish on longer-dated U.S. Treasuries led their bullish counterparts by the smallest margin in a month, according to a J.P....
  
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