Finance news

• Eying volatile markets, Obama urges Congress to pass budget

  27-08-2015 23:59 via news.yahoo.com
  
  President Barack Obama said on Thursday urged the Congress to avoid contributing to global economic uncertainty and quickly pass a budget before a deadline at the end of September to prevent a government shutdown. Obama called the U.S. economy "an anchor of global strength and stability" but said a down-to-the-wire budget drama would hurt momentum and add to strains in the global economy. There's been a lot of reports in the news, and stock markets swinging, and worries about China and about Eur
  
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• UPDATE 1-Eying volatile markets, Obama urges U.S. Congress to pass budget

  27-08-2015 23:52
  NEW ORLEANS, Aug 27 (Reuters) - President Barack Obama said on Thursday urged the U.S. Congress to avoid contributing to global economic uncertainty and quickly pass a budget before a deadline at the...
  
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• BNY Mellon's fund pricing glitch may persist into weekend

  27-08-2015 23:46
  
  BOSTON/NEW YORK (Reuters) - BNY Mellon Corp's computer snafu in calculating the prices of mutual funds and exchange-traded funds could extend into the weekend, prolonging confusion over the price of...
  
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• Freeport-McMoRan cuts more spending; Icahn discloses stake

  27-08-2015 23:42 via news.yahoo.com
  
  PHOENIX (AP) — Activist investor Carl Icahn said late Thursday that he has taken an 8.5-percent stake in Freeport-McMoRan, just hours after the mining company announced cost cuts and lower spending in response to declining copper prices and soft economic conditions worldwide.
  
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• U.S.-based stock funds post $17.8 bln outflows in latest week - Lipper

  27-08-2015 23:33
  NEW YORK, Aug 27 (Reuters) - Investors in U.S.-based funds pulled $17.8 billion out of stock funds in the week ended Aug. 26, marking the biggest weekly outflows since mid-December of last year, data...
  
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• Obama: U.S. has best economic cards amid 'volatile few weeks'

  27-08-2015 23:20
  NEW ORLEANS, Aug 27 (Reuters) - President Barack Obama said on Thursday that the United States economy is strong and urged the U.S. Congress to quickly pass a budget and prevent a government shutdown...
  
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• Markets rebound from China slump, strong U.S. data helps

  27-08-2015 23:09 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - Stock markets around the world rallied on Thursday, shaking off a slump related to China growth fears, as strong U.S. economic data boosted investor sentiment and crude oil rebounded sharply. All three major U.S. indexes closed up more than 2 percent, putting them higher for the week, following share rebounds in China and Europe. "Can the U.S. economy prove the naysayers wrong?
  
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• Falling prices, not markets, the real headache for Chinese firms

  27-08-2015 23:06 via news.yahoo.com
  
  By Sue-Lin Wong and Pete Sweeney NINGHAI, China (Reuters) - The dramatic collapse of China's stock markets has shaken global investors, but for Chinese factory executives the real problem is a decline of another kind - the remorseless erosion of profits thanks to nearly four years of price deflation. While the stock market rollercoaster of the past 12 months has hogged headlines, Chinese manufacturing has been stagnating slowly but inexorably for more than three years, with wholesale prices slid
  
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• CANADA FX DEBT-C$ strengthens as oil vaults more than 10 percent

  27-08-2015 22:55
  (Updates with strategist comment, fresh details and closing figures) * Canadian dollar at C$1.3218, or 75.65 U.S. cents * Bond prices mostly higher across the maturity curve By Solarina Ho TORONTO,...
  
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• Wall St. logs biggest two-day gain since financial crisis

  27-08-2015 22:53 via news.yahoo.com
  
  Wall Street rallied more than 2 percent on Thursday as strong U.S. economic data and hints that a September interest-rate hike was unlikely fuelled optimism that the worst of recent market turmoil was over. The Dow Jones industrial average scored its biggest two-day percentage gain since 2008, while the S&P 500 and Nasdaq Composite racked up their biggest two-day increases since 2009.
  
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• Icahn targets struggling miner Freeport-McMoran with 8.5 percent stake

  27-08-2015 22:34
  
  (Reuters) - Activist investor Carl Icahn disclosed an 8.5 percent stake in miner Freeport-McMoran Inc, saying the company was undervalued and needed to address several corporate governance and...
  
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• UPDATE 1-Californians cut water use 31 percent in July, beating target

  27-08-2015 22:33
  SAN FRANCISCO, Aug 27 (Reuters) - Drought-stricken California cut urban water use statewide by 31.3 percent during July, exceeding a government mandate to reduce consumption by 25 percent for a...
  
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• GLOBAL MARKETS-Markets rebound from China slump, strong U.S. data helps

  27-08-2015 22:28
  * Eyes on central banker meeting in Jackson Hole (Updates with closing prices, adds commentary)
  
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• SunGard apologizes for fund pricing glitch at BNY Mellon

  27-08-2015 22:26
  , (Reuters) - Financial services software provider SunGard apologized on Thursday for the collapse of an accounting system that disrupted the orderly flow of pricing on billions of dollars of assets...
  
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• Illinois budget consultant's work may continue-source

  27-08-2015 22:21
  CHICAGO, Aug 27 (Reuters) - A high-priced budget guru tapped by Illinois' governor earlier this year to whip the state's structurally imbalanced finances into shape may not be done when her contract...
  
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• Oil jumps 10 percent for biggest one-day gain since 2009

  27-08-2015 22:18 via news.yahoo.com
  
  NEW YORK (AP) — Oil soared more than 10 percent Thursday, its biggest one-day gain since March 2009, lifted by resurgent global stock markets and a report showing the U.S. economy grew faster than previously reported in the second quarter.
  
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• US stocks end sharply higher after Chinese market surges

  27-08-2015 22:12 via news.yahoo.com
  
  U.S. stocks are closing sharply higher after China's main stock index logged its biggest gain in eight weeks. A report also showed that the U.S. economy expanded at a much faster pace than previously estimated.
  
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• Wall Street ends near highs after strong data

  27-08-2015 22:11 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street rallied in a volatile session on Thursday, fuelled by optimism after strong U.S. economic data and by hints that a September interest-rate hike was unlikely. The Dow Jones industrial average rose 369.26 points, or 2.27 percent, to 16,654.77, the S&P 500 gained 47.16 points, or 2.43 percent, to 1,987.67 and the Nasdaq Composite added 115.17 points, or 2.45 percent, to 4,812.71. (Reporting by Noel Randewich; Editing by Nick Zieminski)
  
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• Exclusive: B&G Foods in the lead to buy General Mills' Green Giant - sources

  27-08-2015 22:11
  (Reuters) - Snack food company B&G Foods Incis in late-stage discussions to acquire General Mills Inc'sGreen Giant frozen and canned vegetable business, people familiar with the matter said on...
  
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• Wall St. ends near highs after strong data

  27-08-2015 22:10 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street rallied in a volatile session on Thursday, fueled by optimism after strong U.S. economic data and by hints that a September interest-rate hike was unlikely.
  
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• TREASURIES-U.S. bond prices slip on stock gains, GDP data

  27-08-2015 22:07
  * U.S. Q2 GDP revised up more than expected * U.S. yields rise to one-week highs before retreating * U.S. sells $29 bln 7-year notes to moderate demand * Fed's George backs 'wait and see' approach on...
  
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• A Q&A with Wall Street's top psychiatrist on market turmoil

  27-08-2015 22:07 via news.yahoo.com
  
  NEW YORK (AP) — When it seems like the stock market has lost its mind, big banks and investment firms often turn to one particular psychiatrist: Richard Peterson, CEO of MarketPsych, a firm that applies research from behavioral science to financial markets.
  
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• How the Stock Market’s Wild Swings Have Helped Homebuyers

  27-08-2015 21:59 via news.yahoo.com
  
  The sharp selloff in global markets, caused by the economic uncertainty in China, caused investors running for safety to buy up U.S. government bonds, driving interest rates down. Mortgage giant Freddie Mac said Thursday that the average for 30-year fixed-rate loans fell to 3.84 percent, with an average 0.6 points, over the week ending August 27. Just how long they stay there will be determined in part by when the Federal Reserve decides to raise interest rates for the first time since 2006.
  
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• Mexico president reshuffles cabinet, finance, interior mins stay put

  27-08-2015 21:45
  MEXICO CITY, Aug 27 (Reuters) - Mexico's President Enrique Pena Nieto reshuffled his cabinet on Thursday, moving his foreign minister into the social development ministry and keeping his finance and...
  
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• Oil prices jump more than 10% on strong US data

  27-08-2015 21:39 via news.yahoo.com
  
  World oil prices surged more than 10 percent Thursday after strong US economic growth data lifted confidence about the world's biggest economy and petroleum user. US benchmark West Texas Intermediate (WTI) for delivery in October jumped $3.96 to $42.56 a barrel. Both WTI and Brent closed up 10.3 percent from Wednesday's settlements.
  
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• COLUMN-From China: quantitative tightening: James Saft

  27-08-2015 21:35
  Aug 27 (Reuters) - Money is flowing out of China at a quickening pace, leading to Beijing selling currency reserves in what amounts to a global quantitative tightening.
  
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• Grenada will wrap up debt deal soon: IMF

  27-08-2015 21:34
  NEW YORK, Aug 27 (IFR) - Grenada is expected to conclude its debt restructuring in a matter of weeks, the International Monetary Fund said on Thursday following a recent visit to the country.
  
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• Stocks rebound from China slump, strong U.S. data helps

  27-08-2015 21:28 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - Stock around the world rallied on Thursday, shaking off a slump related to China growth fears, as strong U.S. economic data boosted investor sentiment and crude oil rebounded sharply. All three major U.S. indexes were up less than 1 percent in afternoon trade, trimming earlier gains, following share rebounds in China and Europe. The data came after New York Fed President William Dudley had said Wednesday that arguments for a September rate increase "seem less
  
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• GLOBAL MARKETS-Stocks rebound from China slump, strong U.S. data helps

  27-08-2015 21:22
  * Markets boosted by strong U.S. data, comments from Fed's Dudley
  
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• UPDATE 3-Greek judge appointed caretaker PM ahead of elections

  27-08-2015 21:11
  * Tsipras says won't cooperate with main opposition parties (Updates with swearing in and handover ceremony)
  
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• Wall Street surges for second day as China fears fade

  27-08-2015 21:01 via news.yahoo.com
  
  Wall Street rallied on Thursday as investors grew optimistic that the worst of recent market turmoil was over after strong U.S. economic data and hints that a September interest-rate hike was unlikely. The market had ended a 6-day losing streak on Wednesday after New York Fed President William Dudley said the case for a September hike was "less compelling" after recent market turmoil sparked by fears of slowing growth in China. Traders stuck with a view of a one-in-four chance that the Fed would
  
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• US oil jumps more than 10% to $42.56 a barrel

  27-08-2015 20:46 via news.yahoo.com
  
  New York (AFP) - US oil prices surged more than 10 percent Thursday, climbing back above $40 a barrel after strong American economic growth data lifted confidence about the world's biggest economy and petroleum user.
  
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• UPDATE 2-Brazil considers reinstating tax on financial transactions - sources

  27-08-2015 20:38
  BRASILIA/SAO PAULO, Aug 27 (Reuters) - The Brazilian government is considering reviving a financial transaction tax known as CPMF in a bid to shore up its finances in 2016, two sources close to...
  
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• Tiffany earnings fall as high costs, strong dollar bite

  27-08-2015 19:55 via news.yahoo.com
  
  The company, known for its pale blue boxes and iconic Tiffany Diamond, also forecast a surprise 2-5 percent decline in earnings for the year ending January. Tiffany's shares fell as much as 4.2 percent.
  
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• The US economy's second quarter went from solid to stellar

  27-08-2015 19:46 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. economy staged a far bigger rebound last quarter than first thought, outpacing the rest of the developed world and bolstering confidence that it will remain sturdy in coming months despite global headwinds.
  
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• Stocks soar after U.S. data, Fed official cools on rate hike

  27-08-2015 19:45 via news.yahoo.com
  
  NEW YORK (Reuters) - Stock markets around the world rallied on Thursday and crude oil rebounded sharply after strong U.S. economic data and hints from a U.S. Federal Reserve policymaker that a September interest rate hike was unlikely.
  
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• China official blames Fed for global market rout, not yuan

  27-08-2015 19:43 via news.yahoo.com
  
  Concerns over a possible U.S. rate rise by the Federal Reserve may have sparked a global stock market rout rather than the devaluation of China's yuan currency, a senior Chinese central bank official told Reuters on Thursday. Yao Yudong, head of the bank's Research Institute of Finance and Banking, said the U.S. central bank should delay any rate hike to give fragile emerging market economies time to prepare. "China's exchange rate reform had nothing to do with the global stock market volatility
  
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• Interview - China official blames Fed for global market rout, not yuan

  27-08-2015 19:42 via news.yahoo.com
  
  By Kevin Yao BEIJING (Reuters) - Concerns over a possible U.S. rate rise by the Federal Reserve may have sparked a global stock market rout rather than the devaluation of China's yuan currency, a senior Chinese central bank official told Reuters on Thursday. Yao Yudong, head of the bank's Research Institute of Finance and Banking, said the U.S. central bank should delay any rate hike to give fragile emerging market economies time to prepare.
  
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• US stocks extend recovery after Chinese market surges

  27-08-2015 19:26 via news.yahoo.com
  
  U.S. stocks moved sharply higher Thursday afternoon as investors took advantage of this week's big sell-off to add to their holdings. The stock market is rebounding from a sharp six-day slump that was triggered by concerns about the health of the Chinese economy.
  
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• Wall Street surges for second day on strong GDP data

  27-08-2015 19:22 via news.yahoo.com
  
  (Reuters) - U.S. stocks extended their rally on Thursday, raising hopes that the worst of Wall Street's recent turmoil was behind it, after further evidence that the economy was on a solid footing.
  
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• TRLPC: Peabody's secondary loan pricing steady despite restructuring reports

  27-08-2015 19:20
  NEW YORK, August 27 (Reuters) - US coal producer Peabody
  Energy's US$1.2bn term loan traded unchanged at around
  73-74 percent of face value in the US secondary loan market,
  loan traders said on...
  
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• Europe has 'means to resist' impact of China crisis: EU economics commissioner

  27-08-2015 19:14 via news.yahoo.com
  
  EU Economic Affairs Commissioner Pierre Moscovici said Thursday that Europe had the "means to resist" the impact of China's slowing economy. "The European economies have the means to resist what's happening in the Chinese markets," he told France's iTele. Slowing growth in the world's second largest economy has long kept investors on edge but China's shock devaluation of the yuan two weeks ago, following a string of weak economic data, has roiled global markets.
  
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• FTSE Rallies After See-Saw On Global Markets

  27-08-2015 19:04 via news.yahoo.com
  
  The FTSE has rallied and closed up 3.6% after a rollercoaster few days for the global markets sparked by jitters over China. Earlier, mainland China's main stock market, The Shanghai Composite, closed more than 5% higher, above the critical 3,000 level, and its highest jump in eight weeks.
  
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• Canada's Liberals take gamble, propose deficits to boost growth

  27-08-2015 19:01 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canada's opposition Liberals, trying to kick-start a sluggish election campaign, on Thursday took a political gamble by proposing to run budget deficits to help finance a major national infrastructure program. Prime Minister Stephen Harper - running mainly on his economic record ahead of the Oct 19 federal vote - says deficit spending would be disastrous. Liberal leader Justin Trudeau said low interest rates and Canada's favorable debt-to-GDP ratio meant now
  
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• Google rejects 'unfounded' EU antitrust charges of market abuse

  27-08-2015 18:53 via news.yahoo.com
  
  By Foo Yun Chee BRUSSELS (Reuters) - Google , the world's most popular Internet search engine, rejected on Thursday European Union antitrust charges that it abused its market power, saying they lacked any economic or legal basis. "Economic data spanning more than a decade, an array of documents and statements from complainants all confirm that product search is robustly competitive," Kent Walker, Google's general counsel, wrote in a blog. The comments coincide with the company's 150-page submiss
  
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• Oil jumps over 6 percent as shorts cover on risk rally, supply hits

  27-08-2015 18:03 via news.yahoo.com
  
  Oil rocketed more than 6 percent higher on Thursday in a snapback from a deep two-month slump as stock market rallies and news of diminished oil supplies drove a short-covering surge by bearish traders. In a global rush to risk that catapulted oil prices further away from this week's 6-1/2-year lows, world stock markets rose as Chinese shares recovered on hopes that government measures to stimulate the economy would pay off, while the dollar strengthened as risk aversion eased. The rally was aid
  
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• European stocks rise on upbeat US data

  27-08-2015 18:00 via news.yahoo.com
  
  Paris (AFP) - Europe's main stock markets rose Thursday, boosted by the latest US data showing the recovery is on track in the world's biggest economy.
  
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• (Corrected) South Africa concerned about impact of economic slowdown on revenue

  27-08-2015 17:50 via news.yahoo.com
  
  South Africa's government is concerned about its ability to raise revenue in the light of an economic downturn, Finance Minister Nhlanhla Nene said on on Thursday. Nene spoke two days after Statistics South Africa said the economy had shrunk for the first time in more than a year during the second quarter of 2015, as the key manufacturing and mining sectors contracted. The government, which has targeted a budget deficit of 3.9 percent of GDP for the 2015/16 fiscal year, would evaluate curbs on s
  
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• Canadian banks TD, CIBC quarterly profits top expectations

  27-08-2015 17:49 via news.yahoo.com
  
  By John Tilak TORONTO (Reuters) - Toronto Dominion Bank and Canadian Imperial Bank of Commerce on Thursday posted forecast-topping quarterly profits on robust growth in their domestic retail businesses even as both became the latest Canadian lenders to record jumps in bad loans tied to the energy sector. CIBC, Canada's fifth-largest bank, also raised its quarterly dividend, and its stock rose nearly 6 percent. Fears about how the energy industry slowdown would affect Canadian lenders and worries
  
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• Wall Street extends gains after strong GDP data

  27-08-2015 17:45 via news.yahoo.com
  
  "Today's GDP data shows that the U.S. economy's fundamentals are strong and are growing despite all the global headwinds," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts. The market surged on Wednesday after New York Fed President William Dudley said the case for a September rate hike seemed "less compelling" after recent market volatility due fears of slowing growth in China. The U.S. Federal Reserve, which meets on Sept. 16-17, has said it wil
  
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