Finance news

• Presidential contenders focus on Puerto Rico fiscal crisis

  03-09-2015 23:59 via news.yahoo.com
  
  By Megan Davies NEW YORK (Reuters) - Puerto Rico is getting attention from 2016 presidential hopefuls, who are making early stops in the U.S. territory, likely in part due to the rapidly growing number of Puerto Ricans living in the key battleground state of Florida. Contenders for the White House, such as Democrat Hillary Clinton and Republican Marco Rubio, are scheduled on Friday to visit the island, which is trying to dig itself out of a wrenching fiscal crisis. While Puerto Rico's residents
  
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• G20 finance ministers meet in Turkey as China casts clouds over growth

  03-09-2015 23:51 via news.yahoo.com
  
  By David Dolan and Asli Kandemir ANKARA (Reuters) - When the Group of 20 finance ministers and central bankers meet on Friday in Turkey, China's market turmoil is likely to be the biggest problem they do nothing about. Slower growth in China and rising market volatility have boosted the risks to the global economy, staff of the International Monetary Fund warned on Wednesday, citing a mix of potential dangers such as depreciating emerging market currencies and tumbling commodity prices.
  
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• S&P 500 edges upward before U.S. jobs data; euro eases on ECB outlook

  03-09-2015 23:43 via news.yahoo.com
  
  Stocks edged higher on Wall Street in another volatile session on Thursday while the euro fell 1 percent on a darkening euro zone outlook as investors grew cautious ahead of the closely watched U.S. monthly jobs report. Global stock markets rallied earlier following a pledge from European Central Bank President Mario Draghi to beef up or prolong the bank's economic stimulus if necessary. The comments came as the bank cut its inflation and growth forecasts for the euro zone and weighed on the eur
  
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• Wall Street rises in volatile session ahead of jobs data

  03-09-2015 22:56 via news.yahoo.com
  
  Major U.S. indices at one point rose strongly over 1 percent but relinquished those gains to dip into negative territory as worries about China's economy weighed on traders' minds, though the Dow Jones industrial average and S&P 500 managed to hold on to end modestly higher. It was the second consecutive day of increases after over two weeks of China-driven market turmoil that has left the S&P 500 down 9 percent from its all-time high in May. European Central Bank chief Mario Draghi hint
  
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• Euro falls on ECB outlook; S&P 500 pares gains as focus on jobs data

  03-09-2015 22:33 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The euro fell 1 percent on Thursday on a darkening euro zone outlook, while U.S. stocks pared sharp early gains to end barely higher as investors grew cautious ahead of Friday's August jobs report. Global stock markets rallied earlier in the session following a pledge from European Central Bank President Mario Draghi to beef up or prolong the bank's economic stimulus if necessary. Nervousness ahead of the U.S. Labor Department's monthly jobs report o
  
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• Hedge funds Maverick, Tiger Ratan up double digits for YTD

  03-09-2015 22:21
  BOSTON (Reuters) - The average hedge fund manager is losing money this year, but at least two of them - both proteges of legendary investor Julian Robertson - are posting gains of more than 20...
  
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• Wall St. ends higher in choppy session

  03-09-2015 22:08 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street rose on Thursday after European Central Bank chief Mario Draghi hinted at additional stimulus measures and ahead of a key U.S. jobs report that may figure in the Federal Reserve's decision about when to lift interest rates.
  
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• Oil up modestly on volatile Wall Street; awaits jobs, rig data

  03-09-2015 21:50 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices inched higher on Thursday in see-saw trade, tracking gains in Wall Street equities for a second straight day despite a weekly build in U.S. crude inventories that weighed on the outlook for oil. Reprising Wednesday's volatility, crude oil futures rallied more than $2 a barrel, then retreated. Global benchmark Brent slipped into negative territory before edging up to settle modestly higher.
  
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• Omega bullish on U.S. stocks, blames August turmoil on momentum investors

  03-09-2015 21:17
  
  NEW YORK (Reuters) - Leon Cooperman and Steven Einhorn's Omega Advisors remains bullish on U.S. stocks and blames much of August's market turmoil on so-called risk parity funds and momentum investors...
  
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• Wall Street higher ahead of key U.S. jobs data

  03-09-2015 21:12 via news.yahoo.com
  
  Wall Street rose on Thursday after European Central Bank chief Mario Draghi hinted at additional stimulus measures and ahead of a key U.S. jobs report that could figure in the Federal Reserve's decision about when to lift interest rates. Major U.S. indices relinquished stronger gains of over 1 percent but stayed in positive territory, with ongoing worries about China's economy on the minds of investors. "Whether it's in the U.S., Japan or Europe, the market likes quantitative easing," said Joe S
  
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• Circus roadie, ice-cream scooper: The first jobs of famous couples

  03-09-2015 20:45
  
  NEW YORK (Reuters) - Before they found fame, or found each other, what did celebrity couples like Dr Phil and Robin McGraw do in their first jobs?
  
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• Stocks gain as European central bank says it's ready to act

  03-09-2015 20:41 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks were slightly higher Thursday, helped by comments from European Central Bank policymakers, who said they were willing to provide more stimulus to the region's economy, if needed.
  
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• Wilmington Trust fraud lawsuit is now a class action

  03-09-2015 20:34
  (Reuters) - Former Wilmington Trust Co shareholders may pursue their securities fraud lawsuit over mounting loan losses that led to the company's discounted sale to M&T Bank Corp as a class action, a...
  
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• Oil seesaws, Brent turns lower following Wall Street

  03-09-2015 20:08 via news.yahoo.com
  
  Oil prices seesawed on Thursday in line with volatile U.S. equities, rising early as market bulls supported prices for a second day, then retreating, with global benchmark Brent falling into negative territory. Over the past two weeks, U.S. crude has see-sawed.
  
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• Bush says will lay out tax reform plan next week in North Carolina

  03-09-2015 20:04 via news.yahoo.com
  
  By Steve Holland HAMPTON, N.H. (Reuters) - Jeb Bush will lay out a tax plan next week aimed at lowering corporate and personal tax rates and giving the U.S. economy a jolt, the Republican presidential candidate said on Thursday. Bush said he would announce details of his plan on Wednesday in Raleigh, North Carolina. Companies keep those funds overseas to avoid having it taxed twice, in the country in which they are doing business and again when brought back to the United States.
  
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• Hedge fund Tiger Ratan down 6.6 percent in August, up 21.6 percent YTD

  03-09-2015 20:00
  BOSTON (Reuters) - Nehal Chopra's hedge fund Tiger Ratan, which specializes in betting on companies facing big corporate changes, lost 6.6 percent last month, according to a source familiar with the...
  
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• China slowdown needn't hamper climate deal: U.N.

  03-09-2015 19:59 via news.yahoo.com
  
  By Alister Doyle BONN, Germany (Reuters) - A slowdown in the Chinese economy that has alarmed global stock markets won't cast a "dark cloud" over U.N. efforts to reach an accord to slow global warming by December, the United Nations' climate chief predicted on Thursday. Christiana Figueres also told Reuters that investments in renewable energies were rising despite some worries that a fall in oil prices, to about $50 a barrel, could brake a shift to cleaner sources of power. "I don’t hear
  
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• Wall St. rally fades ahead of key jobs data

  03-09-2015 19:43 via news.yahoo.com
  
  The market rose sharply earlier in the day after European Central Bank chief Mario Draghi hinted at more stimulus measures in the wake of lower oil prices, weaker growth in China and a strengthening euro. The Fed, which meets on Sept. 16-17, has said it will raise rates when it sees sustained economic recovery.
  
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• Wall Street rally fades ahead of key jobs data

  03-09-2015 19:42 via news.yahoo.com
  
  Wall Street's early rally faded in afternoon trading on Thursday as investors appeared to turn cautious ahead of a key U.S. jobs report, which is expected to figure in the Federal Reserve's decision on when to lift interest rates. The market rose sharply earlier in the day after European Central Bank chief Mario Draghi hinted at more stimulus measures in the wake of lower oil prices, weaker growth in China and a strengthening euro. Draghi's remarks come a day ahead of the monthly U.S. nonfarm pa
  
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• US STOCKS-Wall St rally fades ahead of key jobs data

  03-09-2015 19:40 via news.yahoo.com
  
  Wall Street's early rally faded in afternoon trading on Thursday as investors appeared to turn cautious ahead of a key U.S (Other OTC: UBGXF - news) . The market rose sharply earlier in the day after European Central Bank chief Mario Draghi hinted at more stimulus measures in the wake of lower oil prices, weaker growth in China and a strengthening euro.
  
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• Canada to keep interest rates on hold until 2017: Reuters poll

  03-09-2015 19:40 via news.yahoo.com
  
  The latest round of policy easing in Canada is probably over but interest rates are expected to stay low for longer as the central bank tries to lift the economy out of a mild recession, a Reuters poll of economists found. An economic slowdown brought on as falling oil prices dragged down business investment and the energy sector have prompted two 25 basis point Bank of Canada rate cuts this year. Although analysts see a sizeable 40 percent possibility the Bank will cut again at some point despi
  
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• Euro falls on ECB outlook; stocks, oil rise

  03-09-2015 18:54 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The euro fell 1 percent on Thursday on a darkening euro zone outlook, while global stock markets rallied as the European Central Bank chief pledged to beef up or prolong the bank's economic stimulus if necessary. ECB President Mario Draghi's comments on the bank's bond-buying program came as the bank cut its inflation and growth forecasts for the euro zone, although he said no one on the bank's Governing Council had argued to add to the program now.
  
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• Los Angeles drops mortgage discrimination case against JPMorgan

  03-09-2015 18:50 via news.yahoo.com
  
  Los Angeles has dropped a lawsuit accusing JPMorgan Chase, the largest U.S. bank, of discriminatory mortgage lending, ending the first of the city's four lawsuits accusing major banks of driving up foreclosures among minority borrowers. Disclosed in a filing on Tuesday in a California federal court, the agreement ends a lawsuit attempting to hold the bank liable for lost property tax revenues caused by falling home values and the cost of repairing blight in minority neighborhoods hit by foreclos
  
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• Oil up again on Wall Street; volatility after U.S. stockpile hike

  03-09-2015 18:43 via news.yahoo.com
  
  Crude futures rose for a second straight session on Thursday on the strength of equity markets as a respite in bad news out of China and the potential for more European monetary easing added to risk taking in oil. Trading remained volatile, however, with oil prices off the morning's highs by noon, likely factoring in the prevailing weak fundamentals for crude after Wednesday's data showing a big build in weekly U.S. inventories. The front-month contract in Brent , the global benchmark for oil fu
  
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• TSX rises as energy stocks bolstered by higher crude

  03-09-2015 18:11 via news.yahoo.com
  
  By Solarina Ho TORONTO (Reuters) - Canada's main stock index rallied more than 1 percent on Thursday as energy stocks tracked rebounding crude prices and markets digested this week's domestic economic data. A pledge by the European Central Bank to keep monetary policy loose helped prop up crude prices more than 3 percent, while closed markets in China due to a public holiday also helped stabilize the volatile commodity. Energy stocks climbed 1.8 percent, aided by Suncor Energy Inc, which rose 1.
  
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• Peruvian sol gains 1.6 pct as cenbank rules curb dollar demand

  03-09-2015 17:54
  LIMA, Sept 3 (Reuters) - Peru's sol currency gained by 1.6 percent against the dollar on Thursday as new central bank limits on currency derivatives started to have an impact on trading.
  
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• ECB could ramp up stimulus as growth, inflation outlook weakens

  03-09-2015 17:51 via news.yahoo.com
  
  The European Central Bank said Thursday it could scale up its contentious stimulus programme of bond purchases as the outlook for growth and inflation in the eurozone clouds over. Saying it was still too early to determine the extent and impact of the economic fallout from China's slowdown and lower oil prices, the ECB held its benchmark "refi" refinancing rate at the current all-time low of 0.05 percent, as expected. Referring to a policy known as quantitative easing or QE, Draghi said that "th
  
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• UPDATE 5-ECB flags beefed up QE as growth, inflation outlook fades

  03-09-2015 17:50
  * Bank lowers growth, inflation forecasts from June's outlooks
  
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• Wall St. adds to gains amid strong U.S. data, ECB comments

  03-09-2015 17:43 via news.yahoo.com
  
  The ECB also cut its inflation and growth forecasts for the euro zone in the wake of lower oil prices, weaker growth in China and a strengthening euro. Draghi's remarks come a day ahead of the critical monthly U.S. jobs report, which may feed into the Federal Reserve's decision on the timing of a rate hike. The data is expected to show that the U.S. economy added 220,000 non-farm jobs in August, up from 215,000 in July, according to a Reuters poll of economists.
  
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• Lew: US will hold China 'accountable' on exchange rate

  03-09-2015 17:43 via news.yahoo.com
  
  US Treasury Secretary Jacob Lew said Thursday that the United States would hold China responsible for the political and economic impact of its currency policies after last month's yuan devaluation. "They have to understand, and I make this point to them quite clearly, that there's an economic and a political reality to things like exchange rates," Lew said in a CNBC interview that aired Thursday. Lew said that China's exchange rate policy and its economic reforms would figure in the discussions
  
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• US STOCKS-Wall St adds to gains amid strong US data, ECB comments

  03-09-2015 17:41 via news.yahoo.com
  
  Wall Street extended its gains on Thursday as data pointed to a strengthening U.S. economy and European Central Bank chief Mario Draghi hinted at additional stimulus measures. The ECB also cut its inflation and growth forecasts for the euro zone in the wake of lower oil prices, weaker growth in China and a strengthening euro.
  
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• Spanish pensioner offers cash to find job for 'desperate' son

  03-09-2015 17:40 via news.yahoo.com
  
  A Spanish pensioner has placed a newspaper advertisement offering 5,000 euros ($5,600) to any employer who would hire his 39-year-old son, a "desperate" unemployed father of one. "Pensioner offers 5,000 euros to company who hires his unemployed son, qualified, responsible and hard-working with good references, pay negotiable according to contract, absolute discretion," the advertisement in El Heraldo de Aragon newspaper said. Prime Minister Mariano Rajoy, ahead in polls but expected to fall shor
  
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• BRIEF-Heineken successfully prices 500 million euros of notes

  03-09-2015 17:40
  * Successfully prices 500 million euros ($555 million) of notes
  
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• Shrinking U.S. trade gap shows economy's underlying strength

  03-09-2015 17:39 via news.yahoo.com
  
  The U.S. trade deficit fell in July to its lowest level in five months as exports rose broadly, signaling underlying strength in the economy amid concerns about a global growth slowdown. While other data on Thursday showed an increase in the number of Americans filing new applications for unemployment benefits, the trend in jobless claims remained consistent with a strengthening labor market. "There is little evidence that the abrupt deterioration in financial market conditions and the heightene
  
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• WRAPUP 2-Shrinking U.S. trade gap shows economy's underlying strength

  03-09-2015 17:38
  WASHINGTON, Sept 3 (Reuters) - The U.S. trade deficit fell in July to its lowest level in five months as exports rose broadly, signaling underlying strength in the economy amid concerns about a...
  
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• MOVES-Standard Life Investments hires Silk as business development director

  03-09-2015 17:36
  Sept 3 (Reuters) - Standard Life Investments named David Silk as director of U.S. business development at its North American headquarters in Boston.
  
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• France says wing part found on Reunion island definitely from MH370

  03-09-2015 17:35
  PARIS, Sept 3 (Reuters) - The piece of wing found on the shore of Reunion Island in the Indian Ocean has been formally identified as part of the wreckage of Malaysian Airlines flight MH370, the Paris...
  
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• Pemex douses blaze at Lazaro Cardenas refinery, says ops normal

  03-09-2015 17:33
  MEXICO CITY, Sept 3 (Reuters) - Mexican oil giant Pemex said on Thursday it had controlled a fire at its Lazaro Cardenas refinery in Minatitlan in the eastern Gulf coast state of Veracruz, and said...
  
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• Stocks gain; Europe's central bank ready to boost stimulus

  03-09-2015 17:28 via news.yahoo.com
  
  NEW YORK (AP) — U.S. and global stocks rose broadly in late-morning trading Thursday, helped by comments from European Central Bank policymakers, who said they were willing to provide more stimulus to the region's economy, if needed. A rebound in oil prices lifted energy stocks.
  
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• Global economic losses from drought to top $8 billion: report

  03-09-2015 17:19 via news.yahoo.com
  
  Global economic losses from drought are likely to reach more than $8 billion in the next few months as the El Nino weather pattern intensifies, reinsurance broker Aon Benfield said on Thursday. Total economic losses from drought in the United States are likely to reach at least $3 billion, mainly due to agricultural damage in California, Aon Benfield said in its monthly catastrophe report. “As we continue to see the prospect of El Nino becoming one of the strongest in decades, more and mor
  
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• European Central Bank ready to give eurozone more stimulus

  03-09-2015 17:18 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — The European Central Bank is ready to give the eurozone economy a bigger dose of stimulus if turmoil in China and weaker global growth hurt its modest recovery, President Mario Draghi said Thursday.
  
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• As Fed ponders interest rate rise timing, markets overshadow U.S. jobs report

  03-09-2015 17:17 via news.yahoo.com
  
  In calmer times the U.S. employment report due to be published on Friday would be the Federal Reserve's best and last economic signal before it decides whether to raise interest rates later this month for the first time in nearly a decade. According to Fed policymakers and other economists, employment and wage growth for August would likely need to be particularly strong for the Fed to act this month, while the sharp recent gyrations in stocks, bonds and currencies would need to dissipate. Econo
  
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• Chicago seeks $500 mln hike in property taxes-Chicago Sun-Times

  03-09-2015 17:15
  Sept 3 (Reuters) - Chicago Mayor Rahm Emanuel has proposed to raise property taxes by $500 million, tax smokeless tobacco and impose a garbage collection fee, Chicago Sun-Times reported, citing City...
  
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• Stocks rally after Draghi comments; euro falls

  03-09-2015 17:14 via news.yahoo.com
  
  The euro fell on Thursday on a darkening euro zone outlook, while global stock markets rallied as the European Central Bank chief pledged to beef up or prolong the bank's economic stimulus if necessary. ECB President Mario Draghi's comments on the bank's bond-buying program came as the ECB cut its inflation and growth forecasts for the euro zone, although he said no one on the bank's Governing Council had argued to add to the program now.
  
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• U.S. Treasury to sell $44 bln in bills

  03-09-2015 17:11
  WASHINGTON, Sept 3 (Reuters) - For details of the U.S. Treasury's auctions of 13-week and 26-week bills next week, see:
  
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• GLOBAL MARKETS-Stocks rally after Draghi comments; euro falls

  03-09-2015 17:11
  * IMF urges accommodative policy (Updates with U.S. market opening, changes dateline; previous LONDON)
  
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• UPDATE 2-VW's finance chief set to become new chairman

  03-09-2015 17:09
  * VW was seeking a permanent successor to ousted chairman Piech
  
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• ECB cuts growth, inflation forecasts for 2015-2017

  03-09-2015 17:08 via news.yahoo.com
  
  The European Central Bank on Thursday cut its forecasts for both economic growth and inflation in the single currency area over the next few years. The ECB, in its regular staff projections, was pencilling in growth of 1.4 percent for 2015, 1.7 percent for 2016 and 1.8 percent for 2017, president Mario Draghi said. "The economic recovery is expected to continue, albeit at a somewhat weaker pace than expected earlier," the ECB said.
  
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• UPDATE 1-Market volatility alone not reason for concern over yuan -IMF

  03-09-2015 17:06
  WASHINGTON, Sept 3 (Reuters) - The International Monetary Fund does not see China's recent market volatility by itself as a reason to voice concern about including the yuan in its benchmark currency...
  
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• UPDATE 1-Greece not ready yet for ECB to buy its bonds - Draghi

  03-09-2015 17:02
  FRANKFURT, Sept 3 (Reuters) - Greece has to pass a review of its bailout programme and show a commitment to reforms before the European Central Bank can start buying its bonds as part of the bank's...
  
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