Finance news

• U.S. bank earnings may be pressured by weak loan market: analysts

  20-11-2015 23:20 via news.yahoo.com
  
  "We know the trouble's there but I think a tougher credit market is kind of factored in to a lot of the thinking," said Sandler O'Neill analyst Jeff Harte. Analysts cautioned that any losses at this stage seem relatively small, and could be offset by gains in other parts of banks' bond trading businesses, such as Treasuries trading. Analysts have not been reducing bank earnings estimates in recent weeks as parts of the loan market have sputtered.
  
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• Global shares rise, euro falls as central banks in focus

  20-11-2015 22:53 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - Shares in major markets gained on Friday and the euro weakened against the dollar as investors anticipated actions by U.S. and European central banks next month. The head of the European Central Bank, Mario Draghi, offered the strongest hint yet that the ECB will unveil fresh stimulus measures at its Dec. 3 meeting. "Any siren call from a central bank, particularly a systemically important one, about more largesse on the part of that central bank’s b
  
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• S&P 500 scores best week in almost a year

  20-11-2015 22:34 via news.yahoo.com
  
  The S&P 500 ended its strongest week in almost a year, while the Dow Jones industrial average erased its year-to-date loss, led by a 5.46 percent jump in Nike , which announced a $12 billion share buyback and a 2-for-1 share split. The sporting goods maker helped send the consumer discretionary sector up 1.23 percent, making it the top gainer among the 10 major S&P sectors. Minutes from the Fed's October meeting, released on Wednesday, hardened expectations of a December interest rate hi
  
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• Stocks march higher, ending their best week so far this year

  20-11-2015 22:11 via news.yahoo.com
  
  NEW YORK (AP) — Strong results from retailers lifted the stock market to its biggest weekly gain this year.
  
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• France economy to shake off Paris shock: analysts

  20-11-2015 21:21 via news.yahoo.com
  
  France can withstand the financial shock of the Paris attacks, analysts say, despite people deserting big stores, shunning concert halls and cancelling hotel bookings. Beyond the incalculable human cost, the experience of attacks in New York in 2001, Madrid in 2004, London in 2005, and Bombay in 2008 shows the economic impact may be fleeting. Shoppers also fled Paris' iconic department stores Printemps and Galeries Lafayette, which reported customer numbers tumbling by between 30 and 50 percent.
  
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• Metal prices slide on strong dollar, China woes

  20-11-2015 20:25 via news.yahoo.com
  
  In a report Tuesday, US investment bank Goldman Sachs noted that metals prices had fallen by between 12 and 17 percent since late October. "Over this period, China's economic data for October has disappointed, the US dollar has strengthened... and the broader commodity complex has moved lower," it added. Nickel, used to make stainless steel, meanwhile struck its lowest level for almost 12.5-years on Friday, at $8,800 a tonne on the London Metal Exchange -- hit in particular by the industrial met
  
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• Wall Street on track for best week in over a month

  20-11-2015 20:08 via news.yahoo.com
  
  The sporting goods maker helped send the consumer discretionary sector up 1 percent, making it the top gainer among the 10 major S&P sectors. Minutes from the Fed's October meeting, released on Wednesday, hardened expectations of a December interest rate hike and hinted at a cautious approach after that. Many on Wall Street believe that raising rates next month will be interpreted as a sign of confidence in the U.S. economic recovery.
  
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• Sri Lanka govt unveils foreigner-friendly first budget

  20-11-2015 19:47 via news.yahoo.com
  
  Sri Lanka's new government Friday used its first full budget to lift taxes on foreign investors and vowed to reverse "isolationist" policies of the former regime, which faced international censure over its human rights record. Finance Minister Ravi Karunanayake said the previous administration of strongman Mahinda Rajapakse had left Sri Lanka "on the brink" of receiving Western sanctions by refusing to address rights issues. "The foreign policy of Sri Lanka was blemished and we were on the brink
  
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• Saskatchewan seeks price protection in altering potash taxes

  20-11-2015 19:27 via news.yahoo.com
  
  By Rod Nickel WINNIPEG, Manitoba (Reuters) - Potash-rich Saskatchewan hopes to revise its taxes on production of the crop fertilizer to avoid big revenue drops in years when prices sag, the Canadian province's economy minister said on Friday. Saskatchewan, home to mines operated by Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc, is conducting its first full review in 10 years of its complex potash tax and royalty structure. “We want to be assured that the taxpayers of Saskatchewan s
  
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• Canada's new government says fiscal outlook worse than projected

  20-11-2015 19:26 via news.yahoo.com
  
  By Randall Palmer OTTAWA (Reuters) - Canada's new Liberal government said on Friday it was inheriting a significantly gloomier fiscal picture than previously expected, and did not rule out the possibility it would run higher budget deficits than it had campaigned on. Finance Minister Bill Morneau unveiled an economic and fiscal update which projected billions of dollars of deficits based on the former Conservative government's plans, despite previous Conservative forecasts of surpluses. A large
  
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• Abercrombie In Fashion As Results Lift Shares

  20-11-2015 19:06 via news.yahoo.com
  
  Abercrombie & Fitch cut a dash on Wall Street as shares rose by 20% after it slowed quarterly sales declines and more than doubled profits. The preppy fashion label has struggled to cope with changing consumer tastes and competition from upstart rivals such as H&M and Zara in recent years, and sales have fallen for 11 quarters in a row. But it has hired designers from the likes of Ralph Lauren and Tommy Hilfiger to help breathe new life into its Abercrombie brand as well as changing musi
  
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• S&P set for best week in a year; consumer stocks rise

  20-11-2015 19:02 via news.yahoo.com
  
  (Reuters) - U.S. stocks added to their gains in early afternoon trading on Friday, with the S&P 500 on track for its best week since last October, as healthcare and consumer stocks rose.
  
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• Endangered species on Wall Street: The stock split

  20-11-2015 18:47 via news.yahoo.com
  
  The U.S. stock market has more than tripled in value since its March 2009 lows but stock splits, a tool favored by company management in prior boom times, have yet to make a comeback. Stock splits are a way for management teams to tempt retail investors to buy a "hot" stock at a lower price. For example, high-flying Apple Inc shares proved much more popular at $100 each after a 7-for-1 split in June 2014 than they were at $700, even though their value, by all measures, remained constant.
  
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• S&P raises The Netherland's back to top AAA credit rating

  20-11-2015 18:41 via news.yahoo.com
  
  The Hague (AFP) - Standard and Poor's raised the Netherlands back to the top AAA credit rating on Friday, saying the eurozone nation's economic recovery has gained traction.
  
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• Retailers lift US stocks toward best week of the year

  20-11-2015 18:00 via news.yahoo.com
  
  NEW YORK (AP) — Big gains by retailers are lifting the stock market in midday trading, putting the market on track for its best week of the year.
  
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• Wall St higher as healthcare, consumer stocks rise

  20-11-2015 17:50 via news.yahoo.com
  
  Wall Street added to its gains in late morning trading on Friday, with the S&P 500 on track for its best week in a year, as healthcare and consumer stocks rose. Healthcare was the top gainer among the 10 major S&P sectors, led by Allergan's 3.3 percent increase. Earlier this week, minutes from the U.S. Federal Reserve's October meeting hardened expectations of a December rate hike but showed policymakers were cautious on further hikes.
  
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• Vanguard agrees to pay back taxes in Texas

  20-11-2015 17:38
  BOSTON (Reuters) - Vanguard Group agreed to make a payment to Texas tax authorities, a spokesman said on Friday, after a former company tax attorney complained about the fund company's tax...
  
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• Sprint to raise $1.1 billion from financing deal led by SoftBank

  20-11-2015 16:31
  
  (Reuters) - Sprint Corpsaid it would raise about $1.1 billion in cash through a sale and lease-back deal with a company whose backers include Japan's SoftBank Group Corp , the U.S. telecom...
  
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• Mitsubishi Motors plans Nigerian assembly plant in next year-executive

  20-11-2015 16:31 via news.yahoo.com
  
  By Julia Payne ABUJA (Reuters) - Mitsubishi Motors Corp expects to open an assembly plant in Nigeria in the next year, joining the growing list of carmakers setting up local assembly plants in the west African nation, the Japanese group's regional head told Reuters. "It's still in negotiation - you can say in the third round out of 10," Anand Singh, the regional head in west Africa, said. Now we are waiting for some clearances from customs, finance ministry ... so that's the status." Analysts sa
  
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• US open: Dow jumps 150 points amid strong earnings

  20-11-2015 16:16 via news.yahoo.com
  
  (ShareCast News) - US equities gained grounds early on Friday, as Wall Street remained on track to clinch its seventh weekly gain in the last two months.
  
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• ECB chief: 'won't hesitate' to expand stimulus if needed

  20-11-2015 16:11 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi said the chief monetary authority for the eurozone "will not hesitate" to expand its stimulus program at its next meeting if needed to support the economic recovery.
  
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• Zambia must lower deficit to restore market confidence - IMF

  20-11-2015 15:23 via news.yahoo.com
  
  Zambia needs to lower its deficit and improve fiscal discipline if it is to restore market confidence in the copper producer's economy, the International Monetary Fund said on Friday. Lower copper prices and electricity shortages have hammered Zambia's economy this year with the kwacha currency losing half its value since January. Zambia's poor fiscal management has also played a role in the economic downturn, the IMF said.
  
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• Zambia needs measures to lower deficit, restore confidence: IMF

  20-11-2015 14:51 via news.yahoo.com
  
  LUSAKA (Reuters) - The implementation of measures to lower Zambia's fiscal deficit will go a long way towards restoring market confidence, the International Monetary Fund said on Friday. "The pressures on the economy have not only reflected the impact of external shocks but also the waning market confidence," the IMF said in a statement. "Fiscal discipline has been undermined by additional spending commitments that stand in contrast to lower-than-budgeted revenues.” (Reporting by Chris Mfu
  
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• UPDATE 1-Marseille court selects Corsica's Rocca group for SNCM bid

  20-11-2015 14:40
  MARSEILLE, France, Nov 20 (Reuters) - The Marseille
  commercial court on Friday selected Corsican transport
  entrepreneur Patrick Rocca as preferred bidder for
  France-Corsica ferry operator SNCM.
  
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• ABN Amro shares rise as bank refloats seven years after costly bailout

  20-11-2015 14:30
  AMSTERDAM (Reuters) - ABN Amroreturned to the Amsterdam stock exchange on Friday with a valuation of 16.7 billion euros ($17.9 billion), marking an important stage in its rehabilitation since its...
  
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• Global shares march on as alarm bells ring for metals

  20-11-2015 14:17 via news.yahoo.com
  
  The commodities crunch was compounded as the dollar began to flex its muscles again after a quiet couple of days, gold slipped back towards a 5-year low and a major sea freight index hit its lowest level on record. Wall Street expected to start 0.2 to 0.3 percent higher with its main S&P 500 and Dow Jones Industrial indexes on course for near 3 percent rises on the week. "If we decide that the current trajectory of our policy is not sufficient... we will do what we must to raise inflation as
  
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• Cisco to buy London-based Acano for $700 million

  20-11-2015 14:13
  
  (Reuters) - Cisco Systems Incsaid it would buy privately held Acano Ltd, which provides video conferencing hardware and software, for $700 million in cash and equity awards.
  
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• Marseille court selects Corsica's Rocca group for SNCM bid

  20-11-2015 14:03
  MARSEILLE, France, Nov 20 (Reuters) - The Marseille
  commercial court on Friday selected Corsican transport
  entrepreneur Patrick Rocca as preferred bidder for
  France-Corsica ferry operator SNCM.
  
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• Nigeria central bank tells 3 banks to recapitalise by June

  20-11-2015 13:23 via news.yahoo.com
  
  By Chijioke Ohuocha LAGOS (Reuters) - Nigeria's central bank has given three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent, it said in a report on its website. The central bank did not name the banks but said they were from the group of 14 in Africa's biggest economy that have licenses to operate as regional and national lenders, with respective capital bases of 10 billion naira ($50 million) and 25 billion naira. With a n
  
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• Argentine voters weigh possible sharp turn toward free markets

  20-11-2015 13:17 via news.yahoo.com
  
  By Hugh Bronstein SAN JUSTO, Argentina (Reuters) - Argentineans heading to the polls on Sunday face a choice between a sharp turn toward free markets and extending a 12-year run of interventionist policies by outgoing President Cristina Fernandez and her now-deceased husband. Revered by the poor for strengthening Argentina's social safety net and reviled by investors for saddling Latin America's No. 3 economy with onerous currency and trade controls, Fernandez is barred by law from seeking a thi
  
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• US pre-open: Futures edge higher as investors focus on more Fed speakers

  20-11-2015 12:53 via news.yahoo.com
  
  (ShareCast News) - US stock futures edged higher on Friday, as Wall Street remained on track to clinch its seventh weekly gain in the last two months.
  
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• KKR Gatecrashes £1.1bn Cannes Lions Auction

  20-11-2015 12:49 via news.yahoo.com
  
  The US buyout titan KKR has gatecrashed the £1bn-plus auction of Top Right Group, the owner of the annual Cannes Lions advertising festival. Sky News has learnt that KKR has in recent days tabled an offer for Top Right Group (TRG) to rival a proposal submitted by its fierce competitor Blackstone. The entrance of KKR, which has owned prominent UK companies such as Boots and Pets at Home, will give TRG's owners - Apax Partners and Guardian Media Group - another alternative to a stock market
  
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• Number of $5 billion-plus takeover deals hits record

  20-11-2015 12:18
  
  LONDON (Reuters) - A bumper North American railroad bid and three other big tie-ups announced this week have taken the number of takeover deals worth $5 billion or more to a record 128 this year,...
  
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• The Latest: ASEAN ministers concerned over South China Sea

  20-11-2015 11:45 via news.yahoo.com
  
  KUALA LUMPUR, Malaysia (AP) — Ten Southeast Asian heads of state and nine world leaders, including President Barack Obama, are meeting in Malaysia to discuss trade and economic issues. Terrorism and disputes over the South China Sea are also on the agenda. (All times local):
  
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• Ugandan shilling firms slightly on liquidity mop-up

  20-11-2015 11:17 via news.yahoo.com
  
  KAMPALA (Reuters) - The Ugandan shilling was slightly firmer on Friday, due to the central bank mopping up excess liquidity but was seen under pressure from commercial banks buying the dollar, spurred by the International Monetary Fund cutting economic growth forecasts. At 0921 GMT commercial banks quoted the shilling at 3,360/3,370, stronger than Thursday's close of 3,375/3,385. "The shilling strengthening is on the back of liquidity mop-up," said Shahzad Kamaluddin, a trader at Crane Bank. The
  
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• Exclusive: Pfizer negotiating 2-3 percent Allergan break-up fee - sources

  20-11-2015 10:56
  
  (Reuters) - Pfizer Incis negotiating a 2-3 percent break-up fee with Allergan Plcthat would be in line with most deals, people familiar with the matter said, a sign of confidence that such a...
  
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• Dorsey's Square jumps in market debut, offering hope to tech startups

  20-11-2015 10:54
  
  (Reuters) - Shares of Square Inc, the mobile payments company co-founded and still run by Twitter Inc Chief Executive Jack Dorsey, soared as much as 64 percent in their market debut, following a...
  
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• BRIEF-Philipp Holzmann: final tax-related issues clarified in insolvency proceedings

  20-11-2015 10:21
  * The insolvency administrator reports final tax-related issues have in meantime been
  clarified
  
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• Dollar dips in Asia as stock markets extend gains

  20-11-2015 10:20 via news.yahoo.com
  
  Hong Kong (AFP) - The dollar sank against emerging market currencies and the yen in Asia Friday after seeing sharp losses on Wall Street while stocks picked up in later trade to extend the previous day's rally.
  
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• A Guide to Investing in New Zealand

  20-11-2015 10:08 via news.yahoo.com
  In his excellent book, One Up One Wall Street, Peter Lynch explains that he loves 'dull' companies in 'no-growth' industries. “I get even more excited when a company with a boring name also does something ...
  
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• World stocks drift as Fed-fueled rally fades

  20-11-2015 09:58 via news.yahoo.com
  
  HONG KONG (AP) — World stock markets drifted Friday, as enthusiasm faded over the Federal Reserve's hint that interest rate increases will be gradual.
  
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• ABN Amro Returns To Amsterdam Stock Market

  20-11-2015 09:22 via news.yahoo.com
  
  The largest flotation of a European bank since the financial crisis has taken place, as the Dutch taxpayer aims to recoup some of the estimated €32bn spent on the bailout of ABN Amro. The first sale of stock by the Dutch government raised €3.3bn - with 188 million shares sold  - valuing the bank at almost €17bn. The Bank's name is familiar in Britain because the purchase of ABN in 2007 proved disastrous for Royal Bank of Scotland - ultimately sealing its own need for a b
  
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• The Latest: ASEAN official seeks way to resolve sea disputes

  20-11-2015 08:10 via news.yahoo.com
  
  KUALA LUMPUR, Malaysia (AP) — Ten Southeast Asian heads of state and nine world leaders, including President Barack Obama, are meeting in Malaysia to discuss trade and economic issues. Terrorism and disputes over the South China Sea are also on the agenda. (All times local):
  
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• South Africa's Naspers flags higher H1 earnings

  20-11-2015 07:31 via news.yahoo.com
  
  South Africa's Naspers expected interim profit for the first half to jump by up to 42 percent, the media giant said on Friday. Naspers, Africa's largest company by market value, said core headline earnings per share would likely come in a range of 20.93 rand and 21.70 rand, or between 37 and 42 percent higher. Headline EPS is a widely watched profit measure in South Africa that excludes certain one-off and non-trading items.
  
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• Asian stocks pause as Fed-fueled rally fades

  20-11-2015 04:19 via news.yahoo.com
  
  HONG KONG (AP) — A rally in Asian stock markets paused Friday as enthusiasm faded over the Federal Reserve's hint that interest rate increases will be gradual.
  
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• Asian shares hang on to gains, commodities battered

  20-11-2015 03:35 via news.yahoo.com
  
  By Hideyuki Sano TOKYO (Reuters) - Asian shares were set to hold on to this week's gains, while the dollar took a breather on Friday after stepping back from seven-month highs as investors grappled with the prospects of higher U.S. borrowing costs and slower global economic growth. Commodity prices were pressured, with copper near 6-1/2-year lows and a major sea freight index hitting its lowest level on record, underscoring worries over slackening world demand. MSCI's broadest index of Asia-Paci
  
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• The Latest: Malaysian PM says ASEAN group will help workers

  20-11-2015 03:19 via news.yahoo.com
  
  KUALA LUMPUR, Malaysia (AP) — Leaders from Southeast Asia, U.S. President Barack Obama, are meeting in Malaysia to discuss trade and economic issues, but terrorism and disputes over the South China Sea will also be discussed (All times local):
  
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• Social and economic factors tied to pancreatic cancer surgery, survival

  20-11-2015 01:18 via news.yahoo.com
  
  By Andrew M. Seaman (Reuters Health) - Social and economic factors may influence who is most likely to get surgery for early-stage pancreas cancer, a new U.S. study suggests, and eliminating these gaps could improve outcomes, the authors say. Factors such as race, marital status, insurance coverage and region were linked to the odds someone with pancreas cancer would get surgery to remove the tumor, as well as how advanced their tumor was when diagnosed. "It likely indicates that efforts to impr
  
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• Commodities free-fall not a recession indicator: Yardeni

  20-11-2015 01:17 via news.yahoo.com
  
  Tumbling commodity prices suggest the global economy is headed toward recession, but the free-fall has more to do with excess capacity than a warning about the world's economic health, economist and market strategist Ed Yardeni said on Thursday. Very high capacity was built in anticipation of a commodity super-cycle, and the free-fall does not indicate pending doom, said Yardeni, founder and president of Yardeni Research Inc, at the Reuters Global Investment Outlook Summit in New York. "Because
  
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• Investor caution sends chills through Wall St. and San Francisco

  20-11-2015 01:05
  NEW YORK/SAN FRANCISCO (Reuters) - Investors' reduced appetite for risk is sending a chill through the trading floors of Wall Street and the loft spaces of San Francisco.
  
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