Finance news

• Wall Street stocks rise while bond yields fall with dollar

  01-12-2015 23:22 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - U.S. stocks closed higher on Tuesday despite mixed U.S. economic data as treasury yields and the dollar declined while oil prices were choppy ahead of an OPEC meeting later this week. The euro bounced back from a multi-month low against the U.S. dollar on strong European data and as investors pared bets that the European Central Bank will soon ease policy further. After falling 0.5 percent on Monday, the S&P 500 benchmark index of stocks closed at its hig
  
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• Wall St. stocks rise while bond yields fall with dollar

  01-12-2015 23:11 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - U.S. stocks closed higher on Tuesday despite mixed U.S. economic data as treasury yields and the dollar declined while oil prices were choppy ahead of an OPEC meeting later this week. The euro bounced back from a multi-month low against the U.S. dollar on strong European data and as investors pared bets that the European Central Bank will soon ease policy further. After falling 0.5 percent on Monday, the S&P 500 benchmark index of stocks closed at its hig
  
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• U.S. November auto sales keep pace for record 2015

  01-12-2015 23:07 via news.yahoo.com
  
  Strong U.S. auto sales in November kept the industry on pace for a record year in 2015, helped by marketing promotions and strength in sport utility vehicles, according to monthly sales figures released by automakers on Tuesday. U.S. auto sales last month rose 1.4 percent to 1.32 million vehicles, a whisper below the industry record for November in 2001. Most analysts say 2015 sales will top the record of 17.35 million vehicles in 2000, according to the U.S. Bureau of Economic Analysis.
  
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• UPDATE 1-BTG bonds slump as Esteves arrest casts pall over Brazilian bank

  01-12-2015 23:06
  SAO PAULO, Dec 1 (Reuters) - Grupo BTG Pactual SA's bonds slumped for a second day on Tuesday on concern about fallout from the arrest of its largest shareholder, André Esteves, despite management...
  
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• C$ flat versus weak US$, slumps versus euro on weak Sept data

  01-12-2015 22:55 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - The Canadian dollar slipped against a broadly softer U.S. dollar and slumped against the euro on Tuesday after domestic growth data showed the economy ended the third quarter on a soft note. Canada pulled out of recession in the third quarter, but a deep contraction in September gross domestic product suggested weakness could continue. "The Canadian dollar fell hard on the GDP report," said Adam Button, currency analyst at ForexLive in Montreal.
  
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• Wall Street gains with healthcare, upbeat auto sales

  01-12-2015 22:35 via news.yahoo.com
  
  By Caroline Valetkevitch (Reuters) - U.S. stocks started December stronger on Tuesday as health and consumer shares bounced back while auto sales suggested upbeat growth in November. The S&P health care index jumped 1.7 percent, while the consumer discretionary index was up 1 percent, both retracing Monday's losses. UnitedHealth Group Inc's shares rose 3.1 percent to $116.26 after its chief executive defended the company's possible withdrawal from the Obamacare health insurance exchanges. Sh
  
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• Recession deepens in Brazil, world's seventh largest economy

  01-12-2015 22:00 via news.yahoo.com
  
  Brazil's economy contracted 4.5 percent year-on-year in the third quarter, officials said Tuesday, reflecting a steeper than expected recession in the world's seventh largest economy. "Brazil's economy is in intensive care and will remain sick in the upcoming quarters," Andre Perfeito, chief economist of Gradual Investimentos in Sao Paulo, told AFP. It shrank 0.8 percent in the first quarter, then 2.1 percent in the second, according to revised figures released Tuesday by Brazil's statistics age
  
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• U.S. auto sales on track for strongest-ever November

  01-12-2015 21:39 via news.yahoo.com
  
  U.S. auto sales were on a path to posting their strongest November ever, helped by marketing promotions and strength in sport utility vehicles, according to monthly sales figures released by automakers on Tuesday. General Motors Co said the U.S. auto industry will sell 18.2 million vehicles for the month at an annualized rate, which would be a record for November. Most analysts say 2015 sales will top the record of 17.35 million vehicles in 2000, according to the U.S. Bureau of Economic Analysis
  
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• Euro firms as ECB meeting looms; Wall Street rises

  01-12-2015 21:38 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - The euro recovered from a multi-month low against the U.S. dollar on Tuesday as investors pared bets that the European Central Bank will soon ease policy further, while crude oil remained under pressure from oversupply concerns. U.S. Treasury debt prices rose with yields touching near one-month lows.
  
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• Fed should be explicit in spelling out gradual pace of rate hikes: Evans

  01-12-2015 20:58 via news.yahoo.com
  
  The Federal Reserve should use the communication tools at its disposal at its December meeting to spell out a gradual pace of rate increases, Chicago Federal Reserve President Charles Evans said on Tuesday. The Fed has held interest rates near zero for seven years but is widely expected to begin tightening monetary policy at its next meeting on Dec. 15-16. Asked by reporters following remarks to a local business group in Michigan if the Fed should emphasize gradual rate increases in its December
  
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• Canada housing market to become a drag on the economy: Poll

  01-12-2015 20:35 via news.yahoo.com
  
  Canada's housing market is likely to be a drag on economic growth over the next couple of years, thanks to too much supply and high levels of household debt making further buying a risky affair, a Reuters poll found. The housing market has been one of the brightest spots in the Canadian economy in recent years. Strong housing helped Canada weather the worst of the global financial crisis as the U.S. housing market south of the border collapsed.
  
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• Alstom could eye tie-up with Bombardier: France's Macron

  01-12-2015 20:06 via news.yahoo.com
  
  French train maker Alstom should use the proceeds of the sale of its energy unit to make acquisitions abroad and could consider a tie-up with Canadian rival Bombardier , French Economy Minister Emmanuel Macron said on Tuesday. "Alstom's challenge is to grow," Macron told senators. Asked by a senator whether Alstom could be interested in a tie-up with Bombardier, Macron said competition was rife with Chinese rivals and that a tie-up with the Canadian group, which makes passenger railcars and loco
  
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• U.S. manufacturing contracts, but rest of economy humming along

  01-12-2015 19:31 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. manufacturing contracted in November for the first time in three years as the sector buckled under the weight of a strong dollar and deep spending cuts by energy firms, but robust automobile sales suggested the economy remained on solid ground. Other data on Tuesday showed a sturdy increase in construction spending in October, which should help to offset the drag from manufacturing on fourth-quarter growth. With manufacturing accounting for only 12 p
  
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• Air France to turn Abidjan into regional hub

  01-12-2015 19:17 via news.yahoo.com
  
  Abidjan (AFP) - Air France-KLM expects to turn Ivory Coast's economic capital Abidjan into its west African regional hub within a decade, the airline's chief executive said on Tuesday.
  
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• Wall Street higher as investors await key economic data

  01-12-2015 19:04 via news.yahoo.com
  
  Stocks pared early gains after data showed the U.S. manufacturing sector contracted in November, falling to its worst levels since June 2009. The Institute for Supply Management (ISM) said its index of national factory activity fell to 48.6, the first time the index went below 50 since November 2012. A reading below 50 indicates contraction in the manufacturing sector.
  
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• BTG Pactual bonds slump as Esteves' arrest casts pall over Brazilian bank

  01-12-2015 18:37
  SAO PAULO, Dec 1 (Reuters) - Grupo BTG Pactual SA's bonds slid for a second day on Tuesday on concern that fallout from the arrest of its largest shareholder, André Esteves, could hamper steps to...
  
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• Stocks higher at midday; investors wait for ECB, jobs data

  01-12-2015 18:29 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks moved solidly higher Tuesday, helped by improving economic data from Japan and Europe as well as hopes that the European Central Bank will expand its stimulus program. However, trading remained quiet ahead of the release later this week of the U.S. government's monthly jobs survey.
  
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• Banks buoy Britain's FTSE 100 after stress-test success

  01-12-2015 18:18
  LONDON, Dec 1 (Reuters) - Britain's top share index gained on Tuesday as the banking sector rose after passing Bank of England (BoE) stress tests, making up for underperforming European indexes in...
  
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• Myanmar bourse to debut on Dec 9: officials

  01-12-2015 18:15 via news.yahoo.com
  
  Myanmar will open its first major stock exchange next week after months of delays, authorities said Tuesday, as the long-cloistered economy slowly opens up. Initially slated for October, the Yangon Stock Exchange (YEX) will now be launched on December 9, according to a statement by the Securities and Exchange Commission of Myanmar. Its debut was pushed back until after the breakthrough November 8 elections, won handsomely by Aung San Suu Kyi's opposition party.
  
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• Recession deepens in Brazil, world's seven largest economy

  01-12-2015 17:51 via news.yahoo.com
  
  Brazil's economy contracted a greater than expected 1.7 percent in the third quarter, deepening the recession in the world's seventh largest economy, officials figures showed Tuesday. "Brazil's economy is in intensive care and will remain sick in the upcoming quarters," Andre Perfeito, chief economist of Gradual Investimentos in Sao Paolo, told AFP.
  
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• Belarus seeks $3 billion loan from the IMF

  01-12-2015 17:36 via news.yahoo.com
  
  MINSK, Belarus (AP) — Belarus said Tuesday it is seeking a $3 billion loan for 10 years from the International Monetary Fund and is considering some economic reforms in return.
  
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• Brazil's economic downturn deepens with further GDP drop

  01-12-2015 16:59 via news.yahoo.com
  
  RIO DE JANEIRO (AP) — Brazil's government says Latin America's largest economy has shrunk even more than expected.
  
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• U.S. November auto sales up as promotions spur consumers

  01-12-2015 16:46 via news.yahoo.com
  
  By Bernie Woodall DETROIT (Reuters) - U.S. auto sales rose in November on strength in sport utility vehicles and marketing promotions while industry sales were forecast rising above 18 million vehicles on an annualized basis. General Motors Co said on Tuesday the U.S. auto industry will sell 18.2 million vehicles for the month at an annualized rate. Most analysts predicted 2015 sales will top the record of 17.35 million vehicles in 2000, according to the U.S. Bureau of Economic Analysis.
  
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• With new central bank leadership, Egypt repays foreign investors

  01-12-2015 16:42 via news.yahoo.com
  
  By Asma Alsharif CAIRO (Reuters) - Egypt's central bank revised the way it allocates dollars at auctions, seeking on Tuesday to reassure markets by repaying foreign investors a backlog of more than $500 million built up during a long-running dollar shortage. The economy has been in disarray since the 2011 uprising that ended Hosni Mubarak's 30-year rule, spooking foreign investors and tourists who are the main sources of foreign currency. Foreign currency reserves have dropped from $36 billion b
  
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• European markets choppy as ECB uncertainty creeps in

  01-12-2015 16:41 via news.yahoo.com
  
  Europe's main stock markets were choppy in mid-session Tuesday as upbeat eurozone data, notably on jobs, undermined previous expectations of a fresh European Central Bank stimulus this week. In mid-afternoon deals, both Frankfurt and Paris markets had slipped back despite strong economic data. On the upside, London gained 0.5 percent as the Bank of England said Britain's seven top lenders passed its latest stress tests, boosting the financial sector.
  
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• Burkina Faso president-elect pledges to go beyond reviving economy

  01-12-2015 16:38 via news.yahoo.com
  
  By Mathieu Bonkoungou OUAGADOUGOU (Reuters) - Burkina Faso's president-elect Roch Marc Kabore promised on Tuesday to tackle "fundamental needs" like sanitation as well as reviving an economy that has lost momentum in the 13 months since his veteran predecessor was toppled in a popular uprising. Kabore served as prime minister and head of the National Assembly under Blaise Compaore, who was overthrown last year after trying to change the constitution to extend his 27 years in power. "We need to o
  
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• Ad tech firm Perion buys Undertone for $180 million in cash

  01-12-2015 16:26
  JERUSALEM (Reuters) - Perion Networkhas bought digital advertising firm Undertone for $180 million in cash as it continues to expand in providing advertising to brands and publishers, it said on...
  
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• ISM manufacturing activity slumps in November: ISM

  01-12-2015 16:25 via news.yahoo.com
  
  The U.S. manufacturing sector contracted in November, falling to its worst levels since June 2009, when the economy was still in the midst of a recession, according to an industry report released on Tuesday. The Institute for Supply Management (ISM) said its index of national factory activity fell to 48.6, the first time the index has been below 50 since November 2012, after reading 50.1 in October. The ISM index fell below 50 in 2012 briefly, but the economy did not go into recession.
  
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• U.S. construction spending rises solidly to near eight-year high

  01-12-2015 16:21 via news.yahoo.com
  
  WASHINGTON, Dec 1 (Reuters) - - U.S. construction spending rose more than expected in October as outlays rose across the board, suggesting the economy remains on firmer ground despite some slowing in consumer spending and persistent weakness in manufacturing. Construction spending increased 1.0 percent to a seasonally adjusted $1.11 trillion rate, the highest level since December 2007, after an unrevised 0.6 percent gain in September, the Commerce Department said on Tuesday. Construction spendin
  
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• For third consecutive quarter, U.S. CEOs cautious on economy: poll

  01-12-2015 16:12 via news.yahoo.com
  
  For the third consecutive quarter, U.S. CEOs expressed growing caution about the country's economic prospects in the short term and more said they expected to curtail capital investments over the next six months, according to a survey released on Tuesday. The proportion of CEOs who said they expected their capital spending to decrease over the next six months rose to 27 percent from 20 percent in the third quarter. Sixty percent of CEOs surveyed said they expected sales to increase over the next
  
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• Wall St. starts December on positive note

  01-12-2015 15:59 via news.yahoo.com
  
  (Reuters) - Wall Street kicked off the last month of the year on a positive note as investors await data and policy decisions by central banks.
  
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• Canadian dollar retreats on September GDP contraction

  01-12-2015 15:48 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar retreated against the U.S. dollar on Tuesday, reversing earlier gains, after a deep contraction in September gross domestic product provided a weak hand off to the fourth quarter, although impacted by a large one-time factor. Gross domestic product increased at an annualized 2.3 percent rate in the third quarter, slightly below expectations for a 2.4 percent pace, but economic activity in September declined by a worse-than-expected 0.5 perc
  
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• Canada exits recession with 2.3 percent growth in Q3

  01-12-2015 15:44 via news.yahoo.com
  
  Canada exited recession in the third quarter, as its economy bounced back with 2.3 percent annual growth after being hit by plunging oil prices earlier this year , the government statistics agency announced Tuesday. The economy's return to growth was attributed mainly to rising demand for Canadian goods and services abroad, as exports shot up 9.4 percent in the quarter ending September 30, said Statistics Canada. Exports of commercial and transportation services also rose, but were mitigated by
  
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• Puerto Rico faces $355M debt payment amid economic crisis

  01-12-2015 15:43 via news.yahoo.com
  
  SAN JUAN, Puerto Rico (AP) — Puerto Rico's heavily indebted government has until midnight to address a multimillion-dollar bond payment that is key to the U.S. territory's economic future.
  
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• Canada manufacturing growth shrinks for fourth month in Nov

  01-12-2015 15:36 via news.yahoo.com
  
  TORONTO, Dec 1 (Reuters) - - The pace of growth in the Canadian manufacturing sector contracted for the fourth month in a row in November as the industry continued to be hurt by weak commodity prices, data showed on Tuesday. The RBC Canadian Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, edged up to a seasonally adjusted 48.6 last month from 48.0 in October. Despite the headwind from the drop in commodity prices, U.S. economic growth should benefi
  
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• New 'golden rules' of business: how to succeed in the sharing economy

  01-12-2015 15:34 via news.yahoo.com
  
  Lyft, Airbnb and other outlets shifted the traditional marketplace, offering venues for self-starters to earn extra income. Marketing expert Billee Howard shares tips for success in the "we" economy.
  
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• Market set to open higher after GDP data

  01-12-2015 14:55 via news.yahoo.com
  
  (Reuters) - Canada's main stock index was set to open higher on Tuesday after data showed the country's economy returned to growth in the third quarter. GDP increased at an annualized rate of 2.3 percent last quarter, just shy of the 2.4 percent growth analysts had expected. December futures on the S&P TSX index were up 0.57 percent at 8:35 a.m. ET (1335 GMT). Canada's main stock index rallied on Monday, led by strength in resource stocks and as financial shares rose ahead of bank earnings r
  
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• Eurozone unemployment falls in October

  01-12-2015 14:55 via news.yahoo.com
  
  The European Union's Eurostat agency said unemployment in the 19-country single currency bloc fell to 10.7 percent in October from 10.8 percent in September, reaching the lowest level since January 2012. Joblessness dropped in most big economies in the eurozone, with the worrying exception of France, but this would not dissuade the European Central Bank from holding back on boosting the economy with more stimulus -- known as quantitative easing -- later this week, analysts said. "October’s
  
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• Burkina Faso president-elect says boosting economy is top priority

  01-12-2015 14:53 via news.yahoo.com
  
  OUAGADOUGOU (Reuters) - Burkina Faso's president elect Roch Marc Kabore said on Tuesday that reviving the economy will be a top priority when he takes office along with improving access to clean water, healthcare and education. "We need to organise ourselves to take in hand the whole country's preoccupations because our first objective is not simply to revive the economy but at the same time to satisfy the fundamental needs of the whole population," he said in an interview hours after winning Su
  
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• BTG Pactual's bonds fall for second day as uncertainty mounts

  01-12-2015 14:44
  SAO PAULO, Dec 1 (Reuters) - Grupo BTG Pactual SA's bonds fell for the second straight day on Tuesday as uncertainty surrounding the arrest last week of largest shareholder André Esteves overshadowed...
  
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• Moment of truth as Puerto Rico faces crucial debt payment

  01-12-2015 14:24 via news.yahoo.com
  
  By Nick Brown and Megan Davies SAN JUAN/NEW YORK (Reuters) - Puerto Rico faces a moment of truth on Tuesday, as the island owes a $355 million payment - a possible default which could trigger lawsuits, further spook investors and undermine the island's efforts to climb out of $72 billion in debt. The payment on bonds issued by the U.S. commonwealth's financing arm, the Government Development Bank (GDB), are crucial as Puerto Rico tries to stretch its liquidity into 2016 to give itself more time
  
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• World stocks rise on improved economic data

  01-12-2015 13:50 via news.yahoo.com
  
  TOKYO (AP) — World stock markets mostly rose Monday on improved economic data from Japan and the eurozone as well as hopes for more central bank stimulus.
  
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• Osborne sets March 16 date for 2016/17 budget

  01-12-2015 13:38 via news.yahoo.com
  
  LONDON (Reuters) - Chancellor George Osborne said on Tuesday that he would deliver his annual budget statement for the 2016/17 financial year on Wednesday, March 16. The budget includes economic and fiscal forecasts and tax changes for the coming year. (Reporting by David Milliken and Andy Bruce, writing by Ana Nicolaci da Costa)
  
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• China's Xi in Zimbabwe to sign power, infrastructure deals

  01-12-2015 13:20 via news.yahoo.com
  
  By MacDonald Dzirutwe HARARE (Reuters) - Chinese President Xi Jinping arrived in Zimbabwe on Tuesday, the first visit by a Chinese leader since 1996, amid expectations that he would sign deals to fund infrastructure, electricity generation and other projects. Zimbabwe, which became a pariah in the West after President Robert Mugabe's government was accused of rigging votes and human rights abuses, has increasingly turned to China for investment to help an economy desperate for new infrastructure
  
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• China factory index at 3-year low, services improve

  01-12-2015 12:46 via news.yahoo.com
  
  HONG KONG (AP) — Chinese manufacturing was at its weakest in more than three years in November despite stimulus measures to bolster the world's No. 2 economy while service industries improved, according to an official survey released Tuesday.
  
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• Global stocks stutter and euro firms as ECB bets waver

  01-12-2015 12:38 via news.yahoo.com
  
  By John Geddie LONDON (Reuters) - European stock markets stuttered and the euro clawed back some ground against the U.S. dollar on Tuesday as investors had second thoughts about sky-high expectations of European Central Bank easing this week. Britain's FTSE 100 was one of only a couple of the region's bourses to show gains after the release of promising bank stress tests, with record low unemployment data from Germany feeding fears that ECB stimulus hopes could be overdone. Europe's bond yields
  
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• Niger GDP growth set to slow to 4.4 pct in 2015: IMF

  01-12-2015 12:03 via news.yahoo.com
  
  Niger's economic growth will slow to 4.4 percent this year because of security concerns and slumping commodity prices, the International Monetary Fund said after an annual review on Monday. The West African country produces oil and uranium and reported GDP growth of 6.9 percent in 2014. "Growth has fluctuated reflecting volatility in the agricultural sector, the impact of low commodity prices on the mining sector, and the deteriorating security situation in the region," said David Lipton, the ac
  
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• Chinese banks miss out on the party as Asian M&As pass $1 trillion mark

  01-12-2015 12:00
  
  HONG KONG (Reuters) - A surge in Chinese cross-border technology and telecoms deals has helped mergers and acquisitions in Asia Pacific cross $1 trillion for the first time but mainland banks are...
  
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• UPDATE 2-Linde shares tumble after profit target cut on weak industrial growth

  01-12-2015 11:11
  FRANKFURT, Dec 1 (Reuters) - Shares in German gases group Linde fell sharply on Tuesday after the company cut its 2017 profit target, warning that slower industrial growth and low oil prices were...
  
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• World stocks rise as Japan data mends, yuan status welcomed

  01-12-2015 11:07 via news.yahoo.com
  
  TOKYO (AP) — World stock markets were mostly higher after improved Japanese data and as IMF inclusion of the yuan in its basket of major currencies raised confidence in China's progress toward financial liberalization.
  
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