Finance news

• Dow, S&P off to worst four-day January start ever as China fears grow

  07-01-2016 23:58 via news.yahoo.com
  
  U.S. stocks sold off further on Thursday, giving the Dow and S&P 500 their worst four-day starts to a year ever, dragged down by another drop in Chinese equities and oil prices at 12-year lows. China allowed the biggest fall in its yuan currency in five months, adding to investor fears about the health of its economy, while Shanghai stocks were halted for the second time this week after another steep selloff. Oil prices fell to 12-year lows and copper prices touched their lowest since 2009,
  
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• Nexstar, Media General in $2.3 billion deal, Meredith pushes back

  07-01-2016 23:57
  
  (Reuters) - Nexstar Broadcasting Group and Media General said on Thursday they had reached a $2.3 billion deal to create the second-largest U.S. broadcaster, in a deal that faces opposition from...
  
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• Dow, S&P off to worst four-day Jan start ever as China fears grow

  07-01-2016 23:56 via news.yahoo.com
  
  China allowed the biggest fall in its yuan currency in five months, adding to investor fears about the health of its economy, while Shanghai stocks were halted for the second time this week after another steep selloff. Oil prices fell to 12-year lows and copper prices touched their lowest since 2009, weighing on energy and materials shares. All 10 S&P 500 sectors ended in the red, though, and the Nasdaq Biotech index fell 4.1 percent.
  
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• UPDATE 3-Nexstar, Media General in $2.3 bln deal, Meredith pushes back

  07-01-2016 23:44
  
  Jan 7 (Reuters) - Nexstar Broadcasting Group and Media General said on Thursday they had reached a $2.3 billion deal to create the second-largest U.S. broadcaster, in a deal that faces opposition...
  
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• China's woes rattle global markets

  07-01-2016 23:40 via news.yahoo.com
  
  Stock markets across the globe slumped and oil plumbed new depths Thursday as signs of a dramatic slowdown in powerhouse China put fright into investors about the outlook for the global economy. Another cut in the value of the Chinese yuan triggered a plunge in shares on Chinese exchanges, leading to the second suspension of trading on the Shanghai exchange this week.
  
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• Fed watching China stocks rout, Republicans slam yuan slump

  07-01-2016 23:37 via news.yahoo.com
  
  The Federal Reserve was closely monitoring the sell-off in stocks that shook world markets on Thursday, while U.S. Republican presidential candidates took aim at Chinese policies they claimed are designed to gain a trade advantage. U.S. lawmakers, meanwhile, were uncharacteristically silent about a further deterioration in the value of China's currency, after the yuan fell for an eighth day on investor fears about China's economy. Ohio Governor John Kasich and U.S. Senator Marco Rubio of Florida
  
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• Global stocks, oil tumble as China economy concerns mount

  07-01-2016 23:18 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Shares on major exchanges fell for a sixth straight day on Thursday and crude oil prices touched multi-year lows as investors fretted over the state of China's economy and its ability to stabilise its stock market. In a move that deepened concerns over China's economic health, the People's Bank of China set the yuan midpoint rate lower for an eighth consecutive day. China suspended a circuit breaker implemented at the start of 2016 that stopped trading for
  
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• Germany's RWE sells Lynemouth power plant to EPH

  07-01-2016 23:04
  
  FRANKFURT (Reuters) - RWE , Germany's second-biggest utility, has agreed to sell its Lynemouth coal-fired power plant in Britain to Czech-Slovak energy investment group EPH, it said on Thursday.
  
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• How stock market 'circuit breakers' cool trading panic

  07-01-2016 22:57 via news.yahoo.com
  
  China suspended stock trading for the second time in a week on Thursday, after the CSI 300 market index plummeted seven per cent a half hour after markets opened. The nosedive triggered what's called a "circuit breaker" in stock market vernacular, an automated procedure meant to temper volatile fluctuations in the index and panicked investor reaction by temporarily shutting down trading. Most major indexes, including the Toronto Stock Exchange, have similar cir
  
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• CORRECTED-Apple suppliers Cirrus Logic, Qorvo estimate revenue below Street

  07-01-2016 22:55
  
  Jan 7 (Reuters) - Apple Inc suppliers Cirrus Logic Inc and Qorvo Inc estimated third-quarter revenue below analysts' expectations, exacerbating fears about softening iPhone demand.
  
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• Dow, S&P lose over 2%, Nasdaq 3% as global rout deepens

  07-01-2016 22:39 via news.yahoo.com
  
  US stocks tumbled Thursday as another big drop in Chinese stocks heightened worries about the world's second-largest economy and triggered another wave of selling across global equity markets.
  
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• What's Going On in Global Markets: An Explainer

  07-01-2016 22:10 via news.yahoo.com
  
  Chinese stocks have been selling off this week and overnight China's stock markets crashed again, dropping 7 percent. Regulators in China said they will suspend circuit breakers after an emergency meeting today. What exactly do China's changes mean?
  
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• Wall Street tumbles on China worries

  07-01-2016 22:10 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 posted its largest daily drop since September on Thursday as concerns over the health of the Chinese economy and a relentless slide in oil prices rattled investors.
  
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• US Markets Extend Losses; Dow Slumps Nearly 400 Points

  07-01-2016 22:10 via news.yahoo.com
  
  It was a bloodbath on Wall Street today, with the Dow Jones Industrial Average dropping 2.32 percent, or 393 points. The S&P 500 Index declined 2.37 percent, or 47 points, while the Nasdaq fell 3 percent, or 147 points. U.S. stocks are now at three-month lows.Today's sell-off was global and started today when China’s stock markets halted trading for the second time this week. Chinese equities slid more than 7 percent today after just 29 minutes of trading. ...
  
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• Stocks, oil tumble as China economy concerns mount

  07-01-2016 22:03 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Shares on major exchanges fell for a sixth consecutive day on Thursday and crude prices touched multi-year lows as investors fretted over the state of the Chinese economy and its ability to stabilize its stock market. China suspended a circuit breaker set up at the start of 2016 that stopped trading for the day when stocks fell 7 percent, a halt that had already triggered twice this week. Analysts and investors said the mechanism, put in place to avoid mark
  
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• Fed's Evans says monitoring China, financial volatility

  07-01-2016 21:57 via news.yahoo.com
  
  Chicago Federal Reserve President Charles Evans said on Thursday that the U.S. central bank is monitoring China and increased volatility in global stock markets. "There's obviously more volatility in financial markets at the moment, how things will settle out is still a little unsure," he told reporters when asked about China's stock rout and yuan devaluation and their possible impact on the Fed's future path of interest rate hikes. The Chicago Fed president pointed to last September when the Fe
  
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• Fed watching China stocks rout, lawmakers mum on yuan slump

  07-01-2016 21:49 via news.yahoo.com
  
  By Howard Schneider and David Lawder WASHINGTON (Reuters) - The Federal Reserve was closely monitoring the Chinese equities selloff that shook world markets on Thursday, while U.S. lawmakers were uncharacteristically silent on a further deterioration in the value of the yuan currency. Long-simmering tension over whether China manipulates its currency for trade advantage could heat up again, but the yuan's slide this week appeared driven by market doubts about Chinese economic growth, not active
  
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• Supervalu's board approves spinning off Save-A-Lot

  07-01-2016 21:44
  
  (Reuters) - Supervalu Inc'sboard approved a spinoff of its Save-A-Lot discount supermarket chain, paving the way for separating a thriving unit from its slower-growing grocery wholesale and food...
  
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• UPDATE 1-Supervalu's board approves spinning off Save-A-Lot

  07-01-2016 21:43
  
  Jan 7 (Reuters) - Supervalu Inc's board approved a spinoff of its Save-A-Lot discount supermarket chain, paving the way for separating a thriving unit from its slower-growing grocery wholesale and...
  
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• Here’s What You Should Do When the Stock Market Falls

  07-01-2016 21:30 via news.yahoo.com
  
  On Monday, the S&P 500 and Nasdaq stock indexes recorded their worst starts to a new year since 2001. By Wednesday, global stocks had lost $2.5 trillion in value. “I am still amazed that when the stock market goes down, there becomes panic,” says Lawrence Heller, of Larry Heller & Associates, an investment advisory firm in Melville, N.Y. “The stock market does go down.
  
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• Puerto Rico Public Finance Corp misses interest payment

  07-01-2016 21:14
  
  Jan 7 (Reuters) - Puerto Rico's Public Finance Corp missed
  an interest payment due on January 1 on Series 2012 A
  Commonwealth Appropriation Bonds, PFC said in a public filing on
  Thursday.
  
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• California governor proposes increased education funding

  07-01-2016 21:13 via news.yahoo.com
  
  California Governor Jerry Brown on Thursday proposed a new state budget that increases public spending in education, healthcare and infrastructure, the latest indication of the most populous U.S. state's rebound from years of economic doldrums. Brown, a Democrat, proposed a new budget plan for fiscal year 2016-17 that topped $122 billion in spending from what is known as the general fund, the money appropriated by the legislature and approved by the governor each year, and a total state budget o
  
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• Shire, Baxalta to announce merger as soon as Monday: sources

  07-01-2016 20:52
  
  (Reuters) - Rare disease drugmaker Shire Pharmaceuticals Plcis preparing to announce its roughly $32.5 billion acquisition of U.S. peer Baxalta International Incas early as Monday, according to...
  
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• Euro jumps vs dollar on Wall Street selloff

  07-01-2016 20:30 via news.yahoo.com
  
  The euro jumped against the dollar on Thursday as growing losses on Wall Street led investors, who had held euro-funded positions in which the low-yielding currency is borrowed and sold in favour in higher-yielding ones, to buy back the euro. Major U.S. stock indexes fell more than 2 percent on worries about the Chinese economy and falling oil prices.
  
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• Republican Rubio says China's currency action tied to exports

  07-01-2016 20:27 via news.yahoo.com
  
  (Reuters) - U.S. Republican presidential candidate Marco Rubio said on Thursday that China's move to depreciate its currency is "an effort to get exports going again" after efforts to shift to a more consumption-based model failed. "They're now rapidly trying to goose up exports," the U.S. senator from Florida said. "China has a significant crisis on their hands internally ... Every bubble they’ve had in their economy, they’ve compensated with a new bubble, and I think its finally ca
  
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• Chancellor warns of 'dangerous cocktail' of threats for 2016

  07-01-2016 20:10 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - Chancellor George Osborne warned on Thursday that the economy faced a "dangerous cocktail" of threats from abroad and he urged against complacency after two years of solid growth. Osborne, whom Prime Minister David Cameron has named as a possible successor, said in a new year's message that Britain faced headwinds from slower growth in China, Brazil and Russia, tension in the Middle East and stock market falls. Britain has been among the fastest-growing rich
  
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• Fed's Evans favors slower interest rate path in 2016

  07-01-2016 20:09 via news.yahoo.com
  
  Chicago Federal Reserve President Charles Evans said on Thursday his view of the U.S. interest rate path in 2016 was consistent with two hikes, and cautioned that monetary policy must take into account the potential for lower economic growth in the long term. "I think appropriate policy is consistent with some of the most accommodative dots on the chart," Evans said, referring to the range of economic projections Fed policymakers have given for the Fed's benchmark interest rate by the end of 201
  
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• Shell sees BG deal working with oil at $50 for two years: sources

  07-01-2016 19:58
  
  LONDON (Reuters) - Royal Dutch Shell has told investors its purchase of BG can work even if oil prices average $50 a barrel for two years, its lowest estimate to date as it seeks to secure...
  
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• Apple buys artificial intelligence startup Emotient - Wall Street Journal

  07-01-2016 19:38 via news.yahoo.com
  
  (Reuters) - Apple Inc bought Emotient Inc, an artificial intelligence startup that reads people's emotions by analysing facial expressions, the Wall Street Journal reported. The tech giant's plans for Emotient were not immediately clear, the Journal reported, confirming the news with an Apple spokeswoman. Last month, Tesla Motors Chief Executive Elon Musk and other prominent tech executives announced $1 billion in funding for an artificial intelligence non-profit called OpenAI.
  
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• Apple buys artificial intelligence startup Emotient: WSJ

  07-01-2016 19:33 via news.yahoo.com
  
  (Reuters) - Apple Inc bought Emotient Inc, an artificial intelligence startup that reads people's emotions by analyzing facial expressions, the Wall Street Journal reported. The tech giant's plans for Emotient were not immediately clear, the Journal reported, confirming the news with an Apple spokeswoman. Last month, Tesla Motors Chief Executive Elon Musk and other prominent tech executives announced $1 billion in funding for an artificial intelligence non-profit called OpenAI.
  
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• Out of flavor: Wall Street slashes targets on Chipotle

  07-01-2016 19:26 via news.yahoo.com
  
  Chipotle Mexican Grill Inc's shareholders have never had it so bad. At least six brokerages slashed their price targets on the burrito chain operator's stock on Thursday, a day after the company said it was served with a grand jury subpoena related to a probe into a norovirus incident at one of its restaurants. Chipotle's stock, once a Wall Street darling, has lost a third of its value since the end of October, when an E. Coli outbreak linked to its restaurants was first reported.
  
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• Wall Street swoons on China shock, oil slide

  07-01-2016 19:09 via news.yahoo.com
  
  U.S. stocks were sharply lower on Thursday as market volatility in China and a relentless slide in oil prices unnerved investors, extending the shaky start to the year. China allowed the biggest fall in the yuan in five months, and Shanghai stocks were halted for the second time this week after another brutal selloff tripped a newly imposed circuit breaker. Global stocks, however, recouped some losses after the Shanghai and Shenzhen stock exchanges said China would suspend the circuit breaker as
  
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• Options volume surges on Wall Street sell-off

  07-01-2016 18:56 via news.yahoo.com
  
  Market volatility in China and a relentless slide in oil prices spurred an options trading flurry on Thursday, as traders geared up for further market gyrations after U.S. stocks fell for the second straight day. U.S. stocks opened sharply lower on Thursday, with the Dow Jones industrial average down 1.3 percent. The CBOE Volatility Index , the market's favored gauge of Wall Street anxiety, jumped 14 percent to 23.46, the highest since mid-December.
  
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• European shares drop sharply after China's yuan move spooks investors

  07-01-2016 18:52 via news.yahoo.com
  
  European shares fell sharply on Thursday after China accelerated the depreciation of the yuan but were helped off their lows after the Chinese securities regulator said it would suspend its new stock market ...
  
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• Hudson's Bay to buy online luxury retailer Gilt

  07-01-2016 18:40
  
  (Reuters) - Canadian department store operator Hudson's Bay Co has agreed to buy online luxury retailer Gilt Groupe Holdings Inc for about $250 million.
  
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• China rattles global markets

  07-01-2016 18:38 via news.yahoo.com
  
  Stock markets across the globe slumped and oil plumbed new depths Thursday as signs of a dramatic slowdown in powerhouse China put fright into investors about the outlook for the global economy. The drop in the yuan sparked renewed fears about the health of the world's second biggest economy and key driver of commodities consumption, sparking a heavy sell-off in Asia that swept across the world. Officials and leading financiers also warned of the risks to the global economy and the threat of ano
  
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• Oil pares losses after dive toward 12-year low seen too far, too fast

  07-01-2016 18:32 via news.yahoo.com
  
  By Barani Krishnan and Simon Falush NEW YORK/LONDON (Reuters) - Oil lurched to new 12-year lows before paring some losses on Thursday, with some traders betting a rout triggered by fears over China demand and swelling U.S. stockpiles had run its course, for now. Global benchmark Brent crude fell as much as 6 percent to nearly $32 a barrel, its lowest level since at least April 2004, as another free fall in the Chinese stock market rattled investors already concerned by the world glut in crude. "
  
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• For many stocks on Wall Street, it's already a bear market

  07-01-2016 18:28 via news.yahoo.com
  
  With U.S. stocks now on pace for their worst start to the year since 2000, investors are questioning whether Wall Street is headed for a bona fide bear market. The truth is, many stocks are already there. U.S. stocks have fallen nearly 4.0 percent so far in 2016, and more than 40 percent of the stocks in the benchmark S&P500 stock index are 20 percent or more off of their highs, the definition of a bear market.
  
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• Oil pares losses after dive towards 12-year low seen too far, too fast

  07-01-2016 18:25 via news.yahoo.com
  
  By Barani Krishnan and Simon Falush NEW YORK/LONDON (Reuters) - Oil lurched to new 12-year lows before paring some losses on Thursday, with some traders betting a rout triggered by fears over China demand and swelling U.S. stockpiles had run its course, for now. Global benchmark Brent crude fell as much as 6 percent to nearly $32 a barrel, its lowest level since at least April 2004, as another free fall in the Chinese stock market rattled investors already concerned by the world glut in crude. "
  
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• Concern over Chinese economy sends stocks reeling

  07-01-2016 18:11 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Shares on major exchanges fell for a sixth consecutive day on Thursday while crude prices bounced back from multi-year lows as volatile markets digested another move lower in the yuan and Chinese efforts to stabilise a sinking stock market. Stocks on Wall Street pared losses after China suspended the circuit breaker that stops trading for the day when stocks fall 7 percent, a halt that occurred twice this week. Analysts and investors said the mechanism, put
  
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• Concern over Chinese economy sends world stocks reeling

  07-01-2016 18:10 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Shares on major exchanges fell for a sixth consecutive day on Thursday while crude prices bounced back from multi-year lows as volatile markets digested another move lower in the yuan and Chinese efforts to stabilize a sinking stock market. Stocks on Wall Street pared losses after China suspended the circuit breaker that stops trading for the day when stocks fall 7 percent, a halt that occurred twice this week. The 7-percent drop in Chinese markets overnigh
  
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• Eurozone set for better economic growth _ China permitting

  07-01-2016 18:02 via news.yahoo.com
  
  LONDON (AP) — It's not ideal timing. Just as the eurozone economy finally appears to be picking up speed, its future is clouded by concerns over China and the world economy.
  
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• China lets yuan slide, starts fight to halt turbulence

  07-01-2016 18:02 via news.yahoo.com
  
  By Lu Jianxin and Patrick Graham SHANGHAI/LONDON (Reuters) - China allowed the biggest fall in the yuan in five months on Thursday, pressuring regional currencies and sending global stock markets tumbling as investors feared it would trigger competitive devaluations. For the second time this week China's stock markets were suspended for the day before an announcement late in the evening in Shanghai that authorities were abandoning the new circuit-breaking mechanism for halting trade in overly vo
  
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• U.S. jobs market holding firmer despite slowing growth

  07-01-2016 17:39 via news.yahoo.com
  
  The number of Americans filing for jobless benefits fell last week and layoffs in December were the smallest in 15-1/2 years, pointing to labor market strength even as economic growth appears to have slowed sharply in the fourth quarter. You don't go into a recession with jobless claims and layoffs at these low levels," said Jacob Oubina, senior economist at RBC Capital Markets in New York. Last week was the 44th straight week that claims held below the 300,000 mark, which is associated wit
  
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• When It Comes To Taxes, Where Not To Win Powerball

  07-01-2016 17:36 via news.yahoo.com
  
  Hoping to win the Powerball? You know your winnings will be subject to federal tax. But which state and local authorities also want a piece?
  
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• US Markets Plunge After China Halts Trading

  07-01-2016 17:30 via news.yahoo.com
  
  U.S. markets opened lower rhis morning after China's stock markets halted trading for the second time this week. The Dow Jones Industrial Average was down 128 points. The Nasdaq was down 157 points, or 3 percent. The S&P 500 has fallen 32 points, or 1.62 percent. U.S. stocks are now at three-month lows.Chinese equities tumbled more than 7 percent today, setting off a tailspin in global markets.China's stock markets stopped trading after just 29 minutes, ending the shortest trading day in Chi
  
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• Wall Street hit by China tumult, oil slide

  07-01-2016 17:28 via news.yahoo.com
  
  U.S. stocks were lower on Thursday, but off their session lows, as market volatility in China and a relentless slide in oil prices unnerved investors, already jittery after a shaky start to the year. China allowed the biggest fall in the yuan in five months, and Shanghai stocks were halted for the second time this week after another brutal selloff tripped a new circuit breaker. Global stocks, however, trimmed losses after the Shanghai and Shenzhen stock exchanges said China would suspend the cir
  
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• Oil prices steady on short-covering after nearing 12-year low

  07-01-2016 17:20 via news.yahoo.com
  
  (Reuters) - Oil prices steadied on Thursday after falling earlier to near 12-year lows as short-covering helped crude futures rebound from sentiment dented by a tumbling Chinese stock market. Global oil benchmark Brent was up 7 cents at $34.30 a barrel by 11:00 a.m. EST (1600 GMT) after sliding 5 percent during European trading to a low of $32.16, a level last seen in April 2004. U.S. crude's West Texas Intermediate futures were up 15 cents at $34.12, after hitting a low of $32.10, their lowest
  
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• Fed may need to hike rates more than four times this year: Lacker

  07-01-2016 17:04 via news.yahoo.com
  
  The Federal Reserve may need to raise interest rates more than four times this year if oil prices stabilize, the dollar stops appreciating and inflation surges toward the U.S. central bank's 2 percent target, a Fed policymaker said on Thursday. Richmond Federal Reserve President Jeffrey Lacker said in a speech to a business group in Raleigh, North Carolina, that he was confident inflation, which has been under the Fed's target for roughly three years, would move higher soon barring an unexpected
  
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• Fed closely watching China financial turmoil: Lacker

  07-01-2016 17:04 via news.yahoo.com
  
  RALEIGH, N.C. (Reuters) - The Federal Reserve is keeping a close eye on this week's turmoil in China's financial markets, but it remains unclear if the drop in the value of Chinese stocks and the yuan currency will have much impact on the U.S. economy, a Fed policymaker said on Thursday.
  
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