Finance news

• Wall Street resumes selloff; S&P 500 lowest since September

  13-01-2016 23:42 via news.yahoo.com
  
  U.S. stocks sank on Wednesday, pushing the S&P 500 to close below 1,900 for the first time since September as investors grew anxious about weak energy prices, U.S. corporate earnings and the global economy. Selling was broad, with decliners outpacing advancing issues on the NYSE more than 7 to 1 and on the Nasdaq by more than 6 to 1. The S&P 500 is now down 11.3 percent below its May 21, 2015, closing lifetime high.
  
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• Wall St. resumes selloff; S&P 500 lowest since September

  13-01-2016 23:42 via news.yahoo.com
  
  Selling was broad, with decliners outpacing advancing issues on the NYSE more than 7 to 1 and on the Nasdaq by more than 6 to 1. The S&P 500 is now down 11.3 percent below its May 21, 2015, closing lifetime high. Growing stockpiles of oil in the United States stoked market fears about demand.
  
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• Q&A: What is a market 'correction' and why does it matter?

  13-01-2016 23:22 via news.yahoo.com
  
  A dismal start for the stock market this year has pushed the Standard & Poor's 500 index into what is known as a "correction," or decline of 10 percent or more from a recent peak. Here are some common questions asked about corrections and what they mean to investors:
  
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• Canadian Liberals set to bust deficit pledge as oil tumbles

  13-01-2016 23:14 via news.yahoo.com
  
  By David Ljunggren and Randall Palmer OTTAWA (Reuters) - Canada's Liberal government looks certain to break its promise to keep budget deficits to C$10 billion ($7 billion) a year but a deteriorating economy makes it hard to determine how large the shortfall will be, according to sources familiar with the party's plans. The Liberals, elected last year on a promise to boost infrastructure spending, are likely to unveil their first budget by the end of March as decade-low oil prices slam economic
  
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• Wall Street ends sharply lower; S&P 500 below 1,900

  13-01-2016 23:03 via news.yahoo.com
  
  "We've been in capital preservation mode since the year began and as the market has shown an inability to rally with any conviction, that's only increased the level of nervousness and that seemed to have spilled over today in a very significant way," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. The declines ended a two-day rebound for the S&P 500 and resumed the steep selloff that began at the start of the year amid concerns about a slowdown i
  
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• U.S. shares tumble; Brent crude slips below $30

  13-01-2016 23:00 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - U.S. stocks tumbled on Wednesday to their lowest close since September and oil prices gave up an early rally on mounting worries about the global economy. Major U.S. stock indexes finished down more than 2 percent, with the Nasdaq off more than 3 percent. The S&P 500 ended a two-day rebound, closing below 1,900 for the first time since September.
  
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• Investors retreat from hedge funds after tough December: SS&C

  13-01-2016 22:07
  
  LONDON (Reuters) - Investors pulled money out from hedge funds in January following a poor performance across the industry in December, data from hedge fund administrator SS&C GlobeOp showed.
  
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• U.S. bank stocks primed for climb on earnings

  13-01-2016 22:05
  
  NEW YORK (Reuters) - Bank stocks could experience a short-term pop later this week when big names such as JPMorgan Chase , Citigroup and Wells Fargo post quarterly results, analysts said.
  
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• Brent hits near 12-year low as market wrestles with weak demand

  13-01-2016 21:47 via news.yahoo.com
  
  By Jessica Resnick-Ault NEW YORK (Reuters) - Brent crude ended 2 percent lower on Wednesday after falling below $30 a barrel for the first time since April 2004 as a growing stocks of oil in the United States stoked market fears about demand. Both Brent and U.S. crude futures saw highs early in the day of more than $1 above Tuesday's closing price on upbeat Chinese economic data earlier in the session.
  
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• Goldman Sachs throws support behind IEX exchange application

  13-01-2016 21:43 via news.yahoo.com
  
  Investment bank Goldman Sachs Group has thrown its support behind upstart trading venue IEX Group's bid to become a U.S. stock exchange, asking regulators to use the opportunity to address broader issues related to how the market is structured. IEX, the private trading venue featured in author Michael Lewis' book "Flash Boys: A Wall Street Revolt," applied in September with the U.S. Securities and Exchange Commission to become a registered stock exchange called the Investors' Exchange. As an exc
  
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• Cannes Lions Owner Picks Chair For £1bn Float

  13-01-2016 21:28 via news.yahoo.com
  
  The owner of the annual Cannes Lions advertising festival will unveil a new chairman on Thursday alongside plans for a £1bn stock market flotation. Sky News has learnt that Ascential - which recently changed its name from Top Right Group - will announce that it has appointed Scott Forbes, the chairman of online property group Rightmove (LSE: RMV.L - news) , to spearhead the listing. The float will come after several months of talks about a sale of Ascential, which also owns the fashion bib
  
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• Wall Street falls sharply; Brent crude dips below $30

  13-01-2016 21:23 via news.yahoo.com
  
  Major U.S. stock indexes were all off at least 2 percent, with the Nasdaq down more than 3 percent. Benchmark Brent crude slipped below $30 a barrel, a day after U.S. oil prices breached that level. Volatility in oil prices overshadowed better-than-feared trade data out of China that initially lifted sentiment in equities and commodities.
  
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• Rail mergers could be 'destructive' to shareholder value: CSX CEO

  13-01-2016 21:22
  
  CHICAGO (Reuters) - No. 3 U.S. railroad CSX Corp does not see any compelling benefits stemming from mergers of major railroads in North America and fears regulatory burdens could be attached to the...
  
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• Wall Street sells off late, S&P 500 falls below 1,900

  13-01-2016 21:14 via news.yahoo.com
  
  U.S. stocks sold off sharply in late Wednesday trading, pushing the S&P 500 below 1,900 for the first time since early October, after the market failed to hold its early rally. All 10 S&P 500 sectors were in the red and extending losses in afternoon trading. Decliners outpaced advancing issues on the NYSE by a ratio of 7.53-to-1 and by 6.44-to-1 on the Nasdaq.
  
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• Wall St. sells off late, S&P 500 falls below 1,900

  13-01-2016 21:13 via news.yahoo.com
  
  All 10 S&P 500 sectors were in the red and extending losses in afternoon trading. Decliners outpaced advancing issues on the NYSE by a ratio of 7.53-to-1 and by 6.44-to-1 on the Nasdaq. The S&P 500 is now down more than 11 percent from its May 20 lifetime high, while the Russell 2000 dropped 3.5 percent and was on pace to end the session in bear market territory.
  
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• Fed says economy expanded somewhat in 9 of 12 districts

  13-01-2016 20:34 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve says the economy expanded across most of the United States in December and early January.
  
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• Al Jazeera to shut U.S. operations by April end

  13-01-2016 20:28 via news.yahoo.com
  
  (Reuters) - Cable news channel Al Jazeera said it will shut down its U.S. operations by the end of April due to economic challenges in the U.S. media market. The channel will cease U.S. operations by April 30, Al Jazeera Media Network said on Wednesday.
  
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• U.S. jury finds ex-Capital One analyst liable in insider trading case

  13-01-2016 20:17
  PHILADELPHIA (Reuters) - A former Capital One Financial Corp analyst was found liable on Wednesday on civil charges that he engaged in insider trading by using non-public sales data from the credit...
  
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• Bosnia EU application won't be rushed says foreign minister

  13-01-2016 20:12 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - Bosnia's application to join the European Union may not come this month as planned, its foreign minister said on Tuesday, but stressed any slippage would be minor and result from efforts to ensure the bid is successful. Bosnia signed a pre-membership pact on closer ties known as a Stabilisation and Association Agreement (SAA) in 2008, but it was ratified only in June when Germany and Britain launched a new initiative to encourage economic development. Last month
  
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• Fed's Evans says he's nervous on China, inflation expectations

  13-01-2016 20:06 via news.yahoo.com
  
  CEDAR RAPIDS, Iowa (Reuters) - Chicago Federal Reserve Bank President Charles Evans said Wednesday he is nervous about the potential effects of China's slowdown on the U.S. economy and about the possibility that inflation expectations may be slipping.
  
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• U.S. economic growth hampered by dollar, energy prices: Fed

  13-01-2016 20:04 via news.yahoo.com
  
  WASHINGTON, Jan 13 (Reuters) - - The U.S. economy continued to show mixed signals from late November to early January, with improvements in the labor market and consumer spending offset by the drag of a strong dollar and low energy prices, the Federal Reserve said on Wednesday. Half the U.S. central bank's districts said the outlook for future economic growth remained mostly positive.
  
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• US stocks indexes veer lower; crude oil recovers

  13-01-2016 19:20 via news.yahoo.com
  
  Major U.S. stock indexes moved lower in afternoon trading Wednesday as the price of crude oil gave back some of its gains from earlier in the day. Investors were weighing the latest company earnings and ...
  
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• Wall St. drops, led by consumer stocks

  13-01-2016 19:18 via news.yahoo.com
  
  (Reuters) - Wall Street moved lower on Wednesday, as an early rally once again faded, with Amazon leading consumer discretionary stocks lower and crude oil prices struggling to end a seven-day losing streak.
  
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• Don't mention the Brexit: EU bans Plan B studies

  13-01-2016 19:17 via news.yahoo.com
  
  By Paul Taylor and Alastair Macdonald BRUSSELS (Reuters) - European Commission economists have been banned from researching the impact of Britain leaving the 28-nation bloc, or even talking about it, for fear of getting embroiled in the heated British debate ahead of a referendum, officials said. "There is an internal order not to discuss or study the impact of Brexit," a senior Commission official told Reuters, adding that the instruction had come from the office of European Union chief executi
  
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• New Argentine govt resumes talks with 'vulture' creditors

  13-01-2016 19:00 via news.yahoo.com
  
  The new Argentine government reopens talks with bondholders in New York Wednesday that for years have blocked the struggling country's access to global capital markets. The previous administration of Cristina Kirchner had refused to compromise with the creditors, mainly hedge funds it branded "vultures," after a US court ordered the country to pay the full value of bonds that Buenos Aires defaulted on some 15 years ago. Talks between representatives of the new government of President Mauricio Ma
  
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• China may slow Fed's interest rate rises - Fed officials

  13-01-2016 19:00 via news.yahoo.com
  
  Headwinds from China and the world's commodity markets may once again be upending the U.S. Federal Reserve's plans less than a month into its first-in-a-decade tightening cycle. The rout in China's stock market, weak oil prices and other factors are "furthering the concern that global growth has slowed significantly," Boston Fed President Eric Rosengren said on Wednesday. Rosengren, who votes on the Fed's rate-setting committee this year, also said a second hike will face a strict test as the Fe
  
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• Europe markets edge up after positive China data

  13-01-2016 18:33 via news.yahoo.com
  
  European shares closed mostly higher on Wednesday encouraged by brighter Chinese economic data and a modest recovery in oil prices, but a downturn on Wall Street capped earlier gains. London and Paris were both higher, closing 0.5 percent and 0.3 percent up respectively, having fallen back from earlier highs on the back of upbeat figures from China providing some respite from a volatile start to 2016. "European equities are mixed in late-day action, with strength in oil and gas issues on an init
  
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• EU delays decision on China market economy status

  13-01-2016 18:26 via news.yahoo.com
  
  The EU on Wednesday said it would wait until later this year to decide if China should finally be considered a real market economy, a status keenly sought by Beijing that would make it harder for Europe to limit its cheap exports. China, the world's manufacturing powerhouse, but where the state still plays a huge role in running the economy, wants the designation from the European Union as it campaigns to win over the 162-country World Trade Organization. "We will come back to it later because t
  
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• Three reasons not to simplify your financial life

  13-01-2016 18:13
  LOS ANGELES (Reuters) - January seems to beg for fresh starts, organizing binges and articles about simplifying your life. In some ways, though, a little complexity is a good thing.
  
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• Wall Street rally fades as crude retreats, Amazon weighs

  13-01-2016 17:44 via news.yahoo.com
  
  Wall Street's early gains evaporated on Wednesday morning, led by a drop in Amazon and other consumer discretionary stocks, while crude oil prices struggled to end their losing streak. Amazon fell 2.3 percent to $603.77 and was the biggest drag on the S&P 500 and the Nasdaq. Crude prices once again moved towards $30 per barrel, but held ground above the key level, after data showed a bigger-than-expected increase in U.S. crude stockpiles last week.
  
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• Oil rally stalls after stockpile data; shares pull back

  13-01-2016 17:40 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - A rebound in oil prices faltered on Wednesday as U.S. data showed a rise in crude inventories, while U.S. and European shares gave up earlier gains. The retreat in oil prices cut short a rally in commodities and equities that had been fueled by better-than-feared Chinese trade data, which relieved concerns about the health of world's second-largest economy. Concern about a supply glut has helped drag down oil prices to 12-year low and crude dipped below $3
  
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• GE, Canada government to invest in advanced medical research center

  13-01-2016 17:04 via news.yahoo.com
  
  TORONTO (Reuters) - General Electric Co's healthcare division said on Wednesday that it and a Canadian federal government agency plan to invest C$40 million ($28 million) to help build a center for advanced therapeutic cell technologies in Toronto. The money from GE Healthcare and FedDev Ontario, the Canadian government's economic development organization for southern Ontario, is aimed at helping accelerate the development and adoption of cell manufacturing technologies that can help treat patie
  
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• Wall Street rainmaker Michael Klein no longer a one-man show

  13-01-2016 16:58 via news.yahoo.com
  
  Star dealmaker and former Citigroup Inc executive Michael Klein, the lead adviser to Dow Chemical Co on its $130 billion merger with DuPont, has quietly tripled the size of his advisory firm in the last 18 months. Klein said this week he had engaged Mike Eck, former global head of consumer and retail investment banking at Morgan Stanley, as a senior adviser.
  
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• The big fund manager mistake of 2015? Being de-FANGed

  13-01-2016 16:44
  BOSTON (Reuters) - Missing out on the hot technology stocks known as the "FANG" group last year came back to bite some well-known mutual funds.
  
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• Stock markets push higher on positive China data

  13-01-2016 16:17 via news.yahoo.com
  
  European and US stock markets pushed higher on Wednesday on the back of bright Chinese economic data and a modest recovery in oil prices, dealers said. Frankfurt, London and Paris indices rallied after a broadly positive session in Asia, buoyed by upbeat Chinese trade data that gave some respite from a volatile start to 2016. Shares on Wall Street followed suit, with the Dow Jones up 0.19 percent and the Nasdaq rising 0.43 percent.
  
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• Value investors go dumpster diving on Wall Street

  13-01-2016 16:12
  NEW YORK (Reuters) - Not every investor is chagrined by the dismal way the year has started in stocks. Some, like self-described value manager Rupal Bhansali, are gleefully loading up on companies...
  
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• Russia announces new budget cuts as oil price slides

  13-01-2016 16:02 via news.yahoo.com
  
  Russia said Wednesday it will slash budget spending by 10 percent this year due to sliding oil prices as Prime Minister Dmitry Medvedev insisted the country must "live within its means". The renewed austerity calls came as the price of oil, Russia's key export commodity, hovered around $30 (28 euros) a barrel, and with economic decline a particular concern for officials ahead of parliamentary polls this year. "The basic principle of our policies should stay the same: one must live within one's m
  
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• Wall Street finds comfort in China trade data

  13-01-2016 15:53 via news.yahoo.com
  
  Wall Street was higher on Wednesday, in tandem with a recovery in crude oil prices as positive Chinese trade data allayed fears about the health of the world's second-biggest economy. "The risk markets, near term, are still going to be paying closest attention to the price of oil," said Mark Heppenstall, chief investment office of Penn Mutual Asset Management in Horsham, Pennsylvania. The S&P 500 was up 9.88 points, or 0.51 percent, at 1,948.56 and the Nasdaq Composite index was up 24.16 poi
  
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• Russia warns cuts needed to avoid repeat of '98 crash

  13-01-2016 15:43 via news.yahoo.com
  
  MOSCOW (AP) — Russia's leaders are warning the government will need to make more cutbacks if the nation is to avoid a repeat of the 1998 financial crash, the country's biggest post-Soviet economic trauma.
  
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• U.S. home loan applications jump as mortgage rates fall

  13-01-2016 15:32 via news.yahoo.com
  
  Applications for U.S. loans to refinance and buy homes booked their biggest weekly rise in three months as mortgage rates fell from their highest in over five months, data released from the Mortgage Bankers Association showed on Wednesday. The mortgage industry group said its gauge on overall mortgage application activities rose 21.3 percent to 398.5 in the week ended Jan. 8 on a seasonally adjusted basis from a week earlier. The average interest rate on 30-year fixed-rate mortgages on conformin
  
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• Switch Off The Share Price Horror Show And Tune Into ITV plc And Sky PLC

  13-01-2016 15:07 via news.yahoo.com
  
  ITV (LON: ITV) and SKY (LON: SKY) offer some light entertainment amid current stock market darkness, says Harvey
  
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• Emerging economies' outlook more worrying than China: S&P agency

  13-01-2016 15:07 via news.yahoo.com
  
  The "alarming" outlook for emerging countries hit by collapsing oil prices is more worrying than China's economic slowdown, ratings agency Standard & Poor's said Wednesday. "We are much more worried about the prospects for emerging countries outside of China, and in particular raw material producing countries", than the Asian giant's economic woes, leading S&P economist Jean-Michel Six told a news conference.
  
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• Iran scorns 'nouveau-riche' critics after UAE tweet

  13-01-2016 15:02 via news.yahoo.com
  
  Iran's foreign minister said on Wednesday that the "arrogant nouveau-riche" should stay out of diplomacy after the United Arab Emirates mocked his criticism of Saudi Arabia's human rights record. The barbed comments on Twitter by Mohammad Javad Zarif and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan underline the strains between the two Gulf countries, who are economic partners but political rivals. The United Arab Emirates has strongly backed Saudi Arabia in a diplomatic dispute with
  
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• Fed's Kaplan: Market turmoil not reflective of US economy - Bloomberg TV

  13-01-2016 14:26 via news.yahoo.com
  
  U.S. Federal Reserve Bank of Dallas President Robert Kaplan said on Wednesday recent turmoil in international markets should be watched and understood, but it might not reflect the underlying U.S. economy. In an interview on Bloomberg Television, Kaplan said consumers should not "overread or overreact" to recent market shifts.
  
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• Fed's Rosengren says slowing growth could pull down Fed rate path

  13-01-2016 14:20 via news.yahoo.com
  
  Global and U.S. economic growth may be slipping and force the Federal Reserve into a more gradual course of rate hikes than officials currently expect, Boston Fed president Eric Rosengren said on Wednesday. Calling the Fed's first-in-a-decade rate hike in December "uneventful" so far, Rosengren said much of the news since then has not been good. The rout in China's stock market, weak oil prices and other factors are "furthering the concern that global growth has slowed significantly," Rosengren
  
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• Global stock market rally continues despite China retreat

  13-01-2016 14:02 via news.yahoo.com
  
  LONDON (AP) — The recovery in global stock markets continued Wednesday despite another big retreat in China's main stock market.
  
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• China trade surprise brings relief; oil jumps

  13-01-2016 13:46 via news.yahoo.com
  
  By Patrick Graham LONDON (Reuters) - Stock markets in Europe and Asia rose and oil prices jumped on Wednesday after Chinese trade data cooled concerns over the world's second biggest economy, steadying money and currency markets in Shanghai and Hong Kong. Japan's Nikkei index jumped 2.9 percent and futures markets pointed to a higher opening on Wall Street after China reported exports dipped just 1.4 percent in dollar terms in December, compared with forecasts of an 8-percent drop. Prices for co
  
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• TSX set for higher open as China data boosts oil

  13-01-2016 13:43 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as oil prices rose after positive Chinese trade data. China reported exports dipped just 1.4 percent in dollar terms in December, compared with forecasts of an 8-percent drop. A 4-percent fall in imports was also much smaller than many had feared. March futures on the S&P TSX index were up 0.52 percent at 7:15 a.m. ET. No major economic events are scheduled for Tuesday. ...
  
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• Stock futures rise on China trade data surprise

  13-01-2016 13:26 via news.yahoo.com
  
  * China exports fell just 1.4 percent in December, much less than the expected 8 percent drop, allaying some concerns about the health of the world's second biggest economy. * Yum Brands was up 2.1 percent at $71 after it said China same-store sales grew 1 percent in December.
  
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• Global markets - China trade surprise brings relief

  13-01-2016 13:01 via news.yahoo.com
  
  By Patrick Graham LONDON (Reuters) - Stock markets in Europe and Asia rose and oil prices jumped on Wednesday after Chinese trade data cooled concerns over the world’s second biggest economy, steadying money and currency markets in Shanghai and Hong Kong. Japan's Nikkei index jumped 2.6 percent and futures markets also pointed to a higher opening on Wall Street after China reported exports dipped just 1.4 percent in dollar terms in December, compared with forecasts of an 8-percent drop. Pr
  
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