Finance news

• Investors pull $14 million from Bill Gross's Janus fund in January: Morningstar

  08-02-2016 23:44
  
  NEW YORK (Reuters) - Investors pulled $14 million from the Janus Global Unconstrained Bond Fund, run by closely followed investor Bill Gross, in January, according to Morningstar data on Monday.
  
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• Growth worries, rate hike uncertainty pull Wall Street down

  08-02-2016 23:26 via news.yahoo.com
  
  U.S. stocks dropped on Monday as concern over global growth hit banks and other economically sensitive shares, although a late rally in energy shares left the market well above its lows of the day. Uncertainty over whether the Federal Reserve would raise rates this year also dragged down U.S. bank stocks, pushing the S&P financial index down 2.6 percent. The index is off 14.6 percent for the year, the worst-performing of the 10 major S&P sectors.
  
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• Obama to call for increases in budget for SEC, CFTC: White House

  08-02-2016 23:12 via news.yahoo.com
  
  President Barack Obama's fiscal 2017 budget will call for increased funding for the Securities and Exchange Commission and the Commodity Futures Trading Commission, a White House official said on Monday. Obama will propose that the SEC be given $1.8 billion and the CFTC $330 million in the budget, economic adviser Jeffrey Zients said in a blog post on the White House website. "Last year the Administration fought hard to keep Congressional Republicans from using must-pass budget legislation to ro
  
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• U.S. bank stocks and bonds clobbered by recession worry

  08-02-2016 23:11
  
  NEW YORK (Reuters/IFR) - U.S. bank stocks and bonds took a pounding on Monday as recession fears compounded concern about their exposure to the energy sector and expectations that global interest...
  
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• Lower-volatility funds not necessarily low risk

  08-02-2016 22:34
  
  NEW YORK (Reuters) - Exchange-traded funds that focus on defensive shares have grown more expensive than their traditional rivals, testing whether the funds can continue to make good on their promise...
  
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• Japanese market close to reading last rites over Abenomics

  08-02-2016 22:28 via news.yahoo.com
  
  By Hideyuki Sano and Tomo Uetake TOKYO (Reuters) - When Prime Minister Shinzo Abe launched his three-pronged programme to revive Japan's stagnant, deflationary economy three years ago, the stock market cheered every step along the way. The "third arrow" of Abenomics -- reforms to make the economy more productive -- is barely a work in progress, but Abe got straight to work on the first two, fiscal expansion and monetary stimulus, with the enthusiastic support of a new governor at the Bank of Jap
  
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• Banking shares plummet on economic slowdown fears

  08-02-2016 22:25 via news.yahoo.com
  
  Shares of large banks and other financial stocks were pummelled on Wall Street Monday as fears of a US economic slowdown heightened worries over deteriorating credit quality. US banks were broadly lower, but the hardest-hit included Bank of America, Citigroup, Goldman Sachs and Morgan Stanley, all down 6.0 percent or more in afternoon trade. A slowing economy translates into higher loan defaults, weaker credit quality and lower interest rates, all of which are bad for bank profits, said Jim Sine
  
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• GM suspends Egypt operations due to currency crisis: company source

  08-02-2016 22:18 via news.yahoo.com
  
  General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday. Import-dependent Egypt has been in economic crisis since a 2011 uprising and subsequent political turmoil drove foreign investors and tourists away. "The entire sector has a currency crisis we can't make a car without some of the parts.
  
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• Wall Street falls on economic worries; financials down

  08-02-2016 22:08 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks dropped on Monday as concern over global growth hit banks and other economically sensitive shares, but a late rally in energy shares left the market well off its lows of the day.
  
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• Fund managers ditch 2015 winners and move toward safety

  08-02-2016 21:56
  
  NEW YORK (Reuters) - Fund managers who relied on the so-called FANG stocks - Facebook, Amazon.com, Netflix, and Google - to boost their performance numbers in 2015 are cutting ties as the global...
  
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• DoubleLine's Gundlach calls market trends 'relentless and powerful'

  08-02-2016 21:41
  
  NEW YORK (Reuters) - Jeffrey Gundlach, the widely followed investor who runs DoubleLine Capital, repeated a December warning on Monday that the dramatic slowdown in global growth will trigger a...
  
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• Verizon enlists AOL CEO to explore Yahoo deal: Bloomberg

  08-02-2016 21:35
  
  (Reuters) - Verizon Communications Inchas given Tim Armstrong, chief executive officer of its AOL unit, a leading role in exploring a possible bid for Yahoo Inc'sassets, Bloomberg reported,...
  
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• Bank of Canada: cannot take lead in maintaining financial stability

  08-02-2016 20:57 via news.yahoo.com
  
  By Jonathan Montpetit MONTREAL (Reuters) - Central bankers cannot take primary responsibility for upholding financial stability because interest rates are too blunt an instrument to address potential problems in just one part of the economy, a Bank of Canada official said on Monday. Record high consumer debt and hot housing markets in some Canadian cities have fueled worries that over-extended borrowers pose a risk to the financial system. The central bank cut interest rates twice last year as c
  
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• Stimulus and oil responsible for eurozone growth: ECB

  08-02-2016 20:35 via news.yahoo.com
  
  The uncertainties threatening the global economy are not coming from the eurozone, where growth is essentially due to stimulus and cheap oil, a European Central Bank official said Monday. "The eurozone is not part of the problem," ECB executive board member Benoit Coeure told French broadcaster BFM. "Our diagnosis today is that there are no bubbles in the eurozone," Coeure said when questioned about the ECB's ultra-low interest rate policy.
  
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• Financial infidelity: Five ways to avoid money secrets

  08-02-2016 20:27
  
  NEW YORK (Reuters) - (The writer is a Reuters contributor. The opinions expressed are his own.) When it comes to love and money, the prospects for harmony don't always depend on what is disclosed....
  
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• Wall Street bleeds as financials, tech stocks sell off

  08-02-2016 19:45 via news.yahoo.com
  
  The technology-heavy Nasdaq Composite fell 2.5 percent to its lowest since October 2014, weighed down by Microsoft, Amazon and Facebook, stocks that lent strength to the market last year. All 10 major S&P sectors were down, with the 3.15 percent fall in financial stocks leading the decliners as they followed European banks lower.
  
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• Economic expansions don't die of old age: Fed study

  08-02-2016 19:06 via news.yahoo.com
  
  Unlike humans, economic expansions "do not become progressively more fragile with age," San Francisco Fed chief researcher Glenn Rudebusch wrote in the latest edition of the regional bank's Economic Letter. While before World War Two it actually was true that the longer expansions lasted the more likely they were to end, the same is not true of postwar expansions, Rudebusch found.
  
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• Oil prices slide as output cut hopes fade

  08-02-2016 19:02 via news.yahoo.com
  
  Oil fell on Monday, with New York prices briefly ducking underneath $30 amid a broader selloff on global stock markets, as hopes of an output cut faded. Prices had rebounded in Asian trading hours after OPEC producers Saudi Arabia and Venezuela held talks on the beleaguered market, raising hopes of production cutbacks. US benchmark West Texas Intermediate for March delivery sank to $29.57 per barrel, before pulling back slightly to stand at $30.21, down 68 cents from Friday's closing level.
  
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• Bank of Canada: can't take lead in maintaining financial stability

  08-02-2016 18:18 via news.yahoo.com
  
  By Jonathan Montpetit Central bank policy cannot take the primary responsibility for maintaining financial stability, with interest rates being too blunt an instrument to address an imbalance in one part of the economy, Bank of Canada Deputy Governor Timothy Lane said on Monday. While Lane noted that stimulative monetary policy might cause vulnerabilities to build up over time, he said failing to ease in an economic downturn could worsen the contraction, causing a crisis. Lane laid out the case
  
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• European, US stocks hammered by finance sector woes

  08-02-2016 18:16 via news.yahoo.com
  
  European and US stock markets slumped on Monday as investors cashed out of banking shares, with tech and oil stocks also taking a beating. After a quiet session across Asia owing to the Chinese New Year, European markets plunged and were then followed by Wall Street. Focus turned to the banking sector, but the rout deepened after oil prices also resumed their slide, while tech stocks got taken down on Wall Street.
  
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• Stocks across Europe sharply lower at close

  08-02-2016 17:56 via news.yahoo.com
  
  Paris (AFP) - Stocks across Europe were sharply lower at the close on Monday in a global rout prompted by banking sector worries, the Chinese economic slowdown and slumping oil prices.
  
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• Shares tumble on global growth concerns; Treasury yields fall

  08-02-2016 17:42 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Stock indexes worldwide tumbled on Monday, led by banking stocks in Europe and technology stocks on Wall Street on persisting fears of a global economic slowdown, while benchmark 10-year Treasury yields hit their lowest in a year on demand for assets deemed less risky. European shares extended the previous week's big losses, with the FTSEurofirst 300 index of top regional shares falling more than 3 percent to its lowest in 16 months. Wall Street continued Fri
  
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• Global shares tumble on global growth concerns; Treasury yields fall

  08-02-2016 17:41 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Stock indexes worldwide tumbled on Monday, led by banking stocks in Europe and technology stocks on Wall Street on persisting fears of a global economic slowdown, while benchmark 10-year Treasury yields hit their lowest in a year on demand for assets deemed less risky. Wall Street continued Friday's technology-led selloff, with the benchmark S&P 500 stock index falling more than 2 percent.
  
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• Wall St. crooks get a screen test - and this time pull in big audiences

  08-02-2016 17:40 via news.yahoo.com
  
  Wall Street villains are having their big moment on both television and the big screen. With the 2008-2009 financial crisis and the accompanying Great Recession not only fresh in many people’s minds but still having an impact on many lives, stories about greed on Wall Street and concern about growing income inequality are resonating well beyond a niche audience. This is being reflected in the battle to be the next U.S. president, particularly as Hillary Clinton defends herself from accusat
  
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• Corrected - Wall St crooks get a screen test – and this time pull in big audiences

  08-02-2016 17:39 via news.yahoo.com
  
  (Corrects spelling of actor Damian Lewis's name in 10th paragraph) By David Gaffen and Jennifer Ablan NEW YORK (Reuters) - Wall Street villains are having their big moment on both television and the big screen. With the 2008-2009 financial crisis and the accompanying Great Recession not only fresh in many people’s minds but still having an impact on many lives, stories about greed on Wall Street and concern about growing income inequality are resonating well beyond a niche audience. This i
  
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• Cyprus airline 'clinches Hong Kong investment to launch flights'

  08-02-2016 17:15 via news.yahoo.com
  
  A Cyprus-based budget airline said Monday it has secured investment from a wealthy Hong Kong group that brings it closer to launching flights and replacing the island's shuttered national carrier. "This broadens our investor base to include both Cypriot and Chinese capital and is a major boost to our plan to launch operations this year as Cyprus' new flag carrier," said Gregory Diacou, chairman of the carrier Cobalt. Diacou said it was the first major foreign investment in Cyprus since the islan
  
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• Wall St. down over 2 percent as tech rout deepens, oil drops

  08-02-2016 16:46 via news.yahoo.com
  
  (Reuters) - Wall Street was deep in the red on Monday, as technology stocks extended a selloff from Friday and U.S. crude oil slipped below $30 per barrel, sending investors scurrying for cover to safe-haven assets.
  
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• Wall St down over 2 pct as tech rout deepens, oil drops

  08-02-2016 16:46 via news.yahoo.com
  
  Wall Street was deep in the red on Monday, as technology stocks extended a selloff from Friday and U.S. crude oil slipped below $30 per barrel, sending investors scurrying for cover to safe-haven assets. The technology-heavy Nasdaq Composite fell 2 percent to its lowest since October 2014, weighed down by Microsoft and Facebook, while the Dow Jones industrial average shed more than 300 points. "Equities are in a 'go-nowhere-fast' mode, with a downward bias in the near term," said Terry Sandven,
  
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• Greece expects bailout review to resume next week - minister

  08-02-2016 16:43 via news.yahoo.com
  
  By Renee Maltezou and Angeliki Koutantou ATHENS (Reuters) - Greece's lenders still need to be persuaded that Athens can plug a bigger than expected fiscal gap when talks on reforms needed under an international bailout resume next week, the finance minister said on Monday. Talks between the heads of the EU/IMF mission reviewing Greece's progress and the government over a tough pension reform plan, fiscal targets and the handling of bad loans, took a break on Friday after four days of meetings. G
  
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• Banks and oil buffet European stocks

  08-02-2016 15:59 via news.yahoo.com
  
  European stock markets slumped on Monday as investors cashed out of banking shares following recent poor earnings, with worries about over China's economy and falling oil prices also weighing on sentiment. After a quiet session across Asia owing to the Chinese New Year, European equities plunged, with Madrid, Milan, Paris and Frankfurt all briefly losing more than 3 percent during in afternoon trading. Focus turned to the banking sector after the spotlight having been firmly on commodity stocks
  
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• India's economy grows better-than-expected 7.3% in last quarter

  08-02-2016 15:41 via news.yahoo.com
  
  India's economy expanded 7.3 percent in the third quarter of the financial year, official data showed Monday, suggesting it remains on track as the world's fastest-growing major economy. The robust data will provide a boost for Prime Minister Narendra Modi, coming as India's rightwing leader nears two years in power amid mounting calls to enact promised reforms. India's statistics ministry on Monday also forecast the economy would grow 7.6 percent over the full year 2015-16.
  
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• Wall St. set to extend selloff on global growth fears

  08-02-2016 15:02 via news.yahoo.com
  
  (Reuters) - Wall Street was set to open lower on Monday, continuing a technology-led selloff from Friday, as fears of a global economic slowdown worsening and dropping oil prices continue to rattle investors.
  
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• Nigeria completes mining license review, to publish results next week: minister

  08-02-2016 14:54 via news.yahoo.com
  
  CAPE TOWN (Reuters) - Nigeria has completed a review of its mining licenses and will publish the results next week, the mines minister said on Monday, adding that those who did not comply faced having their licenses revoked. Kayode Fayemi, the minister of solid mineral development, told Reuters that an amnesty period for companies to comply would not be extended beyond March 1 as Africa's largest economy looked to grow its nascent mining sector and diversify away from an over-reliance on crude o
  
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• Israel eyes more entry permits to Palestinian workers to douse tensions

  08-02-2016 14:51 via news.yahoo.com
  
  Israel plans to increase the number of entry permits it grants to Palestinian workers, Palestinian and Israeli sources said on Monday, in a drive to ease economic hardship that has contributed to a wave of Palestinian attacks. Publicly, the Israeli government has accused Palestinian leaders, including President Mahmoud Abbas and Islamist groups, of inciting violence. A Defence Ministry official confirmed a report in the Haaretz newspaper on Monday which said Israel would increase the number of w
  
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• India says 3Q growth faster than China's at 7.3 percent

  08-02-2016 14:36 via news.yahoo.com
  
  NEW DELHI (AP) — India said its economy grew 7.3 percent in the last three months of 2015, a rate of expansion that puts the South Asian nation ahead of China's 6.8 percent growth during the same period.
  
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• European stocks slump on finance sector worries

  08-02-2016 14:30 via news.yahoo.com
  
  European stock markets slumped on Monday, giving up initial gains, as focus switched to the banking sector following recent poor earnings and persistent worries over China's economy, analysts said. After a quiet session across Asia owing to the Chinese New Year, Europe opened higher but indices were down more than 2.0 percent in London and more than 3 percent in Paris and Frankfurt in afternoon trading, with the DAX falling below 9,000 points for the first time since October 2014. Focus turned t
  
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• Wall of worry weighs on markets, particularly in Europe

  08-02-2016 14:00 via news.yahoo.com
  
  LONDON (AP) — Worries over the global economy weighed heavily on stock markets Monday, with Europe bearing the brunt of the selling. And oil prices fell further, with the benchmark New York rate below $30 a barrel again.
  
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• South African platinum sector girds for wage talks, pleads poverty

  08-02-2016 13:42 via news.yahoo.com
  
  By Ed Stoddard and Zandi Shabalala CAPE TOWN (Reuters) - The world's top platinum producers, which are losing money as costs soar and prices sink, are pleading poverty in advance of South African wage talks set to start in April. Anglo American Platinum, Impala Platinum and Lonmin will again be sitting around the table with the hardline Association of Mineworkers and Construction Union (AMCU), which lead a five-month strike in 2014. "The companies very focused on getting the message across of th
  
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• Futures drop on mounting concerns over global slowdown

  08-02-2016 13:36 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures were lower on Monday, with the Dow Jones industrial average slipping nearly 200 points, as fears of a global economic slowdown worsening rattle investors.
  
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• South African bonds weaken in broader risk aversion

  08-02-2016 12:38 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South African bond yields rose on Monday, ending a recent rally as new data over the weekend showed China's foreign reserves fell, adding to worries over the growth of the world's second largest economy. Th benchmark paper due in 2026 added 10 points to 9.270 by 1117 GMT. Market analyst Ricardo Da Camara at ETM Analytics said government bonds were tracking the rand currency after it gave up its gains due to a risk averse environment. (Reporting by Nqobile Dludla; Editing
  
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• European stocks slide on finance sector worries

  08-02-2016 12:35 via news.yahoo.com
  
  European stock markets slumped on Monday, giving up initial gains, as focus switched to the banking sector following recent poor earnings and persistent worries over China's economy, analysts said. After a quiet session across Asia owing to the Chinese New Year, Europe opened higher but indices were down almost 2.0 percent in London and nearly 3.0 percent in Frankfurt heading into the afternoon. Focus returned to the banking sector after the spotlight having been firmly on commodity stocks in re
  
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• Volkswagen says is open to listing trucks business

  08-02-2016 12:31 via news.yahoo.com
  
  Volkswagen AG's trucks business may pursue acquisitions or even a public listing, the company said on Monday, only days after the parent company was forced to delay publishing earnings in the wake of a diesel emissions scandal. "We're keeping all options open in regards to expanding overseas, about a possible takeover as well as about a stock market listing," a spokeswoman for Volkswagen trucks said on Monday, declining to comment on whether a full or partial separation from Volkswagen Group was
  
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• Why Wall Street Wants a Weaker Dollar

  08-02-2016 12:00 via news.yahoo.com
  
  A two-day drop in the U.S. dollar, driven by hopes of a slowdown in the Federal Reserve's rate hike campaign this year, lifted sprits on Wall Street last week. The PowerShares U.S. Dollar Bullish Fund (UUP) fell back to levels not seen since the middle of October, driven by the weakest non-manufacturing activity survey since February 2014.
  
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• South Africa's mining minister wants empowerment tussle settled outside court

  08-02-2016 11:59 via news.yahoo.com
  
  By Wendell Roelf CAPE TOWN (Reuters) - South Africa's government wants the black economic empowerment legal battle settled outside the courts, the mining minister said on Monday, to end uncertainty over a policy meant to spread economic wealth to the black majority. Empowerment goals set by the mining charter a more than a decade ago to redress the absence of South Africans excluded from the mining industry, required that black partners own 26 percent of companies by 2014. Data from South Africa
  
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• Market overview: Glencore jumps on reports of divestments

  08-02-2016 10:41 via news.yahoo.com
  
  (ShareCast News) - 0930: The Footsie has slid lower, led by falls in the likes of ARM Holdings, Ashtead and WPP, as investors reacted to the steep drops last Friday on Wall Street. Miners were doing best ...
  
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• Russia shuts down two more banks

  08-02-2016 10:35 via news.yahoo.com
  
  Russia's central bank said Monday it had revoked the licenses of two more banks as part of government efforts to consolidate the sector as economic troubles mount. Russia's 67th lender by assets, Intercommerz had failed to adequately assess risks despite the poor quality of its assets, the central bank said. "At the same time the bank was involved in dubious transactions," it added.
  
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• French economic growth gains momentum: central bank

  08-02-2016 10:27 via news.yahoo.com
  
  France's economic growth is set to pick up slightly in the early part of this year, data showed Monday, building on its biggest expansion in four years in 2015. The Bank of France said it expected the eurozone's second biggest economy to grow by 0.4 percent of gross domestic product (GDP) in the first three months of this year. The Bank of France based its estimates on its monthly survey of businesses, which anticipate a slight improvement in industrial activity, as well as the services and cons
  
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• Why Earnings Are Set To Explode At Barclays PLC, ARM Holdings plc & Just Eat PLC

  08-02-2016 10:20 via news.yahoo.com
  
  Royston Wild explains why profits are set to pound higher at Barclays PLC (LON: BARC), ARM Holdings plc (LON: ARM) and Just Eat PLC (LON: JE).
  
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• BUZZ-Dubai's Emaar Malls climbs on Q4 earnings

  08-02-2016 07:35 via news.yahoo.com
  
  ** Shares in Dubai's Emaar Malls climb 3.6 percent ** Company reported 5.5 percent rise in fourth-quarter net profit to 435 million dirhams ($118 million) ** Visitor arrivals across all Emaar Malls assets rose 9 percent to above 124 million in 2015, though Dubai Mall visitor number was roughly flat at 80 million ** Annual net profit of 1.66 billion dirhams compared to analysts' average forecast of 1.70 billion dirhams, according to Thomson Reuters data ** Dubai stock index rises 0.5 percent (Rep
  
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• Turkey - Factors to Watch on Feb 8

  08-02-2016 07:23 via news.yahoo.com
  
  ISTANBUL, Feb 8 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Monday. The lira closed at 2.9150 against the dollar on Friday. The main share index fell 0.41 percent to 74,203.54 points on Friday. The benchmark 10-year government bond yield stood at 10.66 percent at the spot close on Friday and was at 10.64 percent in Monday-dated trade. GLOBAL MARKETS Asian shares got off to a rocky start on Monday after mixed U.S. jobs data helped sink shares on Wall
  
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