Finance news

• Global stocks rally fizzles on Wall Street

  26-02-2016 23:59 via news.yahoo.com
  
  Shares on Frankfurt's DAX led the way, closing nearly two percent higher, followed closely by Paris and London. Central bank chief Zhou Xiaochuan reassured that there were no "fundamental" grounds for a sharp downgrade of the renminbi, amid intense strong outflows from the country and speculator pressure in currency markets. "There is no basis for persistent renminbi depreciation from the perspective of fundamentals," Zhou said.
  
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• TSX up after strong energy week, Magna up on demand

  26-02-2016 23:15 via news.yahoo.com
  
  By Ethan Lou TORONTO (Reuters) - Canada's main stock index rose on Friday, helped by gains in some major banks and energy companies and by a jump in shares of auto parts maker Magna International Inc, which reported strong European and North American demand. Canadian Natural Resources , which had fallen a day earlier after its debt was downgraded by Moody's, rebounded 2.3 percent to C$27.39. While stubbornly low prices for crude and other petroleum products have hurt Canada's heavyweight energy
  
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• C$ strengthens to two-and-half-month high; up 1.8 percent for week

  26-02-2016 23:14 via news.yahoo.com
  
  By Marwa Siam-Abdou TORONTO (Reuters) - The Canadian dollar strengthened on Friday, touching a 2-1/2-month high against its broadly stronger U.S. counterpart as an uptrend in crude oil prices and a broad gain for equities helped lock in a 1.8 percent appreciation for the week. Crude slipped slightly on Friday as investors cashed out big weekly profits, while upbeat economic data out of the United States also provided a boost to Canada, which does much of its trade with its southern neighbor. The
  
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• US STOCKS-Wall Street ends lower in feeble end to strong week

  26-02-2016 23:03 via news.yahoo.com
  
  Wall Street ended lower on Friday in a feeble end to another week of strong gains after concerns about the timing of future interest rate hikes offset gains in materials and energy stocks. In a break from a trend seen for much of this year, energy shares clung to gains even after a rally in crude oil prices faded, with ConocoPhillips (NYSE: COP - news) up 3.21 percent.
  
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• US STOCKS-Wall St pares gains as data raises rate hike chances

  26-02-2016 22:53 via news.yahoo.com
  
  GDP and consumer spending data raised the likelihood of the Federal Reserve hiking interest rates sooner than expected. U.S. crude prices, a major stock market driver this year, also gave up most of their early gains and were up less than 1 percent. The U.S. Federal Reserve raised rates in December and Chair Janet Yellen has hinted at a gradual increase through 2016 if data shows the economy is strong enough to withstand a move away from near-zero rates.
  
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• Dollar, yields rise, backed by U.S. data; stocks, oil fade

  26-02-2016 22:40 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - The U.S. dollar jumped on Friday and Wall Street's stock rally faded as fresh economic data kept alive Federal Reserve rate increases, while oil prices turned negative late in the session. The S&P 500 ended slightly lower but finished the week up 1.6 percent. Treasury yields also rose after data showed U.S. consumer spending rose solidly in January and underlying inflation picked up by the most in four years.
  
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• Dollar, yields rise, backed by U.S. data; Global stocks, oil fade

  26-02-2016 22:40 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - The U.S. dollar jumped on Friday and Wall Street's stock rally faded as fresh economic data kept alive Federal Reserve rate increases, while oil prices turned negative late in the session. The S&P 500 ended slightly lower but finished the week up 1.6 percent. Treasury yields also rose after data showed U.S. consumer spending rose solidly in January and underlying inflation picked up by the most in four years.
  
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• Stocks end strong week on flat note

  26-02-2016 22:11 via news.yahoo.com
  
  NEW YORK (AP) — Stocks ended a strong week on a flat note as lower oil prices and utility stocks offset encouraging economic news.
  
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• As earnings season wraps up, investors turn to data

  26-02-2016 21:52 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Investors hoping that U.S. stocks will build on a strong two-week run will look to a host of data next week, highlighted by the monthly jobs report, for signs the economy is improving.
  
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• Obama, at battery plant, jabs Republicans on economic 'snake oil'

  26-02-2016 21:49 via news.yahoo.com
  
  By Roberta Rampton JACKSONVILLE, Fla. (Reuters) - President Barack Obama used a trip to a lithium-ion battery factory on Friday to defend his economic record against arguments made by Republicans in the race to succeed him after the Nov. 8 presidential election. Obama said his policies, including the $760 billion economic stimulus he brought in when he first took office, helped the American economy bounce back from the 2007-2009 recession that he inherited much faster than European nations that
  
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• U.S. judge halts NY litigation vs. Caesars Entertainment

  26-02-2016 21:48
  
  WILMINGTON, Del. (Reuters) - A bondholder lawsuit against Caesars Entertainment Corp , which the casino company has warned could plunge it into bankruptcy alongside its operating unit, was stayed by...
  
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• DoubleLine's Gundlach says firm bought some equities two weeks ago

  26-02-2016 21:48
  
  NEW YORK (Reuters) - Jeffrey Gundlach, the co-founder and chief executive officer of DoubleLine Capital, said on Friday that his firm purchased some U.S. stocks two weeks ago after their rocky start...
  
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• Argentine judge summons Fernandez for questioning in fraud probe

  26-02-2016 21:44 via news.yahoo.com
  
  An Argentine judge has summoned former President Cristina Fernandez for questioning in a probe into the sale of dollar future contracts at below market rates by the central bank just months before she handed over power in December. Judge Claudio Bonadio also summoned Fernandez's former economy minister, Axel Kicillof, and former central bank chief Alejandro Vanoli on suspicions of defrauding the public administration with the sale of $17 billion of contracts. Under Fernandez, the central bank ro
  
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• UPDATE 1-U.S. judge halts NY litigation vs Caesars Entertainment

  26-02-2016 21:42
  
  WILMINGTON, Del., Feb 26 (Reuters) - A bondholder lawsuit
  against Caesars Entertainment Corp, which the casino
  company has warned could plunge it into bankruptcy alongside its
  operating unit, was...
  
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• IRS identifies more cyberattacks to access tax data

  26-02-2016 21:39 via news.yahoo.com
  
  (Reuters) - The Internal Revenue Service said on Friday an investigation into a hacking attack revealed in May found that cyber criminals had made attempts to gain access to about 390,000 additional taxpayer accounts. The tax agency said 295,000 taxpayer transcripts were also targeted but access was not successful. The IRS then revealed in August a new review had identified 220,000 additional incidents where data was breached and another 170,000 suspected failed attempts to gain access to taxpay
  
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• Starboard's Smith sees 'a lot of opportunity' in Yahoo

  26-02-2016 21:36
  
  BOSTON (Reuters) - Activist hedge fund manager Jeffrey Smith, who has publicly criticized Yahoo Inc Chief Executive Officer Marissa Mayer, said on Friday he sees "a lot of opportunity" in the company.
  
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• Oil ends down on profit-taking but still up strongly on week

  26-02-2016 21:35 via news.yahoo.com
  
  Oil prices fell on Friday as investors cashed out big weekly profits after a rally driven by disruptions to crude supplies and Wall Street's gains from U.S. economic data. Prices turned negative soon after the release of weekly U.S. oil rig data by industry firm Baker Hughes that showed a 10th weekly drop in the rig count. "I think a good part of the selling was due to cashing out of winning positions people had established earlier in the week," said David Thompson, executive vice-president at P
  
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• Dollar rises, backed by U.S. data; stock, oil rallies fade

  26-02-2016 21:17 via news.yahoo.com
  
  The U.S. dollar jumped on Friday and Wall Street's stock rally faded as fresh economic data kept alive Federal Reserve rate increases, while oil prices turned negative late in the session. Wall Street shares were little changed in afternoon trading, underperforming a 1.6-percent rise for Europe's FTSEurofirst 300 stock index . European equities were fueled by strength in mining shares as industrial metals such as copper and aluminum gained.
  
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• Dollar rises, backed by U.S. data; Global stock, oil rallies fade

  26-02-2016 21:11 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - The U.S. dollar jumped on Friday and Wall Street's stock rally faded as fresh economic data kept alive Federal Reserve rate increases, while oil prices turned negative late in the session. Wall Street shares were little changed in afternoon trading, underperforming a 1.6-percent rise for Europe's FTSEurofirst 300 stock index . European equities were fuelled by strength in mining shares as industrial metals such as copper and aluminium gained.
  
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• Wall St mixed as investors eye future rate hikes

  26-02-2016 20:52 via news.yahoo.com
  
  Wall Street was mixed on Friday as concerns about the timing of future interest rate hikes offset gains in materials and energy stocks. In a break from a trend seen for much of this year, energy shares clung to gains even after a rally in crude oil prices faded, with ConocoPhillips up 3.72 percent. The utility sector fell 2.48 percent, with Duke Energy 2.80 percent lower.
  
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• US STOCKS-Wall St mixed as investors eye future rate hikes

  26-02-2016 20:47 via news.yahoo.com
  
  Wall Street was mixed on Friday as concerns about the timing of future interest rate hikes offset gains in materials and energy stocks. In a break from a trend seen for much of this year, energy shares ...
  
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• Collins Capital shutters hedge fund for retail investors

  26-02-2016 20:29
  
  BOSTON (Reuters) - The Collins Alternative Solutions Fund, a mutual fund that offered hedge fund strategies to retail investors, has been shut down after suffering a double-digit decline in 2015 and...
  
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• United Tech rejects Honeywell's $90.7 billion offer

  26-02-2016 20:25
  
  (Reuters) - U.S. industrial conglomerate United Technologies Corp on Friday rejected a $90.7 billion offer by rival aerospace supplier Honeywell International Inc, saying that pursuing a merger would...
  
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• Osborne warns of deeper spending cuts after growth falls short

  26-02-2016 20:11 via news.yahoo.com
  
  By Andy Bruce LONDON (Reuters) - Chancellor George Osborne warned that he might cut public spending more deeply than he previously planned after the country's economic growth fell short of the pace foreseen in his plans to wipe out the country's budget deficit. Osborne, due to make an annual budget statement on March 16, said official growth figures announced on Thursday showed Britain's economy was smaller than he had hoped for. Osborne's comments stood at odds with an appeal by the Internation
  
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• Los Angeles school district to sell $1.3 billion in muni bonds

  26-02-2016 20:07 via news.yahoo.com
  
  The deal, along with $1.1 billion of general obligation bonds from the state of Massachusetts, helped push scheduled new sales of municipal bonds to $10.09 billion next week, according to preliminary figures from Thomson Reuters Municipal Market Data (MMD). Fitch Ratings rated the Los Angeles bonds triple-A, better than the agency's A-plus for the school district, because bondholders would be insulated from the district's operating risk. The district benefits from positive tax base growth becaus
  
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• United Tech says Honeywell's offer undervalues company

  26-02-2016 20:02
  
  (Reuters) - United Technologies Corpsaid Honeywell International Inc'soffer grossly undervalued the company and overstated potential synergies.
  
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• Another economic slump, another communications test for Fed

  26-02-2016 19:37 via news.yahoo.com
  
  The Federal Reserve, facing the delicate task of explaining how it will forge ahead with rate hikes in a stormy world economy, is wary of again tying its actions to calendar dates but officials want to keep "forward guidance" as an emergency tool. The debate over how the world's most powerful central bank should best communicate policy was prompted by a research paper that warned the Fed against slipping back into the trap of an over-reliance on time frames in explaining when it planned to adjus
  
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• Hezbollah signals no end to Saudi crisis; central bank reassures on currency

  26-02-2016 19:24 via news.yahoo.com
  
  By Tom Perry and Laila Bassam BEIRUT (Reuters) - Hezbollah indicated there would be no apology to Saudi Arabia over Lebanon's decision not to condemn attacks on Saudi diplomatic missions in Iran, signaling no quick end to a crisis seen as a risk to Lebanese economic and political stability. The Lebanese central bank governor in an interview with Reuters meanwhile urged the government to mend ties with Saudi Arabia, but said reports on potential financial repercussions of the crisis were overblow
  
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• Wall St. pares gains as data raises rate hike chances

  26-02-2016 19:23 via news.yahoo.com
  
  U.S. crude prices, a major stock market driver this year, also gave up most of their early gains and were up less than 1 percent. The U.S. Federal Reserve raised rates in December and Chair Janet Yellen has hinted at a gradual increase through 2016 if data shows the economy is strong enough to withstand a move away from near-zero rates. Federal funds futures implied traders see a 25 percent chance of the Fed raising rates in June and a 44 percent chance in December, both slightly higher than Thu
  
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• Insider Q&A: KBW research head Cannon on rates, banks

  26-02-2016 19:09 via news.yahoo.com
  
  WASHINGTON (AP) — Global stock markets have been turbulent and fairly scary this year. Following a rally this week, the U.S. market is down about 4 percent since the start of the year. Bank stocks have been hit especially hard. One of the prominent developments in the mix is the historic interest-rate hike by the Federal Reserve in December.
  
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• Oil up on outages, equities rally; big week for U.S crude

  26-02-2016 18:47 via news.yahoo.com
  
  Oil rose about 2 percent on Friday, with U.S. crude futures headed for their largest weekly gain in seven years, after disruptions to crude supplies from Iraq and Nigeria, and after U.S. economic data lifted Wall Street. Pipeline outages in Iraq and Nigeria have removed more than 800,000 barrels of crude oil per day from the global market for at least the next two weeks. A raft of other U.S. economic data also boosted Wall Street, which has traded in tandem with oil for weeks.
  
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• U.S. sets conditions for Hikma's takeover of Boehringer's Roxane

  26-02-2016 18:38
  
  WASHINGTON (Reuters) - Drug manufacturer Hikma Pharmaceuticals Plcwill sell the rights and assets of two generic drugs and relinquish its U.S. marketing rights to a third generic drug in order to...
  
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• D.C. Public Service Commission to mull revised Exelon deal for Pepco

  26-02-2016 18:17
  
  WASHINGTON (Reuters) - The D.C. Public Service Commission voted to revise an offer that Exelon Corpmade in order to win approval for its merger with Pepco Holdings Inc , after first rejecting the...
  
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• Britain's FTSE rallies for second week, RBS plummets

  26-02-2016 18:15
  
  LONDON, Feb 26 (Reuters) - British shares rallied on Friday and posted a second week of gains in a row, boosted by a rally in publisher Pearson and London Stock Exchange Group , though Royal Bank of...
  
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• World shares firm as G20 chiefs thrash out growth remedies

  26-02-2016 18:14 via news.yahoo.com
  
  Global stock markets were buoyed Friday by firmer oil prices and after brighter-than-expected US growth data, as finance and banking chiefs from the world's leading economies began talks. European bourses followed a convincing session for Asia's main indices as G20 finance ministers and central bankers gathered in Shanghai to thrash out remedies to kickstart growth. Shares on Frankfurt's DAX led the way, closing nearly two percent higher, followed closely by Paris and London.
  
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• London-Frankfurt deal is Brexit-proof say exchanges

  26-02-2016 17:59
  
  LONDON (Reuters) - The proposed merger of Europe's two biggest financial exchanges is effectively bullet-proofed against a British vote to leave the European Union, London Stock Exchange Groupand...
  
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• EU-U.S. trade deal on course for this year - negotiators

  26-02-2016 17:54 via news.yahoo.com
  
  EU and U.S. negotiators seeking a transatlantic free trade agreement expressed cautious optimism on Friday that they could resolve most issues by July, which could lead to a conclusion of a deal by the end of the year. The two sides are trying to agree on the Transatlantic Trade and Investment Partnership (TTIP), which supporters say could boost each economy by some $100 billion at a time of slowing growth in China and emerging markets. "We now have proposed texts in the vast majority of the neg
  
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• Clinton deflects calls to release Wall St. speech transcripts

  26-02-2016 17:49 via news.yahoo.com
  
  Democratic presidential candidate Hillary Clinton defended her paid speeches to Wall Street, saying in an interview that aired on Friday that they would not soften her campaign pledges for tougher regulation. The former U.S. Senator from New York and secretary of state is under pressure from rival candidate Bernie Sanders, who has made her Wall Street ties a top campaign issue and called for her to release transcripts of her remarks. Clinton was reportedly paid millions in appearance fees after
  
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• Auto parts maker Magna gets boost from Europe, North America demand

  26-02-2016 17:41 via news.yahoo.com
  
  "It will be interesting to see what happens with the economy and what happens with valuations with public companies that translate into private companies," Chief Executive Donald Walker said in a post-earnings conference call on Friday. U.S. auto sales were a record high in 2015, while sales in Europe have also been robust. Magna, which bought German transmission parts maker Getrag to help automakers' needs for improved fuel efficiency, has a customer list that includes General Motors Co Volkswa
  
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• Global stocks rise, boosted by oil, U.S. GDP data

  26-02-2016 17:37 via news.yahoo.com
  
  Global equity markets gained on Friday, backed by higher prices for oil and other commodities, while data showed the U.S. economy grew faster than expected in the fourth quarter. With oil's steep 1-1/2-year slide, the performance of equities has been tightly linked to the commodity's daily fluctuations as investors say oil has been seen as a proxy for the health of the global economy. "Today's market is going to be all about oil and economic data," said Peter Cardillo, chief market economist at
  
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• Oil up 3 percent on outages, equities rally; big week for U.S. crude

  26-02-2016 17:35 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil rallied 3 percent on Friday, with U.S. crude futures headed for its largest weekly gain in seven years, after supply disruptions in Iraq and Nigeria and higher equity prices fueled by U.S. growth data. Pipeline outages in Iraq and Nigeria have removed more than 800,000 barrels of crude oil per day from the market for at least the next two weeks. U.S. stock prices hit their highest in nearly two months after an upward revision to the country's economic
  
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• US economy grew at better 1 percent rate in fourth quarter

  26-02-2016 17:34 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. economy's slowdown in the final three months of 2015 wasn't quite as bad as initially thought.
  
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• Sterling's fall shows EU referendum "no parlour game" - Osborne

  26-02-2016 17:30 via news.yahoo.com
  
  By Estelle Shirbon LONDON (Reuters) - Leaving the European Union would be a "profound economic shock" for Britain and this week's drop in the value of its sterling currency drives home the real-world consequences of the "In-Out" debate, Chancellor of Exchequer George Osborne said on Friday. Britain is gearing up for a June 23 referendum on whether to stay in or withdraw from the 28-member EU, and the pound has fallen to seven-year lows against the dollar this week due to worries about what "Brex
  
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• S&P downgrades StanChart ratings outlook on annual loss

  26-02-2016 17:26 via news.yahoo.com
  
  Ratings agency Standard & Poor's (S&P) downgraded its outlook for Standard Chartered on Friday in a sign of mounting pressure on the bank after it posted its first annual loss for 26 years on Tuesday. S&P said it was putting the bank's long-term credit ratings on creditwatch with negative implications, meaning it may lower the lender's ratings one notch when it has completed its review. The change in Standard Chartered's outlook came after the bank reported a substantial decline in i
  
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• Wall St gains on strong GDP data; oil eases

  26-02-2016 17:22 via news.yahoo.com
  
  Wall Street inched higher on Friday after data showed that a slowdown in U.S. economic growth was not as bad as expected, but gains were capped as oil prices came off sessions highs. Gross domestic product increased at a 1 percent annual rate instead of the previously reported 0.7 percent pace. U.S. crude prices, a major stock market driver this year, rose nearly 5 percent but pared some of those gains and were up about 2 percent at 11:11 a.m. ET.
  
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• Wall Street gains on strong GDP data; oil eases

  26-02-2016 17:18 via news.yahoo.com
  
  Gross domestic product increased at a 1 percent annual rate instead of the previously reported 0.7 percent pace. U.S. crude prices, a major stock market driver this year, rose nearly 5 percent but pared some of those gains and were up about 2 percent at 11:11 a.m. ET. "We've been low on oil for so long that stable or slightly higher oil price is viewed positively as a stabilizing effect on the economy and stock market," said Mark Spellman, portfolio manager at Alpine Funds in New York.
  
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• Foxconn, Sharp extend takeover talks deadline: source

  26-02-2016 17:18
  
  TOKYO/TAIPEI (Reuters) - Sharp Corpand Foxconn agreed on Friday to extend a deadline for takeover talks by 1-2 weeks, a person familiar with the matter said, after the Taiwanese firm had put the...
  
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• Italian regulator wants to handle Hutchison, Vimpelcom deal

  26-02-2016 17:08
  
  BRUSSELS (Reuters) - Italy's antitrust authority wants to decide the fate of telecoms firm Hutchison's plan to merge its Italian subsidiary with a unit of Vimpelcom , pitting it against the EU...
  
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• UPDATE 2-Cosmetics maker Revlon's sales recover; CEO to step down

  26-02-2016 17:07
  
  * Shares rise as much as 8 pct (Adds details from conference call, background, shares)
  
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• Private equity sees risks and reward in uncertain times

  26-02-2016 17:04 via news.yahoo.com
  
  By Freya Berry BERLIN (Reuters) - As anxiety over a slowing global economy grows, private equity players are looking to swoop on distressed assets but are fearful that funding could dry up. A record number of delegates from private equity firms and investors turned out this week for four days of networking at SuperReturn in Berlin, the industry's main annual gathering. At first glance a number of glitzy afterparties suggested the good times were continuing to roll as they have in the years follo
  
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