Finance news

• Oil ends up on Wall Street, but pulls back on U.S. crude builds

  01-03-2016 23:57 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil markets closed up as much as 2 percent on Tuesday, before giving back most of their gains in post-settlement trade after data suggesting a huge build in U.S. crude stockpiles already at record high levels. The American Petroleum Institute, an industry group, said domestic crude inventories rose by 9.9 million barrels last week, way above a 3.6 million barrels increase expected by analysts in a Reuters poll. Crude prices rose in eight of the last 13 ses
  
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• World stocks rally on US data, China stimulus

  01-03-2016 23:49 via news.yahoo.com
  
  Strong gains on Wall Street capped a global markets rally Tuesday rooted in improved US economic data and hopes that new central bank moves will boost the Chinese economy.
  
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• Washington's mayor, counsel, reject revision of Exelon deal for Pepco

  01-03-2016 23:45
  
  WASHINGTON (Reuters) - Washington Mayor Muriel Bowser and the city's Office of the People's Counsel both said that they would oppose changes that the city's Public Service Commission made to a pact...
  
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• U.S. hospital group warns of Blue Cross dominance if Anthem buys Cigna

  01-03-2016 23:26
  
  (Reuters) - The American Hospital Association warned U.S. antitrust regulators that Anthem Inc'sproposed acquisition of Cigna Corpwill hurt other health insurers' ability to compete with Blue...
  
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• C$ surges to set 12-week high on oil, GDP data

  01-03-2016 23:08 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar rallied sharply against its U.S. counterpart on Tuesday, setting a fresh 12-week high as oil prices rose and after Canada's economy grew more than expected in the fourth quarter. The Canadian economy slowed substantially in the quarter, but the 0.8 percent annualized increase in gross domestic product topped both economists' and policymakers' expectations for zero growth. "The numbers this morning definitely helped because I think the marke
  
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• TSX up almost 1 percent as Scotiabank shines, energy shares rise

  01-03-2016 22:59 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's benchmark stock index rose on Tuesday, led by financial shares after the country's third largest bank reported a rise in quarterly profit, while domestic data revealed the economy grew more than expected in the fourth quarter. Bank of Nova Scotia jumped 5.8 percent to C$57.93 as the last of Canada's main banks to report quarterly earnings notched a 5 percent increase in net income and raised its dividend. Royal Bank of Canada added 1.6 percent to C$
  
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• Wall Street chalks up strongest day in a month

  01-03-2016 22:31 via news.yahoo.com
  
  (Reuters) - Wall Street enjoyed its strongest session in a month on Tuesday, led by financial and technology stocks after encouraging U.S. factory and construction data suggested the world's biggest economy was regaining momentum.
  
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• DreamWorks interested in Viacom's Paramount Pictures: CEO

  01-03-2016 22:23
  
  (Reuters) - Hollywood studio DreamWorks Animation SKG Incwould be interested in a merger with Viacom Inc'sParamount Pictures, the company's chief executive said on Tuesday.
  
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• Hutchison to meet EU regulators on March 7 over UK deal: source

  01-03-2016 22:14
  
  BRUSSELS - CK Hutchison Holdings Ltdwill try to convince European Union regulators at a meeting next week to ease objections to its 10.3 billion pound ($14.37 billion) takeover of Telefonica'sO2,...
  
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• Wall Street's big short - President Donald J. Trump

  01-03-2016 22:08 via news.yahoo.com
  
  By Gertrude Chavez-Dreyfuss and David Randall NEW YORK (Reuters) - Add the juggernaut that is Donald J. Trump to the list of what-ifs that is worrying Wall Street. A growing realization that the unpredictable New York real estate developer is in a position to win the Republican nomination and then battle Hillary Clinton for the White House in November's election has caused some investors to sell U.S. stocks. "As the market rarely feasts on lack of predictability - Trump represents a nightma
  
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• U.S. factory, construction data bolster growth prospects

  01-03-2016 22:08 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. manufacturing appeared to stabilize in February, with production accelerating and new orders holding steady at higher levels, in another dose of good news for the economy after growth slowed in the fourth quarter. The economic outlook was further bolstered by another report on Tuesday showing construction spending scaling a more than eight-year high in January. The reports added to upbeat data on consumer spending, the labor market, industrial produc
  
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• U.S. February auto sales jump 7 percent, no slowdown yet

  01-03-2016 22:00 via news.yahoo.com
  
  Auto sales last month rose about 7 percent, helped by low gasoline prices, available and low-interest credit and higher wages. Despite gloomy talk about the economy on the U.S. presidential campaign trail, auto sales and other data released on Tuesday indicated the economy was regaining momentum. Ford Motor Co's sales rose 20 percent as its SUV and crossover vehicles soared 28 percent from last February.
  
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• Fiat Chrysler CEO says not in tie-up talks at present

  01-03-2016 19:31
  
  GENEVA (Reuters) - Fiat Chrysler Automobiles (FCA)is not in tie-up talks with anyone at present, and a potential partner would need to have the same multi-brand strategy as FCA for a merger to...
  
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• United Tech keeps to solo path as Honeywell drops bid

  01-03-2016 18:52
  
  (Reuters) - Aircraft parts maker Honeywell International Incsaid Tuesday it scrapped its $90.7 billion offer to buy rival United Technologies Corp , citing the company's unwillingness to engage in...
  
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• Stocks climb as construction keeps rising; banks bounce back

  01-03-2016 18:21 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are jumping Tuesday after the government reported that construction spending reached its highest level in eight years in January, a sign of strength for the economy. Tech and consumer stocks climbed. Banks, the worst-performing sector on the market this year, recovered some of their losses.
  
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• Europe close: Stocks jump as S&P 500, US dollar, oil futures gain altitude

  01-03-2016 18:21 via news.yahoo.com
  
  (ShareCast News) - European stocks pushed higher on Tuesday, shrugging of some weak readings on Chinese manufacturing as stronger oil prices and deal news helped to underpin the mood.
  
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• Oil up 2 percent on Wall Street after early slide on U.S. stockpile worry

  01-03-2016 18:04 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices rebounded in volatile trading on Tuesday as a Wall Street rally helped boost crude prices down initially on expectations that U.S. crude stockpile had swelled to another record high last week. Brent , the global benchmark for crude oil, was up 32 cents at $36.89 a barrel by 11:47 a.m. EST (1647 GMT), after touching a session low at $35.95. U.S. crude was up 54 cents at $34.29 a barrel, after an intraday low at $33.37.
  
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• In face of uncertainty, carmakers bet on SUVs, new tech

  01-03-2016 17:58 via news.yahoo.com
  
  GENEVA (AP) — Automakers looking to support sales in the face of global economic uncertainty are betting on new SUVs and the promise of high tech as they try to outshine each other at the Geneva International Motor Show.
  
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• Wall St surges as data points to economic recovery

  01-03-2016 17:43 via news.yahoo.com
  
  Wall Street were at session highs on Tuesday morning, led by financial and technology stocks, after strong U.S. factory and construction data suggested the economy was regaining momentum after slowing in the fourth quarter. "Things were never as bad as we thought they were and now we're realizing it," said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts. The S&P 500 was up 29.8 points, or 1.54 percent, at 1,962.03 and the Nasdaq Composite i
  
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• Wall Street surges as data points to economic recovery

  01-03-2016 17:41 via news.yahoo.com
  
  "Things were never as bad as we thought they were and now we're realizing it," said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts. The S&P 500 was up 29.8 points, or 1.54 percent, at 1,962.03 and the Nasdaq Composite index was up 85.64 points, or 1.88 percent, at 4,643.59. The S&P and the Nasdaq were on track for their best one-day percentage gain since Feb. 17.
  
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• South Africa's Zuma defeats no-confidence vote over economy

  01-03-2016 17:36 via news.yahoo.com
  
  By Wendell Roelf CAPE TOWN (Reuters) - South African President Jacob Zuma survived his second no-confidence vote in a year on Tuesday, over what the main opposition Democratic Alliance party called his reckless handling of the economy. Zuma had the support of the African National Congress (ANC), which controls almost two-thirds of the assembly. Zuma did not attend the proceedings.
  
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• NYSE owner ICE may gatecrash Deutsche Boerse-LSE merger

  01-03-2016 17:15 via news.yahoo.com
  
  New York Stock Exchange owner ICE said it may make a rival bid for London Stock Exchange , raising the prospect of a takeover battle with Deutsche Boerse and lifting LSE shares to a record high on Tuesday. Atlanta-based Intercontinental Exchange Inc said it had not yet approached LSE and may not pursue a deal at all, but news of its interest pushed up share prices of exchanges across Europe on expectations of further consolidation. LSE and Deutsche Boerse said last week that they were in talks t
  
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• Clocks ticks as Argentina's Macri asks Congress to OK creditors deal

  01-03-2016 17:12 via news.yahoo.com
  
  By Hugh Bronstein and Maximilian Heath BUENOS AIRES (Reuters) - Argentine President Mauricio Macri on Tuesday urged Congress to approve a landmark deal reached with creditors over defaulted debt, in order to comply with a U.S. court deadline and permit access to the financing needed to jumpstart Latin America's third largest economy. Macri, less than three months in office, is likely to cobble together the votes needed to implement the deal announced on Monday to pay $4.65 billion "holdout" hedg
  
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• US manufacturing shrinks for fifth straight month

  01-03-2016 16:48 via news.yahoo.com
  
  WASHINGTON (AP) — Factory activity in the United States and China — the world's top two economies — slowed in February, reflecting and contributing to worldwide economic weakness.
  
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• U.S. construction spending jumps to eight-year high

  01-03-2016 16:45 via news.yahoo.com
  
  U.S. construction spending surged in January to the highest level since 2007, in the latest indication that the economy was regaining momentum after slowing in the fourth quarter. Construction spending increased 1.5 percent to $1.14 trillion, the highest level since October 2007, as both private and public outlays rose, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast construction spending rising 0.4 percent in January.
  
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• C$ strengthens to set 12-week high on oil, domestic data

  01-03-2016 16:36 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday, setting a 12-week high as oil prices rose and after Canada's economy grew more than expected in the fourth quarter. The Canadian economy slowed substantially in the quarter, but the 0.8 percent annualized increase in gross domestic product topped both economists' and policymakers' expectations for zero growth. Market expectations for a Bank of Canada rate cut continued to fade.
  
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• World stocks rise on China stimulus

  01-03-2016 16:21 via news.yahoo.com
  
  London (AFP) - World stock markets rose Tuesday, buoyed by oil price gains and hopes for the Chinese economy after fresh stimulus by China's central bank, analysts said.
  
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• Zimbabwe's ex-VP launches party to challenge veteran Mugabe

  01-03-2016 16:12 via news.yahoo.com
  
  By MacDonald Dzirutwe HARARE (Reuters) - Zimbabwe's former vice president Joice Mujuru launched a new party to challenge her ally-turned-adversary Robert Mugabe, promising to revive the economy and repair strained relations with the West. Mujuru was Mugabe's deputy for a decade and seen as the veteran president's likely successor until he fired her in 2014, accusing her of leading a plot to oust him. In her first public address since then, she told reporters on Tuesday the new Zimbabwe People Fi
  
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• Canada economic growth slows to 0.8 percent in Q4

  01-03-2016 15:52 via news.yahoo.com
  
  Canada's economy slowed at the end of 2015 as exports saw a downswing and businesses curtailed investments, the government statistics agency said Tuesday. Statistics Canada said Canadians slightly increased spending on culture, clothing and footwear, as well as vehicles, but businesses invested significantly less in engineering structures, machinery and equipment, computers and communications equipment, and reduced their inventories.
  
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• Wednesday preview: ITV to report increase in 2015 earnings, analysts estimate

  01-03-2016 15:43 via news.yahoo.com
  
  (ShareCast News) - ITV reports its full year results on Wednesday with analysts' penciling in an increase in earnings off the back of a strong performance by its television production business ITV Studios....
  
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• Deutsche Telekom puts sale of T-Mobile US on hold: sources

  01-03-2016 15:36
  
  FRANKFURT (Reuters) - Deutsche Telekomhas put the sale of T-Mobile USon hold to deal with an upcoming auction of radio airwaves, giving potential suitors time to wait for a more favorable...
  
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• South Africa's economy slows further, ratings eyed

  01-03-2016 15:28 via news.yahoo.com
  
  By Olivia Kumwenda-Mtambo PRETORIA (Reuters) - Disappointing economic growth in South Africa at the end of 2015 is likely to heighten fears its credit rating will be cut to "junk" and further unnerve investors concerned about President Jacob Zuma's handling of the economy. Data from Statistics South Africa on Tuesday showed the continent's most industrialised economy expanded 0.6 percent in the final quarter, slowing slightly from the previous three months as the agricultural and manufacturing s
  
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• Shares gain, euro sags as weak data piles pressure on ECB

  01-03-2016 15:28 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - European shares extended their strongest run of the year on Tuesday and the euro touched its lowest in almost three years against the yen, as data from around the region bolstered the case for more ECB stimulus next week. Wall Street was expected to rebound 0.6 percent when it resumes, with a deluge of data to feed the debate on whether the Federal Reserve will be able to squeeze up U.S. interest rates any further this year. The Purchasing Managers' Index (PMI) d
  
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• JD.com's revenue growth beats expectations

  01-03-2016 15:28 via news.yahoo.com
  
  By Paul Carsten BEIJING (Reuters) - JD.com, China's second biggest e-commerce company behind Alibaba, has reported better than expected revenue growth in the last three months of 2015 as volume sales on its platforms jumped in the face of China's economic slowdown. "Despite the macro slowdown the consumption growth remains healthy," said Sidney Huang, JD.com's chief financial officer. "We remain cautiously optimistic about our 2016 growth outlook." China's economy has been growing at its slowest
  
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• GLOBAL MARKETS-Shares gain, euro sags as weak data piles pressure on ECB

  01-03-2016 15:22 via news.yahoo.com
  
  European shares extended their strongest run of the year on Tuesday and the euro touched its lowest in almost three years against the yen, as data from around the region bolstered the case for more ECB stimulus next week. Wall Street was expected to rebound 0.6 percent when it resumes, with a deluge of data to feed the debate on whether the Federal Reserve will be able to squeeze up U.S (Other OTC: UBGXF - news) . Asia had risen as weak China data fanned hopes for more stimulus there, and it was
  
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• Iran says oil exports still constrained post-sanctions

  01-03-2016 15:20 via news.yahoo.com
  
  Iran still faces constraints on oil exports as buyers are cautious about boosting trade immediately because of banking and ship insurance difficulties, a senior Iranian oil official said, despite seeing a "tangible" rise in shipments this month. Iran emerged from years of economic isolation in January when world powers led by the United States and the European Union lifted crippling sanctions against OPEC's No.3 oil producer in return for curbs on Tehran's nuclear ambitions. Iran is working to r
  
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• Strong dollar, weak consumer spending weigh on Dollar Tree's sales

  01-03-2016 15:10 via news.yahoo.com
  
  (Reuters) - Dollar Tree Inc , the biggest U.S. discount chain, reported lower-than-expected quarterly sales, hurt by a strong dollar and challenging economic conditions. The company also forecast 2016 earnings below analysts estimates, sending shares down 5 percent in premarket trading on Tuesday. Dollar Tree's fourth-quarter earnings were below the average analyst estimate, hurt mainly by the lower-margin product mix at its Family Dollar unit and markdowns related to rebranding some stores. The
  
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• Canada economy slows in fourth quarter but still tops expectations

  01-03-2016 15:08 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - The Canadian economy slowed substantially in the final quarter of last year as exports fell and businesses held back on investments, suggesting the country was still hurting from low oil prices. The third quarter was also revised up slightly to 2.4 percent annualized, Statistics Canada said on Tuesday, while growth in December was modestly better than expected with a pickup of 0.2 percent. Canada's economy contracted in the first two quarters of 2015, marking a
  
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• South Africa's Eskom says low tariff increase could hurt operations

  01-03-2016 15:07 via news.yahoo.com
  
  By Zandi Shabalala PRETORIA (Reuters) - Electricity supplier Eskom said on Tuesday it would try to minimise the risk of power cuts after South Africa's energy regulator refused to let it raise prices by more than 9.4 percent. Eskom, the sole supplier of electricity in Africa's most industrialised economy, had asked for much bigger price hikes to recover 22.8 billion rand ($1.45 billion) in costs from 2013/14, when it ran expensive diesel plants and brought in more green power to keep the lights
  
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• South Africa's Zuma faces second no-confidence vote over economy

  01-03-2016 13:04 via news.yahoo.com
  
  South Africa's President Jacob Zuma faced his second no-confidence vote in a year on Tuesday over what the opposition Democratic Alliance called his reckless handling of the economy. Zuma is likely to survive the vote, as he did in March last year, thanks to the support of ruling African National Congress (ANC) lawmakers, who control almost two thirds of the assembly. "South Africans demand that Jacob Zuma be taken to task for his reckless handling of our economy, and his sending South Africa in
  
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• South Africa's Vodacom drops Neotel deal on regulatory hurdles

  01-03-2016 12:56
  
  JOHANNESBURG (Reuters) - South Africa mobile operator Vodacom on Monday dropped a planned acquisition of local fixed line operator Neotel, citing regulatory complexities.
  
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• Eurozone jobless rate drops to lowest since August 2011

  01-03-2016 12:30 via news.yahoo.com
  
  LONDON (AP) — One bright spot in an otherwise somber economic picture for the 19-country eurozone has been the consistent fall in the ranks of the unemployed. The trend continued in January, when the jobless rate fell to a near four and a half-year low.
  
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• China’s Buying Up Australia’s Supply of Baby Formula

  01-03-2016 12:15 via news.yahoo.com
  
  Manufacturing products stamped “Made in China” may be a major force in the Chinese economy, but when the country’s growing middle class shops for groceries, they’re more interested in products with an Australian pedigree. After more than a decade of sometimes deadly food-safety scandals and demand for healthy and organic products rising, consumers are turning away from domestic brands—and Australian companies, whose proximity to China allows them to ship products qu
  
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• China Is Buying Up Australia’s Supply of Baby Formula

  01-03-2016 12:15 via news.yahoo.com
  
  Manufacturing products stamped “Made in China” may be a major force in the Chinese economy, but when the country’s growing middle class shops for groceries, they’re more interested in products with an Australian pedigree. After more than a decade of sometimes deadly food-safety scandals and demand for healthy and organic products rising, consumers are turning away from domestic brands—and Australian companies, whose proximity to China allows them to ship products qu
  
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• CORRECTED: Global government debt to keep rising in 2016 - S&P

  01-03-2016 11:38 via news.yahoo.com
  
  (Corrects $6.899 trln 2015 figure from $6,899 trln in final paragraph) By Marc Jones LONDON (Reuters) - The United States, China, Brazil and India are expected to keep world government debt rising this year, Standard and Poor's said on Monday, despite a small reduction in the annual global borrowing bill. The rating agency released a new report saying the stock of global government debt was expected to rise 2 percent to $42.4 trillion, with new borrowing of $6.7 trillion set to continue to outst
  
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• Chinese factories lose more momentum, surveys show

  01-03-2016 11:18 via news.yahoo.com
  
  HONG KONG (AP) — China's manufacturing outlook deteriorated in February, according to two surveys of factory activity released Tuesday, a day after Beijing loosened credit to counter sluggish conditions in the world's second biggest economy.
  
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• Barclays Africa says sale not about economic sentiment

  01-03-2016 10:50 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - Barclays' plan to sell its stake in its Africa operation does not relate to any economic sentiment about the continent, the African unit's Chief Executive Maria Ramos said on Tuesday. Barclays said on Tuesday it planned to sell its 62 percent stake in Barclays Africa Group over the next two to three years. (Reporting by Tiisetso Motsoeneng; Editing by Joe Brock)
  
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• Growth in South Africa's economy slows to 0.6 pct q/q in fourth quarter

  01-03-2016 10:47 via news.yahoo.com
  
  South Africa's economy grew by 0.6 percent in the fourth quarter of 2015 after rising 0.7 percent in the three months to September, Statistics South Africa said on Tuesday. Gross domestic product also expanded by 0.6 percent on an unadjusted year-on-year basis in the fourth quarter, compared with 1 percent growth in the previous three months, the agency said.
  
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• Britain brings forward electricity supply auction to avoid power crunch

  01-03-2016 10:39 via news.yahoo.com
  
  By Nina Chestney LONDON (Reuters) - Britain will bring forward a scheme to encourage power companies to supply electricity at peak times by a year in a bid to avert a looming electricity supply crunch, the government said on Tuesday. Britain may face electricity supply shortages over the next few winters as coal plants close due to weak economic conditions and investors say there is little incentive to build new power plants. Under the government's capacity market scheme, the owners of power pla
  
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• Tunisia central bank holds key interest rate unchanged at 4.25 percent

  01-03-2016 09:10 via news.yahoo.com
  
  TUNIS (Reuters) - Tunisia's central bank has kept its key interest rate unchanged at 4.25 percent, an official in the bank said on Tuesday. The bank last cut its main interest rate in October from 4.75 percent, in a bid to boost economic growth as inflation fell. (Reporting By Tarek Amara; Editing by Andrew Heavens)
  
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