Finance news

• US stocks flat ahead of Yellen, jobs data; Nikkei gains

  28-03-2016 23:36 via news.yahoo.com
  
  New York (AFP) - Wall Street stocks finished little changed Monday at the start of a heavy week of US economic news, while Japanese stocks benefited from a fall in the yen.
  
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• Head of Ukraine PM's party says new coalition agreed

  28-03-2016 23:16 via news.yahoo.com
  
  Ukrainian Prime Minister Arseny Yatseniuk's party has agreed with President Petro Poroshenko's faction and the Fatherland party - all former coalition partners - to form a new alliance, the head of Yatseniuk's People's Front party, said on Monday. The deal could spell the end of months of political infighting and corruption allegations that have stymied reforms demanded by Kiev's Western backers and derailed negotiations for a new $1.7 billion loan from the International Monetary Fund needed to
  
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• Global stocks rise, dollar falls as odds wane for near-term rate hike

  28-03-2016 22:48 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - An index of global stocks edged higher on Monday, as did Wall Street, which was bolstered by a softer dollar as weak U.S. economic data cut expectations of a near-term interest rate increase by the Federal Reserve. Following Monday's data, markets are pricing in about a 37 percent chance of a rate hike by the Fed in June, with only a 10 percent chance of an April increase, according to CME Group's FedWatch tool. Markets had previously priced in a 50 percent c
  
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• Canadian dollar firms as economic data weighs on greenback

  28-03-2016 22:31 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Monday as economic data weighed on the greenback, while Canada's finance minister expressed optimism that deficit spending will spur domestic economic growth. "The revision to consumer spending numbers in January gives the market a bit of concern in terms of future rate hikes from the Federal Reserve," said Scott Smith, a senior market analyst at Cambridge Global Payments.
  
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• Wall Street ends flat after choppy session

  28-03-2016 22:29 via news.yahoo.com
  
  Wall Street was mixed on Monday as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares. U.S. consumer spending barely rose in February and inflation retreated, suggesting the Federal Reserve could remain cautious about raising interest rates this year even as the labour market rapidly tightens. The S&P has mostly recovered from a 10-percent loss at the start of 2016 but many investors remain wary of po
  
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• US STOCKS-Wall Street ends flat after choppy session

  28-03-2016 22:25 via news.yahoo.com
  
  Wall Street was mixed on Monday as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares. U.S. consumer spending ...
  
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• Wall Street mixed as energy shares weigh

  28-03-2016 21:33 via news.yahoo.com
  
  (Reuters) - U.S. stocks were mixed on Monday as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares.
  
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• US STOCKS-Wall Street mixed as energy shares weigh

  28-03-2016 21:28 via news.yahoo.com
  
  U.S. stocks were mixed on Monday as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares. U.S. consumer spending ...
  
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• Nasdaq hires ex-Chi-X Global CEO as North American equities head

  28-03-2016 21:18 via news.yahoo.com
  
  NEW YORK (Reuters) - Transatlantic exchange operator Nasdaq Inc said on Monday it appointed Tal Cohen, the former head of Chi-X Global, to run its North American equities business. Nasdaq bought the Canadian operations of stock market operator Chi-X Global last month for an undisclosed amount from Nomura Holdings Inc and other banks. J.C. Flowers & Co. said in January it agreed to buy Chi-X Global's Australian and Japanese stock trading platforms. ...
  
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• Deal reached to raise California's minimum wage: governor

  28-03-2016 21:11 via news.yahoo.com
  
  A deal has been reached to raise California's minimum wage, Governor Jerry Brown said on Monday, the latest in a wave of minimum wage increases at the state level following a push by Democrats. A legislative source said the proposal, which still must win approval from moderate lawmakers in the California assembly, would gradually raise the state's minimum wage to $15, but give the governor the right to opt out if the economy faltered. Such a move would give California the highest statewide minim
  
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• U.S. consumer spending, trade data signal sluggish growth

  28-03-2016 20:37 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending barely rose in February and inflation retreated, suggesting the Federal Reserve could remain cautious about raising interest rates this year even as the labor market rapidly tightens. Monday's report from the Commerce Department also showed consumer spending in January was not as strong as previously reported. "It speaks to the weakening in domestic economic momentum at the start of this year, further reinforcing the Fed's cautious
  
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• Atlanta Fed sees first quarter U.S. GDP growth of less than 1 percent

  28-03-2016 20:37 via news.yahoo.com
  
  The U.S. economy is growing at a pace below 1 percent in the first quarter following data that showed sluggish consumer spending and a large trade gap in February, the Atlanta Federal Reserve's GDPNow forecast model showed on Monday. The 0.6 percent annualized pace for U.S. gross domestic product seen for the first three months of 2016 was slower than the regional Fed's prior estimate of 1.4 percent on March 24, the Atlanta Fed said on its website. Earlier Monday, the Commerce Department said do
  
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• Dollar dips, Wall Street edges up after U.S. data casts doubt on Fed moves

  28-03-2016 20:06 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street shares rose in choppy trading as the dollar fell following weaker-than-expected U.S. economic data on Monday that cut expectations of a near-term interest rate increase by the Federal Reserve. The dollar reversed earlier gains and moved lower after U.S. consumer spending data indicated a sluggish economy with weak first-quarter gross domestic product growth. Monday's worse-than-expected consumer spending, as well as a downward adjustment to Januar
  
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• Saudi Arabian regulator approves Yamamah Steel IPO

  28-03-2016 18:18 via news.yahoo.com
  
  Saudi Arabia's Capital Market Authority has approved an initial public offer of shares in Al Yamamah Steel Industries Co, the regulator said on Monday, after severe volatility in the stock market earlier this year disrupted listing plans. The Saudi stock index has swung wildly this year in response to low oil prices, but in the last few weeks has regained some strength, permitting IPO activity to resume. Hospital operator Middle East Healthcare Co, which originally intended to complete an IPO in
  
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• US consumer spending posts scant February increase

  28-03-2016 18:02 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. consumers barely increased their spending in February and spent less in January than the government had earlier estimated. The pullback led some analysts to downgrade their expectations for the economy's growth during the January-March quarter.
  
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• Dollar, Wall St. dip after weak U.S. data

  28-03-2016 17:25 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street and the dollar fell following weaker-than-expected U.S. economic data on Monday that suggested the Federal Reserve may not be raising interest rates in the near future. The dollar reversed earlier gains and moved lower after U.S. consumer spending data that indicated a cooling economy and weak first-quarter gross domestic product growth. Monday's weaker-than-expected consumer spending, as well as a downward adjustment to January's numbers and weak
  
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• Dollar, Wall Street dip after weak U.S. data

  28-03-2016 17:15 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street and the dollar fell following weaker-than-expected U.S. economic data on Monday that suggested the Federal Reserve may not be raising interest rates in the near future. The dollar reversed earlier gains and moved lower after U.S. consumer spending data that indicated a cooling economy and weak first-quarter gross domestic product growth. Monday's weaker-than-expected consumer spending, as well as a downward adjustment to January's numbers and weak
  
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• As earnings loom, McCormick tied to M&A as acquirer, target

  28-03-2016 17:05 via news.yahoo.com
  
  The Maryland spice maker is preparing to report slowing first quarter earnings with its share price as high and expensive as it has ever been. McCormick is due on Tuesday to report earnings for the quarter ended in February and analysts expect a gain of 69 cents per share compared to 70 cents a year earlier. Hughes said the high price does not concern him and sees potential for the company to continue to grow, especially through acquisitions.
  
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• Notonthehighstreet Eyes New Cash Injection

  28-03-2016 16:15 via news.yahoo.com
  
  Sky News understands that Notonthehighstreet, an online marketplace, has been approached by a number of new investors about injecting funds into the business to allow it to accelerate its expansion. The capital-raising will be widely interpreted as a precursor to a stock market listing, although insiders say there are no firm plans yet for Notonthehighstreet to float. The valuation of Notonthehighstreet after its latest injection of funds is likely to be closely watched as it continues to grow a
  
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• C$ strengthens as economic data weighs on greenback

  28-03-2016 16:07 via news.yahoo.com
  
  The Canadian dollar strengthened against its U.S. counterpart on Monday as economic data weighed on the greenback, while Canada's finance minister was optimistic that deficit spending will spur higher domestic economic growth. Canada's Liberal government believes the federal budget will be balanced in "about" five years due to higher growth spurred by deficit spending, Finance Minister Bill Morneau said on Sunday.
  
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• Forget Monopoly: Six financial lessons from Catan

  28-03-2016 15:54
  
  NEW YORK (Reuters) - (The writer is a Reuters contributor. The opinions expressed are his own.)
  
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• Germany wants refugees to integrate or lose residency rights

  28-03-2016 15:49 via news.yahoo.com
  
  German Interior Minister Thomas de Maiziere said he is planning a new law that will require refugees to learn German and integrate into society, or else lose their permanent right of residence. The initiative comes after voters punished Chancellor Angela Merkel's conservatives in regional elections earlier this month, giving a thumbs-down to her open-door refugee policy and turning in droves to the anti-immigrant party Alternative for Germany (AfD). Around 1 million migrants arrived in Germany l
  
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• U.S. consumer spending tepid, inflation moderates

  28-03-2016 15:12 via news.yahoo.com
  
  U.S. consumer spending rose marginally in February and overall inflation retreated, suggesting the Federal Reserve could take its time in raising interest rates this year despite a tightening labor market. The Commerce Department said on Monday that consumer spending edged up 0.1 percent as households cut back on goods purchases after a downwardly revised 0.1 percent gain in January. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to
  
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• Russian PM Medvedev says no plan to raise taxes before 2018: reports

  28-03-2016 14:55 via news.yahoo.com
  
  MOSCOW (Reuters) - Russian Prime Minister Dmitry Medvedev said on Monday that the government had no plans to raise taxes before 2018, Russian news agencies reported. "Despite the fact that we understand that now there is a very uneasy economic situation... It was decided... that till 2018... we won't take decisions to increase the tax burden," Medvedev was quoted as saying by RIA news agency. ...
  
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• Egyptian pound weakens to record against the dollar on black market

  28-03-2016 14:25 via news.yahoo.com
  
  The Egyptian pound fell to an unprecedented low on the black market on Monday, five traders said, as hard currency demand rises in the dollar-starved economy. Egypt, which relies heavily on imports, has faced a shortage of foreign currency since a popular uprising in 2011 drove away many tourists and foreign investors. A black market for dollars has sucked up liquidity from the banking system and put a strain on the country's foreign reserves, while the central bank had been keeping the pound ar
  
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• S&P affirms Malaysia A- stable outlook

  28-03-2016 13:52 via news.yahoo.com
  
  KUALA LUMPUR: Sovereign rating agency Standard & Poor's has affirmed Malaysia at A - position, saying the stable outlook reflects the country's strong external position and monetary flexibility. "This affirmation is based on our expectations that the 1MDB issues and the upcoming change in Bank Negara Malaysia leadership will not diminish the effectiveness of policymaking either in the executive branch or at the central bank, " it said in a statement. "We believe the government has taken suff
  
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• China bank profits flat-line as bad debts continue to soar

  28-03-2016 11:15 via news.yahoo.com
  
  China's Big Four state-run banks this week are set to report annual earnings growth that likely flat-lined after around a decade of terrific profitability, as a surge in soured loans continued unabated while economic expansion weakened. While banks ramped up lending during a government stimulus drive during the meltdown, much of that lending went to industries where rapid expansion developed into over-supply as economic growth tapered, raising the risk of default and dragging on profits. For 201
  
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• MIDEAST STOCKS-Petchems lift Saudi, Orascom Telecom pulls down Egypt

  28-03-2016 10:54 via news.yahoo.com
  
  DUBAI, March 28 (Reuters) - Strong petrochemical shares lifted Saudi Arabia's stock market in early trade on Monday, while Orascom Telecom Media pulled Egypt lower again because of concern about its deal to acquire CI Capital. Saudi Basic Industries climbed 2.3 percent, helping the Saudi index rise 0.9 percent. Saudi Telecom rebounded 2.4 percent after sliding for several days in response to regulators cutting regional roaming fees in the Gulf. Egypt's index fell 0.6 percent as Egyptian billiona
  
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• MIDEAST STOCKS-Dubai bounces from chart support, rest of Gulf mixed

  28-03-2016 09:25 via news.yahoo.com
  
  Dubai's stock market bounced from technical support early on Monday after a week of declines, while other Gulf stock markets were mixed in quiet trade. Islamic Arab Insurance was the most heavily traded stock, rising 2.7 percent. Abu Dhabi edged down 0.3 percent as telecommunications firm Etisalat fell 0.8 percent.
  
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• Most Asia markets fall but Tokyo rallies with dollar

  28-03-2016 09:10 via news.yahoo.com
  
  The dollar extended a recent recovery Monday and Japanese stocks climbed as a better-than-expected jump in US growth raised the prospect of another Federal Reserve rate hike, but Asia's other markets succumbed to afternoon selling. On Friday the US Commerce Department said the world's number one economy grew 1.4 percent in the final three months of 2015, much faster than the 1.0 percent initially recorded. The news ramped up expectations that the Federal Reserve will announce another hike in int
  
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• Japan's Abe expected to delay sales tax rise, call snap election - again

  28-03-2016 09:07 via news.yahoo.com
  
  By Linda Sieg and Kaori Kaneko TOKYO (Reuters) - In late 2014, Japanese Prime Minister Shinzo Abe caught markets and voters off-guard when he postponed an unpopular sales tax hike and called a snap election. With consumption weak, wage growth limp and emerging economy slowdowns clouding Japan's growth, economists bet Abe will again delay raising the tax to 10 percent from 8 percent. Breaking an end-2014 promise not to delay the tax hike again would give Abe cause to call an election for parliame
  
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• Dollar firms, Asia stocks slip as U.S. data, Fed comments awaited

  28-03-2016 08:54 via news.yahoo.com
  
  SINGAPORE/TOKYO (Reuters) - The dollar firmed on Monday and most Asian markets surrendered early gains as investors cautiously awaited U.S. economic data and speeches by Federal Reserve officials this week that could signal more interest rate increases than expected. In the past week, the dollar has been helped by stronger-than-expected gross domestic product data and comments from some Fed officials indicating that policymakers think they could raise interest rates as early as next month. "Fed
  
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• Asian stock markets mostly trading lower

  28-03-2016 08:09 via news.yahoo.com
  
  BEIJING (AP) — Asian stock markets were mostly lower Monday after Chinese industrial profits rebounded into positive territory and U.S. economic growth was stronger than expected.
  
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• MIDEAST STOCKS-Dubai may test chart support; Egypt to react to economic plan

  28-03-2016 07:54 via news.yahoo.com
  
  Dubai's stock market may test technical support on Monday, while Egyptian investors will react to the announcement by the government of its economic policy plan. The global market environment is modestly positive, with oil prices firm and Asian stocks higher in response to strong U.S. gross domestic product data, so a break of support is by no means inevitable. In Abu Dhabi, Etisalat may attract interest after appointing Saleh Abdullah al-Abdooli, a veteran of the company who headed its United A
  
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• Survey: Economists more pessimistic on growth this year

  28-03-2016 07:23 via news.yahoo.com
  
  NEW YORK (AP) — Business economists are more pessimistic, predicting weaker growth in corporate profit and the economy than they were late last year, a survey found.
  
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• Asian markets start week on high after US, China data

  28-03-2016 05:30 via news.yahoo.com
  
  Most Asian markets climbed Monday as traders welcomed a better-than-expected jump in US growth and the first profits rise in Chinese industrial firms for seven months. On Friday the US Commerce Department said the world's number one economy grew 1.4 percent in the final three months of 2015, much faster than the 1.0 percent initially recorded. The news ramped up expectations that the Federal Reserve will announce another hike in interest rates, providing some support to the dollar against the ye
  
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• Brazil debates economic cost of corruption investigation

  28-03-2016 05:27 via news.yahoo.com
  
  Brazil's former president Luiz Inacio Lula da Silva is raising hackles after warning that the mega Petrobras corruption probe is paralyzing essential sectors of the Brazilian economy, like oil and construction. Many saw Lula's comments as a cynical attempt to deflect public attention from a two-year-old investigation, now that he has been implicated in the widening corruption scandal.
  
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• Dollar, North Asia stocks firm on positive U.S. GDP data

  28-03-2016 05:11 via news.yahoo.com
  
  SINGAPORE/TOKYO (Reuters) - The dollar firmed on Monday and stocks in North Asia rose after fairly strong consumer spending led to an upward revision in U.S. economic growth in the fourth quarter, helping to underpin investor sentiment. "As long as the U.S. economic recovery is continuing, I would think the rally in global equity markets will continue," said Takeru Ogihara, chief strategist at Mizuho Trust Bank.
  
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• Asian shares, dollar firm; eyes on U.S. data, Fed

  28-03-2016 02:44 via news.yahoo.com
  
  By Hideyuki Sano TOKYO (Reuters) - The dollar remained firm and Asian stocks edged higher on Monday after fairly strong consumer spending led to an upward revision in U.S. economic growth in the fourth quarter, helping to underpin investor sentiment. "As long as the U.S. economic recovery is continuing, I would think the rally in global equity markets will continue," said Takeru Ogihara, chief strategist at Mizuho Trust Bank. Japan's Nikkei gained 0.8 percent while U.S. stock futures ticked up 0
  
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