Finance news

• Oil jumps to near $50 after API reports big U.S. stockpile draw

  24-05-2016 23:47 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil rose about 1 percent on Tuesday on a boost from Wall Street and expectations of a drawdown in U.S. crude inventories, then prices jumped another 1 percent after settlement to nearly $50 a barrel after an industry group suggested the draw was larger than expected. Data from the American Petroleum Institute (API) showed U.S. crude inventories fell 5.1 million barrels last week, double the expectations of analysts polled by Reuters. The market will watch
  
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• US, European stocks rally as 'Brexit' fears ease

  24-05-2016 23:46 via news.yahoo.com
  
  European stock markets rebounded Tuesday, led sharply higher by banking shares boosted by signs of waning chances that Britain will vote to leave the European Union next month.
  
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• Bank shares boost TSX ahead of earnings

  24-05-2016 23:23 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index closed higher on Tuesday as strength in the financial sector ahead of the bank earnings season helped overcome a slump in shares of gold miners. The TSX, which also received support from the energy group, hit a seven-month high earlier in the session. Financials rallied as banks were among the biggest gainers on Wall Street on speculation that the U.S. Federal Reserve might hike interest rates in June.
  
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• Banks and tech drive Wall Street up over 1 percent

  24-05-2016 23:18 via news.yahoo.com
  
  Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months as investors made peace with the possibility that the U.S. Federal Reserve might soon raise interest rates. Comments from policymakers in recent days have investors expecting a rate hike potentially in June, much sooner than previously thought, given sluggish economic growth. Wall Street has benefited from historically low borrowing costs since the 2008 financial crisis and higher rates could c
  
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• US STOCKS-Banks and tech drive Wall St up over 1 percent

  24-05-2016 23:02 via news.yahoo.com
  Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months as investors made peace with the possibility that the U.S. Federal Reserve might soon raise interest ...
  
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• Nasdaq rejects listing application by cannabis social network

  24-05-2016 23:01 via news.yahoo.com
  
  Stock exchange operator Nasdaq has rejected a listing application by MassRoots Inc on the grounds that it may aid in the use and dealing of an illegal substance, the cannabis social networking company said on Tuesday. The rejection, handed down on Monday, may insert roadblocks ahead of other cannabis-related companies seeking to list on a national stock exchange, MassRoots Chief Executive Isaac Dietrich said in a statement. "This will have ripple effects across the entire industry, making it mor
  
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• IMF approves 550-million euro loan for Bosnia

  24-05-2016 22:51 via news.yahoo.com
  
  The International Monetary Fund said Tuesday it had approved a new loan to Bosnia worth 550 million euros ($613 million) to help it carry out economic reforms sought by the European Union. The reforms are intended to improve the business climate in the Balkan country, resume the privatisation and restructuring of public enterprises, and slow down a rise in public debt. The loan has yet to be approved by the IMF Executive Board, with the green light not expected until July.
  
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• Dollar nears 10-week high on Fed views; stocks rally

  24-05-2016 22:49 via news.yahoo.com
  
  The dollar hit is highest against the euro in nearly 10 weeks on Tuesday, while U.S. bond prices dipped as expectations grew that the Federal Reserve could raise interest rates soon. Surprisingly strong data on U.S. new home sales in April supported the view the economy may be strong enough for the Fed to raise interest rates as early as June. Last week, the Fed surprised investors when the central bank's meeting minutes opened the door to a rate hike as early as June.
  
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• Tech companies take the lead as US stocks surge

  24-05-2016 22:30 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks made their biggest gain since March on Tuesday as technology companies like Apple and Microsoft soared. Homebuilders also climbed after the government said sales of new homes reached an eight-year high last month. That was a sign the housing market and the broader economy are still in pretty good shape.
  
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• BRIEF-Aspect Software says it expects to emerge from restructuring process imminently

  24-05-2016 22:28
  
  * Announces court approval of plan to deleverage its balance
  sheet, reducing long term debt by 40% Source text for Eikon: Further company coverage:
  (Bengaluru Newsroom: +1 646 223 8780)
  
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• Bill to cloak U.S. 'dark money' seen as harmful to charity fraud fight

  24-05-2016 22:22 via news.yahoo.com
  
  By David Morgan WASHINGTON (Reuters) - Fighting charity fraud could become more difficult under a Republican bill in Congress to prohibit the U.S. Internal Revenue Service from collecting the names of top donors to charities and other nonprofit groups, critics warned on Tuesday. Meant to protect the privacy of wealthy individuals who make anonymous, or "dark money" donations to politically active nonprofit groups, the bill would eliminate a decades-old IRS donor-identity disclosure requirement f
  
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• Senator Durbin cites problems with House Puerto Rico debt bill

  24-05-2016 21:55 via news.yahoo.com
  
  U.S. Senator Dick Durbin, the chamber's second-ranking Democrat, expressed deep reservations on Tuesday with a Puerto Rico debt relief bill being debated by a House of Representatives panel this week. Durbin said he was concerned that the bill that could move through the House would cut the minimum wage and overtime pay for some Puerto Ricans and fail to increase federal payments for Medicare and Medicaid, the healthcare programs for the elderly, poor and disabled, on the island. Lawmakers are t
  
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• Wall Street surges over 1 percent, banks and tech rally

  24-05-2016 21:11 via news.yahoo.com
  
  Wall Street surged over 1 percent on Tuesday, with solid gains in technology and bank shares as investors grew more comfortable with the possibility that the U.S. Federal Reserve might soon raise interest rates. Comments from several policymakers in recent days have investors expecting a rate hike potentially in June, much sooner than previously thought given sluggish economic growth. Wall Street has benefited from historically low borrowing costs since the 2008 financial crisis and higher rates
  
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• U.S. Sen. Durbin cites problems with House Puerto Rico debt bill

  24-05-2016 21:06
  
  WASHINGTON, May 24 (Reuters) - U.S. Senator Dick Durbin, the
  second-ranking Democrat, on Tuesday expressed deep reservations
  with a Puerto Rico debt relief bill being debated by a House...
  
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• Red Bull deal gives GoPro wings

  24-05-2016 21:05 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Shares of GoPro Inc got a lift on Tuesday after the struggling action camera maker said it was partnering with extreme sports sponsor Red Bull in a marketing and promotion deal. Briefly a Wall Street favorite following an initial public offering in 2014, GoPro's shares have fallen 82 percent in the past year as the company wrestles with weak demand for its helmet- and body-mounted cameras. Its stock rallied 5.4 percent after GoPro unveiled the partners
  
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• Extreme sports deal with Red Bull sends GoPro flying

  24-05-2016 21:05 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Shares of GoPro Inc got a lift on Tuesday after the struggling action camera maker said it was partnering with extreme sports sponsor Red Bull in a marketing and promotion deal. Briefly a Wall Street favourite following an initial public offering in 2014, GoPro's shares have fallen 82 percent in the past year as the company wrestles with weak demand for its helmet- and body-mounted cameras. Its stock rallied 5.4 percent after GoPro unveiled the partner
  
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• US STOCKS-Wall St surges over 1 percent, banks and tech rally

  24-05-2016 21:01 via news.yahoo.com
  Wall Street surged over 1 percent on Tuesday, with solid gains in technology and bank shares as investors grew more comfortable with the possibility that the U.S. Federal Reserve might soon raise interest ...
  
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• U.S. new homes sales hit eight-year high, point to firming economy

  24-05-2016 20:29 via news.yahoo.com
  
  Tuesday's report from the Commerce Department, which also showed a surge in new home prices to a record high, offered further evidence of a pick-up in economic growth that could allow the Federal Reserve to raise interest rates soon. The Federal Reserve can raise rates at their June meeting without fear the economy is going to slow," said Chris Rupkey, chief economist at MUFG Union Bank in New York. Economists had forecast new home sales, which account for about 10.2 percent of the housing marke
  
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• Wall Street jumps as tech, bank stocks rally

  24-05-2016 19:28 via news.yahoo.com
  
  The S&P 500 and the Dow Jones industrial average hit their highest in seven sessions on Tuesday, while the Nasdaq closed in on a one-month high as technology and financial stocks rallied. Banking stocks got a big boost as investors speculated on the possibility of a June interest rate hike. Microsoft was up 2.9 percent and provided the biggest boost to the Nasdaq and S&P 500, while Goldman Sachs' 1.4 percent rise lifted the Dow.
  
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• Oil rises on U.S. crude drawdown hopes, Wall St. rally

  24-05-2016 18:45 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices rose on Tuesday as investors anticipated a weekly drawdown in U.S. crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. "We're gearing up on expectations that the wildfires in Canada may finally be showing up in U.S. crude inventory numbers," said Phil Flynn, analyst at the Price Futures Group in Chicago. "If they show up decisively, it may be what the market needs to test $
  
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• Oil rises on U.S. crude drawdown hopes, Wall Street rally

  24-05-2016 18:44 via news.yahoo.com
  
  Oil prices rose on Tuesday as investors anticipated a weekly drawdown in U.S. crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. "We're gearing up on expectations that the wildfires in Canada may finally be showing up in U.S. crude inventory numbers," said Phil Flynn, analyst at the Price Futures Group in Chicago. Commercial crude stocks in the United States likely fell by around 2.5 million barrels to 538.8 million in the
  
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• Bank of England's Carney, under fresh fire, defends Brexit message

  24-05-2016 18:32 via news.yahoo.com
  
  By David Milliken and Huw Jones LONDON (Reuters) - Bank of England Governor Mark Carney on Tuesday defended the central bank's decision to flag the risks of leaving the European Union, coming under renewed attack from a lawmaker who has been highly critical of his role in the Brexit debate. Carney said the Bank might have to make a big reassessment of its stance on interest rates if Britain votes to leave the EU in the referendum on June 23 - widely known as Brexit - and that was something it fe
  
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• European stocks bank higher

  24-05-2016 18:18 via news.yahoo.com
  
  London (AFP) - European stock markets rebounded Tuesday, led sharply higher by banking shares boosted by an apparent ebbing in the chances of a leave vote in Britain's upcoming referendum on EU membership.
  
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• Brazil president urges economy reforms, slams 'psychological aggression'

  24-05-2016 18:11 via news.yahoo.com
  
  Brasília (AFP) - Brazil's acting president Michel Temer on Tuesday called for reforms to haul Latin America's biggest economy back from crippling recession and slammed what he called "psychological aggression" against his government. Temer, who took power May 12 after the suspension of president Dilma Rousseff pending her impeachment trial, is seeking to cement his authority in the face of multiple challenges on both the economic and political fronts. Juca, a pointman on economic reforms,
  
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• Anthem CEO expects U.S. regulatory decision in July

  24-05-2016 18:02
  
  NEW YORK (Reuters) - Anthem IncChief Executive Officer Joseph Swedish said on Tuesday the health insurer was pushing for approval from antitrust regulators reviewing its $51 billion acquisition of...
  
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• Dollar climbs on Fed expectations; stocks jump

  24-05-2016 17:30 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The dollar hit an 8-week high against the euro on Tuesday as expectations grew that the U.S. Federal Reserve could raise interest rates sooner than later, while world stock indexes rallied with financial and tech shares. Surprisingly strong data on U.S. new home sales in April supported the view the economy may be strong enough for the Fed to raise interest rates as early as June, pushing U.S. Treasury prices to session lows. Last week, the Fed surpr
  
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• TSX rises to a seven-month high, led by banks and energy stocks

  24-05-2016 17:22 via news.yahoo.com
  
  Canada's main stock index rose to a seven-month high on Tuesday, led by the financials and energy groups as oil rallied and Wall Street stocks moved higher. The rally for financials comes as banks were among the biggest gainers on Wall Street amid speculation on the possibility of a June interest rate hike from the U.S. Federal Reserve. Royal Bank of Canada rose 1.1 percent to C$78.74, and Bank of Nova Scotia advanced 1.7 percent to C$64.18, while the overall financials group was up 1.4 percent.
  
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• Nigeria to adopt flexible FX regime, details to follow

  24-05-2016 17:19 via news.yahoo.com
  
  Nigeria's central bank is adopting a flexible foreign exchange rate regime, Governor Godwin Emefiele said on Tuesday, in a policy U-turn designed to boost exports and stave off a recession in Africa's biggest economy. "The MPC (Monetary Policy Committee) voted unanimously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate," Emefiele told reporters.
  
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• Saudi Arabia's rulers adapt message for social media age

  24-05-2016 17:12 via news.yahoo.com
  
  By Sylvia Westall and Angus McDowall DUBAI/RIYADH (Reuters) - The participation of tens of thousands of young Saudis in a social media debate over plans to reform the kingdom's oil-reliant economy last month marked a shift in how Riyadh's conservative rulers interact with their subjects. Saudi Arabia's dynastic leaders, who rule by fiat and strictly limit public dissent, have historically courted public opinion only via informal councils with tribal, religious and business leaders or citizens se
  
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• U.S. new home sales race to eight-year high, prices surge

  24-05-2016 16:31 via news.yahoo.com
  
  New U.S. single-family home sales surged to a more than eight-year high in April and prices hit a record high, offering further evidence of a pick-up in economic growth that could allow the Federal Reserve to raises interest rates soon. The Commerce Department said on Tuesday new home sales jumped 16.6 percent to a seasonally adjusted annual rate of619,000 units, the highest level since January 2008. March's sales pace was revised up to 531,000 units from the previously reported 511,000 units.
  
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• As disaster risks rise, 20 vulnerable nations get help to prepare

  24-05-2016 16:30 via news.yahoo.com
  
  By Megan Rowling ISTANBUL (Thomson Reuters Foundation) - A new scheme launched by U.N. agencies, the World Bank and countries most vulnerable to climate change on Tuesday is seeking funding of up to $130 million to help 20 at-risk nations prepare better for natural disasters. The Global Partnership for Preparedness, launched at the World Humanitarian Summit in Istanbul on Tuesday, aims to help the countries attain a basic level of readiness by 2020 for future disaster risks mainly caused by clim
  
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• Japan, Canada share 'serious concerns' on South China Sea: PM Abe

  24-05-2016 16:17 via news.yahoo.com
  
  Japan and Canada share "serious concerns" over reclamation and militarization in the South China Sea, Japanese Prime Minister Shinzo Abe said on Tuesday, in an apparent reference to China's maritime activity. China and the United States have traded accusations of militarizing the South China Sea as Beijing undertakes large-scale land reclamation and construction on disputed features while Washington has increased its patrols and exercises. Abe's comment, made at a joint news conference with Cana
  
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• Wall St opens higher, banks gain on rates speculation

  24-05-2016 16:09 via news.yahoo.com
  
  Wall Street opened higher on Tuesday, recouping some of Monday's losses, with banks among the biggest gainers as investors speculated on the possibility of a June interest rate hike. Minutes of the Federal Reserve's April meeting suggested a June rate hike had not been ruled out, surprising investors who had thought the Fed would stand pat until the end of the year. "Investors are looking for direction in terms of the health of the economy and the Fed's next move.
  
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• Wall Street opens higher, banks gain on rates speculation

  24-05-2016 16:07 via news.yahoo.com
  
  Minutes of the Federal Reserve's April meeting suggested a June rate hike had not been ruled out, surprising investors who had thought the Fed would stand pat until the end of the year. "Investors are looking for direction in terms of the health of the economy and the Fed's next move. Several Fed officials struck hawkish tones in separate speeches on Monday, calling for two-three rate hikes in 2016 if supported by economic data.
  
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• C$ pares losses against greenback as oil rises

  24-05-2016 15:59 via news.yahoo.com
  
  Higher oil prices helped the Canadian dollar reduce its losses against its broadly firmer U.S. counterpart after the currency weakened to a seven-week low on Tuesday. The loonie has fallen 5 percent from its 10-month high of C$1.2461 on May 3, pressured by speculation that the U.S. Federal Reserve will raise interest rates as early as next month, as well as a weaker outlook for Canada's economy following a strong start to 2016. The economy may contract by an annualized rate of 1 percent or more
  
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• South Africa met S&P team, spoke to Fitch last week: Treasury

  24-05-2016 15:35 via news.yahoo.com
  
  A team from credit rating Standard & Poor's visited South Africa last week for meetings, the Treasury said, ahead of a review due to be published on June 3 which could see the country's debt rating cut to junk. South African officials also spoke to Fitch Ratings by phone, National Treasury spokeswoman Phumza Macanda said. Fitch has not given a date for its next rating decision.
  
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• Indian shares snap 4 days of losses on better corporate earnings

  24-05-2016 15:00 via news.yahoo.com
  
  (Reuters) - Indian shares edged higher on Tuesday, posting their first gain in five sessions after well-received corporate results, including from Tata Power, offset worries the U.S. Federal Reserve would increase rates as early as June. The broader NSE index rose 0.23 percent to close at 7,748.85, after falling as much as 0.2 percent earlier in the session. The index has lost 2 percent over the previous four sessions. The benchmark BSE index ended up 0.3 percent at 25,305.47. Tata Power rose 1.
  
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• Shares, dollar climb as markets play Fed waiting game

  24-05-2016 14:49 via news.yahoo.com
  
  Britain's FTSE 100 , Germany's DAX and France's CAC had climbed 0.8 to 1.5 percent ahead of U.S. trading where Wall Street's main markets were expected to start 0.3-0.4 percent higher too. It was the Australian dollar that really caught the eye, however, as speculation about more rate cuts there triggered its heftiest fall in 4-1/2 years. "Everyone is worried about a June hike from the Fed," said Allianz Global Investors' emerging markets portfolio manager Shahzad Hasan.
  
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• TSX hits 2016 high of 14,000 points

  24-05-2016 14:41 via news.yahoo.com
  The three-figure surge came after the TSX was closed for the Victoria Day holiday on Monday. The index was pushed up on a good day for two of the biggest parts of Toronto's stock market — energy and financials, both of which were in positive territory.
  
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• TSX hits 2016 high

  24-05-2016 14:41 via news.yahoo.com
  The Toronto Stock Exchange rose to its highest close of 2016 on Tuesday, as it finished with a gain of 33.27 points to hit 13,952.85. The increase came after the TSX was closed for the Victoria Day holiday on Monday. The index was pushed up on a good day for two of the biggest parts of Toronto's stock market — energy and financials, both of which were in positive territory.
  
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• Nigeria FX reserves down 2.7 pct as markets eye rate decision

  24-05-2016 14:41 via news.yahoo.com
  
  Nigeria's forex reserves fell 2.7 percent to $26.56 billion by May 20 from a month earlier, central bank data showed, as analysts awaited a rate decision on Tuesday, which many believe could include a revamp of exchange rate policy. Analysts are expecting a rate hike to fight inflation and further support the naira, currently trading on the black market about 40 percent below the official market level.[nL3N18F4GH] The bank could also introduce a new parallel exchange rate, analysts say, after th
  
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• G7 statement: Finance ministers agreed to avoid competitive devaluation

  24-05-2016 14:07 via news.yahoo.com
  Finance leaders of the Group of Seven (G7) advanced economies reaffirmed existing exchange-rate pacts, including not targeting exchange rates and avoiding competitive currency devaluation, an official summary released on Tuesday showed. The G7 countries also reaffirmed their agreement that excess volatility and disorderly currency moves could hurt economic activity, the summary, released by Japan's finance ministry, showed. At the meeting, which Japan hosted on Friday and Saturday, central banke
  
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• Philippines says Malaysian Navy detains three fishermen in South China Sea

  24-05-2016 13:54 via news.yahoo.com
  A Malaysian naval patrol detained three Philippine fishermen for encroaching in territorial waters in the disputed Spratlys this month, the Philippine military said on Tuesday, in what may be the first such incident involving Southeast Asian neighbors. Malaysia and the Philippines have overlapping exclusive economic zones in the disputed South China Sea, which is believed to have rich deposits of oil and gas and is almost entirely claimed by China. On May 9, the Philippine vessel was about 18 mi
  
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• Bank of England policymakers appear before parliament

  24-05-2016 13:39 via news.yahoo.com
  
  Bank of England Governor Mark Carney and Monetary Policy Committee members Ben Broadbent, Gertjan Vlieghe and Martin Weale are appearing in front of parliament's Treasury Select Committee to answer questions. The focus of the questions was on issues related to Britain's June 23 referendum on whether to remain in the European Union, and what the Bank of England has said or will say about that. MARK CARNEY WHAT THE BANK MIGHT SAY BEFORE EU REFERENDUM: "We in my judgment have highlighted the key ec
  
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• Futures rise, but focus still on Fed

  24-05-2016 13:38 via news.yahoo.com
  
  * Last week, investors were surprised at central bank minutes that opened the door to a rate hike as soon as June. Investors will listen for fresh clues to the Fed's intentions when Chair Janet Yellen speaks on Friday. * Wall Street ended lower on Monday as a bounce in Apple failed to offset concerns that the Fed could raise interest rates sooner than later.
  
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• Kenya's central bank sees 2016 growth up, current account deficit down

  24-05-2016 13:33 via news.yahoo.com
  
  By George Obulutsa NAIROBI (Reuters) - Kenya's central bank governor said on Tuesday the economy was expected to expand by 6 percent in 2016 after 5.6 percent growth last year, while the current account deficit was expected to narrow to 5.5 percent of GDP from 6.8 pct in 2015. Patrick Njoroge was speaking a day after the central bank cut interest rates by 100 basis points to 10.50 percent, saying falling inflation offered room for an easing of monetary policy. The Monetary Policy Committee (MPC)
  
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• US pre-open: Stocks seen touch higher with Fed still in focus

  24-05-2016 13:20 via news.yahoo.com
  (ShareCast News) - US futures pointed to a slightly firmer open on Wall Street in a rebound from Monday's declines, although the focus is expected to remain firmly on the Federal Reserve and the timing ...
  
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• Bank of England's Carney, under fresh fire, defends message on Brexit risk

  24-05-2016 12:31 via news.yahoo.com
  
  By David Milliken and Ana Nicolaci da Costa LONDON (Reuters) - Bank of England Governor Mark Carney defended the central bank's decision to flag the risks of leaving the European Union on Tuesday, hitting back at one of his toughest critics who has called for him to resign. Carney said the outcome of the June 23 referendum could require the Bank to make a big reassessment to how it sets interest rates, something it needed to explain to businesses and households. The BoE has angered campaigners w
  
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• G7 to examine economic risk, vow policy mix to spur growth: sources

  24-05-2016 12:25 via news.yahoo.com
  
  Leaders from the Group of Seven advanced economies will examine potential risks to the global economy when they gather this week for their summit in western Japan, government sources told Reuters. While the global economy was not at a critical stage, uncertainty was rising and the G7 leaders were expected to promote a combination of monetary, fiscal and structural policies to spur growth in their communique, the sources, who were not authorized to speak to the media, said. With Britain and Germa
  
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• German investors spooked by Brexit fears

  24-05-2016 12:20 via news.yahoo.com
  
  Investor confidence in Germany fell unexpectedly in May as uncertainty over a possible exit by Britain from the European Union overshadowed strong growth data, a leading survey showed on Tuesday. The investor sentiment index calculated by the ZEW economic institute decreased by 4.8 points to 6.4 points in May, the think tank said in a statement. Britain goes to the polls on June 23 to decide whether to remain in the European Union.
  
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