Finance news

• Yellen confidence boosts Wall Street

  06-06-2016 23:28 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen boosted Wall Street Friday, restating her confidence in the US economy but softening her view on interest rate hikes after a poor US employment report.
  
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• S&P 500 ends at seven-month high after Yellen comments

  06-06-2016 22:29 via news.yahoo.com
  
  The S&P 500 closed at a 7-month high on Monday as Federal Reserve Chair Janet Yellen painted a mostly upbeat picture of the economy but gave little sense of when a rate hike may be coming. The S&P energy index rose 2 percent, leading gains in the benchmark S&P 500. Yellen's remarks, which were likely her last public comments before a policy meeting next week, followed Friday's dismal monthly jobs report, which raised concerns over the ability of the economy to absorb a rate hike as e
  
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• Exclusive: Pine River to shutter Fixed Income Fund, spin out China fund

  06-06-2016 22:21
  
  BOSTON (Reuters) - Hedge fund Pine River Capital Management is closing its Pine River Fixed Income fund and returning roughly $1.6 billion in assets to investors just two months after the firm said...
  
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• S&P 500 closes at seven-month high after Yellen comments

  06-06-2016 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 closed at a 7-month high on Monday as Federal Reserve Chair Janet Yellen painted a mostly upbeat picture of the economy but gave little sense of when a rate hike may be coming. The Dow Jones industrial average rose 112.93 points, or 0.63 percent, to 17,919.99, the S&P 500 gained 10.25 points, or 0.49 percent, to 2,109.38 and the Nasdaq Composite added 26.20 points, or 0.53 percent, to 4,968.71. (Reporting by Caroline Valetkevitch; Editing by Nick Zieminsk
  
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• UK's 'Leave' EU camp moves ahead in polls

  06-06-2016 21:59 via news.yahoo.com
  
  Supporters of Brexit moved ahead in the latest opinion polls on Monday, putting pressure on the pound and Prime Minister David Cameron just over two weeks before Britain's EU referendum. The WhatUKThinks average of the six last polls put "Leave" at 51 percent against "Remain" at 49 percent ahead of the membership vote on June 23 that the pro-EU camp says could hit world economic growth if Britain votes to quit the bloc. The balance tipped in favour of "Leave" following the three latest polls, wh
  
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• S&P 500 hits seven-month high after Yellen comments

  06-06-2016 21:32 via news.yahoo.com
  
  The S&P 500 hit a 7-month intraday high on Monday as investors digested comments from Federal Reserve Chair Janet Yellen, who painted a mostly upbeat picture of the economy but gave little sense of when a rate hike may be coming. Yellen's remarks, likely her last public comments before a policy meeting next week, follow Friday's dismal monthly jobs report, which raised concerns over the ability of the economy to absorb a rate hike as early as June. At 3:06 p.m., the Dow Jones industrial aver
  
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• Stocks trading around 2016 highs as oil prices climb

  06-06-2016 21:02 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are climbing to their highest prices of 2016 Monday afternoon as oil prices also set annual highs, taking energy companies higher. Federal Reserve Chair Janet Yellen gave a mixed view of the economy, but banks are recovering as investors anticipate higher interest rates.
  
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• Fed’s Yellen sees rate hikes ahead, but few hints on when

  06-06-2016 20:47 via news.yahoo.com
  
  By Jonathan Spicer and Jason Lange PHILADELPHIA (Reuters) - Federal Reserve Chair Janet Yellen on Monday gave a largely upbeat assessment of the U.S. economic outlook and said interest rate hikes are coming but, in an omission that stood out to some investors, gave little sense of when. Economists now see September or possibly July as the most likely time for a quarter-point policy tightening, while traders in futures markets are betting on later in the year.
  
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• Fed's Yellen lightly downplays 'surprise' U.S. jobs report

  06-06-2016 20:47 via news.yahoo.com
  Federal Reserve Chair Janet Yellen on Monday said the May jobs report was a "surprise" but noted that economic data is only meaningful for monetary policy if it changes the U.S. central bank's medium- or longer-term outlook. Friday's report showed that only 38,000 jobs were created in May, well below estimates. "Our views on policy respond to incoming data, such as a surprise like the labor market report last Friday, only to the extent that we determine or come to the view that the data is meani
  
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• Wall St. pours money into consumer staples as valuations climb

  06-06-2016 20:44 via news.yahoo.com
  
  SAN FRANCISCO (Reuters) - Investors looking for stability and dividends have been pouring money into consumer staples stocks of late, ignoring warnings from Wall Street's analysts about pricey valuations for companies like Clorox and Campbell Soup .
  
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• Brexit moves ahead in polls

  06-06-2016 19:58 via news.yahoo.com
  
  The WhatUKThinks average put "Leave" at 51 percent against "Remain" at 49 percent ahead of the June 23 membership vote that the pro-EU camp says could hit world economic growth if Britain votes to go. The balance tipped in favour of "Leave" following the three latest opinion polls, which showed a growing number of Britons want their country to become the first to break away from the European Union. John Curtice, a polling expert at Strathclyde University said the swing was most likely linked to
  
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• Wall Street pares gains as Yellen omits reference to rate hike timing

  06-06-2016 19:22 via news.yahoo.com
  
  Yellen said "positive economic forces have outweighed the negative", but was more vague in her references to the timing of a rate hike than she had been in early May when she said the Fed could move "in coming months". Yellen's remarks, the last public comment from any U.S. central banker before a policy meeting next week, comes after Friday's dismal monthly jobs report raised concerns over the ability of the economy to absorb a rate hike as early as June. "Yellen's speech tells me that the Fed
  
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• Traders see Fed hiking interest rates in September

  06-06-2016 18:46 via news.yahoo.com
  (Reuters) - U.S. short-term interest rate futures contracts pared losses slightly on Monday as Federal Reserve Chair Janet Yellen stuck to a mostly upbeat tone on the economic outlook even as she said the most recent jobs report raises some questions.
  
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• Fed's Yellen sees rate hikes, mostly good economic picture

  06-06-2016 18:42 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen said on Monday that interest rate hikes are likely on the way because "positive economic forces have outweighed the negative" for the United States, though last month's weak jobs report bears watching. "If incoming data are consistent with labor market conditions strengthening and inflation making progress toward our 2 percent objective, as I expect, further gradual increases in the federal funds rate are likely to be appropriate and most conducive to meeting a
  
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• Morgan Stanley seeks approval to offer first U.S.-listed ETFs

  06-06-2016 18:41 via news.yahoo.com
  
  Morgan Stanley has asked securities regulators for the right to launch its first U.S.-listed exchange-traded funds, marking the latest example of a massive Wall Street investment manager courting investors' growing use of those funds. The company's asset management unit asked the U.S. Securities and Exchange Commission for permission to launch "passive" ETFs that would mimic market indexes as well as "actively managed" ETFs, which allow portfolio managers to pick a set of stocks and bonds they e
  
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• Fed Chair Yellen says poor US jobs report 'concerning'

  06-06-2016 18:39 via news.yahoo.com
  
  Philadelphia (AFP) - Federal Reserve Chair Janet Yellen said Monday the dismal US jobs report for May was "concerning" but stressed she was still "positive" on the outlook for economic growth.
  
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• EU plans migrant work permit relaunch, funding for Africa

  06-06-2016 18:35 via news.yahoo.com
  
  The European Union will present proposals on Tuesday to relaunch a little-used work permit scheme, similar to the U.S. Green Card, as part of efforts to curb irregular migration to the 28-nation bloc, officials said on Monday. The weekly meeting of the executive European Commission will also flesh out plans to offer funding for African countries in ways intended to reduce incentives for their citizens to emigrate to Europe. Deaths in the Mediterranean and chaos across borders in the past year as
  
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• Yellen: Economy improving but timing of rate hike is unclear

  06-06-2016 18:33 via news.yahoo.com
  WASHINGTON (AP) — Federal Reserve Chair Janet Yellen is signaling her belief that the U.S. economy is improving but remains defined by so many uncertainties that it's unclear when the Fed should resume raising interest rates.
  
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• Burberry CEO gets 75 percent pay cut amid sales slump

  06-06-2016 18:25 via news.yahoo.com
  LONDON (AP) — Burberry CEO Christopher Bailey has taken a 75 percent pay cut after the luxury retailer failed to hit profit targets amid a challenging global environment, including a slowdown in the Chinese economy.
  
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• S&P: political risks may derail South Africa's economy

  06-06-2016 18:21 via news.yahoo.com
  
  By Mfuneko Toyana JOHANNESBURG (Reuters) - Standard & Poor's said on Monday that political upheaval might derail South Africa's economy and that it expected that risk to intensify ahead of local government elections on Aug. 3, although it does not anticipate a recession. The ratings agency also said that economic reforms must be implemented to avoid a downgrade in December, having, on Friday, kept its rating at BBB- with a negative outlook and lowered its economic growth estimate to 0.6 perc
  
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• Energy, financials lead Wall St gains before Yellen speech

  06-06-2016 17:34 via news.yahoo.com
  
  Wall Street was higher on Monday morning, led by a rally in energy stocks and a rebound in financial shares following a pounding on Friday after a dismal jobs report all but ruled out chances of an interest rate hike in June. The Nasdaq was on course for its highest one-day percentage gain since May 27. The Dow and S&P 500 were on course for their best day since May 25, which was also the last time the Dow ended up more than triple digits in terms of points.
  
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• 'Leave' camp ahead in Brexit referendum poll average

  06-06-2016 17:15 via news.yahoo.com
  
  Brexit backers led the polls Monday for the first time in weeks, putting pressure on the pound and Prime Minister David Cameron just over two weeks before Britain's EU referendum. The WhatUKThinks average put "Leave" at 51 percent against "Remain" at 49 percent ahead of the June 23 vote that the pro-EU camp says could see financial markets plunge and hit global economic growth if Britain votes to go. "We have absolutely no control over the people coming from the whole 27 other EU countries, some
  
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• After Airbus, Iran edges toward historic Boeing deal

  06-06-2016 16:39 via news.yahoo.com
  
  By Tim Hepher DUBLIN (Reuters) - Iranair is discussing a historic aircraft purchase with Boeing, potentially matching an order for over 100 jets from Airbus, but obstacles to both deals need to be resolved so that last year's accord to lift sanctions can be honored, its chairman said. The Iranian flag carrier is also talking to Boeing about providing support for its aging fleet following the deal between Tehran and six major powers to ease economic sanctions in return for curbs on Iran's nuclear
  
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• French minister pelted with eggs as strikes wane

  06-06-2016 16:38 via news.yahoo.com
  
  By Brian Love PARIS (Reuters) - France's economy minister was pelted with eggs on Monday as a strike against planned labor reforms disrupted rail services for a sixth day but appeared to be running out of steam. Industrial action in the oil sector was also waning. Oil group Total SA said three of its five refineries in France were being prepared for restart after days at a standstill.
  
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• Wall St up as energy, financials gain ahead of Yellen talk

  06-06-2016 16:22 via news.yahoo.com
  
  Wall Street was higher on Monday morning, buoyed by energy stocks and a rebound in financial stocks following a pounding on Friday after a dismal jobs report all but ruled out chances of an interest rate hike in June. Federal Reserve Chair Janet Yellen, who recently signaled that a rate hike could come as soon as June, is schedule to speak at 12:30 p.m. ET (1630 GMT) and investors will scrutinize her comments for clues on the timing of the next rate hike. Many traders suspect Yellen might craft
  
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• Wall Street up as energy, financials gain ahead of Yellen talk

  06-06-2016 16:12 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen, who recently signaled that a rate hike could come as soon as June, is schedule to speak at 12:30 p.m. ET (1630 GMT) and investors will scrutinize her comments for clues on the timing of the next rate hike. Many traders suspect Yellen might craft her message to keep expectations for a July hike alive. The speech is likely to be her last before the Fed enters a media blackout period ahead of the its monetary policy meeting on June 14-15.
  
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• Sterling shudders but London stocks shine

  06-06-2016 15:55 via news.yahoo.com
  
  The pound faced renewed pressure Monday after polls put the British referendum vote back on a knife-edge, but the London stock market rallied to outperform its eurozone rivals. Traders on Monday were reacting to a series of polls, one of which showed Brexit backers moving into a lead in the polls for the first time in weeks, raising pressure on Prime Minister David Cameron ahead of Britain's June 23 EU referendum. Financial markets have proved volatile ahead of the vote that could see Britain be
  
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• MIDEAST STOCKS-Saudi shares rise before reform details; Gulf mixed

  06-06-2016 15:52 via news.yahoo.com
  * Trade in Gulf thin as Ramadan begins * Saudi index recovers most of Sunday's losses * Unclear how much detail will be provided on which reforms * Second-tier banks buoy Qatar * Egypt's EFG Hermes surges to new 11-month high By Andrew Torchia DUBAI, June 6 (Reuters) - Saudi Arabia's stock market rose on Monday before the kingdom announces details of its economic reform plan. Other Gulf markets were mixed as the start of the religious holiday of Ramadan thinned trading volumes. ...
  
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• Wall Street set for higher open; Yellen in focus

  06-06-2016 15:07 via news.yahoo.com
  
  Yellen, who recently signaled that the recovering economy could support a rate hike as soon as June, will speak before the World Affairs Council in Philadelphia at 12:30 p.m. ET. Expectations for the next Fed rate hike were pushed back to at least July after U.S. May non-farm payrolls data on Friday showed employers added only 38,000 jobs in May, far below expectations of 164,000.
  
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• Fitch may keep South Africa rating but cut outlook, analysts say

  06-06-2016 14:32 via news.yahoo.com
  
  By Olivia Kumwenda-Mtambo JOHANNESBURG (Reuters) - Ratings agency Fitch is likely to affirm South Africa's investment grade credit rating this week but may lower its outlook to negative, analysts said, as Africa's most industrialised economy grapples with slow growth. South Africa has dodged downgrades from S&P Global Ratings and Moody's, taking some pressure off President Jacob Zuma ahead of elections in August and giving policymakers more time to implement reforms to boost GDP growth. Fitc
  
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• Central African Republic to resume diamond exports after 3-year ban

  06-06-2016 14:09 via news.yahoo.com
  
  Central Africa Republic will restart diamond exports three years after its stones were found to be funding armed groups in an inter-religious conflict and placed under embargo, the mines minister said on Monday. Central African Republic descended into chaos in March 2013 when predominantly Muslim Seleka rebels seized power, triggering reprisals by "anti-balaka" Christian militias who drove tens of thousands of Muslims from the south. Having held successful elections aimed at drawing a line under
  
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• South Africa's Gordhan says focus on economic growth, jobs

  06-06-2016 14:05 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa needs to focus on boosting economic growth and creating jobs after avoiding a downgrade to "junk status" last week, Finance Minister Pravin Gordhan said on Monday. S&P Global Ratings affirmed the investment grade rating of Africa's most industrialised country on Friday. "We must demonstrate to the world that we are capable of raising growth above the 0.6 and 0.7 percent mark and begin to head to the 2 percent mark," Gordhan said during an interview on SA
  
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• Q&A: Why Mark Cuban values time over money

  06-06-2016 14:04
  
  NEW YORK (Reuters) - After working his way up from selling garbage bags door-to-door as a teen in Pittsburgh, Mark Cuban, 57, is now climbing the ranks of the wealthiest Americans.
  
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• Out campaign takes 4-5 percentage point lead - YouGov and ICM polls

  06-06-2016 13:46 via news.yahoo.com
  
  By Guy Faulconbridge and Andy Bruce LONDON (Reuters) - The campaign for Britain to leave the European Union has taken a 4-5 percentage point lead ahead of a June 23 referendum, according to online polls by ICM and YouGov, sending sterling towards three-week lows against the U.S. dollar. The swing towards "Out" with less than three weeks to go comes as both sides step up their campaigning to try to win over the large number of still undecided voters with warnings over the economy and immigration.
  
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• Britain's EU Out campaign takes 4-5 percentage point lead: YouGov and ICM polls

  06-06-2016 13:42 via news.yahoo.com
  
  By Guy Faulconbridge and Andy Bruce LONDON (Reuters) - The campaign for Britain to leave the European Union has taken a 4-5 percentage point lead ahead of a June 23 referendum, according to online polls by ICM and YouGov, sending sterling toward three-week lows against the U.S. dollar. The swing toward "Out" with less than three weeks to go comes as both sides step up their campaigning to try to win over the large number of still undecided voters with warnings over the economy and immigration. T
  
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• Yellen faces fine balance on Fed rate hike after job growth tumbles

  06-06-2016 13:17 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen will likely keep the door open to an interest rate hike within the next few months when she speaks on Monday, while striking a balanced tone about recently disappointing jobs growth and mixed signals in the U.S. economy. Yellen's speech to the World Affairs Council of Philadelphia at 12:30 p.m. ET (1630 GMT) will address the economy and monetary policy, and is the last public comment by U.S. central bankers before their June 14-15 meeting. The chances of a rate
  
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• French minister pelted with eggs as strikes lose steam

  06-06-2016 12:42 via news.yahoo.com
  
  By Brian Love PARIS (Reuters) - France's economy minister was pelted with eggs on Monday as a strike against planned labor reforms disrupted rail services for a sixth straight day but appeared to be losing steam. Economy Minister Emmanuel Macron was splattered on the head when militants of the hardline CGT trade union cornered him at a post office in the Paris suburb of Montreuil, where he was launching a stamp to commemorate the 80th anniversary of the "popular front" government that gave Frenc
  
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• South African economy not headed for a recession: S&P

  06-06-2016 12:03 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - Ratings firm S&P Global Ratings said on Monday it does not see South Africa's economy slipping into a recession in the short term despite slashing its growth forecast by more than half last week. S&P affirmed the investment grade rating of Africa's most industrialised country on Friday but lowered its economic growth estimate to 0.6 percent from 1.6 percent. (Reporting by Mfuneko Toyana; Editing by James Macharia)
  
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• US Treasury Secretary Lew raps China on excess steel production

  06-06-2016 11:20 via news.yahoo.com
  
  Chinese oversupply of steel is "damaging and distorting" global markets, US Treasury Secretary Jacob Lew said Monday, joining a chorus of criticism that blames Beijing for plant closures and job losses in the industry worldwide. China is the world's number one steelmaker, producing more than half of global output, but stands accused of flooding the market with steel at below cost prices -- dumping -- in violation of international trade rules. "Excess capacity has a distorting and damaging effect
  
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• Uganda economy to grow 5.9 pct in fiscal 2016/2017: World Bank

  06-06-2016 11:12 via news.yahoo.com
  
  Uganda's economy will grow by 5.9 percent in the 2016/2017 (July-June) fiscal year, up almost a percentage point from the levels estimated for the previous 12 months thanks to spending on large infrastructure projects, the World Bank said. Veteran leader Yoweri Museveni, 71, was re-elected for another five-year term, extending his three decades in office, although the opposition disputed the result. "The predominant driver of growth will be an increase in ... the construction sector, with this g
  
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• Weak export demand hits orders out of German factory gates

  06-06-2016 11:11 via news.yahoo.com
  
  Weakness in China and Germany's other export partners have prompted the biggest drop in industrial orders in Europe's top economy in more than a decade, official data showed Monday. German industrial orders, a key measure of demand for goods, dropped sharply in April as foreign demand slumped, according to data released by statistics office Destatis. German industrial orders had not shown such a deep slump since July 2005, Destatis said.
  
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• Asian markets up as chance of US rate rise eases, yen hits Nikkei

  06-06-2016 11:10 via news.yahoo.com
  
  Most Asian markets rose Monday while the dollar clawed back some of its hefty losses after last week's soft US jobs report reduced the chances of an imminent interest rate rise, but the stronger yen hit Japanese exporters. The US Labor Department said Friday that May saw the world's top economy create the fewest number of jobs in six years, slashing expectations borrowing costs will rise any time soon. Traders who had been expecting the Fed to announce a rise no later than July -- with the centr
  
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• MIDEAST STOCKS-Saudi bourse moves little before reform announcement

  06-06-2016 10:46 via news.yahoo.com
  Saudi Arabia's stock market moved little in early trade on Monday before the announcement of details of the kingdom's economic reform plan, while most other Gulf bourses edged down. The National Transformation Plan (NTP), a key part of efforts to make the Saudi economy less dependent on oil revenue, will be put before the cabinet for approval on Monday, a senior Saudi source told Reuters. Details of the NTP will be disclosed in daily news conferences with ministers starting on Monday evening.
  
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• South African bonds firmer, rand steady after S&P review

  06-06-2016 10:44 via news.yahoo.com
  
  South African government bonds firmed on Monday after S&P Global Ratings affirmed the country's investment-grade credit rating on Friday, but the rand failed to extend gains as the dollar recovered. S&P left its BBB- rating on Africa's most industrialised economy but warned that its negative outlook reflected the potential adverse consequences of low GDP growth. At 0757 GMT, the yield for the benchmark instrument due in 2026 was down 11 basis points to 9.09 percent, its firmest level sin
  
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• Britain's FTSE boosted by mining stocks

  06-06-2016 10:40
  
  LONDON, June 6 (Reuters) - UK shares opened in positive
  territory on Monday, led by a rise in commodity-related stocks
  which tracked metals prices higher, though housebuilders fell on
  concerns...
  
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• BRIEF-Banco Popolare cash call rights and shares turn positive

  06-06-2016 09:57
  
  * Rights to buy into 1 billion euro cash call turn positive
  to gain 8.3 percent by 0754 GMT
  
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• Kenyan private sector activity expands at slower pace in May: PMI

  06-06-2016 09:54 via news.yahoo.com
  
  Kenyan private sector activity expanded at a slightly slower pace in May than the previous month as companies' costs remained high, a survey showed on Monday. The recent easing of the monetary policy stance is thus a good move in order to kick start economic activity," said Jibran Qureishi, regional economist for East Africa at CFC Stanbic Bank.
  
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• 17 Most Powerful Women In Finance, Banking And Venture Capital 2016

  06-06-2016 09:45 via news.yahoo.com
  The best antidote to fighting women's economic disenfranchisement is hitting a critical mass of women at the top of the financial food chain. On this year's list of the World's Most Powerful Women, three ...
  
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• Italian economy minister: Only further integration can help EU in face of Brexit

  06-06-2016 09:22 via news.yahoo.com
  The only way to tackle the threat of the European Union being weakened by a possible British exit of the bloc in a June 23 referendum is to focus on integration, Italian economy minister Pier Carlo Padoan told a German newspaper. "The first line of defense against turbulence on the markets is the European Central Bank but in the face of a risk of the EU being weakened such as by Brexit, the only thing that can help is continuing to integrate with determination such as in the common market and on
  
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• South Africa's Telkom posts 15.5 percent rise in full-year earnings

  06-06-2016 09:16 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - Telkom SA, South Africa's biggest landline provider, posted a 15.5 percent jump in full-year profit on Monday and said it had successfully completed its turn-around strategy. Telkom said its headline earnings per share (HEPS) for the year to end-March rose to 657.9 South African cents. Headline earnings are the main profit gauge in South Africa and exclude certain one-off and non-trading items. (Reporting by Zimasa Mpemnyama; Editing by James Macharia)
  
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