Finance news

• European stocks rally; US stocks hit by Apple

  17-06-2016 23:56 via news.yahoo.com
  
  European and Asian stocks rebounded Friday on optimism over the British vote on leaving the European Union, but losses on Apple and other tech shares dragged down Wall Street.
  
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• Putin says to seek IOC intervention over Rio ban

  17-06-2016 23:55 via news.yahoo.com
  Russian President Vladimir Putin said he would seek the intervention of the World Anti-Doping Agency and the International Olympic Committee over the decision to exclude Russian track and field athletes from the Rio Olympics. Russian athletes' hopes of competing in the Rio Olympics are now in the hands of the IOC after world athletics' governing body unanimously upheld on Friday its ban on the country for systematic doping. "Of course, it is unfair," Putin told editors from leading international
  
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• TSX rises as commodities rally; ends 1 percent lower for week

  17-06-2016 23:07 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index edged higher on Friday as commodities rallied and global worries about Britain voting to leave the European Union next week abated. Reasonable earnings, economic recovery and low interest rates are supportive of stocks, but lack of clarity about the outcome of the referendum and related volatility may restrain investors near-term, said Irwin Michael, portfolio manager at ABC Funds. Canada's currency will weaken and the chances its cen
  
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• Sterling, bond yields gain as Brexit views shift

  17-06-2016 23:07 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Sterling and bond yields rose on Friday as traders tried to assess whether the killing of a pro-European Union British lawmaker may change the balance of opinions in Britain's upcoming referendum on EU membership. Concerns that a vote by Britain to leave the 28-country bloc would cause turmoil in the global economy and European politics rattled markets and caused the pound to tumble earlier this week. "This is people adjusting positions because they
  
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• How Much Money It Takes to Be in the Top 1% In Every State

  17-06-2016 23:06 via news.yahoo.com
  
  From Occupy Wall Street to the “Fight for 15” movement to Bernie Sanders’ campaign, we’ve heard the cries to narrow the gap between America’s poorest and richest. But just how wide is that gap? A new report ...
  
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• CANADA FX DEBT-C$ strengthens as oil prices rebound, Brexit fears abate

  17-06-2016 23:05
  
  (Adds trader comment, speculative positioning; updates prices)* Canadian dollar settles at C$1.2878, or 77.65 U.S. cents* Currency lost 0.9 percent on week* Bond prices fall across the...
  
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• GLOBAL MARKETS-Sterling, bond yields gain as Brexit views shift

  17-06-2016 23:03
  
  * Oil up as Brexit fears ease, still down for week(Updates with U.S. market closing levels)
  
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• Putin says U.S. missile shield is a 'great danger'

  17-06-2016 23:02 via news.yahoo.com
  
  (Reuters) - Russia views the U.S. missile shield in eastern Europe as a "great danger" and Moscow will be forced to respond by enhancing its missile strike capability, Russian President Vladimir Putin said on Friday. "We will perfect our missile strike capability, to preserve balance, only because of that," Putin told leaders of international media organizations at the St Petersburg International Economic Forum. (Reporting by Alessandra Galloni; Writing by Christian Lowe; Editing by Catherine Ev
  
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• UPDATE 2-Speculators cut net shorts vs sterling, net longs in dollar ahead of 'Brexit' vote

  17-06-2016 23:00
  
  (Adds tables)June 17 (Reuters) - Currency speculators reduced their net
  short positions against the British pound in the latest week,
  ahead of a crucial vote about Britain's future in the...
  
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• UPDATE 1-Kentucky governor abolishes state's pension system administration

  17-06-2016 22:58
  
  NEW YORK, June 17 (Reuters) - Kentucky Governor Matthew
  Bevin on Friday issued an executive order abolishing and
  immediately reorganizing the administration of the state's
  underfunded public pension...
  
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• BRIEF-Moody's affirms Democratic Republic of Congo's sovereign issuer rating at B3; outlook stable

  17-06-2016 22:49
  
  * Affirms Democratic Republic of Congo's sovereign issuer
  rating at B3; outlook stable
  
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• Russia's Putin: why did Britain call Brexit referendum?

  17-06-2016 22:45 via news.yahoo.com
  
  (Reuters) - Russian President Vladimir Putin on Friday questioned why British Prime Minister David Cameron had called a referendum on Britain's membership of the European Union. "If it's such a problem, why did he initiate this, if he is against it himself?" Putin said of Cameron at a meeting on the sidelines of the St Petersburg International Economic Forum. Putin said that he had a view on whether Britain should leave the EU but that it was not appropriate for him to voice it because it was Br
  
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• BRIEF-Moody's reviews Revlon's ratings for downgrade on announcement to acquire Elizabeth Arden

  17-06-2016 22:43
  
  * Reviews Revlon's Ratings For Downgrade On Announcement To
  Acquire Arden
  Source text for Eikon:Further company coverage:
  
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• BRIEF-Moody's changes Summit Midstream's outlook to stable from positive

  17-06-2016 22:43
  
  * Moody's changes Summit Midstream's outlook to stable from
  positiveSource text for Eikon:Further company coverage:
  (Bengaluru Newsroom: +1-646-223-8780)
  
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• Rio declares financial emergency, requests funding for Olympics

  17-06-2016 22:38
  
  RIO DE JANEIRO, June 17 (Reuters) - The governor of the state of Rio de Janeiro declared a state of financial emergency on Friday, requesting federal funds to help the state fulfill its obligations...
  
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• Essar Steel Algoma agrees sale of assets to KPS Capital Partners

  17-06-2016 22:38
  
  TORONTO, June 17 (Reuters) - Essar Steel Algoma Inc
  (ESA) said on Friday it had agreed to sell its
  assets to a consortium formed by New York-based private equity
  firm KPS Capital Partners and its...
  
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• BRIEF-Gartner says entered credit agreement

  17-06-2016 22:38
  
  * On June 17, 2016, Gartner Inc entered into a credit
  agreement
  
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• Wall Street ends week on down note as Apple weighs

  17-06-2016 22:25 via news.yahoo.com
  
  Wall Street ended lower on Friday as Apple dragged down major indexes and investors girded for Britain's vote next week on its European Union membership. The S&P is now up more than 1 percent for the year.
  
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• Wall St. ends week on down note as Apple weighs

  17-06-2016 22:24 via news.yahoo.com
  
  (Reuters) - Wall Street ended lower on Friday as Apple dragged down major indexes and investors girded for Britain's vote next week on its European Union membership.
  
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• DoubleLine's Gundlach sees Bremain, not Brexit, as likely outcome

  17-06-2016 21:43 via news.yahoo.com
  
  By Jennifer Ablan NEW YORK (Reuters) - Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Friday he thinks Britain will "Bremain" in the European Union and if investors agree they should buy beaten-down European equities. "I’ve never believed in an exit, or 'Brexit,'" said Gundlach, known on Wall Street as the "Bond King" who manages $60.3 billion (£42.01 billion) through the DoubleLine Total Return Bond Fund. Voters in Britain will vote on whether to on June 23
  
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• Viacom investors pay CEO's legal bills in Redstone spat

  17-06-2016 21:40 via news.yahoo.com
  
  Viacom Inc disclosed on Friday it would foot the bill for embattled CEO Philippe Dauman's legal fight against controlling shareholder Sumner Redstone, even as Wall Street cheers the executive's potential departure. The disconnect demonstrates the complicated corporate governance challenge Viacom's board is facing in the battle for control of Redstone's $40 billion media empire, which includes CBS Corp and Viacom, investors and corporate governance experts said. "I don't think it's appropriate to
  
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• GM seeks to dismiss claims for recalled vehicles' lost value

  17-06-2016 21:37 via news.yahoo.com
  
  By Jessica Dye NEW YORK (Reuters) - A lawyer for General Motors on Friday asked a U.S. judge to bar "unprecedented" claims on behalf of millions of customers who say their vehicles lost value because the GM brand was damaged by dozens of recalls, including one for a faulty ignition switch. U.S. District Judge Jesse Furman in Manhattan said he expects to rule in the next few weeks on GM's motion to dismiss the proposed class actions, in which plaintiffs are seeking to recoup economic losses they
  
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• Let Britain be free, Europe's far-right parties urge

  17-06-2016 21:32 via news.yahoo.com
  
  By Noah Barkin VIENNA (Reuters) - Cheered on by thousands of flag-waving Austrians, the leaders of Europe's biggest far-right parties railed on Friday against the European Union and Islam and urged Britons to free themselves from what they called heartless EU technocrats. The rally on the outskirts of Vienna brought together an array of anti-immigration, anti-EU parties that have unsettled a European political establishment still struggling to get a grip on a historic refugee crisis and years of
  
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• Sanders Vows to Defeat Trump, but Leaves Clinton Hanging

  17-06-2016 20:23 via news.yahoo.com
  
  Sen. Bernie Sanders of Vermont says that one of his overarching goals is to help defeat presumptive GOP presidential nominee Donald Trump this fall. Days after Clinton convincingly wrapped up her claim to the Democratic nomination with 2,800 pledged and superdelegates – 417 more than she will need at the national convention in Philadelphia next month – Sanders refuses to concede defeat or formally endorse Clinton in what is shaping up as one of the most consequential presidential con
  
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• The Latest: Renzi praises Russian role in Libya

  17-06-2016 19:52 via news.yahoo.com
  
  ST. PETERSBURG, Russia (AP) — The Latest from the Russian Economic Forum in St. Petersburg (all times local):
  
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• Nigeria stocks, black market naira soar after FX reforms

  17-06-2016 19:44 via news.yahoo.com
  
  By Chijioke Ohuocha and Oludare Mayowa LAGOS (Reuters) - The Nigerian naira firmed on the black market on Friday, while stocks posted their biggest weekly rally in 14 months as domestic funds snapped up shares following central bank currency reforms designed to attract foreign investors, traders said. The central bank has said it will let the market set the exchange rate freely as of Monday, abandoning a 16-month policy of pegging the currency at 197 to the dollar, harming investment and causing
  
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• Belgrade rolls out red carpet for Chinese president

  17-06-2016 19:32 via news.yahoo.com
  
  Chinese President Xi Jinping is expected to sign some 20 bilateral deals with Serbia during a visit that began Friday, as Belgrade aims to make China one of its main economic partners. The three-day visit is the first by a Chinese president since the breakup of the former communist Yugoslavia in the 1990s. Beijing and Belgrade in 2009 signed a "strategic partnership" aimed at strengthening bilateral cooperation on economic, cultural, educational and other matters.
  
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• Why Clinton or Trump Could Face a Stock Market Nightmare

  17-06-2016 19:08 via news.yahoo.com
  
  According to Fitch, the volume of global government bonds trading with negative yield has crossed the $10 trillion mark for the first time — representing about 20 percent of the total. Yield curves, or the difference between short- and long-term yields, have inverted in Japan and elsewhere — one of the strongest pre-recession warnings signals in existence. Inflation expectations, also derived from bond market pricing, are dropping fast.
  
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• Wall Street treads lower as technology stocks weigh

  17-06-2016 19:01 via news.yahoo.com
  
  (Reuters) - A drop in Apple dragged down all three major U.S. stock indexes on Friday afternoon even as investors remained wary of global economic growth worries and an impending referendum on Britain's European Union membership.
  
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• Venezuelan protests economic crisis through currency art

  17-06-2016 18:59 via news.yahoo.com
  
  By Eyanir Chinea CARACAS (Reuters) - With Venezuela's highest denomination bill now worth less than a stick of gum, one local designer is protesting his country's economic crisis through currency art. Jose Leon, 24, has been covering the faces of national heroes on the smallest bills of two bolivars - worth one fifth of a U.S. cent at the black market rate - with the intricately-stencilled faces of American superheroes. Nothing." Bills in Venezuela have become a serious nuisance after the curren
  
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• Canadian currency, economy seen weakening if Britain exits EU

  17-06-2016 18:54 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's currency will weaken and the chances its central bank cuts interest rates would jump if Britain votes next week to leave the European Union, strategists warn, noting the result could hit global growth and spell bad news for commodity-exporting countries. Economists expect the direct trade impact on Canada's economy from a so-called Brexit to be modest, given that Britain accounts for just 3 percent of the goods Canada exports. "In the event of a vote
  
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• Wall Street treads lower as Apple slide adds to caution

  17-06-2016 17:43 via news.yahoo.com
  
  "Risk appetite has declined because of the Brexit vote," said Jeremy Zirin, head of investment strategy at UBS Wealth Management Americas in New York. The U.S. Federal Reserve left short-term interest rates unchanged on Wednesday and cut its forecast for economic growth, but stock markets' reaction to the largely expected outcome has been muted. The Nasdaq Composite was down 45.46 points, or 0.94 percent, at 4,799.46.
  
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• Renzi says Italy wants to boost economic ties with Russia

  17-06-2016 17:30 via news.yahoo.com
  
  ST. PETERSBURG, Russia (AP) — Italy wants to strengthen its economic presence in Russia and hopes ties between Moscow and the European Union will improve, Italian Prime Minister Matteo Renzi said Friday.
  
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• Bullard, down to one rate hike, says Fed communication confusing markets

  17-06-2016 17:21 via news.yahoo.com
  
  The U.S. economy may only need one rate hike for as long as 2-1/2 years and the Federal Reserve is eroding its credibility by indicating otherwise, St. Louis Fed President James Bullard said on Friday in arguing for an overhaul of how the central bank views and discusses policy. Bullard called for the Fed to discard its practice of projecting long-run values for things like economic growth and the target policy rate, acknowledge it has little certainty about the future, and state that the econom
  
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• U.S. housing starts hurt by weakness in multi-family units

  17-06-2016 17:14 via news.yahoo.com
  
  U.S. housing starts slipped in May as the construction of multi-family housing units dropped, but further gains in building permits signaled a rebound that would support economic growth in the second quarter. Building permits rose 0.7 percent to a 1.14-million unit rate in May. "Another month of gains in building permits coupled with near record low mortgage rates provide opportunity for a bounce back," said Bill Banfield, vice president at Quicken Loans in Detroit.
  
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• European stocks rebound as Brexit campaign on hold

  17-06-2016 16:35 via news.yahoo.com
  
  European and Asian stock markets rebounded strongly Friday, with traders signalling that the tragic murder of a pro-Europe lawmaker in Britain could swing the upcoming referendum vote to remain in the EU. The pound was also firmer after campaigning was suspended following the murder Thursday of Labour MP Jo Cox, one week before the June 23 referendum on Britain's membership of the European Union. "The suspension of campaigning for the UK EU referendum after the tragic death of Labour MP Jo Cox b
  
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• Hong Kong proposes changes to stock market listing regime

  17-06-2016 16:33 via news.yahoo.com
  * SFC given more power, CEO to sit on listing panel * Three month Consultation on proposals ends Sept. 19 * Proposal comes after investor frustration over current rules (Adds comment, context) By Michelle Price HONG KONG, June 17 (Reuters) - Hong Kong proposed changes to its stock market listing regime on Friday, in a move that could curb the regulatory powers of the city's stock exchange and hand more authority to the securities watchdog in one of the world's top destinations for new share issu
  
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• Viacom lowers earnings guidance for the first time since 2008

  17-06-2016 16:28 via news.yahoo.com
  
  The media company also said that it expects domestic ad sales to decline about 4 percent in the third quarter ending June 30, an improvement from last quarter's decline of 5 percent. The New York-based media company, which owns Paramount, Comedy Central and Nickelodeon, cited weak performance from its latest Teenage Mutant Ninja Turtle movie and a delay in completing an agreement with an unnamed streaming video provider. Viacom Chief Executive Philippe Dauman and controlling shareholder 93-year-
  
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• St. Louis Fed's Bullard says U.S. may only need single rate hike for now

  17-06-2016 16:21 via news.yahoo.com
  
  The U.S. economy, stuck in a slow-growth pattern that is likely to persist for the forseeable future, may need no more than a single additional rate hike for as long as 2.5 years, St. Louis Fed President James Bullard said on Friday. Bullard, a former inflation hawk whose views of the economy have been shifting, said he now sees current growth, unemployment and inflation rates as so persistent, there is basically no reason to change the Federal Funds policy rate, currently set in a range of betw
  
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• The Latest: Putin welcomes armed OSCE observers in Ukraine

  17-06-2016 16:16 via news.yahoo.com
  
  ST. PETERSBURG, Russia (AP) — The Latest from the Russian Economic Forum in St. Petersburg (all times local):
  
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• Wall Street opens lower as Apple drags, investors remain wary

  17-06-2016 15:59 via news.yahoo.com
  
  Britain will vote on June 23, an event that has weaved in uncertainty across the globe, battering stocks and bond yields for the past week and spiking demand for safe-haven assets such as gold and the yen. Analysts said the incident could rally a sentiment supporting Britain to remain in the EU, at a time when the "Leave" campaign was gathering momentum. Apple fell 1.5 percent to $96.07 after Bloomberg reported that the tech giant may have to halt the sales of its latest iPhones in Beijing after
  
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• Wall Street opens lower as Apple falls

  17-06-2016 15:51 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened lower on Friday, dragged down by Apple and developments around the impending vote on Britain exiting the European Union. The Dow Jones industrial average was down 20.54 points, or 0.12 percent, at 17,712.56, the S&P 500 was down 2.99 points, or 0.14 percent, at 2,075 and the Nasdaq composite was down 14.65 points, or 0.3 percent, at 4,830.26. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Don Sebastian)
  
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• Russia's Putin says will work to stamp out soccer hooliganism

  17-06-2016 15:49 via news.yahoo.com
  
  ST PETERSBURG, Russia (Reuters) - President Vladimir Putin said on Friday he regretted violence at the Euro 2016 soccer tournament in France involving Russian fans, pledging Moscow would work to try to stamp out hooliganism. French authorities have said about 150 hard-core Russian fans took part in serious violence around the England-Russia game in Marseilles last weekend. Putin, speaking at a question and answer session at the St Petersburg International Economic Forum, said he wondered how "20
  
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• Legal drama and Ninja Turtles to weigh on Viacom profit

  17-06-2016 15:30 via news.yahoo.com
  (Reuters) - Viacom Inc on Friday said its third-quarter earnings will fall short of Wall Street estimates, citing a weak performance from its latest Teenage Mutant Ninja Turtle movie and disruption from the ongoing legal battle over control of the entertainment company. Viacom shares tumbled more than 2 percent in premarket trading. Viacom said it had expected to complete a significant video streaming agreement in the quarter, but said that process was delayed due to "the recent and highly publi
  
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• Putin laments West's support of 'coup d'etat' in Ukraine

  17-06-2016 15:29 via news.yahoo.com
  President Vladimir Putin complained on Friday about what he called the West's support for 'a coup d'etat' in Ukraine in 2014 during which the country's pro-Moscow president fled. "Why support a coup d'etat in Ukraine? ... It is likely that the opposition, which is currently in power, would have come to power by democratic means," Putin said at a question and answer session during the St Petersburg International Economic Forum.
  
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• Putin: I agree with U.S. that some opposition members should join Syrian government

  17-06-2016 15:27 via news.yahoo.com
  ST PETERSBURG, Russia (Reuters) - Russian President Vladimir Putin said on Friday he agreed with U.S. proposals to incorporate parts of the opposition into the current Syrian government, saying President Bashar al-Assad agreed there was a need for a political process. Putin, speaking at the St Petersburg International Economic Forum, said the most important thing for Syria was not for Assad to establish control over territory but for overall faith in the authorities to be restored. ...
  
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• Nigeria's Lekoil makes use of weak naira to fund oil field expansion

  17-06-2016 15:17 via news.yahoo.com
  By Karolin Schaps LONDON (Reuters) - Nigerian oil explorer Lekoil has converted around half of its investment budget into naira from U.S. dollars, benefiting from the Nigerian currency's weakness to fund an oil field expansion despite growing militant disruptions. Africa's biggest economy and its currency have been hit hard by a decline in oil prices. After a steep slide in the naira in late 2014 and early 2015, the central bank pegged the currency to the U.S. dollar.
  
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• Wall Street set for flat open as investors remain cautious

  17-06-2016 15:03 via news.yahoo.com
  
  Wall Street was set to open flat on Friday as investors tread cautiously amid global economic growth worries and an impending referendum on Britain's European Union membership. Britain will vote on June 23, an event that has weaved in uncertainty across the globe, battering stocks and bond yields for the past week and spiking demand for safe-haven assets such as gold and the yen. Analysts said the incident could rally a sentiment supporting Britain to remain in the EU, at a time when the "Leave"
  
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• U.S. housing starts slip, permits maintain gains

  17-06-2016 15:02 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. housing starts slipped in May as the construction of multi-family housing units dropped, but further gains in building permits suggested a rebound that would continue to support economic growth in the second quarter.
  
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• Putin: Russia has no grudge against EU, ready to improve ties

  17-06-2016 14:52 via news.yahoo.com
  
  President Vladimir Putin said on Friday Russia did not hold a grudge against the European Union and was ready to work to improve relations with the bloc, which he said was still a key trade partner. Speaking at the annual St Petersburg International Economic Forum, Putin played down economic difficulties caused by Western sanctions imposed over the Ukraine crisis and low international oil prices, painting a bullish picture of an economy that is on the mend and open for business with foreign part
  
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