Finance news

• North America leaders mount strong defense of trade despite threats

  29-06-2016 23:42 via news.yahoo.com
  
  By Roberta Rampton and David Ljunggren OTTAWA (Reuters) - Canada, the United States and Mexico on Wednesday mounted a fierce defense of free trade, vowing to deepen economic ties despite shifting political debate about the value of globalization. U.S. President Barack Obama and Mexican President Enrique Pena Nieto also took swipes at U.S. Republican presidential candidate Donald Trump, who has vowed to renegotiate or scrap the North American Free Trade Agreement (NAFTA) if he wins November's ele
  
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• Canadian dollar gains as oil, global stocks rally

  29-06-2016 23:16 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - The risk-sensitive Canadian dollar gained against its U.S. counterpart on Wednesday as global financial markets stabilized for a second straight day following volatility triggered by Britain's vote to leave the European Union. Stock markets and oil prices built on a recovery from the aftermath of last week's Brexit vote as investors wagered central banks would ultimately ride to the rescue with more stimulus. "We've moved from a kind of acute fear coming out
  
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• Obama says quitting trade deals no solution to inequality

  29-06-2016 22:55 via news.yahoo.com
  U.S. President Barack Obama said on Wednesday that withdrawing from international trade agreements would not help to reduce economic inequality given that globalization has progressed so far. "The integration of national economies ... That's here, that's done," Obama said at a news conference at a North American summit in Ottawa. Withdrawing from trade deals "is the wrong medicine for dealing with inequality," he said, adding that cutting off trade would just make everyone poorer.
  
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• Obama concerned over longer term global growth after Brexit

  29-06-2016 22:48 via news.yahoo.com
  
  By Roberta Rampton OTTAWA (Reuters) - U.S. President Barack Obama said on Wednesday he expects the world economy will be steady in the short run after Britain's decision to leave the European Union but expressed concern about longer term global growth. Obama, appearing at a North American summit with the leaders of Canada and Mexico, said there have been reactions in markets, stock prices and currencies since last Thursday's so-called Brexit vote. Preparations by central banks, finance ministers
  
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• GLOBAL MARKETS-Stock, oil prices gain as Brexit jitters abate

  29-06-2016 22:34 via news.yahoo.com
  Stock markets around the world rebounded for the second straight day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus. Fading concerns over Britain's vote to exit the European Union bolstered oil prices and helped boost energy shares both in Europe and in the United States. Wall Street recouped more than half of its losses from the two-day equities rout sparked by the British referendum, and the S
  
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• Fed gives OK to 30 banks to up dividends, buy back shares

  29-06-2016 22:32 via news.yahoo.com
  WASHINGTON (AP) — The Federal Reserve has given the green light to major banks in the U.S. to raise dividends and buy back shares, judging them to have a sturdy enough financial foundation to withstand a major economic downturn.
  
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• Wall Street rebounds from Brexit with second day of big gains

  29-06-2016 22:25 via news.yahoo.com
  
  The S&P 500 has recouped more than half of its losses from the two-day equities rout sparked by the British referendum, which had erased $3 trillion in value from global equity markets, according to S&P Dow Jones Indices. The S&P financial sector , which was beaten up in the wake of the vote, gained 2.3 percent, leading all sectors. Energy shares jumped 2 percent, supported by higher oil prices.
  
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• Obama says global economy in the short run will hold steady

  29-06-2016 22:22 via news.yahoo.com
  
  OTTAWA (Reuters) - U.S. President Barack Obama said on Wednesday that global markets have settled down a bit after Britain's vote to leave the European Union last week and he believes the world economy will be steady in the short term. "We're monitoring very carefully whether there's any systemic strains on the system," Obama said at a news conference with the leaders of Canada and Mexico. Though he said he believed the global economy will hold steady, for now, he cited concerns about longer ter
  
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• U.S., Canada, Mexico to seek financial stability after UK vote: Obama

  29-06-2016 22:19 via news.yahoo.com
  The United States, Canada and Mexico will work to ensure the stability of the global financial system after Britain's vote to leave the European Union last week, U.S. President Barack Obama said on Wednesday at a news conference at a North American summit in Ottawa. "Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system
  
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• Wall Street jumps for second day on post-Brexit bounce

  29-06-2016 22:08 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street recorded big gains for a second day on Wednesday as investors continued to scour for bargains and digest the fallout from Britain's stunning vote to leave the European Union.
  
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• Alberta budget finishes 2015-16 with wider-than-forecast C$6.4 billion gap

  29-06-2016 21:50 via news.yahoo.com
  The Canadian crude-producing province of Alberta said on Wednesday it finished the 2015-16 fiscal year with a C$6.4 billion ($4.93 billion) deficit, C$324 million wider than forecast in October, as revenue fell. Total revenue was C$1.3 billion lower than targeted at C$42.5 billion, the province's annual budget report showed. The province said that the economy contracted an estimated 3.7 percent in 2015 as depressed oil prices hit hard.
  
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• Global stock, oil prices gain as Brexit jitters abate

  29-06-2016 21:38 via news.yahoo.com
  
  By Hilary Russ and Saqib Iqbal Ahmed NEW YORK (Reuters) - Stock markets around the world rebounded for the second day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus. Fading concerns over Britain's vote to exit the European Union bolstered oil prices and helped boost energy shares both in Europe and in the United States. Wall Street reclaimed some of the ground lost in the aftermath of the Brexit
  
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• EU tells UK single market access requires full free movement

  29-06-2016 21:09 via news.yahoo.com
  
  By William James and Paul Taylor LONDON/BRUSSELS (Reuters) - European Union leaders met for the first time without Britain on Wednesday less than a week after it voted to leave, delivering a tough message that London can access the bloc's lucrative single market only if it agrees to allow free movement for EU workers. Last week's shock referendum vote to leave the EU has caused global financial market turmoil, sent the pound sterling tumbling and wiped billions off the value of British shares. B
  
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• Wall Street surges as Brexit rebound continues

  29-06-2016 20:55 via news.yahoo.com
  
  The S&P 500 had recouped more than half of its losses from the two-day equities rout sparked by the British referendum, which had amounted to $3 trillion in lost value from global equity markets, according to S&P Dow Jones Indices. The S&P energy sector jumped 2.4 percent, the top-performing group for a second straight day, supported again by higher oil prices. The Dow Jones industrial average was up 255.99 points, or 1.47 percent, at 17,665.71, the S&P 500 gained 32.39 points, o
  
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• After slamming trade deals, Trump fends off business criticism

  29-06-2016 20:30 via news.yahoo.com
  
  By Ginger Gibson WASHINGTON (Reuters) - Republican presidential candidate Donald Trump fired back at the U.S. Chamber of Commerce on Wednesday, saying the nation's largest business association needed to "fight harder" for American workers, after it issued a scathing criticism of his economic platform. Trump struck back the following day, saying the organization needed to "fight harder" for American workers. In speeches on Tuesday, Trump called for renegotiating or scrapping the North American Fr
  
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• North American leaders vow to boost trade despite threats

  29-06-2016 19:57 via news.yahoo.com
  
  By Roberta Rampton and David Ljunggren OTTAWA (Reuters) - Canada, the United States and Mexico on Wednesday vowed to deepen their economic ties, pushing back against anti-free-trade sentiment that has shifted political debate in the United States and Europe. The three nations are member of the North American Free Trade Agreement (NAFTA), which U.S. Republican presidential candidate Donald Trump has vowed to renegotiate or scrap if he wins November's election. U.S. President Barack Obama, Prime M
  
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• Brazil unemployment stays at record 11.2%

  29-06-2016 19:49 via news.yahoo.com
  
  Brasília (AFP) - Brazil's national jobless rate remained stuck at a record 11.2 percent at the end of May, the government statistics office said Wednesday. The rate for March through May was unchanged from the previous trimester, with 11.4 million people officially out of work, the Brazilian Institute of Geography and Statistics (IBGE) said. The grim jobs outlook comes as Brazil struggles through its deepest recession in decades, with the economy expected to contract 3.8 percent this year
  
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• Mongolia's opposition MPP seen sweeping back to power in polls

  29-06-2016 19:44 via news.yahoo.com
  
  The main opposition Mongolian People's Party (MPP) appears to have swept back to power in parliamentary elections, Mongolian media said early on Thursday, after campaigning dominated by concern over slowing economic growth. The MPP, which last ruled from 2008 to 2012, is likely to have won most seats in the 76-member parliament, taking back power from the Democratic Party, leading Mongolian news websites news.mn and Ikon reported. Stability during the MPP's rule helped lure investors to Mongolia
  
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• Wall Street cuts some Brexit losses as jitters ease

  29-06-2016 19:10 via news.yahoo.com
  
  Investors are now hoping that central banks around the world will ease monetary policy to weather the storm as Britain and the EU chalk out the next steps for the country's exit from the trading bloc. "There are very reasonable expectations from central banks globally, especially from the US Federal Reserve, the ECB and the BOE, to provide more liquidity, guidance and clarity to support markets," said Stephen Wood, chief market strategist for Russell Investments in New York. The Brexit vote has
  
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• Factbox: When will UK data show economic impact of Brexit vote?

  29-06-2016 19:02 via news.yahoo.com
  LONDON (Reuters) - Some British businesses have said they are putting investment plans on hold after the country voted to leave the European Union last week and sterling has fallen sharply as financial markets adjust to a weaker economic outlook. A clear picture of the initial impact of the vote on the economy will not be clear until the release of economic data covering the period after the vote. Following is a summary of some key upcoming releases for data covering late June and July. ...
  
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• London stocks wipe out post-Brexit losses in global rebound

  29-06-2016 18:41 via news.yahoo.com
  
  London share prices surged on Wednesday, wiping clean post-Brexit result losses, in the second straight day of a global recovery following a sharp sell-off sparked by Britain's vote to quit the EU. London's benchmark FTSE 100 closed well over three percent higher and above its June 23 closing level, with a weaker British pound likely helping boost companies non-UK profits. Paris and Frankfurt shares also pulled off strong increases, bouyed by a firmer Wall Street and Asian markets that earlier l
  
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• South Africa's rand stretches recovery, stocks up as gold miners shine

  29-06-2016 18:36 via news.yahoo.com
  
  South Africa rand gained as much as 2.5 percent on Wednesday as emerging markets rallied from a Brexit-triggered collapse and demand for riskier assets continued to recover. South Africa publishes trade, producer inflation and money supply figures on Thursday, data which investors will watch for details on an economy flirting with recession after a 1.2 percent contraction in the first quarter.
  
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• Global stocks and oil prices gain as Brexit nerves settle

  29-06-2016 18:22 via news.yahoo.com
  
  Stock markets around the world rebounded for the second day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus. Oil prices rallied and Wall Street was sharply higher, turning positive for the year. Britain's FTSE 100 recovered all its post-Brexit losses to close at the highest level since April.
  
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• General Mills quarterly profit beats estimates as costs fall

  29-06-2016 18:18 via news.yahoo.com
  
  The maker of Cheerios cereal and Yoplait yogurt raised its dividend and forecast earnings for the coming year above Wall Street forecasts. General Mills has responded to weak U.S. sales by cutting jobs, selling plants and exiting stagnant brands with lower profits like Green Giant while investing in gluten-free, organic options like Annie's and cutting back on salt and artificial ingredients in its products. "We see consumer values and ideas about food changing pretty rapidly," Chief Executive K
  
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• GLOBAL MARKETS-Stocks and oil prices gain as Brexit nerves settle

  29-06-2016 18:17 via news.yahoo.com
  Stock markets around the world rebounded for the second day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus. Oil prices rallied and Wall Street was sharply higher, turning positive for the year. An index of major European banks was up for the second straight day, but the gains could not come close to offsetting losses in the first two trading sessions after the referendum.
  
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• Puerto Rico debt relief bill clears hurdle in Senate

  29-06-2016 18:12 via news.yahoo.com
  
  A relief plan to help Puerto Rico address its $70 billion debt cleared a critical hurdle in the U.S. Senate on Wednesday, getting the super majority it needed to advance to debate and a final vote this week. Congress will try to send it to President Barack Obama to sign into law by July 1, when Puerto Rico faces a potential default on a chunk of its debt if it cannot make a $1.9 billion payment. Treasury Secretary Jack Lew went to Capitol Hill this week to urge senators to vote for the relief pl
  
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• U.S. consumer spending rises, Brexit casts shadow on outlook

  29-06-2016 18:03 via news.yahoo.com
  
  U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods, but there are fears Britain's vote to leave the European Union could hurt confidence and prompt households to cut back on consumption. "With the confidence-sapping eruption in global financial markets continuing to play out, we expect spending momentum to slow in the coming months ahead, adding a layer of uncertainty to the U.S. economic outlook going forward," said Millan Mulraine
  
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• Wall Street cuts some Brexit losses as fears recede

  29-06-2016 17:59 via news.yahoo.com
  
  (Reuters) - Wall Street was sharply higher on Wednesday, with the three major indexes recovering about half the losses suffered in the aftermath of Britain's shock vote to leave the European Union.
  
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• Brexit uncertainty may pose threat to EU economy, Germany's Schaeuble says

  29-06-2016 17:35 via news.yahoo.com
  Britain's decision to leave the European Union may have a knock-on effect for the rest of the EU and long-term uncertainty over Brexit poses a threat to the entire region's economy, German Finance Minister Wolfgang Schaeuble said on Wednesday. The EU's leaders held their first meeting without Britain on Wednesday, as they face years of uncertainty while they negotiate the British withdrawal after last week's vote. Asked about the danger of a domino effect, Schaeuble said, "it is certainly not to
  
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• ECB happy to stay put after Brexit vote as markets regain poise: sources

  29-06-2016 17:22 via news.yahoo.com
  
  By Francesco Canepa and Balazs Koranyi FRANKFURT (Reuters) - The European Central Bank is in no rush to ease its monetary policy in response Britain's vote to leave the European Union, taking comfort in a calmer-than-feared market reaction, several sources have told Reuters. The Brexit vote has hit the shares of euro zone banks and is likely to act as a drag on the euro zone economy, as ECB President Mario Draghi told EU leaders on Tuesday. Emergency swap lines designed to provide euros to UK ba
  
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• Markets continue rebound from post-Brexit shock

  29-06-2016 16:47 via news.yahoo.com
  Stock markets continued to rally from their post-Brexit losses as they posted a second straight days of gains. After the shock of the result of the Brexit vote knocked more than 441 points off the S&P/TSX composite, the subsequent two-day rebound has returned almost 347 points. On Wall Street, the Dow Jones industrial average rose 284 points, or 1.6 per cent, to 17,694, while the broader S&P 500 index gained 34 points, or 1.7 per cent, to 2,070. Th
  
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• World stocks build on post-Brexit rebound

  29-06-2016 16:46 via news.yahoo.com
  
  Global stock prices rose on Wednesday in a second day of recovery from a sharp sell-off prompted by Britain's vote to leave the European Union. Asian markets led the way on hopes that authorities will unveil fresh stimulus to counter the effects of the shock result. Europe followed suit, encouraged by a recovering pound, as did Wall Street, but analysts warned of jitters ahead depending on the shape of ongoing political dealings between Britain and its EU partners.
  
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• U.S. lifts 'too big to fail' designation of GE's financing unit

  29-06-2016 16:17 via news.yahoo.com
  
  Lender GE Capital is no longer "too big to fail" - the U.S. government on Wednesday removed its "systemically important" designation, a label born of the financial crisis given to institutions with the potential to wreck the economy in the event of distress. “The council will remove a designation when that company no longer poses risks to U.S. financial stability,” Treasury Secretary Jack Lew said in a statement. In March GE Capital formally asked the U.S. government to remove the "t
  
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• Wall Street opens higher as Brexit grip loosens

  29-06-2016 16:12 via news.yahoo.com
  
  Bank of America and JPMorgan were among the top influences on the S&P, while Goldman Sachs' provided the biggest boost to the Dow. Investors are now hoping that central banks around the world will ease monetary policy to weather the storm as Britain and the EU chalk out the next steps for the country's exit from the trading bloc. "The central banks will stay ready and you'll probably see a couple of policy easings from the Bank of England and I think the likelihood of Fed increases are proba
  
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• Wall Street opens higher as Brexit shock eases

  29-06-2016 15:38 via news.yahoo.com
  
  (Reuters) - Wall Street opened higher for the second day on Wednesday as investors sought out beaten down stocks after a massive selloff sparked by Britain's decision to leave the European Union last week.
  
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• Wall Street set for higher open as Brexit grip loosens

  29-06-2016 15:10 via news.yahoo.com
  
  Gold prices rose indicating that investors were still cautious of the recovery. "What we are seeing is a choppy market, and uncertainty will continue," said Ernie Cecilia, chief investment officer of Bryn Mawr Trust in Pennsylvania. Wall Street closed higher on Tuesday as investors took stock of the impact of the vote on U.S. markets and strong data raised hopes of an economic recovery.
  
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• Daimler transfers 3.1 percent Renault Nissan stake to own pension fund

  29-06-2016 15:09
  
  FRANKFURT (Reuters) - German carmaker Daimler topped up its underfunded pension assets by transferring a 3.1 percent stake in Renault SA and Nissan Motor Co worth 1.8 billion euros ($2 billion), to...
  
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• U.S. consumer spending rises in May, inflation still benign

  29-06-2016 15:05 via news.yahoo.com
  
  U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods, but there are fears Britain's vote to leave the European Union could hurt confidence and prompt households to cut back on consumption. The Commerce Department said on Wednesday consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month, pointing to an acceleration in economic growth in the second quarter. Consumer spending
  
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• ECB happy to stay put after Brexit vote as markets regain pose: sources

  29-06-2016 14:37 via news.yahoo.com
  
  By Francesco Canepa and Balazs Koranyi FRANKFURT (Reuters) - The European Central Bank is in no rush to ease its monetary policy in response Britain's vote to leave the European Union, taking comfort in a calmer-than-feared market reaction, several sources have told Reuters. The Brexit vote has hit the shares of euro zone banks and is likely to act as a drag on the euro zone economy, as ECB President Mario Draghi told EU leaders on Tuesday. Emergency swap lines designed to provide euros to UK ba
  
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• Goldman and PAI Partners ask Morgan Stanley to sell Xella: sources

  29-06-2016 14:25
  
  LONDON/FRANKFURT (Reuters) - Private equity group PAI Partners and Goldman Sachs' investment arm have mandated Morgan Stanley and Goldman Sachs to sell building materials maker Xella after failing to...
  
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• Goldman, Morgan Stanley deny plans for Frankfurt office switch after Brexit

  29-06-2016 14:05 via news.yahoo.com
  
  U.S. investment banks Goldman Sachs and Morgan Stanley have denied speculation they are poised to shift London-based staff and operations to Frankfurt as soon as Britain's divorce proceedings from the European Union formally begin. "We have not made any changes to our real estate requirements in Frankfurt as a result of the referendum result," Goldman said in a statement issued on Wednesday. Echoing its Wall Street rival, Morgan Stanley also moved to quell chatter it was planning to relocate to
  
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• PM Cameron says hard times ahead but will not abandon fiscal rules

  29-06-2016 14:04 via news.yahoo.com
  
  Prime Minister David Cameron warned on Wednesday that Britain faces troubled economic times after it voted last week to leave the European Union, but said the government would not abandon its rules on limiting public spending. "There's no doubt in my mind these are going to be difficult economic times," Cameron told parliament. "If we do see economic difficulties, one of the ways we have to react to that is to make sure that our public finances and economy remain strong ... so I don't think it w
  
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• British PM Cameron says hard times ahead but will not abandon fiscal rules

  29-06-2016 14:04 via news.yahoo.com
  
  Prime Minister David Cameron warned on Wednesday that Britain faces troubled economic times after it voted last week to leave the European Union, but said the government would not abandon its rules on limiting public spending. "There's no doubt in my mind these are going to be difficult economic times," Cameron told parliament. "If we do see economic difficulties, one of the ways we have to react to that is to make sure that our public finances and economy remain strong ... so I don't think it w
  
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• Canada's CIBC to buy U.S.-based PrivateBancorp in $3.8 billion deal

  29-06-2016 13:31
  
  (Reuters) - Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $3.8 billion to offer its Canadian clients access to U.S....
  
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• Owners of building materials firm Xella pick banks to launch sale: sources

  29-06-2016 13:09
  
  LONDON/FRANKFURT (Reuters) - The owners of German building materials maker Xella are taking a fresh attempt at divesting the German company after failing to float it last year, people familiar with...
  
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• Goldman denies plans for Frankfurt office switch after Brexit

  29-06-2016 13:04 via news.yahoo.com
  
  U.S. investment bank Goldman Sachs has denied speculation it is poised to shift London-based staff and operations to offices in Frankfurt as soon as Britain's divorce proceedings from the European Union formally begin. "We have not made any changes to our real estate requirements in Frankfurt as a result of the referendum result," the bank said in a statement issued on Wednesday. "As we have already communicated to our employees, there is no immediate change to the way we conduct our business or
  
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• Hong Kong regulator censures Bank of America units for takeover code breaches

  29-06-2016 12:38
  
  HONG KONG (Reuters) - Hong Kong's Securities and Futures Commission (SFC) has publicly censured two units of Bank of America for breaches of the city's takeover codes in two deals last year, the...
  
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• Global stocks gain as Brexit nerves settle

  29-06-2016 10:59 via news.yahoo.com
  
  European and Asian stock markets built on a recovery from the shattering aftermath of last week's Brexit vote on Wednesday as investors wagered central banks would ultimately ride to the rescue with more stimulus. UK and European banks, a center of concern since Britain shocked global financial markets on Friday by voting to leave the European Union, were broadly higher, extending a recovery from two days of trading which knocked almost 40 percent off Barclays and RBS. Stock markets in Frankfurt
  
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• Asia markets build on gains as stimulus talk swirls

  29-06-2016 10:41 via news.yahoo.com
  
  Asian markets rose again Wednesday on hopes that authorities will unveil fresh stimulus to counter the effects of Britain's shock vote to leave the European Union. Wednesday's gains built on the previous day's advance after South Korea unveiled a $17 billion plan to support its already fragile economy and news emerged that Japan was considering a similar move. Before the Tokyo bourse opened, Prime Minister Shinzo Abe, Finance Minister Taro Aso and Bank of Japan chief Haruhiko Kuroda held talks o
  
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• Mongolians vote for new parliament with economy on the rocks

  29-06-2016 10:23 via news.yahoo.com
  
  By Terrence Edwards ULAANBAATAR (Reuters) - Mongolians voted on Wednesday for a new parliament, with slowing growth topping the list of concerns for many, while the main opposition party promised to rein in spending and the ruling party looks to diversify a resource-reliant economy. With just three million people, the remote country best known as the birthplace of Mongol emperor Genghis Khan has stood as an oasis of democracy, surrounded by single-party dominated regimes. Mongolia's political tr
  
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