Finance news

• Wall Street up on U.S. data; global stocks dip as uncertainty remains

  06-07-2016 23:30 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - U.S. stocks reversed early losses to close higher on Wednesday, but bourses in most parts of the world fell on fears of instability in the European Union and global economic stagnation, while Britain's pound sank below $1.30 for the first time in more than three decades. Wall Street turned higher, notching modest gains on positive U.S. economic data and a late jump in oil prices. The Dow Jones industrial average rose 78 points, or 0.44 percent, to 17,918.62,
  
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• Canadian dollar stronger as oil rises, trade deficit widens

  06-07-2016 23:27 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Wednesday, boosted by a rebound in oil prices and shrugging off domestic economic risks as Canada posted a near-record trade deficit. The loonie, as the currency is colloquially known, had weakened as investor jitters about the implications of Britain's vote to quit the European Union supported assets perceived as safe havens. The yield on Canadian government 10-year bonds touched its lowest si
  
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• Chilean President Bachelet's approval rating hits record low

  06-07-2016 23:25 via news.yahoo.com
  
  By Anthony Esposito and Gram Slattery SANTIAGO (Reuters) - Chilean President Michelle Bachelet's approval rating fell to an all-time low in June amid widening student unrest, the resignation of her cabinet chief and a sluggish economy, a survey by pollster GfK Adimark showed on Wednesday. "In the short term, that will mean that conflict and a lack of confidence in the political system will make it very difficult to bring about the current reforms in a reasonable fashion." Bachelet is attempting
  
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• Canada still not collecting jobs data in city hit by wildfire

  06-07-2016 23:02 via news.yahoo.com
  
  By Allison Martell TORONTO (Reuters) - Statistics Canada has not collected jobs data for Fort McMurray since the Alberta city was engulfed by wildfire in May, the federal statistics agency said, and it has not yet decided when the country's key employment survey will resume there. Some 90,000 people were evacuated from Fort McMurray and the surrounding area in early May as an out-of-control forest fire burned into the heart of Canada's oil sands region. The survey is one of Canada's most closely
  
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• U.S. SEC approves NYSE request for new market volatility rules

  06-07-2016 22:59 via news.yahoo.com
  
  The U.S. Securities and Exchange Commission has approved plans by the New York Stock Exchange to speed up and smooth early morning trading in times of market stress. In a ruling released on Tuesday, the SEC said the NYSE could allow stocks to open for trading on particularly volatile days, even in the absence of clear price disclosure that is normally required before trading opens. The NYSE had asked for the new rules after disorderly trading on Aug. 24, 2015, when there was a record intraday dr
  
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• Former Wall Street executive Caspersen pleads guilty to massive fraud

  06-07-2016 22:40 via news.yahoo.com
  
  NEW YORK (Reuters) - Former Wall Street executive Andrew Caspersen pleaded guilty on Wednesday to charges that he tried to defraud investors including friends and family members out of nearly $150 million, conduct that his lawyer has blamed on a gambling addiction. Caspersen, who worked at a unit of investment banker Paul Taubman's PJT Partners Inc prior to his arrest in March, pleaded guilty in federal court in Manhattan to charges of securities fraud and wire fraud. (Reporting by Nate Raymond
  
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• Wall Street up on cautious Fed, upbeat data

  06-07-2016 22:38 via news.yahoo.com
  
  The S&P energy index gained 0.6 percent as oil prices rose more than 2 percent on the back of robust U.S. economic data. About half of the 22 U.S. companies expected to top 2016 consensus earnings per share estimates by at least 10 percent are energy names, according to Goldman Sachs research.
  
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• Global stocks slip outside U.S., safe havens still up after strong U.S. data

  06-07-2016 21:25 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - U.S. stocks reversed early losses on Wednesday but fears of instability in the European Union and prolonged global stagnation sent bourses in most parts of the world lower as Britain's pound sank below $1.30 for the first time in more than three decades. Wall Street turned upward to show modest gains after the release of positive U.S. economic data and a turn higher in oil prices. The Dow Jones industrial average rose 72.84 points, or 0.41 percent, to 17,913.
  
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• Oil up two percent after two-day drop; caution still on gasoline, Brexit

  06-07-2016 21:24 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices rose almost 2 percent on Wednesday as robust U.S. economic data lifted crude futures from two days of declines, although a gasoline glut and woes from Britain's European Union exit suggested more pressure ahead. The data alleviated some concerns about the impact of Brexit on global growth, boosting share prices on Wall Street and crude futures, which were down about 5 percent in the past two days. U.S. crude futures gained 83 cents, or 1.8 perce
  
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• Oil up 2 percent after two-day drop; caution still on gasoline, Brexit

  06-07-2016 21:23 via news.yahoo.com
  
  Oil prices rose almost 2 percent on Wednesday as robust U.S. economic data lifted crude futures from two days of declines, although a gasoline glut and woes from Britain's European Union exit suggested more pressure ahead. The data alleviated some concerns about the impact of Brexit on global growth, boosting share prices on Wall Street and crude futures, which were down about 5 percent in the past two days. U.S. crude futures gained 83 cents, or 1.8 percent, to settle at $47.43.
  
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• Fed minutes show uncertainties about job slowdown and Brexit

  06-07-2016 21:21 via news.yahoo.com
  WASHINGTON (AP) — Federal Reserve policymakers expressed uncertainty last month about the outlook for the U.S economy because of a sharp slowdown in job growth and the threat posed by a potential vote in Britain to leave the European Union.
  
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• Clinton visits Atlantic City boardwalk to hit Trump on casino bankruptcies

  06-07-2016 21:02 via news.yahoo.com
  
  By John Whitesides ATLANTIC CITY, N.J. (Reuters) - Democratic presidential candidate Hillary Clinton visited the famous boardwalk in Atlantic City on Wednesday to highlight Republican rival Donald Trump's casino bankruptcies, warning he would bring the same cutthroat approach to managing the U.S. economy. Clinton, standing next to the shuttered Trump Plaza casino that Trump once owned, said the real estate developer routinely profited from the financial ruin of workers in the economically depres
  
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• Wall Street edges up as investors digest comments on Brexit

  06-07-2016 21:00 via news.yahoo.com
  
  German Chancellor Angela Merkel said Britain's June 23 vote would have limited impact on the country's economy, while Federal Reserve Governor Daniel Tarullo said world financial markets are well prepared for it. Minutes from the U.S. central bank's June policy meeting showed policymakers decided in June that interest rate hikes should stay on hold until they have a handle on the consequences of the "Brexit" vote.
  
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• Excerpt on policy from June 14-15 FOMC minutes

  06-07-2016 20:25 via news.yahoo.com
  The following is an excerpt covering the Federal Open Market Committee's discussion of monetary policy taken from the minutes of the FOMC's June 14-15 meeting, which were released on Wednesday. "In their consideration of monetary policy for the period ahead, members judged that the information received since the Committee met in April indicated that the pace of improvement in labor market conditions had slowed in recent months while growth in economic activity appeared to have picked up from the
  
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• Fed minutes show worries about job slowdown, Brexit

  06-07-2016 20:02 via news.yahoo.com
  WASHINGTON (AP) — Federal Reserve policymakers last month were increasingly worried about the U.S economy because of a sharp slowdown in job growth and the potential threat posed by a vote in Britain over leaving the European Union.
  
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• Car Thieves Have a New High-Tech Way to Steal Your Vehicle

  06-07-2016 19:45 via news.yahoo.com
  
  Now, thieves are reportedly using electronic devices to disable car alarms and turn on their ignitions, according to a report in The Wall Street Journal. “The public, law enforcement, and the manufacturers need to be aware,” National Insurance Crime Bureau Vice President Roger Morris told the newspaper.
  
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• BRIEF-S&P raises ratings on Columbia Pipeline Group to 'A-' after acquisition by Transcanada

  06-07-2016 19:38
  
  * Columbia Pipeline Group Inc ratings raised to 'A-' after
  acquisition by Transcanada; off creditwatch
  
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• Property, bank sectors race to curb Brexit fallout

  06-07-2016 19:28 via news.yahoo.com
  
  Britain's referendum vote to quit the European Union is starting to bite hard, with the property sector fast losing investor confidence and banks offered a helping hand to boost lending. Data meanwhile has shown the British economy taking a knock already in the run-up to Brexit, with business confidence hitting a 3.5-year low in June, according to a Markit purchasing managers' index released this week. REAL ESTATE: Six financial groups have suspended trading in UK commercial property funds as in
  
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• Global stocks pare losses, but safe havens still bid after strong U.S. data

  06-07-2016 19:23 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - U.S. stocks reversed early losses on Wednesday but fears of instability in the European Union and prolonged global stagnation sent bourses in most parts of the globe lower as Britain's pound sank below $1.30 for the first time in more than three decades. Wall Street turned upward to show modest gains after the release of positive U.S. economic data and a turn higher in oil prices. The Dow Jones industrial average rose 32.56 points, or 0.18 percent, to 17,873.
  
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• Oil rebounds from 2-day drop; caution still over gasoline, Brexit

  06-07-2016 19:19 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices rose 1 percent on Wednesday as robust U.S. economic data helped lift crude futures from two days of declines, although analysts cautioned of more pressure from a gasoline glut and Britain's exit from the European Union. The data alleviated some concerns over the Brexit impact on global growth, boosting both share prices on Wall Street and crude futures that have lost about 5 percent or more in the past two sessions. U.S. crude futures rose 51 ce
  
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• New York state and city debt issuance seen surging in 3rd qtr

  06-07-2016 19:14
  
  NEW YORK, July 6 (Reuters) - New York state and city
  entities will issue $6.51 billion in municipal debt in the third
  quarter of 2016, up from $1.65 billion in the same period last
  year, according to...
  
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• BRIEF-Albany, Calif. votes to put soda tax on ballot

  06-07-2016 19:13
  
  July 6 (Reuters) - City councilmembers in Albany, California
  voted to place a soda tax on the ballot in November on Tuesday,
  joining larger Bay Area cities San Francisco and Oakland as
  efforts to...
  
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• Stocks pare losses, but safe havens still bid after strong U.S. data

  06-07-2016 19:12 via news.yahoo.com
  
  U.S. stocks reversed early losses on Wednesday but fears of instability in the European Union and prolonged global stagnation sent bourses in most parts of the globe lower as Britain's pound sank below $1.30 for the first time in more than three decades. Wall Street turned upward to show modest gains after the release of positive U.S. economic data and a turn higher in oil prices. The Dow Jones industrial average rose 32.56 points, or 0.18 percent, to 17,873.18, the S&P 500 gained 5.85 point
  
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• RPT-UPDATE 4-Walgreens U.S. retail sales rise less than expected

  06-07-2016 19:11
  
  July 6 (Reuters) - Walgreens Boots Alliance Inc, the
  No.1 U.S. drugstore operator by store count, reported a
  lower-than-expected increase in quarterly sales, hurt by weak
  demand for over-the-counter...
  
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• REFILE-GLOBAL MARKETS-Stocks pare losses, but safe havens still bid after strong U.S. data

  06-07-2016 19:10
  
  NEW YORK, July 6 (Reuters) - U.S. stocks reversed early
  losses on Wednesday but fears of instability in the European
  Union and prolonged global stagnation sent bourses in most parts
  of the globe...
  
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• UPDATE 4-Walgreens U.S. retail sales rise less than expected

  06-07-2016 19:06
  
  * Shares fall as much as 3.5 percent(Adds analyst comment)
  
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• Low-rated Illinois launches search for bond underwriters

  06-07-2016 19:02
  
  CHICAGO, July 6 (Reuters) - Shortly after enacting a
  temporary budget, Illinois is seeking a team of underwriters to
  handle bond sales over the next three years, according to a
  notice on the state's...
  
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• Healthcare, consumer stocks help Wall Street reverse course

  06-07-2016 18:54 via news.yahoo.com
  
  Wall Street reversed course to trade higher on Wednesday, helped by healthcare and consumer discretionary stocks. "The selloff last week was an over reaction and the attempted rally was too fast and furious," said Art Hogan, chief market strategist at Wunderlich Equity Capital Markets. German Chancellor Angela Merkel said Brexit would have limited impact on the country's economy, while U.S. Federal Reserve Governor Daniel Tarullo said world financial markets are well prepared for the impact.
  
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• BRIEF-Regulus Resources says to increase amount of offering from 8.4 mln units to up to 10 mln

  06-07-2016 18:54
  
  * Number of additional units that may be acquired under
  option granted to agents has increased from 1.3 mln units to 1.5
  million units
  
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• Bank of England's Carney steps up as Brexit crisis engulfs UK

  06-07-2016 18:44
  
  LONDON, July 6 (Reuters) - As Britain struggles with
  political chaos following its vote to leave the European Union,
  central bank governor Mark Carney has stepped into the breach to
  manage the...
  
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• Weaker energy and property stocks hurt Britain's FTSE

  06-07-2016 18:36
  
  LONDON, July 6 (Reuters) - Britain's top share index was led
  lower on Wednesday by retail and property-related stocks, which
  extended losses made after Britons voted to leave the European
  Union, and...
  
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• LPC: Bank fees on US leveraged lending hit 4-yr low in first half

  06-07-2016 18:35
  
  NEW YORK, July 6 (Reuters) - Bank fees from underwriting
  U.S. leveraged loans surged in the second quarter from a
  five-year low the prior quarter as issuance jumped, yet ongoing
  bouts of volatility...
  
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• Londoners fear 'Pay to Stay' law will price poor tenants out of the capital

  06-07-2016 18:34 via news.yahoo.com
  By Tom Esslemont LONDON (Thomson Reuters Foundation) - From the moment Jan Sweeney first got the keys to her council flat in west London 35 years ago, she hoped she had found a sanctuary from the economic unrest gripping the city. Like thousands of other working class people across Britain, Sweeney was offered "social housing" - a home for an affordable rent on a secure basis in the heart of the capital where council housing estates dominated the skyline in the 1950s and 1960s. "It was a rough a
  
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• Former Rabobank trader Paul Thompson to plead guilty -court hearing

  06-07-2016 18:34
  
  July 6 (Reuters) - A former Rabobank trader from
  Australia is expected to plead guilty on Thursday to U.S.
  charges arising from an international investigation into the
  manipulation of Libor, the...
  
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• Democrat Clinton offers plan to freeze some college debt, cut tuition

  06-07-2016 18:27
  
  July 6 (Reuters) - Democratic presidential contender Hillary
  Clinton on Wednesday proposed a temporary freeze on some student
  debt and the cutting of college tuition entirely for some
  families,...
  
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• U.S. services sector data underscores strong economic fundamentals

  06-07-2016 18:25 via news.yahoo.com
  
  U.S. services industry activity hit a seven-month high in June as new orders surged and companies hired more workers, suggesting the economy regained speed in the second quarter. The signs of underlying strength in the economy suggested it could withstand the financial markets turbulence, sparked by uncertainty following last month's stunning vote in Britain to leave the European Union, economists said. The Institute for Supply Management (ISM) said its non-manufacturing index increased 3.6 perc
  
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• CEE MARKETS-Currencies firm, Polish central bank holds fire

  06-07-2016 18:25
  
  * Zloty rebounds from one-week low vs euro* Polish central bank holds fire, maintains cautious stance* Weak economic data could revive rate cut forecasts in
  region(Adds Polish rate...
  
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• UPDATE 1-Atlanta Fed lowers U.S. second-quarter GDP view to 2.4 pct

  06-07-2016 18:23
  
  NEW YORK, July 6 (Reuters) - The U.S. economy likely grew at
  a 2.4 percent annualized rate in the second quarter following
  the latest data on vehicle sales and the trade balance, the
  Atlanta Federal...
  
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• UPDATE 2-Brexit fallout pushes euro zone bond yields, inflation gauge to new lows

  06-07-2016 18:22
  
  * Euro zone 5yr, 5yr forward inflation rate hits 1.25 pct(Adds quote)
  
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• South African assets down as Brexit fears spook markets

  06-07-2016 18:17 via news.yahoo.com
  
  South African assets fell on Wednesday as risk appetite was subdued by renewed global fears over the economic impact of Britain's eventual departure from the European Union. "At the moment market is driven by risk-off sentiment, it is still regarding Brexit," Treasury One dealer Andre Botha said. South African government bond yields fell, with the yield on the 2026 benchmark down 1.5 basis points at 8.81 percent.
  
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• U.S. Treasuries trading volume rises in June - ICAP

  06-07-2016 18:12
  
  July 6 (Reuters) - Average daily volumes for U.S. Treasuries
  on ICAP Plc's electronic trading platform rose in June
  from May, fueled by a weak May U.S. jobs report and worries
  about Britain's...
  
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• UPDATE 5-Melrose to buy ventilation products maker Nortek for $2.8 bln

  06-07-2016 18:11
  
  * Melrose to fund deal through new debt, share issue(Adds details on rights issue, advisers)
  
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• Peru asks tribunal to dismiss US$1.6bn Gramercy claim

  06-07-2016 18:11
  
  NEW YORK, July 6 (IFR) - The Republic of Peru has asked an
  arbitration tribunal to dismiss a US$1.6bn claim filed by hedge
  fund Gramercy over 40-year old agrarian bonds.
  
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• Brexit vote will have limited economic impact on Germany -Merkel

  06-07-2016 18:04
  
  BERLIN, July 6 (Reuters) - Britons' vote last month to leave
  the European Union will lead to only limited economic
  uncertainty in Germany, Chancellor Angela Merkel said on
  Wednesday.
  
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• France overtakes Britain as world's No. 5 economy after pound drops

  06-07-2016 17:58 via news.yahoo.com
  
  France and Britain were vying for fifth place on the list of the world's biggest economies on Wednesday, with France nudging ahead after a renewed slump in the pound in the wake of the Brexit vote, Reuters calculations showed. The average exchange rate for the year in question is commonly used for comparisons between countries. With the pound falling below 1.17 euros overnight for the first time since 2013, that means the size of the British economy in 2015 is now equivalent to 2.172 trillion eu
  
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• Guide to visiting Rio for the Olympics, from safety to samba

  06-07-2016 17:54 via news.yahoo.com
  RIO DE JANEIRO (AP) — With the Olympics just a few weeks away, Brazil faces a litany of problems: an economy in freefall, the Zika virus and a political crisis with an impeached president. But for those brave — or foolhardy — enough to make the trip, Rio de Janeiro is a city rich with potential rewards. Broadcasters have already deemed the city's backdrop for the Summer Games the most telegenic ever. But no matter how good this teeming seaside metropolis — where the urban
  
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• Higher wage demands could deepen South Africa's monetary policy dilemma

  06-07-2016 17:44 via news.yahoo.com
  
  By Olivia Kumwenda-Mtambo JOHANNESBURG (Reuters) - Demand for above-inflation pay rises in South Africa look set to aggravate the central bank's big dilemma: how to keep a lid on inflation - usually by raising interest rates - without snuffing out already slow economic growth. Wage talks between the National Union of Metal Workers of South Africa (Numsa) and employers in the auto component sector have hit a deadlock and any strikes could potentially affect car makers such as Ford, Volkswagen and
  
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• US services sector heats up in June

  06-07-2016 17:43 via news.yahoo.com
  
  The massive US services sector picked up pace in June to the strongest growth in seven months, according to a private monthly survey published Wednesday. The Institute for Supply Management said its purchasing managers index for the non-manufacturing sector rose to 56.5 in June from the May reading of 52.9. "Respondents' comments are mostly positive about business conditions and the economy," said Anthony Nieves, chair of the ISM survey committee for the sector.
  
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• Wall Street pares losses on strong data, oil recovery

  06-07-2016 17:41 via news.yahoo.com
  
  Nasdaq turned positive, helped by biotech stocks. Global markets recovered some losses stemming from the Brexit vote last week, but weak economic data and worries over the fallout of the decision curtailed the rally. "The selloff last week was an over reaction and the attempted rally was too fast and furious," said Art Hogan, chief market strategist at Wunderlich Equity Capital Markets.
  
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• Oil slips on gasoline glut, Brexit pressure

  06-07-2016 17:26 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices edged lower on Wednesday, pressured by a U.S. gasoline glut despite the busy driving season and weaker share prices on Wall Street from more economic worries over Britain's exit from the European Union. Profit for turning crude oil into gasoline, known as the gasoline "crack," fell to a February bottom below $13 a barrel as oversupply in the motor fuel forced U.S. refiners to cut output. "The fundamental weakness in gasoline markets is being exe
  
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