Finance news

• A bull market record that doesn't feel like it

  11-07-2016 23:55 via news.yahoo.com
  
  It’s the second-longest bull market in history, and its old age is showing. There’s nothing like a new high,” says John Manley, chief equity strategist for Wells Fargo Fund Management. No matter what you think of the stock market — love it, fear it — you’ve got to admire its resilience.
  
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• Venezuela says workers to reactivate halted Kimberly-Clark plant

  11-07-2016 23:49 via news.yahoo.com
  
  Venezuela's socialist government said on Monday it was taking over and re-activating a plant that U.S. personal care products maker Kimberly-Clark Corp has halted due to the nation's economic crisis. Kimberly-Clark, which makes Huggies diapers and Kleenex tissues, said at the weekend it was halting its two-decade-old Venezuela operations as it was unable to obtain raw materials or hard currency and was struggling in the face of high inflation.
  
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• SEC to probe Tesla for possible securities law breach - WSJ

  11-07-2016 23:22 via news.yahoo.com
  
  (Reuters) - The U.S. Securities and Exchange Commission is investigating Tesla Motors Inc for a possible securities law breach after the electric car maker failed to disclose a fatal crash in May, the Wall Street Journal reported, citing a person familiar with the matter. The SEC is scrutinizing whether Tesla should have disclosed the accident as a “material” event, or a development a reasonable investor would consider important, the WSJ said. (http://on.wsj.com/29Icppr) "Tesla has n
  
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• TSX nears 2016 high, banking and consumer shares shine

  11-07-2016 23:02 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index rose on Monday, led by banking and consumer shares as investors cheered U.S. economic strength, Japan's latest fiscal stimulus, and Britain settling on a new leader following last month's vote to leave the European Union. "We are preaching to our clients that at this point in the cycle, given valuations and earnings growth, that a conservative allocation within fixed income to equity is prudent at this time," said Macan Nia, directo
  
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• Strong economy, earnings bets propel S&P 500 to record high

  11-07-2016 22:39 via news.yahoo.com
  
  The S&P 500 on Monday broke the record high it held for more than a year as upbeat economic data and low bond yields continued to funnel investors into U.S. equities. This week marks the start of a flood of second-quarter earnings from S&P 500 components.
  
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• S&P 500 rises to new record as global stocks rally

  11-07-2016 22:37 via news.yahoo.com
  
  The S&P 500 surged to a record Monday, joining a global equity rally as Wall Street brushed aside worries about the global economy and awaited second-quarter company earnings. The broad-based S&P 500 rose 0.3 percent to 2,137.16, up about six and a half points from the prior all-time closing peak set in May 2015. The Dow Jones Industrial Average advanced 0.4 percent to 18.226.93, while the tech-rich Nasdaq Composite Index increased 0.6 percent at 4,988.64.
  
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• S&P 500 closes at record high on global risk appetite

  11-07-2016 22:30 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - The U.S. benchmark S&P 500 stock index set record intraday and closing highs on Monday as last week's strong monthly U.S. jobs report worked its way into financial markets, and European shares rose as a single candidate emerged to succeed David Cameron as British prime minister. It overtook the previous highs touched in May 2015 as investors harbored greater optimism about the U.S. economy after last Friday's stronger-than-expected jobs report. The gains
  
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• TSX rises to near 2016 high, led by banks

  11-07-2016 22:17 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's benchmark stock index closed higher on Monday, boosted by financial stocks as investors bet on several global developments and a stronger U.S. economy helping the growth-sensitive index. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 102.04 points, or 0.72 percent, at 14,361.88 after hitting 14,415.48 in earlier trade. Its highest level so far this year was 14,450.91 notched on June 8. (Reporting by Alastair Sharp, editing by G Crosse
  
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• S&P 500 hits record high on strong economy, earnings bets

  11-07-2016 21:23 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The S&P 500 broke a record high on Monday it held for more than a year, as a string of upbeat economic data alongside low bond yields continued to funnel investors into U.S. equities. This outperformance in high-yielding areas of the market underscores longstanding investor concerns over the economy's resilience in the face of global stagnation and feeds into the idea that ultra low bond yields have pushed fixed income investors into stocks. "We don&rsq
  
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• U.S. bank regulator toughens commercial real estate oversight

  11-07-2016 20:43 via news.yahoo.com
  Credit risks have risen in U.S. commercial real estate as lenders compete more fiercely in a low rate environment, a federal banking regulator said on Monday, adding that it was stepping up its scrutiny of the sector. The Office of the Comptroller of the Currency (OCC) said in its semiannual risk report that while the financial performance of lenders improved in 2015 compared to a year earlier, credit risks were higher across the industry. The U.S. Federal Reserve has kept interest rates low for
  
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• Parties fewer, tone tamer at Calgary Stampede hit by low oil, fires

  11-07-2016 20:39 via news.yahoo.com
  
  By Catherine Ngai CALGARY (Reuters) - The Calgary Stampede, the annual rodeo and networking extravaganza in Canada’s energy heartland, is a tamer affair this year after a two-year slump in oil prices and wildfires in May that displaced thousands of people in the country's costliest natural disaster. Oil and gas producers, who have slashed millions in capital expenditures and laid off thousands of workers, are cutting back on everything from advertising to parties at the 10-day festival whi
  
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• Stocks gain, putting S&P 500 on track for record high close

  11-07-2016 19:12 via news.yahoo.com
  
  NEW YORK (AP) — Stocks are rising in afternoon trading Monday following market rallies overseas after the ruling party in Japan won a key election and Friday's strong employment report in the U.S. The gains put the Standard and Poor's 500 index on track for a record high close.
  
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• S&P hits record high as U.S. economic outlook brightens

  11-07-2016 18:50 via news.yahoo.com
  
  (Reuters) - The S&P 500 hit a record intraday high on Monday as investors were more optimistic about the U.S. economy amid lingering concerns about global growth.
  
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• Italian bank woes 'not acute' says Eurogroup chief

  11-07-2016 18:12 via news.yahoo.com
  
  Eurogroup head Jeroen Dijsselbloem on Monday said there was still time to solve the crisis affecting banks in Italy that is raising fears of new dangers to the eurozone economy. "It is not an acute crisis so that also gives us some time to sort these things out," said Dijsselbloem, who leads the group of 19 finance ministers from EU countries that use the euro. Fears are rife on the financial markets that Italy could cause a return of the eurozone debt crisis if it does not address the 360 billi
  
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• S&P 500 scores record high as global equities surge

  11-07-2016 18:10 via news.yahoo.com
  
  The S&P roared to an all-time high as stock markets pushed higher around the world on Monday, building on sharp gains won before the weekend thanks to a strong US jobs report. The S&P 500 shot to a new intraday record in opening deals as Wall Street shrugged off worries over slow global growth and markets which have been whiplashed by post-Brexit volatility. The S&P 500 rose to as high as 2,140.69 points, more than five points above the all-time high set more than one year ago, befor
  
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• Caesars Entertainment, Caesars Acquisition amend merger deal

  11-07-2016 18:09
  
  WILMINGTON, Del, July 11 (Reuters) - Caesars Entertainment
  Corp and Caesars Acquisition Co have amended
  their proposed merger agreement, which is intertwined with the
  $18 billion bankruptcy of the...
  
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• S&P hits record high as economy shows signs of strength

  11-07-2016 17:21 via news.yahoo.com
  
  The gains in U.S. stocks were broad-based, with seven of the 10 major S&P sectors higher. "Investors are chasing returns because there is no yield in the bond market," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. The S&P 500 touched a record intraday high of 2139.34 points, topping a high of 2134.72 it hit in May 2015.
  
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• MEDIA-Saudi Aramco IPO timing to depend on markets -Handelsblatt

  11-07-2016 17:03 via news.yahoo.com
  ** Oil and stock market conditions will have a role to play in mapping out the planned IPO of Saudi Aramco and preparations will take some time, the company's chairman told German daily Handelsblatt ** "The size and complexity of an initial public offering of Saudi Aramco will require a great deal of internal preparation," Khalid al-Falih, who is also Saudi Arabia's energy minister, is quoted as saying by the paper ** "The actual IPO timeframe will also be subject to a number of external factors
  
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• UK's Osborne welcomes prospect of May becoming prime minister

  11-07-2016 16:33 via news.yahoo.com
  British finance minister George Osborne said it was good news that interior minister Theresa May was now the sole candidate to become the country's next prime minister after her remaining rival Andrea Leadsom dropped out of the race on Monday. "Welcome news we have 1 candidate with overwhelming support to be next PM," Osborne said on Twitter. "Theresa May has strength, integrity and determination to do the job." Separately, Osborne told BBC television it was important that the British economy ha
  
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• Osborne welcomes prospect of May becoming prime minister

  11-07-2016 16:30 via news.yahoo.com
  
  Chancellor of Exchequer George Osborne said it was good news that home secretary Theresa May was now the sole candidate to become the country's next prime minister after her remaining rival Andrea Leadsom dropped out of the race on Monday. "Welcome news we have 1 candidate with overwhelming support to be next PM," Osborne said on Twitter. "Theresa May has strength, integrity and determination to do the job." Separately, Osborne told BBC television it was important that the British economy had mo
  
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• Analysis - U.S. stocks at new record, earnings key for more gains

  11-07-2016 16:26 via news.yahoo.com
  
  It if ends the day above 2,130.82 on Monday, the S&P 500 index will close at a record, confirming a rally that started on March 10, 2009 as the second-longest bull market in the index's history. To the surprise of many, the latest all-time high has come more than a year after U.S. stock prices peaked and after the market has withstood several consecutive quarters of contracting U.S. corporate earnings and global market volatility. Declining earnings, stagnant overseas economic growth, a plun
  
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• U.S. stocks at new record, earnings key for more gains

  11-07-2016 16:19 via news.yahoo.com
  
  It if ends the day above 2,130.82 on Monday, the S&P 500 index will close at a record, confirming a rally that started on March 10, 2009 as the second-longest bull market in the index's history. To the surprise of many, the latest all-time high has come more than a year after U.S. stock prices peaked and after the market has withstood several consecutive quarters of contracting U.S. corporate earnings and global market volatility. Declining earnings, stagnant overseas economic growth, a plun
  
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• S&P 500 hits record high on global risk appetite

  11-07-2016 16:12 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - The U.S. benchmark S&P 500 stock index set a record intraday high on Monday in the wake of last week's strong monthly U.S. jobs report, while European shares rose on reduced political uncertainty and U.S. Treasury yields edged off record lows. The S&P 500 touched a record intraday high of 2,139.34 points on Monday. Last Friday's jobs report showed the economy added the most jobs in eight months in June, boosting confidence in the U.S. economy.
  
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• Oil edges up, but demand concerns weigh

  11-07-2016 16:12 via news.yahoo.com
  
  By Ahmad Ghaddar LONDON (Reuters) - Oil climbed slightly on Monday after shedding nearly 2 percent the same day, as signs emerged that U.S. shale drillers have adapted to lower prices and renewed indications of economic weakness in Asia weighed on prices. Brent crude was trading at $46.86 per barrel at 1359 GMT, up 10 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was up 11 cents at $45.52 a barrel.
  
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• S&P 500 hits record intraday high

  11-07-2016 15:50 via news.yahoo.com
  
  (Reuters) - The S&P 500 set a record high on Monday after a stunning monthly jobs report last week boosted confidence in the U.S. economy.
  
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• Farnborough air show facing global turbulence after Brexit vote

  11-07-2016 15:39 via news.yahoo.com
  
  European aerospace giant Airbus scored the first big win at the Farnborough airshow, which opened Monday facing global economic headwinds triggered by Brexit. Airbus, which traditionally fights US rival Boeing for blockbuster order announcements at Farnborough, southwest of London, revealed a $4.4-billion (3.9-billion-euro) firm order from Virgin Atlantic for twelve wide-bodied Airbus A350-1000 jets. For its part, Boeing revealed that China's state-owned Xiamen Airlines had indicated its interes
  
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• S&P 500 touches record intraday high

  11-07-2016 15:34 via news.yahoo.com
  
  The S&P 500 touched a record intraday high of 2,137.43 points at the open on Monday after a strong monthly jobs report last week boosted confidence in the U.S. economy. The Dow Jones industrial average was up 44.07 points, or 0.24 percent, at 18,190.81, the S&P 500 was up 5.05 points, or 0.24 percent, at 2,134.95 and the Nasdaq composite was up 21.57 points, or 0.44 percent, at 4,978.33.
  
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• U.S. mortgage availability falls in June: MBA

  11-07-2016 15:28
  
  NEW YORK (Reuters) - Availability of U.S. home loans fell in June as some investors stopped making certain type of adjustable-rate mortgages, the Mortgage Bankers Association said on Monday.
  
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• Credit Suisse says to close booking platform in Russia

  11-07-2016 15:17
  
  ZURICH/MOSCOW (Reuters) - Credit Suisse plans to close its booking platform for its private banking business in Russia, the bank said on Monday, the latest move in a major restructure by...
  
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• Angola halves growth forecast, cuts spending as oil price bites

  11-07-2016 15:10 via news.yahoo.com
  
  Angola has halved its 2016 economic growth forecast and slashed government spending as lower oil prices hammer state revenues in Africa's largest crude exporter, the finance ministry said on Monday. Sub-Saharan Africa's third-largest economy will grow 1.3 percent this year, compared with a previous forecast of 3.3 percent, the finance ministry said in a statement. Government spending will be cut to $24 billion from $30 billion projected in the original 2016 budget as revenues were also slashed t
  
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• South Africa's assets firm as hunt for higher yields buoy risk appetite

  11-07-2016 15:08 via news.yahoo.com
  South African assets firmed on Monday on improved risk appetite as investors sought higher yields on expectations that interest rates will stay low in leading economies. An upbeat U.S. jobs report on Friday soothed immediate concerns about the health of the world's largest economy, but investors concluded the data was not strong enough to revive the prospect of a rate hike from the Federal Reserve for the next few months. The market has taken the figure as confirmation that the US economy is not
  
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• GLOBAL MARKETS-Global stocks rally, markets look for more stimulus

  11-07-2016 15:05 via news.yahoo.com
  Global stocks rallied on Monday as a combination of electoral success for Japanese Prime Minister Shinzo Abe and the emergence of a sole candidate to succeed David Cameron as British prime minister reduced political uncertainty even as markets looked forward to more stimulus from central banks. Wall Street looked set to follow European and Asian markets higher, according to index futures . Britain's referendum wrought turmoil in global markets, prompted forecasts of lower global growth and raise
  
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• FOREX-Yen tumbles against resurgent dollar on hopes of more stimulus

  11-07-2016 14:11 via news.yahoo.com
  The dollar climbed almost 2 percent against the yen on Monday following a surge in Japan's stock market, after the country's ruling coalition won a clear victory in upper house elections, fuelling expectations of more monetary stimulus. Japan's Nikkei stock average closed up 4 percent after Prime Minister Shinzo Abe's victory.
  
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• Latest developments in aftermath of Brexit vote

  11-07-2016 13:59 via news.yahoo.com
  LONDON (Reuters) - Britain's June 23 referendum decision to leave the European Union has had far-reaching consequences for the world's economy, businesses, investors and politics. ...
  
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• Planemakers shrug off economy worries as travel demand grows

  11-07-2016 13:41 via news.yahoo.com
  
  Top planemakers shrugged off worries about a faltering global economy on the opening day of the Farnborough Airshow on Monday, with Airbus announcing a $4.4 billion order and Boeing raising its 20-year forecast for jet demand. Airbus said it had struck a deal to sell 12 of its biggest twin-engined plane, the A350-1000, to Virgin Atlantic. Boeing forecast the world's airlines would need 39,620 new aircraft worth $5.9 trillion over the next 20 years to meet rising air travel, particularly in Asia,
  
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• Global shares rise on Wall Street gain on upbeat jobs report

  11-07-2016 13:24 via news.yahoo.com
  
  TOKYO (AP) — Global shares rose Monday after Wall Street rose on a strong U.S. employment report and as investors recovered gradually from post-Brexit jitters.
  
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• Europe stock markets extend gains

  11-07-2016 12:59 via news.yahoo.com
  
  Europe's main stock markets rose on Monday, building on sharp gains won before the weekend pause thanks to a strong US jobs report.
  
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• May pledges to put 'working people' first if elected PM

  11-07-2016 12:40 via news.yahoo.com
  
  Home Secretary Theresa May pledged on Monday to put government at the service of "ordinary working people" to forge an economy that helps everyone if elected Britain's next prime minister next month. May, who campaigned for Britain to remain in the European Union in last month's referendum, told supporters and journalists at the official launch of her campaign that she would respect the decision to leave the bloc.
  
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• Britain's May pledges to put 'working people' first if elected PM

  11-07-2016 12:32 via news.yahoo.com
  Interior minister Theresa May pledged on Monday to put government at the service of "ordinary working people" to forge an economy that helps everyone if elected Britain's next prime minister next month. May, who campaigned for Britain to remain in the European Union in last month's referendum, told supporters and journalists at the official launch of her campaign that she would respect the decision to leave the bloc.
  
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• Oil falls further under $50 on Asia demand concern

  11-07-2016 12:26 via news.yahoo.com
  
  By Ahmad Ghaddar LONDON (Reuters) - Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs. Brent crude was trading at $46.26 per barrel at 0942 GMT (5.42 a.m. ET), down 50 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 57 cents at $44.84 a barrel on the futures market.
  
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• U.S. banks' wealth management profit engine seen stalling

  11-07-2016 12:09
  
  NEW YORK (Reuters) - Big U.S. banks looking to wealth management to shore up their profits may have to wait for another year according to analysts, who expect market volatility to keep the business...
  
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• Cameron says UK must stay close to the EU after Brexit

  11-07-2016 12:08 via news.yahoo.com
  
  David Cameron said it was in Britain's fundamental interest to remain very close to the European Union when it renegotiates a new relationship with the bloc it voted to leave in a referendum last month. Speaking to global aerospace executives at the Farnborough airshow, Cameron said Britain must accept the reality of the vote and must make it work, including forging a new relationship with its European partners. "All I would say about the outcome is this: I believe it is in our fundamental natio
  
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• GE Aviation sees no need for further jet production increases

  11-07-2016 10:56 via news.yahoo.com
  
  LONDON (Reuters) - GE Aviation sees no need for further increases in planned jetliner production, the aero-engine maker's chief executive David Joyce said at the Farnborough Airshow on Monday. "I see no need for further increases in production," he said. Planemakers Airbus and Boeing are both planning to raise output to cope with record order backlogs. However, some analysts think demand for new planes could weaken amid a faltering global economy. (Reporting by Tim Hepher; Editing by Mark Potter
  
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• South Africa's rand steady, stocks to open higher

  11-07-2016 10:07 via news.yahoo.com
  
  South Africa's rand held its ground early on Monday and was seen getting a boost from improved risk appetite as investors search for higher yields on expectations interest rates will stay low in leading economies. "The much-stronger-than-expected (U.S.) payrolls figure has not hurt global risk appetite or the rand. The market has taken the figure as confirmation that the US economy is not slowing down but not so strong that the Fed will have to hike " Rand Merchant Bank analyst John Cairns said
  
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• Oil falls on economic woes; drillers adjust to lower prices

  11-07-2016 09:03 via news.yahoo.com
  
  By Henning Gloystein SINGAPORE (Reuters) - Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia. Brent crude was trading at $46.38 per barrel at 0653 GMT (02:53 a.m. EDT), down 38 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 46 cents at $44.95 a barrel.
  
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• Asia stocks hit four-week high, look forward to stimulus

  11-07-2016 07:45 via news.yahoo.com
  
  By Wayne Cole SYDNEY (Reuters) - Asian shares enjoyed a relief rally on Monday as upbeat U.S. jobs data soothed immediate concerns about the health of the world's largest economy, while the prospect of more policy stimulus helped keep sovereign yields near record lows. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.9 percent to a one-month top. Stocks in Germany were seen starting 0.9 percent higher, with the CAC up 0.7 pct and the FTSE 0.5 percent.
  
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• Asian shares rise on Wall Street gain on upbeat jobs report

  11-07-2016 05:32 via news.yahoo.com
  
  TOKYO (AP) — Asian shares rose Monday after Wall Street rose on a strong U.S. employment report and as global investors recovered gradually from post-Brexit jitters.
  
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• Tokyo the standout as Asian markets rally on US jobs

  11-07-2016 05:22 via news.yahoo.com
  
  Tokyo led a surge in Asian stock markets Monday as a stronger-than-forecast jump in US jobs provided some much-needed optimism after the hammering caused by Britain's vote to leave the European Union. The Labor Department said 287,000 jobs were created in June, 112,000 more than expected and a sharp improvement on May's 11,000 that had raised fears of a potential recession. The news saw all three main indexes on Wall Street surge, while European markets also rallied.
  
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• Asia stocks hit four-week high after strong U.S. jobs data

  11-07-2016 05:16 via news.yahoo.com
  
  Asian share markets enjoyed a relief rally on Monday as upbeat U.S. jobs data lessened immediate concerns about the health of the world's largest economy, while the long-run fallout from Brexit kept sovereign yields near record lows. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.9 percent to a one-month top. Japan's Nikkei climbed 3.5 percent, its biggest daily gain in three months, following a clear win by the government in upper house elections.
  
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• Oil near two-month low on economic woes; drillers adjust to lower prices

  11-07-2016 04:55 via news.yahoo.com
  
  U.S. West Texas Intermediate (WTI) crude was down 44 cents at $41.97 a barrel. Traders said the lower prices were a result of Asian refiners beginning to cut crude orders in an adjustment to a sharp rise in crude prices since January, and also to the region's economic slowdown. "Crude imports to Asia over the last few months are falling ... (but) volumes were so high over the last year thanks to the rush to take advantage of the low oil prices, that it was rather natural that we would see a slow
  
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