Finance news

• UPDATE 3-Brazil's São Paulo state mulls sale of CESP stake, shares soar

  15-07-2016 23:54
  
  SAO PAULO, July 15 (Reuters) - Brazil's São Paulo state said
  it was considering the sale of its controlling stake in the
  country's No. 4 electricity generator, CESP,
  triggering a 19 percent surge in...
  
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• EMERGING MARKETS-Mexican peso weakens on news of Turkey coup attempt

  15-07-2016 23:54
  
  (Updates prices, recasts with Turkey context)By Bruno FederowskiSAO PAULO, July 15 (Reuters) - Mexico's peso closed down
  more than 1 percent on Friday afternoon after news broke that
  the...
  
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• Wall St. ends flat but futures slip after Turkey coup reports

  15-07-2016 23:46 via news.yahoo.com
  
  The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down
  
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• UK expresses concern about Turkey situation

  15-07-2016 23:44
  
  LONDON, July 15 (Reuters) - Britain's government said on
  Friday it was "concerned by events" in Turkey where the
  country's military said it had seized power but the prime
  minister said an attempted...
  
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• Oil up, notches weekly gain on improved demand outlook

  15-07-2016 23:04 via news.yahoo.com
  
  By Barani Krishnan and Devika Krishna Kumar NEW YORK (Reuters) - Oil prices rose slightly on Friday, ending the week higher, after data from top energy consumers the United States and China boosted the oil demand outlook. Crude prices touched session highs after data showed U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views of steady economic growth in the second quarter. "I still think oil prices are more likely t
  
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• Paramount stake sale could hamper deal for Viacom: National Amusements

  15-07-2016 22:42
  
  (Reuters) - Sumner Redstone's privately held movie theater company said on Friday it opposes the sale of a minority stake in Viacom Inc's Paramount Pictures, because such a transaction could hurt the...
  
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• Ferro Corp rebuffs bids from Apollo, CVC: sources

  15-07-2016 22:42
  
  (Reuters) - U.S. specialty chemicals company Ferro Corp turned down acquisition offers from private equity firms Apollo Global Management LLC and CVC Capital Partners Ltd as too low, people familiar...
  
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• BRIEF-Quantum Fuel Systems says CEO Olson employment terminated

  15-07-2016 22:18
  
  * Currently unable to make determination of estimate of
  amount expected to be incurred in connection with section 363
  sale, chapter 11 proceeding
  
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• Fed policymakers debating causes of low U.S. growth, Kashkari says

  15-07-2016 22:09 via news.yahoo.com
  Federal Reserve policymakers are "debating internally" over the causes of an apparent downshift in potential U.S. growth, a top Fed policymaker said on Friday, adding that his own view is that it is because of a drop in productivity. "I am more sympathetic to Robert Gordon than I am to Larry Summers," Minneapolis Fed President Neel Kashkari told reporters on the sidelines of a conference in St. Louis, referring to two university professors who have offered competing explanations for why the U.S.
  
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• Wall Street ends flat but posts gains for week

  15-07-2016 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks were little changed on Friday, and major indexes closed a third consecutive week of gains, on the back of strong economic data and an earnings season that is on track to confirm profit contraction bottomed earlier in the year. Based on the latest available data, the Dow Jones industrial average ended up 8.43 points, or 0.05 percent, to 18,514.84, the S&P 500 lost 2.21 points, or 0.1 percent, to 2,161.54 and the Nasdaq Composite dropped 4.47 points, or 0.09 pe
  
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• US economy looks resilient as retailers, industry surge

  15-07-2016 22:05 via news.yahoo.com
  
  WASHINGTON (AP) — Americans spent more money at retailers and factories revved up production in June, offering encouraging signs of the U.S. economy's resilience in the face of global headwinds.
  
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• Canada launches tax probe of property cheats in Vancouver

  15-07-2016 21:56 via news.yahoo.com
  
  Canada's tax authority is probing real estate deals in British Columbia for underpayment of taxes, amid a boom in sales, prices and property flipping, and said on Friday it is not specifically focusing on foreign investors. The Canada Revenue Agency said 50 income tax auditors and 20 auditors who specialize in the Goods and Services Tax are looking into real estate deals in British Columbia, where a prolonged surge in prices has fueled fears of a bubble. Vancouver housing prices have risen 50 pe
  
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• Brazil's Tarpon sells apparel firm Morena Rosa back to founder: sources

  15-07-2016 21:49
  
  SAO PAULO (Reuters) - Brazilian investment firm Tarpon Investimentos SA has sold apparel company Morena Rosa SA back to its founder four years after acquiring it, two sources with knowledge of the...
  
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• Can stocks stay at highs? That depends on earnings

  15-07-2016 21:47 via news.yahoo.com
  
  After finally eclipsing year-old record highs, the U.S. stock market will be tested again next week, when the onslaught of company earnings could help investors assess the impact of Britain's vote to exit the European Union.
  
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• Low rates drag on Citigroup, Wells Fargo earnings

  15-07-2016 20:52 via news.yahoo.com
  
  Citigroup and Wells Fargo signaled Friday that Britain's decision to exit the European Union will not significantly hit the US economy, but could extend earnings pressure from low interest rates. Britain's surprise Brexit vote in June is expected to delay the US Federal Reserve's time-frame for tightening monetary policy and to spur more stimulus from other major central banks. "Our basic view towards rates in the last several months certainly has been lower for longer, and I think that continue
  
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• Citi beats expectations, bets on consumers amid low rates

  15-07-2016 20:52 via news.yahoo.com
  
  Citigroup is betting on U.S. consumers and multi-national corporate clients to navigate lower interest rates after a rebound in trading helped it beat Wall Street's subdued expectations for the second quarter. A burst in client demand for currencies and bonds in the wake of Britain's vote to leave the European Union, along with a drop in the amount of money set aside to cover soured loans, meant Citi reported a 14 percent fall in net profit, far less than the 25 percent slide Chief Executive Off
  
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• BlackRock's long-dated Treasury ETF set for worst week in 13 months

  15-07-2016 20:51
  
  NEW YORK (Reuters) - A BlackRock exchange-traded fund that tracks long-dated U.S. Treasuries was poised for its biggest weekly loss in 13 months as a rebound in stock markets worldwide stoked a sharp...
  
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• Man versus machine: computer-driven hedge funds win on Brexit night

  15-07-2016 20:49
  
  LONDON (Reuters) - As hedge fund manager Buford Scott sat at home, watching the TV in shock as it emerged Britain had voted to leave the European Union, his computer-based trading models were quietly...
  
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• Fed's Bullard sees upside risks to call for one rate hike in 2016

  15-07-2016 20:35 via news.yahoo.com
  St. Louis Fed President James Bullard said on Friday there are "upside" risks to his view that the U.S. central bank should raise interest rates just once this year and remain on hold in 2017 and 2018. In a presentation to the Official Monetary and Financial Institutions Forum, Bullard said his baseline is for the U.S. economy to continue to grow slowly at just 2 percent a year, unemployment to be around 4.7 percent and inflation to be at the Fed's 2 percent target.
  
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• South Africa's rand weakens on U.S. rate hike bets, stocks extend rally

  15-07-2016 20:21 via news.yahoo.com
  
  South Africa's rand weakened on Friday against the dollar which gained as investors bet on higher U.S. interest rates this year after strong economic data. "We have seen emerging markets across the board sold off today. It's mainly a function of quite strong data out of the U.S. this afternoon, the dollar has strengthened as a result," ETM Analytics market analyst Jana van Deventer said.
  
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• European shares slip after Nice attack, U.S. yields surge

  15-07-2016 20:10 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - European shares slipped on Friday after at least 84 people died in an attack in France and U.S. Treasury yields jumped as strong economic data renewed prospects of a Federal Reserve interest rate hike this year, while U.S. stocks traded nearly unchanged. The benchmark S&P 500 and Dow Jones industrial average stock indexes edged up to fresh record intraday highs on stronger-than-expected June retail sales data before turning flat. The S&P hit 2,169.05,
  
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• Cairo scores surprise victory in battle for Italian publisher RCS

  15-07-2016 19:56
  
  MILAN (Reuters) - Italian media tycoon Urbano Cairo has secured 49 percent of influential publisher RCS Mediagroup as his takeover bid on Friday unexpectedly leapt ahead of a rival offer by a group...
  
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• Mozambique attorney-general probes undeclared sovereign borrowing

  15-07-2016 19:34 via news.yahoo.com
  
  Mozambique's attorney-general will seek international help to investigate as much as $1.35 billion of undeclared sovereign borrowing that may have tipped the country into unsustainable debt, the state news agency AIM said on Friday. The International Monetary Fund cancelled a planned trip to Mozambique in April, saying that it believed Maputo had hidden borrowing for its defence sector from Credit Suisse and Russia VTB Bank. The IMF, which last year agreed to loan Mozambique $286 million to help
  
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• Car-sharing service FlightCar to shut down, sell platform to Mercedes

  15-07-2016 19:30
  
  (Reuters) - San Francisco-based car-sharing service FlightCar said on Thursday it would shutter its operations and sell its technology platform to the U.S. R&D arm of Mercedes-Benz.
  
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• U.S. retail sales, industrial output data suggest strong Q2 GDP growth

  15-07-2016 19:20 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, bolstering views that economic growth picked up in the second quarter. The bullish data and a rally on Wall Street could allow the Federal Reserve to raise interest rates later this year, but much will depend on policymakers' assessment of the impact on the U.S. economy of Britain's June 23 vote to leave the European Union. "In normal times,
  
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• EU and U.S. seek trade deal this year, knowing large hurdles remain

  15-07-2016 19:13 via news.yahoo.com
  
  By Philip Blenkinsop BRUSSELS (Reuters) - EU and U.S. negotiators said on Friday that they still needed to overcome large differences for a transatlantic free trade deal to be sealed this year, and factor in the impending exit from the European Union of Britain, one of the United States' biggest export markets. The two sides are trying to agree on the Transatlantic Trade and Investment Partnership (TTIP), which supporters say could boost each economy by some $100 billion at a time when growth in
  
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• Wall Street's week-long rally fades as bank results disappoint

  15-07-2016 19:08 via news.yahoo.com
  
  An attack in Nice, France that killed at least 84 people weighed on sentiment and dragged down travel and leisure companies. The financial index fell 0.54 percent, making it the top loser among the 10 major S&P sectors for the day and the only sector in the red for the year.
  
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• Brazil's foreign minister warns against overappreciation of real

  15-07-2016 19:00 via news.yahoo.com
  
  Brazilian Foreign Minister Jose Serra warned against the excessive appreciation of the country's currency as it could hurt exporters, revealing concerns in the interim government that a stronger real could further sink an economy mired in recession. In an interview late on Thursday, which also included written answers to questions from Reuters, Serra said the strengthening of the real, which has appreciated about 30 percent since its year low in mid-January, has reflected a fall in political unc
  
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• Fed's Lockhart: Don't count on quick 'return to normal'

  15-07-2016 18:41 via news.yahoo.com
  
  Dennis Lockhart became president of the Federal Reserve Bank of Atlanta in early 2007, with the economy still enjoying the steady growth and low unemployment of the "great moderation" and the U.S. central bank confident it could keep that rolling. Nearly a decade later the Fed has had to trash its playbook in the wake of a severe financial crisis, rethink how the economy works, and come to grips with a world where even the most powerful central bank does not so much set policy as get dragged tow
  
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• Britain's FTSE posts fourth week of gains, travel stocks fall after Nice attack

  15-07-2016 18:21
  
  * FTSE 100 posts 4th straight week of gains(Recasts, adds detail and quote, updates prices at close)
  
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• Activist fund Barington withdraws nominees for Chico's board

  15-07-2016 17:48
  
  (Reuters) - Activist hedge fund Barington Capital Group L.P. said on Friday it was withdrawing its nominees to the board of women's apparel retailer Chico's FAS Inc , days after two major proxy...
  
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• Exclusive: Mylan to get EU green light for Swedish drugmaker deal - sources

  15-07-2016 17:44
  
  BRUSSELS (Reuters) - U.S. generic drugmaker Mylanis expected to win conditional EU antitrust approval for its planned takeover of Swedish rival Meda ABafter agreeing to shed some assets, two...
  
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• BRIEF-Verso successfully emerges from bankruptcy

  15-07-2016 17:43
  * Verso Corp says exit financing consists of an asset based
  lending facility with borrowing capacity of up to $375 million
  led by Wells Fargo Bank
  
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• U.S. Q3 GDP seen growing at 2.6 percent: N.Y. Fed

  15-07-2016 17:33 via news.yahoo.com
  
  The New York Federal Reserve said on Friday it upgraded its view on U.S. economic growth in the third quarter to 2.61 percent from the 2.31 percent it calculated a week ago due to stronger-than-expected data on factory output in June. The regional central bank said it "nowcast" model also raised its forecast on U.S. gross domestic product in the second quarter to 2.18 percent from last week's estimate of 2.09 percent.
  
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• S&P, Dow mark new highs on strong retail sales data

  15-07-2016 17:20 via news.yahoo.com
  
  The Dow and the S&P 500 inched up on Friday, hitting new highs after strong U.S. retail sales data and a rise in biotech stocks, offset disappointing results from big banks. Retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views that economic growth picked up in the second quarter. Tepid results from Citi and Wells Fargo failed to match up to the expectation set by JPMorgan's strong numbers on Thursday.
  
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• Nice airport sale process delayed due to attack: Economy Ministry

  15-07-2016 17:04 via news.yahoo.com
  The sale procedure for Nice airport, France's biggest regional airport, has been delayed for eight days following an attack on the French Riviera resort that killed 84 people, a spokeswoman for the Economy Ministry said. "Given the circumstances, the Nice airport sale procedure has been delayed for eight days," the spokeswoman said. Five offers had been submitted by July 4, including those by Italy's Atlantia in cooperation with EDF invest, and by a consortium of Vinci, state bank Caisse des Dep
  
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• Oil up 1 percent on U.S., China data, set for second straight weekly gain

  15-07-2016 16:42 via news.yahoo.com
  
  Oil prices rose about 1 percent on Friday, on track for second consecutive weekly gain, after data from top energy consumers the United States and China boosted the oil demand outlook. China's economic growth, came in at 6.7 percent in the second quarter versus a year ago. Brent crude futures were up 40 cents, or 0.8 percent, at $47.77 by 10:26 a.m. EDT.
  
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• U.S. retail sales, industrial output data buoy economic outlook

  15-07-2016 16:34 via news.yahoo.com
  
  U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views that economic growth picked up in the second quarter. The upbeat data and a rally on Wall Street could allow the Federal Reserve to raise interest rates later this year. "The Fed will welcome the continued strength in consumer spending and the latest positive jobs report, but it's clearly in zero rush to tighten policy," said Sal Guatieri, a senior economist at BMO
  
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• Citigroup's profit falls less than expected; trading helps

  15-07-2016 16:13 via news.yahoo.com
  
  Citigroup Inc beat Wall Street expectations on Friday with a smaller-than-expected drop in second-quarter profit as a rebound in trading activity partly offset the effects of persistently low U.S. interest rates. Like its rivals, Citigroup saw a spike in trading volumes after Britain voted on June 23 to exit the European Union. The fourth-largest U.S. bank by assets said earnings, adjusted for counterparty risk, fell 14 percent to $4 billion in the second quarter, far less than the 25 percent dr
  
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• U.S. stock funds attract first overall inflows since April: Lipper

  15-07-2016 16:06
  
  NEW YORK (Reuters) - Investors charged into domestic stocks during the latest week, delivering U.S.-based stock funds their first inflows since late April, Lipper data showed on Thursday.
  
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• Wall Street inches to another high on strong retail sales data

  15-07-2016 15:56 via news.yahoo.com
  
  The Dow and the S&P 500 inched up on Friday, hitting new highs, after better-than-expected monthly U.S. retail sales data offset disappointing results from big banks. Retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views that economic growth picked up in the second quarter. Citi's second-quarter profit dropped less than expected, while Wells Fargo's profit fell in line with expectations.
  
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• U.S. retail sales, consumer prices rise as domestic demand picks up

  15-07-2016 15:19 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views that economic growth picked up in the second quarter. Other data on Friday showed consumer prices increasing for a fourth straight month in June on rising housing, gasoline and healthcare costs, indicating a steady build-up in inflation. The stream of upbeat data and a rally on Wall Street could allow the Federal Reserve to
  
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• Stock futures track gains in oil prices

  15-07-2016 15:12 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Friday as oil prices recovered early losses after strong U.S. economic data. The U.S. Commerce Department said retail sales increased 0.6 percent last month after a downwardly revised 0.2 percent gain in May. It was the third straight month of gains. The U.S. Labor Department said its Consumer Price Index rose 0.2 percent last month after a similar gain in May. In the 12 months through June, the CPI advanced 1
  
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• Mobile privacy pioneer Silent Circle raises $50 million

  15-07-2016 15:12
  
  (Reuters) - Silent Circle, a Geneva-based pioneer in the field of securing mobile communications, said on Friday that it has raised $50 million in a Series C financing round led by Santander Bank.
  
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• Wall Street set to open higher on strong retail sales data

  15-07-2016 15:01 via news.yahoo.com
  
  (Reuters) - The Dow and the benchmark S&P 500, trading at record highs, were set to open slightly higher on Friday, after better-than-expected monthly retail sales offset mixed results from Citigroup and Wells Fargo.
  
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• BRIEF-Court declares insolvency proceedings of OHL's unit

  15-07-2016 15:00
  
  * Says Court has notified OHL's unit Cercanias Mostoles Navalcarnero SA that it is declared
  to be under insolvency proceedings
  
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• Wells Fargo earnings slip, but mostly meet expectations

  15-07-2016 14:59 via news.yahoo.com
  
  NEW YORK (AP) — Consumer banking giant Wells Fargo said its second-quarter earnings fell 3 percent from a year ago as the bank continues to feel pressure from low interest rates. The results mostly met analysts' expectations.
  
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• South Africa's mines minister calls for quick platinum wage deal

  15-07-2016 14:50 via news.yahoo.com
  
  Platinum mining firms and South African trade unions should conclude wage talks quickly to avoid the protracted disputes that led to a five-month strike two years ago, mines minister Mosebenzi Zwane said on Friday. The Association of Mineworkers and Construction Union (AMCU), the biggest union in the sector, is demanding pay hikes of more than 50 percent, while a smaller union, the National Union of Mineworkers, is seeking a 20 percent increase. Africa's most developed economy is struggling due
  
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• Pakistan shares end lower on profit-taking; rupee steady, o/n rates fall

  15-07-2016 14:28
  
  KARACHI, July 15 (Reuters) - Pakistan stocks closed lower on
  Friday after gaining for five consecutive sessions, mainly on
  profit-taking, dealers said.
  
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• European shares drift lower after another attack on France

  15-07-2016 13:55 via news.yahoo.com
  
  LONDON (AP) — European stock markets drifted lower Friday after another deadly attack in France that killed at least 84 people in the Mediterranean city of Nice.
  
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