Finance news

• S&P pulls back from record; Dow notches eighth day of gains

  19-07-2016 22:33 via news.yahoo.com
  
  Netflix's disappointing quarterly results weighed on the S&P 500 and the Nasdaq, while Johnson & Johnson's strong earnings and forecast helped prop up the Dow. The International Monetary Fund cut its global growth forecasts for the next two years, citing uncertainty over Britain's looming exit from the European Union. The Dow Jones industrial average rose 25.96 points, or 0.14 percent, to 18,559.01, setting another closing record.
  
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• S&P pulls back from record; Dow notches eight day of gains

  19-07-2016 22:30 via news.yahoo.com
  
  The S&P 500 pulled back from record highs on Tuesday, while the Dow industrials edged up for an eighth straight day of gains, as investors digested mixed earnings reports amid lowered expectations for global economic growth. Netflix's disappointing quarterly results weighed on the S&P 500 and the Nasdaq, while Johnson & Johnson's strong earnings and forecast helped prop up the Dow. The International Monetary Fund cut its global growth forecasts for the next two years, citing uncertai
  
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• Netflix subscriber miss stirs doubts about growth plan

  19-07-2016 21:37 via news.yahoo.com
  
  By Lisa Richwine LOS ANGELES (Reuters) - Netflix Inc's disappointing second-quarter subscriber growth and forecast raised questions about whether the streaming video pioneer can pick up the pace of its global expansion, Wall Street analysts said. At least 20 brokerages cut their Netflix stock price targets by as much as $30 on Tuesday, a day after the company reported it failed to sign up as many new customers as it expected from April to June. "This suggests the loyalty of Netflix subscribers i
  
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• Wall St. edges down amid mixed earnings after market's record highs

  19-07-2016 21:19 via news.yahoo.com
  
  Netflix's disappointing quarterly results weighed down the S&P 500 and the Nasdaq, while Johnson & Johnson's strong earnings and forecast helped prop up the Dow. The International Monetary Fund cut its global growth forecasts for the next two years, citing uncertainty over Britain's looming exit from the European Union.
  
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• Stocks dip on earnings and growth worries; dollar rises

  19-07-2016 21:03 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - The recent rally in global equity prices faltered on Tuesday as investors pondered some disappointing earnings reports and signs that Britain's decision to leave the EU could hurt other economies, while the U.S. dollar climbed to a four-month high. Oil prices slipped, pressured by the stronger U.S. dollar. The dollar index , which tracks the greenback against six major currencies, rose to its highest level since March 10 to 97.148.
  
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• Global stocks dip on earnings and growth worries; dollar rises

  19-07-2016 21:03 via news.yahoo.com
  
  The recent rally in global equity prices faltered on Tuesday as investors pondered some disappointing earnings reports and signs that Britain's decision to leave the EU could hurt other economies, while the U.S. dollar climbed to a four-month high. Oil prices slipped, pressured by the stronger U.S. dollar. The dollar index , which tracks the greenback against six major currencies, rose to its highest level since March 10 to 97.148.
  
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• IBM's full-year earnings forecast greeted with scepticism

  19-07-2016 20:41 via news.yahoo.com
  
  IBM Corp has given itself a tall order - a full-year profit target many analysts think it will have trouble meeting. Big Blue has made solid progress as it shifts into high-growth areas such as cloud-based services, and both profit and revenue beat analysts' expectations in the second quarter. In order to meet the target, IBM would need to turn in its best sequential improvement in profit in nine years in the fourth quarter, according to Bernstein analyst Toni Sacconaghi.
  
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• IBM's full-year earnings forecast greeted with skepticism

  19-07-2016 20:15 via news.yahoo.com
  
  IBM Corp has given itself a tall order - a full-year profit target many analysts think it will have trouble meeting. Big Blue has made solid progress as it shifts into high-growth areas such as cloud-based services, and both profit and revenue beat analysts' expectations in the second quarter. In order to meet the target, IBM would need to turn in its best sequential improvement in profit in nine years in the fourth quarter, according to Bernstein analyst Toni Sacconaghi.
  
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• Wall Street moves lower on mixed earnings reports

  19-07-2016 19:31 via news.yahoo.com
  
  The S&P and the Nasdaq were pulled down by Netflix and health stocks, while the Dow's fall was cushioned by Johnson & Johnson's strong results. Strong economic data had sent stocks on a record-setting run through most of last week, and second-quarter earnings reports are expected to justify higher valuations. J&J , UnitedHealth , Goldman Sachs and Lockheed Martin all beat profit estimates for the quarter, but only J&J's stock stayed up after rising 2.1 percent to a record high of
  
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• Global Economic Growth Will Be Lower Because of Brexit Vote, IMF Says

  19-07-2016 19:25 via news.yahoo.com
  
  The global economy faces “a wave of uncertainty” in the wake of the United Kingdom’s referendum to leave the European Union, and for that reason, the International Monetary Fund (IMF) has cut its forecast for global growth -- saying world economies will grow by 3.4 percent next year. “Brexit has thrown a spanner in the works,” said Maurice Obstfeld, IMF Chief Economist and Economic Counselor, using the British word for a wrench.
  
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• Turkey opts to cut key interest rate again after failed coup

  19-07-2016 19:24 via news.yahoo.com
  
  ANKARA, Turkey (AP) — Turkey's central bank cut a key interest rate for the fifth month in a row Tuesday, days after an attempted coup against President Recep Tayyip Erdogan triggered concerns over the country's economic outlook.
  
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• IMF predicts Nigeria's economy will contract by 1.8 pct in 2016

  19-07-2016 19:06 via news.yahoo.com
  
  Nigeria's economy, the biggest in Africa, is likely to contract by 1.8 percent this year, the International Monetary Fund (IMF) said on Tuesday, as the country grapples with the impact of low oil prices. The sharp fall in global prices since 2014 has led to a prolonged economic crisis since the crude sales make up around 70 percent of government revenue. "In Nigeria, economic activity is now projected to contract in 2016, as the economy adjusts to foreign currency shortages as a result of lower
  
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• European shares dented by weak earnings outlooks, but Zalando soars

  19-07-2016 18:55 via news.yahoo.com
  European shares touched a one-week low on Tuesday as weak earnings updates from the likes of Ericsson and AkzoNobel weighed on markets, although online fashion retailer Zalando
  
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• BUZZ-Nasdaq Composite nears year-long pattern resistance

  19-07-2016 18:54 via news.yahoo.com
  ** Nasdaq Composite nearing upper boundary of near year-long rectangular pattern; suggests risk for pullback building ** And action in semiconductor sector vs Composite can provide early warning of potential ...
  
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• South African assets hit by strong dollar, weaker commodity prices

  19-07-2016 18:44 via news.yahoo.com
  
  South Africa's rand fell more than one percent and stocks dipped on Tuesday as a strong dollar, weakness in global stocks and a pullback in commodity prices weighed on emerging markets. The rand has rallied more than 10 percent in the last two months but there remain underlying concerns about Africa's most developed economy. A senior official at the International Monetary Fund said corruption was hampering reforms needed to boost economic growth and transparency at state-owned companies needed t
  
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• Global stocks falter as Brexit fears weigh

  19-07-2016 18:40 via news.yahoo.com
  
  Global stock markets mostly faltered Tuesday as the International Monetary Fund cut its global growth forecasts after Britain's EU exit, which also appeared to be casting a shadow over Germany's outlook.
  
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• Rally fatigue saps stocks but Goldman provides hope

  19-07-2016 18:14 via news.yahoo.com
  
  World shares dipped for only the second time in nine days on Tuesday, sapped by a drop in oil prices and data that showed Britain's vote to quit the European Union has done some serious damage to German economic confidence. European stocks fell 1 percent as a slide back below $47 a barrel for oil sent commodity firms down 1.5 percent. Wall Street, which is in the thick of the second-quarter earnings season, was expected to ease back from Monday's latest record high when it reopens.
  
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• Stock indexes pull back modestly after a strong 3-week run

  19-07-2016 18:13 via news.yahoo.com
  
  Stocks were mostly lower in midday trading Tuesday as momentum slowed for a three-week rally that brought indexes to all-time highs. Netflix and other companies reported disappointing results, and the ...
  
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• Global stocks slip on earnings and global growth worries, dollar rises

  19-07-2016 18:10 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - Global equity prices ticked lower on Tuesday as investors took stock of some disappointing U.S. earnings reports and signs that Britain's decision to leave the EU could hurt other economies, while the U.S. dollar rallied to a four-month high. Oil prices steadied, helped by a new Libyan supply disruption. The dollar index , which tracks the greenback against six major currencies, rose to its highest level since mid-March at to 97.126.
  
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• Exclusive - Silver Run buys into U.S. shale producer Centennial: source

  19-07-2016 18:08 via news.yahoo.com
  By Ernest Scheyder HOUSTON (Reuters) - Silver Run Acquisition Corp , run by energy industry veteran Mark Papa, has taken a stake in privately held Centennial Resource Development LLC and plans to develop the crude producer's Texas shale acreage, according to a source familiar with the matter. The move by Silver Run, which went public in February with the aim of investing in U.S. energy companies, is the latest sign that major investors are moving more quickly to secure assets and acreage at depr
  
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• S&P, Nasdaq dragged down by Netflix; J&J props up Dow

  19-07-2016 17:47 via news.yahoo.com
  
  Also weighing on sentiment was the International Monetary Fund's move to cut its global growth forecasts for the next two years due to uncertainty over Britain's looming exit from the European Union. Health stocks , which were higher at the open on J&J's results, dropped 0.3 percent, led by health insurers after a report said U.S. antitrust officials would file lawsuits to block Anthem's acquisition of Cigna and Aetna's takeover of Humana . Netflix slumped 14 percent to $85.09 after its quar
  
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• IMF raises Mideast growth forecast for 2016

  19-07-2016 17:25 via news.yahoo.com
  
  The International Monetary Fund on Tuesday raised its 2016 growth forecast for the Middle East and North Africa after a rebound in oil prices, but maintained its cautious outlook for Saudi Arabia. The region, along with Afghanistan and Pakistan, is set to see economic growth of 3.4 percent this year, better than a previous projection of 3.1 percent, the IMF said. The region includes major oil exporters such as the Gulf Arab states, Iraq, Iran and Algeria, as well as oil importers such as Egypt,
  
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• Goldman details cost savings plan after 'challenging' quarter

  19-07-2016 17:18 via news.yahoo.com
  
  Goldman Sachs Group Inc reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure. In response to a "challenging backdrop" for revenue, the Wall Street bank embarked on a cost-cutting plan in the first half of the year that will save $700 million (£533.1 million) a year, Chief Financial Officer Harvey Schwartz said on a conference call. The
  
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• MIDEAST STOCKS-Qatar outperforms again in sluggish region

  19-07-2016 16:47 via news.yahoo.com
  * Qatar bullish after technical breakout * Qatar Islamic Bank surges on Q2 earnings * Saudi's Ma'aden sinks on earnings * Emaar Properties outperforms in Dubai * Dollar shortage weighs on Egypt By Andrew Torchia DUBAI, July 19 (Reuters) - Qatar's stock market rose on Tuesday after breaking major technical resistance, but other markets in the region were sluggish, held back by soft oil prices and mixed corporate earnings. The Qatari index climbed 0.6 percent to 10,649 points in a broad-based rise
  
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• European stocks falter as Brexit fears weigh

  19-07-2016 16:45 via news.yahoo.com
  
  European stock markets mostly slid Tuesday as data showed Brexit fears weighing on the German economy and British inflation rising, while Wall Street eased lower to break a record run.
  
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• Wall Street drops with tech stocks; Netflix weighs

  19-07-2016 16:16 via news.yahoo.com
  
  Also weighing on sentiment was the International Monetary Fund's move to cut its global growth forecasts for the next two years due to uncertainty over Britain's looming exit from the European Union. J&J rose 2.1 percent to a record high of $125.75, while UnitedHealth was up 0.5 percent. The two stocks helped make the healthcare sector the only gainer, with a 0.1 percent rise, among the 10 major S&P sectors.
  
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• C$ weakens to six-day low as commodity currencies retreat

  19-07-2016 16:06 via news.yahoo.com
  
  The Canadian dollar weakened to a nearly one-week low against its U.S. counterpart on Tuesday, tracking losses for fellow commodity currencies as oil prices fell and recent improvement in risk appetite stalled. World shares dipped for only the second time in nine days, sapped by a drop in oil prices and data that showed Britain's vote to quit the European Union has done serious damage to German economic confidence. At 9:33 a.m. EDT (1333 GMT), the risk-sensitive Canadian dollar was trading at C$
  
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• Johnson & Johnson tops 2Q forecasts despite profit drop

  19-07-2016 15:50 via news.yahoo.com
  
  Johnson & Johnson's second-quarter profit fell 11.5 percent, mainly due to a sizeable gain a year ago, but it easily beat Wall Street's expectations. The company also raised its full-year financial forecasts.
  
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• Too hot to work: global warming to cost $2 trillion in lost productivity

  19-07-2016 15:46 via news.yahoo.com
  By Beh Lih Yi JAKARTA (Thomson Reuters Foundation) - Rising temperatures caused by climate change may cost the world economy over $2 trillion in lost productivity by 2030 as hot weather makes it unbearable to work in some parts of the world, according to U.N. research published on Tuesday. It showed that in Southeast Asia alone, up to 20 percent of annual work hours may already be lost in jobs with exposure to extreme heat with the figures set to double by 2050 as the effects of climate change d
  
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• Wall Street opens lower, weighed by tech and bank stocks

  19-07-2016 15:36 via news.yahoo.com
  
  (Reuters) - Wall Street opened lower on Tuesday, as Netflix's weak report weighed on technology stocks and as Goldman Sachs led financials down. The Dow Jones Industrial Average was down 16.84 points, or 0.09 percent, at 18,516.21. The S&P 500 was down 5.97 points, or 0.28 percent, at 2,160.92. The Nasdaq Composite was down 14.04 points, or 0.28 percent, at 5,041.74. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza)
  
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• Factbox: Wall Street and commodity risk - Goldman measure jumps in second quarter

  19-07-2016 15:22 via news.yahoo.com
  (Reuters) - Goldman Sachs Group Inc'S commodity market trading risk measure, known as Value-at-Risk (VaR), rose to its highest in 18 months in the three months through June, the bank said on Tuesday, as the Wall Street bank reported higher revenue from trading industrial and raw materials from oil to copper. The VaR is a risk-reward indicator that measures the commodities exposure of Wall Street banks. The news came as Goldman reported better-than-expected quarterly results.
  
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• Goldman 2Q earnings jump, helped by lower legal expenses

  19-07-2016 15:20 via news.yahoo.com
  
  NEW YORK (AP) — Goldman Sachs' earnings jumped 78 percent from a year ago as the bank's legal expenses declined and its trading desks saw a surge of activity during Britain's vote to leave the European Union.
  
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• Nigeria heading into recession, says IMF

  19-07-2016 15:13 via news.yahoo.com
  
  The IMF slashed its growth forecast for the Nigerian economy this year on Tuesday, saying a combination of plunging oil revenues and weakened investor confidence will push it into recession. The International Monetary Fund said it expects Africa's largest economy to contract by 1.8 percent this year, after having forecast in April a 2.3 percent expansion. "In 2016, regional output growth will fall short of population growth, implying declining per capita incomes," it said.
  
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• IMF says corruption in South Africa stunting reforms

  19-07-2016 15:10 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - Corruption in South Africa is hampering reforms needed to boost economic growth, and greater transparency is needed at state-owned companies, an International Monetary Fund official said on Tuesday. The IMF's First Deputy Managing Director David Lipton said that cutting taxes and increasing government spending would not solve South Africa's growth problems. (Reporting by Mfuneko Toyana; Writing by Joe Brock)
  
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• Brexit to drag on global growth through 2017, IMF says

  19-07-2016 15:06 via news.yahoo.com
  
  The uncertainty created by Britain's vote to leave the European Union will slow the global economy into next year, the International Monetary Fund predicted Tuesday. Last month's populist victory in the British referendum has darkened the skies in that country and across the euro area, according to the global crisis lender, forcing it to cut April's growth forecasts and rattling what had already been a fragile recovery.
  
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• Brexit uncertainty prompts IMF to cut global growth forecasts again

  19-07-2016 15:05 via news.yahoo.com
  
  The International Monetary Fund (IMF) cut its global growth forecasts for the next two years on Tuesday, citing uncertainty over Britain's looming exit from the European Union. The move included a nearly full percentage-point reduction in the UK's 2017 growth forecast. Cutting its World Economic Outlook forecasts for the fifth time in 15 months, the IMF said that it now expects global GDP to grow at 3.1 percent in 2016 and at 3.4 percent in 2017 -- down 0.1 percentage point for each year from es
  
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• Brexit to cost Britain nearly 1% growth in 2017: IMF

  19-07-2016 15:05 via news.yahoo.com
  
  Washington (AFP) - Britain's vote to leave the European Union will likely cost the country's economy almost 1 percent in economic growth next year, the International Monetary Fund said Tuesday.
  
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• Goldman's second-quarter profit soars on strong bond trading revenue

  19-07-2016 14:44 via news.yahoo.com
  
  Goldman Sachs Group Inc's quarterly profit soared 78 percent, handily beating expectations, as the Wall Street bank earned more from bond trading and debt underwriting. Revenue from trading fixed income, commodities and currencies jumped 20 percent to $1.93 billion (£1.4 billion) in the second quarter while total revenue from trading rose 2 percent to $3.68 billion. Investors have been watching Goldman's fixed income unit closely.
  
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• Oil steady above $47, latest Libya hitch supports

  19-07-2016 14:42 via news.yahoo.com
  
  Oil prices steadied above $47 a barrel on Tuesday helped by a new Libyan supply disruption but concerns over a global glut of crude and refined fuel capped gains. A protest over wages that shut the eastern Libyan oil terminal of Hariga forced the operator of the Sarir field to suspend production of 100,000 barrels per day. Libyan news and a rebound in stocks on the back of better than expected results by Wall Street Bank Goldman Sachs helped push oil prices slightly up but analysts said the mark
  
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• Poland's ruling party bets on child subsidy to prop up support

  19-07-2016 14:37 via news.yahoo.com
  
  By Justyna Pawlak and Tadeusz Kolasinski WARSAW (Reuters) - Poland's conservative government is betting on a new child subsidy to prop up its ratings and boost confidence in the European Union's sixth largest economy. Opinion polls suggest the 500+ subsidy, introduced in April and named after the monthly 500 zlotys ($126) per child it offers, is proving popular for the governing Law and Justice (PiS) party as it battles accusations of undermining democracy. Monika Rybicka, a 25-year-old mother o
  
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• Philip Morris Int'l 2Q results miss Street, boosts outlook

  19-07-2016 14:28 via news.yahoo.com
  
  NEW YORK (AP) — Philip Morris International Inc.'s second-quarter results missed Wall Street's expectations as cigarette shipment volume declined.
  
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• J&J raises 2016 forecast; shares on track for record high

  19-07-2016 14:21 via news.yahoo.com
  
  (Reuters) - Johnson & Johnson raised its 2016 sales and earnings forecast and reported quarterly results that beat Wall Street estimates, helped by strength in its prescription drugs business. J&J, which is the first major U.S. drugmaker to announce quarterly earnings, raised its 2016 sales forecast to a range of $71.5 billion to $72.2 billion, from $71.2 billion to $71.9 billion previously estimated. The maker of medical devices, drugs and personal care products also increased its adjus
  
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• Rally fatigue saps global stocks but Goldman provides hope

  19-07-2016 14:17 via news.yahoo.com
  
  World shares dipped for only the second time in nine days on Tuesday, sapped by a drop in oil prices and data that showed Britain's vote to quit the European Union has done some serious damage to German economic confidence. European stocks fell 1 percent as a slide back below $47 a barrel for oil sent commodity firms down 1.5 percent. Wall Street, which is in the thick of the second-quarter earnings season, was expected to ease back from Monday's latest record high when it reopens.
  
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• Goldman Sachs quarterly profit jumps 78 pct

  19-07-2016 13:59 via news.yahoo.com
  
  (Reuters) - Goldman Sachs Group Inc reported a 78 percent jump in quarterly profit as the Wall Street bank earned more from bond trading and its expenses fell. Net income applicable to Goldman's common shareholders rose to $1.63 billion, or $3.72 per share, in the second quarter ended June 30 from $916 million, or $1.98 per share, a year earlier, when Goldman set aside $1.45 billion for regulatory and mortgage-related legal settlements. Analysts on average had expected earnings of $3.00 per shar
  
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• Lockheed Martin raises forecast as quarterly revenue beats

  19-07-2016 13:56 via news.yahoo.com
  
  Lockheed raised its 2016 profit forecast for the second time this year and said it now expected to earn $12.15–$12.45 per share, from $11.50-$11.80 previously estimated. Lockheed said sales in its aeronautics business, the company's biggest, rose 6 percent as it delivered 14 F-35 jets, compared with 11 a year earlier. Excluding additional income tax benefits of $11 million, Lockheed earned $3.28 per share.
  
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• Turkish central bank cuts a key rate after attempted coup

  19-07-2016 13:45 via news.yahoo.com
  
  ANKARA, Turkey (AP) — Turkey's central bank cut a key interest rate Tuesday, days after an attempted coup triggered concerns over the country's economic outlook.
  
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• Futures trend lower as oil prices ease

  19-07-2016 13:32 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a modestly lower opening for Canada's main stock index on Tuesday as oil prices eased after rising stockpiles of crude and refined fuel intensified fears of another major supply glut. September futures on the S&P TSX index were down 0.08 percent at 7:15 a.m. ET. Canada's main stock index rose on Monday, led by consumer and railway stocks, as investor attention returned to corporate earnings after a failed military coup in Turkey late last week. No major C
  
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• Rio risks empty Olympic legacy as real estate stalls

  19-07-2016 13:22 via news.yahoo.com
  
  By Stephen Eisenhammer RIO DE JANEIRO (Reuters) - "Pure Island: a neighborhood born ready-made," reads the glitzy brochure for the 31 tower blocks built for $880 million to house athletes for the Olympics in Rio de Janeiro next month. After the Games, this is meant to become Rio's newest community, a bustling legacy of the 17-day sporting event. Buyers are returning apartments, a sales source said, put off by Brazil's economic crisis and the scant appeal of being lonely occupants of a space stre
  
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• Ericsson steps up cost-cutting as profit hit by poor demand

  19-07-2016 13:12 via news.yahoo.com
  STOCKHOLM (AP) — Wireless equipment maker Ericsson says lower demand for mobile broadband in a weakening global economy caused second-quarter profit to drop 26 percent and sales to slump in most markets. It predicted little improvement for the rest of the year.
  
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• South Africa generating enough energy to avoid blackouts: Eskom

  19-07-2016 13:08 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa's state power utility Eskom is generating enough electricity to meet demand and avoid chronic power outages that plagued Africa's most developed economy for most of 2015. "Eskom has sufficient generation capacity to meet peak demand," Eskom chief executive Brian Molefe told a new conference, adding that the firm expected to avoid blackouts at least up to 2017. "Eskom is not a threat to growth anymore," Molefe said. The treasury's estimates power outages have
  
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