Finance news

• German business resilience buoys eurozone shares

  25-07-2016 23:58 via news.yahoo.com
  
  New York (AFP) - Eurozone stock markets scored small gains Monday buoyed by resilient German post-Brexit business sentiment, while London and Wall Street tumbled on profit-taking and the drag from another fall in oil prices.
  
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• Pimco reducing junk bonds, other corporate debt: Ivascyn says

  25-07-2016 23:48
  
  NEW YORK (Reuters) - Pimco has been reducing its exposure to junk bonds and investment-grade corporate debt following the latest credit rally, the firm's group chief investment officer, Dan Ivascyn,...
  
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• U.N. body overturns rejection, accredits press freedom watchdog

  25-07-2016 23:20 via news.yahoo.com
  The New York-based Committee to Protect Journalists (CPJ) was granted consultative status at the United Nations on Monday after the U.N. Economic and Social Council overturned an earlier decision rejecting the press freedom watchdog's application. The CPJ reports on violations of press freedom in countries and conflict zones around the world, reporting and mobilizing action on behalf of journalists who have been targeted. Consultative status grants the group access to U.N. headquarters and allow
  
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• UPDATE 1-Texas Instruments forecasts strong 3rd qtr

  25-07-2016 23:09
  
  July 25 (Reuters) - Texas Instruments Inc forecast
  revenue and profit for the current quarter largely above
  analysts' estimates, helped by strong demand for its chips used
  in the automotive,...
  
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• TSX dragged lower by energy stocks as oil falls

  25-07-2016 22:45 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's benchmark stock index lost ground on Monday, weighed by energy stocks that retreated with oil and to a lesser extent by gold miners hurt by lower prices for bullion. The energy group fell 3.7 percent, as U.S. crude fell to a three-month low below $43 a barrel amid worries about a global supply glut and economic headwind. The most influential weights on the index included its biggest oil and gas producers, with Canadian Natural Resources Ltd shedding
  
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• Wall Street declines as earnings take centre stage

  25-07-2016 22:40 via news.yahoo.com
  
  U.S. stocks receded from record highs on Monday as oil weighed on energy shares and investors awaited an avalanche of quarterly reports. Shares fell almost across the board, with energy stocks leading declines across 10 S&P 500 sectors and the consumer discretionary sector the lone gainer, helped by a 1.84-percent gain in Target . The negative start to the week, which includes earnings from 190 S&P 500 companies as well as a Federal Reserve policy meeting, put the brakes on a 9-percent r
  
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• Wall St. declines as earnings take center stage

  25-07-2016 22:39 via news.yahoo.com
  
  Shares fell almost across the board, with energy stocks leading declines across 10 S&P 500 sectors and the consumer discretionary sector the lone gainer, helped by a 1.84-percent gain in Target . The negative start to the week, which includes earnings from 190 S&P 500 companies as well as a Federal Reserve policy meeting, put the brakes on a 9-percent rally that started on June 27. The S&P energy index fell 1.99 percent, its deepest percentage decline since late June.
  
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• Texas Instruments profit rises 12 pct

  25-07-2016 22:38
  
  July 25 (Reuters) - Texas Instruments Inc reported a
  12 percent rise in second-quarter profit, helped by strong
  demand for its chips used in the automotive, industrial and
  communications equipment...
  
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• Gilead second-quarter net profit falls 22 percent

  25-07-2016 22:28
  
  July 25 (Reuters) - Gilead Sciences Inc said on
  Monday its second-quarter net profit fell 22 percent, due mostly
  to lower sales of its hepatitis C drug Harvoni.
  
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• CN Rail earnings slip as shipments fall

  25-07-2016 22:25 via news.yahoo.com
  
  Canadian National Railway Co reported slightly lower second quarter earnings on Monday as a decline in shipments cut into revenue, but said it expects volumes to improve in the months ahead. Chief Executive Luc Jobin said the railway faced a "very challenging volume environment" in the quarter, but sees business improving in the second half. Montreal-based CN Rail confirmed its forecast for full-year earnings per share in line with last year's C$4.44 a share.
  
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• Wall Street drops as energy shares slump

  25-07-2016 22:03 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks receded from record highs on Monday as oil weighed on energy shares and investors awaited an avalanche of quarterly reports.
  
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• U.S. business borrowing for equipment rises in June: ELFA

  25-07-2016 21:53
  
  (Reuters) - Borrowing by U.S. companies to spend on capital investment rose in June, the Equipment Leasing and Finance Association (ELFA) said.
  
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• Hedge fund Marcato takes stake in Buffalo Wild Wings

  25-07-2016 20:55
  
  BOSTON (Reuters) - Activist hedge fund Marcato Capital Management said on Monday it had acquired a 5.1 percent stake in casual restaurant chain Buffalo Wild Wings, sending the company's share price...
  
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• Wall Street drops from highs as earnings take center stage

  25-07-2016 20:50 via news.yahoo.com
  
  Shares fell almost across the board, with energy stocks leading declines across 10 S&P 500 sectors and consumer discretionary a loan bright spot, helped by a 1.97-percent gain in Netflix. The negative start to the week, which includes earnings from 190 S&P 500 companies as well as a Federal Reserve policy meeting, put the brakes on a 9 percent rally that started on June 27. The S&P energy index fell 2 percent, its deepest percentage decline since late June.
  
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• UPDATE 3-Sprint says to be cash-flow positive next year, shares soar

  25-07-2016 19:33
  
  July 25 (Reuters) - Sprint Corp reported
  better-than-expected first-quarter revenue as big discounts
  attracted more postpaid subscribers, and the No. 4 U.S. wireless
  carrier said it expected to be...
  
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• UPDATE 3-Ericsson ousts CEO as investors lose patience over returns

  25-07-2016 19:33
  
  * Search for CEO likely to take "many months" - chairman(Adds analyst comment and detail on strategy)
  
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• Weak oil pulls Wall Street off record highs; Fed meet eyed

  25-07-2016 18:56 via news.yahoo.com
  
  Oil prices fell to two-and-a-half month lows amid worries that a global glut of crude and refined products would be a drag on markets for some time. The S&P energy index fell 2 percent, its biggest percentage decline since June 27 when Britain's vote to leave the European Union sparked a massive selloff in risk assets. "Second-quarter earnings have come in stronger than we had expected, but for some reason the markets have chosen to obsess about oil prices today," said Kim Forrest, senior eq
  
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• Eurozone equities rise on resilient German businesses

  25-07-2016 18:26 via news.yahoo.com
  
  Frankfurt's benchmark DAX 30 index grew 0.5 percent in value after a key survey showed that Britain's vote to leave the European Union has had a limited impact on business confidence in Germany. It was the first time pollsters had taken the pulse of Europe's biggest economy since the shock outcome of Britain's June 23 referendum. Meanwhile, London's FTSE 100 slipped 0.3 percent, led downwards by oil companies as prices fell.
  
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• UPDATE 1-EverBank working with UBS to explore sale - Bloomberg

  25-07-2016 18:05
  
  July 25 (Reuters) - Florida-based EverBank Financial Corp
  is exploring a sale after receiving interest from a
  potential buyer, Bloomberg reported on Monday, citing people
  familiar with the matter.
  
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• Venezuelan schoolchildren express hunger in drawings

  25-07-2016 17:49 via news.yahoo.com
  
  By Daniel Kai CARACAS (Reuters) - When children at a Catholic-run school in a poor neighborhood of Venezuela's Caracas capital began fainting from hunger, teachers asked them to draw or describe their most recent meals and what they expected to eat next. The drawings and texts at the Padre Jose Maria Velaz school in western Caracas are another symptom of the oil-rich South American nation's deep economic crisis and its effects on nutrition and eating habits. Due to the faltering socialist econom
  
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• Wall Street slips from record levels on weak oil prices

  25-07-2016 17:23 via news.yahoo.com
  
  Oil prices fell to two and a half month lows amid worries that a global glut of crude and refined products would weigh on markets for some time. "Second-quarter earnings have come in stronger than we had expected, but for some reason the markets have chosen to obsess about oil prices today," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.
  
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• Eurozone equities rise on robust German businesses

  25-07-2016 16:37 via news.yahoo.com
  
  Eurozone stock markets rose Monday, buoyed by resilient German business confidence despite Britain's Brexit vote, as traders also eye Japanese and US central bank talks for hints of future action. Frankfurt's benchmark DAX 30 index grew 0.8 percent in value after a key survey showed that Britain's vote to leave the European Union has had a limited impact on business confidence in Germany. It was the first time pollsters had taken the pulse of Europe's biggest economy since the shock outcome of B
  
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• C$ at weakest since March as oil weighs

  25-07-2016 16:05 via news.yahoo.com
  
  The commodity-linked Canadian dollar on Monday hit its weakest level against its U.S. counterpart since March, hurt by a slide in oil prices on concerns about oversupply and economic headwinds. * At 9:46 a.m. EDT (1346 GMT), the Canadian dollar was trading at C$1.3208 to the greenback, or 75.71 U.S. cents, weaker than the Bank of Canada's official close of C$1.3146, or 76.07 U.S. cents. * The Canadian dollar was underperforming most of its key currency counterparts.
  
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• Wall St lower as earnings roll in; Fed meet eyed

  25-07-2016 16:03 via news.yahoo.com
  
  Wall Street opened slightly lower on Monday as investors braced for another set of corporate earnings and awaited the Federal Reserve's monetary policy meeting. The Federal Open Market Committee (FOMC), which has had to defer raising interest rates, will begin its two-day meeting on Tuesday to decide whether the U.S. economy could absorb a rate increase in the near term. The FOMC is scheduled to announce its decision on Wednesday at 2:00 p.m. ET (1800 GMT).
  
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• Wall Street lower as earnings roll in; Fed meet eyed

  25-07-2016 15:59 via news.yahoo.com
  
  The Federal Open Market Committee (FOMC), which has had to defer raising interest rates, will begin its two-day meeting on Tuesday to decide whether the U.S. economy could absorb a rate increase in the near term. The FOMC is scheduled to announce its decision on Wednesday at 2:00 p.m. ET (1800 GMT). Low expectations of rate hikes, robust economic data and higher-than-expected second-quarter earnings have fueled a record-setting rally on Wall Street in the past two weeks.
  
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• Ryanair to shift growth focus from UK following EU exit vote

  25-07-2016 15:54 via news.yahoo.com
  
  DUBLIN (AP) — Ryanair, Europe's biggest short-haul airline, plans to reduce winter services at its main London hub and pursue growth at other bases because of weakened British economic prospects following the country's vote to leave the EU.
  
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• TSX falls as oil slide hurt energy stocks

  25-07-2016 15:43 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index opened lower on Monday, hurt by falls among energy and materials stocks as oil prices slid on a combination of oversupply concerns and economic headwinds. The Toronto Stock Exchange's S&P/TSX composite index was down 24.80 points, or 0.20 percent, at 14,572.01 shortly after the open. (Reporting by Alastair Sharp)
  
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• Wall Street set to open flat as earnings roll in

  25-07-2016 14:53 via news.yahoo.com
  
  The Federal Open Market Committee (FOMC), which has had to defer raising interest rates, will begin its two-day meeting on Tuesday to decide whether the U.S. economy could absorb a rate increase in the near term. The FOMC is scheduled to announce its decision on Wednesday at 2:00 p.m. ET (1800 GMT). Low expectations of rate hikes, robust economic data and higher-than-expected second-quarter earnings set Wall Street on a record-setting streak in the past two weeks.
  
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• Wall St set to open flat as earnings roll in

  25-07-2016 14:53 via news.yahoo.com
  
  Wall Street was set to open little changed on Monday as investors assessed another set of corporate earnings and ahead of the Federal Reserve's policy meeting. The Federal Open Market Committee (FOMC), which has had to defer raising interest rates, will begin its two-day meeting on Tuesday to decide whether the U.S. economy could absorb a rate increase in the near term. The FOMC is scheduled to announce its decision on Wednesday at 2:00 p.m. ET (1800 GMT).
  
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• Uneasy about U.S. election, rich investors eye selling stocks for cash - survey

  25-07-2016 14:25 via news.yahoo.com
  
  A quarter of rich U.S. investors are so concerned that the U.S. presidential race will hurt share prices that they are considering pulling out of the stock market entirely, according to a survey by UBS AG Wealth Management Americas. Five percent of the 2,300 mostly high net worth investors surveyed said they had already converted all of their U.S. stock holdings to cash, according to survey of investors in early June. "Investors really see this (election) as a watershed event," said Sameer Auror
  
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• Mauritius exporters see Brexit crimping textile export earnings to UK by 10 pct

  25-07-2016 14:22 via news.yahoo.com
  
  Revenues generated by Mauritius from textile exports to Britain will decline by about 10 percent this year as a result of the British vote to leave the European Union, the country's export association said on Monday. The EU is Mauritius' largest trading partner. Britain remains the largest buyer of Mauritian goods within the EU, accounting for 18 percent of total exports to the bloc.
  
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• Ooredoo Kuwait continues earnings slump with 28 pct Q2 profit drop

  25-07-2016 14:20 via news.yahoo.com
  DUBAI, July 25 (Reuters) - Mobile operator Ooredoo Kuwait reported a 28 percent fall in second-quarter net profit on Monday, continuing its earnings slump as revenue fell. The subsidiary of Qatar's Ooredoo competes domestically with Zain and Saudi Telecom Co (STC) affiliate Viva Kuwait. Ooredoo Kuwait made a net profit of 9.07 million dinars ($29.98 million) in the three months to June 30, it said in a statement. This compares with a profit of 12.6 million dinars in the year-earlier period. EFG
  
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• G20's deference for China's economic policies irks Japan

  25-07-2016 14:10 via news.yahoo.com
  
  By Pete Sweeney and Tetsushi Kajimoto SHANGHAI/TOKYO (Reuters) - China dodged criticism of its economic management at a G20 meeting it hosted on the weekend, even winning plaudits for yuan transparency, much to the frustration of Japanese officials who are calling for more reforms from Beijing. It was a marked contrast to a February G20 gathering of finance heads in Shanghai, when Chinese policymakers were on the defensive about the risk of another devaluation of the yuan. While the world's seco
  
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• Thai junta chief eyes halal hub for restive south

  25-07-2016 13:55 via news.yahoo.com
  
  Thailand's junta chief vowed Monday to reboot the flagging economy of the kingdom's poor and rebel-hit south, including by making the Muslim-majority region a hub for halal produce. Thailand's southernmost provinces have been wracked by violence since 2004 that has left over 6,500 people dead and eviscerated the economy which depends heavily on agriculture. On Monday he turned his focus to the economy in one of Thailand's poorest regions vowing to drive investment despite the ongoing violence.
  
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• G20 growth promise keeps shares near 9-month high

  25-07-2016 13:38 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - World shares held near nine-month highs on Monday after G20 finance chiefs said over the weekend they would use "all policy tools" to lift global growth. Backsliding oil prices held back commodity firms and some emerging markets, however, meaning MSCI's All World index failed to get over the peaks it scaled last week. Wall Street was expected to start the week flat too, with last week's record highs for the S&P 500 and Dow Jones likely to keep traders, still
  
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• G20 growth promise keeps global shares near nine-month high

  25-07-2016 13:32 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - World shares held near nine-month highs on Monday after G20 finance chiefs said over the weekend they would use "all policy tools" to lift global growth. Wall Street was expected to start the week flat too, with last week's record highs for the S&P 500 and Dow Jones likely to keep traders, still in the thick of earnings season, cautious for the next couple of days. "The Bank of Japan is really the one that is front and centre this time with the all talk aroun
  
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• Mongolian president clashes with new prime minister over cabinet posts

  25-07-2016 13:22 via news.yahoo.com
  Mongolian President Tsakhia Elbegdorj is already at loggerheads with the new prime minister over cabinet appointments, raising the specter of further instability as the economy slows and foreign investment declines. In June, Elbegdorj's Democratic Party lost a landslide parliamentary election to the Mongolian People's Party (MPP) of former finance minister Jargaltulga Erdenebayar, who took over as prime minister this month. The dispute centers on the prime minister's appointments of two official
  
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• Duterte defends deadly crime crackdown in national address

  25-07-2016 13:14 via news.yahoo.com
  
  By Martin Petty and Karen Lema MANILA (Reuters) - Philippine President Rodrigo Duterte vowed big reforms to tackle chronic economic flaws on Monday and defended his pursuit of a deadly anti-narcotics war, saying drugs were drowning his country and human rights were no excuse to shield criminals. Just a month into his presidency, Duterte used his inaugural State of the Nation Address to warn the public to steer clear of drug use, the scale of which was "staggering and scary" and promised no relen
  
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• Vietnam gets loans from World Bank to aid competitiveness, green growth

  25-07-2016 12:46 via news.yahoo.com
  The World Bank and Vietnam on Monday signed agreements under which the country will get $371 million in loans and grants to support its economic competitiveness, green growth and water management. The bank, Switzerland and Canada will give a combined $162 million loan and grant mixture to boost Vietnam's financial sector stability, reform state-owned enterprises and improve the business environment, the bank said in a statement. Separately, Vietnam will borrow $90 million from the World Bank to
  
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• China Vanke tussle is big test for new securities regulator

  25-07-2016 12:38 via news.yahoo.com
  
  A bitter shareholder row at China's largest property developer is a first big test for the country's new securities chief, appointed earlier this year to heal the wounds of last year's stock market meltdown and restore investor confidence. A high-profile takeover tussle at China Vanke Co Ltd has shone a light on risky shadow lending products known as Asset Management Plans (AMPs) used by Vanke's top investor Baoneng Group to finance its stakebuilding - fuelling investor concern over the more wid
  
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• Heightened Brexit currency volatility helps Julius Baer to record first-half profit

  25-07-2016 12:03
  
  ZURICH (Reuters) - Swiss private bank Julius Baer reported record first-half profits on Monday, aided by strong currency trading following Britain's surprise vote to leave the European Union.
  
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• Philippines' Duterte vows to push for several economic reforms

  25-07-2016 10:59 via news.yahoo.com
  MANILA (Reuters) - Philippine President Rodrigo Duterte vowed on Monday to push for several economic reforms to support the economy, including easing tax rules, streamlining investment applications, and relaxing the secrecy law on bank deposits. "My administration will pursue tax reforms towards simpler, more equitable and more efficient tax system that can foster investment and job creation," Duterte said in his State of the Nation Address to Congress. (Reporting by Karen Lema and Martin Petty;
  
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• German business confidence falls in July

  25-07-2016 10:24 via news.yahoo.com
  
  German business confidence fell in July in the first reading of companies' mood since Britain's June vote to quit the European Union, the Ifo economic institute said on Monday. The Ifo institute's closely-watched index fell to 108.3 points in July from June's figure of 108.7, which had been based on data collected before the Brexit referendum. Falling confidence was due to "far less optimistic business expectations on the part of companies," Ifo head Clemens Fuest said in a statement.
  
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• Lending, margins in focus on UK banks' second-quarter report cards: Goldman

  25-07-2016 10:12 via news.yahoo.com
  
  Loan growth, margin squeezes and credit costs are the areas investors will focus on when British banks report quarterly earnings, Goldman Sachs said in a note to clients. Barclays PLC and Lloyds Banking Group are scheduled to report this week and emerging markets-focused HSBC Holdings and Standard Chartered next week. While second quarter results are unlikely to capture any impact from the outcome of last month's Brexit referendum, all eyes are on the outlook as banks prepare for slower economic
  
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• BUZZ-Shares in several Saudi insurers surge on Q2 earnings

  25-07-2016 09:34 via news.yahoo.com
  ** Shares in several Saudi Arabian insurers rise sharply in unusually heavy trade after they report second-quarter earnings ** Saudi United Cooperative Insurance climbs 7.2 percent to 15.70 riyals after it swings to net profit before tax of 30.6 million riyals ($8.16 million) from loss of 40.4 million riyals in corresponding quarter of 2015 ** Al Rajhi Takaful gains 3.8 percent to 23.40 riyals after reporting 55 percent jump in quarterly net profit to 24.4 million riyals ** Alinma Tokio rises 1.
  
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• Asian markets drift as dealers await bank meetings

  25-07-2016 09:26 via news.yahoo.com
  
  Asian equity traders moved cautiously Monday as another record close on Wall Street was offset by wariness ahead of central bank meetings in Japan and the United States this week. The bank policymakers' gatherings are the first since last month's shock vote in Britain to leave the European Union, which led to promises around the world to provide support to financial markets. The pledges have fanned a surge across global markets, with the Dow and S&P 500 in New York both enjoying a series of
  
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• Gold slips on firmer equities; central banks in focus

  25-07-2016 09:25 via news.yahoo.com
  
  By Vijaykumar Vedala BENGALURU (Reuters) - Gold extended losses on Monday from the previous session as Asian stocks were at near nine-month highs on increasing risk appetite and ahead of central bank meetings in the United States and Japan this week. Spot gold was down 0.4 percent at $1,316.16 an ounce at 0703 GMT. "We could see some falling of gold prices with markets thinking things are not as bad as expected post-Brexit and the good performance of key U.S. economic indicators," said Jiang Shu
  
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• South African rand eases, seen range bound ahead of Fed

  25-07-2016 08:59 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa's rand weakened against the dollar in early Monday trade, as recent U.S. economic data boosted the possibility of the Federal Reserve lifting rates this year. * Rand down 0.23 percent at 14.3325 by 0643 GMT, compared with Friday's close at 14.3460. * Blue chip Top-40 futures index edges up 0.18 percent, indicating bourse will open slightly firmer at 0700 GMT. * Government bonds up slightly, and yield on debt maturing in 2026, the secondary market benchmark,
  
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• Nintendo shares dive as company plays down Pokemon GO's earnings impact

  25-07-2016 08:31 via news.yahoo.com
  
  By Junko Fujita TOKYO (Reuters) - Shares in Nintendo Co tumbled as much as 18 percent on Monday after the company said Pokemon GO would have a limited impact on its earnings - their biggest setback so far after a huge run-up on the smash-hit game. The Kyoto-based gaming company, which is due to report first-quarter results this week, surprised markets with a statement on Friday that income garnered through its 32 percent stake in affiliate Pokemon Company, which owns the licensing rights, would
  
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• Asian shares, dollar stay close to recent peaks

  25-07-2016 07:52 via news.yahoo.com
  
  Asian shares held near nine-month highs on Monday as assurance from policymakers on the need to boost growth quelled worries over the impact of Britain's Brexit vote while the dollar, buoyed by solid U.S. economic data, stayed firm. Policymakers from the Group of 20 countries agreed at the weekend to work to support global growth and better share the benefits of trade, in a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism. European shares are expect
  
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