Finance news

• Wall Street sees Fed rate hike by year-end after jobs data - Reuters poll

  07-10-2016 23:52 via news.yahoo.com
  
  A solid U.S. jobs report for September reinforced expectations among Wall Street's top banks that the Federal Reserve would raise interest rates by the end of the year, according to a Reuters poll conducted on Friday. Fourteen of the 15 primary dealers that responded to the poll forecast a rate hike at the U.S. central bank's December meeting. Primary dealers are the banks that do business directly with the Fed. This compared with 13 of 14 dealers in a similar poll done on Sept. 2 following the
  
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• BRIEF-Cosi and borrowers enters into secured dip promissory notes with AB Value Partners

  07-10-2016 23:51
  
  * On October 3, Co and borrowers entered into secured dip
  promissory notes with ab value partners in principal amount of
  $273,060.00
  
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• BRIEF-Nortel creditors fail to reach deal on how to split $7.3 bln- WSJ

  07-10-2016 23:49
  
  * Nortel creditors fail to reach deal on how to split $7.3
  billion - WSJSource (http://on.wsj.com/2dzewzK)
  
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• Stocks end lower to cap first weekly loss in a month

  07-10-2016 23:33 via news.yahoo.com
  
  Stocks ended slightly lower on Wall Street on Friday, giving the market its first weekly decline in a month. The market edged up in early trading after a much anticipated report on hiring last month showed ...
  
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• Wall Street off as pound crashes, jobs data keeps Fed on track

  07-10-2016 23:00 via news.yahoo.com
  
  U.S. stocks slipped on Friday as a drop in the British pound injected unwanted volatility to financial markets, while a weaker-than-expected jobs report was not enough to derail expectations for a rate hike from the Federal Reserve before the end of the year. "I don't think the pound itself is going to hurt U.S. earnings, but the volatility and the big drop you’ve seen in the last week are disturbing," said Paul Zemsky, chief investment officer, Multi-Asset Strategies and Solutions at Voya
  
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• Hedge funds post modest rise in September, still lag stock market: HFR

  07-10-2016 22:53
  
  BOSTON (Reuters) - Hedge fund returns inched ahead in September to finish their strongest quarter of the year, new data released on Friday showed, but they are still lagging the broader stock...
  
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• Canadian dollar weakens to a six-month low as risk appetite dips

  07-10-2016 22:50 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar weakened to a six-month low against its U.S. counterpart on Friday as volatility in the foreign exchange market and lower oil prices offset stronger-than-expected domestic jobs data. Canada's economy created 67,200 jobs in September, far more than expected, though that was fueled by the biggest increase in self-employed workers in more than seven years. "I don't think on its own it's warranted for the Canadian dollar to be where it is," sai
  
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• Stocks fall after sterling "flash crash", U.S. jobs data

  07-10-2016 22:48 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - Sterling weakened again on Friday after rebounding from a stunning plunge that injected volatility across markets, while Wall Street ended lower after a weaker-than-expected U.S. jobs report which left intact expectations for a U.S. interest rate hike by year-end. Sterling plummeted nearly 10 percent to a 31-year low in earlier trading in what traders called a "flash crash". The Bank of England was investigating the cause of the sudden price move, but the
  
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• Investment funds buy $7.771 billion two-year note in September: U.S. Treasury

  07-10-2016 22:48
  
  (Reuters) - Large investment managers bought $7.771 billion at a 2-year note auction held in September,
  
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• Global stocks fall after sterling 'flash crash', U.S. jobs data

  07-10-2016 22:38 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - Sterling weakened again on Friday after rebounding from a stunning plunge that injected volatility across markets, while Wall Street ended lower after a weaker-than-expected U.S. jobs report which left intact expectations for a U.S. interest rate hike by year-end. Sterling plummeted nearly 10 percent to a 31-year low in earlier trading in what traders called a "flash crash". The Bank of England was investigating the cause of the sudden price move, but the
  
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• G20: populist politicians threaten global economy

  07-10-2016 22:35 via news.yahoo.com
  
  The G20 warned Friday that populist politicians playing up anti-globalization and anti-free trade sentiments were putting the global economy at risk. The grouping of 20 economic powers suggested that the forces that have put Republican Donald Trump within reach of the US presidency and led to Britain's vote to leave the European Union could stall already frail global growth. While not mentioning Trump or other politicians by name, China's Finance Minister Lou Jiwei, speaking on behalf of the G20
  
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• New Jersey legislature sends gas tax hike to governor's desk

  07-10-2016 22:28 via news.yahoo.com
  
  New Jersey's Democrat-led legislature passed a 23-cent gasoline tax hike on Friday to re-start the state's stalled transportation projects, sending the measure to Republican Governor Chris Christie for his expected signature. The legislative package would increase the state's gas tax, which has not risen since 1988, to 37.5 cents per gallon. In exchange for the higher gas tax, the bills reduce the sales tax rate in phases and eliminate the estate tax, which now applies to estates valued over $67
  
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• Wall Street dips following sterling's fall

  07-10-2016 22:10 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended down slightly on Friday as a drop in the British pound injected volatility to markets, while a weaker-than-expected jobs report was not enough to derail expectations for a Federal Reserve rate hike before the end of the year.
  
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• Election in Georgia to test stability amid slump

  07-10-2016 22:04 via news.yahoo.com
  
  By Margarita Antidze TBILISI (Reuters) - Georgia holds a parliamentary election on Saturday seen as a test of the stability of the ex-Soviet state criss-crossed by strategically important oil and gas pipelines and traditionally buffeted between Russia and the West. A fifth of Georgian territory remains under the control of pro-Russian separatists following a short war with Russia in 2008 and the economy is emerging from a deep slowdown that has eroded living standards. Polls suggest the ruling G
  
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• UniCredit sounds out bank interest in FinecoBank stake: sources

  07-10-2016 21:57
  
  LONDON (Reuters) - UniCreditis holding informal talks with several banks to gauge interest in online broker FinecoBank , hoping the Milan-listed business will be valued at no less than 2.5 billion...
  
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• Fed's George says September U.S. jobs report was encouraging

  07-10-2016 21:28 via news.yahoo.com
  
  WASHINGTON (Reuters) - Kansas City Federal Reserve President Esther George on Friday said U.S. job data from September was encouraging and that the economy was getting closer to full employment.
  
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• Obama announces lifting of U.S. sanctions on Myanmar

  07-10-2016 21:21 via news.yahoo.com
  
  By David Brunnstrom WASHINGTON (Reuters) - President Barack Obama formally announced the lifting of U.S. sanctions on Myanmar on Friday by terminating an emergency order that deemed the policies of the former military government a threat to U.S. national security. "I have determined that the situation that gave rise to the national emergency ... has been significantly altered by Burma's (Myanmar's) substantial advances to promote democracy, including historic elections in November 2015," Obama s
  
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• Exclusive: William Hill, GVC among bidders for Canada's Amaya Inc - sources

  07-10-2016 21:19
  
  TORONTO (Reuters) - Canadian online gambling company Amaya Inc has received strong interest from other companies in the industry and some private equity firms, according to two sources familiar with...
  
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• Honeywell shares hit 7-month low after profit forecast cut

  07-10-2016 20:57
  
  Oct 7 (Reuters) - Shares of Honeywell International Inc
  plunged as much as 9 percent on Friday, a day after the
  aircraft-parts maker cut the top end of its 2016 profit forecast
  and said that sales...
  
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• SunOpta gets $85 million from Oaktree Capital to repay debt

  07-10-2016 20:48
  
  (Reuters) - Canadian organic food company SunOpta Inc said it has got $85 million from investment manager Oaktree Capital Management LP, in exchange for preferred shares, to pay off its second lien...
  
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• Deutsche Bank gets top investor support, CEO in talks with banks

  07-10-2016 20:42
  
  DOHA/FRANKFURT (Reuters) - Deutsche Bank has secured backing from its largest investor and is seeking advice from other banks as it scrambles to restore market confidence undermined by a demand by...
  
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• In Washington, Germany pressed to do more for global growth

  07-10-2016 20:39 via news.yahoo.com
  
  Pressure is mounting on Germany from the international community to do more to boost global growth by raising spending, just as it moves to assume the leadership of the powerful Group of 20. Europe's economic power was told in no uncertain terms during the IMF-World Bank meetings in Washington this week that it is expected to lead the effort to pull world growth out of its slump. Well if so, they should use it," said Christine Lagarde, managing director of the International Monetary Fund.
  
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• Mester says Fed communications need improvement

  07-10-2016 20:36 via news.yahoo.com
  
  The U.S. Federal Reserve's tricky strategy of communicating its policy intentions needs improvement because it focuses public attention too much on short-term economic data, a top Fed official said on Friday. Cleveland Fed President Loretta Mester, who sits on the central bank's communications committee, said the repeated message from the Fed that rate hikes are "data dependent" fails to accurately portray that such decisions are actually based on medium-term economic forecasts. "Our policy comm
  
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• Fed's Mester says U.S. economic data consistent with higher rates

  07-10-2016 20:34 via news.yahoo.com
  
  Cleveland Federal Reserve President Loretta Mester said current U.S. economic data, including the September payrolls report released on Friday, were consistent with the U.S. central bank considering an increase in interest rates. "We have made progress on both (of the Fed's) mandates," Mester, who dissented with two other Fed officials at the September policy meeting, told reporters after a speech at an event organized by the Manhattan Institute.
  
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• UPDATE 1-Tyson Foods stock plunges as brokerage says lawsuit may have merit

  07-10-2016 20:33
  
  Oct 7 (Reuters) - Shares of Tyson Foods Inc fell
  11.5 percent, their biggest intraday percentage drop in more
  than six years, after a brokerage said a class action lawsuit
  against the largest U.S....
  
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• Finance leaders issue fresh warnings amid Deutsche worries, pound rout

  07-10-2016 20:26 via news.yahoo.com
  
  World finance leaders issued fresh warnings about economic stability risks on Friday amid worries about a massive U.S. fine for Deutsche Bank destabilizing Germany's largest bank, a sharp fall in the British pound and weak global growth. Jeroen Dijsselbloem, the chairman of euro zone finance ministers, said that the U.S. Department of Justice's demand that Deutsche Bank pay $14 billion for its role in the sub-prime mortgage crisis is too big and will undermine financial stability. "Let's hope it
  
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• ECB's Draghi tells G20 rates to stay low until growth convincingly picks up

  07-10-2016 20:25 via news.yahoo.com
  
  European Central Bank interest rates will stay low until euro zone economic growth picks up in a convincing way, ECB head Mario Draghi told finance ministers and central bank governors from the world's 20 biggest economies (G20) at on Thursday, a G20 source said. In an apparent reference to a story on Bloomberg from Oct 4 on a consensus building in the ECB on tapering quantitative easing, Draghi told the G20 dinner it would be a mistake to speculate about tightening of monetary policy, the G20 s
  
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• Stocks fall as Wall Street heads for a weekly decline

  07-10-2016 19:41 via news.yahoo.com
  
  Stocks are edging lower in afternoon trading Friday as the market heads for its first weekly decline in four weeks. Nine of the 11 sectors of the Standard & Poor's 500 were lower, led by basic materials ...
  
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• Wall Street falls after ho-hum jobs data, sterling 'flash crash'

  07-10-2016 19:25 via news.yahoo.com
  
  It was latest in two weeks of what some investors described as directionless trading, with uncertainty around a tight race for the White House weighing on sentiment ahead of the Nov. 8 vote. Nonfarm payrolls rose 156,000, down from a gain of 167,000 jobs in August, the Labor Department said. "It's strong enough that you're not worried about the U.S. slipping into an economic slump," said Michael Jones, an investment officer at RiverFront Investment Group in Richmond, Virginia.
  
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• Tyson Foods stock plunges as brokerage says lawsuit may have merit

  07-10-2016 19:19
  
  Oct 7 (Reuters) - Shares of Tyson Foods Inc, the
  largest U.S. meat processor, fell as much as 11.5 percent to
  $65.85 on Friday after a brokerage report said a class action
  lawsuit against the company...
  
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• U.S. job growth slows; markets bet on December rate hike

  07-10-2016 19:08 via news.yahoo.com
  
  U.S. employment growth eased for the third straight month in September and the jobless rate rose, but the slowdown was not expected to prevent the Federal Reserve from raising interest rates later this year. The Labor Department's report on Friday suggested the economy was on firm ground, but not growing so swiftly as to knock the U.S. central bank off its game plan of raising borrowing costs only gradually. The unemployment rate ticked up a tenth of a percentage point to 5.0 percent as more Ame
  
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• G20: Populist political foes of globalization pose serious risk

  07-10-2016 18:48 via news.yahoo.com
  
  The G20 warned Friday of the risks to the global economy of populist politicians playing up anti-globalization sentiments to win votes. The grouping of 20 international economic powers suggested that the forces that have put Republican Donald Trump a step from the US presidency and led to Britain's vote to leave the European Union could drag down an already frail global economy. While not mentioning Trump or other politicians by name, China's Finance Minister Lou Jiwei, speaking on behalf of the
  
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• Stocks fall in afternoon trading Friday after jobs report

  07-10-2016 18:46 via news.yahoo.com
  
  NEW YORK (AP) — Suppliers of basic materials are leading the stock market lower in afternoon trading Friday after a solid report on hiring in the U.S. last month. Nine of the 11 sectors of the Standard & Poor's 500 were lower as the index heads to its first weekly decline in four weeks. Earnings reports and guidance from companies were mixed.
  
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• FACTBOX: Wall Street's take on possible impact of U.S. elections

  07-10-2016 18:44 via news.yahoo.com
  
  (Reuters) - U.S. Democratic presidential candidate Hillary Clinton and Republican candidate Donald Trump are in a tight race ahead of the Nov. 8 U.S. presidential election. Following is a weekly roundup of financial market analysts' views on the U.S. elections and the likely implications of a Trump or Clinton win on financial markets.
  
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• UPDATE 1-Sports Direct cuts profit forecast again after sterling plunge

  07-10-2016 18:12
  
  * Shares fall up to 13 pct, down 54 pct this year(Adds detail, background)
  
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• Commodities round-up: Oil benchmarks slide as traders indulge in profit-taking

  07-10-2016 17:59 via news.yahoo.com
  
  Oil futures headed lower on Friday (7 October), bringing to an end four consecutive sessions of intraday gains, as City sources suggested traders went in to cash out recent gains with the weekend in sight. At 3.20pm BST, the Brent front-month futures contract was down 0.32% or 17 cents at $52.34 per barrel, while the West Texas Intermediate 0.38% or 19 cents at $50.25 per barrel, with the latter benchmark maintaining its $50-plus barrel, a mark it attained in US trading overnight. Matt Stanley,
  
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• Fed's Fischer says jobs number close to Goldilocks ideal

  07-10-2016 17:42 via news.yahoo.com
  
  WASHINGTON (Reuters) - Friday's jobs number was close to an ideal "Goldilocks" reading that showed the economy motoring ahead but not too fast to pose risks, Federal Reserve vice chair Stanley Fischer said on Friday.
  
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• Wall Street lower after jobs data keeps rate hike on track

  07-10-2016 17:30 via news.yahoo.com
  
  The rate of unemployment climbed to 5 percent from 4.9 percent in August, though the increase was driven by more Americans rejoining the labor force. Federal Reserve Chair Janet Yellen has said the economy needs to create less than 100,000 jobs a month to keep up with population growth. "It's strong enough that you're not worried about the U.S. slipping into an economic slump," said Michael Jones, an investment officer at RiverFront Investment Group in Richmond, Virginia.
  
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• Pound's "flash crash" strains bond, stock market nerves

  07-10-2016 17:10 via news.yahoo.com
  
  By Patrick Graham LONDON (Reuters) - Sterling lost as much as 10 percent of its value in just a few minutes of trading early on Friday, a "flash crash" that fuelled concerns about the vulnerability of the currency and other British assets to investor worries about Brexit. The pound recovered from the initial plunge, which took it as low as $1.1491 in Asian hours and was driven, dealers said, by the automated algorithmic computer trades that now dominate the global foreign exchange market. The FT
  
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• Factbox - Sterling "flash crash": who holds British assets?

  07-10-2016 17:03 via news.yahoo.com
  
  A 10 percent "flash crash" in sterling on Friday was the latest sign of how far Britain's impending exit from the European Union has rattled financial markets, with the UK's currency, stocks and government bonds all falling for a second straight day. With a current account deficit of nearly 6 percent of economic output, Britain is highly reliant on foreign investment. Here is a closer look at overseas holdings of its main financial assets: * Around 5 percent of the world's known central bank for
  
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• Trump Gets New E-mail Ammunition Against Clinton

  07-10-2016 16:48 via news.yahoo.com
  
  The Republican National Committee appears to have gathered some fresh ammunition for the party’s presidential nominee as the second presidential debate nears. A cache of emails obtained by the party under the Freedom of Information Act and partially released to the Wall Street Journal, show that the Obama White House and the Department of State coordinated on a response to the revelation that Hillary Clinton had used a private email server while she was serving as secretary of state. The e
  
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• BRIEF-Swiber Holdings updates on claims received by the group

  07-10-2016 16:40
  
  * As of 6 october 2016, total sum of claims received by
  group is approximately us$246.1 millionSource text for Eikon:Further company coverage:
  
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• German companies consider taking symbolic stake in Deutsche Bank: source

  07-10-2016 16:36 via news.yahoo.com
  
  Some of Germany's top industrial companies have revived a decades-old network to discuss the possibility of taking a symbolic stake in Deutsche Bank, aiming to help it through its current turmoil, an executive at one of the firms told Reuters. If such a support plan went ahead, it would mark a reversal of roles from the years of the post-war economic miracle till the 1990s, when Deutsche owned chunks of German industry, coming to the rescue of some that ran into trouble. The discussions have inv
  
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• Britain's economy likely expanded 0.4 percent in third quarter - NIESR

  07-10-2016 16:29 via news.yahoo.com
  
  British economic growth probably slowed in the three months that followed June's Brexit vote, but not by quite as much as the Bank of England expects, a leading think tank said on Friday. The economy likely grew at a quarterly pace of 0.4 percent in the three months to September, down from the 0.7 percent growth reported for the second quarter, the National Institute of Economic and Social Research (NIESR) said. Last month the Bank of England predicted growth of 0.3 percent in the third quarter.
  
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• Stocks fall in early trading Friday after jobs report

  07-10-2016 16:25 via news.yahoo.com
  
  NEW YORK (AP) — Suppliers of basic materials are leading Wall Street broadly lower in early trading Friday after a solid U.S. report on hiring last month. Earnings reports and guidance from companies were mixed. The British pound continued to fall, plunging in a "flash crash" before trimming most of its losses.
  
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• UPDATE 1-Chemical company PPG sees first quarterly loss since 2009

  07-10-2016 16:12
  
  Oct 7 (Reuters) - Chemical company PPG Industries Inc
  said on Friday it expected to post a third-quarter loss,
  its first since March 2009, due to charges related to a pension
  settlement.
  
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• Wall Street slips after September jobs report

  07-10-2016 16:01 via news.yahoo.com
  
  Wall Street was lower on Friday after a weaker-than-expected September jobs report indicated that the U.S. Federal Reserve would be cautious about raising interest rates. U.S. employment growth slowed for the third straight month in September, with employers adding 156,000 jobs, a report by the Labor Department showed. The rate of unemployment climbed to 5 percent from 4.9 percent in August, though the increase was driven by Americans rejoining the labor force.
  
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• G20 warns over populist politicians touting anti-globalization

  07-10-2016 15:55 via news.yahoo.com
  
  The G20 warned Friday of the risks to the global economy of populist politicians playing up anti-globalization sentiments to voters. With the global economy already dragging, finance ministers of the group of leading economies said such populism could further hurt growth. "This trend of deep anti-globalization populism has driven politicians to come up with their campaign slogans and try to win the votes and support.
  
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• Canada trying to get infrastructure investment out quickly: Trudeau

  07-10-2016 15:52 via news.yahoo.com
  
  The Canadian government is trying to dispense infrastructure investments into the economy as quickly as possible to spur growth, Prime Minister Justin Trudeau said on Friday. Trudeau said during a Reuters Newsmaker event in Toronto that the government is monitoring jobs data and other figures very closely and is not "dogmatic about what works." Trudeau's Liberals came to power last year promising C$60 billion in new infrastructure spending, bringing the total to C$120 billion ($91 billion) overa
  
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• Canadian dollar recovers from earlier six-month low as jobs jump

  07-10-2016 15:40 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar strengthened slightly against its U.S. counterpart on Friday, recovering from an earlier six-month low as domestic jobs data diminished prospects of a Bank of Canada interest rate cut. Canada's economy created 67,200 jobs in September, far more than expected, though that was fueled by the biggest increase in self-employed workers in more than seven years, data from Statistics Canada showed. "We were expecting some catch-up in this jobs repo
  
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