Finance news

• Investors migrate from stocks to bonds in latest week: Lipper

  20-10-2016 23:41
  
  NEW YORK (Reuters) - Investors pulled $3.4 billion from U.S.-based stock funds while moving an equal amount into taxable-bond funds during the latest week, Lipper data showed on Thursday.
  
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• Canada November fiscal update to be informed by tips to drive growth

  20-10-2016 23:36 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canada will provide an update on Nov. 1 on its economic and fiscal situation that will also consider recommendations for boosting immigration and creating an infrastructure development bank, Finance Minister Bill Morneau said on Thursday. Morneau said the update would take into consideration an economic advisory council's recommendations for creation of the infrastructure development bank and an agency to increase foreign investment in Canada, plus increasing t
  
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• Wall Street dips as telecoms slump; AmEx surges

  20-10-2016 23:28 via news.yahoo.com
  
  The sector was also pressured late in the session as AT&T extended earlier losses after a report the company had discussed the idea of a merger with Time Warner during recent meetings. AT&T shares ended down 1.9 percent while Time Warner advanced 4.7 percent. Despite the big gain in AmEx shares, the financial sector closed down slightly, off 0.02 percent as property and casualty insurer Travelers dropped 6.1 percent after reporting a steep drop in profit.
  
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• U.S. municipal bond funds post $135.9 million in outflows: Lipper

  20-10-2016 23:13
  
  (Reuters) - U.S. municipal bond funds reported $135.9 million of net outflows in the week ended Oct. 19, compared with $147.3 million in inflows in the previous week, according to data released by...
  
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• US stocks snap 2-day winning streak, close slightly lower

  20-10-2016 23:07 via news.yahoo.com
  
  A day of mostly listless trading on Wall Street ended Thursday with U.S. stocks giving back modest gains from the day before.
  
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• Wallonia stays opposed to EU-Canada free trade deal: Belga news agency

  20-10-2016 23:03 via news.yahoo.com
  
  BRUSSELS (Reuters) - The Belgian region of Wallonia maintained its opposition to an EU-Canada free trade deal, rejecting new concessions, Belgian news agency Belga reported on Thursday. All 28 EU governments support the planned Comprehensive Economic and Trade Agreement (CETA), but Belgium cannot give its assent without backing from five sub-federal administrations. Without Belgium's signature the pact would likely fail. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)
  
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• Bank of Canada's talk, not action, keeps lid on C$

  20-10-2016 23:01 via news.yahoo.com
  
  By Andrea Hopkins OTTAWA (Reuters) - Canada's central bank head whipsawed markets on Wednesday when he mused about considering a rate cut shortly after holding rates steady. Governor Stephen Poloz's revelation that the central bank had "actively discussed" adding stimulus sent the Canadian dollar tumbling - just as he intended, according to some financial market players. "It was shot across the bow at the currency, which is currently trading at slightly elevated levels to where it should be and
  
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• U.S. Treasury official urges move away from Libor

  20-10-2016 22:04
  
  (Reuters) - A U.S. Treasury Department official said on Thursday it is critical for financial markets to make plans for a transition to an alternative reference rate to Libor, the London interbank...
  
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• Wall Street dips as Verizon drags; AmEx curbs losses

  20-10-2016 20:50 via news.yahoo.com
  
  U.S. stocks declined modestly in a choppy session on Thursday as investors digested the latest round of earnings, with telecoms suffering a sharp drop in the wake of results from Verizon Communications. Telecoms were down 1.9 percent, on track for their biggest percentage decline in five weeks, as Verizon lost 2.7 percent. "Financials for the most part since the earnings season started have been pretty solid, but telecoms not, therefore they are dragging down the market," said Randy Frederick, m
  
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• Emergency Wallonia cabinet meeting called on EU-Canada trade deal

  20-10-2016 20:46 via news.yahoo.com
  
  The premier of the Belgian region that is the main impediment to a planned EU-Canada free trade agreement called an unscheduled meeting of his government on Thursday ahead of a declaration to the regional parliament on Friday. All 28 EU governments support the planned Comprehensive Economic and Trade Agreement (CETA), but Belgium cannot give its assent without backing from five sub-federal administrations and the Wallonia region has steadfastly opposed it. Walloon premier Paul Magnette has held
  
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• U.S. to seek explanation of Duterte's comment on 'separation'

  20-10-2016 20:05 via news.yahoo.com
  
  The United States will seek an explanation from the Philippines for President Rodrigo Duterte's announcement of a "separation" from Washington, the State Department said on Thursday, calling the remarks baffling and at odds with the two countries' close relationship. Duterte said during a visit to China on Thursday that "America has lost" in military and economic ties with the Philippines and "I announce my separation from the United States." "We are going to be seeking an explanation of exactly
  
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• Citigroup retains top spot in third-quarter U.S. CLO arranger league table

  20-10-2016 19:20
  
  NEW YORK (Reuters) - Citigroup was the most active arranger of US Collateralized Loan Obligations (CLOs) in the third quarter, holding the top spot for the second consecutive quarter, as issuance...
  
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• AmEx leads Wall St. recovery, tech stocks weigh on Nasdaq

  20-10-2016 18:56 via news.yahoo.com
  
  The stock was the top boost to the S&P 500 as well as the Dow, where it added about 42 points, perfectly negating the impact of Verizon and Travelers together. Verizon fell 2.6 percent, dragging the most on the S&P, after the wireless carrier reported a drop in quarterly revenue. The top drag on the Dow was Travelers , which fell 4.2 percent after the insurer posted a steep drop in profit.
  
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• American Airlines' profit margin forecast disappoints

  20-10-2016 18:47 via news.yahoo.com
  
  The airline said it expected a pretax margin, excluding special items, of between 4 percent and 6 percent in the current quarter, which J.P. Morgan analyst Jamie Baker said would put it at the bottom of the industry. Fort Worth, Texas-based American said the decline in revenue reflected competitive capacity growth, economic weakness outside of the United States and a strong dollar. Attacks in Brussels and Paris have discouraged some Americans from visiting Europe, while new competition has emerg
  
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• European stocks rise after ECB keeps stimulus unchanged

  20-10-2016 18:36 via news.yahoo.com
  
  London (AFP) - Stock markets in Europe closed higher on Thursday after the European Central Bank (ECB) made no changes to its bond-buying stimulus programme, leaving investors eyeing December for the next move.
  
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• EU calls meeting to try to unblock Canada trade deal

  20-10-2016 18:32 via news.yahoo.com
  
  By Philip Blenkinsop and Alastair Macdonald BRUSSELS (Reuters) - The European Union summoned envoys from its member states to an emergency meeting in Brussels at 8 p.m. (1800 GMT) on Thursday to seek a last-minute resolution to Belgian difficulties holding up a trade deal with Canada, diplomats said. All 28 EU governments support the planned Comprehensive Economic and Trade Agreement (CETA), but Belgium cannot give its assent without backing from five sub-federal administrations and the Wallonia
  
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• Investors pull 1 percent of hedge fund capital in third quarter: data

  20-10-2016 18:25
  
  BOSTON (Reuters) - Investors frustrated by poor returns and high fees at hedge funds pulled out roughly 1 percent of industry capital in the third quarter, with outflows totaling $28 billion.
  
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• Dunkin' Brands tempers growth forecast over election jitters

  20-10-2016 18:21 via news.yahoo.com
  
  Dunkin' Brands Group Inc on Thursday tempered its forecast for openings of flagship U.S. Dunkin' Donuts shops, saying the contentious U.S. election was undermining franchisee confidence about the economy and regulations, from federal to local levels. Shares in Dunkin' Brands, which are fueled by expectations that Dunkin' Donuts will expand aggressively in the United States, were down 4 percent at $48.95 in midday trading on Thursday. The acrimonious campaign between Republican presidential nomin
  
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• Ex-Goldman recruit drives HSBC's investment banking ambitions

  20-10-2016 18:16 via news.yahoo.com
  
  By Lawrence White LONDON (Reuters) - Using a rare hire from a Wall Street firm, HSBC is pushing hard to become the top European-based investment bank while its regional rivals struggle with regulatory fines and falling revenues. Former Goldman Sachs banker Matthew Westerman, who took over as head of the Global Banking division in May, has made sweeping changes in the drive to steal market share in a business area where HSBC lags most of its major peers. The London-based lender wants to capitalis
  
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• Survey: More Americans now have access to bank accounts

  20-10-2016 18:07 via news.yahoo.com
  
  More Americans have access to a checking or savings account, according to a survey released Thursday by federal regulators, a sign that the improving economy is helping lift the nation's poorest households. ...
  
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• Average US 30-year mortgage rises to 3.52 percent

  20-10-2016 17:54 via news.yahoo.com
  
  Long-term U.S. mortgage rates rose this week for a second straight week, reaching their highest levels since June. Mortgage giant Freddie Mac said Thursday the average for a 30-year fixed-rate mortgage ...
  
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• Wall St. falls as weak earnings dent optimism; oil drags

  20-10-2016 17:26 via news.yahoo.com
  
  Verizon fell 2.3 percent, dragging the most on the S&P, after the wireless carrier reported a drop in quarterly revenue. The telecom services sector tumbled 1.9 percent, the most among the 11 major S&P 500 indexes. Microsoft , scheduled to report after the bell, fell 1.3 percent, weighing the most on the Nasdaq.
  
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• Wall Street falls as weak earnings dent optimism; oil drags

  20-10-2016 17:25 via news.yahoo.com
  
  U.S. stocks fell sharply on Thursday as weak earnings from index heavyweights such as Verizon dented optimism about the earnings season and as a drop in oil prices weighed on energy stocks. Verizon fell 2.3 percent, dragging the most on the S&P, after the wireless carrier reported a drop in quarterly revenue. The telecom services sector tumbled 1.9 percent, the most among the 11 major S&P 500 indexes.
  
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• BNY Mellon profit beats estimates as costs fall

  20-10-2016 17:24
  
  (Reuters) - Bank of New York Mellon Corp reported a better-than-expected quarterly profit as expenses dropped 1.4 percent, and the world's largest custody bank said on Thursday it expected costs to...
  
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• ECB's Draghi eases fears of 'tapering' stimulus

  20-10-2016 17:13 via news.yahoo.com
  
  European Central Bank president Mario Draghi on Thursday shot down speculation that the bank was mulling an end to its massive bond purchases, but offered few clues about future stimulus moves. The bank chief dismissed an early October Bloomberg report that the ECB was considering winding down -- or tapering -- its bond-buying programme, known as quantitative easing (QE). Draghi pointed to a recent ECB bank lending survey showing that businesses and households were enjoying easier access to cred
  
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• Investment banks scramble to fill top jobs in Italy

  20-10-2016 17:04
  
  LONDON (Reuters) - Headhunters are trying to lure Italian bankers in London back to jobs at home, hoping to use Britain's vote to leave the EU as leverage to fill a string of vacancies at investment...
  
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• 'Barefoot surveyors' flag needs in world's slums, key to urban development : activist

  20-10-2016 17:04 via news.yahoo.com
  
  By Paola Totaro QUITO (Thomson Reuters Foundation) - Mapping slum areas is critical if cities are to bridge the gap between the bustling, informal economies of their shantytowns and richer districts, a leading activist told a U.N. meeting to shape urban development over the next 20 years. Rose Molokoane, coordinator for Shack/Slum Dwellers International (SDI) and a veteran South African grassroots activist, said the urban poor are too often denied a say in the economic development of their commu
  
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• Swiss private bank Lombard Odier to open Milan office

  20-10-2016 16:47
  
  ZURICH (Reuters) - Swiss-based wealth manager Lombard Odier Group will open an office in Milan for private banking clients, it said on Thursday, adding Italy to its foreign network.
  
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• Investors pull $28 billion from hedge funds in third-quarter: HFR

  20-10-2016 16:43
  
  BOSTON (Reuters) - Investors pulled $28 billion out of hedge funds during the third quarter, the largest amount of quarterly redemptions since the end of the financial crisis, research firm Hedge...
  
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• European equities mixed after ECB signals no change

  20-10-2016 16:15 via news.yahoo.com
  
  Hong Kong (AFP) - Stock markets in Europe were mixed on Thursday after the European Central Bank signalled no changes to its bond-buying stimulus programme set to expire in just over five months.
  
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• TREASURIES-U.S. bonds trim gains after exiting home sales data

  20-10-2016 16:10
  
  NEW YORK, Oct 20 (Reuters) - U.S. Treasury prices pared
  earlier gains on Thursday as a stronger-than-expected increase
  in domestic home resales in September reduced some pessimism
  about the housing...
  
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• Zambia's economic growth seen steady at 3 percent this year

  20-10-2016 16:08 via news.yahoo.com
  
  Zambia's economy should grow three percent this year, little changed from 2015, while the fiscal deficit will widen after Africa's second largest copper producer was hit by depressed metal prices, Finance Minister Felix Mutati said on Thursday. Zambia's fiscal deficit will top 10 percent of Gross Domestic Product this year, up from 8.1 percent in 2015, after state spending rose due to infrastructure projects, emergency power imports and subsidies, Mutati told parliament. Zambia began talks with
  
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• Mexico's Banregio bets on small business loans, but risks remain

  20-10-2016 16:03
  
  MEXICO CITY, Oct 20 (Reuters) - Mexico's Banregio Grupo
  Financiero is dwarfed by industry titans like Bancomerand Citibanamex but that seems to suit its small and
  medium-sized business clients just...
  
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• LPC-Chesapeake loan surges as investors clamor for refinancing protection

  20-10-2016 16:01
  
  NEW YORK, Oct 20 (Reuters) - US natural gas producer
  Chesapeake Energy's US$1.5bn leveraged loan has hit
  stratospheric price heights in the secondary market normally
  reserved for high-yield bonds,...
  
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• U.S. home resales rise, prices also up as inventory stays tight

  20-10-2016 16:00
  
  WASHINGTON, Oct 20 (Reuters) - U.S. home resales rose more
  than expected in September, boosted by a firming labor market
  that is helping buyers overcome a fast increase in prices and a
  national...
  
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• TREASURIES-U.S. yields fall after Draghi's bond purchase remarks

  20-10-2016 15:58
  
  NEW YORK, Oct 20 (Reuters) - U.S. Treasury yields fell on
  Thursday as European Central Bank President Mario Draghi said
  there was no discussion at the ECB's latest policy meeting on
  possible changes...
  
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• UK lawmakers back stripping Philip Green of knighthood over BHS collapse

  20-10-2016 15:51
  
  LONDON, Oct 20 (Reuters) - British lawmakers backed
  stripping billionaire Philip Green of his knighthood over the
  collapse of BHS, in a symbolic move on Thursday that will raise
  pressure on the...
  
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• Nigerian property crash attracts funds looking beyond recession

  20-10-2016 15:50 via news.yahoo.com
  
  By Alexis Akwagyiram LAGOS (Reuters) - A property market crash in Nigeria offers opportunities for brave investors betting that Africa's most populous nation will deliver high returns when it climbs out of recession. Rents for residential and office property in the commercial capital Lagos have dropped by around 20 percent, year on year, due to a supply glut as projects planned prior to 2014, when oil prices started to fall, are now coming online. Investing in Africa's largest economy requires a
  
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• AFRICA BUSINESS-Nigerian property crash attracts funds looking beyond recession

  20-10-2016 15:42
  
  * Nigeria attractive only for high-risk investors with
  patience
  
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• Wall St. opens lower on weak earnings, oil prices

  20-10-2016 15:40 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened slightly lower on Thursday as weak oil prices weighed on energy and material stocks and due to tepid earnings reports from some marquee companies.
  
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• CANADA FX DEBT-C$ weakens to nearly 1-week low as oil pulls back

  20-10-2016 15:33
  
  * Canadian dollar at C$1.3181, or 75.87 U.S. cents* Loonie touches its weakest since Oct. 14 at C$1.3214* Bond prices higher across the yield curve TORONTO, Oct 20 (Reuters) - The...
  
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• TREASURIES-U.S. bonds gain as Draghi remarks on bond purchases

  20-10-2016 15:32
  
  NEW YORK, Oct 20 (Reuters) - U.S. Treasury prices rose on
  Thursday as European Central Bank President Mario Draghi said
  there was no discussion at the ECB's latest policy meeting on
  possible changes...
  
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• MIDEAST STOCKS-Mammoth bond issue boosts Saudi, Egypt rebounds

  20-10-2016 15:32 via news.yahoo.com
  
  * Saudi banks rally on bond issue * SEC jumps on strong Q3 profit * STC gains on in-line profit, Mobily drops on loss * Hokair tumbles on earnings slump * Dubai's DXBE jumps for third day before theme parks open By Celine Aswad DUBAI, Oct 20 (Reuters) - Saudi Arabia's stock market rose sharply on Thursday as banks rallied after the kingdom's mammoth international bond sale, which could help to unclog liquidity bottlenecks in the economy. Egypt bounced as investors bought into recent dips. The Sa
  
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• Ireland to hit foreign investors with new tax on real estate deals

  20-10-2016 15:31
  
  DUBLIN, Oct 20 (Reuters) - Non-resident investors in Irish
  real estate funds will have to pay a 20 percent withholding tax
  from next year, the finance ministry said on Thursday, in a
  further clamp...
  
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• Unilever's 'Marmitegate' shows strain on consumer industry

  20-10-2016 15:29 via news.yahoo.com
  
  Unilever's push to raise the prices of its brands in Britain in response to a fall in the pound exposed the vulnerabilities of a company - and wider consumer brands industry - that can no longer count on selling more goods to deliver revenue growth. Consumer goods companies have been grappling with slowing volume sales over the past year, hit by falling household spending across the world, fierce competition from retailers' own-brand products and economic weakness in emerging markets. The pound'
  
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• European Central Bank keeps door ajar for more stimulus

  20-10-2016 15:28 via news.yahoo.com
  
  The European Central Bank has left the door open to an extension of its stimulus program at its next meeting in December, when it will be armed with new forecasts for the economy of the 19-country eurozone. ...
  
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• ECB, keeping rates unchanged, stays quiet about future policy

  20-10-2016 15:27 via news.yahoo.com
  
  The European Central Bank kept interest rates on hold at historic lows on Thursday and its president said the Bank was committed to pursuing substantial asset purchases aimed at spurring growth and inflation. With the eurozone economy enjoying what Draghi called "a moderate but steady" recovery, he defended the stimulus effort as being more successful than the ECB had hoped, and rejected suggestions that ultra-low rates were counter-productive. "The conclusion was they don't hinder the transmiss
  
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• Fed's Dudley: Banks need to ensure employee incentives in line with good conduct

  20-10-2016 15:18
  
  NEW YORK (Reuters) - Banks need to continue to monitor the way they reward employees to ensure they promote good conduct, one of the country's top financial regulators said on Thursday.
  
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• Q&A: Designer Nanette Lepore has a fortitude for fashion and money

  20-10-2016 15:15
  
  New York (Reuters) - Long before fashion designer Nanette Lepore was selling her wares to Neiman Marcus and Bloomingdales, she was dressing her neighbors in Youngstown, Ohio. Her best 9-year-old look...
  
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• Wall Street set to open lower on earnings, oil prices

  20-10-2016 15:09 via news.yahoo.com
  
  U.S. stock index futures gave up early gains and set Wall Street up to open slightly lower on Thursday as tepid earnings reports and economic data as well as drop in oil prices tempered enthusiasm. Shares of Dow component Verizon were off 2.5 percent in premarket trading after the wireless carrier reported a drop in quarterly revenue. American Express, also a Dow component, jumped 6.3 percent after its strong results and forecast.
  
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