Finance news

• BRIEF-Key Energy Services commences reorganization

  25-10-2016 23:42
  
  * Key Energy Services commences reorganization via voluntary
  chapter 11 filing; receives approval of critical "first day"
  motions
  
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• Wall St. slips on earnings; Apple falls late after results

  25-10-2016 23:31 via news.yahoo.com
  
  Apple , the largest U.S. company by market capitalization, posted after the bell better-than-expected iPhone sales that however continued a declining trend and shares fell about 2 percent, briefly dragging S&P 500 futures to session lows. Sherwin Williams' outlook also disappointed Wall Street and shares fell 10.9 percent to $247.61. "Lackluster results from Whirlpool and Sherwin Williams may indicate a slowing in the housing cycle," said Kim Forrest, senior equity research analyst at Fort P
  
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• World markets lose steam, oil falls; US earnings mixed

  25-10-2016 23:29 via news.yahoo.com
  
  New York (AFP) - Global stock markets lost steam Tuesday amid a deluge of US corporate earnings reports showing mixed results, as well as solid German economic data, while oil dropped below the psychological $50 level.
  
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• Red ink will rule, but optimism in the oilpatch as earnings released

  25-10-2016 23:24 via news.yahoo.com
  
  Precision Drilling announced some full-on good news last week with its third-quarter earnings. Precision Drilling employed 4,337 people at the end of 2015, as compared with 7,834 a year earlier. In a conference call with analysts, Precision's chief executive Kevin Neveu said that sentiment in the industry was the best he had seen in two years.
  
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• Wall Street slips on earnings; Apple falls late after results

  25-10-2016 23:23 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks slipped from two-week highs on Tuesday as results and forecasts from companies in sectors including housing and consumer products failed to live up to expectations.
  
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• Consumer stocks fall as Whirlpool, GM and others skid

  25-10-2016 23:23 via news.yahoo.com
  
  NEW YORK (AP) — Shaky results from consumer companies dragged the U.S. stock market lower on Tuesday as shares of well-known names like appliance maker Whirlpool and athletic apparel maker Under Armour suffered their worst declines in years.
  
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• Spain's Abengoa says has creditor support needed to avoid bankruptcy

  25-10-2016 23:20
  
  MADRID, Oct 25 (Reuters) - Spanish renewable energy and
  engineering firm Abengoa said on Tuesday that its debt
  restructuring plan had the support of over 75 percent of its
  creditors, according to an...
  
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• Apple iPhone sales fall but beat estimates; shares slip

  25-10-2016 22:48 via news.yahoo.com
  
  Apple Inc sold more iPhones than Wall Street had expected in the latest quarter, and the company forecast higher-than-expected revenue for the critical holiday-shopping season. The world's most valuable publicly traded company said on Tuesday it sold 45.51 million iPhones in the three months ended Sept. 24, beating the average analysts' estimate of 44.8 million, according to research firm FactSet StreetAccount. Revenue from Greater China, once seen as Apple's next growth engine, fell 29.8 percen
  
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• U.S. stocks slip on earnings, dollar off highs

  25-10-2016 22:44 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - U.S. stocks fell on disappointing earnings reports on Tuesday, while the U.S. dollar slipped from multi-month highs after Chancellor Governor Mark Carney cast doubt on expectations for more monetary stimulus. Oil prices fell more than 1 percent, with U.S. crude breaking below $50 per barrel for a second straight day, ahead of weekly data that could show a build in inventories. On Wall Street, nine of the eleven sectors in the benchmark S&P 500 stock index
  
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• GLOBAL MARKETS-U.S. stocks slip on earnings, dollar off highs

  25-10-2016 22:42 via news.yahoo.com
  
  U.S. stocks fell on disappointing earnings reports on Tuesday, while the U.S. dollar slipped from multi-month highs after Bank of England Governor Mark Carney cast doubt on expectations for more monetary ...
  
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• Wall St. slips on earnings; Apple results due

  25-10-2016 22:16 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks slipped from two-week highs on Tuesday as results and forecasts from companies in sectors, including housing and consumer products, failed to live up to expectations. Apple , the largest U.S. company by market capitalization, was expected to report results after the closing bell. Sherwin Williams' outlook also disappointed Wall Street and shares fell 10.9 percent to $247.61.
  
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• Stocks fall as earnings hit consumer names like Whirlpool

  25-10-2016 21:08 via news.yahoo.com
  
  U.S. stocks are slipping Tuesday as corporate earnings dominate the news and consumer companies like athletic apparel maker Under Armour and appliance maker Whirlpool absorb their largest losses in years. ...
  
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• Caterpillar sees little change into 2017, cuts sales outlook

  25-10-2016 20:57 via news.yahoo.com
  
  Excluding restructuring costs, earnings per share came to 85 cents, exceeding analysts' estimates of 76 cents. Shares of Caterpillar were down 1.7 percent at $84.53. Caterpillar said demand for new heavy machinery has suffered because of global economic weakness and an abundance of used equipment.
  
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• South Africa's rand firms ahead of budget speech, stocks up

  25-10-2016 20:34 via news.yahoo.com
  
  South Africa's rand firmed on Tuesday as concerns Finance Minister Pravin Gordhan will be forced to quit over fraud charges eased and market focus turned to his medium-term budget speech on Wednesday. "All eyes on the embattled finance minister this week who faces a tough task balancing out a measured MTBPS (Medium Term Budget Policy Statement), with weak economic fundamentals all around this won't be easy," Standard Bank trader Oliver Alwar said. President Jacob Zuma said on Tuesday the charges
  
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• Mozambique tells creditors debt levels "unsustainable"

  25-10-2016 20:23 via news.yahoo.com
  
  Mozambique's government debt levels are unsustainable and it must renegotiate repayment terms if it is to agree a new aid deal with the International Monetary Fund by early next year, the finance ministry told creditors on Tuesday. Mozambique's primary objective is to resume relations with the IMF in order to stabilize the economy and restore confidence among the international community, the finance ministry said in a presentation to creditors seen by Reuters.
  
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• U.S. stocks slip on earnings; US dollar index at 7-month high

  25-10-2016 19:58 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - U.S. stocks slipped on disappointing earnings reports on Tuesday, while U.K shares rose helped by mining firms, and crude oil prices fell as the U.S. dollar hit a seven month high. Nine of the eleven sectors in the benchmark U.S. S&P 500 stock index were negative, after poor earnings forecasts from some of the largest companies. General Motors Co shares fell more than 4.7 percent, despite better-than-expected third-quarter earnings, amid fears a slowdown i
  
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• T-Mobile seen as top target following AT&T-Time Warner deal

  25-10-2016 19:18
  
  NEW YORK (Reuters) - T-Mobile US Inc is the likeliest acquisition target as media companies seek a wireless partner following AT&T Inc's proposed $85.4 billion takeover of Time Warner Inc, analysts...
  
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• Highlights - Bank of England's Carney speaks in parliament

  25-10-2016 19:10 via news.yahoo.com
  
  Bank of England Governor Mark Carney spoke to a committee of lawmakers from the House of Lords in Britain's parliament on Tuesday. UK NEEDS FLEXIBILITY TO ADJUST FINANCIAL RULES "Because the UK financial sector is what it is, it's the most complex, it's the biggest relative to the economy, it's the most important by orders of magnitude in Europe and to some extent the world, we need the flexibility to go a little bit farther sometimes, to adjust those regulations in a way that helps protect the
  
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• IMF: Sub-Saharan Africa growth to slow to lowest in 20 years

  25-10-2016 19:08 via news.yahoo.com
  
  The International Monetary Fund warned on Tuesday that growth in the sub-Saharan Africa region is likely to slow to its lowest point in more than 20 years, with average growth forecast at just 1.5 percent ...
  
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• Wall Street lower as earnings from some big names disappoint

  25-10-2016 18:58 via news.yahoo.com
  
  By Tanya Agrawal (Reuters) - Disappointing corporate results from several heavyweights dragged down Wall Street as investors looked for clues regarding the timing of the next interest rate hike ahead of a Fed meeting next week. 3M fell 3 percent to $165.03 after the maker of Scotch tape and Post-it notes trimmed its full-year revenue and earnings forecasts for the second time. The stock was the biggest drag on the Dow. Whirlpool fell 10.5 percent to $152.60 after the home appliances maker's reve
  
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• Wall St. lower as earnings from some big names disappoint

  25-10-2016 18:55 via news.yahoo.com
  
  (Reuters) - Disappointing corporate results from several heavyweights dragged down Wall Street as investors looked for clues regarding the timing of the next interest rate hike ahead of a Fed meeting next week.
  
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• Stocks slip as earnings hit consumer companies

  25-10-2016 18:49 via news.yahoo.com
  
  U.S. stocks are slipping Tuesday as corporate earnings dominate the news and consumer companies like athletic apparel maker Under Armour and appliance maker Whirlpool absorb their largest losses in years. ...
  
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• U.S. stocks slip on earnings; U.S. dollar index at seven-month high

  25-10-2016 18:24 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - U.S. stocks slipped on disappointing earnings reports on Tuesday, while U.K shares rose helped by mining firms, and crude oil prices fell as the U.S. dollar hit a seven month high. Nine of the eleven sectors in the benchmark U.S. S&P 500 stock index were negative, after poor earnings forecasts from some of the largest companies. General Motors Co shares fell more than 4.7 percent, despite better-than-expected third-quarter earnings, amid fears a slowdown i
  
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• GLOBAL MARKETS-U.S. stocks slip on earnings; US dollar index at 7-month high

  25-10-2016 18:21 via news.yahoo.com
  
  U.S. stocks slipped on disappointing earnings reports on Tuesday, while U.K shares rose helped by mining firms, and crude oil prices fell as the U.S. dollar hit a seven month high. Nine of the eleven sectors ...
  
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• European shares give up gains after DAX touches new 2016 peak

  25-10-2016 18:14 via news.yahoo.com
  
  European shares turned lower after a strongly start on Tuesday, with Germany's DAX briefly touching a new peak for 2016, after sentiment was knocked by mixed earnings on Wall Street and in Europe. The ...
  
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• Caterpillar posts lower earnings, cuts sales outlook

  25-10-2016 18:03 via news.yahoo.com
  
  The world's largest construction and mining equipment maker also cut its full-year revenue outlook for the second time while increasing its estimate of 2016 restructuring costs. Shares of Caterpillar were down 1 percent at $85.17. The company, which last year had announced plans to cut jobs and close factories, expects its challenges to persist into next year, Chief Executive Officer Doug Oberhelman said in a statement.
  
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• Clydesdale makes offer for RBS's Williams & Glyn unit: source

  25-10-2016 17:39
  
  LONDON (Reuters) - Clydesdale Bank Plc has made an offer to take over Royal Bank of Scotland'sWilliams & Glyn business, a person with knowledge of the talks said on Tuesday, after Spain's Banco...
  
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• Merck breezes past 3Q profit expectations, raises forecast

  25-10-2016 17:38 via news.yahoo.com
  
  Higher sales of vaccines and prescription medicines, coupled with restrained spending, helped Merck & Co. post a 20 percent jump in third-quarter profit, trouncing Wall Street expectations. The maker of ...
  
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• Oil down; U.S. crude below $50 ahead of inventory data

  25-10-2016 17:21 via news.yahoo.com
  
  By Ethan Lou NEW YORK (Reuters) - Oil prices fell 1 percent on Tuesday, with U.S. crude breaking below $50 per barrel for a second straight day ahead of weekly data that could show a build in domestic inventories. A rallying dollar and falling share prices on Wall Street weighed further on crude oil futures. Analysts said verbal jockeying among the Organization of the Petroleum Exporting Countries (OPEC) created uncertainty about potential output cuts at its meeting next month, noting that a par
  
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• Ireland joins queue to prise industry watchdogs from London after Brexit

  25-10-2016 17:13 via news.yahoo.com
  
  Ireland put itself forward on Tuesday as the latest candidate to lure the European Medicines Agency (EMA) and the European Banking Authority (EBA) should they uproot from London after Britain's vote to leave the European Union. Ireland's economy is considered to have more to lose from Brexit than any other in the EU because of its close trade ties, but it could also benefit from the relocation of agencies such as the EMA or EBA as well as multinationals and banks. The country's low tax and busin
  
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• Fiat Chrysler raises earnings forecasts again

  25-10-2016 17:13 via news.yahoo.com
  
  MILAN (AP) — Fiat Chrysler Automobiles on Tuesday increased its 2016 earnings forecast for the second time this year after strong results in North America helped it return to a profit in the third quarter.
  
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• EU proposes common tax rules to close avoidance loopholes

  25-10-2016 16:53 via news.yahoo.com
  
  Multinational companies would have to calculate their tax liabilities according to one set of rules across the European Union under proposals on Tuesday aimed at stopping them shifting profits to avoid taxes. To close the loopholes offered by different national tax rules, the European Commission has proposed a mandatory common tax base for multinationals with total group revenues exceeding 750 million euros ($816 million) a year. "We are proposing a system which can simultaneously support busine
  
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• General Motors beats earnings expectations, investor fears linger

  25-10-2016 16:51 via news.yahoo.com
  
  By Bernie Woodall and Joseph White DETROIT (Reuters) - General Motors Co shares fell over 3 percent on Tuesday despite better-than-expected third-quarter results amid fears that a slowdown in U.S. vehicle sales and currency turmoil in Europe will undercut future profits. GM Chief Financial Officer Chuck Stevens told reporters that the overall U.S. car and light truck market is a "plateaued environment," with sales flat for the year. The largest U.S. automaker said it expected full-year results w
  
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• Congo government proposes 14 pct budget cut for 2017

  25-10-2016 16:49 via news.yahoo.com
  
  Democratic Republic of Congo's government has proposed a 2017 budget that would reduce spending by about 14 percent, Prime Minister Augustin Matata Ponyo said on Tuesday. Matata told local radio station TopCongo FM the reduction was caused by continuing weakness in the price of key exports like copper and oil. Low commodity prices and production cutbacks at major mines forced the government to cut its economic growth forecast for this year by more than half, from 9 to 4.3 percent.
  
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• Stocks mostly lower as earnings hit consumer companies

  25-10-2016 16:31 via news.yahoo.com
  
  U.S. stocks are mostly lower Tuesday morning as company earnings continue to stream in. Consumer companies are falling as athletic apparel maker Under Armour and appliance maker Whirlpool suffer hefty ...
  
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• May defies critics to back new $22 billion Heathrow runway

  25-10-2016 16:21 via news.yahoo.com
  
  By Kylie MacLellan and Sarah Young LONDON (Reuters) - Britain on Tuesday backed a $22 billion (18 billion pounds) expansion of Heathrow Airport, ending 25 years of indecision and promising to boost global trade links following the vote to leave the European Union. Heathrow, Europe's busiest airport, defeated a proposal from smaller rival Gatwick and will secure the first new full-length runway to be built near London in 70 years after environmental and political protests scuppered previous attem
  
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• Factbox: What next after Britain backs Heathrow expansion?

  25-10-2016 16:18 via news.yahoo.com
  
  By Sarah Young LONDON (Reuters) - The British government gave Heathrow the green light on Tuesday to build a third runway, which will be the first new full-length runway since the 1940s in southeast England, the economic engine of Britain. Heathrow has said the new runway will be open for flights by 2025, but building is not expected to start until 2021, with the project subject to a parliamentary vote and years of consultation processes and planning approvals. A majority of lawmakers back expan
  
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• Britain's May defies critics to back new $22 billion Heathrow runway

  25-10-2016 16:18 via news.yahoo.com
  
  By Kylie MacLellan and Sarah Young LONDON (Reuters) - Britain on Tuesday backed a $22 billion expansion of Heathrow Airport, ending 25 years of indecision and promising to boost global trade links following the vote to leave the European Union. Heathrow, Europe's busiest airport, defeated a proposal from smaller rival Gatwick and will secure the first new full-length runway to be built near London in 70 years after environmental and political protests scuppered previous attempts. Prime Minister
  
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• Wall Street opens flat as investors assess earnings

  25-10-2016 16:05 via news.yahoo.com
  
  Wall Street opened little changed on Tuesday as investors assessed quarterly earnings from some big names and awaited results from Apple. Apple, which is scheduled to report results after the close of the bell, was up 0.12 percent at $117.79.
  
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• MIDEAST STOCKS-Banking shares buoy Saudi, EFG Hermes gains on U.S. expansion

  25-10-2016 15:21 via news.yahoo.com
  
  * All 12 listed Saudi lenders climbed * Petrochemical shares firmed as crude prices stabilised * ADIB falls on flat Q3 net profit, FGB drops ahead of earnings * Profit taking hits Dubai's DXBE * EFG Hermes jumps on opening permanent U.S office * Egypt's Juhayna Food gains on company's new strategy By Celine Aswad DUBAI, Oct 25 (Reuters) - Banking shares boosted Saudi Arabia's stock market on Tuesday while the majority of other Gulf markets sagged on uninspiring quarterly results. Egypt recovered
  
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• Caterpillar stung by global economic funk

  25-10-2016 15:10 via news.yahoo.com
  
  Caterpillar's third-quarter profit was essentially cut in half with the global economy stuck in a funk, and the company said that it expects that malaise to extend into next year. The construction and ...
  
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• On the ballot: two clashing visions of how America will power its cars, homes

  25-10-2016 15:06 via news.yahoo.com
  
  If the American voter had to choose between Republican nominee Donald Trump and his Democratic rival Hillary Clinton based on their energy policies alone, the presidential election would still be a remarkable drama, amounting to the biggest referendum on global climate change since the term was coined. How the country decides on Nov. 8 will have far-reaching implications for the price of electricity and gas at the pump, as well as the future of the U.S. energy industry, which employs about 10 mi
  
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• Caterpillar posts lower earnings, cuts 2016 outlook

  25-10-2016 14:36 via news.yahoo.com
  
  The world's largest construction and mining equipment maker also lowered its full-year revenue outlook for the second time. The company expects its challenges to persist into next year, Chief Executive Officer Doug Oberhelman said in a statement. "In North America, the market has an abundance of used construction equipment, rail customers have a substantial number of idle locomotives, and around the world there are a significant number of idle mining trucks," Oberhelman said.
  
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• Merck beats Street 3Q forecasts, hikes 2016 profit forecast

  25-10-2016 14:27 via news.yahoo.com
  
  Restrained spending and higher sales of vaccines and prescription medicines for cancer and other diseases helped Merck & Co. post a 20 percent jump in third-quarter profit, easily beating Wall Street expectations.
  
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• FTSE Moves: London market buoyed by brighter earnings data

  25-10-2016 14:26 via news.yahoo.com
  
  Blue chip stocks climbed in afternoon trading after upbeat economic and corporate data across Europe.
  
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• Stocks, commodities climb as economic confidence rises

  25-10-2016 14:23 via news.yahoo.com
  
  World markets had a swagger about them on Tuesday as upbeat economic data and signs of a revival in inflation pushed up stocks and commodity prices and kept the dollar at a nine-month high. Wall Street was set to tick higher with consumer confidence figures due and analysts already tucking into healthy-looking earnings from Procter & Gamble, General Motors and drugs giant Merck, but also a profit downgrade from Caterpillar.
  
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• For British bank start-up, Brexit has silver lining: more loans

  25-10-2016 14:23
  
  LONDON (Reuters) - Rishi Khosla didn't vote for Brexit, but he says it has proven a boon for his new start-up bank.
  
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• Global stocks, commodities climb as economic confidence rises

  25-10-2016 14:21 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - World markets had a swagger about them on Tuesday as upbeat economic data and signs of a revival in inflation pushed up stocks and commodity prices and kept the dollar at a nine-month high. Wall Street was set to tick higher with consumer confidence figures due and analysts already tucking into healthy-looking earnings from Procter & Gamble, General Motors and drugs giant Merck, but also a profit downgrade from Caterpillar. Europe had been cheered as Germany'
  
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• GLOBAL MARKETS-Stocks, commodities climb as economic confidence rises

  25-10-2016 14:20 via news.yahoo.com
  
  LONDON, Oct (Shenzhen: 000069.SZ - news) 25 (Reuters) - World markets (Xetra: 4WM.DE - news) had a swagger about them on Tuesday as upbeat economic data and signs of a revival in inflation pushed up stocks and commodity prices and kept the dollar at a nine-month high. Wall Street was set to tick higher with consumer confidence figures due and analysts already tucking into healthy-looking earnings from Procter & Gamble, General Motors (NYSE: GM - news) and drugs giant Merck (LSE: 0O14.L - new
  
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• GM reports record 3Q earnings despite slowing US sales

  25-10-2016 14:13 via news.yahoo.com
  
  DETROIT (AP) — General Motors reported a record third-quarter profit that doubled results in the same period a year ago, despite falling sales and market share in the U.S.
  
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