Finance news

• Canadian dollar weakens as oil falls, greenback gains

  10-11-2016 23:07 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Thursday, pressured by lower oil prices and broader gains for the greenback as investors weighed how the policies of U.S. President-elect Donald Trump could affect trade and economic growth. Canadian government bond prices were lower across a steeper yield curve in sympathy with U.S. Treasuries as investors bet that Trump will enact policies that stoke inflation. The Canadian central bank cut rates
  
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• Trump considering Rep. Hensarling for Treasury secretary: WSJ

  10-11-2016 22:46 via news.yahoo.com
  
  Aides to President-elect Donald Trump are considering Republican Representative Jeb Hensarling of Texas as a candidate for Treasury secretary, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Hensarling told the Journal on Thursday he would "certainly have the discussion" if the Trump administration came calling. "But I’m not anticipating the telephone call," Hensarling added.
  
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• Trump bets blast Dow to new high, bank sector hits 2008 levels

  10-11-2016 22:46 via news.yahoo.com
  
  (Reuters) - U.S. banking sector shares on Thursday surged to levels not seen since the midst of the 2008 financial crisis, pushing the Dow to an all-time high, while technology shares sank as Wall Street rearranged its bets to benefit from Donald Trump's presidency.
  
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• US STOCKS-Trump bets blast Dow to new high, bank sector hits 2008 levels

  10-11-2016 22:43 via news.yahoo.com
  
  U.S. banking sector shares on Thursday surged to levels not seen since the midst of the 2008 financial crisis, pushing the Dow to an all-time high, while technology shares sank as Wall Street rearranged ...
  
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• Bank stocks continue rally; bond yields, dollar rise

  10-11-2016 22:35 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - A rally in major world stock markets lost some steam on Thursday despite a continued surge in bank shares, as investors reassessed positions, while U.S. bond yields continued to climb on the likelihood of inflation under President-elect Donald Trump's proposed fiscal policy. Investors after the election quickly shifted to focus on Trump's priorities, including tax cuts, an increase in defense and infrastructure spending, and bank deregulation. After a st
  
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• Britain's Johnson says no need for gloom about Trump victory

  10-11-2016 22:19 via news.yahoo.com
  
  Britain's Foreign Secretary Boris Johnson, setting aside his previous hostility toward Donald Trump, said on Thursday his U.S. presidential election victory offered economic opportunities and there was no need for Europeans to be despondent about it. "I may respectfully say to my European friends and colleagues that it's time we snapped out of general doom and gloom about this election," Johnson said after meeting Serbian Prime Minister Aleksandar Vucic. Trump's shock victory over Hill
  
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• Canada sees U.S. trade deal minus Mexico as fall-back option

  10-11-2016 22:15 via news.yahoo.com
  
  By David Ljunggren and Andrea Hopkins OTTAWA (Reuters) - Canada could fall back on a free trade agreement that excludes Mexico if U.S. President-elect Donald Trump follows through on radical protectionist policies, officials said, predicting fears of a massive economic hit are overblown. During a raucous election campaign, Trump vowed to either renegotiate or scrap the 1994 three-nation North American Free Trade Agreement, under which Canada sends 75 percent of all its exports to the United Stat
  
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• Ex-congressman indicted on 24 counts in spending scandal

  10-11-2016 22:07 via news.yahoo.com
  
  A former U.S. representative whose lavish office in Washington raised questions about use of taxpayer dollars was indicted on Thursday on charges of defrauding the federal government and campaign committees and attempting to cover it up, according to court documents. Aaron Schock, a 35-year-old former Republican congressman from Illinois, was indicted by the U.S. Department of Justice on 24 counts, including wire fraud, theft of government funds and filing false federal income tax returns. Schoc
  
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• Ex-congressman indicted for using government funds for lavish office

  10-11-2016 21:38 via news.yahoo.com
  
  A former U.S. representative whose lavish office in Washington raised questions about use of taxpayer dollars was indicted on Thursday for defrauding the federal government, according to court documents. Aaron Schock, a 35-year-old former Republican congressman from Illinois, was indicted by the U.S. Department of Justice on 24 counts, ranging from wire fraud, theft of government funds and filing false federal income tax returns. Schock maintained his innocence on Thursday before the indictment
  
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• Here’s the Big Threat to the Stock Market’s Trump Surge

  10-11-2016 21:29 via news.yahoo.com
  
  Then, a concession by Hillary Clinton and a tempered victory speech by Trump removed the threat of a contested outcome, started the healing process and focused attention on the consequences to come — namely, the prospect of a huge fiscal stimulus of tax cuts and infrastructure spending. Incredibly, there were only 310 net advancing issues on the New York Stock Exchange. More importantly, the stock rally was accompanied by a disorderly selloff in Treasury bonds that caused long-term yields
  
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• Dollar rises as Trump policies seen boosting U.S. inflation

  10-11-2016 21:29 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - The dollar climbed to a 3-1/2-month high against the yen on Thursday as markets weighed how President-elect Donald Trump's policies could affect economic growth. "It’s a continuation of the post-election response," said Ian Gordon, FX strategist at Bank of America Merrill Lynch. "For us, the clean sweep of both the White House and the Congress by the Republicans is a clear signal that we are going to get a pretty significant fiscal stimulus in 2017 and
  
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• Goldman CEO Blankfein says Trump's plans may be good for economic growth

  10-11-2016 21:26 via news.yahoo.com
  
  JPMorgan Chase & Co CEO Jamie Dimon also delivered a message to bank employees on Wednesday, saying business leaders and government officials needed to work together on solutions to the country's problems. Dimon said a "deep desire for change" and frustration with the economy were among the reasons Trump had been voted into office. A senior person on Trump's transition team contacted Dimon about serving as Treasury Secretary in the new administration, Reuters reported on Thursday.
  
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• IMF supports India currency steps to fight corruption

  10-11-2016 21:07 via news.yahoo.com
  
  The IMF said Thursday it supports India's efforts to fight corruption through the currency control measures announced this week, but stressed taking care to minimize disruptions in the economy. Indian banks reopened Thursday for the first time since the government's decision to withdraw the two largest denomination notes from circulation in a shock move designed to tackle widespread corruption and tax evasion. "We support the measures to fight corruption and illicit financial flows in India," IM
  
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• Wall Street gains, bank sector surges to 2008 high

  10-11-2016 21:00 via news.yahoo.com
  
  (Reuters) - Bank stocks and industrials surged on Thursday while Apple and other technology shares sank as Wall Street rearranged its bets to benefit from Donald Trump's presidency.
  
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• From avocados to autos, Mexican businesses fear tough times with Trump

  10-11-2016 20:59 via news.yahoo.com
  
  By Joanna Zuckerman Bernstein and Christine Murray TIJUANA, Mexico/MEXICO CITY (Reuters) - From avocado orchards to border factories, Mexican exporters who have prospered under two decades of NAFTA face the prospect of an abrupt end to the boom if U.S. President-elect Donald Trump carries out his threats to ditch the free trade pact. Trump says the North American Free Trade Agreement favors Mexico at the expense of U.S. workers and has vowed to either rewrite or withdraw from the deal, as well a
  
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• US STOCKS-Wall Street gains, bank sector surges to 2008 high

  10-11-2016 20:57 via news.yahoo.com
  
  Bank stocks and industrials surged on Thursday while Apple and other technology shares sank as Wall Street rearranged its bets to benefit from Donald Trump's presidency. The S&P 500 financial sector surged ...
  
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• What money experts are telling clients after the election

  10-11-2016 20:43 via news.yahoo.com
  
  No outcome is ever truly assured, as everyone in America now knows. We can't predict what our new president will do, or Congress, or the economy or the markets. All that uncertainty, though, means it's ...
  
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• Trump's business empire poses unprecedented potential conflicts of interest

  10-11-2016 20:25 via news.yahoo.com
  
  By Joseph Ax NEW YORK (Reuters) - Donald Trump campaigned for president as a savvy billionaire who would apply his business acumen to improving the U.S. economy, cutting taxes for Americans and negotiating better trade deals. Lyndon Johnson, for instance, quietly managed his broadcasting businesses despite insisting publicly that he had ceased all involvement, according to his biographer, Robert Caro. "There are no legal restrictions, no legal requirements," said Noah Bookbinder, the executive d
  
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• ConocoPhillips aims to sell up to $8 billion in gas assets

  10-11-2016 20:07
  
  (Reuters) - ConocoPhillips , the largest U.S. independent oil producer, will sell up to $8 billion in natural gas assets and trim its capital budget by 4 percent next year to provide funds to bolster...
  
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• Common cause for Trump and Yellen in continuing job and wage growth

  10-11-2016 20:05 via news.yahoo.com
  
  U.S. President-elect Donald Trump and Fed Chair Janet Yellen may emerge as unlikely allies as the incoming administration moves toward policies Federal Reserve officials have long advocated and the Fed contemplates a “high-pressure” economy to try to boost jobs and wages, at least in the short term. Top Trump adviser David Malpass on Thursday seemed to set aside any likely assault on the Fed’s leadership or structure in a new administration that will be preoccupied with deliver
  
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• Global stocks rally fades; bond yields, dollar rise

  10-11-2016 19:59 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - A rally in major world stock markets lost some steam on Thursday as investors reassessed positions after a rally in the prior session, while U.S. bond yields continued to climb on fears of a revival in inflation under President-elect Donald Trump's fiscal policy. Investors have quickly shifted to a focus on Trump's priorities, including tax cuts, an increase in defence and infrastructure spending, and bank deregulation. Wall Street was also off earlier h
  
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• Stocks rally fades; bond yields, dollar rise

  10-11-2016 19:58 via news.yahoo.com
  
  A rally in major world stock markets lost some steam on Thursday as investors reassessed positions after a rally in the prior session, while U.S. bond yields continued to climb on fears of a revival in inflation under President-elect Donald Trump's fiscal policy. Investors have quickly shifted to a focus on Trump's priorities, including tax cuts, an increase in defense and infrastructure spending, and bank deregulation. Wall Street was also off earlier highs, pulled lower by a drop in the techno
  
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• Fitbit rises on purported bid, company says received no offer

  10-11-2016 19:57
  
  (Reuters) - Shares of Fitbit Incjumped as much as 8 percent after a previously unknown entity calling itself ABM Capital Ltd said it had offered to buy the wearable device maker but gave up some of...
  
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• Egypt says foils Muslim Brotherhood plot on eve of planned protests

  10-11-2016 19:51 via news.yahoo.com
  
  By Ahmed Aboulenein CAIRO (Reuters) - Egypt said on Thursday police had uncovered a stash of weapons that supporters of the outlawed Muslim Brotherhood were plotting to use ahead of planned protests against deteriorating economic conditions. A little-known group calling itself Movement of the Poor called in recent months for Egyptians to protest on Nov. 11 against rising prices and deepening austerity. The call gained traction on social media after Egypt floated its pound and raised fuel prices
  
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• Saudi working to pay 'billions' owed to private firms

  10-11-2016 19:49 via news.yahoo.com
  
  Saudi Arabia is working to pay billions of dollars owed to private firms after oil revenues collapsed, the kingdom's new finance minister said on Thursday. "I don't recall the exact amount now but its billions of dollars," Mohammed Aljadaan told reporters. On Monday the Council of Economic Affairs and Development, headed by powerful Deputy Crown Prince Mohammed bin Salman, said the kingdom will pay the outstanding amount by next month.
  
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• Investors, economists brace for new dangerous game: parsing Trump's words

  10-11-2016 19:39 via news.yahoo.com
  
  NEW YORK (Reuters) - Move over, Janet Yellen. The Federal Reserve chief has a challenger for the title of speaker most scrutinized by Wall Street, and it's Donald Trump.
  
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• Ireland's largest union threatens industrial action over pay

  10-11-2016 19:38 via news.yahoo.com
  
  Ireland's largest trade union on Thursday said it would authorize ballots for industrial action among its public service members unless the government agrees in the next week to start new pay talks by February next year. Public sector wages were cut during the financial crisis and the government agreed with most unions last year to gradually restore some by 2018 but calls for faster and full restoration are growing amid a rapid economic recovery. "We utterly reject the assertion that there is no
  
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• Analysis - Investors, economists brace for new dangerous game: parsing Trump's words

  10-11-2016 19:33 via news.yahoo.com
  
  By Jonathan Spicer NEW YORK (Reuters) - Move over, Janet Yellen. The Federal Reserve chief has a challenger for the title of speaker most scrutinized by Wall Street, and it's Donald Trump. All new U.S. President-elects are closely monitored by the financial community for clues about what their policies mean for markets. But Trump's speaking style, often using enthymemes or incomplete sentences that leave room for interpretation, along with vague or contradictory campaign promises make him all th
  
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• Tech stocks drop as Wall Street focuses on Trump stimulus

  10-11-2016 19:30 via news.yahoo.com
  
  SAN FRANCISCO (Reuters) - Shares of Amazon.com Inc , Alphabet Inc and other technology companies sank on Thursday as Wall Street sold them to pay for infrastructure names that could benefit from potential economic stimulus spending by U.S. President-elect Donald Trump.
  
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• Canada's 'chemical valley' city looks to lure green investment

  10-11-2016 19:15 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Sarnia, Ontario, home to dozens of Canada's refineries and chemical plants, is lobbying hard to lure a biotech plant to the city as the local petrochemical-powered economy braces for the impact of a provincial carbon-pricing scheme. BioAmber Inc - which turns corn syrup into an ingredient used to make plastics, food flavoring and cosmetics that would otherwise come from fossil fuels – has already built its first production plant in the city. The compan
  
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• U.S. law firms Arnold & Porter, Kaye Scholer to merge

  10-11-2016 19:09
  
  NEW YORK (Reuters) - U.S. law firms Arnold & Porter and Kaye Scholer on Thursday announced they would merge at the beginning of 2017.
  
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• Activist Ackman calls Chipotle relationship 'extremely constructive'

  10-11-2016 18:57 via news.yahoo.com
  
  Shares in Chipotle were up 6 percent at $391.70 in midday trading, buoyed by Ackman's comments and the expectation that the company could benefit from business-friendly tax reforms expected to be championed by President-elect Donald Trump. Ackman's Pershing Square Capital Management announced a nearly 10 percent stake in Chipotle in September. In October, Reuters reported that Chipotle had hired a top Wall Street law firm, investment banks and a public relations shop to help defend itself agains
  
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• SEC fraud trial of 'Diva of Distressed' Tilton wraps up

  10-11-2016 18:56
  
  NEW YORK (Reuters) - A lawyer for financier Lynn Tilton on Thursday accused the U.S. Securities and Exchange Commission of pursuing a fraud case against the private equity chief straight out of a...
  
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• Nasdaq loses ground as tech weighs; banks lift S&P, Dow

  10-11-2016 18:54 via news.yahoo.com
  
  The Nasdaq lost ground sharply on Thursday, dragged down by a slide in technology stocks, as investors poured money into sectors that may benefit from Donald Trump's victory in the U.S. election. The S&P 500 extended its loses to trade lower, while the Dow hit a record intraday high earlier in the session. Trump's proposed policies such as tax cuts, higher fiscal spending and simplifying regulation are likely to benefit sectors such as banks and industrials.
  
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• Trump campaign removes 'Muslim ban' link from website

  10-11-2016 18:50 via news.yahoo.com
  
  By Emily Flitter NEW YORK (Reuters) - Some of the most controversial proposals Donald Trump made while running for U.S. president were gone from his campaign website by Thursday, including his call to ban Muslims from entering the country and his promise to cancel the Paris Climate Agreement. The link to his Dec. 7 proposal titled: "Donald J. Trump statement on Preventing Muslim Immigration," in which he called for "a total and complete shutdown of Muslims entering the United States" vanished, a
  
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• Family plumbing supply business evolved to high design

  10-11-2016 18:37
  
  NEW YORK (Reuters) - What better business pursuit for the daughter of a plumbing equipment supplier than bathroom design?
  
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• Stock markets' Trump rally runs out of steam

  10-11-2016 18:34 via news.yahoo.com
  
  Wall Street retreated from fresh record highs and other stock markets went negative Thursday as a 24-hour rally following Donald Trump's shock election win fizzled out.
  
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• Arab Spring has cost region 6 percent of GDP: U.N. agency

  10-11-2016 18:27 via news.yahoo.com
  
  By Lisa Barrington BEIRUT (Reuters) - The Arab Spring unrest of 2011 has cost the region's economies an estimated $614 billion of growth because of regime change, continuing conflict and falling oil prices, a United Nations agency said on Thursday. The figure from the United Nations Economic and Social Commission for Western Asia (ESCWA), equivalent to 6 percent of GDP up to the end of last year, is based on growth projections made before the uprisings that toppled four leaders and mired Yemen,
  
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• TSX barely higher, insurers bounce on earnings

  10-11-2016 18:18 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index made small gains on Thursday as two major insurers jumped on strong earnings and industrial stocks also rose, while gold miners and energy stocks fell with lower commodity prices. The country's biggest life insurer, Manulife Financial Corp , jumped 7.1 percent to C$21.51 after beating profit expectations driven in part by growth in its Asian business. Its rival, Sun Life Financial, gained 5.5 percent to C$48.92 as it also beat expectations. The finan
  
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• Bond yield rise continues, stocks off early highs

  10-11-2016 18:13 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - A rally in major world stock markets stalled on Thursday as investors reassessed positions after Tuesday's U.S. presidential election, while U.S. bond yields continued to climb on fears of a revival in inflation resulting from potential expansionary fiscal policy under President-elect Donald Trump. Investors have quickly shifted to a focus on Trump's priorities, including tax cuts, an increase in defense and infrastructure spending, along with bank dereg
  
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• Bets on Trump loosening purse strings spark global reflation trades

  10-11-2016 18:13 via news.yahoo.com
  
  From construction companies in Spain to copper traders in London's financial district, Donald Trump's victory in the U.S. presidential election is being felt around the world as investors bet on a lasting rise in global inflation. If Trump delivers on his pledge to give the U.S. economy a growth and inflationary shot in the arm from a multi-trillion-dollar package of tax cuts and infrastructure spending, the impact will likely be felt far beyond American borders. Inflation has slumped to histori
  
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• Riots, demolitions leave 30,000 homeless in Nigeria's megacity, rights group says

  10-11-2016 18:04 via news.yahoo.com
  
  By Sharon Ogunleye and Ulf Laessing LAGOS (Reuters) - Some 30,000 residents of the Nigerian megacity Lagos have become homeless because of state-ordered demolitions and riots among slum dwellers competing for jobs and space, residents and a rights group said on Thursday. Nigeria is Africa's largest economy, but that economy has slumped oil revenues fell and hard currency reserves dwindled, forcing the closure of plants unable to import raw materials. Trouble started when riots erupted this week
  
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• Nasdaq loses ground as heavyweights slump

  10-11-2016 17:37 via news.yahoo.com
  
  The S&P 500 reversed course to trade slightly lower, while the Dow pared gains after hitting a record intraday high earlier in the session. Some parts of the market, such as health, industrials and banks are likely to benefit from Trump's policies of tax cuts, higher fiscal spending and simplifying regulations. "They aren't really going to benefit from Trump's stimulus spending on infrastructure and are sort of sitting in the middle.
  
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• Canada PM: will stick to carbon price plan despite Trump win

  10-11-2016 17:37 via news.yahoo.com
  
  OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau on Thursday indicated he would stick to plans to introduce a national price on carbon despite the U.S. election win of Donald Trump, who in the past has dismissed climate change as a hoax. Trudeau told a televised news conference that putting a price on carbon was good for the economy and would create jobs. Critics say that if Trump walks away from international agreements to cut greenhouse gases, the carbon price could make Canadian firm
  
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• U.S. election outcome leaves Fed on track, could end gridlock: Bullard

  10-11-2016 17:29 via news.yahoo.com
  
  The Republican sweep of the White House and Congress could break the current gridlock over national policy in a potential boon to the U.S. economy, St. Louis Federal Reserve bank president James Bullard said on Thursday. Bullard said the potential positives from Tuesday's outcome, including the possibility of regulatory reform and a boost to growth through new infrastructure spending, for now outweighed any concern about volatility in financial markets surrounding President-elect Donald Trump's
  
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• China says Trump should recognize economic benefits of co-operation

  10-11-2016 17:20 via news.yahoo.com
  
  Chinese Vice Finance Minister Shi Yaobin said on Thursday that U.S. election victor Donald Trump should be aware of the benefits of economic co-operation with China, after Trump had campaigned to take on the world's No.2 economy. Speaking at a news conference in London, Shi described Trump's pledges to challenge China as rhetoric to win the election and that it remained to be seen whether he would deliver on them. "I want to emphasize that long-standing economic cooperation between China and the
  
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• IMF looks forward to working with Trump, won't judge his trade views

  10-11-2016 17:04 via news.yahoo.com
  
  The International Monetary Fund said on Thursday it looks forward to working with the Trump administration and believes the United States will remain fully committed to the Fund and other international institutions. Two days after Trump won election on a campaign marked by an anti-trade message, IMF spokesman Gerry Rice said it was too early to say whether Trump's trade and international economic policies would be damaging to global growth.
  
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• JPMorgan Chase to drop commissions-paying retirement accounts

  10-11-2016 16:58
  
  (The Nov.9 2016 story was refiled to correct the number of advisers affiliated with Commonwealth Financial Network to 1,650 from 7,000 in the seventh paragraph)
  
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• Dollar rises as Trump victory raises inflation expectations

  10-11-2016 16:54 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - The dollar climbed to a 3-1/2-month high against the yen on Thursday as markets weighed the election of businessman Donald Trump for U.S. president and how his policies could affect economic growth. The dollar also rose substantially against a basket of major world currencies, touching its highest level in more than two weeks and hovering just below levels last seen in early February. "It’s a continuation of the post-election response," said Ian Gordon,
  
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• Average US 30-year mortgage rate rises to 3.57 percent

  10-11-2016 16:43 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates rose this week for a second straight week.
  
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