Finance news

• Some hedge funds bet big on health insurers before Trump vote

  14-11-2016 23:59
  
  NEW YORK (Reuters) - Healthcare stocks, including insurers, have jumped since Donald Trump won the U.S. presidential election last week and some hedge fund managers may see further gains in after...
  
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• Soros dissolves SPDR Gold trust shares in third-quarter, Paulson stays in

  14-11-2016 23:57
  
  NEW YORK (Reuters) - Soros Fund Management LLC dissolved its shares in the world's biggest gold exchange-traded fund in the third quarter of 2016, ahead of the U.S. presidential election, a U.S....
  
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• Nasdaq names Friedman CEO; Greifeld to be chairman

  14-11-2016 23:49 via news.yahoo.com
  
  Greifeld, 59, has headed the trans-Atlantic stock exchange operator since 2003 and wrote his graduate thesis on the operation of the exchange. Current chairman Borje Ekholm will remain a board member. Friedman, 47, has said she grew up at Nasdaq, where she started as an intern right out of business school and worked for 18 years before leaving the company in 2011 to join private equity firm Carlyle Group LP as chief financial officer.
  
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• CalPERS chief sees volatility until Trump implements plans

  14-11-2016 23:34
  
  SAN FRANCISCO (Reuters) - The California Public Employees' Retirement System's chief investment officer advised the pension fund on Monday to prepare for "greater uncertainty and volatility" until...
  
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• Spain's Abengoa posts 9-month profit loss of 5.4 bln euros

  14-11-2016 23:22
  
  MADRID, Nov 14 (Reuters) - Spanish energy firm Abengoa
  reported a nine-month net loss of 5.4 billion euros
  ($5.80 billion) on Monday, the week after a court signed off on
  its debt restructuring plan...
  
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• Nasdaq names Adena Friedman CEO, replacing Greifeld

  14-11-2016 23:10 via news.yahoo.com
  
  Greifeld, who has headed the No. 2 U.S. stock market since 2003 and who wrote his graduate thesis on the operation of the exchange, will become chairman of Nasdaq's board, the company said. Current chairman Borje Ekholm will remain on the board. Friedman has said she grew up at Nasdaq, where she worked for 18 years before leaving the company in 2011 to join private equity firm Carlyle Group LP as chief financial officer.
  
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• UPDATE 5-American Apparel files for second bankruptcy in just over a year

  14-11-2016 23:09
  
  * Gildan Activewear bids for certain assets for about $66
  mln
  
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• Dollar rallies alongside U.S. yields; bank stocks up

  14-11-2016 23:01 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The U.S. dollar hit an 11-month peak against a basket of currencies on Monday as the risk of faster U.S. inflation and wider budget deficits sent Treasury bond yields shooting higher. Both the U.S. currency and yields pared some gains in afternoon trading, but continued to point to a new reality in financial markets on expectations of more spending and less regulation when U.S. President-elect Donald Trump takes office in January. On Wall Street, the Dow In
  
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• Wall Street ends flat as financials' rise offsets tech drop

  14-11-2016 22:54 via news.yahoo.com
  
  After choppy trading late in the session, the Dow ended at a record high while the S&P 500 and the Nasdaq Composite dipped. "I think all we're doing is trimming our sails a little from the violently positive rally we had post-election results last week," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. The tech-heavy Nasdaq Composite has been under pressure since the Nov. 8 election as investors poured money into sectors such as financials, industri
  
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• BRIEF-Energy XXI enters into comprehensive plan support agreement with key creditor groups

  14-11-2016 22:47
  
  * Energy XXI enters into comprehensive plan support
  agreement with key creditor groups
  
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• Recession-hit Russia hoping for growth by end-2016

  14-11-2016 22:15 via news.yahoo.com
  
  Russia's economy is still flatlining after more than two years of crisis, figures showed Monday, with Moscow hoping to end 2016 on the mend but with longer-term prospects looking gloomy. The longest crisis since President Vladimir Putin took power 16 years ago -- sparked in late 2014 by falling oil prices and Western sanctions over Moscow's actions in Ukraine -- appears to be gradually relenting.
  
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• Putin, Trump speak by phone, aim for cooperation: Kremlin

  14-11-2016 22:14 via news.yahoo.com
  
  By Vladimir Soldatkin MOSCOW (Reuters) - Russian President Vladimir Putin and U.S. President-elect Donald Trump on Monday agreed to work toward "constructive cooperation", including on fighting terrorism, the Kremlin said. In their first phone call since Trump won the Nov. 8 election, they agreed to "channel" relations between Russia and the United States and "combine efforts to tackle international terrorism and extremism". "The importance of creating a solid basis for bilateral ties was unders
  
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• With 'change in the air', PM May asks business to help on economy

  14-11-2016 22:13 via news.yahoo.com
  
  By Elizabeth Piper and Kylie MacLellan LONDON (Reuters) - Prime Minister Theresa May called on business leaders on Monday to help her government win back Britons disillusioned with liberal elites and globalization by forging an economy that "works for everyone". Describing the election of real estate magnate Donald Trump as U.S. president and Britain's vote to leave the European Union as proof that "change is in the air", May said Britain should not shy away from making the case for globalizatio
  
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• Too early to tell impact of Trump policies: Fed's Kaplan

  14-11-2016 21:47 via news.yahoo.com
  
  Since Republican Donald Trump was elected U.S. president last week, the 10-year Treasury yield has climbed to its highest since January, and stocks have risen to records, on expectations that Trump and a Republican Congress will legislate infrastructure spending, tax cuts and deregulation that will encourage investment and hiring. Kaplan has repeatedly called for broad economic policies that can take over from monetary policy as a main driver for U.S. growth.
  
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• Dollar rallies alongside U.S. yields; bank stocks rise

  14-11-2016 21:08 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The U.S. dollar hit an 11-month peak against a basket of currencies on Monday as the risk of faster inflation and wider budget deficits sent Treasury bond yields shooting higher. Both the U.S. currency and yields pared some gains in afternoon trading, but continued to point to a new reality in financial markets on the expectation of more spending and less regulations when U.S. President-elect Donald Trump takes office in January. On Wall Street, the Dow Ind
  
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• Wall Street down as tech drag offsets financial sector's rise

  14-11-2016 20:50 via news.yahoo.com
  
  The tech-heavy Nasdaq Composite has remained under pressure since the Nov. 8 election as investors poured more money into sectors such as financials, industrials and energy, which are seen benefiting from President-elect Donald Trump's policies. The S&P technology index pared some losses as the afternoon wore on but was still down 1.7 percent, leading decliners. Apple was down 2.8 percent and weighed the most on the Nasdaq and the S&P 500, followed by Amazon.com, Microsoft and Facebook.
  
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• Trump a 'wake-up call,' Europe's Moscovici says

  14-11-2016 20:37 via news.yahoo.com
  
  Donald Trump's capture of the White House should serve as warning to policymakers responding to similar populism in Europe, European Economic and Financial Affairs Commissioner Pierre Moscovici said Monday. "We need to turn this painful awakening into a political wake-up call," Moscovici said in an address at Harvard University, adding that discontented voters on both sides of the Atlantic now distrusted the state institutions built to serve them. Moscovici said that income inequality and flaggi
  
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• Exclusive: Audit of U.S. stress test ready, may aid Dodd Frank overhaul fight

  14-11-2016 20:06 via news.yahoo.com
  
  A independent study of the financial costs and benefits of Wall Street 'stress tests' could be released as soon as Tuesday and may strengthen calls to reform U.S. banking rules, said sources familiar with the report. The Federal Reserve conducts a review each year of how the largest U.S. banks could fare during a financial crisis and the Government Accountability Office has been studying that work for two years. The report will suggest about 15 ways that the Federal Reserve would be able to impr
  
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• ECB warns of risks of protectionism after Trump win

  14-11-2016 19:25 via news.yahoo.com
  
  European Central Bank vice president Vitor Constancio on Monday warned that the protectionist measures promised by US president-elect Donald Trump risked weakening global growth. The world economy is currently facing an "abnormal degree of uncertainty" Constancio said at a conference in Frankfurt, adding that the initially favourable reaction on financial markets to Trump's shock victory may be shortlived. "The markets' perception that the US is embarking into a new phase of expansionary budgeta
  
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• Wall Street falls as tech drags; investors eye Trump policies

  14-11-2016 19:13 via news.yahoo.com
  
  U.S. stocks were lower in early afternoon trading on Monday as tech stocks weighed and investors looked for more clarity on President-elect Donald Trump's policies. The tech-heavy Nasdaq Composite has remained under pressure as investors pour more money in other sectors that are seen benefiting from Trump's policies. Apple was down 3.4 percent and weighed the most on the Nasdaq and the S&P 500, followed by Facebook and Microsoft.
  
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• Amid crisis, Venezuelan president turns to music

  14-11-2016 18:45 via news.yahoo.com
  
  By Corina Pons CARACAS (Reuters) - Struggling to contain an economic crisis and an opposition push to remove him, Venezuela's socialist leader Nicolas Maduro has launched a radio show devoted to salsa music in an effort to cheer the nation and boost his faltering image. Maduro, a music aficionado who used to play in a rock band, debuted "Salsa Hour" this month and has broadcast four episodes from a radio booth specially installed in the Miraflores presidential palace, with each episode lasting s
  
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• S.Africa's Mr Price reports first drop in profit in 15 years as economy sours

  14-11-2016 18:26 via news.yahoo.com
  
  South African no-frills retailer Mr Price said on Monday it expected low sales for the rest of the financial year after reporting its first decline in profit in 15 years, sending its shares to a three-year low. Sluggish economic growth in South Africa, seen at less than 1 percent this year, coupled with rising interest rates and inflation and a warmer than expected winter have forced clothing retailers to cut prices and clear stock, hurting Mr Price's sales. It followed fancier rival Woolworths
  
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• The Dow’s Record High Masks Deep Trouble for Stocks

  14-11-2016 18:18 via news.yahoo.com
  
  It's fitting that the market response to President-elect Donald J. Trump — a brash nationalist with an "America first" credo — was a new record high for the Dow Jones Industrial Average to cap the best week on Wall Street in five years. Treasury bonds were routed. While the Dow's surge is exciting, the turbulence overseas and in other areas of the market cannot be ignored.
  
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• Dollar soars as U.S. yields spike; U.S. bank stocks rise

  14-11-2016 18:05 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The U.S. dollar hit an 11-month peak against a basket of currencies on Monday as the risk of faster inflation and wider budget deficits sent Treasury bond yields shooting higher. On Wall Street, the Dow Industrials set a record high led by financial stocks, on the expectation of looser regulations and consumer protections that could lift profits. The dollar has been romping ahead since Donald Trump's win in the U.S. presidential election last week triggered
  
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• European stocks, dollar push higher tracking Trump

  14-11-2016 17:59 via news.yahoo.com
  
  London (AFP) - European stocks climbed Monday and the dollar surged to multi-month highs, with traders shrugging off concerns over the Trump presidency and weak Chinese economic data.
  
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• South Africa's rand, stocks weaken on Trump stimulus bets; Mr Price sinks

  14-11-2016 17:56 via news.yahoo.com
  
  South Africa's rand weakened on Monday, extending losses from the previous week as currency and bond markets in the United States rallied on growing bets that Donald Trump will ramp up spending to boost growth in the world's largest economy. Stocks ended lower with no-frills retailer Mr Price among the biggest decliners after the discount chain posted its first profit drop in 15 years, sending its shares to a level seen more than three years ago. By 1515 GMT the rand had slipped 0.56 percent to
  
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• IEX hires ex-banking executive to take on NYSE, Nasdaq for listings

  14-11-2016 17:33 via news.yahoo.com
  
  IEX Group, operator of the newest U.S. stock exchange, on Monday said it hired former Morgan Stanley executive Sara Furber to help it challenge Nasdaq Inc and Intercontinental Exchange Inc's New York Stock Exchange for corporate listings. The New York-based company, which was featured in Michael Lewis' book "Flash Boys: A Wall Street Revolt," has been courting potential "founding issuers," offering them significant incentives to list their shares on IEX, Reuters reported in September. As head of
  
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• Greece out of recession for first time in two years

  14-11-2016 17:19 via news.yahoo.com
  
  The Greek economy emerged from recession for the first time since 2014, managing two straight quarters of GDP growth, figures released Monday showed. Greece's gross domestic product (GDP) increased by 0.5 percent in the three months to September from the previous quarter, and by 1.5 percent from the third quarter of 2015, statistics bureau Elstat said. Two consecutive quarters of growth officially mark the end of a recession.
  
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• Venezuela dialogue gives Maduro breather, angers opposition base

  14-11-2016 17:06 via news.yahoo.com
  
  By Alexandra Ulmer and Diego Oré CARACAS (Reuters) - Dialogue between Venezuela's government and opposition has eased pressure on President Nicolas Maduro, angering many in the crisis-struck country who were pinning hopes on an early election to remove the unpopular socialist leader. Opposition leaders had vowed to walk away from the Vatican-backed talks if the government did not set in motion a recall referendum on Maduro or bring forward the next presidential election due in late 2018.
  
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• Stocks, dollar push higher tracking Trump

  14-11-2016 16:03 via news.yahoo.com
  
  Global stock markets mostly climbed Monday and the dollar surged to multi-month highs, with traders shrugging off concerns over the Trump presidency and weak Chinese economic data.
  
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• Greece hopes Obama visit will boost chances of debt relief

  14-11-2016 16:01 via news.yahoo.com
  
  By Renee Maltezou ATHENS (Reuters) - Greece hopes that a visit by U.S. President Barack Obama that begins on Tuesday will increase pressure on its creditors to grant debt relief to an economy shattered by years of recession. The United States and the International Monetary Fund have urged a restructuring of Greece's crippling debt load but face resistance from the European Union, particularly Germany, whose banks would be most exposed to such a move. Obama, on his last trip to Europe before hand
  
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• Conservative cardinals challenge Pope over teachings on family

  14-11-2016 15:41 via news.yahoo.com
  
  By Philip Pullella VATICAN CITY (Reuters) - Four conservative Roman Catholic cardinals on Monday made a rare public challenge to Pope Francis over some of his teachings in a major document on the family, accusing him of sowing confusion on important moral issues. The cardinals - two Germans, an Italian, and an American - said they had gone public with their letter to the pope because he had not responded. The pope has clashed before with conservatives who worry he is weakening Roman Catholic rul
  
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• Libya's UN-backed government appoints finance minister, deputy to unlock funds

  14-11-2016 13:39 via news.yahoo.com
  
  By Ahmed Elumami and Aidan Lewis TRIPOLI/TUNIS (Reuters) - Libya's U.N.-backed government has appointed a finance minister and deputy finance minister in a move it hopes will unlock crucial funding from the central bank and revive its flagging fortunes. The GNA has struggled to secure and disburse funds since it arrived in Tripoli in March, hindering its attempts to end conflict and economic collapse in Libya that set in after the fall of Muammar Gaddafi five years ago. The GNA leadership, known
  
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• Sweltering 2016 to set heat record, stoked by man-made warming: WMO

  14-11-2016 13:28 via news.yahoo.com
  
  By Alister Doyle and Nina Chestney MARRAKESH, Morocco (Reuters) - The world is set to notch up a new heat record in 2016 after a sizzling 2015 as global warming stokes more floods and rising sea levels, the U.N. weather agency said on Monday at climate change talks overshadowed by Donald Trump's election win. President-elect Trump has called climate change a hoax and a source in his transition team says he is seeking quick ways to pull the United States out of the 2015 Paris Agreement, which aim
  
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• BRIEF-CHC Group in connection with debtors chapter 11 cases, entered into confidential discussions

  14-11-2016 12:42
  
  * CHC Group in connection with debtors chapter 11 cases,
  entered into confidential discussions withcertain holders of
  debtors debtSource text for Eikon:Further company coverage:
  
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• Putin may discuss Syria with Obama in Peru: Kremlin spokesman

  14-11-2016 12:35 via news.yahoo.com
  
  (Reuters) - Russia's President Vladimir Putin and his U.S. counterpart Barack Obama may discuss developments around Syria when both leaders come to Peru later this week, state TASS agency quoted Kremlin's spokesman as saying on Monday. Dmitry Peskov said the two presidents may meet on the sidelines of an Asia-Pacific Economic Cooperation summit that Peru should host on November 19-20. Peskov reiterated that Putin had no immediate plan to meet the U.S. president-elect Donald Trump in person. (Wri
  
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• Disaster loss estimates ignore higher cost to poor - World Bank

  14-11-2016 12:32 via news.yahoo.com
  
  By Megan Rowling MARRAKESH, Morocco (Thomson Reuters Foundation) - Natural disasters have a more devastating impact on the poor than widely thought, forcing some 26 million people into poverty each year and setting back global spending on goods and services by the equivalent of $520 billion annually, the World Bank said on Monday. “Severe climate shocks threaten to roll back decades of progress against poverty,” said World Bank Group President Jim Yong Kim in a statement. "Building r
  
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• European stocks, dollar rally tracking Trump

  14-11-2016 12:19 via news.yahoo.com
  
  European stock markets rallied Monday and the dollar surged to multi-month highs, with traders shrugging off concerns over the Trump presidency and weak Chinese economic data.
  
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• FTSE rallies as DCC, Taylor Wimpey buoyed by earnings

  14-11-2016 12:17 via news.yahoo.com
  
  By Kit Rees LONDON (Reuters) - Britain's top share index climbed on Monday, led higher by a jump in support services firm DCC and housebuilder Taylor Wimpey which both rose on well-received results. The blue chip FTSE 100 index rose 1 percent to 6,799.17 points by 1025 GMT, in line with a broader bounce on European equity markets. DCC was the top riser, up more than 6 percent and set for its biggest one-day gain in a year after saying it expected full-year profit to come in ahead of expectations
  
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• Bangladesh buys two submarines from China

  14-11-2016 12:10 via news.yahoo.com
  
  Bangladesh took delivery on Monday of its first submarines, bought from China, as it seeks to boost its naval power in the Bay of Bengal. Bangladesh paid a reported $203 million for the two submarines, a deal that reflects the country's growing economic and defence ties with Beijing. Armed forces spokeswoman Taposhi Rabeya said they would become part of the country's naval fleet at the beginning of next year.
  
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• Britain's FTSE rallies as DCC, Taylor Wimpey buoyed by earnings

  14-11-2016 11:40 via news.yahoo.com
  
  By Kit Rees LONDON (Reuters) - Britain's top share index climbed on Monday, led higher by a jump in support services firm DCC and housebuilder Taylor Wimpey which both rose on well-received results. The blue chip FTSE 100 index rose 1 percent to 6,799.17 points by 1025 GMT, in line with a broader bounce on European equity markets. DCC was the top riser, up more than 6 percent and set for its biggest one-day gain in a year after saying it expected full-year profit to come in ahead of expectations
  
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• China's October property investment solid, but risks seen from curbs

  14-11-2016 11:15 via news.yahoo.com
  
  China's real estate investment growth quickened in October to its highest since April 2014, but analysts say stepped up measures to curb a red-hot housing market might ultimately hurt an economy that has only recently started to stabilize. Property investment rose 13.4 percent in October from a year earlier, compared with 7.8 percent growth in September, according to Reuters calculations based on data issued by the National Bureau of Statistics (NBS) on Monday. For the first ten months of the ye
  
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• China reports rare drop in fiscal spending in October but no policy shift seen

  14-11-2016 11:15 via news.yahoo.com
  
  Government spending in China posted a rare drop in October, but still surged 10 percent in the first 10 months of the year as officials looked to shore up economic growth. Central government spending rose 5.6 percent in October from a year earlier, while spending by local governments dipped 15.5 percent, the ministry said in a statement on its website. China has relied more heavily on infrastructure spending to stabilize growth this year as private companies pull back on investment, but concerns
  
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• China data point to steadier economy for now, but Trump victory adds to risks

  14-11-2016 11:15 via news.yahoo.com
  
  By Elias Glenn and Kevin Yao BEIJING (Reuters) - China's economy largely showed further signs of steadying in October as expected, but disappointing retail sales growth and fears of U.S. trade frictions under incoming President Donald Trump are increasingly clouding the outlook. Fixed-asset investment quickened slightly and beat expectations in January-October as the government stepped up infrastructure spending to support growth, official data showed on Monday. "On balance, today's data suggest
  
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• Egyptian blue chips edge lower after 12 sessions of gains

  14-11-2016 10:35 via news.yahoo.com
  
  Egypt's stock market edged down in early trade on Monday as traders booked profits in blue chips after 12 straight days of spectacular gains fuelled by the float of the Egyptian pound. The blue chip index, which had soared 28.1 percent since the pound was floated on Nov. 3, fell back 1.0 percent in the first half-hour of trade. Many blue chips rocketed after the float partly because the depreciation of the Egyptian pound meant companies' dollar-denominated global depositary receipts were suddenl
  
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• BRIEF-Accupix receives file for bankruptcy from creditor Taeshin Focus

  14-11-2016 10:35
  
  * Says its creditor, Taeshin Focus Co Ltd, has filed for the
  company's bankruptcy with Suwon District Court on Nov. 14, due
  to the company's default in payment
  
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• China says retail sales growth slows in October

  14-11-2016 09:42 via news.yahoo.com
  
  China's retail sales growth slowed last month, government data showed Monday, in a worrying sign for domestic demand in the world's second-largest economy. Retail sales in October grew 10 percent from a year earlier, missing expectations for sales to match the previous month's pace of 10.7 percent, the National Bureau of Statistics (NBS) said. Other data for last month showed industrial output growth of 6.1 percent, unchanged from September and slightly below forecasts in a Bloomberg News survey
  
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• Nigerian inflation rises to 18.3 percent in October

  14-11-2016 09:33 via news.yahoo.com
  
  By Alexis Akwagyiram LAGOS (Reuters) - Annual inflation in Nigeria accelerated in October to 18.3 percent, the National Bureau of Statistics said on Monday, its highest in more than 11 years and the ninth straight monthly rise, in another sign of the crisis in Africa's biggest economy. The rise from 17.9 percent in September reflected higher prices for electricity, clothing and food, a separate index for which rose to 17.1 percent from September's 16.6 percent, the statistics office said. Nigeri
  
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• Egypt targets budget deficit of 8.5-9.5 pct of GDP for 2017-18 -fin min

  14-11-2016 09:19 via news.yahoo.com
  
  CAIRO (Reuters) - Egypt is targeting a budget deficit of 8.5 to 9.5 percent of GDP for the 2017-18 fiscal year, down from a 12.2 percent deficit for 2015-16, the finance ministry said in a draft budget released on Sunday. Egypt on Friday secured a three-year $12 billion IMF lending programme aimed at reducing its budget deficit and re-launching economic growth. Egypt's financial year starts in July. (Reporting by Omar Fahmy; Writing by Eric Knecht; Editing by Lin Noueihed)
  
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• Asian markets mixed as Japan reports better than expected GDP growth

  14-11-2016 08:38 via news.yahoo.com
  
  Asian stock market indices were trading mixed on Monday (14 November), with the Shanghai Composite up 0.18% at 3,201.74 as of 6.33am GMT. The Nikkei, however, witnessed the highest intraday gain among all Asian indices amid good gross domestic product (GDP) numbers from Japan.
  
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