Finance news

• Dow breaks record as global equities rise

  22-11-2016 23:43 via news.yahoo.com
  
  Wall Street's post-election rally forged ever higher Tuesday, with the blue-chip Dow Jones Industrial Average finishing above 19,000 for the first time while stock indices across the globe also rose.
  
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• Wall Street extends record streak, Dow breaks 19,000 for first time

  22-11-2016 23:38 via news.yahoo.com
  
  U.S. stocks extended their post-U.S. election rally on Tuesday with moderate gains that pushed the Dow above 19,000 for the first time and the three major indexes to record closing levels for a second straight day. The S&P 500 ended above 2,200, led by gains in telecommunications , up 2.1 percent, and consumer discretionaries , up 1.2 percent. Robert Pavlik, chief market strategist at Boston Private Wealth in New York, said big gains that started in financials and industrials just after the
  
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• Steel shares surge again, keep post-election strength

  22-11-2016 23:16
  
  NEW YORK, Nov 22 (Reuters) - Investors put fresh bets on
  steel company shares on Tuesday as comments about domestic
  production from U.S. president-elect Donald Trump helped bolster
  the positive...
  
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• U.S. SEC says ex-broker peddled securities after bar from industry

  22-11-2016 23:07
  
  (Reuters) - A former Morgan Stanley broker who was barred from the securities industry later solicited $2.7 million from 10 elderly and retired investors without disclosing that his license was...
  
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• Hammond aims to ease UK living standards squeeze, focus on budget

  22-11-2016 22:41 via news.yahoo.com
  
  Britain's Chancellor will say on Wednesday that he is taking the edge off a benefits squeeze for low-paid workers, but that fixing the public finances will be a bigger priority as the country gets ready for Brexit. Philip Hammond's first detailed economic policy announcement of the new government at 1230 GMT will focus on tackling a still large budget deficit and injecting more dynamism into the world's fifth-biggest economy, his office said. When he became Chancellor in July, a few weeks after
  
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• Wall Street extends record streak; Dow ends above 19,000

  22-11-2016 22:38 via news.yahoo.com
  
  U.S. stocks extended their post-U.S. election rally on Tuesday with moderate gains that pushed the Dow above 19,000 and the three major indexes to record closing levels for a second straight day. The S&P 500 ended above 2,200, led by gains in telecommunications , up 2.1 percent, and consumer discretionaries , up 1.2 percent.
  
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• U.S. shares end at record highs for second day, oil steadies

  22-11-2016 22:32 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Wall Street's three main stock indexes ended at record highs for a second straight day on Tuesday, while European shares also rose on expectations that markets would benefit from U.S. President-elect Donald Trump's policies. Moderate gains led the Dow to close above the 19,000 mark and the S&P 500 to end above 2,200 for the first time ever, while the Nasdaq and small-cap Russell 2000 also hit record closing highs for the second day. U.S. shares have ralli
  
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• Urban Outfitters comparable sales miss as Anthropologie, Free People drag

  22-11-2016 22:30
  
  Nov 22 (Reuters) - Apparel retailer Urban Outfitters Inc
  reported quarterly comparable sales that missed
  analysts' estimate as demand fell for its Anthropologie Group
  and Free People brands, sending...
  
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• Ex-Cuomo aide, others indicted in New York bribery case

  22-11-2016 22:17 via news.yahoo.com
  
  A former top aide to New York Governor Andrew Cuomo is among eight men who have been indicted in a bribery and fraud case tied to efforts to spur the upstate economy, federal prosecutors said on Tuesday. Joseph Percoco, a former executive deputy secretary to Cuomo, was indicted by a federal grand jury on two counts each of bribery solicitation, extortion and conspiracy, mirroring charges announced on Sept. 22. The 14-count indictment also includes new wire fraud charges against several defendant
  
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• Ireland reluctant to host high-risk bank trading after Brexit - sources

  22-11-2016 22:13 via news.yahoo.com
  
  (This version of the story corrects title of IDA International Financial Services chief) By Anjuli Davies and Padraic Halpin LONDON/DUBLIN (Reuters) - Ireland has signalled to several large investment banks it would be reluctant to host large trading operations, banking sources told Reuters, despite Dublin's desire to attract financial sector jobs from London after Britain leaves the EU. This reticence, linked to Ireland's painful experience of a banking crash in 2008 and subsequent internationa
  
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• A soft Brexit is best for Norway, trade minister says

  22-11-2016 22:13 via news.yahoo.com
  
  By Stine Jacobsen OSLO (Reuters) - Britain should stay as closely connected to Europe's single market as it can after it leaves the European Union, the trade minister of non-EU member Norway said on Tuesday. The Nordic country, which pays hundreds of millions of euros to access the European internal market from outside the bloc, has been held up by some, especially Brexit supporters, as a potential model for post-Brexit Britain to follow. "Britain is perhaps our most important economic partner.
  
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• UPDATE 4-Medtronic sales disappoint, firm lowers forecast; shares fall

  22-11-2016 22:08
  
  Nov 22 (Reuters) - Medtronic Plc on Tuesday reported
  quarterly sales below Wall Street's expectations for virtually
  all its major product lines and cut its full-year earnings
  forecast, and the...
  
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• New Jersey Governor Christie decides not to trash Pennsylvania tax pact

  22-11-2016 21:51
  
  NEW YORK (Reuters) - New Jersey Governor Chris Christie on Tuesday said he would not scrap a long-standing income tax agreement with neighboring Pennsylvania that would have led to higher taxes for...
  
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• FINRA moves to speed up market manipulation crackdowns

  22-11-2016 21:47
  
  NEW YORK (Reuters) - Wall Street's industry-funded watchdog took steps to crack down more quickly on manipulative trading practices in the securities markets but needs more authority, according to a...
  
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• Chinese official optimistic about US trade amid Trump uncertainty

  22-11-2016 21:44 via news.yahoo.com
  
  Chinese Vice Premier Wang Yang said on Tuesday that U.S. policies toward China under President-elect Donald Trump may be uncertain, but he is optimistic because of the U.S. business community's enthusiasm for U.S.-China trade. At a luncheon with U.S. and Chinese business people and government officials, Wang said he believed that businesses and the U.S. government would ultimately make the "right choices" to take advantage of market opportunities in China's economy. "What the U.S. government wil
  
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• WRAPUP 1-Dr Pepper Snapple, Pepsi buy drinks makers in bid to diversify

  22-11-2016 21:37
  
  Nov 22 (Reuters) - Dr Pepper Snapple Group Inc and
  PepsiCo on Tuesday both announced plans to buy
  alternative drinks makers, the latest examples of beverage
  companies branching into products...
  
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• U.S. tax refund delays may surprise low-income filers

  22-11-2016 21:35
  
  NEW YORK (Reuters) - Deep within the recesses of recent tax policy is a provision that will delay refunds for millions of taxpayers who file for two popular credits aimed at helping low-income...
  
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• Trump's tax holiday to make American financial engineering great again: James Saft

  22-11-2016 21:20
  
  (Reuters) - Donald Trump's tax repatriation plan will create jobs, but far more - and more likely - ones for financial engineers rather than real ones.
  
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• Iraq has to up oil output because of 'budget hole': FM

  22-11-2016 20:49 via news.yahoo.com
  
  Iraq has to up its crude output because dwindling oil prices and the fight against Islamic State have left "a huge hole" in the economy, Foreign Minister Ibrahim al-Jaafari said Tuesday, as the OPEC cartel scrambles to agree a production cut deal. "As oil makes up for more than 90 percent of Iraq's budget, a huge hole was knocked in the budget by the fall in prices right at the same time as we have had to increase spending on the army due to the fight against IS," Jaafari told reporters during a
  
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• U.S. existing home sales race to more than 9-1/2-year high

  22-11-2016 20:30 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. home resales rose in October to their highest level in more than 9-1/2 years as homebuyers, buoyed by an improving labor market, took advantage of still-low mortgage rates to snatch up properties after many were shut out during the busy summer selling season. "Consumers certainly were in October, showing no hesitation whatsoever ahead of the presidential elections with its often harsh rhetoric and focus on all the things wrong with the economy." Whil
  
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• China vice premier sees optimism for U.S. trade in Trump presidency

  22-11-2016 19:51 via news.yahoo.com
  
  Chinese Vice Premier Wang Yang said on Tuesday that U.S. policies toward China under President-elect Donald Trump may be uncertain, but he is optimistic because of the U.S. business community's enthusiasm for U.S.-China trade. At a luncheon with U.S. and Chinese business people and government officials, Wang said he believed that businesses and the U.S. government would ultimately make the "right choices" to take advantage of market opportunities in China's economy.
  
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• Shares in Aeromexico plunge on fears of Delta alliance complications

  22-11-2016 19:29
  
  MEXICO CITY, Nov 22 (Reuters) - Shares in Mexican airline
  Aeromexico slid more than 7.5 percent on Tuesday,
  on fears that a proposed alliance with Delta Air Lines Inc
  could face headwinds after the...
  
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• Wall Street hits record highs, oil prices slump

  22-11-2016 19:28 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Wall Street's three main stock indexes hit record highs for a second straight day on Tuesday before trimming gains, while European shares also rose on expectations that markets would benefit from U.S. President-elect Donald Trump's policies. The Dow topped the 19,000 mark and the S&P 500 moved past 2,200 for the first time ever, while the pan-European STOXX 600 index and the FTSEurofirst 300 of top regional shares climbed to the highest levels since Nov.
  
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• Protectionism threatens Mexican economy: IMF

  22-11-2016 19:06 via news.yahoo.com
  
  Protectionism from abroad threatens Mexico's economy, the International Monetary Fund said Tuesday, slightly lowering the country's growth forecast for 2017. The report did not directly mention Donald Trump but the Republican US president-elect wants to renegotiate the North American Free Trade Agreement (NAFTA) and threatens to impose tariffs to prevent US firms from outsourcing to Mexico. "Mexico continues to grow at a moderate pace despite a challenging external environment," the IMF said in
  
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• Wall Street eases off record highs as health stocks weigh

  22-11-2016 18:52 via news.yahoo.com
  
  A sharp rally out of the gates saw the S&P 500 breaching 2,200 and the small-cap Russell 2000 index hitting an intraday high for the fourth day in a row before the euphoria faded. U.S. stocks have rallied since Donald Trump's election win as his policies, including promises of tax cuts, higher spending on infrastructure and simpler regulations in the banking and healthcare industries, are seen beneficial for the market. The S&P 500 is trading near 17.3 times forward 12-month earnings, ab
  
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• FTSE rises, helped by mining stocks rally

  22-11-2016 18:19 via news.yahoo.com
  
  By Alistair Smout LONDON (Reuters) - Britain's top share index rose on Tuesday, buoyed by record-highs reached by Wall Street and a rally in mining shares. The FTSE 100 ended up 0.6 percent. Traders cited renewed enthusiasm for equities after the three main U.S. indexes and small-cap Russell index all closed at record highs for the first time since December 1999.
  
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• Britain's FTSE rises, helped by mining stocks rally

  22-11-2016 18:17 via news.yahoo.com
  
  Britain's top share index rose on Tuesday, buoyed by record-highs reached by Wall Street and a rally in mining shares. The FTSE 100 ended up 0.6 percent. Traders cited renewed enthusiasm for equities after ...
  
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• UPDATE 2-Vinci's shares dip on hoax report it would revise accounts, fire CFO

  22-11-2016 18:15
  
  PARIS, Nov 22 (Reuters) - Shares in French construction and
  concessions company Vinciplunged on Tuesday after
  media picked up a hoax statement saying it would revise its 2015
  and 2016 accounts and...
  
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• Canadian oilwell drilling to jump in 2017: industry forecast

  22-11-2016 18:03 via news.yahoo.com
  
  By Nia Williams CALGARY, Alberta (Reuters) - Drilling in Canada's oil and gas fields will pick up in 2017 because of more favorable pricing after two years of record low activity, an industry group said on Tuesday in its annual forecast. The industry group forecast operating days would rise 21 percent to 48,980 in 2017 but expects the fleet to drop by 55 drilling rigs to 610. "Activity is moving in the right direction, but we're still in a depressed and desperate economic environment," associati
  
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• Money Markets: Traders see U.S. rate hike as a sure thing in December

  22-11-2016 17:38 via news.yahoo.com
  
  NEW YORK (Reuters) - Traders bet on Tuesday that an interest rate increase by the Federal Reserve next month is a near lock following stronger-than-expected economic data and expectations of big tax cuts and federal spending under the Trump administration.
  
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• Wall Street hits record highs, dollar gains vs yen

  22-11-2016 17:36 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - U.S. and European shares rose on Tuesday, with Wall Street's three main stock indexes hitting record highs for a second straight day, on expectations that markets would benefit from U.S. President-elect Donald Trump's policies. The Dow topped 19,000 points and the S&P 500 moved past 2,200 points for the first time ever, while the pan-European STOXX 600 index and the FTSEurofirst 300 of top regional shares climbed to their highest levels since Nov. 10. U.S
  
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• Wall Street eases from record highs, Dow tops 19,000 for first time

  22-11-2016 17:36 via news.yahoo.com
  
  By Yashaswini Swamynathan (Reuters) - U.S. stock indexes hit record intraday highs for the second straight day on Tuesday, with the Dow topping 19,000 and the S&P 500 moving past 2,200 as the post-election rally continued. The small-cap Russell 2000 index hit an intraday high for the fourth day in a row, before all four indexes eased off their highs in late morning trading. President-elect Donald Trump's pro-growth policies, including promises of tax cuts, higher infrastructure spending and
  
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• Startup Trov aims to disrupt insurance with swipe of an app

  22-11-2016 17:16 via news.yahoo.com
  
  The on-demand economy, which uses smartphone technology to immediately fill consumer needs, has changed the way people order food, a car, or a place to stay. Now, technology startups are targeting the next business frontier - insurance - offering coverage with the swipe of an app. Trov, a San Francisco Bay Area firm that provides smartphone-based on-demand insurance for individual assets, like computers or cameras, for any duration, launched in the United Kingdom on Tuesday, backed by AXA Insura
  
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• U.S. existing home sales hit more than 9-1/2-year high

  22-11-2016 16:47 via news.yahoo.com
  
  U.S. home resales rose in October to their highest level in more than 9-1/2 years amid pent-up demand, offering more evidence of a pickup in economic growth in the fourth quarter, but a recent surge in mortgage rates could slow housing market activity. The National Association of Realtors said on Tuesday existing home sales increased 2.0 percent to an annual rate of 5.6 million units last month, the highest level since February 2007. It also added to strong reports on retail sales and the labor
  
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• Vinci says report it would revise accounts and fire director is false

  22-11-2016 16:33
  
  PARIS, Nov 22 (Reuters) - French construction and
  concessions company Vinci on Tuesday denied media
  reports that said it was going to revise its 2015 and 2016
  accounts and fire its finance director,...
  
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• Wall Street at record high, Dow tops 19,000 for first time

  22-11-2016 16:32 via news.yahoo.com
  
  The three main U.S. stock indexes hit records highs for the second straight day on Tuesday, with the Dow topping 19,000 points and the S&P 500 moving past 2,200 points for the first time ever as the Donald Trump-fueled rally continued. The small cap Russell 2000 index hit an intraday high for the fourth day in a row. The consumer discretionary sector's 0.74 percent increase on Tuesday led the gainers among the 11 major S&P sectors, boosted by strong quarterly reports from Dollar Tree and
  
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• Renew Holdings plc looks set for further growth after 10% rise in earnings

  22-11-2016 16:27 via news.yahoo.com
  
  Renew Holdings plc (LON: RNWH) is growing earnings, but the shares are lagging behind.
  
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• US home sales reach strongest pace in nearly a decade

  22-11-2016 16:06 via news.yahoo.com
  
  WASHINGTON (AP) — Americans bought homes in October at the fastest pace in nearly decade, helped out by low mortgage rates that have since started to climb following the presidential election of Donald Trump.
  
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• Santander 'abandons' R3 blockchain consortium following Goldman Sachs exit

  22-11-2016 16:04 via news.yahoo.com
  
  Around the same time as influential Wall Street banking giant Goldman Sachs confirmed it would be leaving the R3 blockchain consortium – set up to probe the possibilities of emerging fintech technologies – reports say Santander has also left the group. While Goldman Sachs and Banco Santander have decided not to renew their memberships with R3, two other major banks, Morgan Stanley and National Australia Bank, are reportedly not participating in the funding round, an unnamed insider s
  
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• Government stake in Lloyds Banking Group now less than 8%

  22-11-2016 16:03 via news.yahoo.com
  
  The chancellor expects to recoup the total amount injected into the bank, which rescued HBOS during the height of the crisis. The government’s stake in Lloyds Banking Group is now less than 8% – down from 43% at the time of its £20bn taxpayer bailout in 2008. The reduction took place after Philip Hammond abandoned any attempt at a discounted offer of shares to the public and pressed on with plans to sell shares on the stock market.
  
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• Campbell Soup 1Q profit tops Street, aided by lower expenses

  22-11-2016 16:02 via news.yahoo.com
  
  CAMDEN, N.J. (AP) — Campbell Soup's first-quarter profit beat Wall Street's view, helped by reduced expenses and sharply lower restructuring charges.
  
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• Canada retail sales rise in September, boosted by autos

  22-11-2016 15:58 via news.yahoo.com
  
  Canadian retail sales picked up in September as auto purchases climbed for the first time in three months on demand for new cars, data from Statistics Canada showed on Tuesday, reinforcing expectations that economic growth rebounded in the third quarter. Retail sales rose 0.6 percent, in line with economists' expectations, but would have been flat without the increased purchases of cars and parts. Sales at motor vehicle and parts dealers led the way, rising 2.4 percent.
  
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• Global equities surf commodities wave

  22-11-2016 15:54 via news.yahoo.com
  
  Hong Kong (AFP) - Stocks across the globe forged higher on Tuesday, with Wall Street setting new records as rising metals and oil prices bolstered sentiment in the mining and energy sectors, dealers said.
  
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• India may ease rules for cash withdrawals for weddings: official

  22-11-2016 15:16 via news.yahoo.com
  
  By Manoj Kumar NEW DELHI (Reuters) - India may soon relax conditions for cash withdrawals for weddings, a top government official said on Tuesday, the day after the central bank issued rules for such bank transactions widely criticized as unworkable. Prime Minister Narendra Modi's shock announcement on Nov. 8 that he would scrap high-value banknotes, to curb untaxed "black cash" circulating in the economy, came in the middle of India's cherished wedding season. Families, rich and poor, go to hug
  
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• 'Freedom business' offers Indian sex workers alternative to red light district

  22-11-2016 15:04 via news.yahoo.com
  
  By Anuradha Nagaraj CHENNAI, India (Thomson Reuters Foundation) - An Indian quilt and bag company which employs women trapped in the sex trade has appointed two former sex workers to its board, its co-founder said, calling the move a first in the industry. Sarah Lance, who helped to set up Sari Bari a decade ago to provide sex trafficking victims with alternative means of earning a living, said the company had also invited 19 of its women workers to become shareholders in the firm. The 10-year-o
  
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• Irish unemployment falls to post-crash low of 7.5 percent

  22-11-2016 14:59 via news.yahoo.com
  
  DUBLIN (AP) — Government statisticians say Ireland's unemployment rate has fallen to an eight-year low of 7.5 percent, a level last seen before a banking crisis wrecked the property-driven Celtic Tiger economy.
  
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• Vietnam abandons plan for first nuclear power plants

  22-11-2016 14:58 via news.yahoo.com
  
  By Mai Nguyen and Ho Binh Minh HANOI (Reuters) - Vietnam's National Assembly voted on Tuesday to abandon plans to build two multi-billion-dollar nuclear power plants with Russia and Japan, after officials cited lower demand forecasts, rising costs and safety concerns. The vote to scrap the country's first atomic energy project deals a blow to the global nuclear business and to Japan's drive to begin exporting reactors after the Fukushima disaster left its nuclear industry in a deep freeze. The V
  
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• Record highs for Wall Street quartet lifts world stocks

  22-11-2016 14:58 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - World stocks rode the slipstream of the first joint all-time high for Wall Street's four main markets since 1999 on Tuesday, with commodity firms adding extra lift as they eyed an OPEC oil output cut and surge in U.S. building under Donald Trump. A powerful earthquake hitting the same part of Japan that suffered a nuclear disaster in 2011 nudged up the safe-haven yen and cooled the dollar's recent 10 percent gain which had lifted it to a 13-1/2 year high in recen
  
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• GLOBAL MARKETS-Record highs for Wall Street quartet lifts world stocks

  22-11-2016 14:55 via news.yahoo.com
  
  World stocks rode the slipstream of the first joint all-time high for Wall Street's four main markets since 1999 on Tuesday, with commodity firms adding extra lift as they eyed an OPEC oil output cut and surge in U.S. building under Donald Trump. A powerful earthquake hitting the same part of Japan that suffered a nuclear disaster in 2011 nudged up the safe-haven yen and cooled the dollar's recent 10 percent gain which had lifted it to a 13-1/2 year high in recent days. A sustained rally in oil
  
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• UPDATE 2-Novo, Sanofi go head to head as FDA clears new diabetes drugs

  22-11-2016 14:28
  
  * Companies to sell two-drug products at discount(Adds detail on pricing, quote from Novo Nordisk executive)
  
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