Finance news

• Exclusive - Sullivan lawyer Jay Clayton seen as Trump’s top choice for SEC

  03-01-2017 23:55 via news.yahoo.com
  
  By Svea Herbst-Bayliss and Steve Holland WASHINGTON (Reuters) - Wall Street lawyer Jay Clayton has emerged as the top candidate to head the U.S. Securities and Exchange Commission for the Trump administration, two sources familiar with the matter said on Tuesday. Clayton is a partner at Sullivan & Cromwell who has specialised in public and private mergers and has an expertise in capital market offerings. Clayton was not immediately available to comment. (Reporting by Svea Herbst-Bayliss in B
  
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• Global stocks mostly rise as London hits record

  03-01-2017 23:11 via news.yahoo.com
  
  New York (AFP) - World stock markets mostly rose Tuesday in the first session of 2017, with London reaching a new high and the Dow resuming its push towards the 20,000 milestone.
  
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• Strong data lifts dollar to 14-year high; oil falls

  03-01-2017 23:00 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The U.S. dollar touched a 14-year high and major stock markets got off to a solid start in the new year, boosted by strong data, while debt yields edged up after upbeat economic figures out of China and Europe. Crude oil gave up a 2 percent advance and fell more than 2 percent, restrained by the strong dollar, as U.S. factory activity accelerated to a two-year high in December amid a surge in measures of new orders and employment.
  
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• ETFs globally gather record cash in 2016 -BlackRock

  03-01-2017 22:50
  
  NEW YORK (Reuters) - Investors funneled $375 billion into exchange-traded funds in2016, investment manager BlackRock Inc said on Tuesday, a global record that came as investors looked to cut costs.
  
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• Wall Street extends rally in sharp New Year's rise

  03-01-2017 22:40 via news.yahoo.com
  
  Wall Street rose sharply on Tuesday as a post-election rally extended into the new year, helped by gains in Verizon Communications and technology companies Alphabet and Facebook. U.S. stocks have surged over the past two months on expectations that President-elect Donald Trump will stimulate the economy with tax cuts and infrastructure spending and slash regulations in the financial industry.
  
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• Mexico says does not expect Ford move to spark similar decisions

  03-01-2017 22:12 via news.yahoo.com
  
  MEXICO CITY (Reuters) - Mexico's economy minister said on Tuesday he did not believe that Ford Motor Co.'s decision to cancel its planned $1.6 billion factory in San Luis Potosi state will trigger a series of similar decisions.
  
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• Tech, telecom boost Wall St. as new year begins

  03-01-2017 22:06 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street rose on Tuesday as a post-election rally extended into the new year, helped by gains in Verizon Communications and technology companies including Alphabet and Facebook.
  
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• Indonesia penalizes JPMorgan for negative report in latest emerging markets skirmish

  03-01-2017 21:31 via news.yahoo.com
  
  By Nilufar Rizki, Eveline Danubrata and David Henry JAKARTA/NEW YORK (Reuters) - Indonesia has cut some ties with JPMorgan Chase & Co after the bank's research analysts issued a negative report on the country, the latest in a series of skirmishes between Wall Street banks and governments in emerging markets. Indonesia will no longer use JPMorgan as a primary bond dealer and has also revoked a special designation that allows it to perform certain banking services, Suahasil Nazara, head of the
  
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• Wall Street extends rally, but some investors wary

  03-01-2017 21:04 via news.yahoo.com
  
  U.S. stocks have surged over the past two months on expectations that Trump will stimulate the economy with tax cuts and infrastructure spending and slash regulations in the financial industry. Now with the Dow Jones Industrial Average trading near the never-before-reached 20,000 mark, some investors say additional strong gains are unlikely in the short term.
  
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• DoubleLine Total Return bleeds $3.5 billion, biggest monthly outflow ever

  03-01-2017 21:01
  
  NEW YORK (Reuters) - The DoubleLine Total Return Bond Fund posted a net outflow of $3.5 billion in December, its biggest one-month withdrawal ever, data from research firm Morningstar showed on...
  
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• Donald Trump is selling the news over Twitter—and everyone's buying

  03-01-2017 19:22 via news.yahoo.com
  
  It took American media outlets two hours into the 2017 work-year to bungle coverage of Donald Trump.  On Tuesday morning, the president-elect fired off a few tweets on the recent move by Congress to gut the Office of Congressional Ethics. Monday's surprise vote yielded loud criticism that the Republicans controlling Congress acted with the intent of making it far more difficult to find and prosecute corruption among its members. Here's Trump's response: ........may be, their number one act
  
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• U.S. manufacturing, construction sectors shine as year ended

  03-01-2017 19:12 via news.yahoo.com
  
  U.S. factory activity accelerated to a two-year high in December amid a surge in new orders and rapidly rising raw material prices, indicating that some of the drag on manufacturing from prolonged dollar strength and a slump in oil prices was fading. Other data on Tuesday showed U.S. construction spending hit a 10-1/2-year high in November, providing a boost to a fourth-quarter economic growth estimate. The reports suggested President-elect Donald Trump would inherit a strong economy, with a lab
  
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• London stocks kick off 2017 with record high

  03-01-2017 19:10 via news.yahoo.com
  
  World stock markets mostly rose Tuesday, with London reaching a new high in its first session of 2017 and Wall Street resuming its push towards the 20,000 level. Oil prices also powered ahead, before succumbing to profit-taking, while the dollar strengthened against its major peers. London's FTSE 100 reached a historic peak at 7,205.21 points, extending a record run seen in the final week of 2016, before easing back from its highs, but still managed a closing record.
  
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• Dollar, stocks up on upbeat data; oil falls

  03-01-2017 19:01 via news.yahoo.com
  
  Crude oil gave up a 2-percent advance and was trading negative, weighed by the strong dollar, as U.S. factory activity accelerated to a two-year high in December amid a surge in measures of new orders and employment. On Wall Street, stocks rose on the upbeat data, with the Nasdaq Composite hitting a record intraday high and both the S&P 500 and Dow industrials not far from their historic highs. The Dow Jones Industrial Average rose 25.05 points, or 0.13 percent, to 19,787.65, the S&P 500
  
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• Bond trader faces retrial as U.S. cracks down on Wall Street abuses

  03-01-2017 18:59 via news.yahoo.com
  
  The retrial of Jesse Litvak, with jury selection set for Wednesday and opening arguments for Thursday, comes 13 months after a federal appeals court voided his original conviction and two-year prison sentence. "The retrial will clear the air over whether bond traders can increase margins by falsely representing prices, which can distort trading and capital formation," said James Cox, a Duke University law professor. C.J. Mahoney, a lawyer for Litvak, declined to comment, as did a spokesman for U
  
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• Wall Street pares some gains as oil prices drop

  03-01-2017 18:50 via news.yahoo.com
  
  Wall Street rose on Tuesday as a post-election rally extended into the new year, but stocks pared some of their early gains after oil prices lost ground due to a strong dollar. Oil prices fell from their 18-month high and were down more than 2 percent as the dollar surged to a 14-year high, supported by strong U.S. manufacturing data. The retreat in stocks meant the Dow Jones Industrial Average pulled further away from the elusive 20,000 mark.
  
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• US manufacturing growth picks up in December: ISM

  03-01-2017 18:45 via news.yahoo.com
  
  US manufacturing posted the fourth straight month of faster expansion in December as new orders and output jumped, pointing to a growing economy, the Institute for Supply Management said Tuesday. The ISM manufacturing index rose 1.5 points from November to 54.7 percent, with 11 of the 18 industries surveyed reporting growth, led by petroleum and coal products, primary metals, miscellaneous manufacturing, and food, beverage and tobacco products. A reading in the purchasing managers index above 50
  
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• UPDATE 2-Ford cancels $1.6 billion Mexican plant after Trump criticism

  03-01-2017 18:05
  
  FLAT ROCK, Mich./WASHINGTON, Jan 3 (Reuters) - Ford Motor Co
  said Tuesday it will cancel a planned $1.6 billion
  factory in Mexico and will invest $700 million at a Michigan
  factory, after it had...
  
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• Sterling hits 2-month low against rallying dollar

  03-01-2017 18:04
  
  * Dollar: 14-year high vs basket after 2-year manufacturing
  high
  
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• UPDATE 1-Mexico's peso deepens losses after Ford scraps Mexican plant plan

  03-01-2017 17:59
  
  MEXICO CITY, Jan 3 (Reuters) - Mexico's peso fell on Tuesday
  to touch its weakest level in seven weeks after Ford, the
  second-largest U.S. automaker, said it will cancel a planned
  $1.6 billion...
  
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• UPDATE 1-ECB slashes purchases of Portuguese debt as limit looms

  03-01-2017 17:57
  
  * Frankfurt wary of hitting issuer limit(Recasts, adds detail)
  
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• BRIEF-Syngenta says remains fully committed to ChemChina transaction, confident of its closure

  03-01-2017 17:52
  
  * In the context of the EU anti-trust review, ChemChina and
  Syngenta have requested a further 10 day extension of the review
  period until 12 April 2017
  
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• UPDATE 2-Czech budget shows first surplus in two decades

  03-01-2017 17:46
  
  * Drop in investments cut expenditure(Adds prime minister, analyst comments)
  
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• US STOCKS-Wall St pares some gains as oil rally loses steam

  03-01-2017 17:43
  
  * Indexes up: Dow 0.38 pct, S&P 0.61 pct, Nasdaq 0.60 pct(Adds details, comments, updates prices)
  
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• UPDATE 3-Inotek's eye drug fails late-stage study, shares sink

  03-01-2017 17:42
  
  * Stock slumps as much as 71 pct(Adds context, analyst comment; updates share move)
  
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• BRIEF-Newron Pharmaceuticals says encouraging preliminary results of Phase IIA study with Evenamide

  03-01-2017 17:42
  
  * Newron Pharmaceuticals SPA - Newron announces encouraging
  preliminary results of its Phase IIA study with Evenamide in
  patients with schizophrenia
  
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• BRIEF-Linde selects Adel, Georgia, as site of new atmospheric gases plant

  03-01-2017 17:42
  
  * Will soon break ground for its new large-scale air
  separation unit in Adel, Georgia
  
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• Jain hire underlines Cantor’s opportunism

  03-01-2017 17:34
  
  Appointment is a reminder that the top investment banks face a growing challenge from nimbler rivals wielding superior technology
  
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• Shareholder advisers come out against Sports Direct chair

  03-01-2017 16:57
  
  ISS and Pirc add their voices to shareholder Aberdeen Asset Management ahead of January 5 vote
  
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• Factory activity hits two-year high as orders surge

  03-01-2017 16:42 via news.yahoo.com
  
  U.S. factory activity accelerated to a two-year high in December amid a surge in new orders and employment, suggesting some of the oil-related drag on manufacturing was fading. Other data on Tuesday showed construction spending hitting a 10-1/2-year high in November, which could provide a lift to fourth-quarter economic growth. The reports suggested president-elect Donald Trump was inheriting a strong economy, marked by a labor market that is near full employment, from the Obama administration.
  
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• Energy powers eurozone inflation but growth elusive

  03-01-2017 16:24 via news.yahoo.com
  
  Official data showed inflation advancing in major eurozone economies Germany, France, and Spain on Tuesday, but analysts warned that a return to healthy price rises remains far off. Inflation in Germany, Europe's largest economy, hit its highest level in more than three years in December at 1.7 percent year-on-year, the federal statistics authority Destatis said. As measured by the ECB's preferred yardstick, the Harmonised Index of Consumer Prices, German inflation was also 1.7 percent in Decemb
  
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• Wall Street opens 2017 with big gains as banks surge

  03-01-2017 15:57 via news.yahoo.com
  
  Wall Street made big gains on Tuesday, its first day of trading in 2017, with all eyes on the Dow Jones Industrial Average as it zeroes in on the historic 20,000 mark. After coming within a hair's breadth of the milestone in December as part of a post-election rally, the Dow was trading just 0.46 percent shy of the psychological milestone. The Dow rose 13.4 percent in 2016 - its best performance in three years - registering strong gains in the past two months as investors bet that Presidential-e
  
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• Wall St. opens 2017 with big gains as banks surge

  03-01-2017 15:56 via news.yahoo.com
  
  After coming within a hair's breadth of the milestone in December as part of a post-election rally, the Dow was trading just 0.46 percent shy of the psychological milestone. The Dow rose 13.4 percent in 2016 - its best performance in three years - registering strong gains in the past two months as investors bet that Presidential-elect Donald Trump would introduce market friendly policies such as tax cuts and simpler regulation. Banks were the main drivers of the gains on Wall Street on Tuesday,
  
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• UK’s ambassador to EU quits as Brexit talks loom

  03-01-2017 15:52
  
  Move comes ahead of the start of the UK’s formal divorce talks with the EU following June’s Brexit vote
  
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• Deutsche equities chief takes on responsible investment role

  03-01-2017 15:42
  
  Petra Pflaum's responsibilities as co-head of equities for Europe will be split with a colleague
  
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• BNP Paribas goes head to head with Credit Agricole

  03-01-2017 15:39
  
  LONDON, Jan 3 (IFR) - BNP Paribas and Credit Agricole will
  share the podium for issuing the first senior non-preferred
  bonds in US dollars after the former bypassed an outstanding
  mandate from its...
  
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• Wall Street opens higher, Dow eyes 20,000

  03-01-2017 15:35 via news.yahoo.com
  
  U.S. stocks kicked off the new year with big gains on Tuesday, with all eyes on the Dow Jones Industrial Average as it zeroes in on the historic 20,000 mark. The Dow was up 152.92 points, or 0.77 percent, at 19,915.52, the S&P 500 was up 16.98 points, or 0.758432 percent, at 2,255.81 and the Nasdaq composite was up 41.68 points, or 0.77 percent, at 5,424.80.
  
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• Finance officials delay meeting to finalise Basel III rules

  03-01-2017 15:20
  
  Disagreement centers on how banks calculate the riskiness of assets and the amount of capital they have to hold
  
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• Energy prices power German inflation to 3-year high

  03-01-2017 15:08 via news.yahoo.com
  
  Inflation in Germany, Europe's largest economy, hit its highest level in more than three years in December, beating analyst expectations, official data showed on Tuesday. The German data comes on the same day as releases showed inflation in eurozone partners Spain hitting 1.4 percent and France 0.6 in December -- up from 0.5 percent and 0.3 percent the previous month. Consumer prices in three of Europe's largest economies appeared to advance towards the European Central Bank's inflation target o
  
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• Dollar, oil surge as 2017 trading starts in earnest

  03-01-2017 14:50 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - The dollar notched up its biggest gain in three weeks, oil jumped to a 18-month high and a record FTSE lifted European stocks to a one-year peak on Tuesday, building on upbeat Chinese data to ensure a strong start to 2017 for global markets. Metal prices and bond yields also advanced, as the fastest factory output growth in China in almost six years, the best in Britain in 2-1/2 years and firmer German and French inflation provided confidence for the new year. Br
  
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• UK stock market hits record as manufacturers win business

  03-01-2017 13:27 via news.yahoo.com
  
  LONDON (AP) — Britain's main stock index struck a record high Tuesday as a survey showed manufacturers gaining business from the slide in the value of the pound since the country's decision in June to leave the European Union.
  
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• Aberdeen holds firm against Sports Direct chair

  03-01-2017 13:10
  
  Asset manager welcomes 'signs of progress' but says it is still concerned about the firm's governance
  
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• Jim Reid: Commodities and equities resurgent in year of the ‘political analyst’

  03-01-2017 12:42
  
  Commodity markets staged a 'remarkable' comeback in late 2016, while equity markets dominated December performance, says Deutsche Bank strategist
  
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• Rothschild’s advisory business fuels UK profit rise

  03-01-2017 12:36
  
  Rothschild's UK business benefited from its Five Arrows sale and growth in global advisory
  
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• Jim Reid: Commodities and equities resurgent in year of the ‘political analyst hat’

  03-01-2017 12:32
  
  Commodity markets staged a 'remarkable' comeback in late 2016, while equity markets dominated December performance, says Deutsche Bank strategist
  
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• London stock market kicks off 2017 with record high

  03-01-2017 12:26 via news.yahoo.com
  
  European and Asian stock markets mostly rose Tuesday, with London reaching a new high early into its first session of 2017. London's FTSE 100 reached a historic peak at 7,205.21 points in morning deals, extending a record run seen in the final week of 2016. "2017 has kicked off in fine style for the FTSE 100, which broke to a new record high at the open," said Joshua Mahony, market analyst at IG trading group.
  
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• Views from the Top: The next 12 months in finance

  03-01-2017 12:24
  
  The shocks of the UK’s Brexit vote and Trump’s election as US president will continue to be felt through 2017, according to the top names in financial services
  
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• Few people seen selling yuan for dollars on first day of China's forex quota re-set

  03-01-2017 12:23 via news.yahoo.com
  
  BEIJING/SHANGHAI (Reuters) - China's authorities have sounded the alarm in recent weeks over the risk of capital outflows from the economy, but there was little evidence at Beijing and Shanghai banks on Tuesday that Chinese individuals were rushing to lock in 2017 quotas to buy foreign exchange. Only a trickle of people at banks were seen selling yuan for dollars on the first business day of the new year, when buyers in theory could have made use of their quotas. Under China's capital controls,
  
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• Euronext primed for M&A after €510m bid for LCH SA

  03-01-2017 12:23
  
  Sale is a remedy to anti-trust concerns over the merger between the London Stock Exchange and Deutsche Börse
  
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• BRIEF-American Gilsonite Co announced that it has completed its financial restructuring

  03-01-2017 12:08
  
  * American Gilsonite Co -announced that it has completed
  its financial restructuring and has emerged from Chapter 11
  processSource text for Eikon:Further company coverage:
  
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