Finance news

• TSX rises, led by financials ahead of U.S. earnings season

  11-01-2017 23:56 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index rose on Wednesday as heavyweight financial stocks rose ahead of the start of U.S. earnings season and investors weighed comments by U.S. President-elect Donald Trump. Royal Bank of Canada rose nearly 1 percent to C$93.89 and Bank of Nova Scotia climbed 0.9 percent to C$77.68, while the financials group rose 0.7 percent. "There is a lot of optimism in financials with the increase in interest rates and the potential for lower financial
  
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• The Simple Fact Donald Trump Is Missing About the ‘Leaked’ Documents

  11-01-2017 23:31 via news.yahoo.com
  
  President-elect Donald Trump appears to fundamentally misunderstand the nature of a document published by BuzzFeed Tuesday night that purported to reveal that Russia is maintaining a cache of damaging information about him. The dossier published by BuzzFeed is 35-pages of completely unverified material that suggests Trump has had a long relationship with Russian officials, has received regular intelligence reports from them, has engaged in bribery and favor-swapping, and claims that on more than
  
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• Dow nears 20,000 points despite Trump pharma hit

  11-01-2017 23:25 via news.yahoo.com
  
  Wall Street stocks shook off the attack on the pharmaceutical industry by President-elect Donald Trump on Wednesday, and pushed higher ahead of major bank earnings releases this week.
  
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• UPDATE 3-Brazil's Fibria drops controversial covenant language

  11-01-2017 23:07
  
  NEW YORK, Jan 11 (IFR) - Brazilian pulp and paper company
  Fibria dropped controversial language on a 10-year Green bond on
  Wednesday amid strong investor pushback, sources told IFR.
  
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• Investor Warren Buffett's life is chronicled in HBO movie

  11-01-2017 23:05 via news.yahoo.com
  
  By Jonathan Stempel NEW YORK (Reuters) - "I like numbers," Warren Buffett says in an upcoming HBO documentary about his life. It just felt good, working with numbers." Success with numbers has helped the billionaire become one of the world's most admired investors and top philanthropists, despite spending most of his 86 years far from Wall Street in Omaha, Nebraska, where he has run Berkshire Hathaway Inc since 1965. Directed by Peter Kunhardt, whose film subjects have included U.S. President Ri
  
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• Ex-Barclays employee gets prison term for insider trading scheme

  11-01-2017 22:54 via news.yahoo.com
  
  By Nate Raymond NEW YORK (Reuters) - A former director at Barclays Plc was sentenced on Wednesday to five months in a U.S. prison for repeatedly passing tips about mergers under way at the bank to a plumber, who made thousands of dollars trading ahead of the deals' announcements. Steven McClatchey, 58, was also ordered by U.S. District Judge Katherine Polk Failla in Manhattan to pay a $10,000 fine and jointly with the plumber forfeit $76,000 after pleading guilty in July to conspiracy and securi
  
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• Wall Street ends choppy session higher, health lags on Trump comments

  11-01-2017 22:40 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - U.S. stocks ended higher after a choppy day on Wednesday as energy and technology gains countered a drop in healthcare stocks after President-elect Donald Trump said pharmaceutical companies were "getting away with murder" by charging high prices. The Nasdaq ended the day with another record closing high after falling as much as 0.5 percent after Trump's first formal news conference since the Nov. 8 election. The S&P 500 healthcare index ended the session
  
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• Brazil speeds up interest rate cuts to fight crisis

  11-01-2017 22:24 via news.yahoo.com
  
  Brasília (AFP) - Brazil sharply speeded up the pace of its interest rate cuts on Wednesday as Latin America's biggest economy struggles to escape its worst recession in a century. It is the third month running that the Bank of Brazil has cut its benchmark interest rate to try to spur activity in its hard-up giant economy. The bank's monetary policy committee said in a statement it was cutting the rate by 0.75 percentage points -- a sharper acceleration than most analysts had expected.
  
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• As they go electric, auto giants vie for tiny US prize

  11-01-2017 21:55 via news.yahoo.com
  
  The auto industry's push into electric vehicles is turning an important corner in 2017 with the arrival of longer-range, battery-powered cars at more accesible prices. This year could see as many as 20 new and updated electric cars models on US showroom floors, Kevin Riddell of the research company LMC Automotive told AFP. The all-electric Chevrolet Bolt EV, with a range of 238 miles (380 kilometers) on a charge, comes in under $30,000 -- after a federal tax rebate -- and already is on the marke
  
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• Issuers drop aggressive bond terms as investors balk

  11-01-2017 21:25
  
  NEW YORK (IFR) - Investors pushed back on new bond deals Wednesday, forcing three companies to restructure trades by removing language they said significantly erodes bondholder protections.
  
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• Nasdaq drops with pharma stocks as Trump blasts drug prices

  11-01-2017 20:45 via news.yahoo.com
  
  Nasdaq lost ground in choppy trading on Wednesday as investors fled drug stocks after President-elect Donald Trump said pharmaceutical companies were "getting away with murder" by charging high drug prices. Trump said he has also discussed making it easier to import cheaper drugs in his first formal news conference since the Nov. 8 election. The S&P 500 healthcare index reversed course following Trump's remarks and fell as much as 1.9 percent.
  
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• UPDATE 2-Trump says pharma 'getting away with murder,' stocks slide

  11-01-2017 20:32
  
  NEW YORK, Jan 11 (Reuters) - U.S. President-elect Donald
  Trump on Wednesday said pharmaceutical companies are "getting
  away with murder" in what they charge the government for
  medicines, and promised...
  
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• U.S. Treasuries rise, dollar falls as Trump gives little policy detail

  11-01-2017 20:31 via news.yahoo.com
  
  U.S. Treasuries rallied across the board on Wednesday, while the dollar fell after trading higher for most of the session as President-elect Donald Trump did not provide much clarity on his future policies. U.S. stocks also weakened initially after Trump took aim at the pharmaceutical industry for charging high prices. "U.S. Treasuries rose because stocks caved in with Trump's pharmaceutical comments," said Kim Rupert, managing director of global fixed income at Action Economics in San Francisco
  
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• AbbVie vows to keep drug price increases below 10 pct

  11-01-2017 20:24
  
  Jan 11 (Reuters) - AbbVie Inc Chief Executive
  Richard Gonzalez on Wednesday promised to keep all drug price
  increases in 2017 under 10 percent, becoming the third global
  drugmaker to publicly make...
  
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• U.S. fund investors, countering trend, favor bonds over stocks: ICI

  11-01-2017 19:51
  
  NEW YORK (Reuters) - Investors injected the most cash into U.S.-based bond funds and pulled the greatest amount of money from stock funds since the Nov. 8 U.S. presidential election during the latest...
  
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• Carney says Bank stopped firms being ‘caught out’ by Brexit

  11-01-2017 19:23
  
  Bank of England governor warns of 'long term' risk that UK becomes a 'rule-taker' on financial services regulation
  
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• BoE's Carney - curbing consumer lending would be 'big call'

  11-01-2017 19:17 via news.yahoo.com
  
  By David Milliken and Huw Jones LONDON (Reuters) - Bank of England Governor Mark Carney said it would be a "big call" for the central bank to rein in rapid growth in consumer lending, which picked up strongly last year and brought some echoes of the period before the global financial crisis. British consumer borrowing increased at the fastest annual rate for more than 11 years in November, the BoE said last week, and Carney told lawmakers that the momentum appeared to have continued into the Chr
  
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• Wall Street recovers after Trump's comments hit drug stocks

  11-01-2017 18:42 via news.yahoo.com
  
  U.S. stocks slipped to session lows, before recovering ground, on Wednesday as drug stocks took a beating after Donald Trump's comments on drug pricing in his first formal news conference after his election victory. The President-elect lashed out at pharmaceutical companies, saying they were "getting away with murder" by charging high drug prices. The S&P 500 healthcare index, which reversed course following Trump's comments, was down about 1 percent and on track for its worst day since Nov.
  
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• NYSE to expand floor trading to all U.S. equity securities

  11-01-2017 18:36 via news.yahoo.com
  
  NYSE, which announced the change on Wednesday, restricts floor trading to the 3,166 stocks listed on the Big Board. The action will raise the number of securities that can be traded through a floor broker to 8,600 and includes stocks and ETFs from all-electronic markets Nasdaq Inc , Bats Global Markets and NYSE Arca. The floor trading model used by NYSE, a unit of Intercontinental Exchange Inc , gives multiple investors access to trade at the same price, regardless of when their orders were plac
  
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• FTSE 100 logs 10th day of all-time highs

  11-01-2017 18:30
  
  Sainsbury’s stock rises after strong Argos Christmas sales
  
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• Stocks dragged down by Trump comments

  11-01-2017 18:29 via news.yahoo.com
  
  Stocks came off their highs on Wednesday as comments by US President-elect Donald Trump weighed on prices on Wall Street, dragging European markets down with them.
  
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• U.S. plan to ease Wall Street rules may not be worth cost for banks: Fitch

  11-01-2017 18:18 via news.yahoo.com
  
  Leading U.S. banks may find that a Republican plan to ease restrictions on Wall Street is not worth the additional cost of capital, a report from Fitch Ratings said on Wednesday. Representative Jeb Hensarling, chairman of the House Financial Services Committee, authored a banking reform package last year that would allow large banks to drop some regulations if they boost their capital reserves. Under the proposed CHOICE Act, banks would be exempted from safety and soundness rules that limit payo
  
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• Austrian chancellor takes on far right with ten-year plan focusing on jobs

  11-01-2017 18:07 via news.yahoo.com
  
  Austrian center-left Chancellor Christian Kern on Wednesday launched an apparent bid to win back voters from the far-right Freedom Party (FPO) by presenting a 10-year plan focused on jobs and the economy. Faced with a resurgent FPO that is running first in opinion polls and is buoyed by fears about Europe's migration crisis and rising unemployment, Kern called for the European Union to allow preference for Austrian citizens in sectors with high joblessness. It singled out immigration from easter
  
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• Oil rises with Wall Street, and as Saudi trims exports to Asia

  11-01-2017 17:52 via news.yahoo.com
  
  By Scott DiSavino NEW YORK (Reuters) - Oil prices rose for the first time in three days on Wednesday, boosted by an early Wall Street rally ahead of a news conference by U.S. President-elect Donald Trump, and also lifted by news of Saudi supply cuts to Asia. Wall Street shares rose early ahead of the speech in which Trump was expected to provide more details about his plans for the world's largest economy. U.S. West Texas Intermediate (WTI) rose $1.30, or 2.6 percent, to $52.12 per barrel.
  
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• Impatience and desperation derail home sales in tight market

  11-01-2017 17:51
  
  NEW YORK (Reuters) - Dan and Kelly Neubeck do not know what sunk the deal to buy their dream house in Chicago last fall. The process was rolling along after they signed the contract for a full-price...
  
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• U.S. stocks, dollar gain as investors await Trump message

  11-01-2017 17:28 via news.yahoo.com
  
  By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Wall Street shares and the dollar rose on Wednesday ahead of a news conference by U.S. President-elect Donald Trump in which he is expected to provide more details about his plans for the world's largest economy. Trump's campaign calls for tax cuts and more infrastructure spending have boosted U.S. shares and the dollar, as well as driving a selloff in Treasuries, but his protectionist statements and a flurry of off-the-cuff Tweets have kept many
  
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• What investors want to hear at Trump’s news conference

  11-01-2017 17:25
  
  Tax reform, infrastructure and trade top the list
  
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• Wall Street slightly higher moments ahead of Trump speech

  11-01-2017 17:10 via news.yahoo.com
  
  The Dow got a healthy boost from Merck on Wednesday, while the S&P 500 and the Nasdaq inched higher moments before President-elect Donald Trump's first formal news conference got underway. Investors will closely watch Trump's speech, looking for clues on where his priorities as the new president lie, after taking office on Jan. 20 and how he plans boost economic growth. Trump's election in November sparked a record-setting rally.
  
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• Morgan Stanley partners with Addepar to see more of clients' wealth

  11-01-2017 16:53
  
  NEW YORK (Reuters) - Morgan Stanley is rolling out a new software platform to 20 of its top financial advisory teams to help them see more of their wealthiest clients assets.
  
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• Turkish lira: how bad can it get?

  11-01-2017 16:32 via news.yahoo.com
  
  Political instability and security fears in Turkey following a bloody 2016 have driven the lira to record lows. Parliament's debate over a controversial new constitution to give President Recep Tayyip Erdogan greater powers has fuelled economic worries to make lira the worst performing of the emerging-market economies. The central bank has tried to step in but analysts warn its firepower may be limited and the lira may further plummet.
  
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• Former Credit Suisse exec swaps banking for fintech

  11-01-2017 16:29
  
  He joins the business after stints at Credit Suisse and Deutsche Bank
  
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• London stocks scale new record peak

  11-01-2017 16:17 via news.yahoo.com
  
  European stocks rose Wednesday, with the sliding pound and rebounding commodity prices pushing London to ever new highs, while prices on Wall Street were firmer ahead of a news conference by president-elect Donald Trump.
  
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• Merck lifts Dow; S&P, Nasdaq flat ahead of Trump speech

  11-01-2017 15:56 via news.yahoo.com
  
  Healthcare stocks boost the Dow early on Wednesday, while the S&P 500 and the Nasdaq were flat ahead of Donald Trump's first formal news conference, where he is expected to give more insight into his plans to boost economic growth. Trump's election in November sparked a record-setting rally. The dollar, which has also basked in Trump's victory, rose to 102.53.
  
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• World Economic Forum says capitalism needs urgent change

  11-01-2017 15:45 via news.yahoo.com
  
  Reforming the very nature of capitalism will be needed to combat the growing appeal of populist political movements around the world, the World Economic Forum said Wednesday. Getting higher economic growth, ...
  
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• Chao says private investors can help boost transportation

  11-01-2017 15:45 via news.yahoo.com
  
  The Trump administration is looking to "unleash the potential" of private investors to boost the national transportation networks that underpin the U.S. economy, transportation secretary-designate ...
  
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• UPDATE 3-Latest VW bill for emissions scandal unlikely to top 20 bln euros - source

  11-01-2017 15:41
  
  * BREAKINGVIEWS-VW saved by its own US failures
  (Recasts with comments from sources)
  
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• Family offices lose some appetite for hedge funds

  11-01-2017 15:41
  
  Disappointed by the returns from hedge funds, many family offices are turning to smaller players and more niche strategies
  
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• Wall Street opens flat ahead of Trump conference

  11-01-2017 15:37 via news.yahoo.com
  
  (Reuters) - The S&P 500 and the Nasdaq Composite index opened flat on Wednesday, ahead of President-elect Donald Trump's first formal news conference, where he is expected to give more insight into his plans to boost economic growth.
  
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• Deutsche Börse study argues LSE merger holds key to better regulation

  11-01-2017 15:22
  
  Academic commissioned by the German exchange suggests the tie-up would give ECB oversight of London markets by the back door, even after Brexit
  
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• Wall Street set for flat open; Trump conference in focus

  11-01-2017 15:03 via news.yahoo.com
  
  U.S. stocks were set open largely flat on Wednesday, ahead of President-elect Donald Trump's first formal news conference, where he is expected to give more insight into his plans to boost economic growth. Trump, who takes office on Jan. 20, is scheduled to speak in New York at 11:00 a.m. ET (1600 GMT). Trump's election in November sparked a record-setting rally.
  
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• MIDEAST STOCKS-Saudi declines on oil, Dubai stalls near 15-month high

  11-01-2017 14:50 via news.yahoo.com
  
  * Saudi petrochemicals, banks retreat * Yansab flat after strong Q4 net profit * Dubai down but stays near 15-month high * UAE insurance shares volatile * Egypt at fresh record high as foreign funds buy By Celine Aswad DUBAI, Jan 11 (Reuters) - Saudi Arabia's stock market declined for a fourth straight day on Wednesday after oil prices fell further, but other Gulf bourses largely moved sideways and Dubai held near a 15-month high. The Saudi index pulled back 1.6 percent to 6,895 points, falling
  
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• McQuaker takes charge of Fidelity multi-asset funds

  11-01-2017 14:46
  
  Multi-asset specialist to take charge of five funds within Fidelity's £35 billion division
  
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• Despite calls for reform, financiers aplenty at Davos

  11-01-2017 14:40
  
  Who's attending the World Economic Forum in Davos next week?
  
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• German SPD says no 'Europe a la Carte' deal for Britain

  11-01-2017 14:36 via news.yahoo.com
  
  The top priority in Brexit negotiations for the 27 countries remaining in the European Union must be to hold the bloc together, even if this means suffering one-off economic hits, Germany's Social Democrats (SPD) said in a policy paper. "Were we to allow a 'Europe à la Carte', this would lead to incalculable domino effects that would threaten the unity of the Union," the parliamentary party of the SPD, junior partner in Chancellor Angela Merkel's ruling coalition, said in the paper. In th
  
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• Value veterans profit from ‘Icarus Rally’

  11-01-2017 14:24
  
  Renowned managers like Sergeant, Buxton and Oldfield have had a good six-month run, but views on their prospects from this point are split
  
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• The telltale sign a new hire isn’t fitting in

  11-01-2017 14:19
  
  Newcomers who stick around and thrive use language styles similar to those of co-workers, researchers say
  
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• Global stocks and dollar firmer as Trump news conference approaches

  11-01-2017 13:54 via news.yahoo.com
  
  World stocks and the dollar rose before a news conference by U.S. President-elect Donald Trump in which he is expected to give more details about his plans for the U.S. economy. Trump's campaign calls for tax cuts and more infrastructure spending have boosted U.S. shares and the dollar, but his protectionist statements and a flurry of off-the-cuff Tweets have kept many investors from adding to risky positions. U.S. House of Representatives Speaker Paul Ryan and top members of Trump's transition
  
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• Futures flat ahead of Trump news conference

  11-01-2017 13:49 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures were little changed on Wednesday ahead of President-elect Donald Trump's first formal news conference where he is expected to give more insight into his plans to boost economic growth.
  
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• UK industrial output rebounds but trade still lacklustre

  11-01-2017 13:20 via news.yahoo.com
  
  By Andy Bruce and William Schomberg LONDON (Reuters) - British industrial output rebounded in November, helped by a recovery in oil and gas, adding to signs that the economy kept its momentum in late 2016 despite June's shock Brexit vote. The Office for National Statistics said on Wednesday that industrial output rose 2.1 percent in November alone, recovering from a 1.1 percent drop in October and beating expectations for a 0.8 percent jump in a Reuters poll of economists. Sterling tipped below
  
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• Chao: Unleash private investors to boost transportation

  11-01-2017 13:19 via news.yahoo.com
  
  The Trump administration is looking to "unleash the potential" of private investors to boost the national transportation networks that underpin the U.S. economy, transportation secretary-designate ...
  
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