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Asian stocks set for worst monthly drop in three years as...
Global financial markets looked set for another rough week on Monday, with stocks and commodities falling ahead of data that could give clues on when the U.S. will raise interest rates and surveys which are likely to point to further weakness in China. Confusion over policy direction in the world's two largest economies sent global markets into turmoil early last week, with the wildest price swings in years pushing investors to the exits. European shares looked set to follow Asian shares and U.S. stock futures lower on Monday, with Germany's share index (.GDAXI) expected to open down 1.35 percent and France's CAC 40 (.FCHI) likely to fall 1.39 percent, according to IG.
Exclusive: Citi aims to boost equities franchise amid...
Citigroup plans to rebuild its long-neglected equities franchise seeking to capitalize on a retrenchment by rivals in the face of new rules designed to make the financial system less risky, according people familiar with the bank's plans. Citi has also hired 11 analysts so far this year to support its investment advisory business, and is increasing financing of the unit in general, said the sources, who did not have permission to be quoted in the media.
Focus turns to U.S. data as China slowdown looms
After a dizzying two weeks that saw a rapid plunge and rebound in equity prices, investors are looking forward to a week of economic data that may provide clarity on the likelihood of a near-term U.S. interest rate hike and help tamp down the market's recent wild swings. The economic figures will culminate in Friday’s jobs report that should reveal more about the strength of the U.S. economy. Car sales, construction spending, the Federal Reserve's "beige book" and jobs growth may show the economy is strong enough to withstand the first rate hike in nearly a decade from the Federal Reserve, despite worries about a hard landing for China’s economy.
Venture capital cash surfers may see waves recede in...
The waves of cash surfed relentlessly by some of Silicon Valley's largest venture-backed businesses are showing signs of receding amid concern the companies may already worth more than they're likely to be valued once they finally go public. Investors have created 132 privately held companies valued at $1 billion or more each, according to tracker firm CB Insights, including ride-hailing service Uber [UBER.UL], accommodation service Airbnb and messaging app Snapchat. In the last couple of years, the biggest VC-backed firms, dubbed "unicorns" in 2013 by venture capitalist Aileen Lee of Cowboy Ventures, raised increasing amounts of money at a rapid pace.
BNY Mellon expects to fix pricing glitch before markets open
The resolution of the issue, which affected the calculation of billions of dollars of assets last week, has taken far longer than expected, CEO Gerald Hassell said on a conference call, a transcript of which was made available to Reuters. "We expect to complete Friday's NAVs for all but one of the affected fund clients by tomorrow morning ... Our goal is to provide fund clients with system-generated NAVs for Monday by tomorrow night," Hassell said on Sunday night. The bank has completed calculating net asset values (NAVs) for all funds through last Thursday with the exception of those of one mutual fund client, Hassell said, without identifying the client.
China stocks slide as crackdown on speculators spreads,...
China stocks fell sharply on Monday before recovering much of their losses as regulators cracked down on speculators which Beijing blames for a 40 percent crash in the country's stock markets since June.
Suzuki Motor says it will buy back VW stake as court...
Japan's Suzuki Motor Corp said on Sunday it would buy back the 19.9 percent stake it sold to Volkswagen AG (VOWG_p.DE) after an international arbitration court ordered the German automaker to sell its holding. VW's stake, acquired in January 2010 for 1.7 billion euros ($1.9 billion), was worth some $3.8 billion at Friday's closing price. "It used to feel as if a small bone were stuck in my throat," Suzuki Chairman and Chief Executive Osamu Suzuki told a news conference.
Boeing uses its clout to control supplier consolidation
Berkshire Hathaway Inc's $37 billion deal for aerospace supplier Precision Castparts Corp is encouraging investors to consolidate the fragmented aircraft components industry, even as Boeing Co uses its clout as the world's biggest plane maker to put a check on some deals. Potentially standing in their way, though, is Boeing, these people said. Boeing is the biggest customer of most aerospace suppliers, and is slowing some acquisitions by using its power to approve the transfer of its supply contracts from one owner to another.
World to Fed: We're prepared for U.S. rate hike, so don't...
Central bankers from around the world are telling their American counterparts that they are ready for a U.S. interest rate hike and would prefer that the Federal Reserve make the move without further ado. In private and in public at last week's global central banking conference in Jackson Hole, the message from visiting policymakers was that the Fed has telegraphed an initial monetary tightening and, following a year-long rise in the dollar, financial markets globally are as ready as they can be.
Paypal seen rising 40 percent from post spinoff lows:...
PayPal Holdings Inc , the e-commerce group trading sharply off its recent offering price, could rise 40 percent to $46 a share if it succeeds with investments tied to payments systems innovation, the Aug. ...
New Orleans is missing a key ingredient for its big...
New Orleans leaders are fighting to reinvent the The Big Easy as a destination for something other than Mardi Gras, beignets and big bands — big business.
Cramer: This is the fastest growing company on Earth
“Mad Money” host Jim Cramer’s revealing the high growth stock he’s got his eye on.
Where you can get 9% returns outside of stocks
Peer-to-peer lending platforms offer investors a way to earn 5 to 10 percent on loans to online borrowers. But how safe is it?
Wall Street caps turbulent week on a smooth note
U.S. stocks closed Friday little changed, a stark contrast from the violent swings Wall Street took earlier this week.
Fed vice chair indicates September rate hike still possible
Federal Reserve Vice Chairman Stanley Fischer said Friday that incoming economic data and market developments will likely determine whether the Fed boosts interest rates in September. Before the recent ...
Ashley Madison parent CEO quits after huge infidelity...
The chief executive of infidelity website Ashley Madison's parent company Avid Life Media has left, just over a week after hackers leaked data about millions of its clients in a massive cyber assault. Avid Life said on Friday the departure of Noel Biderman was by "mutual agreement" and its existing senior management team would take over until a new CEO is appointed. On Aug. 18, hackers who claimed to be unhappy with its business practices released the Ashley Madison customer data, and police probing the breach said it had sparked extortion attempts and at least two unconfirmed suicides.
China fears linger as focus on Fed sharpens
Fears over the health of China's economy kept world markets on edge this week and the country will remain in focus, along with the question of whether the Federal Reserve will raise interest rates next month.
This is what oil at $40 means for the U.S. economy
The price of oil has tumbled 58% this year to reach a six-year low earlier this week. Even if prices stay at these levels, chances are they won't impact the Federal Reserve's interest-rate plans.
What it's really like to buy a Tesla
There's so much hype surrounding Tesla, but how do you actually go about buying one? We decided to find out.
Fast-food's new target: The snack attack
Forget the Big Mac attack. Now is the time of the snack attack. After years of slinging super-sized servings, some fast-food chains are starting to see the benefits of offering daintier bites. That includes ...
Survey: Plunging stock prices hit US consumer sentiment
Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary. The University of Michigan says its consumer sentiment index fell to 91.9 this ...
China banks warn of rising bad loans and falling margins...
China's largest banks warned of a tough year after posting their weakest half-yearly profit growth in at least six years as a slowing economy forces the lenders to make even more provisions for soured loans and squeezes interest income.
We're not done with volatility: Strategist
The market selloff hasn't run its course, even with two-straight trading sessions ending sharply higher, Strategas' Jason Trennert warns.
U.S. consumer sentiment falls in August
U.S. consumer sentiment fell in August, a survey released on Friday showed. The University of Michigan's final August reading on the overall index on consumer sentiment came in at 91.9, down from 93.1 in July. It was lower than the survey's preliminary reading of 92.9.
How the government is rolling over for big banks again
Last week I wrote about the dangers of vacant seats at the financial regulatory agencies. Bloomberg reported this week that regulators are privately discussing giving the biggest Wall Street firms a break on rules guarding against excessive leverage. Just looking at the Chinese stock market crash, fueled by “margin trading” funded through borrowing, reveals the hazards of excessive leverage.
Three tests face a market shaken by volatility storm
There are at least three core challenges facing the market: A badly broken trend, the still-dangerous winds of this volatility storm, and the Fed’s response to all the noise.
Investors pull record $29.5 bln from equity funds in...
Investors pulled a record amount of money out of global equity funds in the week to Aug. 26, according to Bank of America Merrill Lynch, a measure of the alarm that China's markets and economy have aroused around the world. The $29.5 billion outflow, including $19 billion in just one day, was the largest since the series began in 2002, surpassing any weekly outflow engendered by the collapse of Lehman Brothers in 2008. The $19 billion outflow on Aug. 25 was the second largest daily outflow since 2007 when comparable daily flow data became available, BAML said in a note on Friday titled: "The Total Risk Surrender".
US consumer spending up moderate 0.3 percent in July
U.S. consumers increased their spending moderately in July, as wages and salaries made their biggest jump in eight months. Spending rose 0.3 percent in July, helped by purchases of big-ticket items such ...
Hedge funds that crowded into same names likely to nurse...
The carnage of the last week - even with Wednesday's and Thursday's rebound - has been particularly acute for investors who have seen their overweight positions in companies such as social media site Facebook, pharmaceutical company Valeant, internet retailer Netflix, carmaker Tesla Motors and renewable energy company SunEdison get pummeled in the last days. As a result, people who have money with David Einhorn's Greenlight Capital, Leon Cooperman's Omega Advisors, Chase Coleman's Tiger Global, Philippe Laffont's Coatue and others are bracing for red ink when August data comes out next week.
Oil extends short-covering frenzy to second day, topping $50
World oil prices roared back to $50 a barrel in the second day of a frenetic short-covering rally on Friday, with violence in Yemen, a storm in the Gulf and refinery outages helping extend the biggest two-day rally in six years. Tropical Storm Erika moved closer to Florida, prompting worries about oil and gas installations in the U.S. Gulf.
Puerto Rico spends more than $60 million on debt...
The old adage that this it takes money to make money assumes a whole new meaning when its comes to Puerto Rico. The commonwealth and its main electric utility have spent more than $60 million in legal and advisory fees from firms such as Cleary Gottlieb Steen & Hamilton LLP and Millstein & Co. over the past two years as the governor and public finance officials seek to restructure the island’s $72 billion debt burden, according to a review of contracts by Bloomberg News. Commonwealth officials plan to unveil a proposal next week expected by analysts to seek a reduction in debt payments that may lead to protracted negotiations with creditors.
Uber China closes $1 billion fundraising round: sources
BEIJING/SHANGHAI (Reuters) - Uber Technologies Inc's China arm has closed its $1 billion fundraising round early, according to two people with knowledge of the matter, with investors still hopeful for the U.S.-based ride service despite strong domestic competition. Investors in Uber's Chinese unit include Internet giant Baidu Inc, China CITIC Bank Corp Ltd and China Life Insurance Co Ltd, among others, said one of the people, requesting anonymity because they were not authorized to discuss the matter publicly. Chinese financial conglomerate Ping An Group's investment arm and Hillhouse Capital, which has a stake in the main U.S.-based Uber business, also took part, the person said.
Euro zone sentiment edges to new four-year high in August
Confidence in the euro zone's economy edged up to a new four-year high in August as rising domestic demand marginally outweighed a worsening view of export prospects and the mood brightened particularly in France and Spain. The European Commission's monthly economic sentiment indicator, published on Friday, rose to 104.2 in August, from 104.0 in July, against expectations in a Reuters poll of a slight dip to 103.8. "The tentative increase in euro-area sentiment resulted from worsened confidence in industry being offset by improvements in the other business sectors (construction, services and, particularly, retail trade) and marginally higher consumer confidence," the Commission said in a statement.
Goodyear retiring blimps, rolling out new cigar-shaped craft
The fabled Goodyear Blimp is retiring. But don't fret, blimp fans. That big, cigar-shaped thing you've seen floating over sports events all your life will still be there. It will also remain instantly ...
China's Stock Rout to Resume as Intervention Ends, Says BofA
The rebound in China’s stocks will be short-lived because state intervention is too costly to continue and valuations aren’t justified given the slowing economy, says Bank of America Corp. “As soon as people sense the government is withdrawing from direct intervention, there will be lots of investors starting to dump stocks again,” said David Cui, China equity strategist at Bank of America in Singapore. The Shanghai gauge rallied for a second day on Friday amid speculation authorities were supporting equities before a World War II victory parade next week that will showcase China’s military might.
Shanghai composite widens gains to 5% in final half-hour
China's benchmark Shanghai composite ended nearly 5 percent higher with gains accelerating in the final half-hour of trade.
By Barani Krishnan NEW YORK (Reuters) - World oil prices roared back to $50 a barrel in the second day of a frenetic short-covering rally on Friday, with violence in Yemen, a storm in the Gulf and refinery outages helping extend the biggest two-day rally in six years. Tropical Storm Erika moved closer to Florida, prompting worries about oil and gas installations in the U.S. Gulf.