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Only a payrolls surprise could shake stalling market
Unless next week's payrolls report is an outlier, investors should expect a continuation of the directionless market that has kept the S&P 500 trading in place for most of the year. Should July post strong job gains, it would point to an economy strong enough for the Federal Reserve to raise interest rates for the first time in almost a decade.
Pacific Rim free trade talks unlikely to end in deal:...
Talks on a Pacific Rim free-trade pact are unlikely to end in a final deal, sources involved in the negotiations said on Friday, with a dispute between Japan and the United States over autos, New Zealand digging in over trade in dairy products and no agreement on monopoly periods for next-generation drugs. Trade ministers from the 12 nations negotiating the Trans-Pacific Partnership, which would stretch from Japan to Chile and cover 40 percent of the world economy, delayed until 4 p.m. local time (10 p.m. ET) a news conference originally scheduled for 1:30 p.m. on the Hawaiian island of Maui. Australian Trade Minister Andrew Robb said the problem lay with the "big four" economies of the United States, Canada, Japan and Mexico.
U.S. wage growth brakes in second-quarter; consumer...
U.S. labor costs in the second quarter recorded their smallest increase in 33 years as workers earned less in commissions and bonuses, in what appeared to be a temporary wage growth setback against the backdrop of diminishing labor market slack. The surprisingly smaller rise reported by the Labor Department on Friday did little to temper expectations that the Federal Reserve is set to raise interest rates later this year. The job market is fast approaching full employment.
Goldman tentatively agrees to pay $270 million to settle...
Pension funds led by NECA-IBEW Health & Welfare Fund of Illinois accused the bank of misleading investors about the risks associated with mortgage securities offerings. NECA-IBEW, an electrical workers' pension fund, owned some mortgage-backed certificates underwritten by Goldman. Goldman and its rivals have faced many lawsuits by investors seeking to recoup losses on mortgage securities.
Wall Street ends lower as weak oil weighs
Exxon Mobil (XOM.N) shares dropped 4.58 percent while Chevron (CVX.N) lost 4.89 percent after reporting poor quarterly earnings due to weak oil prices. Despite the S&P's negative close on Friday, half of the 10 major S&P 500 sectors were higher, with the utilities index's (.SPLRCU) 0.98 percent rise leading the advancers.
Yahoo buys fashion website Polyvore
Yahoo Inc said on Friday it agreed to buy fashion start-up Polyvore to help drive traffic and strengthen its mobile and social offerings. Yahoo, which did not disclose terms of the deal, said Polyvore ...
Tumbling oil prices slam profit at Exxon Mobil, Chevron
Earnings at U.S. oil majors Exxon, which were the worst in a decade, and Chevron missed analysts' expectations, adding to concerns that perhaps executives had not acted quickly enough to mitigate the impact of an over-50-percent drop in oil prices since last summer. The results highlight how smaller and more nimble U.S. shale oil companies have slashed costs faster and more aggressively than global majors.
Who needs the Fed? The rate hike cometh on its own
As traders, market pundits and economists jaw over whether the Federal Reserve this year will lift its benchmark lending rate for the first time in almost a decade, several corners of the U.S. bond market are not waiting around. A wide range of short-term interest rates, which tend to be the most sensitive to Fed policy expectations, has been quietly grinding higher for weeks, or in some cases much longer. Several have even surpassed their levels of two years ago during the bond market's "taper tantrum," when prices dropped steeply and yields shot up as the Fed pondered whether to halt its massive asset-purchase program.
BofA likely to hold vote this year on Moynihan...
Bank of America (BAC.N) is likely to hold a shareholder vote this year to determine whether Chief Executive Brian Moynihan should be allowed to retain his title of chairman of the bank's board, a person familiar with the matter said on Friday. In October, Moynihan was named chairman in addition to CEO, a move that angered some investors. Bank of America announced just before its annual meeting in May that it would allow shareholders to hold a vote on whether Moynihan should retain the chairmanship.
Apple, BMW in courtship with an eye on car collaboration
FRANKFURT/SAN FRANCISCO (Reuters) - BMW (BMWG.DE) and Apple (AAPL.O) may rekindle a courtship put on hold after an exploratory visit by executives of the world's top maker of electronic gadgets to the headquarters of the word's biggest seller of premium cars. Apple Chief Executive Tim Cook went to BMW's headquarters last year and senior Apple executives toured the carmaker's Leipzig factory to learn how it manufactures the i3 electric car, two sources familiar with the talks told Reuters. The dialogue ended without conclusion because Apple appears to want to explore developing a passenger car on its own, one of the sources said.
Extended slump in oil taking toll on industry, economy
As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.
Uber valued at nearly $51B after funding: Report
Ride sharing company Uber is valued at nearly $51 billion after its most recent round of funding, The Wall Street Journal reported.
U.S. job market set for more than just 'some' attention
Now that U.S. Federal Reserve chief Janet Yellen has made it clear she's looking out for "some" improvement in the job market before voting for the first Fed interest rate rise in nearly a decade, so is everyone else.
Car hacking risk may be broader than Fiat Chrysler - U.S....
The cybersecurity issues that led Fiat Chrysler Automobiles NV to recall 1.4 million vehicles this month could pose a problem for cars and trucks from other automakers, the top U.S. auto safety regulator said on Friday. Mark Rosekind, who heads the National Highway Traffic Safety Administration, said his watchdog agency is trying to determine how many car makers received wireless components from the same company that supplied Fiat Chrysler. “The supplier didn’t just supply radios to Chrysler but to a lot of other manufacturers," Rosekind told reporters.
More homeowners drowning in debt
More than 7.4 million borrowers were still "seriously" underwater on their mortgages at the end of June, according to RealtyTrac.
Puerto Rico nears default as debt restructuring beckons
Puerto Rico on Friday planned to cover a payment due on debt owed by its development bank, a source familiar with the matter said, but the U.S. territory may still be short of the funds needed to pay all of the obligations due on Saturday. The U.S. territory is expected to make a $169.6 million payment on Government Development Bank (GDB) debt, according to a source familiar with the situation. Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt, totaling $72 billion, was unpayable and required restructuring.
Deutsche Bank to freeze executive bonuses - sources
Deutsche Bank (DBKGn.DE) is freezing 2015 cash bonuses for current and former management board members while German regulator BaFin reviews the bank's role in an interest rate manipulation scandal, two people familiar with the matter said. Deutsche Bank has been hit with over 9 billion euros ($9.8 billion) in fines and settlements in the past three years, including a record $2.5 billion settlement with U.S. authorities for its involvement in manipulating the Libor benchmark interest rate. The bonus freeze affects all members of the management board except new Chief Executive John Cryan, new Chief Financial Officer Marcus Schenck and new retail bank head Christian Sewing, one of the people said, adding that the move would also hit former top managers entitled to 2015 cash bonuses.
Qualcomm wins appeal in $173 million ParkerVision case
A U.S. appeals court on Friday upheld a lower court's decision to clear Qualcomm Inc in a patent lawsuit by wireless chip developer ParkerVision Inc, allowing it to escape a $173 million verdict for infringement. The U.S. Court of Appeals for the Federal Circuit in the District of Columbia also ruled that nearly all of the patents ParkerVision used to sue Qualcomm are invalid. ParkerVision shares were down 26 percent to 34 cents on the Nasdaq.
The U.S. economy is on track to cap a lost decade for...
At this rate, it won't be anywhere near where economists expect it to be at the end of the year. Gross domestic product expanded at a 2.3 percent annualized rate in the second quarter, according to Commerce Department figures published Thursday. While that was an improvement over the 0.6 percent pace in the first three months of the year, it was less than economists had forecast.
Exxon, Chevron brace for dark times ahead
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by market value could slash expenses. Chevron recorded its lowest profit in more than 12 years after the market rout forced $2.6 billion in asset writedowns and related charges.
As traders, market pundits and economists jaw over whether the Federal Reserve this year will lift its benchmark lending rate for the first time in almost a decade, several corners of the U.S. bond market aren't waiting around.
EU opens in-depth inquiry into Fedex's planned takeover...
The European Commission said on Friday it had opened an in-depth investigation into Fedex's (FDX.N) proposed 4.4 billion euro ($4.9 billion) takeover of Dutch rival TNT Express (TNTE.AS). The Commission, which oversees EU mergers and competition issues, said it had concerns that the merged entity would face insufficient competitive constraints in small package deliveries from the only two remaining players, UPS (UPS.N) and DHL, owned by Deutsche Post (DPWGn.DE). "Many businesses, and in particular e-commerce, rely heavily on affordable and reliable small package delivery services and many consumers depend on these services to ensure rapid and safe delivery of goods they have bought," Competition Commissioner Margrethe Vestager said in a statement.
Exxon profit halved by tumbling crude price; shares drop
Exxon Mobil Corp reported lower-than-expected second-quarter results on Friday as tumbling crude prices halved profit at the world's largest publicly traded oil company. Profit at Exxon's exploration and ...
Oil falls after OPEC comments imply no supply cut
Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would have little impact on the market. Brent was down 70 cents at $52.61 a barrel by 0935 GMT after settling 7 cents lower in the previous session.
China stocks post biggest monthly loss in 6 years
Squawk Box Live in Europe kept you updated with all the major market news on the last trading day of a very volatile month.
Uber to invest $1 billion in Indian expansion
Uber Technologies Inc. said it will invest $1 billion in India to expand into more cities as the ride-hailing application company targets to hit 1 million trips per day in the next six to nine months. The company will spend the money on developing new products and payment solutions, and other uses, Amit Jain, who was appointed in May as president of Uber India, said in an e-mailed statement. “India is one of Uber’s big priorities, along with China and uberPOOL,” Jain said, referring to the company’s carpooling program.
Tsipras survives for now as party rebels blast Greece rescue
Greek Prime Minister Alexis Tsipras staved off an immediate challenge to his premiership, though failure to appease his party’s hard-left fringe brought early elections into view. After 12 hours of talks, the central committee of the anti-austerity Syriza party decided in the early hours of Friday to hold an emergency congress in September, in which Tsipras’ move to accept a strings-attached rescue program from international creditors will be put to the vote. With the government vulnerable, Finance Minister Euclid Tsakalotos met representatives from international creditors on Friday to discuss the austerity measures his party has long opposed.
Wall Street eyes more data as it digests Fed, GDP
U.S. stock index futures pointed to a flat to slightly higher open, as investors continued to digest the Fed statement amid more data releases.
Honda profit up 20 percent as robust U.S. sales, weak yen...
Honda Motor Co said on Friday its quarterly net profit jumped 20 percent, beating estimates, as strong sales in the United States and a weak yen helped it absorb the impact of higher quality-related costs. April-June net profit at Japan's third-biggest automaker rose to 186.04 billion yen ($1.50 billion), from 155.60 billion yen a year earlier. Honda reported the first-quarter results under international accounting standards for the first time.
Greek bailout talks to shift gear
Lead negotiators from the European Union and International Monetary Fund began an intensive round of talks with Greece on Friday to hammer out details of a third international bailout worth some 85 billion ...
Higher wages a surprising success for Seattle restaurant
Menu prices are up 21 percent and you don't have to tip at Ivar's Salmon House on Seattle's Lake Union after the restaurant decided to institute the city's $15-an-hour minimum wage two years ahead of schedule. ...
Japan shares waver, China sinks 1%
Japan's benchmark stock-market index was little changed on Friday, but China's Shanghai Composite fell about 1% in choppy action.
Dollar strength will continue: Pro
Discussing how much higher the dollar could climb and the impact it will have on commodities, with Raoul Pal, Global Macro Investor Publisher.
Looking for yield? Big oil wants you
One thing the oil majors are NOT cutting is the dividend.