AmericasStay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.., 26 Nov 2015 21:21:28 +0000SRA Framework 2.0en-gbTSX slightly higher despite slip in energy stocks Canada's main stock index edged up on Thursday, helped by a gain in heavyweight pharmaceutical company Valeant and rising material stocks, while energy names slipped in line with a fall in crude oil prices.

At 10:09 a.m. EST (1509 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 10.77 points, or 0.08 percent, to 13,414.19. Six of the index's 10 main groups were in positive territory, with three gainers for every two decliners.

The most influential gainer on the index was Valeant Pharmaceuticals International Inc, which rose 1.6 percent to C$117.16.

The overall healthcare group climbed 1.6 percent, while the materials group, which includes mining firms, rose 0.6 percent.

First Quantum Minerals Ltd surged 6.4 percent to C$5.12, and fertilizer company Potash Corp was up 0.6 percent to C$26.53.

Copper prices advanced 2.1 percent to $4,645 a tonne.

On the negative side, a slip in crude oil prices weighed on Canada's energy producers, with the overall group falling 0.3 percent.

Enbridge Inc fell 1.1 percent to C$47.58, and Cenovus Energy Inc declined 1.0 percent to C$19.69. US crude prices were down 0.7 percent to $42.75 a barrel, while Brent lost 1.5 percent to $45.49.

Copyright Reuters, 2015

]]> (Shoaib-ur-Rehman Siddiqui)AmericasThu, 26 Nov 2015 19:16:03 +0000
Wall St ends flat ahead of Thanksgiving holiday

imageNEW YORK: US stocks were little changed on Wednesday with the biggest gains in the healthcare and consumer sectors as the latest data showed a modestly growing US economy.

The Dow Jones industrial average rose 1.47 points, or 0.01 percent, to 17,813.66, the S&P 500 lost 0.22 points, or 0.01 percent, to 2,088.92 and the Nasdaq Composite added 13.34 points, or 0.26 percent, to 5,116.14.

Copyright Reuters, 2015

]]> (Shoaib-ur-Rehman Siddiqui)AmericasWed, 25 Nov 2015 21:21:30 +0000
TSX falls as crude retreat weighs on energy stocks Canada's main stock index slipped on Wednesday, as energy stocks fell in line with a retreat in the price of crude, although losses were limited by gains for railway and consumer stocks.

The most influential weight on the index was Valeant Pharmaceuticals International Inc, which fell 3.2 percent to C$112.66. The next eight heaviest weights were all energy companies.

The overall energy group retreated 1.5 percent as the global crude benchmark fell after a run of five days of gains.

Suncor Energy Inc lost 1.1 percent to C$36.60 and Canadian Natural Resources fell 1.5 percent to C$32.78.

At 9:52 a.m. EST (1452 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 12.69 points, or 0.09 percent, to 13,395.14.

Six of the index's 10 main groups were in positive territory, including the country's two main railway stocks and a mix of consumer names.

Canadian National Railway advanced 0.8 percent to C$78.67 and Canadian Pacific Railway added 1.2 percent to C$196.98.

Auto parts maker Magna International Inc gained 1.4 percent to C$59.94 and convenience store chain Alimentation Couche-Tard rose 1.7 percent to C$62.11 as a handful of analysts upgraded their target prices on the stock after its quarterly earnings report.

US crude prices were down 2.3 percent to $41.90 a barrel, while Brent crude lost 2.1 percent to $45.16.

Gold futures fell 0.4 percent to $1,069.8 an ounce, while copper prices declined 1.4 percent to $4,543.5 a tonne.

Copyright Reuters, 2015

]]> (Shoaib-ur-Rehman Siddiqui)AmericasWed, 25 Nov 2015 19:53:51 +0000
Brazil assets sink as corruption arrests reignite political worries PAULO: Brazilian stocks fell and the currency weakened on Wednesday after the arrests of a key ruling party senator and an influential banker rekindled fears that President Dilma Rousseff's administration could face further problems passing austerity measures in Congress.

Earlier in the day, Brazil's federal police arrested Senator Delcdio do Amaral, the ruling coalition's leader in the upper house, and Andr? Esteves, the chief executive of Grupo BTG Pactual SA, for allegedly helping obstruct a corruption probe into state-controlled Petroleo Brasileiro SA.

Amaral was a key figure in the government's efforts to cut spending and raise taxes in order to recoup investor trust and lift Latin America's biggest economy from what could be its longest recession since the 1930s.

"We have to assess how this will develop in terms of obstructing the legislative programme. That is the biggest risk for Brazil," said Roberto Campos, a partner at Absolute Investimentos in Sao Paulo.

The Brazilian real sunk 2.2 percent, leading losses among peers in Latin America. The benchmark Bovespa stock index shed 2 percent, with shares of BTG Pactual plummeting 20 percent and shares of Petrobras, as the state company is known, down 4 percent.

Yields on interest rate futures contracts rose as investors sought higher yields to compensate the outlook for increased political risk. Yet, traders maintained bets that the central bank would keep benchmark rates unchanged when it announces its decision on Wednesday night.

Copyright Reuters, 2015

]]> (Shoaib-ur-Rehman Siddiqui)AmericasWed, 25 Nov 2015 19:45:06 +0000
US stocks open a tick higher YORK: US stocks opened slightly higher Wednesday following a stream of mixed economic data in the last trading session ahead of the Thanksgiving holiday.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,815.96, up 3.77 points (0.02 percent).

The broad-based S&P 500 added 0.54 (0.03 percent) at 2,089.68, while the tech-rich Nasdaq Composite Index rose 6.51 (0.13 percent) to 5,109.32.

US data showed a dip in weekly jobless claims, but a disappointing gain of just 0.1 percent in personal spending in October. Durable goods orders rose a solid 3.0 percent based on strong transportation orders.

Trading volumes were expected to be light due to Thanksgiving. US stock markets are shut Thursday and will close early on Friday.

Copyright AFP (Agence France-Presse), 2015

]]> (Imaduddin)AmericasWed, 25 Nov 2015 14:52:14 +0000
Wall St opens lower on heightened security worries stocks opened lower on Tuesday as investors fled risky assets after Turkey shot down a Russian warplane, even as data pointed to stronger U.S. economic growth.

The Dow Jones industrial average was down 48.5 points, or 0.27 percent, at 17,744.18, the S&P 500 was down 7.45 points, or 0.36 percent, at 2,079.14 and the Nasdaq composite index was off 32.15 points, or 0.63 percent, at 5,070.33.

Copyright Reuters, 2015

]]> (Fawad Maqsood)AmericasTue, 24 Nov 2015 17:57:54 +0000
Latam currencies weaken on China; Argentine assets spike on Macri;-argentine-assets-spike-on-macri.html;-argentine-assets-spike-on-macri.htmlimage SAO PAULO: Latin American currencies weakened on Monday as persistent worries about the Chinese economy hit commodity prices and reduced the demand for high-yielding emerging market assets.

The Chilean peso dropped 0.8 percent after prices of copper, its main export, fell to the lowest level in more than six years. The Brazilian real declined 0.7 percent, reversing gains it posted on Friday during a local holiday.

Volumes were thin in Brazilian markets as investors avoided making big bets ahead of a central bank policy meeting. Short-term interest futures dropped as traders bet that benchmark rates would be kept stable.

Argentinian markets were a bright spot after conservative opposition challenger Mauricio Macri won the presidential elections, promising to turn an ailing economy around by adopting market-friendly measures. Sovereign bonds rose across the board, while the benchmark stock index Merval jumped more than 2 percent to a new record high, before giving up gains on profit-taking.

"The election of pro-business candidate Mauricio Macri as Argentina's new president is likely to herald a much-needed shift towards orthodox economic policymaking," wrote Capital Economics emerging markets economist Edward Glossop in a client note. "And while it will be a bumpy ride over Mr. Macri's four-year term, there should be plenty for investors to cheer."

Though the possibility of a US interest rate hike in December lingered, those expectations were tempered by the Federal Reserve's repeated assurance that it will adopt a gradual approach after an initial hike.

Copyright Reuters, 2015

]]> (Shoaib-ur-Rehman Siddiqui)AmericasMon, 23 Nov 2015 20:58:32 +0000
US STOCKS-S&P 500 scores best week in almost a year Street racked up a solid week on Friday, with healthcare, technology and consumer stock making gains and investors looking beyond a widely-expected December interest rate hike.

The S&P 500 ended its strongest week in almost a year, while the Dow Jones industrial average erased its year-to-date loss, led by a 5.46 percent jump in Nike, which announced a $12 billion share buyback and a 2-for-1 share split.

The sporting goods maker helped send the consumer discretionary sector up 1.23 percent, making it the top gainer among the 10 major S&P sectors.

Healthcare rose 0.74 percent, led by Allergan's 3.45 percent increase. The drugmaker rose on reports that the U.S. Treasury's new tax inversion rules were unlikely to thwart its proposed deal with Pfizer.

Minutes from the Fed's October meeting, released on Wednesday, hardened expectations of a December interest rate hike and hinted at a cautious approach after that.

Many on Wall Street believe that raising rates next month will be interpreted as a sign of confidence in the U.S. economic recovery.

"There's more risk now that if they don't raise in December, then people will worry that we're still not out of the woods," said Jerry Braakman, chief investment officer at First American Trust, in Santa Ana, California, which manages $1 billion.

With little inflation on the horizon, the Fed is likely to raise borrowing costs only gradually next year, which should help keep Wall Street content, Braakman said.

The Dow Jones industrial average rose 0.51 percent to end at 17,823.81 points and the S&P 500 gained 0.38 percent to 2,089.17. The Nasdaq Composite added 0.62 percent to 5,104.92.

The S&P gained 3.3 percent for the week, its best showing since December.

The Dow rose 3.4 percent for the week and the Nasdaq added 3.6 percent.

Next week is likely to see tepid trading volume, with many investors taking time off for the Thanksgiving holiday.

Alphabet, Google's parent company, rose over 2 percent after Reuters reported the company was planning to launch the Chinese version of its Google Play smartphone app next year. The stock was the biggest influence on the S&P 500 and Nasdaq.

Abercrombie & Fitch surged 25 percent. Its quarterly profit more than doubled and same-store sales fell less than expected.

Sprint tumbled 5.43 percent after the wireless carrier said it would raise about $1.1 billion in cash through a sale and lease-back deal with a company backed by Japan's SoftBank.

Tesla lost 0.81 percent after it said it was recalling 90,000 Model S sedans to check for a possible seatbelt defect.

Advancing issues outnumbered decliners on the NYSE by 1,819 to 1,249. On the Nasdaq, 1,751 issues rose and 1,014.

The S&P 500 index showed 32 new 52-week highs and nine new lows, while the Nasdaq recorded 76 new highs and 81 new lows.

About 6.9 billion shares changed hands on U.S. exchanges, below the 7.2 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Copyright Reuters, 2015

]]> (Fawad Maqsood)AmericasFri, 20 Nov 2015 23:27:47 +0000
Weakening crude spreads put more strain on U.S. oil's $40 support$40-support.html$40-support.htmlimageA surprisingly abrupt breakdown in U.S. crude oil spreads this week has strengthened some traders' conviction of a decisive move below $40 a barrel, extending the early winter price slump.

As traders rushed to dump expiring December West Texas Intermediate (WTI) futures on Friday, rather than take delivery in Cushing, Oklahoma, where storage space is dwindling, the spread versus the second month <CLc1-CLc2> widened to as much as $2.90 a barrel, the most since 2011.

The second-third month spread <CLc2-CLc3> has tumbled more than 30 cents to -$1.35 a barrel, its lowest since April.

"The contango will probably provide the fuel for us to get well and below $40," said John McLane, chief investment officer at Mobius Asset Management in Scottsdale, Arizona. He has sold short prompt WTI prices while buying longer-dated oil.

"The way these spreads are acting is giving you every indication that lower prices are yet to come," McLane said. "Just three to four months ago, we were looking at a difference of 30 to 40 cents on nearby WTI spreads."

The cheapening of the spot oil contract versus forward, a market structure known as contango, comes as U.S. crude stocks resume rising toward record highs, with demand tempered by unusually mild winter weather.

U.S. stocks rose for an eighth week last week to more than 487 million barrels, near April's record highs. In Cushing, where the WTI contract is delivered, inventories rose by 2.14 million barrels in the week to Tuesday, according to energy monitoring service Genscape.

Traders believe that widening crude spreads will accelerate WTI's descent to below the $37.75 low set on Aug 27, putting it on track to a new bottom since 2009. WTI's December futures hit a $38.99 low on Friday before expiring as the spot-month.

Spot WTI will have an opportunity to trade above $40 again on Monday as the January contract, which settled on Friday at nearly $42, becomes its front-month.

"The question is how long the support will hold as there's going to be a new battle to get below $40 after this," said Tariq Zahir, who trades mostly in crude spreads at Tyche Capital Advisors at Syosset, New York.

John Kilduff, partner at New York energy new hedge fund Again Capital, concurred. "The cash market for oil is so weak it looks inevitable that the contango will widen."

Copyright Reuters, 2015

]]> (Fawad Maqsood)AmericasFri, 20 Nov 2015 23:05:35 +0000
TSX rises on mining, financial gains; Valeant surges;-valeant-surges.html;-valeant-surges.html

imageTORONTO: Canada's main stock index rose on Thursday, led by a surge in Valeant Pharmaceuticals International Inc and helped by gains for gold miners and financial stocks.

The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 73.86 points, or 0.55 percent, at 13,473.83. Seven of its 10 main sectors gained.

Copyright Reuters, 2015

]]> (Shoaib-ur-Rehman Siddiqui)AmericasThu, 19 Nov 2015 21:15:55 +0000