AmericasStay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder..http://www.brecorder.com/markets/equity/americas.htmlMon, 25 May 2015 13:17:45 +0000SRA Framework 2.0en-gbWall St closes higher; S&P ends at records http://www.brecorder.com/markets/equity/americas/243066-wall-st-closes-higher;-s.html?p-ends-at-records=http://www.brecorder.com/markets/equity/americas/243066-wall-st-closes-higher;-s.html?p-ends-at-records=imageNEW YORK: The S&P 500 closed at a record high on Thursday after disappointing economic data bolstered expectations that an interest rate hike will come only later in the year.

The Dow Jones industrial average rose 1.67 points, or 0.01 percent, to 18,287.07, the S&P 500 gained 5.17 points, or 0.24 percent, to 2,131.02 and the Nasdaq Composite added 19.05 points, or 0.38 percent, to 5,090.79.

Copyright Reuters, 2015

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)AmericasThu, 21 May 2015 22:31:44 +0000
TSX rallies as oil prices boost energy; Shopify surges http://www.brecorder.com/markets/equity/americas/243062-tsx-rallies-as-oil-prices-boost-energy;-shopify-surges.htmlhttp://www.brecorder.com/markets/equity/americas/243062-tsx-rallies-as-oil-prices-boost-energy;-shopify-surges.htmlimageTORONTO: Canada's main stock index rebounded on Thursday as financial and energy stocks, bolstered by a rally in oil prices, pushed the TSX to its best performance in more than a week.

Valeant Pharmaceuticals International was by far the most influential individual gainer on the index, rising 2.4 percent to C$285.23. The company is in talks to buy Egyptian drugmaker Amoun Pharmaceutical Co, according to a Bloomberg report on Wednesday.

Other influential movers included Enbridge Inc, which climbed 2.62 percent to C$62.67, and Canadian Natural Resources, which advanced 2.4 percent to C$38.85.

The overall energy sector climbed more than 2.2 percent, tracking higher oil prices, which rose on expectations that excess global crude supply was starting to ease.

Fighting in Iraq, OPEC's second-largest producer, helped pushed up prices. "The price of oil really helps. It was a big driver for the market.(Iraq)'s probably got people a little worried," said David Cockfield, managing director and portfolio manager at Northland Wealth Management, though he said he was not especially positive on oil prices over the long term.

US crude was up nearly 3 percent to $60.72, while Brent crude added 2.3 percent to $66.53.

The Toronto Stock Exchange's S&P/TSX composite index finished 130.78 points higher, or 0.87 percent, to 15,203.61. "Stocks tend to firm up around Memorial Day weekend," said Irwin Michael, portfolio manager at ABC Funds, referring to the upcoming US holiday on Monday.

"Generally the news is positive, the least path of resistance to the upside right now. On balance, the glass tends to be half full." Seven of the index's 10 main groups advanced.

The tech sector was the biggest loser, giving back more than 2 percent.

Open Text Corp tumbled 13.3 percent to C$51.80 after the company gave a lower-than-expected outlook.

Shopify Inc shares surged on their first day of trading in Toronto and New York.

The Canadian e-commerce software maker priced its initial public offering at $17 a share, and the stock finished at C$31.25 in Toronto.

Other influential advancers included Royal Bank of Canada, which rose 1 percent to C$80.37.

The heavily weighted financial sector climbed 0.7 percent. "Financials have been fairly weak ... it looks like the worst is over," Cockfield said. "In this kind of market, and you've got extra cash that's earning you nothing, the banks look reasonably attractive."

Advancing issues outnumbered declining ones on the TSX by a 1.99-to-1 ratio on the upside.

Copyright Reuters, 2015

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)AmericasThu, 21 May 2015 21:11:02 +0000
Energy stocks lead TSX rally; Shopify surgeshttp://www.brecorder.com/markets/equity/americas/243014-energy-stocks-lead-tsx-rally;-shopify-surges.htmlhttp://www.brecorder.com/markets/equity/americas/243014-energy-stocks-lead-tsx-rally;-shopify-surges.htmlimageTORONTO: Canada's main stock index rebounded on Thursday, lifted in part by a general upbeat tone among investors and higher crude prices that bolstered energy stocks for the third straight session.

Valeant Pharmaceuticals International was by far the most influential individual gainer on the index, rising 2 percent to C$284.20. The company is in talks to buy Egyptian drugmaker Amoun Pharmaceutical Co, according to a Bloomberg report on Wednesday.

Other influential movers on the index included Enbridge Inc , which rose 1.72 percent to C$62.12, and Canadian Natural Resources, which advanced 1.7 percent to C$38.59.

The overall energy sector climbed 1.9 percent, tracking higher oil prices, which rose on expectations the excess global crude supply was starting to ease. Fighting in Iraq, OPEC's second-largest producer, also pushed up prices.

U.S. crude was up 2.3 percent to $60.33, while Brent crude added 2.0 percent to $66.32.

At 10:34 a.m. EDT (1434 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 112.86 points, or 0.75 percent, to 15,185.69.

"Generally, stocks tend to firm up around Memorial Day weekend - people covering their shorts, going flattish to maybe long a little bit here," said Irwin Michael, portfolio manager at ABC Funds, referring to the upcoming U.S. holiday on Monday.

"Bond markets are showing some stabilization ... Generally the news is positive, the least path of resistance to the upside right now. On balance, the glass tends to be half full."

Among the index's 10 biggest groups, only the tech sector was in the red, dragged more than 2 percent lower by Open Text Corp's 12.7 percent decline to C$52.16 after the company gave a lower-than-expected outlook.

Meanwhile, Shopify Inc shares surged on its first day of trading in Toronto and New York. The Canadian e-commerce software maker priced its initial public offering at $17 a share and the stock rose to a high of C$35.03 in Toronto and touched a high of $28.70 on the New York Stock Exchange.

Other influential advancers include Royal Bank of Canada , which rose 0.9 percent to C$80.34 and Canadian Pacific Railway Ltd, which was up 2.0 percent to $216.27.

The financials group climbed 0.6 percent, while the industrials group rose 1.0 percent.

Advancing issues outnumbered declining ones on the TSX by 173 to 70, for a 2.47-to-1 ratio on the upside.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasThu, 21 May 2015 16:06:32 +0000
Latam markets weak on Fed caution; Brazil real up http://www.brecorder.com/markets/equity/americas/242935-latam-markets-weak-on-fed-caution;-brazil-real-up.htmlhttp://www.brecorder.com/markets/equity/americas/242935-latam-markets-weak-on-fed-caution;-brazil-real-up.htmlimageRIO DE JANEIRO: Latin American stocks and currencies were mostly down on Wednesday as investors worried the US Federal Reserve might signal it is inclined to raise interest rates soon, a move that could reduce the allure of higher-yielding emerging market assets.

Major regional stock indexes, including Brazil's benchmark Ibovespa, Mexico's IPC and Chile's IPSA were in negative territory before the Fed releases the minutes of its latest monetary policy meeting.

The currencies of Mexico, Chile, and Colombia slid between 0.1 percent and 0.6 percent.

Latin American assets have rallied recently as a number of weak US economic figures fueled bets the Fed could delay an expected interest rate increase to later this year.

The Brazilian real bucked the weakening trend, gaining 0.5 percent, as investors expected lawmakers to approve more fiscal austerity, which is crucial if the government is to meet an important budget savings goal this year.

"There is a lot of fiscal noise (in Brazil), but asset prices assume that Finance Minister (Joaquim) Levy continues to anchor the adjustment process to restore policy credibility," Siobhan Morden, head of Latin America strategy at Jefferies, wrote in a note to clients.

Copyright Reuters, 2015

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)AmericasWed, 20 May 2015 21:15:22 +0000
Wall St, dollar rise as June rate-hike prospects dim http://www.brecorder.com/markets/equity/americas/242928-wall-st-dollar-rise-as-june-rate-hike-prospects-dim.htmlhttp://www.brecorder.com/markets/equity/americas/242928-wall-st-dollar-rise-as-june-rate-hike-prospects-dim.htmlimageNEW YORK: Wall Street and the dollar rose on Wednesday after minutes of a Federal Reserve policymakers meeting last month bolstered bets that the first US interest-rate hike in more than a decade will not come until later in 2015 at the earliest.

According to the minutes, released ahead of a much anticipated speech on Friday by Fed Chair Janet Yellen, many officials at the April meeting believed it would be premature to raise interest rates in June. Most participants expected a slowing US economy to pick up pace after a slowdown in the first quarter, according to the minutes, but officials worried over soft consumer spending despite the fall in oil prices.

US short-term interest-rate futures contracts rose modestly as traders had already priced in the unlikeliness of a June rate hike.

Traders continue to see a 59 percent chance the first Fed hike will come in December, based on CME FedWatch data.

"The minutes overall depicted the Fed in a rate hike frame of mind once the economy turns the corner," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. US economic growth slowed to a crawl in the first quarter, and recent data has been mixed.

US stocks rose, adding to recent gains and took the S&P 500 and Dow indexes of top American companies to a new all-time intraday high.

The Dow Jones industrial average was last up 17.35 points, or 0.09 percent, to 18,329.74, the S&P 500 was ahead 4.63 points, or 0.22 percent, to 2,132.46 and the Nasdaq Composite advanced 22.67 points, or 0.45 percent, to 5,092.70. The dollar index of major currencies traded against the greenback was up 0.15 percent, helped by the euro's slide to two-week lows on a Greek official's warning that the country may miss a debt repayment.

The euro last traded off 0.25 percent against the dollar at $1.1124 after touching a low of $1.1063.

The dollar was last ahead 0.30 percent against the Japanese yen to just over 121 yen, a level not seen for two months.

Buoyant US Treasuries inched up further as a June rate hike grew less likely.

Safe-haven buying had already lifted the market on worries Greece may be unable to make a 300 million euro repayment to the International Monetary Fund on June 5.

The benchmark 10-year Treasury last yielded 2.2497 percent, reflecting a price gain of 3/32.

European shares, after Tuesday's 1.65 percent surge, paused for breath on Wednesday, unable to get much of a boost from the euro's weakness.

The FTSEurofirst 300 index of leading shares got a lift from telecoms deal-making and ended 0.50 percent at nearly 1614 points.

Crude oil prices bounced up as government data showed that US crude stocks fell last week for the third straight week.

In the previous session, oil slid 3 percent.

Brent jumped 1.5 percent to $64.97 a barrel, while US crude settled up 1.7 percent to $58.98. Both shed more than $2 a barrel on Tuesday.

Copyright Reuters, 2015

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)AmericasWed, 20 May 2015 21:00:49 +0000
TSX falls as 3-day streak ends in broad retreat http://www.brecorder.com/markets/equity/americas/242920-tsx-falls-as-3-day-streak-ends-in-broad-retreat.htmlhttp://www.brecorder.com/markets/equity/americas/242920-tsx-falls-as-3-day-streak-ends-in-broad-retreat.htmlimageTORONTO: Canada's main stock index fell on Wednesday, ending a three-session winning streak, as heavyweight banking issues led a broad decline, interrupted by oil and gas company gains on rebounding crude prices.

The country's biggest banks will report quarterly earnings next week, giving investors an updated view of the broader economic environment.

Bank of Nova Scotia pulled back 1.3 percent to C$64.44 and Royal Bank of Canada slipped 0.6 percent to C$79.60.

"It's just leaking a little bit here today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. "It's two steps forward and one step backward; we're moving forward, but it's very slow." The Toronto Stock Exchange's S&P/TSX composite index ended down 48.19 points on the day, or 0.32 percent, at 15,072.83, with energy the sole gainer out of the ten main sectors on the index.

Decliners outnumbered advancing issues by 137 to 105, for a 1.30-to-1 ratio on the downside.

Kinsey said investors mostly shrugged off minutes from the US Federal Reserve's April meeting that showed policymakers believed it would be premature to raise interest rates in June.

"This market is climbing a wall of worry, there's so much political noise and then there's a lot of economic noise," he said.

Suncor Energy Inc was among the most influential gainers, rising 0.8 percent to C$36.41, while Canadian Natural Resources advanced 0.6 percent to C$37.95.

The overall energy group, which make up some 20 percent of the TSX, climbed 0.7 percent.

"The recent weakness of the US dollar has helped some of the commodities in Canada," said Sid Mokhtari, market technician and director, institutional equity research, CIBC World Markets.

US crude prices were up 1.3 percent to $58.73, while Brent crude added 1.2 percent to $64.78.

Constellation Software Inc gained 2.7 percent to C$511 after the acquisitive company bought a healthcare target.

The industrial group was 0.8 percent lower, with Canadian National Railway Co off 1.1 percent at C$73.74.

Copyright Reuters, 2015

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)AmericasWed, 20 May 2015 20:47:59 +0000
Euro slips on Greek worries, stocks steadyhttp://www.brecorder.com/markets/equity/americas/242879-euro-slips-on-greek-worries-stocks-steady.htmlhttp://www.brecorder.com/markets/equity/americas/242879-euro-slips-on-greek-worries-stocks-steady.htmlimageNEW YORK: The euro slid to two-week lows on Wednesday after a Greek official said the country may miss a debt repayment, while U.S. and European equity markets held close to recent highs as traders awaited signals on Federal Reserve interest rate shifts.

U.S. Treasuries inched up on safe-haven buying caused by worries that Greece may be unable to make a 300 million euro repayment to the International Monetary Fund on June 5 unless foreign lenders distribute more aid.

The dollar gained for a third day, though many currency traders kept to the sidelines before the release of minutes from the Fed's April meeting of monetary policymakers.

The Greek government's parliamentary speaker said on Wednesday that Athens will not make the June 5 payment unless it has reached a deal with its creditors.

The euro last traded off 0.40 percent against the dollar at $1.11 after touching a low of $1.1063.

The dollar index advanced 0.43 percent, in part because of a 0.35 percent rise against the Japanese yen that took the dollar over 121 yen for the first time in two months.

Wall Street was mixed. The Dow Jones industrial average was up 4.32 points, or 0.02 percent, to 18,316.71, the S&P 500 was down 0.23 points, or 0.01 percent, to 2,127.6 and the Nasdaq Composite declined losing 1.02 points, or 0.02 percent, to 5,069.01.

Trading was muted before the 2:00 p.m. (1800 GMT) release of the details of the Fed's April meeting. The central bank has said it will raise rates only when data suggests that the economy is strengthening. Growth slowed to a crawl in the first quarter, and recent data has been mixed.

"There is a consensus that the Fed probably doesn't move until September and I don't think that will change today," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

European shares, after Tuesday's 1.65 percent surge, paused for breath on Wednesday, unable to get much of a boost from the euro's weakness.

The FTSEurofirst 300 index of leading shares was up 0.46 percent at 1613 points, while Germany's DAX, France's CAC 40 and Britain's FTSE 100 were up around 0.2 percent.

The benchmark 10-year Treasury last yielded 2.2567 percent, reflecting a price gain of 2/32.

Crude oil prices bounced back from 3 percent falls in the previous session as government data showed that U.S. crude stocks fell last week for the third straight week.

Brent jumped 1.4 percent to $64.89 a barrel while U.S. crude rose about 1.1 percent to $58.63, after both shed more than $2 a barrel on Tuesday.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasWed, 20 May 2015 16:23:27 +0000
US stocks inch higher ahead of Fed minuteshttp://www.brecorder.com/markets/equity/americas/242877-us-stocks-inch-higher-ahead-of-fed-minutes.htmlhttp://www.brecorder.com/markets/equity/americas/242877-us-stocks-inch-higher-ahead-of-fed-minutes.htmlimageNEW YORK: US stocks edged higher in early trade Wednesday as investors weighed mixed retailer earnings and awaited the release of the Federal Reserve minutes of the April monetary policy meeting.

After more than an hour of trade, the Dow Jones Industrial Average was up 21.06 points (0.12 percent) at 18,333.45.

The broad-based S&P 500 edged up 1.16 (0.05 percent) to 2,128.99, while the tech-rich Nasdaq Composite Index added 1.10 (0.02 percent) at 5,060.91.

Discount chain Target rose 0.4 percent after reporting first-quarter profit surged 51.6 percent from a year ago to $635 million and raising its full-year earnings forecast.

Home improvement retailer Lowe's lost 3.7 percent after its first-quarter results disappointed.

Office supplies chain Staples reported a 39 percent plunge in first-quarter, citing store closures in North America and the stronger dollar. Staples shares fell 1.7 percent.

Stocks had barely budged Tuesday, with the Dow inching to a record high and the S&P 500 slipping after a three-day streak of record highs.

Investors were keyed up for the release of the Fed minutes of the April 28-29 Federal Open Market Committee meeting, to be released in the afternoon, hoping to find insights into the Fed's plan to lift near-zero interest rates this year. The Fed post-meeting statement had left open its time frame for a rate hike.

"We do not expect substantive changes -- the minutes should continue to highlight the FOMC's view that the majority of the slowdown is due to transitory factors," Barclays said in a research note.

Auto-parts and services retailer Pep Boys leaped 14.6 percent after The Wall Street Journal reported private-equity firm Golden Gate Capital and others have recently expressed interest in buying it.

Bond prices fell. The yield on the 10-year US Treasury edged up to 2.29 percent from 2.28 percent Tuesday, while the 30-year advanced to 3.08 percent from 3.07 percent. Bond prices and yields move inversely.

Copyright AFP (Agence France-Presse), 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasWed, 20 May 2015 16:12:13 +0000
TSX rises for fourth day as energy lifts; Fed in focushttp://www.brecorder.com/markets/equity/americas/242873-tsx-rises-for-fourth-day-as-energy-lifts;-fed-in-focus.htmlhttp://www.brecorder.com/markets/equity/americas/242873-tsx-rises-for-fourth-day-as-energy-lifts;-fed-in-focus.htmlimageTORONTO: Canada's main stock index rose broadly for the fourth straight day on Wednesday, with nearly every sector making gains and energy companies getting a boost from rebounding commodity prices.

Investors were also awaiting the minutes from the Federal Reserve's April meeting for clues on when the U.S. central bank will likely resume hiking interest rates.

Suncor Energy Inc was among the most influential movers on the upside, rising 1.16 percent to C$36.55, while Canadian Natural Resources advanced 1.0 percent to C$38.09.

The overall energy group, which make up some 20 percent of the TSX, climbed 0.9 percent.

"The recent weakness of the U.S. dollar has helped some of the commodities in Canada," said Sid Mokhtari, market technician and director, institutional equity research, CIBC World Markets.

U.S. crude prices were up 1.1 percent to $58.63, while Brent crude added 1.3 percent to $64.88. Prices were also helped by industry figures that showed U.S. oil stocks falling.

At 10:58 a.m. EDT (1458 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 45.18 points, or 0.3 percent, to 15,166.2.

Of the index's 10 main groups only industrials was in negative territory.

The materials group was nearly 0.4 percent higher, with Franco-Nevada Corp rising 1.3 percent at C$65.90.

Financials, the most influential sector on the entire index, rose 0.2 percent.

"As long as you can see your financial markets being stable, I think you can envision equity markets in general to be stable. And that's what we're still seeing," said Mokhtari, noting that a steepening yield curve was helping the sector.

Toronto Dominion Bank was among the more influential financial stocks, with shares notching a 0.3 percent gain to trade at C$56.24.

Advancing issues outnumbered declining ones on the TSX by 146 to 92, for a 1.59-to-1 ratio on the upside. The index was posting 5 new 52-week highs and 1 new low.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasWed, 20 May 2015 15:40:31 +0000
TSX lifted by financials, record US stockshttp://www.brecorder.com/markets/equity/americas/242790-tsx-lifted-by-financials-record-us-stocks.htmlhttp://www.brecorder.com/markets/equity/americas/242790-tsx-lifted-by-financials-record-us-stocks.htmlimageTORONTO: Canada's main stock index climbed for the third straight session on Tuesday, as financial stocks helped lead the market higher and investor optimism got a boost from U.S. stocks closing at record highs on Monday.

Valeant Pharmaceuticals International Inc, a perennial index heavyweight, lead with a 2.7 percent rise to C$277.24. The overall healthcare group jumped 2.1 percent.

Financial institutions rounded out the top five most influential gainers, with Royal Bank of Canada up 1.1 percent at C$79.68. Manulife Financial Corp rose 1.8 percent to C$23.03. The overall group, which make up about a third of the index's weight, advanced 0.7 percent.

"There should be some follow through this week on New York hitting new highs, though it's going to be slow," said Douglas Davis, chief executive officer at Davis-Rea.

At 10:31 a.m. EDT (1431 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 18.93 points, or 0.13 points, at 15,127.05. Six of the index's 10 main groups were up.

The index traded in negative territory earlier in the session, dragged in part by energy stocks, hurt by softer oil prices.

Suncor Energy Inc was off 0.9 percent at C$36.25, while Cenovus Energy Inc fell 1.7 percent to C$20.44. The overall energy group gave back 1.5 percent.

Despite Tuesday's moves lower, Davis expressed some optimism for the sector, noting the firm has "done well with the recovery in energy and we don't think that's over."

Also tempering gains was a 0.6 percent loss by the materials group, home to mining and other resource companies. First Quantum Minerals Ltd lost 4.9 percent to C$17.91, while Cameco Corp tumbled 4.6 percent to C$19.74. Goldcorp Inc was down 1.5 percent at C$22.96.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasTue, 19 May 2015 15:20:04 +0000