Americas Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder http://www.brecorder.com/markets/equity/americas.html Thu, 01 Sep 2016 01:42:31 +0000 Joomla! 1.5 - Open Source Content Management en-gb TSX falls as energy and mining stocks lose ground http://www.brecorder.com/markets/equity/americas/316346-tsx-falls-as-energy-and-mining-stocks-lose-ground.html http://www.brecorder.com/markets/equity/americas/316346-tsx-falls-as-energy-and-mining-stocks-lose-ground.html imageTORONTO: Canada's main stock index fell on Wednesday as lower oil and gold prices weighed on energy and mining stocks.

Still, the index was on course to rise 0.4 percent for the month of August.

The most influential movers on the index included Suncor Energy Inc, which fell 1.9 percent to C$35.73, and TransCanada Corp, which declined 1.2 percent to C$59.14.

US crude prices were down 2.2 percent to $45.34 a barrel, extending losses as data showed a bigger-than-expected increase in US stockpiles.

The energy group retreated 1 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent.

Barrick Gold Corp fell 2.1 percent to C$22.33, pressured by lower gold prices.

Gold slid to a two-month low after forecast-beating US jobs data stoked speculation that the Federal Reserve would move ahead with plans to raise interest rates. At 10:40 a.m. EDT (1440 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 50.83 points, or 0.35 percent, to 14,634.02.

Seven of the index's 10 main groups were lower.

National Bank of Canada reported a 6-percent increase in quarterly profit, benefiting from a recent acquisition that enabled it to beat market expectations.

Still, its shares fell 2.4 percent to C$46.45, while the overall financials group dipped 0.1 percent.

Canada's economy shrank in the second quarter in its worst showing in seven years, hurt by a drop in exports and a disruption to oil production caused by wildfires in northern Alberta, data from Statistics Canada showed.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Wed, 31 Aug 2016 18:07:04 +0000
Brazil real firms as impeachment vote looms http://www.brecorder.com/markets/equity/americas/316340-brazil-real-firms-as-impeachment-vote-looms.html http://www.brecorder.com/markets/equity/americas/316340-brazil-real-firms-as-impeachment-vote-looms.html imageSAO PAULO: The Brazilian real firmed on Wednesday hours before the country's Senate was expected to vote to remove President Dilma Rousseff from office and ratify Vice President Michel Temer as her successor.

The real rose as much as 0.6 percent to 3.2214 per dollar but later pared gains to 3.2345 to the greenback. The currency has jumped more than 20 percent this year on hopes that Temer will manage to curb rising debt and regain the trust of the business sector.

Many investors blame the interventionist policies pursued by Rousseff's Workers' Party during 13 years in government for dragging Latin America's biggest economy into its deepest recession in decades.

Brazil's economy shrank for a sixth straight quarter between April and June, but investments grew for the first time since 2013 and fueled hopes of a modest recovery.

Temer took over as interim president after Rousseff's suspension from office in May on charges of doctoring budget figures. The Senate trial is expected to culminate with a verdict to convict her on Wednesday.

Temer has so far run into difficulties gathering support for painful austerity measures in Congress, but many expect him to toughen up after he is confirmed as president.

"From now on, (Brazilian asset) prices will only continue to improve if there's a clear fiscal adjustment that starts as soon as possible," said Arnaldo Curvello, head of asset management at the brokerage Ativa.

Analysts with MB Associados consultancy believe Rousseff's removal from office could trigger inflows that lift the real to 3.00 per dollar.

On Wednesday, the real outperformed most Latin American peers, which were nearly flat after the US private sector added more jobs than expected, bolstering expectations of a rate hike as soon as next month.

Comments by US Federal Reserve policymakers including Chair Janet Yellen strengthened bets that US interest rates could rise sooner rather than later but also kept investors guessing over the specific timing of an increase.

Traders will look for additional clues over the Fed's policy following the US government's release on Friday of the closely watched payrolls report.

Higher interest rates in the United States could dull the allure of higher-yielding, riskier investments in emerging markets.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Wed, 31 Aug 2016 18:00:12 +0000
US stocks edge lower as data points to solid jobs report http://www.brecorder.com/markets/equity/americas/316284-us-stocks-edge-lower-as-data-points-to-solid-jobs-report.html http://www.brecorder.com/markets/equity/americas/316284-us-stocks-edge-lower-as-data-points-to-solid-jobs-report.html imageNEW YORK: US stocks edged lower in cautious early trade Wednesday as ADP private sector hiring data pointed to a solid July employment report this week.

Oil shares dropped as crude prices continued their 10-day slide amid worries of no action by producers to curtail the market glut.

About 30 minutes into trade, the Dow Jones Industrial Average lost 0.1 percent at 18,436.49.

The broad-based S&P 500 fell 0.1 percent at 2,173.06, while the tech-rich Nasdaq Composite lost 0.1 percent to 5,218.43.

The ADP payrolls firm said US businesses added a solid 177,000 new staff in July, pointing to a likely good Labor Department employment report for the month on Friday.

A strong jobs report could tip the balance at the Federal Reserve toward a long-awaited interest rate increase, as soon as late September.

"The ADP data continue to suggest that the trend in employment growth remains fairly strong -- strong enough to keep the unemployment rate trending down," said Jim O'Sullivan, chief US economist at High Frequency Economics.

Crude oil prices fell another one percent Wednesday, with Brent trading in London at $47.70, sending oil shares lower. ExxonMobil and Chevron were both down 0.6 percent, and oilfield service giant Schlumberger gave up 1.3 percent.

Apple shares edged up 0.1 percent a day after the European Commission socked it with a huge $14.5 billion tax bill, saying Ireland had given the company unfair tax advantages.

Apple said it would appeal the ruling and that it was confident it would win its case.

Among the Dow blue chips, Merck led the gainers, up 0.5 percent, while Dupont topped the losing column, down 0.8 percent.

In tech shares, Twitter surged 3.8 percent.

Copyright AFP (Agence France-Presse), 2016

]]>
parvezjabri@yahoo.com (Parvez Jabri) Americas Wed, 31 Aug 2016 14:25:08 +0000
Wall St rises on financials, materials stocks http://www.brecorder.com/markets/equity/americas/316174-wall-st-rises-on-financials-materials-stocks.html http://www.brecorder.com/markets/equity/americas/316174-wall-st-rises-on-financials-materials-stocks.html imageNEW YORK: Financial and commodity-sector stocks led the S&P 500 higher in a low-volume session on Monday after consumer spending rose for a fourth straight month, pointing to a pick-up in US economic growth.

The Dow Jones industrial average rose 107.59 points, or 0.58 percent, to 18,502.99, the S&P 500 gained 11.34 points, or 0.52 percent, to 2,180.38 and the Nasdaq Composite added 13.41 points, or 0.26 percent, to 5,232.33.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 29 Aug 2016 23:14:30 +0000
TSX gains muted by energy stocks; banks, miners shine http://www.brecorder.com/markets/equity/americas/316166-tsx-gains-muted-by-energy-stocks;-banks-miners-shine.html http://www.brecorder.com/markets/equity/americas/316166-tsx-gains-muted-by-energy-stocks;-banks-miners-shine.html imageTORONTO: Canada's main stock index rose on Monday, but by less than its US peers, as investors bet on rate hikes sooner south of the border and lower oil prices weighed on the commodity-rich TSX.

Financial stocks were among the most influential gainers on the Toronto Stock Exchange's S&P/TSX composite index as investors took signals from US Federal Reserve policymakers including Chair Janet Yellen as evidence of economic resilience in Canada's main trading partner.

The Canadian index closed up 42.13 points, or 0.29 percent, at 14,682.01, while two of the three main US indexes gained more than half a percent.

The US dollar and Treasury yields also rose With the Canadian central bank more likely to cut or hold as the Fed preps for a hike, high-yielding Canadian stocks may stay in vogue, said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri.

"To the extent that rates remain low for longer domestically, that could make those higher-yielding sectors attractive to investors for perhaps longer than will be the case in the States," he said, highlighting utilities and to lesser degree telecom companies.

BCE Inc, the country's largest telecom company, rose 1 percent to C$62.25.

The energy group, which accounts for one-fifth of the index's weight, lost 0.2 percent as oil prices fell due to high output from Middle Eastern producers and a stronger US dollar, in which the commodity is priced.

Suncor Energy, the country's largest producer, retreated 0.9 percent to C$36.14. Pipeline companies also lost ground, with Enbridge Inc down 0.8 percent at C$51.56 and Pembina Pipeline Corp off 0.3 percent at C$39.56.

US crude prices settled down 1.4 percent at $46.98. Half of the index's 10 main groups ended higher, with advancers and decliners almost equally split overall.

Toronto-Dominion Bank rose 1.3 percent to C$58.06, and Brookfield Asset Management Inc gained 1.4 percent to C$44.39.

The heavyweight financial sector, up 0.5 percent overall, produced a string of encouraging bank earnings reports last week.

The materials group, which includes precious and base metal miners and fertilizer companies, gained 1.2 percent.

Ivanhoe Mines Ltd jumped 14.4 percent to C$1.91 after it said it planned to hire an investment bank to review expressions of interest the company and its projects have received. Teck Resources Ltd rose 8 percent to C$22.41.

Major gold miners also pushed the sector higher even as prices of the metal slid to a nearly five-week low.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 29 Aug 2016 21:41:43 +0000
TSX boosted by miners, banks; oil stocks weigh http://www.brecorder.com/markets/equity/americas/316129-tsx-boosted-by-miners-banks;-oil-stocks-weigh.html http://www.brecorder.com/markets/equity/americas/316129-tsx-boosted-by-miners-banks;-oil-stocks-weigh.html imageTORONTO: Canada's main stock index made slight gains in morning trading on Monday, with rises for banks and miners offsetting energy shares' declines as the price of oil pulled back.

At 10:30 a.m. EDT (1430 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 24.26 points, or 0.17 percent, at 14,664.14.

Six of the index's 10 main groups were higher, with advancers and decliners almost equally split overall.

The most influential movers on the index included Toronto-Dominion Bank, which rose 0.6 percent to C$57.64, and Royal Bank of Canada, up 0.4 percent at C$81.87.

The heavyweight financial sector, which was up 0.3 percent overall, had produced a string of encouraging bank earnings reports last week, including from TD, Canadian Imperial Bank of Commerce and Bank of Montreal.

The energy group fell 0.3 percent on lower oil prices due to high output from Middle Eastern producers and a stronger US dollar, in which the commodity is priced. Suncor Energy lost 0.6 percent to C$36.27.

Pipeline companies lost ground, with Enbridge Inc down 1.1 percent at C$51.38 and Pembina Pipeline Corp off 0.9 percent at C$39.31.

US crude prices were down 1.8 percent at $46.77 a barrel, while Brent lost 1.6 percent to $49.12. The materials group, which includes precious and base metal miners and fertilizer companies, gained 0.7 percent.

Ivanhoe Mines Ltd jumped 13 percent to C$1.89 after it said it planned to hire an investment bank to review expressions of interest the company and its projects have received in recent months. Teck Resources Ltd rose 4 percent to C$21.57.

Major gold miners also pushed the sector higher even as prices of the metal slid to a nearly five-week low after comments from top Federal Reserve officials fueled speculation that US interest rates would rise sooner rather than later.

Gold futures fell 0.2 percent to $1,319 an ounce, and copper prices lost 0.2 percent to $4,615.15 a tonne.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 29 Aug 2016 19:23:53 +0000
US assets gain, European shares dip on Fed rate hike bets http://www.brecorder.com/markets/equity/americas/316107-us-assets-gain-european-shares-dip-on-fed-rate-hike-bets.html http://www.brecorder.com/markets/equity/americas/316107-us-assets-gain-european-shares-dip-on-fed-rate-hike-bets.html imageNEW YORK: US stock markets and the dollar climbed on Monday while European share markets fell, following comments by top Federal Reserve officials that bolstered expectations for an interest rate hike by the US central bank this year.

Fed Chair Janet Yellen said on Friday the case for a rate increase was strengthening, but provided little detail on when the Fed would next move. Vice Chair Stanley Fischer suggested on CNBC that a rate hike as soon as next month was possible.

The advance in the US stock markets was led by financials, which stand to gain the most in an environment of higher interest rates. The S&P 500 financial index was last up 1.2 percent; Wells Fargo gained 2.5 percent and JPMorgan rose more than 1 percent.

The advances put Wall Street on track to snap a three-day losing streak.

A report from the US Commerce Department showed consumer spending, which accounts for more than two-thirds of US economic activity, rose for a fourth month in July. That reinforced bets of a rate rise soon, even as other data showed US inflation remained subdued.

The dollar extended Friday's gains and reached a roughly three-week high against the yen of 102.39 yen.

European shares responded unfavorably to the rising expectations for a 2016 Fed rate hike, with the pan-European STOXX 600 index ending down 0.15 percent.

"It is looking more likely that we will see a rate hike this year, and September is a good possibility," said Richard Sichel, chief investment officer of Philadelphia Trust Co in Philadelphia.

"A pickup in consumer spending, on durables especially this time around, gives the Fed another little push." The chances of a rate hike in September jumped to 30 percent from 21 percent, according to CME Group's FedWatch tool.

MSCI's all-country world equity index was last up 0.13 points, or 0.03 percent, at 418.55.

The Dow Jones industrial average was last up 120.01 points, or 0.65 percent, at 18,515.41.

The S&P 500 was up 13.43 points, or 0.62 percent, at 2,182.47. The Nasdaq Composite was up 22.99 points, or 0.44 percent, at 5,241.91.

Europe's broad FTSEurofirst 300 index closed down 0.17 percent, at 1,350.4. US Treasury yields maturing between 2-10 years dipped on foreign demand after touching their highest levels since June on Friday.

US 30-year Treasury bond yields also fell, with their prices rising more than a full point. Benchmark 10-year yields were last at 1.575 percent, compared to 1.633 percent late Friday.

Oil prices fell, with benchmark Brent crude falling below $49 a barrel, pressured by high output from Middle East OPEC members and as a stronger US dollar weighed on commodities.

"A much stronger US dollar is causing selling pressure," said Carsten Fritsch of Commerzbank. Brent crude was last down 63 cents, or 1.26 percent, at $49.29 a barrel.

US crude was last down 69 cents, or 1.45 percent, at $46.95 per barrel. Safe-haven spot gold slid to a near five-week low of $1,314.70 on the dollar's gains.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 29 Aug 2016 18:40:27 +0000
TSX firms as gains for financials offset losses for energy http://www.brecorder.com/markets/equity/americas/316072-tsx-firms-as-gains-for-financials-offset-losses-for-energy.html http://www.brecorder.com/markets/equity/americas/316072-tsx-firms-as-gains-for-financials-offset-losses-for-energy.html imageTORONTO: Canada's main stock index edged higher on Monday as financial stocks gained ground, offsetting losses for energy stocks as oil fell.

The Toronto Stock Exchange's S&P/TSX composite index was up 16.82 points, or 0.11 percent, at 14,656.70, shortly after the open. Seven of the index's 10 main groups were higher.

Copyright Reuters, 2016

]]>
parvezjabri@yahoo.com (Parvez Jabri) Americas Mon, 29 Aug 2016 14:37:45 +0000
TSX rises, supported by higher commodity prices after Yellen speech http://www.brecorder.com/markets/equity/americas/315827-tsx-rises-supported-by-higher-commodity-prices-after-yellen-speech.html http://www.brecorder.com/markets/equity/americas/315827-tsx-rises-supported-by-higher-commodity-prices-after-yellen-speech.html imageTORONTO: Canada's main stock index rose on Friday, led by energy and mining stocks as oil and gold prices gained after a speech by Federal Reserve Chair Janet Yellen viewed as supportive of a US interest rate increase.

The most influential movers on the index were gold stocks, including Barrick Gold, which rose 2.3 percent to C$24.2, and Franco Nevada Corp, up by the same margin to C$95.81.

Spot gold rose 1.3 percent as the US dollar lost ground despite Yellen's comments.

The case for raising US interest rates has strengthened in recent months because of improvements in the US labor market and expectations for moderate economic growth, Yellen said.

The materials group, which includes precious and base metals, miners and fertilizer companies, added 2.2 percent, while energy stocks advanced 1.2 percent as a lower US dollar also helped support energy prices.

US crude prices were up 1.7 percent to $48.11 a barrel and Canadian Natural Resources Ltd rose nearly 1.0 percent to C$41.78.

At 10:35 a.m. EDT (1435 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 91.42 points, or 0.62 percent, to 14,722.14.

Nine of the index's 10 main groups were higher. Industrials rose 1.2 percent, including gains for railroad stocks, while financials firmed 0.4 percent.

Toronto-Dominion Bank has made changes to its mortgage underwriting practices in recent years, its chief risk officer said on Thursday, potentially making it more resilient if house prices fall in Vancouver and Toronto.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Fri, 26 Aug 2016 15:28:52 +0000
TSX rises as higher metal prices supports materials http://www.brecorder.com/markets/equity/americas/315817-tsx-rises-as-higher-metal-prices-supports-materials.html http://www.brecorder.com/markets/equity/americas/315817-tsx-rises-as-higher-metal-prices-supports-materials.html imageTORONTO: Canada's main stock index rose on Friday as higher metal prices supported the materials group ahead of a speech by U.S. Federal Reserve Chair Janet Yellen that could give a clearer picture on the U.S. interest rate outlook.

The Toronto Stock Exchange's S&P/TSX composite index was up 38.50 points, or 0.26 percent, at 14,669.22, shortly after the open. Eight of the index's 10 main groups were higher.

Copyright Reuters, 2016

]]>
imad_kueconomist@yahoo.com (Imaduddin) Americas Fri, 26 Aug 2016 13:52:11 +0000
Wall St slips with healthcare, consumer names http://www.brecorder.com/markets/equity/americas/315745-wall-st-slips-with-healthcare-consumer-names.html http://www.brecorder.com/markets/equity/americas/315745-wall-st-slips-with-healthcare-consumer-names.html imageNEW YORK: US stocks were modestly lower on Thursday, weighed down by a drop in healthcare and consumer names, while financials advanced slightly after two more Federal Reserve officials pushed towards the case for a rate hike.

The Dow Jones industrial average fell 31.5 points, or 0.17 percent, to 18,449.98, the S&P 500 lost 2.83 points, or 0.13 percent, to 2,172.61 and the Nasdaq Composite dropped 5.49 points, or 0.11 percent, to 5,212.20.

Copyright Reuters, 2016

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Thu, 25 Aug 2016 22:13:25 +0000