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 Fri, 09 Dec 2016 15:20:48 +0000 Joomla! 1.5 - Open Source Content Management en-gb US stocks flat as ECB trims stimulus program http://www.brecorder.com/markets/equity/americas/331061-us-stocks-flat-as-ecb-trims-stimulus-program.html http://www.brecorder.com/markets/equity/americas/331061-us-stocks-flat-as-ecb-trims-stimulus-program.html imageNEW YORK: Wall Street stocks were flat early Thursday as the European Central Bank extended its stimulus program but said it would decrease the pace of bond-buying.

The pace of ECB bond purchases will fall to 60 billion euros ($65 billion) per month in March from 80 billion euros per month. The program had originally been set to expire in March 2017, but was extended to December of next year.

"This new directive is being billed by many as a first step by the ECB toward tapering its asset purchases, yet the tonality of ECB President Draghi remains dovish," said Briefing.com analyst Patrick O'Hare.

Thirty minutes into trade, the Dow Jones Industrial Average was up a hair at 19,552.92.

The broad-based S&P 500 dipped 0.1 percent to 2,239.96, while the tech-rich Nasdaq Composite Index advanced less than 0.1 percent at 5,395.12.

Both the Dow and S&P 500 finished at records Wednesday.

Costco Wholesale advanced 2.8 percent as earnings for the quarter ending November 20 rose 13.5 percent to $545 million. Analysts said the results suggested the big-box retailer was succeeding in a transition in credit cards to Citigroup from American Express.

Lululemon Athletica surged 17.9 percent as it announced a new $100 million stock repurchasing program after reporting better-than-expected third-quarter earnings.

Dow member Chevron climbed 0.1 percent following an announcement of a $19.8 billion capital budget for 2017. The oil giant said the budget was down at least 15 percent from the expected 2016 level, the latest instance of belt-tightening due to low oil prices.

Copyright AFP (Agence France-Press), 2016

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Thu, 08 Dec 2016 15:48:44 +0000
GLOBAL MARKETS-Wall Street muted by health stocks; Italy, ECB boost Europe http://www.brecorder.com/markets/equity/americas/330926-global-markets-wall-street-muted-by-health-stocks-italy-ecb-boost-europe.html http://www.brecorder.com/markets/equity/americas/330926-global-markets-wall-street-muted-by-health-stocks-italy-ecb-boost-europe.html

NEW YORK: Wall Street's rise was held back by health stocks on Wednesday while European stocks rose on reports Italy would step in to rescue troubled bank Monte dei Paschi and on expectations the European Central Bank would extend its bond-buying. 

Major currencies treaded water with traders waiting on the ECB's Thursday meeting to find out if the ECB's monthly bond purchases will be kept steady or scaled back, and whether it will signal the eventual end of the program. 

Prices on longer-dated US Treasuries rose following a large block purchase of 10-year Treasury note futures after disappointing overseas data pushed foreign yields lower. 

Healthcare stocks were the biggest drag on the S&P 500 after a report that President Elect Donald Trump said he would bring down pricing. This led the benchmark S&P to take a breather after three days of advances. 

"When we have run up so high, it's common that there is some sensitivity in the market, maybe due to softer oil prices or just the technical aspects of being at such high levels," said Peter Cardillo, chief market economist at First Standard Financial in New York. 

The Dow Jones industrial average was up 15.43 points, or 0.08 percent, to 19,267.21, the S&P 500 gained 2.28 points, or 0.1 percent, to 2,214.51 and the Nasdaq Composite had dropped 1.39 points, or 0.03 percent, to 5,331.61. 

Oil prices fell as investors questioned whether a deal to cut output agreed last week by the Organization of the Petroleum Exporting Countries (OPEC) and others would be enough to drain a global glut. 

Brent crude, the international benchmark, fell 75 cents to $53.19 a barrel. US light crude was down 94 cents at $49.99 a barrel. 

ITALIAN BANKS BOOST 

The pan-European STOXX 600 index rose 0.7 percent while Italy's FTSE MIB share index gained 1.7 percent, to hit its highest point since May as the country's banking stocks continued their rally. 

Shares in Monte dei Paschi, Italy's oldest bank, rose about 9 percent, and an index of Italian lenders' shares rose 5 percent after jumping 9 percent in the previous day's session. 

Reuters had reported exclusively on Tuesday that Italy was preparing to take a 2-billion-euro controlling stake in the bank as prospects of a private funding rescue faded following Prime Minister Matteo Renzi's decision to resign after voters rejected his proposals for constitutional reform. 

"Despite the fact that the probability of early elections has risen, the market is focusing on the banking sector and the fact the government seems to be showing more urgency in dealing with that problem," Mizuho strategist Antoine Bouvet said.  The euro edged up 0.3 percent to $1.075.

The dollar index, which measures the US currency against a basket of six of its major peers, was down 0.2 percent. 

Benchmark 10-year Treasury notes US10YT=RR were up 12/32 in price to yield 2.351 percent, down 4.5 basis points from late on Tuesday.

The 10-year yield retreated further from a near 1-1/2 year peak struck on Dec. 1 at 2.492 percent, according to Reuters data. 

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent while Japan's Nikkei added 0.7 percent. Chinese shares gained 0.5 percent. 

 

 

Copyright Reuters, 2016
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fawad@br-mail.com (Fawad Maqsood) Americas Wed, 07 Dec 2016 20:21:01 +0000
EMERGING MARKETS-Brazil real slips after Senate president ouster; shares rise http://www.brecorder.com/markets/equity/americas/330800-emerging-markets-brazil-real-slips-after-senate-president-ouster-shares-rise.html http://www.brecorder.com/markets/equity/americas/330800-emerging-markets-brazil-real-slips-after-senate-president-ouster-shares-rise.html

SAO PAULO: The Brazilian real slipped on Tuesday as a Supreme Court decision to oust the Senate's president raised concerns over potential delays in the approval of austerity measures to curb the country's massive fiscal deficit.

Justice Marco Aurelio de Mello removed Senator Renan Calheiros based on a majority ruling by the nation's top court last month that any person indicted for a crime could not be in the presidential line of succession. The court had indicted him last week on charges of embezzlement.

 Newspaper O Globo reported that his successor, Senator Jorge Viana, had said privately he would suspend votes on legislation including a constitutional cap on public spending. Anticipation that the flagship reform would be swiftly approved had inspired investor confidence in President Michel Temer's government.

The real weakened 0.4 percent, the worst-performing currency in Latin America.

Brazil's benchmark Bovespa stock index, however, was higher on the day, supported by a rally in shares of JBS SA , the world's biggest beef exporter.

Shares jumped 14 percent, their biggest daily gain in seven months, after JBS announced it would take its international businesses public in an initial public offering in the United States.

 Analysts with Credit Suisse Securities estimated the reorganization could boost share prices by 30 percent compared to Monday's close.

Yields paid on short-term rate future contracts in Brazil fell as traders increased bets that the central bank will accelerate the pace of rate cuts in its January meeting following the release of its lastest policy minutes.

The Mexican peso strengthened 0.8 percent to a two-week high after the country auctioned eight out of 10 deep water oil and gas blocks in the Gulf of Mexico, raising expectations of capital inflows.

 "The increase in foreign direct investment is welcome in a context of the current account deficit and a significant reliance of bilateral trade with the US and remittances from abroad," strategists with BNP Paribas wrote in a client note.

 

 


 

Copyright Reuters, 2016
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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Tue, 06 Dec 2016 17:53:33 +0000
TSX barely higher on BMO beat; energy stocks weigh http://www.brecorder.com/markets/equity/americas/330782-tsx-barely-higher-on-bmo-beat-energy-stocks-weigh.html http://www.brecorder.com/markets/equity/americas/330782-tsx-barely-higher-on-bmo-beat-energy-stocks-weigh.html

TORONTO: Canada's main stock index made small gains in morning trading on Tuesday as Bank of Montreal led financial shares higher on a strong earnings report, while the energy sector weighed.  

Bank of Montreal rose 2.7 percent to C$91.99. The country's fourth-largest lender reported quarterly earnings well ahead of market expectations, benefiting from strong performances at its capital markets and US personal and commercial businesses.

 The financials group gained 0.6 percent.  But eight of the other main groups fell, with the energy sector retreating 0.4 percent as oil prices declined. Data showed crude output rose in most major export regions despite plans by the Organization of the Petroleum Exporting Countries and Russia to cut production.  

The materials group, which includes precious and base metal miners and fertilizer companies, was the only other sector to move higher, adding 0.6 percent.

 One of the most influential gainers on the index was Kirkland Lake Gold, which surged 123 percent to C$8.04 as its listing was updated to incorporate its acquisition of Newmarket Gold.  Industrials and telecoms each fell 0.4 percent, while technology stocks lost 1.1 percent.  At 10:15 a.m. EST (1515 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 13.2 points, or 0.09 percent, at 15,108.37.  US crude prices were down 2.7 percent at $50.39 a barrel, while Brent crude lost 2.4 percent to $53.63.

 Canada's trade deficit in October shrank to C$1.13 billion ($850 million) from a record C$4.38 billion in September as one-off factors helped slash the value of imports, Statistics Canada data indicated on Tuesday.  

 

 



 

Copyright Reuters, 2016
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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Tue, 06 Dec 2016 16:10:41 +0000
US stocks rise, shrugging off Italian vote http://www.brecorder.com/markets/equity/americas/330687-us-stocks-rise-shrugging-off-italian-vote.html http://www.brecorder.com/markets/equity/americas/330687-us-stocks-rise-shrugging-off-italian-vote.html

NEW YORK: Gains by petroleum-linked equities helped push US stocks higher early Monday as investors shrugged off an Italian referendum that adds uncertainty to eurozone politics.

Drilling company Transocean jumped 3.9 percent and oil producers Apache and ConocoPhillips rose more than 2 percent as oil prices continued to climb after last week's OPEC agreement to cut output.

Banking shares also continued an upward push as expectations firm that the US Federal Reserve will raise interest rates later this month. Goldman Sachs gained 2.3 percent, Bank of America 2.7 percent and JPMorgan Chase 1.8 percent.

About 25 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent to 19,261.29, above Thursday's record close.

The broad-based S&P 500 gained 0.7 percent to 2,206.60, while the tech-rich Nasdaq Composite Index advanced 0.9 percent to 5,304.03.

Briefing.com analyst Patrick O'Hare said markets were taking a wait-and-see approach to the Italian vote -- which rejected the proposed reforms and led to the resignation of Prime Minister Matteo Renzi -- due to the market's resiliency in the face of earlier surprise votes in Britain and the United States.

"Participants recognize that it has paid handsomely to trade against the grain of conventional wisdom highlighting the market risks associated with presumably adverse political outcomes," O'Hare said.

 

Copyright AFP (Agence France-Presse), 2016

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parvezjabri@yahoo.com (Parvez Jabri) Americas Mon, 05 Dec 2016 16:04:44 +0000
US stocks flat on solid jobs report http://www.brecorder.com/markets/equity/americas/330498-us-stocks-flat-on-solid-jobs-report.html http://www.brecorder.com/markets/equity/americas/330498-us-stocks-flat-on-solid-jobs-report.html

NEW YORK: Wall Street stocks were little changed early Friday after US unemployment posted a nine-year low, boosting the chances of a Federal Reserve interest rate hike this month.

The jobless rate fell three-tenths to 4.6 percent in November, with a solid 178,000 net new positions created, the Department of Labor reported.

Briefing.com analyst Patrick O'Hare pointed to some weaknesses in the report, such as a slight drop in average hourly wages. But he joined other analysts in predicting the figures were strong enough to keep the Fed on track to hike rates.

About 30 minutes into trade, the Dow Jones Industrial Average was at 19,177.45, down 0.1 percent, retreating slightly from Thursday's record.

The broad-based S&P 500 added 0.2 percent to 2,194.52, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 5,256.40.

Markets in London, Paris and Frankfurt fell as polls suggest Italy will vote against a referendum supported by Prime Minister Matteo Renzi, who could resign with a defeat.

Polls also suggest far-right Austrian presidential candidate Norbert Hofer has a good shot of winning Sunday's presidential race, an outcome that could further embolden anti-eurozone interests.

Starbucks fell 2.6 percent after it announced that Howard Schultz was stepping down as chief executive early next year, to be replaced by president and chief operating officer Kevin Johnson. Schulz will stay on as executive chairman and chairman of the board and will build up the company's superpremium coffee shop business.

Gap fell 1.4 percent after reporting that November comparable sales fell 1 percent. The apparel chain said trends remained challenging, but that sales improved in the latter part of the month as the holiday shopping season kicked off.

Copyright AFP (Agence France-Presse), 2016




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fawad@br-mail.com (Fawad Maqsood) Americas Fri, 02 Dec 2016 17:05:40 +0000
TSX rises as energy stocks extend gains on oil rally http://www.brecorder.com/markets/equity/americas/330419-tsx-rises-as-energy-stocks-extend-gains-on-oil-rally-.html http://www.brecorder.com/markets/equity/americas/330419-tsx-rises-as-energy-stocks-extend-gains-on-oil-rally-.html

TORONTO: Canada's main stock index rose on Thursday as energy shares made further gains with oil prices after OPEC reached a deal to cut output, while investors reacted to divergent earnings reports from two major banks.  

Canadian Imperial Bank of Commerce rose 1.9 percent to C$107.95 after the country's fifth-biggest bank reported a better-than-expected quarterly profit, driven by strong performance in its capital markets business.  

Meanwhile, the country's No. 2 lender Toronto-Dominion Bank fell 1 percent to C$62.95 after reporting earnings that were in line with expectations.  "In light of earnings produced by some of TD's peers, we would expect relative underperformance on its valuation today, with TD's now noticeably lagging capital ratio likely adding to the pressure," Barclays analyst John Aiken wrote in a note.  The heavyweight financials group gained 0.2 percent overall.  

The energy group climbed 3 percent, adding to a nearly 8 percent jump on Wednesday after OPEC members and Russia agreed to limit their oil output in a bid to prop up prices.  

Suncor Energy Inc added 2.2 percent to C$43.70 and Canadian Natural Resources Ltd rose 2.7 percent to C$46.53.  

At 10:07 a.m. EDT (1507 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 41.77 points, or 0.28 percent, at 15,124.62.

It hit a near 18-month intraday high on Wednesday.  Half of the index's 10 main groups were in positive territory, with advancers outnumbering decliners by a 1.2-to-1 ratio.  

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1 percent as gold prices hit a 10-month low.  

US crude prices were up 2.9 percent to $50.87 a barrel, while Brent added 3.1 percent to $53.44.  

Gold futures fell 0.7 percent to $1,162.3 an ounce and copper prices lost 0.5 percent to $5,796.5 a tonne.  

The pace of growth in Canadian manufacturing picked up modestly in November as a measure of new orders rose to its highest in seven months, data showed, an encouraging sign for a sector that has struggled to make strong gains this year.  


Copyright Reuters, 2016
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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Thu, 01 Dec 2016 16:04:20 +0000
EMERGING MARKETS-Brazil real, stocks down on local political concerns http://www.brecorder.com/markets/equity/americas/330415-emerging-markets-brazil-real-stocks-down-on-local-political-concerns-.html http://www.brecorder.com/markets/equity/americas/330415-emerging-markets-brazil-real-stocks-down-on-local-political-concerns-.html

SAO PAULO: Brazil's currency and stocks fell on Thursday as traders feared frictions between lawmakers and prosecutors could increase political instability and delay the approval of austerity measures.

Senate President Renan Calheiros tried to accelerate on Wednesday the approval of a greatly watered-down package of anticorruption measures but failed to gather enough support for the early vote.

Prosecutors have accused the Brazilian Congress of seeking to block the sweeping Car Wash graft probe as it comes close to incriminating several lawmakers.

The Brazilian real weakened 2 percent, by far the worst-performing currency in Latin America.

The Mexican and Colombian pesos slipped roughly 0.7 despite rising crude prices as persistent fears of higher US interest rates weighed on market sentiment.

Brazil's benchmark Bovespa stock index fell 2.5 percent, led lower by a slump in shares of bank Ita? Unibanco Holding SA.

Federal police launched a raid targeting Ita? as part of a probe into alleged bribery of tax officials regarding a case involving a local unit of FleetBoston Corp that Ita? bought from Bank of America a decade ago.

 

 


 

 

Copyright Reuters, 2016

 

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Thu, 01 Dec 2016 15:50:28 +0000
US stocks drift lower in post-holiday trading http://www.brecorder.com/markets/equity/americas/330217-us-stocks-drift-lower-in-post-holiday-trading.html http://www.brecorder.com/markets/equity/americas/330217-us-stocks-drift-lower-in-post-holiday-trading.html imageWASHINGTON: US stocks pulled back in early trading Monday, following a four-session winning streak as investors looked ahead to a week rich in economic data.

A half-hour into the day's session, the first full trading day following the Thanksgiving holiday, the Dow Jones Industrial Average, S&P 500 and Nasdaq were all 0.2 percent lower at 19,106.43, 2,209.08 and 5,389.60, respectively.

US stock indices have smashed records, rallying since Donald Trump's November 8 upset victory over Hillary Clinton in the presidential elections, with investors cheered by hopes Trump will boost infrastructure spending, cut taxes and ease regulations.

Oil prices rebounded at the start of the week after turning sharply lower Friday as investor hopes of a production deal by crude-producing countries faded. Saudi officials said early Monday they would not join a meeting with Russian officials.

Exxon Mobil fell 0.5 percent and Marathon Petroleum lost 0.2 percent but other US oil-related stocks were in positive territory, with ConocoPhillips up 1.1 percent and Chevron gaining 0.1 percent.

Oil field services giant Schlumberger lost 0.4 after announcing Sunday it had reached a preliminary agreement to study an oil field in Iran.

Health-related stocks were among the Dow's losers, with UnitedHealth Group losing 1.1 percent, drugmakers Merck and Johnson & Johnson losing 0.7 percent and 0.5 percent, respectively.

Online retailers were bracing for the "Cyber Monday" rush of orders during a day of heavy sales and promotions. Amazon fell 1.6 percent in morning trading while eBay was down one percent and crafts marketplace Etsy was 0.8 percent lower.

The Commerce and Labor departments this week are due to report on economic growth and monthly job creation, with investors looking to see if markets will extend a record-breaking post-election rally further into the holiday period.

Copyright AFP (Agence France-Presse), 2016

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fawad@br-mail.com (Fawad Maqsood) Americas Mon, 28 Nov 2016 19:41:13 +0000
US stocks open lower in post-holiday trading http://www.brecorder.com/markets/equity/americas/330202-us-stocks-open-lower-in-post-holiday-trading.html http://www.brecorder.com/markets/equity/americas/330202-us-stocks-open-lower-in-post-holiday-trading.html imageWASHINGTON: US stocks opened lower Monday following a four-session winning streak as investors looked ahead to a week rich in economic data.

About five minutes into trading on the first full day back from the Thanksgiving holiday weekend, the Dow Jones Industrial Average, S&P 500 and Nasdaq were all trading 0.2 percent lower at 19,114.75, 2,209.69 and 5,386.83 respectively.

Oil prices rebounded at the start of the week after turning sharply lower on Friday as investor hopes of a production deal by crude producing countries faded. Saudi officials said early Monday they would not join a meeting with Russian officials.

Exxon Mobil opened 0.3 percent lower but other US oil-related stocks were in positive territory, with ConocoPhillips up one percent and Marathon Petroleum gaining 0.7 percent.

Online retailers were bracing for the "Cyber Monday" rush of orders during a day of heavy sales and promotions. Amazon lost 1.3 percent near the start of trading while eBay was down 0.8 percent and crafts marketplace Etsy was 0.5 percent lower.

The Commerce and Labor departments this week are due to report on economic growth and monthly job creation, with investors looking to see if markets will extend a record-breaking post-election rally further into the holiday period.

Copyright AFP (Agence France-Presse), 2016

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parvezjabri@yahoo.com (Parvez Jabri) Americas Mon, 28 Nov 2016 17:58:07 +0000
TSX falls, weighed by railroad, energy, financial shares http://www.brecorder.com/markets/equity/americas/330186-tsx-falls-weighed-by-railroad-energy-financial-shares.html http://www.brecorder.com/markets/equity/americas/330186-tsx-falls-weighed-by-railroad-energy-financial-shares.html imageTORONTO: Canada's main stock index fell on Monday as railroad, energy and financial names lost ground, offsetting gains for the materials group as base and precious metals prices rose.

At 10:53 a.m. EST (1553 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 27.2 points, or 0.18 percent, to 15,048.24. Last week, the index advanced 1.4 percent, extending its rally since the US election.

The most influential movers on the index included railroad stocks, with Canadian National Railway Co falling 0.9 percent to C$89.37, and Canadian Pacific Railway Ltd declining 1.3 percent to C$199.33.

The energy group fell 0.5 percent amid volatility in crude oil ahead of a meeting this week of major oil producers.

US crude prices were up 2.1 percent at $47.03 a barrel, recouping earlier losses as the market reacted to the shaky prospect of the Organization of the Petroleum Exporting Countries being able to agree output cuts at a meeting on Wednesday.

Financials fell 0.3 percent as bond yields declined and investors awaited fourth-quarter results this week from some of Canada's major banks.

Sun Life Financial Inc fell 1.1 percent to C$52.48, while Bank of Nova Scotia was down 0.2 percent at C$72.75.

The recent surge in bond yields had supported the financial sector. Higher bond yields reduce the value of insurance companies' liabilities and increase net interest margins of banks.

Just two of the index's 10 main groups rose.

The materials group, which includes precious and base metals miners and fertilizer companies, added nearly 1 percent, with Barrick Gold Corp gaining 1.2 percent to C$20.25 and Teck Resources Ltd climbing 1.6 percent to C$35.41.

Zinc soared to a nine-year high and lead hit a five-year peak as reports of more infrastructure investment in China and signs of strong property investment in the world's top metals user sparked heavy buying.

Copper prices advanced 1.1 percent to $5,942 a tonne, while gold futures rose 0.9 percent to $1,189.2 an ounce.

Copyright Reuters, 2016

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 28 Nov 2016 16:18:08 +0000