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 Tue, 25 Nov 2014 01:32:00 +0000 SRA Framework 2.0 en-gb Brazil's real pares recent gains, current account in focus http://www.brecorder.com/markets/equity/americas/206655-brazils-real-pares-recent-gains-current-account-in-focus.html http://www.brecorder.com/markets/equity/americas/206655-brazils-real-pares-recent-gains-current-account-in-focus.html imageSAO PAULO: Brazil's currency weakened on Monday as investors digested worse-than-expected current account data, pulling back part of a sharp Friday rise driven by the outlook for a new economic policymaking team.

Latin American stock markets were mostly flat, though Brazil's Bovespa stock index managed to climb for a fourth straight session.

The Brazilian real opened stronger against the dollar though began to weaken shortly thereafter, with traders pointing to what may have been an overdone rally in the currency on Friday.

The real strengthened over 2 percent on Friday on media reports that President Dilma Rousseff, long criticized by investors for emphasizing a heavy government hand in the economy, would name market-friendly economist Joaquim Levy as finance minister in her second term.

The nomination has not yet been confirmed by the government.

Optimism over the economy's future was cooled somewhat on Monday after Brazil posted its biggest current account deficit on record for the month of October.

"A very strong deficit ended up weakening the real today as it suggests (dollars) are leaving the country due to more modest exports," said Andre Perfeito, chief economist at Gradual Investimentos in Sao Paulo. "We had some very abrupt moves in Brazil on Friday, which could also explain today's performance."

Perfeito added that the Fed's stance on raising interest rates remains the key factor in determining the direction of the real in the medium to long term.

Brazil's Bovespa stock index posted slight gains after the finance minister reports drove a 5 percent rise on Friday. State-run firms such as oil producer Petroleo Brasileiro SA , known as Petrobras, climbed, offsetting a decline in bank shares. Traders said the bank losses were mostly due to profit-taking after Brazilian financial shares posted a three-day 12.9 percent rally.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 24 Nov 2014 15:23:24 +0000
TSX mixed as Hudson Bay debt plan offsets resources http://www.brecorder.com/markets/equity/americas/206653-tsx-mixed-as-hudson-bay-debt-plan-offsets-resources.html http://www.brecorder.com/markets/equity/americas/206653-tsx-mixed-as-hudson-bay-debt-plan-offsets-resources.html imageTORONTO: Canadian stocks opened on a mixed footing on Monday, with resource stocks suffering sluggish prices, offset by gains in the railways, banks, and Hudson's Bay Co, which has outlined a $1.25 billion refinancing plan.

The Toronto Stock Exchange's S&P/TSX composite index was down 22.1 points, or 0.15 percent, at 15,089.03 shortly after the open.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 24 Nov 2014 15:18:58 +0000
US stocks open higher on good German data http://www.brecorder.com/markets/equity/americas/206639-us-stocks-open-higher-on-good-german-data.html http://www.brecorder.com/markets/equity/americas/206639-us-stocks-open-higher-on-good-german-data.html imageNEW YORK: US stocks opened higher Monday, adding to Friday's records after data showed a rise in German business confidence. Five minutes into trade, the Dow Jones Industrial Average stood at 17,852.96, up 42.90 points (0.24 percent).

The broad-based S&P 500 gained 6.54 (0.32 percent) to 2,070.04, while the tech-rich Nasdaq Composite Index rose 17.39 (0.37 percent) to 4,730.36.

Both the Dow and S&P 500 closed at record highs Friday.

Germany's Ifo business climate index rose to 104.7 points in November from 103.2 in October, the first increase in seven months and a heartening sign for Europe's biggest economy.

There were no major US economic reports Monday, but the next two days will include third-quarter economic growth and several other reports before the markets close for the Thanksgiving holiday Thursday.

Copyright AFP (Agence France-Presse), 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Mon, 24 Nov 2014 14:35:04 +0000
Shares stung by world growth worries; yen sags http://www.brecorder.com/markets/equity/americas/206052-shares-stung-by-world-growth-worries;-yen-sags.html http://www.brecorder.com/markets/equity/americas/206052-shares-stung-by-world-growth-worries;-yen-sags.html imageNEW YORK: World stock markets slipped on Thursday on signs the Chinese and European economies were slowing, while Japan's yen slid to a seven-year low against the dollar on expectations of more Japanese stimulus.

The worries about global demand weighed on Wall Street, which opened lower, and fueled price gains in US government debt. The MSCI index of world stocks was flat, while a gauge of European stocks slipped 0.3 percent.

"Slowing (purchasing managers indices) growth in China and the euro zone helped put risk appetite on the back foot," said strategist Gennadiy Goldberg at TD Securities in New York.

The China flash HSBC/Markit manufacturing purchasing managers' index showed factory output contracted in the world's second-biggest economy for the first time in six months. .

In Europe, signs were just as gloomy as the private sector in Germany grew at its slowest pace in 16 months, and in France a slight pick-up was overshadowed by the fastest drop in new orders in more than a year.

"There has been a little bit of relief in markets recently, but I think this will create another round of fears that the euro zone is losing momentum," said Emile Cardon, a euro zone strategist at Rabobank.

With the data also raising pressure on the European Central Bank as it ponders possible asset-buying schemes, euro zone government bond yields kicked lower and the euro fell for the first time in three days. The yield on Germany's 10-year Bund fell to 0.8 percent.

China's data pushed Asian stocks to a month low, and after Europe's dour figures, markets in London and Frankfurt were both down.

Beaten down by the dollar again, the yen hit a seven-year low and slid to a six-year low against the euro despite the weak euro zone data. The euro last fetched $1.2530 , off an overnight three-week high of $1.2602.

The yen last traded at 118.15 to the dollar.

Wall Street's Dow Jones industrial average was down 3.00 points, or 0.02 percent, at 17,682.73. The Standard & Poor's 500 Index was up 2.39 points, or 0.12 percent, at 2,051.11. The Nasdaq Composite Index was up 14.87 points, or 0.32 percent, at 4,690.59.

US Treasury debt prices rose as investors sought safety in government bonds. Benchmark 10-year US Treasury notes were up 1/32 in price to yield 2.34 percent from 2.36 percent late Wednesday.

Brent oil rallied ahead of what is shaping up to be a landmark OPEC meeting next week. It was last at $79.02, up 92 cents. US crude was up 74 cents at $75.32.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Thu, 20 Nov 2014 15:52:33 +0000
Wall St dips after record with eyes on Fed minutes http://www.brecorder.com/markets/equity/americas/205853-wall-st-dips-after-record-with-eyes-on-fed-minutes.html http://www.brecorder.com/markets/equity/americas/205853-wall-st-dips-after-record-with-eyes-on-fed-minutes.html imageNEW YORK: US stocks fell on Wednesday, following record closing highs on the S&P 500 and Dow in the previous session, ahead of minutes from the most recent Federal Reserve policy meeting.

The Fed is set to publish minutes from the Federal Open Market Committee's October policy meeting at 2:00 p.m. EST (1900 GMT). They are expected to show the Fed's path is diverging from other major central banks that are increasing their stimulus programs. This view has helped strengthen the U.S. dollar, weighing on crude oil and other commodity prices.

"I can understand the market being a bit jittery here after making a new high and pausing ahead of the Fed minutes," said Paul Zemsky, chief investment officer of Multi-Asset Strategies and Solutions at Voya Investment Management.

Starts for U.S. single-family homes rose for a second straight month in October and overall building permits approached a 6-1/2-year high, suggesting the housing market was still on a recovery path.

"Data was good today so it's hard to find a reason (for the slight decline in stocks) in the data," Zemsky said.

At 10:23 a.m. EST (1523 GMT) the Dow Jones industrial average fell 40.71 points, or 0.23 percent, to 17,647.11, the S&P 500 lost 7.6 points, or 0.37 percent, to 2,044.2 and the Nasdaq Composite dropped 29.89 points, or 0.64 percent, to 4,672.55.

Staples rose 9.9 percent to $14.02 as the largest gainer on the S&P 500 after it reported higher-than-expected quarterly sales and profit as demand recovered for core office supplies.

Target Corp rose 5.3 percent to $71.10 and Lowe's rose 5.9 percent to $61.98, both after reporting results.

Cliffs Natural Resources said it was looking to exit its Eastern Canadian iron ore operations, which may result in the closure of its Bloom Lake mine in Quebec. Its shares fell 13.7 percent to $8.81.

Shares of Vipshop fell 10 percent to $21.32 after the Chinese online discount retailer's sales forecast failed to beat estimates for the first time this fiscal year.

Oplink Communications shares jumped 13.8 percent to $24.18. It is being purchased by Koch Optics, a subsidiary of privately-help Koch Industries, for about $445 million.

Declining issues outnumbered advancing ones on the NYSE 1,887 to 912, for a 2.07-to-1 ratio; on the Nasdaq, 1,769 issues fell and 647 advanced for a 2.73-to-1 ratio.

The S&P 500 was posting 18 new 52-week highs and 2 new lows; the Nasdaq Composite was recording 30 new highs and 38 new lows.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Wed, 19 Nov 2014 16:51:39 +0000
TSX falls as energy, bank shares lead decline http://www.brecorder.com/markets/equity/americas/205852-tsx-falls-as-energy-bank-shares-lead-decline.html http://www.brecorder.com/markets/equity/americas/205852-tsx-falls-as-energy-bank-shares-lead-decline.html imageTORONTO: Canada's main stock index slipped on Wednesday, weighed down by declines in the energy and financial sectors, as investors awaited the release of minutes from the latest Federal Reserve policy meeting.

The US central bank is expected to shed light on its interest-rate outlook, seen as a major catalyst for the markets.

The benchmark TSX has recovered after a recent selloff, gaining about 10 percent from an eight-month low hit in October.

"We've seen a nice little bounce off the bottom for the TSX over the last month. We'd like the rally to be broad-based, but that's been missing," said Shailesh Kshatriya, associate director for client investment strategies at Russell Investments Canada.

"We think that the TSX could potentially move higher from here, but we'd like to see that driven by fundamentals," he added.

The Toronto Stock Exchange's S&P/TSX composite index was down 46.71 points, or 0.31 percent, at 14,926.26. Five of the 10 main sectors on the index were in the red.

Financials, the index's most heavily weighted sector, declined 0.3 percent, with Toronto Dominion Bank losing 0.6 percent to C$56.66 and Royal Bank of Canada falling to C$82.07.

Shares of energy producers fell 1.6 percent, reflecting weakness in the price of US crude oil. Suncor Energy Inc slipped 1.8 percent to C$38.48, and Canadian Natural Resources Ltd dropped 1percent to C$40.07.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Wed, 19 Nov 2014 16:50:15 +0000
S&P 500, Dow end at record highs, boosted by healthcare http://www.brecorder.com/markets/equity/americas/205683-s.html?p-500-dow-end-at-record-highs-boosted-by-healthcare= http://www.brecorder.com/markets/equity/americas/205683-s.html?p-500-dow-end-at-record-highs-boosted-by-healthcare= imageNEW YORK: The Dow and S&P 500 closed at record highs on Tuesday, lifted by further gains in healthcare shares and hopes for a stronger global economy. The S&P 500 scored its fourth straight day of gains.

Actavis Plc, Gilead Sciences and other biotechs were among the biggest drivers, a day after Allergan agreed to be bought by Actavis.

The Nasdaq biotech index rose 2.1 percent. The S&P health care index added 1.6 percent. Shares of Actavis were up 8.7 percent at $269.60, helped by bullish analyst notes, while Gilead's stock rose 3.3 percent to $103.71 percent.

"A little bit of a risk trade is coming back on, and those are the areas for the M&A," said Uri Landesman, president of Platinum Partners in New York. "It's a very, very good environment to buy growth, so I don't quibble with the notion that there's going to be more M&A." Among the biggest boosts to the Dow, shares of UnitedHealth were up 1.8 percent at $98.19.

Further supporting stocks, news of a snap election and a delayed tax increase in Japan strengthened hopes for new stimulus, a day after data showed Japan back in recession. In Europe, German analyst and investor sentiment advanced this month for the first time in almost a year.

Benign US inflation data also helped.

The Dow Jones industrial average rose 40.07 points, or 0.23 percent, to 17,687.82, a record high. The S&P 500 gained 10.48 points, or 0.51 percent, to 2,051.8, its biggest one-day move since Nov. 5.

The Nasdaq Composite added 31.44 points, or 0.67 percent, to 4,702.44.

Actavis was the S&P's biggest percentage gainer; the largest decliner was Urban Outfitters, down 6.6 percent at $28.79, following results.

On the Nasdaq 100, the largest gainer was Dish Network , up 3.9 percent to $67.85, while the largest decliner was Staples, down 1.6 percent at $12.76.

Among the most active NYSE stocks were Petrobras, up 0.96 percent at $9.42, and General Electric, up 1.50 percent at $27.01.

On the Nasdaq, Apple, up 1.3 percent to $115.47, was among the most active.

About 6.1 billion shares traded on US exchanges, below the 6.4 billion average this month, according to BATS Global Markets.

NYSE advancers outnumbered decliners 1,862 to 1,217, for a 1.53-to-1 ratio; on the Nasdaq, 1,645 issues rose and 1,079 fell for a 1.52-to-1 ratio.

The S&P 500 was posted 77 new 52-week highs and one new lows; the Nasdaq Composite recorded 95 new highs and 56 new lows.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Wed, 19 Nov 2014 04:56:11 +0000
Japan recession weighs on Wall St but M&A supports http://www.brecorder.com/markets/equity/americas/205355-japan-recession-weighs-on-wall-st-but-m.html?a-supports= http://www.brecorder.com/markets/equity/americas/205355-japan-recession-weighs-on-wall-st-but-m.html?a-supports= imageNEW YORK: US stocks dipped on Monday, following four consecutive weeks of gains on Wall Street, as energy shares fell alongside crude futures after Japan slipped into recession.

Merger and acquisition news offset the declines as Halliburton said it would buy Baker Hughes and Allergan agreed to be bought by Actavis.

Japan's economy unexpectedly slipped into recession in the third quarter, setting the stage for Prime Minister Shinzo Abe to delay an unpopular sales tax hike and call a snap election two years before he has to go to the polls.

The Japanese data took crude futures prices lower, with Brent off 0.8 percent at $78.74 per barrel. Brent futures prices have fallen in the last eight weeks and are down nearly 30 percent from June.

The energy sector was the largest weight on the S&P 500, down 0.8 percent.

"Japan took the markets by surprise and it is weighing, but I don't see a major reversal, just a market consolidating," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

At 10:07 a.m. EST (1507 UTC) the Dow Jones industrial average fell 2.02 points, or 0.01 percent, to 17,632.72, the S&P 500 lost 0.92 points, or 0.05 percent, to 2,038.9 and the Nasdaq Composite dropped 4.34 points, or 0.09 percent, to 4,684.20.

The largest percentage gainer on the S&P 500 was Baker Hughes, up 10.8 percent on news Halliburton would acquire it in a cash and stock transaction of about $34.6 billion. Halliburton shares fell 6.4 percent.

Denbury Resources, down 10.1 percent, was the largest S&P 500 decliner after announcing it cut its capital spending for next year in half.

On the Nasdaq 100 the largest gainer was Mylan, which rose 2.0 percent, while the largest decliner was VimpelCom , down 2.4 percent.

Allergan added 7.1 percent to $212.82 as the Actavis buyout values the company at $66 billion. Actavis shares rose 3.7 percent to $252.73.

Negotiations between Hasbro and DreamWorks Animation have been hampered by issues regarding the structure of the combined company, according to a person familiar with the matter. DreamWorks shares fell 15.3 percent to $22.04. Hasbro added 4.7 percent to $56.58.

Declining issues outnumbered advancing ones on the NYSE by 1,526 to 1,266, for a 1.21-to-1 ratio on the downside; on the Nasdaq, 1,318 issues fell and 1,112 advanced for a 1.19-to-1 ratio.

The S&P 500 was posting 21 new 52-week highs and 2 new lows; the Nasdaq Composite was recording 48 new highs and 27 new lows.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Mon, 17 Nov 2014 17:12:06 +0000
Financial shares drive TSX to near seven-week high http://www.brecorder.com/markets/equity/americas/205354-financial-shares-drive-tsx-to-near-seven-week-high.html http://www.brecorder.com/markets/equity/americas/205354-financial-shares-drive-tsx-to-near-seven-week-high.html imageTORONTO: Canada's main stock index jumped to its highest in nearly seven weeks on Monday with declines in resource stocks offset by stronger financial shares as investors shrugged off data showing Japan fell into a recession in the third quarter.

Japan's gross domestic product shrank by an annualized 1.6 percent in the July-September quarter, after diving 7.3 percent in the second quarter following a rise in the national sales tax.

The Toronto stock market's benchmark TSX index extended gains after last week's fifth-straight weekly advance. It is up about 9 percent since dropping to an eight-month low in October.

"Toronto seems to be shaking off the weaker commodity prices," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services. "It seems like money is not leaving the market but shifting around to other sectors."

"The resilience in the TSX is showing that there is more to the TSX than just (resource) companies," he added.

The Toronto Stock Exchange's S&P/TSX composite index was up 51.17 points, or 0.34 percent, at 14,894.27. Seven of the 10 main sectors on the index were higher.

Financials, the index's most heavily weighted sector, climbed 0.6 percent, with Toronto-Dominion Bank rising 0.7 percent to C$57.48 and Bank of Nova Scotia gaining 0.7 percent to C$69.11.

Shares of oil and gas producers slipped as oil prices dropped. Canadian Natural Resources Ltd lost 0.4 percent to C$40.48, and Talisman Energy Inc shed 1.3 percent to C$6.33.

Gold-mining shares fell 1.3 percent. Barrick Gold Corp was down 0.7 percent at C$13.73.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Mon, 17 Nov 2014 17:11:03 +0000
Stocks, oil decline as Japan slips into recession http://www.brecorder.com/markets/equity/americas/205351-stocks-oil-decline-as-japan-slips-into-recession.html http://www.brecorder.com/markets/equity/americas/205351-stocks-oil-decline-as-japan-slips-into-recession.html imageNEW YORK: Global equity markets and oil prices fell on Monday after news that Japan unexpectedly slipped into recession in the third quarter renewed concerns about the global economy.

The Japanese yen steadied against the U.S. dollar, pulling back from a fresh seven-year low, as the news set the stage for Prime Minister Shinzo Abe to delay an unpopular sales tax hike and call an election two years before he has to.

Japan's economy shrank an annualized 1.6 percent, after a 7.3 percent drop in the second quarter, when a sales tax hike hit consumer spending. Analysts polled by Reuters had expected 2.1 percent growth in the third quarter, but consumption and exports remained weak, saddling companies with big inventories.

Brent oil initially fell more than $1 toward $78 a barrel, as Japan is the world's No. 4 crude importer.

Tokyo's Nikkei index lost 3 percent, its biggest one-day drop since August, while shares in Europe and a gauge of world equity markets eased. Wall Street was little changed.

"Japan took the markets by surprise and it is weighing, but I don't see a major reversal, just a market consolidating," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

MSCI's all-country world equity index, which tracks shares in 45 nations slipped 0.25 percent to 419.26. The FTSEurofirst 300 index of top European shares rebounded, up 0.5 percent at 1,350.91.

The Dow Jones industrial average was down 5.36 points, or 0.03 percent, at 17,629.38. The Standard & Poor's 500 Index was down 2.01 points, or 0.10 percent, at 2,037.81. The Nasdaq Composite Index was down 18.24 points, or 0.39 percent, at 4,670.30.

Brent crude fell $1.05 cents to $78.36 a barrel, after dipping as low as $77.94 a barrel earlier in the session. U.S. crude for December delivery was 86 cents lower at $74.96 a barrel.

The dollar was last at 116.41 yen, or 0.12 percent higher, after earlier rising as high as 117.04 yen.

The dollar also gained against the euro after a European Central Bank Executive Board member said the bank could theoretically extend purchases to gold, shares, exchange-traded funds or other assets if more action is needed to stimulate the region's economy.

The euro was last at $1.2461, down 0.48 percent.

U.S. Treasury debt prices fell in choppy trading as investors took profits on gains fueled by the weak Japanese data.

Benchmark 10-year U.S. Treasury notes were last down 5/32 in price to yield 2.3381 percent.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Mon, 17 Nov 2014 17:02:22 +0000