Friday, October 14th, 2016

 

Dollar climbs as U.S. data backs December rate hike view

Dollar climbs as U.S. data backs December rate hike view

NEW YORK/LONDON (Oct 14): The dollar rose on Friday, on track for its largest weekly gain in more than seven months against the euro, after strong U.S. retail sales and producer prices data for September reinforced expectations the Federal Reserve would raise interest rates in December.

The safe-haven yen and Swiss franc fell versus the dollar, after risk sentiment got a boost from Chinese data showing producer prices rose for the first time in nearly five years. That boded well for the global economy which has been battling the threat of deflation in recent months.

Categories:

Source: The Edge Markets


Brazil’s Petrobras cuts fuel prices, pledges agile pricing

Brazil's Petrobras cuts fuel prices, pledges agile pricing

RIO DE JANEIRO (Oct 14): Brazil’s state-run oil company Petrobras said on Friday that it was cutting fuel prices as part of a new policy tracking international benchmarks more closely after politically driven pricing cost the company billions in recent years.

Petroleo Brasileiro SA, as the company is formally known, will cut prices for diesel by 2.7% and gasoline by 3.2%, helping to ease consumer inflation and bolstering expectations of an interest rate cut next week.

The new prices will come into effect on Saturday.

Source: The Edge Markets


China signs deals worth billions with Bangladesh as Xi visits

China signs deals worth billions with Bangladesh as Xi visits

DHAKA (Oct 14): Chinese President Xi Jinping, stepping up a competition with India for regional influence, said on Friday that ties with Bangladesh would be enhanced to a strategic partnership, as the two countries signed 27 agreements worth billions of dollars.

Xi, making a first trip by a Chinese president to Bangladesh in 30 years, boosted involvement in Bangladeshi infrastructure at a time when Japan has also increased investment in the country located on the Bay of Bengal.

Categories:

Source: The Edge Markets


Financial stocks lift Wall Street after strong results

Financial stocks lift Wall Street after strong results

BENGALURU (Oct 14): Wall Street was higher on Friday as better-than-expected results from JPMorgan and Citigroup lifted financial stocks.

Shares of JPMorgan, the biggest U.S. bank by assets, rose 1 percent after the lender beat estimates for revenue and profit. Citi rose 2.3%, after its profit fell less than expected.

The S&P 500 financial index soared 1.4%, far outdoing the other seven major sectors that were higher.

Bank of America was the top influence on the S&P, while Goldman Sachs had a similar impact on the Dow.

Categories:

Source: The Edge Markets


British banks keep cyber attacks under wraps to protect image

British banks keep cyber attacks under wraps to protect image

LONDON (Oct 14): Britain’s banks are not reporting the full extent of cyber attacks to regulators for fear of punishment or bad publicity, bank executives and providers of security systems say.

Reported attacks on financial institutions in Britain have risen from just 5 in 2014 to 75 so far this year, data from Britain’s Financial Conduct Authority (FCA) show.

Source: The Edge Markets


Viacom hires financial advisers to explore CBS merger

Viacom hires financial advisers to explore CBS merger

BENGALURU (Oct 14): Viacom Inc said on Friday that it had hired financial advisers to explore a merger with CBS Corp, following a proposal by Sumner Redstone’s National Amusements Inc, a majority shareholder of both companies.

Morgan Stanley, Allen & Co and LionTree LLC were retained as advisers by the special committee of its board, Viacom said.

Reuters reported last month that Viacom had hired Morgan Stanley and LionTree LLC to review its capital structure.

Source: The Edge Markets


Goldman Sachs wins suit over US$1.2 bil Libyan fund losses

LONDON (Oct 14): Goldman Sachs Group Inc didn’t dupe Libyan officials into investments that lost US$1.2 billion, a London court ruled, putting to rest claims the bank leveraged its reputation as well as lavish meals and prostitutes to win the country’s sovereign wealth fund’s trust.

The investment bank wasn’t in an advisory relationship with the Libyan Investment Authority, Judge Vivien Rose said Friday in London. There was no evidence Goldman had excessive profits on any of the contested deals.

Categories:

Source: The Edge Markets


Why the battle for Asian equities is only half won: Bank of Singapore

Why the battle for Asian equities is only half won: Bank of Singapore

SINGAPORE (Oct 14): Although the Bank of Singapore remains “neutral” on Asian equities, the research house still prefers them over the developed markets (DM) of US, Europe and Japan, which have been ranked at “underweight”.

James Cheo, an investment strategist at Bank of Singapore, is convinced that Asian equities have become relatively better than their developed market counterparts this year.

While Asia’s earning growth rate is currently still negative, he notes that Asian earnings are beginning to improve, after three straight years of contraction.

Categories:

Source: The Edge Markets


Nissan CEO says confident UK will remain competitive after meeting PM

Nissan CEO says confident UK will remain competitive after meeting PM

LONDON (Oct 14): Nissan CEO Carlos Ghosn said on Friday he was confident Britain would remain a competitive place to do business, after meeting Prime Minister Theresa May in the wake of his warning that Nissan could halt investment in its car plant after Brexit.

Ghosn said at the Paris motor show last month that future spending by the Japanese automaker on Britain’s biggest car plant, in Sunderland, northern England, would depend on a guarantee of compensation if the UK’s eventual deal with Europe led to tariffs on car exports.

Source: The Edge Markets


Strong auto purchases buoy US September retail sales

Strong auto purchases buoy US September retail sales

WASHINGTON (Oct 14): US retail sales rebounded in September amid a surge in motor vehicle purchases and a rise in discretionary spending, pointing to sustained domestic demand that reinforces expectations of an interest rate increase from the Federal Reserve in December.

The Commerce Department said on Friday retail sales increased 0.6% after an upwardly revised 0.2% decline in August. Retail sales in August were previously reported to have decreased 0.3%.

Categories:

Source: The Edge Markets