By Trevor HunnicuttNEW YORK, June 7 (Reuters) - U.S.-based stock funds are staging a comeback, attracting the most cash since February during the latest week, Investment Company Institute data showed on Wednesday.The funds brought in $14 billion in cash during the week ended May 31, with the result driven by strong demand for equity exchange-traded funds, according to the trade group.Stock mutual...Read More
ZURICH, June 7 (Reuters) - Credit Suisse said on Wednesday 99.2 percent of the rights had been exercised in its recent rights offering, raising net proceeds of around 4.1 billion Swiss francs ($4.25 billion).The bank said it would have a common equity Tier 1 (CET1) ratio of 13.4 percent and a leverage ratio of 5.1 percent after the capital increase, based on first-quarter reported numbers. The rea...Read More
(Kitco News) - Kitco aficionados, it isnow time to have your say in where you think gold prices are heading in theshort-term.Will gold prices go higher, lower or remain unchanged nextweek? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12PM EDT) along with the results fromour market professional survey.Readers can also se...Read More
Intro:By Fay Dress of the Soren K. GroupIt should be pointed out that China has been working on this for decades. If nothing else they are master strategists and long term thinkers. But as a returning professor from Hong Kong and sometime contributor to the SKG writers said to us recently: There are big problems over there.The Chinese lack entrepreneurship,creativity, and creative problem s...Read More
(Kitco News) - Metals consolidate ahead of Thursday's events. The British election, the ECB meeting and former FBI chief Comey's testimony all line up to create a volatile day tomorrow. Gold hit our target of $1,292 and silver managed a print at our $17.75 level. The metals could go either way from here. If Comey's testimony suggests that the President may have obstructed justice in the FBI probe...Read More
By Huw JonesLONDON, June 7 (Reuters) - Next year's stress test of top European Union banks will include tougher accounting for soured loans and a stricter exclusion of funds from asset sales which have not yet been completed, the bloc's banking watchdog said.The theoretical economic and market shocks 49 banks will face will not be published until next year, but the European Banking Authority (EBA)...Read More
June 7 (Reuters) - Online fashion retailer Boohoo.com Plc on Wednesday nudged its full-year sales forecast upwards after a doubling in first-quarter sales on the back of strong demand across all its businesses. The British company, which sells own-brand clothing, shoes and accessories online to a core market of 16-24-year-olds, said it expected group revenue for the year to Feb. 2018 to grow by 60...Read More
* STOXX 600 ends down 0.1 pct* Banks rise, Santander to buy Banco Popular* German utilities gain after court ruling* Energy stocks drop as oil prices plunge* UK election, ECB meeting in focus (Adds details, closing prices)By Kit ReesLONDON, June 7 (Reuters) - Banks and utilities supported European stocks on Wednesday, with relief that Spain's struggling Banco Popular was being rescued by Santander...Read More
(Adds quotes from central bank governor, details)By Pawel Florkiewicz and Marcin GoettigWARSAW, June 7 (Reuters) - Poland's central bank is likely to keep interest rates at record lows until the end of next year because inflation is expected to stabilise, its governor reiterated on Wednesday.Adam Glapinski told a news conference that the central bank was not concerned about the zloty's recent str...Read More
BERLIN, June 7 (Reuters) - Buyout groups Bain Capital and Cinven have lowered the minimum acceptance threshold for their takeover offer for German drugmaker Stada's shares, they said on Wednesday.The tender offer for the agreed 5.3 billion euro ($5.95 billion) deal runs through June 8 and was conditional on securing 75 percent of Stada's shares. But Bain Capital and Cinven said in a statement on W...Read More
* Worries over early elections, ECB withdrawal hit Italian bonds* Italy-Spain yield spread near its widest since 2012 crisis* Spanish resolution of failing bank contrasts with Italian woes* Euro zone periphery's bond yields (Updates prices, adds quotes )By Abhinav RamnarayanLONDON, June 7 (Reuters) - The difference between Italy's borrowing costs and those of its closest peer neared its widest on...Read More
(Adds details throughout on sectors and stocks; updates prices)* TSX falls 101.49 points, or 0.66 percent, to 15,363.07* Nine of the index's 10 main groups lose ground* Energy falls 2.8 percent TORONTO, June 7 (Reuters) - Canada's main stock index fell on Wednesday as a sharp drop in oil prices put pressure on energy shares, while the financials group was little changed even as an analyst upgrad...Read More
* Zloty retreats and other CEE currencies are mixed* Investors hold breath before British vote and ECB meeting* Romania to scale back wage hikes; leu eases (Recasts with Polish central bank decision and comments)By Sandor PetoBUDAPEST, June 7 (Reuters) - The zloty weakened against the euro on Wednesday as the Polish central bank kept interest rates on hold and its governor reiterated that he did n...Read More
* European bank shares rise after Santander rescues rival Popular* All eyes on "Triple Threat Thursday"* Oil plunges after supply data* Euro hit by report ECB may cut inflation outlook (Changes dateline to New York; adds Wall Street open; updates throughout)By Hilary RussNEW YORK, June 7 (Reuters) - A smoothly executed rescue of Spain's struggling Banco Popular lifted European bank stocks on Wedne...Read More
(Corrects firm's name to Foglamp Capital Partners from Foglight Capital in paragraph 8)By Svea Herbst-BaylissBOSTON, June 2 (Reuters) - Some hedge fund managers can finally brag a little as several prominent ones, including Daniel Loeb and William Ackman, last month beat the broader stock market's gains, early returns show.Loeb, who runs $16 billion Third Point, told investors his Third Point Par...Read More
By Mfuneko ToyanaJOHANNESBURG, June 7 (Reuters) - South African bonds priced in a higher likelihood of a 50 basis point rate cut by the central bank sooner than anticipated after the economy unexpectedly slipped into recession and raised the risk of further credit downgrades.Forward rate markets on Wednesday were pricing in a nearly 30 percent chance of a 50 basis point interest rate cut at the ne...Read More
MILAN, June 7 (Reuters) - Italy's Treasury said on Wednesday it would offer 6.5 billion euros ($7.3 billion) in 12-month bills at auction on Monday.AUCTION DATEJune 12, 2017SETTLEMENT DATE June 14, 2017MATURITYJune 14, 2018AMOUNT OFFERED6.5 bln eurosEXPIRING AMOUNT 6.5 bln euros($1 = 0.8892 euros) (Reporting by Milan Newsroom) Disclaimer: The views expressed in this article are those of the autho...Read More
* Former FBI director to testify before Congress on Thursday* UK election also in focus* Oil falls 4 pct after build-up in U.S. crude inventories* Indexes up: Dow 0.05 pct, S&P 0.06 pct, Nasdaq 0.27 pct (Adds details, changes comment, updates prices)By Tanya AgrawalJune 7 (Reuters) - U.S. stocks pared early gains to trade little changed in late morning trading on Wednesday as oil prices fell, whil...Read More
(Adds detail)By Francesco Canepa and Frank SiebeltFRANKFURT, June 7 (Reuters) - The European Central Bank is likely to stick to its aggressive stimulus policy at its meeting on Thursday because inflation remains below its target, despite brisker economic growth in the euro zone. Sources have told Reuters the ECB is likely to nudge up its forecasts for economic growth in the euro zone but trim its...Read More
Stocks moved cautiously higher on Wednesday as investors waited for direction from a number of market-churning events on Thursday and a major selloff in crude kneecapped indexes. The S&P 500 was up 0.11%, the Dow Jones Industrial Average gained 0.06%, and the Nasdaq rose 0.2%. Losses in crude oil prices picked up speed on Wednesday after a surprise increase in domestic crude stockpiles....Read More