(Adds details throughout on sectors and stocks; updates prices)* TSX falls 8.9 points, or 0.05 percent, to 16,348.65* Six of the index's 10 main groups fall* Valeant declines 7.7 percent* The materials group adds 1.6 percent TORONTO, Jan 24 (Reuters) - Canada's main stock index edged lower on Wednesday, weighed by declines for Valeant Pharmaceuticals International Inc and Canadian National Railw...Read More
BERLIN, Jan 24 (Reuters) - Germany defended its arms export policy on Wednesday in response to accusations of "moral depravity" after sales increased last year to countries beyond its European Union and NATO allies.Germany is the world's third-biggest arms exporter, but weapons sales remain a domestically sensitive issue given the country's World War Two history.The debate has been furth...Read More
(Adds stocks, updates levels)JOHANNESBURG, Jan 24 (Reuters) - South Africa's rand firmed against the dollar on Wednesday, breaking through 12 per dollar for the first time since mid-2015, supported by a weaker greenback and expectations the new leader of the ruling ANC would rejuvenate the economy.At 1518 GMT, the rand traded at 11.9450 per dollar, up 0.75 percent from its New York close on Tuesd...Read More
MILAN, Jan 24 (Reuters) - Italy's Edizione Holding, the investment vehicle of the Benetton family, plans to double its stake in the country's biggest insurer Generali to around 2 percent, a banking source said on Wednesday.Edizione Holding declined to comment on the issue.The holding firm, which currently owns a stake of 0.94 percent in the insurer, is cash-rich after having sold a majority stake...Read More
By Steve SlaterLONDON, Jan 24 (IFR) - Just whisper it among European bank executives, but US bank chiefs reckon changes to US taxes are going to make them stronger and able to more aggressively hire from rivals and invest in technology.The tax changes cost the big five US banks a combined US$32.9bn in their recent fourth-quarter results, but that did little to dampen their enthusiasm for the new r...Read More
BUDAPEST, Jan 24 (Reuters) - The National Bank of Hungary (NBH) will make its monetary policy interest rate swap (IRS) facility for commercial banks fixed-rate instead of variable-rate, the bank said in a statement on Wednesday.Access to the IRS will be proportional to the size of the assets of bidders according to new rules which take effect on Jan. 29. The bank reiterated that it planned to offe...Read More
* Existing home sales fall 3.6 percent in December* Housing inventory tumbles 11.4 percent* Median house price rises 5.8 percent year-on-year By Lucia MutikaniWASHINGTON, Jan 24 (Reuters) - U.S. home sales fell more than expected in December as the supply of houses on the market dropped to a record low, pushing up prices and likely sidelining some potential buyers. The National Association of Rea...Read More
* Mnuchin says weak dollar is good for U.S. trade* Dollar index hits fresh 3-year low* Trump expected to push "America First" message in Davos speech (Updates prices and market activity to U.S. market open, changes dateline; previous LONDON)By Saqib Iqbal AhmedNEW YORK, Jan 24 (Reuters) - The dollar fell to a fresh three-year low against a basket of major currencies on Wednesday after th...Read More
LONDON, Jan 24 (Reuters) - The Bank of England said on Wednesday it had not approved any prize for an auction at the Presidents Club charity gala held last week in London, where women working as hostesses were harassed, according to the Financial Times."The Governor (Mark Carney) is deeply dismayed that such an event could take place," the Bank said in a statement after the FT reported t...Read More
Texas Instruments Incorporated (NASDAQ:TXN) said fourth-quarter profit plunged 67%, due mostly to costs related to U.S. tax reform. On an adjusted basis, the company reported earnings of $1.09 per share -- matching the consensus estimate. While the chipmaker's $3.75 billion in quarterly revenue edged past the forecast, TXN stock is down 5.4% to trade at $113.46, following a disappointing current-q...Read More
United Continental Holdings Inc (NYSE: UAL) yesterday reported stronger-than-expected fourth-quarter earnings, but the stock is still trading 8.4% lower today at $71.44. The move is likely the result of the company's announcement that it's raising capacity to gain an advantage against lower-cost competitors. Some investors may be concerned this decision will eat into United's profit margins, howev...Read More
* Caterpillar rises 1 percent after higher retail sales* Airline stocks down after United Continental's report* Mnuchin's remark sparks declines in dollar* Indexes up: Dow 0.41 pct, S&P 0.26 pct, Nasdaq 0.16 pct (Updates to open)By Sruthi ShankarJan 24 (Reuters) - The Dow Jones Industrial Average was up more than 100 points on Wednesday morning, powered by gains in industrial stocks such as GE...Read More
(Adds background on inflation expectations, details on analyst rate hike expectations)MEXICO CITY, Jan 24 (Reuters) - Mexican annual inflation slowed more than analysts expected in the first half of January, data from the national statistics agency showed on Wednesday, but the central bank was still seen raising interest rates at its February meeting. As predicted earlier this month by Banco de Me...Read More
WASHINGTON, Jan 24 (Reuters) - U.S. home sales fell more than expected in December as the supply of houses on the market dropped to a record low, pushing up prices and likely sidelining some first-time buyers. The National Association of Realtors said on Wednesday that existing home sales declined 3.6 percent to a seasonally adjusted annual rate of 5.57 million units last month amid decreases in a...Read More
HANOI, Jan 24 (Reuters) - Vietnam's main stock exchange will reopen on Thursday after a two-day closure due to technical issues, the first such incident in almost a decade, the bourse said on Wednesday. The trading system of the Ho Chi Minh Stock Exchange, Vietnam's benchmark stock market that surged nearly 50 percent last year, developed a technical issue on Monday which prevented it from retriev...Read More
Two healthcare stocks are making noise this morning, for different reasons. Biotech Puma Biotechnology Inc (NASDAQ:PBYI) reported a setback with its cancer drug in Europe, while blood transfusion specialist Cerus Corporation (NASDAQ:CERS) scored a big win with a late-stage study. Below is a quick look at shares of PBYI and CERS.Puma Biotechnology Hit With Downgrade Amid Europe ConcernsPuma Biotec...Read More
Shares of drug concern Valeant Pharmaceuticals Intl Inc (NYSE:VRX) are plummeting, after Goldman Sachs initiated coverage on VRX stock with a "sell" rating and a price target of $18 -- a discount of more than 19% to yesterday's close. The brokerage firm citedbalance sheet concerns,litigation risks, and competition-related pressure for key products in the near term. In response, VRX was last seen d...Read More
It could be another record day on Wall Street as traders digest the latest batch of corporate earnings reports and eye the U.S. dollar. Futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are higher in pre-market trading, even as General Electric (GE) stock turns lower after earnings, with the blue chip revealing a Securities and Exchange Commission (SEC) investigation and pl...Read More
Shares in Chilean miner Antofagasta Plc. (LON:ANTO) plummeted Wednesday after the company reported marked drops in gold and copper output during the last quarter of 2017, which weighted on full-year production.Gold production fell to 212,400 ounces in 2017, a dramatic 21.6% decreased when compared to the previous year. In the fourth quarter alone, output of the precious metal reached 40,500 ounces...Read More
Endeavour Mining (TSX: EDV;OTCQX: EDVMF) says the Hound?(C) mine start-up lifted group production by 38% fromthe third to fourth quarter to 204,000 ounces, while decreasing group all-insustaining costs by 13% to $784 an ounce. Full-year 2017 production was up 14%to 663,000 ounces, attaining the top half of the guidance range of 630,000 to675,000. AISC were put at $869, within guidance of $850 to $...Read More