Bloomberg News – Oil enters a bear market. Brent closed on Monday in London 20 percent below the peak it reached in May to meet the common definition of a bear market. Despite the recent drop, there is no sign of tightening supply with U.S. and OPEC production continuing to pump record output. – Big....
CNN Money – Good but not great: U.S. economy grows 2.3%. It grew 2.3% between April and June compared to the same time a year ago, according to the Commerce Department’s first estimate of gross domestic product, the broadest measure of economic activity. Many experts were predicting a stronger number in the 2.5% to 3%....
Bloomberg Business – China Dethroned as World’s Most Liquid Stock Market After Curbs. China has lost its title as the world’s most liquid stock market as trading halts and regulatory efforts to curb bearish transactions drive away investors. Daily turnover on mainland exchanges has averaged the equivalent of $202 billion over the past 30 days,....
Global News August 6, 2015 –Jobless Claims in U.S. Hover Near Lowest in Four Decades: Filings for U.S. unemployment benefits are hovering near the lowest levels in four decades, a sign the strong labor market will bolster U.S. growth. Jobless claims rose by 3,000 to 270,000 in the week ended August 1, a report from....
Global News August 11, 2015 Bloomberg Business -China’s shock currency move: In a surprise policy shift, China devalued the yuan by the most in two decades in a bid to support exporters and allow market forces to play a greater role. The People’s Bank of China — making what it called a one-time adjustment —....
CNN Money – Greece: Third bailout to start Thursday. If all goes according to plan, Greece is set to receive the first chunk of its third bailout on Thursday. The package, worth up to 86 billion euros ($95 billion), will help the country avoid an outright financial collapse. Germany and all the other countries that....
CNN Money – UK stocks have fallen 10% since April. Britain’s FTSE 100 benchmark stock index fell to a new seven-month low on Thursday, taking it more than 10% below its record high in April. That means the U.K. blue chip index has technically entered a correction. British markets have been hard hit by the....
CNN Money – China stocks crash again but global markets recover. The benchmark Shanghai Composite declined 7.6%, while the smaller Shenzhen Composite shed 7.2%. The Shanghai index has now crashed 42% from its June 12 peak. The People’s Bank of China cut its key lending rate and lowered the amount of cash large banks must....
Bloomberg News – China surges after intervention. Less than an hour before the close today the Shanghai Composite Index turned negative, dropping almost 1 percent before going on an astonishing rally in the last 45 minutes of trading to finish the session 5.3 percent higher. According to people familiar with the matter, the late-day rally....
CNN Money – Brazil falls deep into recession. Its currency is plummeting, unemployment is rising, its stock market is down 20% from a year ago and its president, Dilma Rousseff, has an 8% approval rating — the lowest since 1992 when Brazil’s president was impeached. Its economy contracted 1.9% in the second quarter compared to....
CNN Money – Extreme volatility rocks China stocks. The benchmark Shanghai Composite shed 4.2% at the opening bell, only to recover and close with a 0.2% loss. The smaller Shenzhen Composite followed a similar pattern, opening nearly 5% lower before rebounding to post a 2% decline. The Shanghai index has now crashed roughly 40% from....
Bloomberg News – Payrolls. This morning’s closely-watched U.S. jobs report is due at 8:30 a.m. ET with the median estimate of 97 economists surveyed by Bloomberg expecting an increase of 217,000 in non-farm payrolls. Dan Moss, executive editor for economy at Bloomberg News, says today’s report is so very special as it is the last....
Bloomberg News – European Stocks Rebound From Weekly Drop as Miners Lead Gains. The Stoxx Europe 600 Index advanced 0.3 percent to 354.12 at 1:17 p.m. in London, after earlier rising as much as 1.2 percent. European stocks tumbled on Friday, deepening a weekly loss amid mixed U.S. jobs data as concern about the strength....
Bloomberg Business – Japanese stocks soar. The Nikkei 225 Stock Average surged 7.7 percent to 18,770.51 in Tokyo, posting its biggest one-day gain since October 2008. The huge move came after a week that saw a large increase in short-selling on the Tokyo Stock Exchange over the past week, with short-selling accounting for 40 percent....
CNN Money – U.S. oil is about to get squeezed even more. The Saudi-led cartel’s master plan to pump record amounts of oil in order to squeeze other producers out of the market appears to be working. «The strategy…appears to be having the intended effect of driving out costly, ‘inefficient’ production,» the International Energy Agency....