Bloomberg Business -Markets, pound rise: After taking a pounding over the last two trading sessions, global markets and sterling are recovering somewhat this morning. Overnight, the MSCI Asia Pacific Index was little changed, having traded 1.2 percent lower earlier in the session. Japan’s Topix index closed 0.1 percent lower with optimism over further stimulus increasing....
Bloomberg Business -Stress test results: JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and 27 other firms with major U.S. operations passed the Federal Reserve’s stress tests, allowing those banks to boost shareholder payouts. Morgan Stanley got conditional approval, while the U.S. units of Deutsche Bank AG and Banco Santander SA failed. Shares....
Bloomberg Business -Stocks: The Stoxx 600 slipped 0.6 percent, after posting is biggest four-day rally since February. The volume of shares changing hands was about 23 percent lower than the 30-day average, with the U.S. market closed for the Independence Day holiday. S&P 500 Index futures gained 0.1 percent. The MSCI Emerging Markets Index rose....
Bloomberg Business -Pull up the gates: Three – count ‘em three – asset managers have frozen withdrawals from real-estate funds with almost 9.1 billion pounds ($12 billion) worth of assets following a flurry of redemptions post-Brexit. M&G Investments became the third property fund to pull up the gates, following similar moves by Aviva Investors and....
Bloomberg Business -Markets mixed: Ahead of the U.S. jobs data world equity markets are mixed. The MSCI Asia Pacific Index dropped 0.6 percent overnight as the strengthening yen kept pressure on Japanese stocks. In Europe, the Stoxx 600 Index was 0.5 percent higher at 5:53 a.m. ET as Italian banks rose on speculation of government....
Bloomberg Business -Japan stimulus bets: Japanese Prime Minister Shinzo Abe’s conservative coalition is set for a super-majority in the upper house of parliament following the weekend election. A win would allow his administration to push ahead with constitutional reform. Abe has also promised to take action on the economy, saying he wants «the swift formulation....
Bloomberg Business -May day: Later today U.K. Prime Minister David Cameron will head to Buckingham Palace to tender his resignation to the Queen, who will then ask Theresa May to form a government. She is expected to start naming her new ministerial team this evening, with the key roles of Chancellor of the Exchequer and....
Bloomberg Business -Good news for the U.K.: Amid all the Brexit gloom, there were a couple of pieces of good news for the U.K. this morning. In the three months through May, the unemployment rate fell to 4.9 percent, its lowest level since 2005. While this data predates the Brexit referendum, there was survey data....
Bloomberg Business -U.K. PMIs plunge: It is one month since the Brexit vote tomorrow, which means data from the U.K. are catching up with the post-vote economy. This morning, a composite Purchasing Managers’ Index estimate published by Markit Economics fell to 47.7 for July, its lowest level since April 2009. The pound fell sharply after....
Bloomberg Business -BP profit slump: BP Plc posted a 45 percent slump in earnings, saying adjusted profit dropped to $720 million from $1.3 billion a year earlier — below analysts’ expectations. Continuing low oil prices and «significant pressure» on refining margins hit the company’s bottom line. Shares in the oil major were 2.4 percent lower....
Bloomberg Business – Stocks: The S&P 500 was little changed at 2,173.61 at 9:32 a.m. in New York, two points from an all-time high. The benchmark index has climbed for five straight months, the longest since 2014. S&P 500 companies posting results this week include Pfizer Inc., Procter & Gamble Co., Time Warner Inc. and....
Bloomberg Business -Markets take a tumble: Markets on Tuesday were hit with a familiar cocktail of concerns over lower oil prices, the health of banks, central bank impotence, and a weakening economy following the release of mediocre U.S. auto sales and lukewarm consumer spending data. Tuesday’s fall means the S&P 500 has notched its first....
Bloomberg Business «Brexit: The Marmite of politics»: The shadow of Brexit continues to loom large over U.K. markets as the consequences of the pound’s slide — with sterling falling below $1.215 in morning trading — are thrown into sharp relief by a dispute between retailer Tesco Plc and the Unilever group. The latter is reportedly....
Bloomberg Business -“Bonds Fall as BOE Drops Rate-Cut Signal; Pound Jumps on Ruling” Global bonds declined after the Bank of England said it’s no longer expecting to cut interest rates again this year. Sterling rallied after a court ruled that the U.K. must hold a vote in Parliament before starting the two-year countdown to Brexit.....
Bloomberg Business -“Is China Repeating Japan’s Missteps?” Beijing may seem dynamic, but it’s heading down a path we’ve seen before. China and Japan may seem to inhabit alternative economic universes. After more than two decades of stagnation, Japan is a fading global power that can’t seem to revive its fortunes no matter what unorthodox gimmicks....