SINGAPORE (Reuters) - Virtual currency bitcoin dipped slightly from the previous session's record highs on Tuesday, after a month of whirlwind and volatile gains leading up to the launch of bitcoin futures on the weekend. Bitcoin was quoted at $16,390 on the Luxembourg-based Bitstamp exchange, down half a percent or $80 from its previous close. The world's biggest and best-known cryptocurrency hit a record high of $17,270 on Monday, registering a nearly twenty-fold increase in its price for the year as it drew in millions of new investors. The newly launched bitcoin futures on the Cboe Futures Exchange were also tepid, with prices steady and volumes a fraction of those seen on Monday. Bitcoin futures maturing in January were at $17,970, with 237 contracts traded compared with 3,956...

European markets were mostly lower on Tuesday, as investors remained cautious ahead of upcoming monetary policy meetings scheduled this week in the U.S., the euro zone and the UK. The EURO STOXX 50 fell 0.23%, France’s CAC 40 declined 0.42%, while Germany’s DAX 30 was down 0.13% by 03:40 a.m. ET (07:40 GMT). On Wednesday the Fed was widely expected to raise interest rates by 0.25% at the conclusion of its policy meeting. The European Central Bank and the Bank of England were both set to release their policy statements on Thursday. Financial stocks were broadly lower, as French lenders Societe Generale (PA:SOGN) andBNP Paribas (PA:BNPP) declined 0.63% and 0.51%, while Germany's Deutsche Bank(DE:DBKGn) and Commerbank fell 0.28...

The dollar dipped against a basket of the other major currencies on Tuesday as investors awaited this week’s Federal Reserve meeting, while the New Zealand dollar hit one-month highs after the appointment of a new central bank head. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged down 0.11% to 93.84 by 03:30 AM ET (08:30 AM GMT), pulling away from Friday’s two-week high of 94.08. The Fed is widely expected to raise interest rates at its two-day policy meeting that will end on Wednesday and is currently seen tightening two to three times next year, but concerns over tepid inflation could alter the outlook for 2018. The Bank of England and the European Central Bank will also meet this week...

LONDON (Reuters) - Risk specialists in British businesses are more worried about Brexit and other regulatory change than they were a year ago, though cyber attacks remain the biggest concern, a survey showed on Tuesday. The risk of changes in legislation and regulation, including concerns over Brexit, new trade barriers and protectionism, climbed three places from a year earlier to become the second most significant concern for UK businesses, according to the UK part of a global survey by German insurer Allianz (DE:ALVG) "Companies must gear up to cope with the risk of sudden political and legal shocks, such as the lack of clarity over UK Plc’s future relationship with the European Union," said Brian Kirwan, UK Chief Executive of Allianz Global Corporate & Specialty. Cyber inc...

Investing.com - The dollar edged higher against a basket of the other major currencies on Tuesday as the euro took a breather after having rallied to more than three year highs amid talk that the European Central Bank could scale back its monetary stimulus. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.19% to 90.29 by 03:19 AM ET (08:19 AM GMT). The index plumbed a three year low of 90.05 on Monday. EUR/USD slid 0.13% to 1.2249, not far from Monday’s highs of 1.2296, which was the strongest level since December 2014. The dollar has weakened broadly recently amid the view that the global economic recovery will outpace U.S. growth and prompt other major central banks, led by the ECB to...

By Huw Jones LONDON (Reuters) - Banks in Britain will move operations to the European Union at a faster pace if there is no Brexit transition deal by the end of March, the Bank of England (BoE) said on Tuesday. Britain and the EU are beginning talks on a transition period of about two years to start when the UK leaves the bloc in March 2019. But many banks, insurers and asset managers have already begun to announce plans for new EU hubs to be sure of being able to serve customers in the bloc after Brexit. The end of the first quarter is a "significant moment" as it will be just a year before Brexit, BoE Deputy Governor Sam Woods told parliament's Treasury Select Committee. "If transition is not agreed, then firms will start to progress things at a higher pace," said Woods, who also he...

LONDON (Reuters) - Britain will have even more money to spend on public services than the disputed 350 million pounds a week Brexiteers promised after the country leaves the European Union, Foreign Secretary Boris Johnson said in an interview published on Tuesday. The 350 million pound figure was a central and controversial part of the pro-Leave campaign's "Take back control" message in the run-up to the 2016 referendum. Last September government statisticians accused Johnson of misusing state data by repeating it. Britain's theoretical gross contribution to the EU in 2016 was 18.9 billion pounds - more than 360 million per week - but this was automatically lowered to 13.9 billion pounds by a rebate arrangement that has been in place since 1984. The government received a further 4.4 bil...

Investing.com - Gold prices gained in Asia on Wednesday with a weaker dolalr helping demand for the precious metal priced int he US currency. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.51% to $1,343.90 a troy ounce. Overnight, gold prices traded roughly unchanged on Tuesday, shrugging off a rebound in the dollar from three-year lows as data showed traders remained bullish on the precious metal despite the uptick in demand for risker assets. Gold prices remained close to four-month highs amid ongoing demand for the yellow metal as data showed traders increased their bullish bets on gold for the fourth-straight week. Speculative net long position in gold rose by 40,000 contracts to a net long 203,300 contracts, a six-week high...

(Reuters) - Turnaround specialists Melrose (L:MRON) on Wednesday raised its offer for GKN (L:GKN) to 430.1 pence per share or 7.4 billion pounds ($10.18 billion) after meeting the British engineering company's shareholders. U.S. activist investor Elliott Advisors has urged GKN to talk with Melrose after the company rebuffed a 405 pence per share cash-and-stock offer this month. Melrose appealed directly to GKN's investors to back its earlier 7 billion pound takeover offer after GKN's board rejected it. On Wednesday, Melrose made a firm, higher cash-and-stock offer valuing each GKN share at 430.1 pence, based on Melrose's closing price of 234.3 pence per share on Jan. 16. Under the terms of the deal, GKN shareholders will get 1.49 new Melrose shares for each GKN share and 81 p...

By Costas Pitas LONDON (Reuters) - Britain needs to allow more time for firms to take on 8,500 workers whose jobs are threatened by the demise of Carillion, unions said on Wednesday, as Prime Minister Theresa May faced criticism for the way the government outsources public services. Infrastructure company Carillion collapsed on Monday when its banks pulled the plug, forcing the government to step in to guarantee services ranging from school meals to roadworks that the company had previously provided. Britain has said it will only pay Carillion workers on private sector contracts for 48 hours after the infrastructure firm’s fall and not offer them the same protection as those in the public sector. The head of Britain's GMB union, who met business minister Greg Clark on Tuesday, sa...

By Saikat Chatterjee LONDON (Reuters) - The euro's sizzling January rally is undermining one of the most profitable bond market trades of recent years by potentially raising hedging costs and thereby eroding profits of overseas investors. Japanese and U.S. investors have long bought European sovereign bonds despite many offering a negative yield. They are attracted by the juicy return obtained from hedging the purchases via foreign exchange derivatives known as cross currency basis swaps. But as the European Central Bank shifts closer to policy "normalisation", these holdings could come under pressure from a stronger euro and force investors to look elsewhere. European bond yields would then shoot higher, posing a challenge for policymakers who want to keep borrowing costs low to boost ...

Two very different forces have emerged in the cryptocurrency market and are capable of triggering major price swings in what's already a speculative and volatile trading environment.On one side is government regulation or anything resembling a  restriction. On the other is the commercial application of the blockchain technology that lies behind the digital currencies. Worries about regulatory crackdowns, even outright bans, have caused selloffs in Bitcoin, Ripple and other digital currencies multiple times,The most recent plunge came when it seemed South Korea planned to ban trading in the currencies. In September, prices fell sharply after China said it would shut down cryptocurrency trading exchanges. Massive rallies are just as possible, when a traditional player in ...

The U.S. dollar moved higher against its Canadian counterpart on Thursday, after the release of U.S. data, while the Bank of Canada's decision to raise interest rate on Wednesday continued to dampen demand for the local currency. USD/CAD was up 0.19% at 1.2465 by 09:30 a.m. ET (13:30 GMT). The U.S. Labor Department reported on Thursday that initial jobless claims fell by 31,000 to 220,000 last week from 261,000. Analysts had expected claims to fall to 250,000 last week. A separate report showed that the number of U.S. housing starts fell more than expected in December, while building permits beat consensus. Data also showed that manufacturing activity in the Philadelphia region deteriorated in January to the lowest level in five months. The greenback...

 Asia stocks shook off losses on Wall Street and edged up to record highs on Friday following China's announcement of faster-than-expected fourth quarter growth, while worries over a possible U.S. government shutdown weighed on the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) added 0.4 percent to a record top. The index had climbed 1.3 percent on the week, during which it rode a surge in global equities. Optimism over the global economic growth outlook and improved corporate earnings have helped share markets rally at the start of 2018. Supporting economic confidence was data on Thursday that showed China's growth in 2017 accelerated for the first time in seven years. Shanghai (SSEC) advanced 0.5 percent to two-year peaks and Hong Kong's Hang Se...

Wall Street was set to open higher on Friday, as Congress rushes to pass a spending bill and avert a government shutdown. The S&P 500 futures rose eight points or 0.30% to 2,804.75 as of 6:53 AM ET (11:53 GMT) while Dow futures increased 97 points or 0.37% to 26,038.0. Meanwhile tech heavy Nasdaq 100 futures gained 33 points or 0.48% to 6,846.00. Congress has until 12:00 AM ET (5:00 GMT) to pass a spending bill before the government shuts down. The House of Representatives voted 230-197 on Thursday night for a bill to extend expiring funding through Feb. 16 but disagreements between Republicans and Democrats over immigration legislation threatens to collapse the Senate version of the bill. Telecommunications firm Nokia (HE:NOKIA) was among the top ...

(Reuters) - Shares in British gambling companies William Hill (L:WMH) andLadbrokes Coral (L:LCL), which run retail betting shops, fell by more than 12 percent on Monday on reports that Britain is set to lower the limit on betting shop terminals to 2 pounds from 100 pounds in a move that could hit their revenue. The move is being taken to help tackle the issue of problem gambling, the Sunday Times newspaper reported, citing an ally of new culture secretary Matt Hancock. The government said in October it would reduce the top stake on the machines to between 2 and 50 pounds from 100 pounds depending on the outcome of a consultation which ends on Tuesday. The move could mean a sharp reduction in revenue from the fixed odds betting terminals (FOBTs) in shops for companies such...

LONDON (Reuters) - Britain must ensure its armed forces can keep up with adversaries like Russia, which already has military capabilities the United Kingdom would struggle to match, according to the head of the British army. The comments from Chief of the General Staff Nick Carter, due to be delivered in a speech on Monday, reflect concerns among the top brass and some politicians that defence spending is being too tightly squeezed because of wider fiscal austerity. "Our ability to pre-empt or respond to threats will be eroded if we don't keep up with our adversaries," General Carter will say, according to excerpts of his speech circulated by the Royal United Services Institute for Defence and Security Studies, where he is due to deliver it. "The time to address these threats is now &nd...

LONDON (Reuters) - Britain's biggest retailer Tesco (L:TSCO) said on Monday it will cut a net 800 jobs from its UK business in its latest move to simplify operations and achieve targeted cost savings. The supermarket group, the UK's largest private sector employer with a staff of over 310,000, said the role of "people manager" and "compliance manager" will be removed from large UK stores and fulfilment centres, as will the role of "customer experience manager" from 226 stores. These changes will affect 1,700 Tesco workers who will be offered alternative roles within the business where possible. Tesco said it would, however, create 900 new roles - "people partners", "learning partners" and "colleague relations partners" - who will work across multiple sites, in distribution, st...

LONDON (Reuters) - Britain's competition regulator said Rupert Murdoch buying all of Sky was not in the public interest because it would give the media mogul too much influence, but set out possible remedies that could allow the $15 billion (11 billion pounds) deal to go ahead. The initial ruling complicates a plan by Walt Disney Co to buy many of Murdoch's assets, including the pan-European satellite business Sky. Disney had hoped that Murdoch would have taken full control of Sky by the time the U.S. group completed its takeover. But Britain's Competition and Markets Authority said on Tuesday that the deal as proposed went against the public interest because it would give the Murdoch family too much control over the provision of news. The CMA said possible ways to resolve its concerns ...

(Bloomberg) -- Gold is going digital. Blockchain technology may help keep track of the roughly $200 billion of the precious metal dug from remote mines, traded by middlemen and melted down by recyclers that’s sold each year to buyers scattered around the world. The London Bullion Market Association, which oversees the world’s biggest spot goldmarket, will seek proposals including the use of blockchain for tracing the origins of metal, partly to help prevent money laundering, terrorism funding and conflict minerals, according to Sakhila Mirza, an executive board director. “Blockchain cannot be ignored,” Mirza, also general counsel of the LBMA, said in an interview Monday. “Let’s understand how it can help us today, and address the risks that impac...

By Kirsti Knolle and Francois Murphy VIENNA (Reuters) - Former motor racing champion Niki Lauda has won the bidding for the Niki airline he founded, convincing the insolvent carrier's administrators in marathon talks and undoing an agreed deal with British Airways owner IAG (LON:ICAG). The previously agreed sale of Niki to IAG fell through after two courts ruled the insolvency proceedings had to move to Austria from Germany. That cleared the way for other parties such as budget airline Ryanair and Lauda to again bid for the carrier, which most recently was part of failed German airline Air Berlin. Niki's creditors met on Monday to pick the best bid, and their meeting ran past midnight. "In the early hours of this morning Laudamotion GmbH emerged from a transparent bidding process as t...

Investing.com - The U.S. dollar remained broadly lower against other major currencies on Wednesday, as the end of the U.S. government shutdown failed to give much momentum to the greenback and as concerns over protectionist policies pursued by President Donald Trump weighed heavily. Investors remained cautious after White House officials said President Trump was planning on using his speech to the World Economic Forum in Davos on Friday to underline his "America First" policies. Such policies include a potential withdrawal from the North American free-trade agreement and disavowing the global climate change accord. The dollar only briefly rebounded after Congress approved a measure on Monday to fund the government for around three weeks and President Donald Trump signed the bill, ending...

LONDON (Reuters) - A technical issue is affecting data centres of the National Health Service in Wales, the devolved Welsh administration said on Wednesday, with media reports suggesting that doctors were struggling to access patient records. “There is currently a technical issue affecting two NHS Wales Data Centres. This is under investigation by the NHS Wales Informatics Service and is being dealt with as a priority,” a spokesman for the Welsh government said....

LONDON (Reuters) - British online fashion retailer ASOS (L:ASOS) on Thursday beat forecasts for sales growth in the key Christmas period, putting it firmly in the sector's winners' camp for festive trading. ASOS, which sells fashion aimed at 20-somethings, said total retail sales rose 30 percent to 790.4 million pounds in the four months to Dec. 31. That compared to analysts' average forecast of growth of 27.4 percent. ASOS said UK sales increased 23 percent, while international sales were up 35 percent.   The group said there was no change to its financial guidance for the 2017-18 year....

LONDON (Reuters) - British Prime Minister Theresa May said she was "frankly appalled" at reports of sexual harassment at a charity gala in London and that it shows more work needs to be done to tackle the objectification of women. Women hired to entertain businessmen and politicians at a men-only charity fundraising gala were groped, propositioned and sexually harassed at the secretive event, the Financial Times newspaper said on Wednesday. "I was frankly appalled when I read the report," May told Bloomberg Television in Davos. "I thought that sort of attitude of the objectification of women was something that was in the past. Sadly, what that event showed is that there is still a lot more work for us to do." May said she plans her position to ensure that women are respected and treated...

LONDON (Reuters) - Britain is tightening controls on firms hoping to carry out hydraulic fracking in parts of the country by adding a financial health check to the application process, the government said on Thursday. Substantial amounts of shale gas are estimated to be trapped in underground rocks and the British government wants to exploit them to help offset declining North Sea oil and gas output, create jobs and boost economic growth. No fracking - which involves extracting gas obtained from rocks broken up or fractured at high pressure with water and chemicals - has taken place in the country in the past 7 years after operations were halted at the first British site following earth tremors. The government has since imposed several environmental and technical requirements which must...

By Henning Gloystein SINGAPORE (Reuters) - Oil prices reversed earlier falls on Friday as ongoing weakness in the U.S. dollar was seen supporting fuel consumption. Brent crude futures (LCOc1) were at $70.40 per barrel at 0756 GMT, down 3 cents from their last close, after dropping as low as $70.07 earlier in the day. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $65.52 a barrel, up 1 cent from their previous close, recovering from a session-low of $64.91 a barrel. Crude oil futures have received support from a weakening dollar, which on Friday hit fresh 2014 lows against a basket of other leading currencies (DXY). As oil is traded in dollars, swings in the greenback can also impact oil demand as it affects the price of fuel purchases for countries using other currenc...

Investing.com - The dollar pushed higher against a currency basket on Monday, but gains looked likely to remain limited as concerns over the Trump administration’s commitment to a strong currency weighed. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.25% to 89.09 by 02:55 AM ET (07:55 AM GMT), extending its recovery from last Thursday’s three year trough of 88.25. The greenback remained on the defensive after U.S. Treasury Secretary Steven Mnuchin said last Wednesday at Davos that a “weaker dollar is good for trade.” The greenback recovered somewhat after President Donald Trump said Thursday the U.S. currency would get “stronger,” appearing to contradict Mnuc...

  BERLIN (Reuters) - Twenty-four hour strikes by Germany's powerful IG Metall union will be highly damaging for companies, employers' association Gesamtmetall said on Monday, adding that it was seeking a compromise sustainable for both parties. "There is major damage given that all companies in the delivery chain are affected," said Oliver Zander of Gesamtmetall. "Twenty-four hour strikes are irresponsible and threaten jobs." He said employers had at the weekend offered a 6.8 percent wage increase over 27 months. "We want a compromise that is sustainable for both sides," added Zander....

Investing.com - The dollar rebounded against a basket of the other major currencies on Monday, but the greenback was still on track for a large monthly decline after U.S. Treasury Secretary Steven Mnuchin’s tacit endorsement of a weak currency last week. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.38% to 89.21 by 09:09 AM ET (14:09 GMT), extending its recovery from last Thursday’s three year trough of 88.25. For the month, the index is down around 2.8%. Investors remained cautious on the outlook for the dollar after the U.S. Treasury secretary said last Wednesday at Davos that a “weaker dollar is good for trade.” The greenback recovered somewhat after President Donald...

FRANKFURT (Reuters) - The chief executive of Volkswagen (DE:VOWG_p) said tests in which monkeys were exposed to toxic diesel fumes were "unethical and repulsive", apologising for the misconduct of those who were responsible for the study. Volkswagen has come under fire after the New York Times reported last week that German carmakers had used an organisation called European Research Group on Environment and Health in the Transport Sector (EUGT) to commission the tests. The study, conducted in 2014, was designed to defend diesel following revelations that the fuel's exhaust fumes were carcinogenic, the newspaper reported. The revelation is the latest aftershock from the VW emissions-rigging scandal, which continues to rock the auto industry. "The methods used by EUGT in the United State...

By Kit Rees LONDON (Reuters) - The UK's top share index fell on Tuesday as investors took profits on miners and banks, so-called cyclical sectors which have enjoyed a strong start to 2018. The blue chip FTSE 100 (FTSE) index was down 0.4 percent at 7,641.34 points by 0950 GMT, in line with a broader slide among European markets. Over the past fortnight the rally that has seen the FTSE 100 hit a series of record highs has sputtered due to the index's heavy weighting in stocks which are sensitive to the economic cycle, such as financials and commodities. While these sectors found favour with investors at the beginning of 2018, they have seen a retreat as investors have locked in profits. "We like this kind of pullback. It's been on the cards for some time," said Ken Odeluga, market anal...

By Kit Rees LONDON (Reuters) - The UK's top share index fell on Tuesday as investors took profits on miners and banks, so-called cyclical sectors which have enjoyed a strong start to 2018. The blue chip FTSE 100 (FTSE) index was down 0.4 percent at 7,641.34 points by 0950 GMT, in line with a broader slide among European markets. Over the past fortnight the rally that has seen the FTSE 100 hit a series of record highs has sputtered due to the index's heavy weighting in stocks which are sensitive to the economic cycle, such as financials and commodities. While these sectors found favour with investors at the beginning of 2018, they have seen a retreat as investors have locked in profits. "We like this kind of pullback. It's been on the cards for some time," said Ken Odeluga, market anal...

Investing.com - The dollar erased gains on Tuesday, as U.S. bond yields pulled away from recent highs and as the euro strengthened, buoyed by data showing that the euro zone economy enjoyed its best year in a decade in 2017. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.34% to 89.87 by 08:40 AM ET (13:40 GMT), falling back towards last week’s low of 88.25, its weakest level since December 2014. The dollar came under renewed selling pressure as U.S. Treasury yields eased after climbing to fresh multi-year highs on Monday, amid growing expectations for major central banks to begin scaling back monetary stimulus. Investors were also cautious ahead of U.S. President Donald Trump's State of the Union speec...

By Emma Rumney LONDON (Reuters) - Royal Bank of Scotland's restructuring business did not turn around the "vast majority" of small businesses it worked with, Chief Executive Ross McEwan said on Tuesday in response to lawmakers' questions. McEwan and RBS (LON:RBS) Chairman Howard Davies were being grilled by members of the Treasury Select Committee, which has challenged state-backed RBS on its treatment of troubled small businesses during and after the financial crisis. RBS's Global Restructuring Group (GRG) handled around 12,000 struggling firms between 2007 and 2012, some of which accuse the bank of pushing them into bankruptcy to pick up their assets on the cheap. Nicky Morgan, who chairs the Treasury committee, asked McEwan about a statement he made in 2014 after the publication of ...

Investing.com - The dollar came under renewed selling pressure on Wednesday, sliding lower against a basket of the other major currencies ahead of the Federal Reserve’s policy decision. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.24% to 88.81 by 03:05 AM ET (08:05 GMT), falling back towards last week’s low of 88.25, its weakest level since December 2014. The dollar was on track for a steep monthly loss against its peers, with the index down around 3.0% on the month at time of writing. The dollar has come under pressure as it has lost its relative yield attraction for investors. A faster rate of monetary tightening outside the U.S. would lessen the divergence between the Federal Reserve and oth...

DUBLIN (Reuters) - Ireland's central bank expects to see an increase in Brexit-related authorisations from financial services firms looking to set to set up in the country or extend their current operations, governor Philip Lane said on Wednesday. "Many types of entities - including banks; insurance companies; asset management firms; and payments and electronic money institutions - have made applications to the Central Bank of Ireland," Lane told a financial conference.   "The potential activities range from: broker dealers; trading venues; electronic money institutions; commercial insurance; and retail insurance. We expect the current levels of authorisation and supervisory engagements with firms to increase further."...

By Andrew MacAskill and Huw Jones LONDON (Reuters) - European Commission officials have rejected the City of London's proposal to strike a post-Brexit free trade deal on financial services, a major blow to Britain's hopes of keeping full access to EU markets for one of the world's top two financial centres. The decision increases the likelihood that the City will trade with Europe under less favourable terms and could accelerate corporate contingency plans to move more operations to the continent from London. Since Britain voted to leave the EU 19 months ago, some of the world's most powerful finance companies in London have been searching for a way to preserve the existing cross-border flow of trading after it leaves the bloc in 2019. Officials from the European Union's executive told...

FRANKFURT (Reuters) - Industrial workers in Germany began a second day of 24-hour strikes over pay and working hours on Thursday, affecting companies including carmakers Volkswagen (DE:VOWG_p) and Ford (N:F). The IG Metall union has called for full-day walkouts through Friday, firing a last warning shot before it ballots for extended industrial action that could be crippling to companies reliant on a supply chain of car parts and other components. Emboldened by the fastest economic growth in six years and record low unemployment, IG Metall is demanding an 8 percent pay rise over 27 months for 3.9 million metal and engineering workers across Europe's largest economy. The union has also asked for workers to be given the right to reduce their weekly hours to 28 from 35 to care for children...

MILAN (Reuters) - Italian sportscar maker Ferrari (MI:RACE) forecast to double core earnings to 2 billion euros (£1.8 billion) no later than 2022 and become debt free a year earlier, betting on racy demand for its supercars and new launches, including a planned SUV. The Maranello, Italy-based company gave the mid-term forecast after "thoroughly reviewing its current portfolio and all of its product development initiatives". Shares in the group rose as much as 4.9 percent after the release. Ferrari reported 2017 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.04 billion euros, in line with expectations, breaching the 1 billion euro mark two years earlier than forecast at the time of its initial public offering. For 2018 Ferrari forecast...

DUBLIN (Reuters) - Britain's financial companies can either establish full-blown subsidiaries in the European Union after Brexit or fall back on financial regulatory "equivalence", European Commission Vice-President Valdis Dombrovskis said on Thursday. EU negotiators see no room for Britain keeping "passport" access to EU financial markets for its banks, diplomats in Brussels said earlier this week. And Dombrovskis told a separate event in Dublin late on Wednesday this could be discussed given Britain's wish to leave the single market. "Equivalence is applied to a third country with a regulatory and supervisory framework comparable with the EU and can be used as a tool," Dombrovskis told a news conference in Dublin. "Another possibility, which is currently available is the establishment...

Investing.com - Gold prices moved higher on Friday, as sentiment on the U.S. dollar remained vulnerable ahead of a key U.S. employment report due to be released later in the day. Comex gold futures were up 0.28% at $1,351.60 a troy ounce by 03:00 a.m. ET (07:00 GMT). Market participants were looking ahead to the U.S. nonfarm payrolls report due later Friday, for further indications on the strength of the job market. The greenback briefly rebounded after the Fed, at the conclusion of its policy meeting on Wednesday, signaled its confidence about inflation and growth in the U.S. The Fed said that inflation is likely to rise this year, boosting expectations for further interest rate hikes under incoming central bank head Jerome Powell. The Fed left rates unchange...

Investing.com - The U.S. dollar extended gains against other major currencies on Friday, after data showed that the U.S. economy added more jobs than expected this month, adding to optimism over the strength of the economy. The U.S. Labor Department said the economy added 200,000 jobs in January, beating expectations for a 184,000 gain. The unemployment rate remained unchanged at 4.1% this month, in line with expectations. The report also showed that average hourly earnings rose 0.3% in January, as expected. The greenback was already supported after the Federal Reserve, at the conclusion of its policy meeting on Wednesday, signaled its confidence about inflation and growth in the U.S. The Fed said that inflation is likely to rise this year, boosting expec...

LONDON (Reuters) - European stocks suffered a sharp sell-off at the open on Monday, tracking big drops in Asia as growing inflation expectations and rising bond yields took their toll on equity markets. Europe's STOXX 600 (STOXX) sank 1.1 percent, in line with euro zone stocks (STOXXE) and on track for its sixth straight day of decline. The pan-European index hit a two-month low in early dealing, having given back all the gains it made in the exuberant new year rally. Among major European equity markets, only Spain and Italy are still higher than at the turn of the year, with the UK the worst performer. All sectors were in the red on Monday, but the sell-off hit the highest valued parts of the market hardest, with tech stocks (SX8P) falling 1.6 percent. Chipmaker AMS (S:AMS), one of th...

LONDON (Reuters) - Tesco (L:TSCO), Britain's biggest retailer, said Booker (L:BOK) boss Charles Wilson would stay on and run its entire UK business once it completes the 3.7 billion pounds takeover of the wholesaler. Tesco also forecast profit for 2017-18 would come in slightly ahead of analysts' expectations, adding it had traded in line with management expectations since it last updated investors on Jan. 11. Tesco's purchase of Booker is the boldest move yet by its Chief Executive Dave Lewis, who took over in 2014, providing the supermarket group with access to the faster growing catering segment of Britain's 195 billion pound food market. After completion of the deal, Wilson, who has led Booker since 2005, will become CEO of Tesco's retail and wholesale operations in the UK...

LONDON (Reuters) - Britain's Lloyds Banking Group (L:LLOY) last month carried out a net 465 job cuts, a spokeswoman for the bank said by email on Monday, as it continues to try to reduce costs. The job cuts will mainly impact the bank's commercial banking, chief information office, risk, community banking and insurance and wealth units.   "This process involved making difficult decisions, and we are committed to working through these changes in a careful and sensitive way. All affected employees have been briefed by their line manager," the spokeswoman said by email....

Цены на нефть снижались вчера на фоне возобновившегося укрепления доллара США. По итогам торгов 5 февраля стоимость апрельского контракта на нефть марки Brent на бирже ICE Futures в Лондоне упала на $0,96 (1,4%) - до $67,62 за баррель. Мартовский фьючерс на WTI на Нью-Йоркской товарной бирже NYMEX рухнул на $1,30 (1,99%) и составил $64,15 за баррель. Сегодня нефть продолжает терять в цене вслед за падением мировых рынков акций на фоне укрепления доллара США. Апрельские фьючерсы на нефть марки Brent к 8:15 мск снизились на $0,71 (1,05%) - до $66,91 за баррель. Котировки мартовского контракта на нефть WTI подешевели на $0,7 (1,09%) и составили $63,45 за баррель....

LONDON (Reuters) - BP (L:BP) on Tuesday reported a surge in fourth-quarter profit, beating analysts' expectations, supported by strong earnings in refining and trading. BP reported fourth-quarter underlying replacement cost profit, the company's definition of net income, of $2.1 billion (£1.5 billion), exceeding forecasts for $1.9 billion, according to a company-provided survey of analysts. That compared with a profit of $400 million a year earlierand $1.9 billion in the third quarter of 2017. On an annual basis, BP's profits soared to $6.2 billion from $2.6 billion in 2016.   Full-year production rose to 2.47 million barrels per day (bpd), up some 12 percent from 2016....

ZURICH (Reuters) - Credit Suisse (S:CSGN) reiterated on Tuesday that it faced no material impact from a sharp drop overnight in the VelocityShares Daily Inverse VIXShort-Term ETN (P:XIV) product, in which it has a 32 percent stake. "The XIV ETN activity is reflective of today's market volatility. There is no material impact to Credit Suisse," a spokesman said. The bank's exposure was fully hedged. Monday's stock market rout left two of the most popular exchange-traded products (ETPs), which investors use to benefit from calm rather than volatile conditions, facing potential liquidation, market participants said. [nL4N1PW1ZX]...

Investing.com – U.S. Futures pointed to another negative day for stock markets on Tuesday as a sell-off continues world wide. The S&P 500 futures fell over 14 points or 0.54% to 2,593.75 as of 6:50 AM ET (11:50 GMT) while Dow futures decreased 225 points or 0.94% to 23,713.0. Meanwhile tech heavy Nasdaq 100 futures was down over 39 points or 0.61% to 6,390.0. The Dow lost over a 1,000 points at the close on Monday, as inflation concerns pushed stocks down. The negative movements started on Friday after a report showed that U.S. wages increased at its fastest pace in eight and a half year. Bond yields rose after the report, as investors grow concerned that inflation will rise and the Federal Reserve will interest rates more than expected ...

 Investors may be excused for not knowing what to make of the staggering two-day stock market selloff.
On the one hand, Wall Street firms have been calling for a correction in the relentless rally for quite some time.
On the other hand, the most recent Bank of America/Merrill Lynch fund managers survey showed most see the rally running into next year.
Don't be confused by the two. 
The Dow Industrials' enormous decline Monday was the biggest in history based on the number of points -- 1,175 -- but on a percentage basis, there have been a few bigger, including the crash of 1987.
Along with the Dow's big loss last Friday, the benchmark index is down 8% from its recent record high.
But that's still shy of the 10% threshold that qualifies as a ...

 Britain's major share index posted modest gains but remained at 10-month lows on Wednesday after Wall Street recovered overnight from a brutal global sell-off. The FTSE 100 was up 0.6 percent at 7,185 points by 0903 GMT while other European bourses were also trading in positive territory at a roughly similar pace. "Certainly there is a risk that yesterday’s rally is a fake out before another selloff", said Neil Wilson, senior market analysts at ETX Capital, noting that U.S. futures were currently trading in the red. British shares lost ground for the previous six sessions and are down 6.4 percent so far in 2018. Financials, which were badly hit during the sell-off, added the most points to the index. Old Mutual, HSBC, Barclays (LON:BARC), Prudentia...

(Reuters) - British food ingredients maker Tate & Lyle (LON:TATE) Plc said it remained on track to deliver profit growth for 2018 in line with guidance after sales volumes picked up pace in the three months to December. The company, which sells corn syrup and other ingredients to food and drink makers, said sales volume growth accelerated in both of its speciality food ingredients and bulk ingredients divisions in the three-month period....

LONDON (Reuters) - Sterling jumped and stocks hit session lows on Thursday after the Bank of England said interest rates probably needed to rise sooner and by a bit more than it thought three months ago. Against the dollar, the pound rose as much as 0.9 percent to hit a day's high of $1.4015 <GBP=> after trading flat before the BoE announcement, in which the bank kept rates unchanged. Against the euro, sterling rallied more than one percent to hit a one-week high of 87.41 pence (EURGBP=). Britain's internationally-exposed FTSE 100 (FTSE) hit its session low, down 1.1 percent, after the BoE decision. The Bank of England said interest rates probably needed to rise sooner and by a bit more than it thought three months ago, after it raised its economic growth forecasts for ...

Investing.com - Aftershocks from this week's wild roller-coaster ride on Wall Street continued to reverberate around markets on Thursday, a sign that market participants remain jittery amid increased volatility levels. The wild ride in U.S. equities started on Monday, when both the Dow and S&P 500indices plunged more than 4%, with the former notching its biggest intraday decline in history with a nearly 1,600-point drop, as investors rushed for the exits in the wake of higher rates. On Tuesday, the 30-stock index swung 1,167.5 points before closing 567 points higher. The turbulence continued Wednesday, with U.S. stocks finishing lower despite climbing earlier in the session, as the S&P 500 recorded its largest one-day reversal since February 2016. The Dow has los...

MILAN (Reuters) - The chances of striking a deal on the sale of Italy's struggling carrier Alitalia before national elections due on Mar. 4 are "effectively low", Italy Industry Minister Carlo Calenda said in an interview with Italian newspaper La Stampa on Friday. Alitalia, which has made a profit only a few times in its history, was put under special administration last year after staff rejected a plan to cut jobs and salaries. Germany's Lufthansa, British low-cost carrier easyJet (LON:EZJ) and U.S. private equity fund Cerberus are among companies that have expressed an interest in Alitalia, but Calenda said their interest was temporarily on hold pending the outcome of the vote....

(Reuters) - An attorney for Alphabet Inc's (O:GOOGL) Waymo self-driving vehicle unit said on Friday the company has reached a settlement with Uber Technologies Inc [UBER.UL] in its legal dispute over trade secrets.   A trial to decide the case, which started earlier this week, has been dismissed by the judge. No further details were immediately available....

Investing.com - The dollar slipped lower against a currency basket on Monday as Asian stock markets steadied after last week’s selloff, dampening safe haven demand for the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, dipped 0.11% to 90.13 by 03:23 AM ET (08:23 AM GMT). The index rose 1.45% last week. Shares in Hong Kong and China rose on Monday and U.S. futures extended gains, adding to a late bounce on Friday. Japan’s Nikkei was closed for a holiday. U.S. stocks ended higher on Friday but still posted their worst week in two years as fears of faster inflation and thus more aggressive interest rate increases triggered a global stock market rout. Investors were looking ahead to U.S. i...

By Martinne Geller and Douglas Busvine LONDON/FRANKFURT (Reuters) - Unilever (L:ULVR) (AS:UNc), one of the world's biggest spenders on advertising, has threatened to pull ads from digital platforms such as Facebook and Google if they "create division" in society or fail to protect children. Keith Weed, chief marketing officer at Unilever, which makes Ben & Jerry's ice cream and Dove soap, will explain the plan in a speech on Monday at the annual Interactive Advertising Bureau conference in California. Weed will call on the technology industry to improve transparency and consumer trust in an era of fake news and "toxic" online content. "Unilever, as a trusted advertiser, do not want to advertise on platforms which do not make a positive contribution to society," Weed plans...

By Catherine Ngai NEW YORK (Reuters) - Last year, Goldman Sachs Group Inc (NYSE:GS) executives met with some scepticism after unveiling an ambitious plan to grow revenue by $5 billion (£3.6 billion), whether or not markets remained subdued. Now that trading has picked up, Wall Street is hoping the bank can do even better. On Tuesday, Goldman's chief executive officer, Lloyd Blankfein, is scheduled to speak at an industry conference in Miami Beach, where he intends to provide more information about the revenue-boosting effort. It will be the first time Blankfein himself tries to persuade investors with a formal, public presentation about the lofty goals Goldman has set. Since his deputies first laid out the revenue-growth strategy in September, analysts have peppered exec...

LONDON (Reuters) - British lawmaker Nicky Morgan said on Tuesday that she planned to ask fellow members of parliament's Treasury Committee to publish a confidential regulator's report into Royal Bank of Scotland's treatment of small businesses. Morgan, who chairs the committee, said she would use parliamentary powers to require the Financial Conduct Authority to provide committee members with the report, extracts of which have already been leaked. "A version of the report is now in the public domain. The FCA has completely lost control of the publication process," Morgan said on Tuesday. "I will be asking members to agree to publish the final, unredacted report under parliamentary privilege as soon as possible," she said.   The FCA has said it cannot legally publish the report as...

Wall Street was lower on Wednesday after a better than expected inflation report sparked investor concern over raising interest rates. The S&P 500 was down eight points or 0.31% to 2,654.66 as of 9:43 AM ET (14:43 GMT) while the Dow composite decreased 116 points or 0.47% to 24,524.0, and tech heavy NASDAQ Composite was down five points or 0.08% to 7,008.17. Markets were on edge after U.S. consumer prices rose more than expected in January, supporting speculation that the Federal Reserve will raise interest rates more than expected this year. The Labor Department said that consumer prices rose by a seasonally adjusted 0.5%last month, above forecasts for an increase of 0.3% and following a gain of 0.2% in December. Year-over-year, consumer prices w...

 Here are the top five things you need to know in financial markets on Wednesday, February 14: 1. Inflation and retail sales in focus Markets are focused Wednesday on key data points scheduled for release at 8:30AM ET (13:30GMT). Traders will be keeping a close eye on the consumer price index (CPI) for January as they look for indications of inflation stateside in order go gauge support for the Federal Reserve’s plans to gradually increase interest rates. Market analysts expect consumer prices to rise 0.3%, faster than December’s 0.1% increase, while core inflation is forecast to inch up 0.2%, a touch slower than December when consumer prices recorded their largest increase in 11 months. On a yearly base, core CPI is projected to climb 1.7%, s...

Согласно официальным данным, в январе инфляция потребительских цен (CPI) и базовая инфляция выросли выше прогнозов, что повышает давление на ФРС относительно ужесточения монетарной политики. В отчете Министерства торговли США указано, что индекс потребительских цен (ИПЦ) в США за январь вырос на 0,5% по сравнению с предыдущим месяцем против прогноза роста на 0,3% и роста на 0,1% в декабре. В годовом исчислении индекс потребительских цен (ИПЦ) в США в январе вырос на 2,1%, как и в прошлом месяце, что выше прогноза роста на 1,9%. Базовый индекс потребительских цен (ИПЦ) в США, который не включает в себя цены на продукты питания и энергоносители, в январе вырос на 0,3% против прогнозируемого сохранения темпов роста на уровне на 0,2%. Базовый индекс потребительских цен в годовом исчислении...

The yen climbed to a 15-month high as traders probed Japanese officials’ tolerance for appreciation, hurting the nation’s stocks in what was otherwise a mixed session for Asian equities Wednesday ahead of a key U.S. inflation report. Treasuries also advanced, along with gold, giving the moves the flavor of a shift to havens. Futures on the S&P 500 Index were little changed, as was the MSCI Asia Pacific Index of stocks. Shares rose in Hong Kong and Seoul, and fluctuated in Shanghai before a week-long Lunar New Year holiday. Volatility lingered, albeit down from the extremely elevated levels reached last week. Japan’s currency climbed to its strongest since November 2016, when the yen was sold off as investors anticipated U.S. fiscal stimulus would boost Ame...

Here are the top five things you need to know in financial markets on Thursday, February 15: 1. Global Stock Market Rally Continues Global stock markets continued higher, extending this week's strong rally as equity investors appeared to take strong U.S. inflation data in their stride. Asian markets closed mostly higher, with a 1.4% rise for the Nikkei 225 index and almost a 1.8% jump for the Hong Kong Hang Seng Index, though trading volumes in much of the region were capped by the coming Lunar New Year holiday. In Europe, the continent's bourses posted solid gains, as strength seen in markets overseas boosted sentiment. Germany’s DAX index climbed about 1% in early action. On Wall Street, U.S. stock futures pointed to a positive open, setting the Dow&nb...

The dollar fell broadly on Thursday, hitting a 15-month low against the yen as U.S. bond yields rose after a report showing that inflation rose at a faster than expected pace last month. USD/JPY was down 0.72% to 106.23 by 03:15 AM ET (08:15 AM GMT), the weakest level since Nov. 11, 2016. The dollar has fallen more than 2% against the Japanese currency in February. Expectations for a continued expansion in the U.S. budget deficit pressured the dollar lower as bond yields rose. A recovery in risk appetite also weighed on the greenback. The U.S. currency attracted safe haven demand during the stock market downturn seen earlier this month, although it had fallen to a three-year low in January. On Wednesday, the dollar initially climbed after data showing a stronger-than-expected incr...

Wall Street was set to rise on Thursday as investors shrugged off inflation concerns. The S&P 500 futures rose 12 and a half points or 0.46% to 2,709.50 as of 6:40 AM ET (11:40 GMT) while Dow futures increased 227 points or 0.91% to 25,090.0. Meanwhile tech heavy Nasdaq 100 futures was up 37 points or 0.56% to 6,724.25. Wall Street was volatile Wednesday morning after inflation data rattled markets but closed in the green. The consumer price index rose to 0.5% in January, beating expectations of a 0.3% rise, according to the Labor Department. The increase in inflation supports the Federal Reserve raising interest rates this year, with many analysts expecting three rate increases. TripAdvisor Inc (NASDAQ:TRIP) was among the biggest gainers in p...

How can stock investors profit from the increasingly striking movements in global bond yields? It’s the question brought into focus by last week’s equity market rout, partly sparked by the recent sharp move upward in U.S. government bond yields, and reiterated Wednesday after U.S. consumer prices data pushed them higher again. As equity traders around the globe wake up to the prospect of higher inflation and interest rates -- and adjust to a higher yield range -- many are seeking the best trades to capitalize on movements in the bond market. “We have clearly seen a shift in expectations on monetary policy and global rates over recent months,” said Mahmood Noorani, the founder of Quant Insight, whose past experience includes roles at BlueCrest Capital Management an...

 European shares were set to snap a three-week losing streak on Friday, supported by continued strength in earnings updates, as volatility calmed down and jitters over rising inflation eased. Gains in the energy sector on the back of rising oil prices and solid updates from large cap companies including Schneider, Eni and Renault (PA:RENA) helped the pan-European STOXX 600 index rise 0.5 percent by 0818 GMT. The STOXX is up more than 2 percent so far this week but it is still down around 7 percent from the 2 1/2 year peak hit in January. This week's recovery follows a turbulent start to February, when worries over inflation caused a global sell-off in equities. "The reason for the change in sentiment may well be down to the fact that the overall global eco...

 The pound dipped slightly lower on Friday following the lower than expected retail sales figures for January.   The pound pared gains against the dollar following the data release. At 10:03 GMT, the GBP/USD was up 0.03% on the previous session close to 1.4101.   The pound reached a two week high against the weaker dollar early on Friday morning, touching 1.4145. Immediately prior to the data release at 09:30 GMT. cable was 1.4105.   According to a report by the Office for National Statistics released on Friday, UK retail sales increased by 0.1% in the three months to January.   December recorded a decline of 1.4%, revised upward from a decline of 1.5%. The consensus figure had been for an increase of 0.5%.   Year on year ret...

 Here are the top five things you need to know in financial markets on Friday, February 16: 1. Dollar hovers near 3-year low The U.S. dollar fell to three-year lows against other major currencies earlier on Friday on the back of rising concerns over U.S. policies, especially the rising deficit. The greenback has been under presssure amid sustained concerns over the deficit in the U.S., which is projected to climb near $1 trillion in 2019 following the announcement of infrastructure spending and large corporate tax cuts. At 5:50AM ET (10:50GMT), the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, inched up 0.08% at 88.53, pulling off its 3-year low of 88.16 hit in overnight trade. The dollar was still o...

 The pound dipped slightly lower on Friday following the lower than expected retail sales figures for January.   The pound pared gains against the dollar following the data release. At 10:03 GMT, the GBP/USD was up 0.03% on the previous session close to 1.4101.   The pound reached a two week high against the weaker dollar early on Friday morning, touching 1.4145. Immediately prior to the data release at 09:30 GMT. cable was 1.4105.   According to a report by the Office for National Statistics released on Friday, UK retail sales increased by 0.1% in the three months to January.   December recorded a decline of 1.4%, revised upward from a decline of 1.5%. The consensus figure had been for an increase of 0.5%.   Year on year ret...

Global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting in the week ahead, with hopes the central bank will give more hints on the pace of future rate hikes this year. Staying in the U.S., a report on existing home sales will be the highlight of the holiday-shortened week. Markets stateside will remain closed on Monday for the President's Day holiday. In the UK, investors will be looking ahead to a second reading on British growth data for further hints on the health of the economy and the likelihood of the Bank of England raising interest rates this year. Meanwhile, market players will eye flash survey data on euro zone business activity to assess how fast the European Central Bank will start unwinding its asset purchase program. Elsewhere, ...

 European shares rose for a fourth straight session on Monday, helped by gains among steel makers such as Tenaris and Outokumpu after the United States government outlined proposals for hefty import curbs. Shares in Tenaris (MI:TENR), Outokumpu (HE:OUT1V) and Arcelor Mittal (AS:MT) - which have facilities in the United States - were the biggest gainers in Europe, up between 2.2 and 4.6 percent by 0821 GMT. Their gains and strength in the heavyweight banking sector (SX7P) helped the pan-European STOXX 600 (STOXX) index edge up 0.15 percent. The UK's FTSE (FTSE) added 0.1 percent and Germany's DAX (GDAXI) rose 0.4 percent. Makers of consumer staples fell after Reckitt Benckiser (L:RB) missed earnings expectations and its profit margins declined, hurt by a tougher ...

Here are the top five things you need to know in financial markets on Monday, February 19: 1. Global Stocks Maintain Rally In Holiday-Thinned Trade Global stock markets kicked off the new week with more gains, as appetite for equities remained strong following a recent shakeout that was sparked by fears of creeping inflation and higher borrowing costs. Asian markets closed mostly higher, with a near 2% rise for the Nikkei 225 index and an almost 1% jump for South Korea's Kospi, though many markets in the region remained closed for the Lunar New Year holiday. In Europe, shares rose for a fourth straight session, as strength seen in markets overseas boosted sentiment. Meanwhile, U.S. stock futures edged up, but traders were steering away from big bets as they got the...

World stocks were set for a sixth session of gains on Monday, extending a recovery from a selloff sparked by fears of creeping inflation and higher borrowing costs. Gains were marginal, however, and scored largely in Asian markets, with Japan's Nikkei 225 up 2 percent. European markets gave up initial gains to turn lower, with the pan-European STOXX index down 0.2 percent. Market holidays in the United States and China kept trading slower than usual, but moves in the steel sector were pronounced after the U.S. government outlined proposals for curbing imports. Shares in Tenaris, Outokumpu and Arcelor Mittal - which have facilities in the United States - were the biggest gainers in Europe, up between 1.7 and 3.1 percent (EU). The MSCI world index, which tracks shares in 47 cou...

Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak, while the dollar edged further away from three-year lows. Spreadbetters expected a mixed start for European stocks, with Britain's FTSE seen rising 0.1 percent, Germany's DAX dropping 0.1 percent and France's CAC dipping 0.07 percent. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.25 percent. Australian stocks were little changed, South Korea's KOSPI lost 1.2 percent and Hong Kong's Hang Seng dropped 0.4 percent. Japan's Nikkei retreated 1 percent after three successive days of gains. The pan-European STOXX index fell 0.6 percent on Monday following a three-day ascent, dragged down by falls in cons...

 European shares edged back in positive territory on Tuesday after ending a three-day recovery in the previous session when Wall Street and Chinese markets were closed for holiday. At 0824 GMT, most sectors and indexes across the continent were making gains and the pan-regional STOXX 600 (STOXX) benchmark was up 0.18 percent at 378.92 points. Shares Edenred (PA:EDEN) were the top performers on the STOXX, up 9.2 percent, after the French prepaid meal voucher and card provider reported record 2017 earnings, increased its dividend and expressed confidence over 2018. Other top movers in the pan-European index included (L:HSBA) HSBC and BHP (L:BLT), both down nearly 3.5 percent, after their trading updates disappointed investors. While the world's biggest miner missed its for...

 Here are the top five things you need to know in financial markets on Tuesday, February 20: 1. Global Stocks Mostly Lower As Jitters Creep Back In Global stocks were mostly lower, as jitters from last week's sell-off sparked by fears of creeping inflation and higher borrowing costs returned to the market. Asian stocks slipped, though many markets in the region remained closed for the Lunar New Year holiday. South Korea's Kospi index and Japan's Nikkei 225 fared the worst, closing down 1.1% and 1% respectively. In Europe, shares were a tad lower in mid-morning trade, after ending a three-day recovery in the previous session. London's FTSE 100 was the biggest loser after earnings from both HSBC (LON:HSBA) and BHP (LON:BLT) disappointed i...

 Here's a preview of the top 3 things that could rock markets today: 1. Fed Minutes, Housing, Manufacturing, Service Data To Keep Dollar Rebound Alive? The Federal Reserve publishes Wednesday the minutes of its January meeting at which the central bank voted to keep its benchmark rate unchanged but adopted a more hawkish tone in its monetary policy statement, citing improving inflation. RBC suggested that the subtle change in the Fed’s language on inflation may have been a deliberate effort by the central bank to open the door to a more “forceful tone on rate hikes” as the year progresses. A trio of reports on services, manufacturing, and housing are also expected to draw investor interest for clues on the underlying strength of the US economy. Economi...

 The dollar edged up to one-week highs against a currency basket on Wednesday, as investors awaited the minutes of the Federal Reserve’s latest policy meeting for fresh indications on the future pace of interest rate hikes. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.12% at 89.75 by 03:24 AM ET (08:24 AM GMT). The index has climbed higher after it sank to a low of 88.15 on Friday, the weakest since December 2014. The Fed was to release the minutes of its January meeting later on Wednesday and a hawkish tone could reinforce expectations for a faster pace of monetary tightening this year and boost the dollar. The dollar has weakened in recent months as expectations for a faster pace of interest ra...

Here are the top five things you need to know in financial markets on Wednesday, February 21: 1. Fed FOMC Meeting Minutes Investors will be looking closely at the the Federal Reserve minutes of its most recent policy meeting, scheduled for release on Wednesday at 2:00PM ET (1900GMT). The U.S. central bank left interest rates unchanged following its meeting on Jan. 31, the last under the leadership of Janet Yellen, and said inflation was likely to rise this year. Those comments signaled that borrowing costs will continue to climb under new central bank chief Jerome Powell. The Fed is scheduled to hold its next policy meeting on March 20-21, with interest rate futures pricing in an 82% chance of a rate hike at that meeting, according to Investing.com's Fed Rate Monito...

U.S. Futures pointed to a lower opening bell on Wednesday, as traders wait for the Federal Reserve meeting minutes and potential signs of increased interest rates. The S&P 500 futures fell over four points or 0.18% to 2,709.25 as of 6:40 AM ET (11:40 GMT) while Dow futures decreased 56 points or 0.22% to 24,892.0. Meanwhile tech heavy Nasdaq 100 futures was down over three and a half points or 0.06% to 6,786.75. The Federal Reserve is expected to release the minutes of its most recent policy meeting at 2:00 PM ET (19:00 GMT). Investors will pay close attention for signs that rates could increase more than expected. The Fed is scheduled to hold its next policy meeting on March 20-21, with interest rate futures pricing in an 82% chance...

Here’s a preview of the top 3 things that could rock markets today: 1. UK GDP To Revive Sterling’s Rise Against Dollar? The second reading of fourth quarter UK Gross Domestic product (GDP), is expected to confirm the UK economy grew at 0.5% in the fourth quarter. The pound has struggled to make a sustained move above $1.4 against the greenback as the latter has rebounded from three-year lows following recent data showing improved US inflation and economic growth. The FOMC minutes Tuesday boosted greenback despite analysts pointing out that the minutes failed to lift expectations for a faster pace of rate hikes. “The discussion offered limited indication of a Fed turning more preemptive in the face of fiscal stimulus and stronger global growth conditions,” T...

 Here are the top five things you need to know in financial markets on Thursday, February 22: 1. Global Stocks Slump Amid Fed-Driven Jitters Global stocks were on the backfoot, after minutes of the Federal Reserve's January meeting underlined expectations for faster U.S. interest rate hikes, souring appetite for riskier assets around the world. Asian markets ended broadly lower, with Hong Kong's Hang Seng and Japan's Nikkei225 faring the worst, closing down around 1.5% and 1.1% respectively. But Chinese markets were in a better mood, returning from their long holiday break with a gain of about 2.2% for the Shanghai blue-chip index. In Europe, stocks were notably weaker in mid-morning trade. The Stoxx Europe 600index, the region's broad...

 World stocks tumbled to one-week lows on Thursday after the U.S. Fed confirmed it was on track to raise interest rates several times this year, sending bond yields to new multi-year highs. While U.S. 10-year yields retreated after nearing the psychologically key 3 percent level, the minutes of the U.S. Federal Reserve's meeting at the end of January has at least temporarily taken the edge off investors' appetite for equities and other assets perceived as risky, such as emerging markets and commodities. With Fed policymakers agreeing that "a gradual upward trajectory of the federal funds rate would be appropriate," the odds in the market of faster U.S. interest rate hikes have narrowed and a host of Fed fund futures <0#FF:> have hit contract lows. The dollar too was trading j...

The S&P 500 and the Dow industrials opened higher on Thursday after two days of losses as bond yields eased off four-year highs and traders took stock of the Federal Reserve's views on inflation. The Dow Jones Industrial Average (DJI) rose 101.75 points, or 0.41 percent, to 24,899.53. The S&P 500 (SPX) gained 11.77 points, or 0.435711 percent, to 2,713.1. The Nasdaq Composite (IXIC) added 36.10 points, or 0.5 percent, to 7,254.33....

 Asian shares rebounded on Friday as comments from a Federal Reserve official eased worries about faster rate rises in the United States, while the dollar ticked higher as investors dipped their toes back into riskier assets. Indications were mixed for other global equity markets, with E-Mini futures for the S&P 500 up 0.3 percent but London's FTSE futures slipping 0.2 percent. Financial markets have fluctuated wildly this month as investors fretted about how fast the Fed might raise rates in the wake of data showing a pick up in U.S. inflation. Even though broader U.S. price pressures still appear modest for now, markets are fully pricing in three rate hikes this year, one more than was seen just a few months ago. Some analysts even expect four. That in tu...

Oil prices dipped lower on Friday as investor concerns about high U.S. crude exports outweighed an unexpected drop in oil inventories in the world's biggest fuel consumer. U.S. West Texas Intermediate (WTI) crude futures were at $62.74 a barrel at 0750 GMT, down 3 cents from their last settlement. Brent crude futures were down 2 cents at $66.37 a barrel. WTI was still on track to rise about 1.7 percent for the week, and Brent was up 2.2 percent, with both contracts set for their second weekly gains after falling steeply early in the month. Friday's dips followed gains during the previous day when the Energy Information Administration (EIA) said U.S. crude stockpiles fell by 1.6 million barrels in the week to Feb. 16, to 420.48 million barrels, despite a seasonal slow...

- Here are the top five things you need to know in financial markets on Friday, February 23: 1. Global Stocks Mixed As Traders Digest Fed Minutes Global stocks partially recovered from losses posted after minutes of the Federal Reserve's January meeting underlined expectations for faster U.S. interest rate hikes, souring appetite for riskier assets around the world. Asian markets ended broadly higher, with Hong Kong's Hang Seng and Japan's Nikkei 225 up 0.93% and 0.62% respectively, while China's Shanghai blue-chip index advanced 0.63%. In Europe, stocks were notably lower in late morning trade. The Stoxx Europe 600index, the region's broadest measure of share prices, rose 0.3%. Meanwhile, early indications from U.S. futures suggested a higher o...

LONDON (Reuters) - European shares opened slightly higher on Monday with gains across bourses and sectors, as focus gradually shifts from the earnings season to monetary policy and politics this week with Italy's general election on Sunday. While the ECB President Mario Draghi is to make a speech at the European Parliament Monday afternoon, the new Federal Reserve Chairman Jerome Powell is to give his first House testimony on Tuesday. At 0830 GMT, the pan-European STOXX benchmark index (STOXX) was up 0.75 percent at 384 points.   Lloyd's of London underwriter Hiscox (L:HSX) posted the worst performance of the index with a 4.7 percent fall after it reported a fall of more than 90 percent in full-year pretax profit, as it faced the costliest year ever for insurers and rein...

By Padraic Halpin DUBLIN (Reuters) - Concerns over the profitability of its lending overshadowed Bank of Ireland's (I:BIRG) resumption of dividends for the first time in a decade, sending its shares lower on Monday. The bank had said a year ago it expected to pay its first dividend since the financial crisis in the first half of 2018, a year later than initially hoped as it awaited further clarity on Brexit and visibility on its pension deficit. The deficit stabilised at 500 million euros (£439 million)last year and new chief executive Francesca McDonagh said the bank, the Irish lender most exposed to the British property market, was seeing no material impact so far from Brexit. "This is a pivotal moment," McDonagh, who took over in October, told Reuters, referring to the resumpt...

BRUSSELS (Reuters) - The European Commission wants to tax large digital companies' revenues based on where their users are located rather than where their headquarters are, at a rate between 1 and 5 percent, a draft Commission document showed. The proposal, seen by Reuters, aims at increasing the tax bill of firms like Amazon (AMZN.O), Google (GOOGL.O) and Facebook (FB.O) that are accused by large EU states of paying too little in tax by re-routing their EU profits to low-tax countries such as Luxembourg and Ireland. The proposal says that the tax should be applied to companies with revenues above 750 million euros (658.54 million pounds) worldwide and with EU digital revenues of at least 10 million euros a year. The document is subject to changes before its publication which is expecte...

By Kate Holton LONDON (Reuters) - Comcast Corp (NASDAQ:CMCSA), the biggest cable operator in the United States, offered to pay $31 billion (22.2 billion pounds) to buy Sky, the European pay-TV group that Rupert Murdoch's Fox has already agreed to buy. Comcast, which owns NBC and Universal Pictures, said it was offering 12.50 pounds per share, significantly higher than the 10.75 pounds per share agreed by Fox. The proposed offer pits Comcast against Murdoch, the 86-year-old media tycoon who helped to launch Sky in Britain, and also against Walt Disney which has agreed to buy a string of assets from Fox once the deal is done, including Sky. Comcast said it had not yet engaged with Sky over the proposal. "We would like to own the whole of Sky and we will be looking to acquire over 50 per...

FRANKFURT (Reuters) - Google is not obligated to ensure websites are free from defamatory content before displaying links to them in search results, Germany's highest court ruled on Tuesday. The case, which comes in the context of debate about the so-called "right to be forgotten", had been brought by two individuals seeking Google to prevent its search engine from displaying links to websites on which they were verbally attacked by other internet users. They wanted Google, a unit of Alphabet (NASDAQ:GOOGL) Inc, to set up search filters to keep those websites from appearing in future search results, information about the users who had posted the offending comments and payment of damages, saying Google was partly responsible for the violation of their rights. The German Federal Court of ...

By Kate Holton LONDON (Reuters) - U.S. cable giant Comcast (O:CMCSA) offered to buy Sky (L:SKYB) for $31 billion (22.21 billion pounds) in an unsolicited approach, taking on Rupert Murdoch's Fox and Bob Iger's Walt Disney in the battle for Europe's biggest pay-TV group. The world's biggest entertainment company, which owns NBC and Universal Pictures, said on Tuesday it proposed to offer 12.50 pounds per share, significantly higher than the 10.75 pounds Fox (O:FOXA) had agreed to pay for the British company The offer pits Comcast's Brian L. Roberts against Murdoch, the 86-year-old tycoon who helped to launch Sky and pioneer pay-TV in Britain. Iger is also a long time rival after Comcast tried and failed to buy Disney (N:DIS) for $54 billion in 2004. Disney had agreed to buy Sk...

BARCELONA (Reuters) - British broadcaster ITV (LON:ITV) reported a 5 percent drop in adjusted full-year earnings, reflecting the tough advertising environment facing new chief executive Carolyn McCall. ITV, the country's biggest free-to-air commercial network, reported core earnings of 842 million pounds on Wednesday, with a drop in ad revenue partly offset by underlying growth in its studios business.   McCall, who joined ITV from airline easyJet (LON:EZJ), said the company's operational performance in 2017 in a challenging environment was strong, and its viewing performance and studio gave it a solid foundation to build on....

By Michael Nienaber BERLIN (Reuters) - Germany's jobless total fell more than expected in February and employment hit a record high in January, data showed on Wednesday, underlining the strength of a labour market that is fuelling a consumption-led upswing in Europe's biggest economy. Data published by the Federal Labour Office showed the seasonally adjusted jobless total dropped by 22,000 to 2.393 million. That was way more than the predicted drop of 15,000 forecast in a Reuters poll. The unemployment rate was unchanged at 5.4 percent in February, the lowest level since German reunification in 1990, the Office said. "The good labour market developments are continuing in February," said Detlef Scheele, head of the Labour Office. He added that employment within the scope of social insur...

(Reuters) - Facebook Inc (O:FB) said on Wednesday it was expanding the jobs section on its social network, as it looks to compete in a market dominated byMicrosoft Corp 's (O:MSFT) LinkedIn (NYSE:LNKD). The expansion marks the tool's international rollout a year after it was launched in the United States and Canada. The tool will now be available to users in 40 countries, Facebook said in a statement. The company also said it plans to invest about $1 billion (£723.7 million) in its teams, technology and new programs in 2018....

Investing.com - Sterling fell to one-and-a-half month lows against the broadly stronger dollar on Thursday as expectations for faster hikes in U.S. interest rates this year continued to underpin the greenback. GBP/USD hit a low of 1.3732, the weakest level since Jan. 15 and was at 1.3740 by 05:17 AM ET (10:17 AM GMT), off 0.14% for the day. The dollar remained supported after Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economic outlook remains bright, bolstering bets on further Fed rate hikes this year. The remarks bolstered expectations that the U.S. central bank may deliver four rate increases this year, rather than the three it had earlier signaled. Expectations of rising borrowing costs tend to buoy the dollar, as higher rates make the U.S. currency more ...

By Susanna Twidale LONDON (Reuters) - British households were told to "carry on cooking" by the government on Thursday, as a warning of a gas supply deficit spooked the market and raised questions over the country's gas policy. A nationwide cold snap with temperatures as low as minus 10.3 degrees Celsius and widespread snow has led to a sharp increase in gas demand which is used to heat as much as 80 percent of Britain's homes and also for cooking. Prices for within-day gas delivery have more than quadrupled since the start of the week to 300 pence per therm on Thursday, the highest in at least 10 years. Energy minister Claire Perry said there would be no disruption to domestic supplies and encouraged Britons to "carrying on using your gas heating and cooking meals as normal". National...

OSLO (Reuters) - Britain's National Grid (LON:NG) withdrew a gas supply warning it issued on Thursday and said it did not expect to issue a warning on Friday as new supplies of gas were reaching the market, it said on Friday. The grid continued to expect high gas demand due to the continuing cold weather, it added....

Investing.com - The U.S. dollar pushed lower against other major currencies on Friday, as worries over a potential global trade war following news of fresh U.S. tariffs continued to weigh on heavily sentiment. U.S. President Donald Trump announced plans on Thursday to impose tariffs of 25% on imported steel and 10% on aluminum, in a move to “protect U.S. industry”. The news sparked concerns over potential trade wars, which would have a negative impact on the U.S. economy. The announcement overshadowed positive remarks by Fed Chair Powell, who told the Senate Banking Committee on Thursday that there was no evidence the U.S. economy is overheating. Two days earlier, the Fed president had reiterated that the U.S. central bank would likely move forward with gradual increases in...

By Sudip Kar-Gupta PARIS (Reuters) - AXA (PA:AXAF), Europe's second-biggest insurer, has agreed to buy Bermuda-based XL Group (N:XL) for around $15 billion (11 billion pounds), in a deal which AXA said would create a world leader in property and casualty insurance. The French insurer said it was offering $57.60 for each XL share, representing a premium of 33 percent to XL's closing share price on March 2. The total consideration for the deal would amount to $15.3 billion. Insurers around the world have started to strike up takeover deals in order to strengthen their businesses as they face tougher regulation and falling returns based on financial markets investments. AXA’s takeover of XL comes just over a month after rival American International Group (N:AIG) said it would buy re...

LONDON (Reuters) - Investors sold shares in BMW (DE:BMWG) and Daimler(DE:DAIGn) on Monday after President Donald Trump said the U.S. may tax imports of European cars if the EU retaliates against his plan to impose tariffs on aluminium and steel. The United States is a big buyer of coupes, sports cars and sedans made by the German premium carmakers, such as Daimler's Mercedes S-Class and BMW's 7 Series, and accounts for a big chunk of their global profits. It is also a big manufacturing base for their bigger sport-utility vehicles including the Mercedes GLE and BMW X5, many of which are shipped to Asia and Europe. This makes them especially vulnerable if Trump's protectionist moves spark retaliation by the world's other big trading blocs. Daimler shares were already under pressure ...

LONDON (Reuters) - Prime Minister Theresa May said on Monday that Britain's National Health Service was "not for sale" in any future trade deal with the United States after Brexit. "I'm absolutely clear that as we look to negotiate a trade deal with the United States of America, the National Health Service will remain as it is today," May told MPs in parliament.   "It will remain free at the point of use. The National Health Service is not for sale."...

(Reuters) - Bombardier Inc (TO:BBDb) will sell equity to strengthen its balance sheet as part of a five-year turnaround plan, the Canadian plane-and-train maker said on Monday. The company will sell 168 million Class B shares at C$3.80 per share to raise C$638.4 million (355.8 million pounds) in gross proceeds. The price represents a discount of 4 percent to the stock's Monday closing price on the Toronto Stock Exchange. Bombardier, which considered bankruptcy in 2015, announced a turnaround plan focussed on improving profit margins and shedding billions of dollars in debt. Credit Suisse (SIX:CSGN), National Bank Financial, UBS and TD Securities are the underwriters for the stock offering.   ($1 = 1.2968 Canadian dollars)...

By Julien Ponthus LONDON (Reuters) - An unsolicited bid for Irish packaging group Smurfit Kappa from U.S.-based International Paper lifted shares in the whole sector on Tuesday, providing a boost to Britain's top share index. The FTSE 100 was up 0.9 percent at 7,180 points by 0907 GMT, slightly higher than the European average as world markets shrug off trade war fears or political risk concerns in Italy following its inconclusive general election. Shares in Smurfit Kappa (LON:SKG), Europe's largest producer of paper-based packaging, jumped 17 percent to 33.7 euros after the company said the offer from International Paper failed to reflect its growth prospects and the industry's attractive outlook. "We believe an offer above 33 euros per share would be realistic" to start dis...

Investing.com - The dollar fell against a basket of the other major currencies on Tuesday, following reports that North and South Korea have agreed to hold a summit next month, in a sign of easing tensions on the peninsula. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.48% to 89.54 by 09:10 AM ET (14:10 GMT). The prospect of tensions easing between North Korea and South Korea, and with the U.S. bolstered risk appetite. North Korea also indicated that it could be willing to dispose of its nuclear technology and agreed to suspend all weapons testing during the summit in April. South Korea’s won jumped against the dollar following the reports, with USD/KRWtumbling 1.34% to 1,063.31. The dollar remaine...

LONDON (Reuters) - Prime Minister Theresa May will hold talks with Saudi Crown Prince Mohammed bin Salman at her country residence on Thursday, diplomatic sources said, in another sign of the importance with which London is treating his visit. The visit to Chequers, a 16th-century manor house 40 miles (60 km) northwest of London, will be in addition to a previously announced meeting at May's London office on Wednesday, the sources said on Tuesday. Prince Mohammed's visit, part of his first foreign tour as heir apparent, is aimed at persuading Britain that his reforms have made his country a better place to invest and a more tolerant society. The trip will include lunch with the Queen, a dinner with heir to the throne Prince Charles and his son Prince William, and meetings with British i...

DUBLIN (Reuters) - Smurfit Kappa's board reaffirmed its rejection of a takeover offer from International Paper Co after its U.S. rival revealed late on Tuesday that the bid was worth 8 billion euros (7.2 billion pounds). International Paper offered 22 euros in cash and 0.3028 new International Paper share for each Smurfit share. Shares in the Irish company, which surged more than 18 percent on Tuesday after it flagged the approach, rose a further 4 percent to 35.2 euros by 0840 GMT. "Smurfit Kappa notes the announcement released by International Paper Company (NYSE:IP) setting out the price of the unsolicited and highly opportunistic proposal... Shareholders are strongly advised to take no action," Smurfit Kappa said in a statement....

By Susanna Twidale LONDON (Reuters) - Britain's energy regulator wants to trim 5 billion pounds from consumer bills over five years from 2021 by slashing the amount gas and electricity network firms can return to shareholders, it said on Wednesday. Rising energy bills have drawn increasing public criticism, prompting Prime Minister Theresa May promise an end to what she has called "rip off" gas and electricity bills. The government has introduced legislation to parliament to cap prices.. Under its proposals, Ofgem plans to cut the "cost of equity range", or the amount network firms pay their shareholders, to 3 to 5 percent for the next regulatory period starting 2021, down from 6 to 7 percent now. "In total, we estimate this would result in savings of over 5 billion pounds for househol...

By Sinead Cruise and Arno Schuetze LONDON/FRANKFURT (Reuters) - Goldman Sachs (N:GS) has put more than a dozen UK-based banking, sales and trading staff on notice to move to Frankfurt within weeks, two sources with knowledge of the matter said, as it braces for divorce between Britain and the European Union. After months of patience and private lobbying, the U.S. investment bank has decided it can no longer wait for clarity from lawmakers on how its business might be impacted by Britain's exit from the trading bloc and is taking the steps to minimise disruption to clients. It has informed members of its London-based derivatives and debt capital markets teams working on German accounts that their activities will be relocated to its base in Frankfurt and to make the necessary preparations...

(Reuters) - Domino's Pizza Group Plc, Britain's biggest pizza-delivery firm, on Thursday reported a 10.2 percent rise in full-year pretax profit on strength in domestic and other European markets. Underlying pretax profit rose to 94.4 million pounds in the 52 weeks ended Dec. 24, from 85.7 million pounds a year earlier, the company said. Domino's Pizza, which has most of its 1,192 stores in the UK, and also operates in Ireland, Switzerland and Germany, said sales at UK stores that were open for more than a year rose 4.8 percent over the period.   System sales rose 15 percent to 1.16 billion pounds....

LONDON (Reuters) - Saudi Aramco Chief Executive Officer Amin Nasser said on Thursday that all work required from the oil giant for its initial public offering (IPO), which could be the biggest in history, will be completed in the second half of 2018. Speaking at a conference in London, Nasser added that the decision on the listing venue "and the rest is a job for the shareholder". Saudi Crown Prince Mohammed bin Salman on Wednesday embarked on a trip to Britain and the United States, which could shape the decision on where to list the company.   London and New York are among the leading financial centres seen as frontrunners to host the international leg of the flotation alongside a Riyadh listing....

MADRID (Reuters) - Spain's market regulator on Monday cleared Hochtief's (DE:HOTG) takeover bid for toll road company Abertis (MC:ABE), starting a one month period in which Hochtief and rival bidder Atlantia (MI:ATL) can improve their proposals. However, both Hochtief, owned by Spanish builder ACS (MC:ACS), and Italian motorway and airport operator Atlantia said last week they were in talks over their competing bids and a source said they could decide to break up the company in a move to prevent a bidding war. If a deal is reached, Atlantia would likely withdraw its offer for the Spanish company and sign an agreement with ACS on how to divide Abertis's assets, the source said on Thursday. Atlantia and ACS are in talks over a possible joint bid that would me...

(Bloomberg) -- Free-trade proponents might be out of fashion at the White House, but not in the U.S. equity market. A Goldman Sachs Group Inc (NYSE:GS). basket of U.S. stocks that derive the bulk of sales abroad has outperformed the S&P 500 Index since March 1, the day that President Donald Trump rattled financial markets with a surprise announcement that his administration will impose tariffs on steel and aluminum imports. While the Dow Jones Industrial Average plunged 420 points March 1, it’s rallied almost 3 percent since as investors grow more confident that the most severe protectionist policies won’t become reality. “Although equity prices have moved in reaction to the proposed metals tariffs, investors do not appear concerned ab...

By Rania El Gamal, Saeed Azhar and Alex Lawler DUBAI/LONDON (Reuters) - Saudi Arabia is increasingly looking to just float oil giant Saudi Aramco locally as plans for an initial public offering (IPO) on an international exchange such as London or New York hang in the balance, sources close to the process said. The kingdom is counting on being awarded emerging market status by index complier MSCI in June to help Saudi Aramco attract Western funds, in addition to cornerstone investors from China, Japan and South Korea, the sources said. "I would guess it is about evens that there will be no international IPO," said a high-level source familiar with the preparations, saying they were proving to be a disappointment. Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in an ini...

By Lawrence White TUNBRIDGE WELLS, England (Reuters) - Fitness instructor Ed Lumsden was trying to log in to his online bank account last week when he discovered HSBC (L:HSBA) had closed it without warning. Lumsden, who counts British television presenter Davina McCall among the clients of his gym, TWPT, in the affluent spa town of Tunbridge Wells in Southern England, was unable to receive payments or pay his bills. "I couldn't take payments, I couldn't pay my suppliers, all my direct debits would be rejected which could affect my credit rating and I had 16,000 pounds ($22,209.60)locked in the account that I couldn't access," he told Reuters at his gym. He is one of hundreds of HSBC clients whose accounts have been frozen as part of a compliance crackdown called Safeguard aimed at figh...

By Abhirup Roy and Krishna V Kurup MUMBAI (Reuters) - India's Punjab National Bank (NS:PNBK) has told police it has uncovered additional exposure of about 9.42 billion rupees (104.03 million pounds) in connection with a huge alleged fraud, according to a court filing seen by Reuters. In what has been dubbed the biggest fraud in India's banking history, PNB, the country's second-biggest state-run lender, said last month it had been defrauded of about $2 billion. The bank accused two jewellery groups - one controlled by diamond tycoon Nirav Modi and the other by his uncle, Mehul Choksi - of colluding with rogue bank employees to secure credit from overseas lenders using fraudulent guarantees. Both men deny any wrongdoing. Police say they left India in January, before the initia...

Investing.com - The dollar pushed higher against the other major currencies on Wednesday, but gains were checked by tepid inflation data and concerns over political instability in the wake of the sudden firing of U.S. Secretary of State Rex Tillerson. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged up to 89.77 by 04:40 AM ET (08:40 AM GMT). The index ended the previous session lower after the Labor Department reported Tuesday that U.S. consumer price inflation remained muted in February, indicating that the Federal Reserve is likely to stick to a gradual pace of rate hikes this year. The inflation data came after last week jobs report showed tepid wage growth, easing concerns over a faster than expected pickup in ...

By Radhika Rukmangadhan (Reuters) - Britain's Balfour Beatty (L:BALF) reported a tripling of annual profit on Wednesday and said the construction industry was returning to health after the high-profile collapse of Carillion (L:CLLN) this year. The demise of Carillion came after construction companies took on major contracts at thin margins, leaving them nursing losses in the event of delays or problems. "Companies are starting to recover from what effectively was very low pricing in 2013 and 2014," Balfour Beatty Chief Executive Leo Quinn told Reuters. "I wouldn't brand the industry like Carillion," he added. Underlying pretax profit for the infrastructure and building company rose to 165 million pounds ($230.4 million) in 2017, from 62 million pounds a year earlie...

Investing.com - After a brief initial reaction to the downside, West Texas Intermediate oil managed to rebound and head higher in North American trade on Wednesday, after data showing that oil supplies in the U.S. registered a larger-than-expected inventory build, while gas and distillate stockpiles both fell more than forecast. Crude oil for April delivery on the New York Mercantile Exchange fell 13 cents, or 0.43%, to trade at $60.97 a barrel by 10:34AM ET (14:34GMT) compared to $60.89 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 5.022 million barrels in the week ended February 10. Market analysts' had expected a crude-stock build of 2.023 million barrels, though the American Petroleum Instit...

Investing.com - Crude oil prices moved lower on Thursday, amid ongoing concerns over rising global supply levels following news U.S. stockpiles increased far more than expected last week. The U.S. West Texas Intermediate crude April contract was down 8 cents or about 0.13% at $60.88 a barrel by 05:00 a.m. ET (09:00 GMT). Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London slid 23 cents or about 0.34% to $64.67 a barrel. Oil prices came under pressure after the Organization of the Petroleum Exporting Countries and Russia forecast, in its monthly report released on Wednesday, an increase in non-OPEC supply over the next year. The Organization said non-OPEC supply growth for 2018 was forecast at around 1.60 million barrels per day compared to 1....

By Marwa Rashad, Tom Arnold and Katie Paul RIYADH/DUBAI (Reuters) - The Saudi government is expected to take a 35 percent stake in construction giant Saudi Binladin Group (SBG) as part of a financial settlement with state authorities, sources told Reuters on Thursday. The figure -- previously unknown -- was confirmed by four sources familiar with the matter. It represents the total stakes of chairman Bakr Binladin and his brothers Saleh and Saad, all of whom were detained in an anti-graft crackdown in November alongside scores of other businessmen, princes and officials, according to some of the sources. A formal transfer of control has not yet taken place, causing prolonged uncertainty about the fate of the company two months after it announced that some shareholders might transfer pa...

By Hideyuki Sano TOKYO (Reuters) - Asian stocks slid on Friday as reports of more chaos in the Trump administration tested investors' nerves, already frayed by fears that U.S. tariffs could hurt the global economy and trigger a trade war. European stock futures point to a weaker start in Europe, with futures of Britain's FTSE and France's Cac down 0.1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trade. Japan's Nikkei was down 0.6 percent. On Wall Street, the S&P 500 edged 0.08 percent lower on Thursday, marking its first four-day losing streak of 2018. The Nasdaq Composite dropped 0.2 percent. U.S. shares hit a session low soon after the New York Times reported that U.S. Special Counsel Rob...

Евро в ходе торгов на "Московской бирже" превысил 71 руб. впервые с 14 февраля, доллар приблизился к 58 руб. Курс евро в 13:39 мск составил 71,01 руб., прибавив 33,5 копейки к уровню закрытия предыдущего дня и 49 коп. к курсу, установленному Банком России на сегодня. При этом доллар торговался на отметке 57,59 руб., что 13 коп. выше уровня предыдущего закрытия и на 57 коп. выше официального курса. Доллар также обновил максимум с 14 февраля. По мнению экспертов "Интерфакс-ЦЭА", рубль слабеет к доллару и евро, торгуясь на минимальных отметках с середины февраля на фоне очередного ухудшения внешнеполитической ситуации вокруг России. Участники торгов негативно реагируют на решение правительства Великобритании выслать российских дипломатов и расширение списка антироссийских санкций со стороны...

By Arno Schuetze and Ludwig Burger FRANKFURT (Reuters) - Shares in Siemens Healthineers (DE:SHLG) gained as much as 7 percent in the medical equipment maker's stock market debut on Friday, boding well for a string of pending German flotations including asset manager DWS. In one of Germany's biggest listing in recent years, parent Siemens (DE:SIEGn) raised 4.2 billion (3.71 billion pounds) euros from selling a 15 percent stake in the world's largest maker of medical imaging equipment. Issued at 28 euros apiece, the shares opened at 29.10 euros after a delay of more than an hour because of market-wide technical problems at Deutsche Boerse's (DE:DB1Gn) electronic trading platform. By 1157 GMT the shares were up by 7.1 percent at 29.98 euros, outpacing a 0.3 percent gain for the b...

BERLIN (Reuters) - German online retailer Home24, which wants to challenge IKEA's dominance of the European furniture market, accelerated sales and trimmed its losses in the fourth-quarter after sources said it is considering a stock market listing. Home24, in which ecommerce investor Rocket Internet (DE:RKET) holds a 43 percent stake, said quarterly sales rose 21 percent to 80 million euros ($98 million), picking up from a 10 percent rise in the first nine months of the year. Its adjusted loss before interest, depreciation and amortisation (EBITDA) narrowed to 4 million euros. Launched in 2009 in Berlin, the company delivers furniture in seven European markets, plus Brazil. It said on Monday that its Latin American region was the first to reach breakeven in the fourth quarter...

By Munsif Vengattil (Reuters) - Facebook Inc's (O:FB) shares fell 4 percent in premarket on Monday after media reports that a political consultancy that worked on President Donald Trump's campaign gained inappropriate access to data on 50 million Facebook users. The move would knock $21.5 billion (£15.3 billion) off the social network's market value of $538 billion as of Friday's close. One Wall Street analyst said the reports raised 'systemic problems' with Facebook's business model and a number said it could spur far deeper regulatory scrutiny of the platform. The head of European Parliament said on Monday that EU lawmakers will investigate whether the data misuse has taken place, adding the allegation is an unacceptable violation of citizens' privacy rights. Facebook was alrea...

LONDON (Reuters) - Power generation from Britain's wind farms hit a record 14.2 gigawatts (GW) on March 17, National Grid (LON:NG) said on Monday. Wind power represented 34.2 percent of domestic electricity generation at 1430 GMT on Saturday, Britain's power grid operator said. "2017 was a record year for green energy and it's looking likely 2018 is set to exceed that," said Fintan Slye, director of the system operator at National Grid. Predicting wind output can be difficult as it depends on wind speeds and power demand, but it is expected to increase this year as more wind farms open. Industry group Renewable UK forecasts around 2 GW of wind capacity will be added in 2018. Britain is looking to wind power to help bridge a looming electricity supply gap as old nuclear plant...

By Hideyuki Sano TOKYO (Reuters) - Asian shares were on the defensive on Tuesday after investors took profits in high-flying U.S. technology shares on fears of stiffer regulation, as Facebook (NASDAQ:FB) came under fire following reports it allowed improper access to user data. The retreat came as investors braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day and amid concerns that U.S. President Donald Trump could impose additional punitive trade measures against China. "U.S. tech indexes, including Nasdaq and Philadelphia semi-conductor index all hit record highs last week. So they were prone to profit-taking," said Mutsumi Kagawa, chief strategist at Rakuten Securities. "Shares will be capped by various uncertainties for now. Once th...

Investing.com - The pound trimmed gains on Tuesday after data showing that inflation in the UK fell to its lowest level since July last month, easing a squeeze on household spending. GBP/USD was trading at 1.4029 by 06:14 AM ET (10:14AM GMT) down from around 1.4054 ahead of the data. The Office for National Statistics reported that the consumer price index fell to 2.7%on a year over year basis in February, from 3.0% in January. Economists had expected a more modest decline to 2.8%. The data added to indications that UK inflation is falling back from its November peak, when consumer prices jumped by 3.1%, as the impact of the drop in the pound after last years Brexit vote faded. The weaker than expected inflation figure could undermine the case for the Bank of England to rais...

  LONDON (Reuters) - Glencore (LON:GLEN) chief executive Ivan Glasenberg said that the automotive industry is waking up too late to the fact that the Chinese will hold most of the world's global cobalt supply, a key metal for electric vehicle (EV) batteries. "If cobalt falls in hands of the Chinese, yeah you won't see EVs being produced in Europe. They are waking up too late... I think it's because the car industry has never had a supply chain problem before," Glasenberg told the FT Commodities Global Summit in Lausanne, Switzerland. About 70 percent of global cobalt production comes from the Democratic Republic of Congo. Glencore, the world's biggest producer, agreed last week to sell a third of its output to China's GEM.   Glasenberg said he was nevertheless prep...

By Eric Auchard and David Ingram LONDON/SAN FRANCISCO (Reuters) - The suspended chief executive of Cambridge Analytica said in a secretly recorded video broadcast on Tuesday that his UK-based political consultancy's online campaign played a decisive role in U.S. President Donald Trump's 2016 election victory. CEO Alexander Nix's comments, which could not be verified, are potentially a further problem for Facebook Inc (NASDAQ:FB) as it faces lawmakers' scrutiny in the United States and Europe over Cambridge Analytica's improper use of 50 million Facebook users' personal data to target voters. The social media network's shares fell for a second day, closing down 2.5 percent, as investors worried that its dealings with Cambridge Analytica might damage its reputation, deter advert...

HONG KONG (Reuters) - Standard Chartered PLC's (L:STAN) chief executive of private and commercial banking is leaving the bank to join another financial services company in London, the emerging markets-focussed lender said on Wednesday. Anna Marrs, who is also StanChart's chief executive for the 10-nation Association of Southeast Asian Nations (ASEAN), and South Asia, will leave StanChart in September this year, it said.   As a result of her departure, StanChart said its commercial banking business unit would now report into Simon Cooper, chief executive for corporate and institutional banking, the bank's biggest unit in terms of its contribution to group revenue....

Investing.com - Crude prices rose to the best levels of the session on Wednesday, hitting a six-week high, after data showed that U.S. oil stockpiles fell unexpectedly last week as refinery activity picked up. U.S. West Texas Intermediate (WTI) crude futures surged $1.04, or 1.6%, to $64.58 a barrel by 10:35AM ET (1435GMT). Prices were at around $64.25 prior to the release of the inventory data. Meanwhile, London-traded Brent crude futures, the benchmark for oil prices outside the U.S., climbed $1.27, or roughly 1.9%, to $68.69 a barrel. Both benchmarks hit their highest level since Feb. 5 earlier in the session. The U.S. Energy Information Administration said in its weekly report that crude oil inventories declined by 2.6 million barrels in the week ended...

By Ron Bousso LONDON (Reuters) - North Sea oil and gas producer Chrysaor has agreed to acquire stakes in three ageing fields from Spirit Energy, hoping to prolong their production with new drilling, the company said in a statement. Private equity-backed Chrysaor, which last year acquired a large portfolio of assets from Royal Dutch Shell (LON:RDSa), will become the sole owner of the Armada, Maria and Seymour fields following the completion of the deal, planned for the second half of 2018. The value of the deal was not disclosed. "The acquisition is part of Chrysaor's strategy to prolong asset life, maximise recovery and deliver value from the UK North Sea," Chief Executive Officer Phil Kirk said in a statement. The company will soon begin site surveys in preparation of drilling new we...

Investing.com - The dollar edged higher against a currency basket on Thursday, but struggled to make headway as investors continued to grapple with the direction for Federal Reserve policy and fears over the prospect of a global trade war. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged up 0.15% to 89.41 by 09:51 AM ET (13:51 GMT), pulling away from the one-month low of 89.06 hit overnight. The dollar remained on the back foot after the Fed raised interest rates by a quarter point on Wednesday, but stuck to its forecast for two more hikes this year. Some investors had expected the Fed to project three more rate hikes this year so the decision to stick to its forecast for two additional hikes was seen as less hawki...

(Reuters) - Engineering firm Smiths Group Plc (L:SMIN) reported a 4.3 percent fall in first-half revenue on Friday, hurt by weakness in its businesses serving energy and medical sectors. Smiths, a provider of hospital equipment, industrial services and sensors to detect explosives, said revenue fell to 1.55 billion pounds for the six months ended Jan. 31, from 1.62 billion pounds a year earlier....

МОСКВА (Рейтер) - Расширение российской экономики, несмотря на некоторое замедление, продолжается, и темпы роста уже близки к потенциальным, сказала глава Центробанка РФ Эльвира Набиуллина. "Мы всё-таки оцениваем, что экономический рост продолжается. Он не может происходить ровными темпами или постоянно ускоряющимися... темпы роста ВВП могут быть волатильными", - сказала она во время пресс-конференции в пятницу. Рост ВВП в феврале замедлился до 1,5 процента в годовом выражении с 1,9 процента в январе, по оценке Минэкономразвития. По мнению регулятора, темпы роста ВВП составят 1,5–2,0 процента в 2018-2020 годах, что соответствует потенциальным темпам экономического роста. "Мы не считаем, что наша ставка ограничивает экономический рост, мы видим, что он восстанавливается", - сказал...

(Bloomberg) -- The trade conflict between China and the U.S. escalated, with Beijing announcing its first retaliation against metals levies hours after President Donald Trump outlined fresh tariffs on $50 billion of Chinese imports and pledged there’s more on the way. On Friday, China unveiled tariffs on $3 billion of U.S. imports in response to steel and aluminum duties ordered by Trump earlier this month. The White House then declared a temporary exemption for the European Union and other nations on those levies, making the focus on China clear. Though Beijing’s actions so far are seen by analysts as measured, there may be more to come. Equity indexes from Tokyo to Frankfurt tumbled with European equities falling to the lowest in more than a year. U.S. stock futures dropped...

By Henning Gloystein SINGAPORE (Reuters) - Oil prices reversed earlier gains on Monday as concerns of a looming trade dispute between the United States and China weighed on global markets. The possibility of a full-blown trade war between the United States and China battered Asian shares (N225) (AXJO) on Monday. The falls came after U.S. President Donald Trump last week signed a memorandum that could impose tariffs on up to $60 billion of imports from China. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $65.51 a barrel at 0255 GMT, down 37 cents, or 0.6 percent, from their previous close. Brent crude futures (LCOc1) were at $70.24 per barrel, down 21 cents, or 0.3 percent. Crude was also squeezed ed by a rise in the number of U.S. rigs drilling for oil to a three-yea...

Investing.com - The dollar slid to one-month lows against a basket of the other major currencies on Monday as worries over trade tensions between the U.S. and China subsided and risk appetite recovered. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.26% to 88.87 by 09:02 AM ET (13:02 GMT), the lowest level since February 16. The Wall Street Journal reported Monday that Beijing and Washington are negotiating behind the scenes to improve U.S. access to Chinese markets, after a week of threats over trade tariffs. The report eased concerns over the prospect of a trade war between the two countries, which investors fear could hit growth in the U.S. and derail global growth. The euro rose to two-and-half week hig...

LONDON (Reuters) - Britain and the European Union are looking at whether interim taxation is needed to ensure digital firms are paying the right amount of tax, Prime Minister Theresa May said on Monday.   "We believe that the best result is an international result, but it is right to look, as the European Union, whether there are any interim steps that need to be taken to ensure that we are properly taxing these companies," May told parliament....

(Reuters) - Water utility United Utilities Group Plc (L:UU) said on Tuesday it expected to report higher profit and revenue for the full year ending March, helped mainly by regulatory changes in how utilities charge customers. Revenue is expected to be "slightly higher" for the year, while underlying operating profit is expected to be "moderately higher", the company, which supplies and treats water in north-western UK, said....

By Richa Naidu and Stephen Nellis CHICAGO (Reuters) - Apple Inc (O:AAPL) on Tuesday was widely expected to announce a lower-priced iPad aimed at helping it grab more of the U.S. educational market. Major technology companies are battling for dominance in U.S. schools, a market seen as important for hooking young consumers. Apple in March 2017 lowered the price of its 9.7-inch tablet to $329, the lowest starting price ever for one of its full-sized tablets. But laptops running operating systems by Alphabet Inc's (O:GOOGL) Google or Microsoft Corp (O:MSFT) can be had for less than $200. Apple's previous price cutting, along with software changes, have been followed by an improvement in iPad sales. Analysts believe the teacher- and student-geared event on Tuesday at Lane Tech Co...

Investing.com - Crude prices mostly higher on Tuesday, although West Texas Intermediate struggled around the unchanged mark, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (20:30GMT) Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock gain of around 0.4 million barrels. U.S. West Texas Intermediate (WTI) crude futures inched up 1 cent, or 0.02%, to $65.56 a barrel by 10:27AM ET (14:27GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the ...

Investing.com - The dollar pushed higher against a basket of the other major currencies on Wednesday as trade tensions remained elevated following reports that China will soon announce a list of retaliatory tariffs on U.S. imports. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.16% to 89.10 by 02:59 AM ET (06:59 GMT), extending its recovery from Tuesday’s five-week low of 88.53. Fears over the prospect of trade war between the U.S. and China mounted after the state run Chinese newspaper the Global Times reported Wednesday that Beijing will soon announce a list of tariffs on U.S. exports to China in response to proposed U.S. tariffs on Chinese imports. Reports that U.S. President Donald Trump discussed Ch...

LONDON (Reuters) - The Bank of England said on Wednesday finance companies operating in Britain will have more time to meet a Brexit deadline, in a move aimed at avoiding a potentially disorderly shift of people and operations across the continent. Britain and the European Union last week agreed a transition period of 21 months that will follow Britain's departure from the bloc in March 2019 during which companies will have unchanged access to the bloc's markets. But many banks have said they will not be able to rely on such a political deal as it will not be formally ratified by governments until the autumn and any deal could collapse if there is domestic political upheaval in the months before Britain leaves. Companies will be able "to plan that they will be able to continue undertaki...

Investing.com - The dollar dipped against the yen on Thursday a day after posting its largest daily percentage gains in around six months boosted by faster U.S. economic growth and hopes for a diplomatic breakthrough with North Korea. USD/JPY was down 0.27% to 106.55 by 03:35 AM ET (07:35 AM GMT), after ending Wednesday’s session with gains of 1.4%, the largest increase since September 11. The dollar was boosted after data on Wednesday showing that the U.S. economy grew by a larger than initially estimated 2.9% in the fourth quarter. The data left the way clear for a slightly more aggressive pace of interest rates hikes by the Federal Reserve this year. The Fed hiked rates for the first time this year last week and stuck to its projection for three rate hikes this year. The ...

By Noor Zainab Hussain and Sinead Cruise LONDON (Reuters) - U.S. exchange operator CME Group has made a $5.5 billion (3.9 billion pounds) offer to buy NEX Group to create a cross-border powerhouse for investors trading in the multi-trillion dollar foreign exchange and government debt markets. Shareholders in NEX, a financial technology firm that matches buyers and sellers of bonds, swaps and currencies, will receive 500 pence in cash for each NEX share and 0.0444 new CME shares. Each NEX share would be valued at 1,000 pence, CME said. The offer by CME, one of the world's biggest exchange groups and owner of the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange, represents a 2.9 percent premium to Wednesday's share close of 972 pence. A union of the two firms would enable in...

By Lawrence White and Makini Brice LONDON/WASHINGTON (Reuters) - Barclays (L:BARC) will pay $2 billion (1.42 billion pounds) to settle claims for billions of dollars of losses suffered by investors who bought toxic mortgage-backed securities in the run-up to the 2007 financial crisis, the U.S. Justice Department said on Thursday. The British bank denied misleading investors about the quality of the mortgage loans backing the instruments and allegations it committed mail fraud and bank fraud. The settlement, described by Barclays Chief Executive Jes Staley as "fair and proportionate", resolves the bank's largest outstanding legal issue in the United States, and could reassure investors who had been braced for a potentially larger fine. "The settlement is at the bottom end of e...

By Ben Blanchard and Tony Munroe BEIJING (Reuters) - China has increased tariffs by up to 25 percent on 128 U.S. products including frozen pork, wine and certain fruits and nuts, escalating a spat between the world's biggest economies in response to U.S. duties on imports of aluminium and steel. The tariffs, to take effect on Monday, were announced late on Sunday by China's finance ministry and matched a list of potential tariffs on up to $3 billion (£2.1 billion) in U.S. goods published by China on March 23 Soon after the announcement, an editorial in the widely read Chinese tabloid Global Times warned that if the U.S. had thought China would not retaliate or would only take symbolic counter-measures, it can now "say goodbye to that delusion." "Even though China and the U.S. hav...

By David Lawder WASHINGTON (Reuters) - The Trump administration this week will unveil the list of Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world's two largest economies. The list of $50 billion to $60 billion (£35.6 billion to £42.7 billion) worth of annual imports is expected to target "largely high-technology" products and it may be more than two months before tariffs take effect, administration officials have said. The U.S. Trade Representative's office needs to unveil the list of products by Friday under President Donald Trump's China tariff proclamation signed on March 22. The tariffs are aimed at forcing changes to Chinese government policies that USTR says re...

By Swati Pandey SYDNEY (Reuters) - Asian shares slipped on Tuesday amid escalating trade tensions and concerns about tech firms, although regional index declines were modest compared with those of their Wall Street counterparts as investors focused on global growth prospects. Spreadbetters expected European stocks to open lower, with Britain's FTSE (FTSE) losing 0.5 percent, Germany's DAX (GDAXI) falling 0.95 percent and France's CAC (FCHI) dropping 1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) fell 0.35 percent on Tuesday, compared with losses of more than 2 percent on each of the three Wall Street indices overnight. The U.S. dollar steadied against the safe haven yen after declining for three straight days and gold, which is often seen as a stor...

By Alistair Smout LONDON (Reuters) - British manufacturer De La Rue Plc (L:DLAR) said it will challenge a decision by Britain to award a contract to print the post-Brexit blue passports to a European company. The new blue British passports have been hailed by Prime Minister Theresa May as "an expression of our independence and sovereignty", but will be made by a Franco-Dutch firm after Britain leaves the European Union, De La Rue said. Media reports said the firm was Gemalto (AS:GTO), although it has not confirmed or denied those reports. Gemalto produces British driver's licenses. De La Rue, which makes banknotes and passports, said it would seek a judicial review of the provisional decision to award the British passport contract to an overseas company after it was...

ROME (Reuters) - Italy's competition watchdog is considering asking for more details on a deal broadcaster Mediaset (MI:MS) signed last week with Sky's (L:SKYB) Italian unit, a source said on Tuesday. "They will decide quickly whether to ask for all the documentation," the source close to the matter said. On Friday Mediaset said the deal would allow it to broadcast its pay-TV Premium Cinema and TV series channels on Sky's satellite platform. Sky Italia would be able to use Mediaset's Premium pay-TV digital platform for its own offering of services and channels....

СИНГАПУР (Рейтер) - Цены на нефть снижаются утром в среду, невзирая на сокращение недельных запасов сырья в США, но от дальнейшего падения рынок удерживает перспектива долгосрочного сотрудничества РФ и ОПЕК. К 8.55 МСК фьючерсы на североморскую смесь Brent опустились на 0,34 процента до $67,89 за баррель. Фьючерсные контракты на американскую лёгкую нефть WTI торговались у отметки $63,32 за баррель, что на 0,3 процента ниже предыдущего закрытия. Россия предварительно обсудила долгосрочный формат сотрудничества со странами-членами ОПЕК и допускает создание новой организации для взаимодействия с нефтеэкспортным картелем, сказал во вторник журналистам министр энергетики Александр Новак. Как показали данные Американского института нефти (API), запасы нефти в США снизились на 3,3 м...

By Jessica Resnick-Ault NEW YORK (Reuters) - The Trump administration heralded the government's sale last month of U.S. drilling leases in the Gulf of Mexico as a bellwether. If that is the case, a Reuters analysis of the sale's results shows reason to worry about demand in future offshore auctions. The sale brought in $124.8 million, as just 1 percent of the 77 million acres (31.2 million hectares) offered found bidders. Reuters examined the acreage offered and leased, and nearly all the purchases show big drillers stuck closest to existing infrastructure, shunning the most far-flung areas. While U.S. crude oil production reached a record last year at more than 10 million barrels a day, most new development is in onshore shale regions. The U.S. Interior Department has said i...

LUTON, England (Reuters) - French auto-maker Peugeot will boost output at its English Vauxhall van plant by around two thirds from next year onwards, including new Peugeot and Citroen models, in a show of confidence in its British brand a year before Brexit. Peugeot-maker PSA bought German carmaker Opel and its British sister brand Vauxhall last year when it acquired General Motors' loss-making European arm, and has been pursuing a restructuring plan to return it to profitability. Peugeot said on Wednesday that Vauxhall's next Vivaro van would be built at the British company's plant in Luton, using its new EMP2 platform. This will allow it to also build Peugeot's Expert van and Citroen Jumpy model in Britain, confirming an earlier Reuters report. Annual production will rise to 100,000 v...

Investing.com - The dollar fell to the day’s lows against a basket of the other major currencies on Wednesday after China announced a fresh wave of tariffs on U.S. imports, in retaliation to the U.S. tariffs released late Tuesday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.26% to 89.61 by 04:22 AM ET (08:23 AM GMT). China's commerce ministry announced Wednesday reciprocal 25% tariffs on $50 billion of U.S. goods, including autos and chemicals and said the effective date for the new tariffs would be announced at a later time. The announcement came after the Trump administration late Tuesday announced 25% tariffs on $50 billion of annual imports from China in an attempt to force change...

(Reuters) - Electrocomponents Plc (L:ECM), Britain's largest industrial distribution firm, said its expected full-year adjusted pretax profit to be above market estimates after posting strong revenue growth in the fourth quarter. Adjusted profit before tax for year ended March 31 is expected to be slightly ahead of the top end of the market consensus range of 161.8 million pounds to 171 million pounds, the supplier of Raspberry Pi, a low-cost credit card-sized computer, said. Comparable revenue in the fourth quarter rose 10 percent, with big increase coming from its Asia Pacific business, Electrocomponents, which is turning itself around, said....

Investing.com - Here are the top five things you need to know in financial markets on Thursday, April 5: 1. Stocks bounce on hopes for trade compromise After U.S. stocks ended the prior session with a strong move higher, global stocks seemed to also accept the narrative that the U.S. and China would be able to avoid an all-out trade war. U.S. President Donald Trump’s chief economic advisor Larry Kudlow downplayed the idea that the world’s two largest economies would further up the ante and insisted that the two sides would work on negotiations and there was time to avoid the implementation of recently announced tariffs. “There is no trade war here,” Kudlow insisted, adding that Trump was determined to resolve the issue with the least amount of pain possible. Wal...

By Julien Ponthus LONDON (Reuters) - British shares rose on Thursday as the threat of a trade war between the United States and China appeared to fade and a relief rally spread from Wall Street and Asia to Europe. In addition, a number of analysts now believe that current valuations make British stocks worth buying. Citing "recent underperformance and cheap valuations", Citi upgraded UK equities to "overweight". Cit said it expects returns of 10 percent or better to the end of 2018 "unless a Brexit or global shock drives a sharp deceleration in growth". At 0810 GMT, the blue-chip FTSE 100 (FTSE) was up 1.3 percent. The mid-caps index (FTMC) rose 0.9 percent. In that segment, shares in Sophos (L:SOPH) skyrocketed 19 percent after the cybersecurity firm said billings growth for the year...

By Jane Chung SEOUL (Reuters) - Oil prices fell on Friday after U.S. President Donald Trump's threat of new tariffs on China reignited fears of a trade war between the world's two biggest economies. President Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on $100 billion more of imports from China, escalating tensions with Beijing. Brent crude for June delivery was down 32 cents, or 0.5 percent, at $68.01 per barrel at 0410 GMT. U.S. West Texas Intermediate crude for May delivery was down 35 cents, or 0.6 percent, at 63.19 a barrel. Shanghai September crude futures were untraded due to public holidays in China, after falling 0.8 percent on Wednesday. Shanghai trading will resume on Monday. While oil market watchers were wary of the brewing trade w...

Investing.com - Here are the top five things you need to know in financial markets on Friday, April 6: 1. Trade tariffs continue to keep markets on edge Tariffs between the U.S. and China continued to keep markets on edge on Friday as a day earlier Trump ordered trade representative Robert Lighthizer to consider additional tariffs on $100 billion of Chinese imports, escalating the trade conflicts between the world’s two largest economies. Trump’s decision came after Thursday’s market close and China’s state media was quick to respond on Friday, saying that Beijing will defend its interests "against new U.S. actions" in a similar fashion seen earlier in the week. Despite the fact that this is the third round of threats from the U.S., starting dates for several of...

Investing.com - Oil prices were mixed on Friday, as traders looked ahead to the weekly oil data later in the day. Crude oil futures fell 0.28% to $63.36 a barrel by 10:15 AM ET (14:15 GMT). Brent crude futures, the benchmark for oil prices outside the U.S., was flat at $68.38 a barrel. Traders were looking ahead to the weekly U.S. Baker Hughes Oil Rig count, which is used to gauge crude production and market sentiment. The report is expected at 1:00 PM ET (17:00 GMT). Prices were also held back by fears of a trade war between the two biggest countries in the world. On Thursday Trump said he was asking the United States Trade Representative to consider $100 billion more in tariffs as a retaliation against China. China’s state media said Beijing will defend its int...

By Henning Gloystein SINGAPORE (Reuters) - Oil markets rose for a second day on Tuesday, with Brent rising above $69 per barrel on hopes a trade dispute between the United States and China, the world's two biggest crude consumers, may be resolved without greater damage to the global economy. Yet prices remain within recent ranges as oil markets still face an abundance of supply that puts pressure on producers to keep their prices competitive in order not to lose market share. Brent crude futures (LCOc1) were at $69.04 per barrel at 0523 GMT, up 39 cents, or 0.6 percent, from their last close. U.S. West Texas Intermediate crude futures (CLc1) were at $63.81 a barrel, up 39 cents, or 0.6 percent. The gains followed a more than 2 percent rally on Monday during European and American trade...

Investing.com - The pound rose to its highest level in two weeks against the dollar on Tuesday after a senior Bank of England official said UK interest rates should be raised again without delay. GBP/USD was up 0.32% to 1.4174 by 05:39 AM ET (09:39 AM GMT), the most since March 28. The pound climbed after BoE monetary policy committee member Ian McCafferty said the prospect of faster pay rises and a strong pick-up in the global economy emphasized the need for higher borrowing costs before long. In an interview with Reuters McCafferty said that wage growth, which has lagged inflation for much of the past decade, could prove to be stronger than many of his colleagues on the monetary policy committee believed. "We shouldn't dally when it comes to tightening policy modestly," McCaffer...

JERUSALEM (Reuters) - Israel's consumer protection bureau said on Tuesday it was investigating Apple (O:AAPL) over a failure to disclose to consumers that its software could slow performance in some iPhones. The Consumer Protection and Fair Trade Authority said in a statement it had questioned the head of Apple in Israel, Rony Friedman. A spokesman at the Authority said it had the power to levy significant fines in civil proceedings, but that it was too early to discuss such a possibility. A spokesman for Apple in Israel declined to comment. Apple acknowledged in December that its software sometimes deliberately slows phones with weak batteries. It apologised and cut the price of battery replacements for affected phones. Critics say Apple has obfuscated the fact that a worn-out batter...

Investing.com - Gold was higher on Tuesday, driven by a weaker U.S. dollar and geopolitical tensions in Syria. The price of the precious metal rose as the greenback reached a two-week low. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.25% to 89.31 as of 10:52 AM ET (14:52 GMT). Comex gold futures for June delivery rose 0.21% to $1,342.90 a troy ounce. Gold is denominated in the U.S. currency and becomes more expensive for holders of other currencies when the dollar rises. Geopolitical tensions in the Middle East have also bolstered bullion.Investors are worried that U.S.-Russia relations could deteriorate amid the heightened uncertainty after a suspected chemical attacks. On Monday U.S. President...

(Bloomberg) -- Russia’s ruble extended it’s slump and bonds retreated as investors offloaded holdings amid a wave of uncertainty created by the latest round of U.S. sanctions. The currency dropped 2.1 percent to 64.345 per dollar, extending a slide this week to almost 8 percent. The yield on 10-year local-currency debt jumped to 7.69 percent, the highest level since November. The harshest U.S. penalties on Russia yet have left investors guessing about future targets, spurring them to unload long positions built up in recent months in ruble assets. Foreigners held about 34 percent of Russia’s local-currency sovereign bonds before the selloff, a record share, according to central bank data. “The market was caught off guard, with many funds overw...

By James Davey LONDON (Reuters) - Britain's largest supermarket Tesco (L:TSCO) bucked a grim start to the year for the retail sector with a 28 percent surge in annual profit, underlining Chief Executive Dave Lewis' recovery strategy of lower prices and streamlined product ranges. Shares in Tesco rose as much as 6.3 percent on Wednesday after it confirmed its medium-term savings and profit targets and said the integration of wholesaler Booker, purchased for 4 billion pounds ($5.7 billion) last month, was well underway. The deal will see Tesco expand to provide food to restaurants, bars and smaller grocers, while some 200 million pounds of annual synergies are targeted within three years. Tesco's results provided some cheer after Britain's brutal trading conditions plunged Toys...

By James Davey LONDON (Reuters) - Tesco (LON:TSCO) beat expectations with a 28 percent rise in full-year profit on Wednesday, helped by a strong end to the year in its home market, underlining the recovery of Britain's biggest retailer under Chief Executive Dave Lewis. The supermarket group, which is expanding to provide food to restaurants, bars and smaller rivals with a 4 billion pound purchase of wholesaler Booker, made an operating profit of 1.644 billion pounds in the year to Feb. 24. That compared to Tesco's guidance of "at least" 1.575 billion pounds and 1.28 billion pounds made in 2016-17. Shares in Tesco were up 3.6 percent at 0715 GMT. "We are generating significant levels of cash and net debt is down by almost 6 billion pounds over the last three years," Lewis sai...

Investing.com - The dollar extended early losses against the yen on Wednesday, falling to the day’s lows as mixed U.S. inflation data and mounting tensions over Syria weighed. USD/JPY was down 0.35% to 106.82 by 09:12 AM ET (13:12 GMT), the lowest levels of the day. The safe haven yen is often sought out by investors in time of market turmoil and political tensions. The U.S. consumer price index fell 0.1% in March the Labor Department reported Wednesday, in what was the first and biggest drop in ten months. However annual inflation rose by 2.4% while underlying inflation rose 2.1% year-on-year. The report did little to alter the outlook for monetary policy. The Federal Reserve raised interest rates for the first time this year last month and stu...

By Danilo Masoni MILAN (Reuters) - Fresh dealmaking activity helped support European shares on Thursday, although investors remained cautious on worries over the prospect of U.S. military action in Syria. The pan-European STOXX 600 (STOXX) index fell 0.1 percent at 0821 GMT, having lost 0.6 percent on Wednesday. The FTSE (FTSE) was flat and Germany's DAX (GDAXI) lost 0.1 percent. U.S. President Donald Trump warned Russia this week of an imminent military action in Syria over a suspected gas attack, declaring that missiles "will be coming" and lambasting Moscow for standing by Syrian President Bashar al-Assad. "We may well see a military response by the end of the week, as the situation in Syria ramps up further, and this may well temper investor enthusiasm to buy back into the market a...

By Libby George and Dmitry Zhdannikov LONDON (Reuters) - Oil prices edged off highs last reached in late 2014 due to rising U.S. stocks but remained well supported by mounting geopolitical tension in the Middle East, shrinking global oil inventories and expectations of a supply cut extension by OPEC. Brent crude futures (LCOc1) were at $71.84 a barrel at 1315 GMT on Thursday, down 22 cents from their last close. U.S. WTI crude futures (CLc1) were down 12 cents at $66.70. Both Brent and WTI on Wednesday hit their highest since late 2014 at $73.09 and $67.45 a barrel respectively after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned Russia of imminent military action in Syria. On Thursday, OPEC said the global oil stocks surplus was close to e...

TOKYO (Reuters) - Oil prices edged lower on Friday but are set for their biggest weekly gains since last July following a jump to a more than three-year high earlier in the week on tensions over Syria and shrinking global oil inventories. NYMEX crude for May delivery (CLc1) was down 23 cents, or 0.3 percent, at $66.84 a barrel at 0148 GMT, after settling up 25 cents on Thursday. London Brent crude (LCOc1) was down 25 cents, or 0.3 percent, at $71.77 after settling down 4 cents. Both contracts are set to rise around 7 percent for the week, the biggest weekly gain since July. A global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from high...

By Helen Reid LONDON (Reuters) - European shares inched up to new one-month highs on Friday as trade tensions showed signs of easing, while results disappointments drove some sharp moves. The STOXX 600 (STOXX) rose 0.2 percent while Germany's DAX (GDAXI), which is highly sensitive to trade and China, gained 0.5 percent after U.S. President Trump made comments indicating he would want to avoid a Sino-U.S. trade war and rejoin the Trans-Pacific Partnership (TPP) trade pact. "Markets have given cautious welcome to this news. Welcome, because avoiding a trade war is a clear economic positive. Cautious, because market trust in U.S. presidential announcements is, perhaps, a little limited," said UBS Wealth Management chief economist Paul Donovan. The index was on track for its third straight...

By Saikat Chatterjee and Sujata Rao LONDON (Reuters) - Russia's rouble has endured its worst week in more than 2-1/2 years but foreign exchange derivatives predict more pain ahead as bond and equity investors continue slashing exposure to the market after tough new sanctions from the United States. While a market bounce in the past two days has helped the rouble nearly halve its weekly losses since Wednesday, option market indicators such as implied volatility and risk reversals on the Russian currency remain at extremely elevated levels. One-month implied volatility, a gauge of expected swings in a currency - surged this week to over 20 <RUB1MO=R>, effectively predicting a rouble swing of nearly 20 percent. The vol, as it is known in market parlance, stood below 10 last Friday. ...

By Wayne Cole SYDNEY (Reuters) - U.S. stock futures firmed and oil fell on Monday as investors wagered the latest U.S.-led strike on Syria would not escalate into a wider conflict, though Asian markets turned mixed as selling in bank shares slugged Chinese indexes. EMini futures for the S&P 500 (ESc1) rose right from the start and were last up 0.4 percent, while Eurostoxx 50 futures (STXEc1) added 0.27 percent. Japan's Nikkei (N225) rose 0.3 percent. Yet MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) slipped 0.4 percent as Chinese blue chips (CSI300) skidded 1.7 percent. Real estate and financial firms led the declines as Chinese authorities continue to tighten the screws on riskier types of financing in a bid to reduce systemic risks. The earl...

Investing.com - Here are the top five things you need to know in financial markets on Monday, April 16: 1. U.S. Set To Slap New Sanctions On Russia The Trump administration plans to impose new sanctions against Russia over its support for Syrian President Bashar Assad, the latest in a series of actions by both sides underscoring the deterioration in relations between Moscow and the West. U.S. Ambassador to the United Nations Nikki Haley told CBS's "Face the Nation" that the Treasury Department will announce the new sanctions on Monday and insisted the U.S. has sent "a strong message" about the use of chemical weapons. The fresh sanctions would be the third round enacted by the Trump administration against Russia in the past four weeks. Last week, U.S. measures introduced against Russi...

By Shinichi Saoshiro TOKYO (Reuters) - Asia stocks wavered on Tuesday after data showed both hot and cold patches in the Chinese economy, but losses were limited as investors turned their focus to corporate earnings from Syria. Spreadbetters expected European stocks to open higher following overnight Wall Street gains, with Britain's FTSE (FTSE) rising 0.15 percent, Germany's DAX (GDAXI) gaining 0.3 percent and France's CAC (FCHI) climbing 0.3 percent. The dollar was barely changed, with demand for safe-haven U.S. Treasuries ebbing as risk appetite improved in parts of the broader market as investors took the view that Western-led strikes on Syria were a one-off intervention.China's economy grew a welcome 6.8 percent in the first quarter of 2018 from a year earlier, official data showed...

Investing.com - The dollar slid to three week lows against a currency basket on Tuesday as concerns over tensions between the U.S. and Russia eased, while the pound hit a post Brexit high ahead of the latest UK jobs report. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.12% to 89.02 by 04:20 AM ET (08:20 AM GMT), the lowest level since March 28. The dollar drifted lower as risk appetite improved amid relief that U.S.-led missile strikes on Syria over the weekend would not lead to an escalation into a broader conflict. But geopolitical tensions remained in focus amid lingering concerns over a simmering U.S. - China trade spat. The dollar came under pressure on Monday after U.S. President Donald Trump accus...

Investing.com - Sterling and the euro turned lower on Tuesday, while the dollar pulled up from three-week lows against a currency basket to hit the highs of the day. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged up to 89.20 by 06:09 AM ET (10:09 AM GMT), from an overnight low of 89.08. The dollar had drifted lower earlier as risk appetite improved amid relief after U.S.-led missile strikes on Syria over the weekend did not lead to an escalation into a broader conflict. But geopolitical tensions remained in focus amid lingering concerns over a simmering U.S. - China trade spat. The dollar had come under pressure on Monday after U.S. President Donald Trump accused Russia and China of devaluing their currencies in...

By Lawrence White LONDON (Reuters) - Lloyds Banking Group (L:LLOY) will cut 305 jobs and close 49 branches in Britain, the latest in a series of reductions to its workforce and network as it promotes its digital services. Lloyds said in February it would invest 3 billion pounds over three years in such digital initiatives, but had not said how many branches or jobs it would axe as part of the cost-cutting strategy. Lloyds said the plan reflected changes in customer behaviour, with more people using digital services than branches, which are costly to maintain . "Today's announcement involves making difficult decisions, and we are committed to working through these changes in a careful and sensitive way," the bank said in a statement on Tuesday regarding the job losses and closures. The...

Investing.com - The dollar rose against the yen on Wednesday amid improving risk appetite as concerns over trade friction between the U.S. and China and tensions in the Middle East subsided. USD/JPY was up 0.3% to 107.33 by 03:21 AM ET (07:21 AM GMT), pulling away from Tuesday’s lows of 106.87. Stronger market sentiment dampened demand for the safe haven Japanese currency, which is often sought in times of market turmoil and political tensions. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.17% to 89.36 after touching a three week low of 88.95 on Tuesday. The dollar was supported by solid U.S. economic reports as market focus turned back to economic fundamentals as fears over tensions in Syria and ...

Investing.com - The pound fell to the day’s lows on Wednesday after data showing that Britain’s inflation fell to its lowest in a year in March, potentially diminishing the chances for a rate hike by the Bank of England next month. GBP/USD was down 0.59% to 1.4204 by 04:43 AM ET (08:44 AM GMT) from around 1.4275 earlier. The Office for National Statistics reported that the annual rate of inflation slowed to 2.5% in March from 2.7% in the previous month. That was below expectations for 2.7% and was the lowest level in a year. Underlying inflation slowed to 2.3% on a year-over-year basis, down from 2.4% in February and missing expectations for an uptick to 2.5%. With inflation falling back towards the BoE’s 2% target markets took the view that a May ...

Investing.com - West Texas Intermediate oil extended gains in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell more than expected. Crude oil for June delivery on the New York Mercantile Exchange surged 1.69 cents or 2.54% to trade at $68.21 a barrel by 10:32 AM ET (2:32GMT) compared to $67.72 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.071 million barrels in the week ended April 13. Market analysts' had expected a crude-stock decline of 500,000 barrels, while the American Petroleum Institute late Tuesday reported a decline of 1.047 million. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 1.115 million barrels last week,...

LONDON (Reuters) - British defence contractor Ultra Electronics (L:ULE) said the UK's Serious Fraud Office had opened a criminal investigation into "suspected corruption in the conduct of business" by it in Algeria. Ultra said in a statement on Thursday that the SFO investigation concerned the business conduct of Ultra, its subsidiaries, employees and associated persons, and came after Ultra referred itself to the British fraud authorities. "Given the stage of these matters, it is not possible to estimate reliably what effect the outcome of this matter may have on the group," Ultra said, adding that it continued to co-operate with the SFO....

LONDON (Reuters) - Industrial and commodities-focused stocks made gains on Thursday as earnings and basic resource prices spurred them higher, while the main European indices declined, showing signs of fatigue after a two-day rally took them to six-week highs. Earnings dominated trading, with Swiss industrial equipment maker ABB (S:ABBN) and French electric components firm Schneider (PA:SCHN) the biggest boosts to the pan-European STOXX 600 (STOXX) index. ABB rose 3.9 percent after reporting first-quarter profit that beat expectations, while Schneider's profit beat sent its shares up 2 percent. Another notable gainer was advertising group Publicis (PA:PUBP), rising 5.1 percent after first-quarter sales beat forecasts. A surge in metals prices, after Russian sanctions sparked concerns o...

Investing.com – Согласно отчету Международного энергетического агентства (МЭА), в марте, благодаря росту производства нефти на 1,34 млн баррелей в сутки в сравнении с мартом прошлого года до 9,96 млн баррелей, США обошли Саудовскую Аравию (9,92 млн баррелей) и стали вторыми в мире по добыче нефти после России, добывающей 11,35 млн баррелей в сутки. Производство растет в том числе и за счет экспорта. Так, согласно последним данным, потребление нефти в США в январе по отношению к январю прошлого года выросло лишь на 1,23 млн баррелей в сутки. По итогам I квартала этого года среднесуточное мировое потребление нефти составило 98,1 млн баррелей в сутки. По прогнозу МЭА, в октябре-декабре 2018 г. оно может превысить 100 млн баррелей – то есть темпы его роста отстают от темпов роста ...

By Shadia Nasralla LONDON (Reuters) - Oil prices rose on Thursday to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages, and after sources told Reuters that top exporter Saudi Arabia aims to push oil prices higher. Brent crude futures (LCOc1) rallied as high as $74.44 a barrel, the strongest since Nov. 27, 2014 -- the day OPEC decided to pump as much as it could to defend market share, sending the price to a low of $27 just over a year later. Brent futures were at $74.23 a barrel at 1115 GMT, up 75 cents from the previous close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) rose 61 cents to $69.08. WTI had earlier hit $69.27, its highest since Dec. 2, 2014. The Organization of the Petroleum Exporting Countries (OPEC) and oth...

Investing.com - Gold prices moved lower on Thursday, as the dollar wallowed around the unchanged mark and yields on U.S. Treasuries rose. Comex gold futures fell $2.60, or around 0.2%, at $1,350.90 a troy ounce by 10:23AM ET (14:23GMT), while the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.04% to 89.31. The yield on the 10-year Treasury topped 2.9% on Thursday, a day after the yield on the 2-year hit its highest level since September 2008. The move lower in gold, which does not pay interest, may be due to its inability to compete with yield-bearing fixed income. Economic data released on Thursday gave a mixed reading, as weekly jobless claimsdipped less than expected. Still, the ...

By Hideyuki Sano TOKYO (Reuters) - The British pound flirted with two-week lows against the dollar on Friday following comments from the Bank of England chief and soft UK retail sales data, while the yen eased as risk sentiment was on the mend. Still, uncertainties on issues ranging from U.S. trade policies to North Korea and Syria kept many investors on hold, and the euro/dollar and the dollar/yen could see one of their narrowest weekly range in months. Bank of England Governor Mark Carney dampened widespread expectations for an interest rate hike in May on Thursday, pointing out there were also "other meetings" this year. Disappointing UK retail sales released earlier on Thursday also raised some doubts about the outlook for UK rate hikes. The British pound fell to a two-week low of...

LONDON (Reuters) - Sterling fell another 0.3 percent to a two-week low on Friday after Bank of England governor Mark Carney signalled that the central bank may not rush to raise interest rates in May because economic data was "mixed". Investors had this week bid up the pound, one of the best performing major currencies in 2018, to its highest level since the Brexit referendum in June 2016, in part because of growing expectations the BoE would hike rates next month to curb inflation. But weaker than expected wage growth numbers and inflation data this week encouraged Carney to tell the BBC on Thursday that the rate rise was far from certain and that there were other BoE meetings later in the year. "Carney has moved the goalposts," said Jane Foley, an FX strategist at Rabobank. "The data ...

By Helen Reid LONDON (Reuters) - Investors are still keen on risk assets despite bearish signals such as a flattening U.S. yield curve and a surprise move by China to cut bank reserve requirements, Bank of America (NYSE:BAC) Merrill Lynch strategists said on Friday. As a strong earnings season rekindled risk appetite, investors pushed money into U.S. and emerging market equities, while they pulled out of European and Japanese stocks, BAML strategists said, citing EPFR flows data. Overall, a modest $2.8 billion flowed into bonds while equities drew small inflows of $3.3 billion. High-yield bonds drew $2.3 billion inflows this week while $1.5 billion flowed into government bonds, in flows strategists said were starting to reflect more dovish central banks and investors' expectation yield...

Investing.com - Gold prices headed lower on Friday as a rebound in the dollar put downward pressure on the precious metal. Comex gold futures fell $10.60, or around 0.8%, at $1,338.20 a troy ounce by 10:26AM ET (14:26GMT). With geopolitical tensions fading into the background, a 0.6% rise in the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was enough to spark pressure on the dollar-denominated commodity that becomes more expensive for holders of foreign currency and thus decreases demand. Still, gold has been trading in a tight range was on track for weekly losses of just around 0.7%, while maintaining gains of 1.5% so far this year. With no major economic data on Friday’s agenda, market p...

By Henning Gloystein SINGAPORE (Reuters) - Oil prices were steady on Monday as a rising U.S. rig count pointed to further increases in American output, marking one of the few factors tamping back crude in an otherwise bullish environment. Brent crude oil futures (LCOc1) were at $74.07 per barrel at 0354 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 3 cents at $68.37 a barrel. U.S. drillers added five oil rigs drilling for new production in the week ended April 20, bringing the total count to 820, highest since March 2015, according to General Electric's Baker Hughes energy services firm. The rising rig numbers point to further increases in U.S. crude production , which is already up a quarter since mid-2016 to a ...

LONDON (Reuters) - The UK's top share index started the week flat on Monday with stocks in consumer goods under pressure from a rise in U.S. treasury yields, which make their dividends streams relatively less attractive for investors. At 0832 GMT, the FTSE 100 (FTSE) was down 0.1 percent while most European bourses also traded in negative territory. Consumer good makers Reckitt Benckiser (L:RB) was the worst performer among blue chips, down 2.1 percent as JP Morgan cut its rating for the stock, which had published disappointing results last week. Other consumer staples stocks such as Diageo (L:DGE), down 1 percent, or Unilever(L:ULVR), off 0.8 percent, lost some grounds in line with the wider European sector as their "bond proxy" profile is weakened by rise in t...

Investing.com - The dollar posted broad gains against a basket of the other major currencies on Monday, hitting seven week highs, boosted by rising U.S. bond yields. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.57% to 90.60 by 10:04 AM ET (14:04 GMT), the highest level since March 1. The yield 10-year U.S. Treasury notes moved closer to the 3% level on Monday, as strengthening inflation prospects added to expectations for a faster rate of monetary tightening from the Federal Reserve. The dollar rose to more than two-month highs against the safe haven yen, with USD/JPY advancing 0.72% to 108.42. The Japanese currency is often sought in times of market turmoil and political tensions and te...

By Henning Gloystein SINGAPORE (Reuters) - International oil prices hit their highest levels since late 2014 on Tuesday, pushed up by expectations of renewed U.S. sanctions against Iran and as OPEC continues withholding supplies amid strong demand. Brent crude futures (LCOc1), the international benchmark for oil prices, climbed as high as $75.20 in early trading on Tuesday, levels not seen since November, 2014. Brent was still at $74.89 a barrel at 0109 GMT, up 18 cents, or 0.2 percent from its last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $68.84 a barrel, up 20 cents, or 0.3 percent from their last settlement. Markets have been lifted by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the ...

Investing.com - The dollar was holding steady near seven week highs against a basket of the other major currencies on Tuesday, boosted by rising Treasury yields. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was at 90.70 by 03:18 AM ET (07:18 AM GMT), after hitting an overnight high of 90.84, the strongest level since March 1. The yield on 10-year U.S. Treasury notes hit its highest in more than four years at 2.998% on Monday, as strengthening inflation prospects added to expectations for a faster rate of monetary tightening from the Federal Reserve. The yield later backed off that level and was last at 2.960%. The dollar hit ten-week highs against the safe haven yen, with USD/JPY up 0.15% to 108....

DUBLIN (Reuters) - An appeal by Apple (NASDAQ:AAPL) and Ireland against a European Union ruling for the U.S. firm to pay 13 billion euros (11.37 billion pounds) in disputed taxes is likely to be heard in the autumn, Irish Finance Minister Paschal Donohoe said on Tuesday. The European Commission ruled in August 2016 that Apple had received unfair tax incentives. Both Apple and Dublin are appealing the original ruling, saying the iPhone maker's tax treatment was in line with Irish and European Union law....

Investing.com - The yield on 10-year U.S. Treasury notes hit its highest in more than four years at 3% shortly after the U.S. open on Tuesday. Investors have been focused on the 10-year yield in recent sessions as it inched towards the key psychological level amid concerns that it could trigger a reaction in global financial markets. The yield has been driven higher as strengthening inflation prospects added to expectations for a faster rate of monetary tightening from the Federal Reserve....

(Bloomberg) -- Oil held losses below $68 a barrel after French President Emmanuel Macron called for a new Iran nuclear deal to keep the U.S. on board, raising speculation sanctions on the OPEC producer may be averted. Futures in New York were little changed after dropping 1.4 percent Tuesday. Macron proposed negotiating a new agreement that would curb Iran’s ballistic missile development and nuclear program ahead of next month’s decision by President Donald Trump on whether the U.S. will withdraw from the deal and reimpose sanctions on oil exports. Fears of an increase in U.S. crude inventories also weighed on prices. Oil has surged more than 7 percent this month on concern geopolitical risk in the energy-rich Middle East is intensifying, with Trump set to decide wh...

LONDON (Reuters) - European shares declined on Wednesday in early deals as worries over rising bond yields trumped a slew of well-received earnings updates fromKering (PA:PRTP) and Credit Suisse (SIX:CSGN), while Shire bounced after accepting an improved offer from Takeda. The pan-European STOXX 600 index was down 0.5 percent, pulling further away from its highest level since the beginning of February, while Germany's DAX fell 0.6 percent. Britain's FTSE 100 was down 0.4 percent. Concerns over higher bond yields continued after the yield on the U.S. 10-year Treasury breached the symbolic 3 percent level on Tuesday, raising questions over the relative attractiveness of equities and sectors which pay steady dividends. On the day, almost every E...

By Paul Sandle LONDON (Reuters) - U.S. media group Comcast submitted a 22 billion pound bid for Sky on Wednesday, prompting the European pay TV group to drop its support for a lower offer from Rupert Murdoch's Twenty-First Century Fox. Sky's independent directors welcomed Comcast's 12.50 pound per share bid and said they would now engage with both Comcast and Fox. They cautioned that neither bid could yet be put to shareholders and advised them to take no action for now. Fox, which already has a 39 percent stake in Sky, first announced its 10.75 pound per share cash offer in December 2016. The deal has been held up by concerns about the influence Murdoch could wield over public opinion through owning all of the broadcaster as well as British newspapers including The Times and The Sun. ...

By Tom Sims and Arno Schuetze FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn) announced cutbacks to its bond and equities trading on Thursday in a major overhaul of its troubled investment bank, after posting a 79 percent drop in net profit in the first quarter. The cuts will result in job losses and include a scaling-back of its business with hedge funds. The bulk of the cuts will focus on the United States and Asia. The cuts are a move to become more focussed on its corporate customers, and a return to its origins after rampant growth across the globe over past decades. "Deutsche Bank is deeply rooted in Europe – here we want to provide our clients access to global financing and treasury solutions," said new Chief Executive Officer Christian Sewing. "This is what we wi...

LONDON (Reuters) - Encouraging results and a recovery among industrials helped European stock markets on Thursday, while earnings disappointments weighed heavily on some stocks including Germany's Deutsche Bank . The STOXX 600 (STOXX) inched up 0.2 percent in early deals, enjoying a timid bounce from the one-week lows hit in the previous session when anxiety over rising bond yields jolted risky assets. Bank earnings were also a key focus. Deutsche Bank (DE:DBKGn) fell 2.6 percent after the bank said it would scale back its bond and equities trading in a major overhaul of its investment bank, after reporting a 79 percent drop in net profit in the first quarter. The stock is down more than 27 percent year-to-date, the worst-performing of the European banks sector (SX7P). Norwa...

HAMBURG (Reuters) - Germany’s food industry must label unhealthy products more clearly, the country’s new agriculture and consumer protection minister said on Thursday. “About 15 percent of our children and young people are overweight, about 17 billion euros (15 billion pounds) of healthcare costs are generated annually by diet-related illnesses,” Julia Kloeckner told a food industry conference in Berlin. Kloeckner took office in the new German government in March, with the coalition agreement committing to a strategy to reduce consumption of sugar, fat and salt. She called on Germany’s food industry to make its own concrete proposals on how to achieve this in the near future. The existing voluntary labelling of food content should be improved, removing so...

By Ann Saphir MIDLAND, Texas (Reuters) - In West Texas, rising oil prices are fuelling a sharp economic upswing, lifting employment and pay to records, driving up spending at hotels, restaurants, and car dealerships, and raising the cost of housing and other essentials. This parched patch of land, under which lie the largest oil-producing rock formations in the United States, is used to growth binges as well as the busts that always follow. After a two-year crash, the price of crude (CLc1) began to recover in 2016 and pierced $60 a barrel early this year. But oil is still far cheaper than at the peak of the previous eight-year boom that began in 2006 North Dakota's Bakken oil patch and supercharged the city of Williston. In the Permian basin, which stretches across West Texas and easte...

Investing.com - The pound fell to four month lows on Tuesday after weak UK factory data further cut chances for a near term rate hike by the Bank of England, while the broadly stronger dollar rose to multi-month highs against a currency basket. GBP/USD was down 0.68% to 1.3669 by 05:08 AM ET (09:08 AM GMT) from around 1.3727 earlier. It was the lowest level since January 12. The pound extended early losses after data showing that activity in the UK manufacturing sector grew at the slowest pace in seventeen months in April. The report saw investors slash expectations for a rate hike from the BoE at its upcoming meeting next week after overall economic growth slowed to near stagnation in the first quarter. The U.S. dollar index, which measures the greenback’s strength aga...

(Bloomberg) -- China weakened its daily currency fixing by more than traders and analysts had expected before high-ranking U.S. officials arrive in the country to discuss trade issues. The People’s Bank of China cut the reference level to 6.3670 per dollar, weaker than the average estimate of 6.3610 in Bloomberg survey of 21 traders and analysts. The deviation is the biggest since Feb. 7 and continues a pattern set in April when the fixing was weaker than expected on all but one day, according to Bloomberg calculations. "The move in the fixing today is aggressive," said Ken Cheung, a currency strategist at Mizuho Bank Ltd. in Hong Kong. "China may want to weaken the yuan pre-emptively before the trade talks with the U.S., so that they have room to strengthen the currency" if needed...

Investing.com - Here are the top five things you need to know in financial markets on Wednesday, May 2: 1. Markets Await Fed Policy Decision The Federal Reserve is set to hold interest rates steady when it announces its policy decision at 2:00PM ET (1800GMT). Fed Chair Jerome Powell will not hold a press conference following the decision and no updated economic projections will be released. Instead, investors will be focusing on the central bank's post-meeting statement, which will likely underline expectations that it will lift borrowing costs in June, as widely expected. Markets will also be on the lookout to see whether the Fed upgrades its view of both the economy and inflation, which would be considered hawkish. The Fed currently forecasts another two rate rises this year, ...

Investing.com - The dollar rose to its highest level since December against a currency basket on Wednesday ahead of the Federal Reserve’s decision on monetary policy later in the day. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.14% to 92.43 by 10:31 AM ET (14:31 GMT), the strongest level since December 28. Demand for the dollar continued to be underpinned after data showing that U.S. private employers added 204,000 jobs in April, slightly higher than economists' expectations. The upbeat jobs data cemented expectations for a June rate hike by the Fed. While the Fed is expected to keep interest rates on hold after its meeting later Wednesday policymakers are widely expected to line up their next rate hike...

By Henning Gloystein SINGAPORE (Reuters) - Oil prices fell early on Thursday, pulled down by a rise in U.S. crude inventories and record weekly U.S. production, which is countering efforts by producer cartel OPEC to cut supplies and prop up prices. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents, or 0.4 percent, at $67.65 per barrel at 0004 GMT. Brent crude oil futures (LCOc1) were at $73.04 per barrel, down 32 cents, or 0.4 percent, from their last close. Prices were pulled down by a report from the U.S. Energy Information Administration (EIA) on Wednesday showing U.S. crude inventories jumped by 6.2 million barrels to 435.96 million barrels in the week to April 27, marking a 2018 high. "The (EIA) report showed a much larger than expected crude buil...

LONDON (Reuters) - Sterling trimmed gains and stocks hit the session highs on Thursday after a major survey showed Britain's services sector struggled to recover in April from a sharp slowdown in March, further squeezing expectations of an interest rate hike next week. Sterling <gbp=d3>trimmed gains to stand 0.2 percent up on day at $1.3598 compared to $1.3630 earlier. It later recovers most of those losses.</gbp=d3> Britain's FTSE 100 (FTSE) rose to a session high, up 0.04 percent as a weaker sterling is expected to boost overseas earnings. UK gilt futures rose 10 ticks after the weaker-than-expected survey and turned positive for the day.   The IHS Markit/CIPS services purchasing managers' index (PMI) rose to 52.8 in April from March's 20-month low of 51.7, a s...

LONDON (Reuters) - The European Union's decision to ban some widely used insecticides is likely to dent sugar beet production in the trading bloc, farming groups said on Thursday. EU countries backed a proposal last week to extend a partial ban on the use of insecticides known as neonicotinoids that studies have shown are harmful to bees. "This decision has a devastating impact on beet growing. With this ban, all French regions are likely to be affected by viral jaundice, with potential yield losses estimated at 12 pct at national level, and up to 50 pct in certain ocean climate zones,” French sugar beet growers group CGB said in a statement. "It is a very hard blow for sugar beet growers and for the sustainability of the French and European sugar sector in general," it said. Yie...

MILAN (Reuters) - European shares bounced back on Friday morning as a flurry of company updates rolled in although the heavyweight banking sector was left behind following poor updates from HSBC (L:HSBA), BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN). While the European banking index, recently penalised by softening economic data, fell 0.6 percent to lead sectoral losers (SX7P), broad-based gains across sectors lifted the pan-European STOXX 600 (STOXX) index up 0.3 percent in early trading. The recent fall in the euro following a rally that started in the second half of last year has helped euro zone stocks outperform Wall Street in the last few weeks, putting the euro zone benchmark index (STOXXE) on track for six straight week of gains. On Friday solid updat...

By Helen Reid LONDON (Reuters) - Britain's leading stock index climbed at the end of a heavy earnings week as strong results from British Airways owner IAG sent the stock flying, while HSBC joined French banking peers in reporting weaker profits and suffering share price falls. Strong earnings from IAG and Pearson , along with rising commodities stocks, buoyed Britain's FTSE 100 (FTSE) up 0.4 percent, while financials were a drag as heavyweight HSBC fell 3.3 percent. The index has risen sharply in recent weeks, though it is still underperforming European peers. It's up 9.7 percent since it hit 15-month lows at the end of March, and was on track for its sixth straight week of gains. British Airways owner IAG (L:ICAG) led the FTSE, up 5.1 percent and near a four-month high afte...

Investing.com - Crude prices started the week in an upbeat mood on Monday, reaching their strongest level in almost four years as traders increased their bets the U.S. would pull out the Iran nuclear deal, raising the potential for tighter global oil stockpiles. New York-traded WTI crude futures rose to an intraday peak of $70.69 a barrel, breaching the $70-mark for the first time since November 2014. It was last at $70.30 by 3:05AM ET (0705GMT), up 58 cents, or around 0.9%. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., tacked on 56 cents, or 0.8%, to $75.42 a barrel, after climbing to $75.89 earlier in the session, its highest since November 2014. The showdown between President Donald Trump and Iran will likely continue to be the main dr...

(Bloomberg) -- Plunging Venezuelan crude production; sanctions disrupting Iranian oil exports; Saudi Arabia pushing for even higher prices; North Korea peace talks -- the coming weeks bring an abundance of risks for the oil market. The geopolitical premium has already helped lift crude prices to a three-year high. There are several dates coming up which could have a significant impact on global oil supply and demand, or at the very least elevate the risk of a market-moving presidential tweet. Iran Sanctions Within five days, U.S. President Donald Trump must choose whether to pull out of the Iran nuclear deal and reimpose restrictions on oil shipments from the Organization of Petroleum Exporting Countries’ third-largest producer. It’s a decision that could remove a big chunk ...

By Hideyuki Sano and Andrew Galbraith TOKYO/SHANGHAI (Reuters) - Oil prices eased slightly on Tuesday, a day after hitting 3-1/2 year highs, as investors braced for President Donald Trump's decision on whether to withdraw the United States from the Iran nuclear deal, a move that could disrupt global oil supply. European shares are seen steady to slightly firmer after Asian shares picked up, helped by technology stocks as generally upbeat earnings overcame weakness in the global smartphone market and concerns about more regulation. Spread-betters expect Britain's FTSE (FTSE) to rise 0.2 percent and Germany's Dax (GDAXI) to inch up 0.1 percent. U.S. West Texas Intermediate (WTI) crude futures (CLc1) on Monday rose above $70 for the first time since November 2014, putting it more than 18 ...

(Bloomberg) -- President Donald Trump will announce on Tuesday whether the U.S. will leave the 2015 Iran nuclear agreement, a signature achievement by his predecessor that he’s long derided as “the worst deal ever.” He could still surprise the world by agreeing to stay in the accord as diplomats try to negotiate side agreements to address his concerns, but foreign leaders and analysts say the president is likely to exit. That could result in renewed sanctions on the third-largest crude producer in the Organization of Petroleum Exporting Countries. Oil futures rose above $70 a barrel in New York for the first time in more than three years on Monday as traders speculated about Trump’s intentions. If the president does decide to exit the nuclear deal, here&rsquo...

Investing.com - The dollar rose to fresh 2018 highs on Tuesday amid heightened geopolitical risk ahead of an announcement on the future of the Iran nuclear deal and after a hawkish signal from Federal Reserve Chairman Jerome Powell. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, climbed 0.53% to 93.10 by 10:21 AM ET (14:22 GMT), the highest level since mid-December. Safe haven demand for the dollar was underpinned as investors remained cautious ahead of an announcement by U.S. President Donald Trump later in the day about the future of an international nuclear agreement with Iran, which he has repeatedly threatened to withdraw from. The U.S. currency received an additional boost after Fed Chairman Jerome Powell warned ...

By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump's decision to pull out of a nuclear deal with Iran. Spreadbetters expected European stocks to open higher as well, with Britain's FTSE (FTSE) adding 0.2 percent, Germany's DAX (GDAXI) rising 0.4 percent and France's CAC (FCHI) gaining 0.3 percent. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) advanced 0.6 percent, while Japan's Nikkei (N225) climbed 0.3 percent. South Korea's KOSPI (KS11) rose 0.5 percent and Shanghai (SSEC) was 0.2 percent higher. Brent crude futures (LCOc1) rose 0.8 percent to $77.82 a barrel, the highest since November 2014 and building on gains of about 3 percent on W...

Investing.com - Crude prices continued higher on Thursday, notching another three-and-a-half-year peak as escalating geopolitical tensions between Israel and Iran cast further uncertainty about supply disruptions from the region. Brent crude futures, the benchmark for oil prices outside the U.S., tacked on 67 cents, or around 0.9%, to $77.88 a barrel by 4:10AM ET (0810GMT), after climbing to $78.00 earlier in the session, its highest since November 2014. Meanwhile, New York-traded WTI crude futures rose 61 cents, or 0.8%, to $71.75 a barrel, after rising as high as $71.89 at one point, also close to highs last seen in late 2014. Fresh highs for oil came after Iranian forces in Syria launched a rocket attack on Israeli army bases in the Golan Heights, Israel said, prompting one...

Investing.com - Oil prices surged to their highest level in three-and-a-half years this week, after U.S. President Donald Trump walked away from an international nuclear deal with Iran and reimposed “the highest level of economic sanctions” against the country. Trump said he quit the deal because Tehran continues to work on a bomb, based on evidence provided by Israeli Prime Minister Benjamin Netanyahu, and it backs terrorist groups around the Middle East. Some analysts have said the reinstatement of sanctions could lead to tighter global oil supplies as they make it more difficult for Iran to export oil. Iran, which is a major Middle East oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC), resumed its role as a major oil exporter in Janu...

(Bloomberg) -- The currency of the world’s biggest energy exporter is finally doing what it’s supposed to be doing: rallying with the price of oil. The ruble was the biggest gainer in the world on Thursday as it played catch-up with Brent crude’s surge above $77 a barrel following a national holiday. Oil had lost so much force as a driver for the currency that the 60-day correlation between the two assets has dropped to almost zero. Thursday’s rally doesn’t necessarily mean the historic bond between the ruble and oil is making a more permanent come-back though. Investors are still wary of piling back into the ruble after being caught out holding overweight positions when the U.S. extended sanctions last month, and a recent rally in the do...

By Kate Duguid NEW YORK (Reuters) - China is positioned to be a chief beneficiary of the U.S. decision to withdraw from the Iran nuclear deal as it would give China leverage to demand oil imports be priced in yuan, several currency experts said on Thursday. President Donald Trump is preparing to impose new sanctions on Iran, the White House said on Wednesday, following the U.S. withdrawal from the multinational 2015 agreement that stalled Iran's nuclear program. The sanctions would aim to limit global trade of the oil producer's crude. The effects may be muted as major Asian importers, China chief among them, are likely to continue buying Iranian oil. The People's Republic stands to benefit if it can use its leverage as the world's largest importer of crude by insisting that its oil pu...

By Sue-Lin Wong BEIJING (Reuters) - Some North Korean traders are offering cheap coal to Chinese buyers who are stockpiling it at ports inside the isolated country, hoping recent diplomatic moves lead to an easing of sanctions barring purchases of North Korean coal, three Chinese traders told Reuters. Official data shows China has not imported any coal from North Korea since October last year, after the United Nations banned Pyongyang from exporting coal in September. In 2016, China, Pyongyang's main trading partner, bought 22.5 million tonnes of coal from North Korea worth almost $2 billion. But the Chinese traders said offers of coal had surged after North Korean leader Kim Jong Un made a surprise visit to Beijing in March, and ahead of a planned meeting with U.S. President Donald Tr...

Investing.com - The dollar edged lower against a basket of the other major currencies on Monday after its recent rally to multi-month highs stalled amid diminished expectations for an aggressive pace of monetary tightening by the Federal Reserve this year. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.23% at 92.23 by 03:42 AM ET (07:42 AM GMT). The index hit four-and-a-half month highs of 93.26 on Wednesday before retreating, to end the week almost unchanged, snapping three straight weeks of gains. The rally in the dollar lost momentum after tame U.S. inflation data tempered expectations for a faster pace of rate hikes by the Fed. The Fed raised rates in March and projected two more rate hikes this year, a...

Investing.com - Here are the top five things you need to know in financial markets on Monday, May 14: 1. U.S.-China Trade Back In The Spotlight Trade was back into focus after U.S. President Donald Trump said in a Sunday tweet that he was working with Chinese President Xi Jinping to give struggling Chinese telecom giant ZTE (HK:0763) "a way to get back into business, fast."   Donald J. Trump   ✔@realDonaldTrump     President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done! 6:01 PM - May 13, 2018   70.6K   39.3K people are talking about this Twitter Ads ...

(Reuters) - CBS Corp (N:CBS) on Monday asked a court to block controlling shareholder Shari Redstone from interfering at a special meeting of its board called to consider a merger with Viacom. The news of the lawsuit, filed to a Delaware court and also seeking to dilute the 79 percent voting rights in CBS held by Redstone's National Amusements Inc, pushed the network's shares up nearly 1 percent and those in Viacom down 6 percent. National Amusements, a privately held movie theatre company owned by Sumner Redstone and his daughter Shari, own a majority of the voting shares in both companies. CBS said in the lawsuit Shari Redstone had taken actions over the past two years that have led the special committee of the board considering the merger to conclude that she presents a significant t...

By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks pulled back on Tuesday, brushing off a firmer lead from Wall Street, as investors turned cautious after soft Chinese economic data and awaited fresh developments on U.S.-China trade talks and North Korea. Crude oil prices held near 3-1/2-year highs on supply concerns, while the dollar edged higher, underpinned by a rise in U.S. bond yields. Spreadbetters expected European stocks to follow their Asian peers lower, with Britain's FTSE (FTSE), Germany's DAX (GDAXI) and France's CAC (FCHI) all seen shedding 0.2 percent. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) fell 0.8 percent after rising the previous day to its highest since late March. The index had rallied for three straight sessions prior to Tuesday. ...

Investing.com - Oil prices remained on the front foot on Tuesday, with Brent prices extending gains to hit another 2014 high, as looming U.S. sanctions against Iran continued to provide support. Brent crude futures, the benchmark for oil prices outside the U.S., tacked on 23 cents, or around 0.3%, to $78.46 a barrel by 4:05AM ET (0805GMT), after climbing to $78.60 earlier in the session, its highest since November 2014. Worries about Iran have been key to oil’s recent surge to late-2014 levels. Prices have rallied sharply since U.S. President Donald Trump walked away from an international nuclear deal with Iran last week and reimposed “the highest level of economic sanctions” against the country. Some analysts have said the reinstatement of sanctions could lead to tig...

Investing.com - The U.S. dollar rose to the best levels of the day on Tuesday, nearing last week’s four-and-a-half month highs after a slightly stronger than expected U.S. retail sales report. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.58% to 93.09 by 08:50 AM ET (12:51 GMT), re-approaching last Wednesday’s highs of 93.26, the most since December 19. The Commerce Department reported that while retail sales rose 0.3% in April the prior months figure was revised up to 0.8% from a previously reported 0.6%. Core retail sales rose 0.3% last month, but April’s figure was revised up to 0.4%, from 0.2% previously. The report indicated that consumer spending is on track to reb...

(Bloomberg) -- Oil rose to $80 a barrel in London for the first time since 2014 as U.S. crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran. Brent futures added as much as 1.1 percent to $80.18 on Thursday. U.S. crude stockpiles slipped for a second week as the summer driving season approaches, government data showed on Wednesday. Goldman Sachs Group Inc (NYSE:GS). said America’s surging shale output won’t be able to replace the potential drop in Iranian oil shipments after the U.S. reimposed sanctions on OPEC’s third-largest producer. Crude has rallied this month to the highest level in more than three years after U.S. President Donald Trump withdrew from a 2015 pact between Iran and world powe...

LONDON (Reuters) - Just one of Britain's top 350 companies - RenewablesInfrastructure Group (L:TRIG) - has a "perfect" record on gender diversity, as tracked in a new fund from Legal & General Investment Management. The L&G Future World Gender in Leadership UK Index Fund, or GIRL fund, is the first such fund to focus on British firms and tilts its relative holdings of each company based on how it performs on four measures of gender diversity. Companies are graded based on the degree of female representation on the board, among the executive body, in management as well as the broader workforce, factors LGIM is pushing companies it invests in to address. Under the system devised by LGIM, each company is given a score between zero and 100 on each of the measures, with their co...

LONDON (Reuters) - Scotiabank has resigned as a primary dealer of British government debt, the Debt Management Office said on Thursday. "The UK Debt Management Office (DMO) is announcing that it has today accepted the resignation of Scotiabank Europe plc as a Gilt-Edged Market Maker (GEMM) in both the conventional and index-linked gilt sectors," the DMO said in a statement. The resignation takes effect from Friday, it said. Scotiabank was not immediately available for comment....

By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks were steady on Friday amid caution over developments in U.S.-China trade negotiations, while the dollar perched near a five-month peak after the benchmark U.S. Treasury yield hit its highest in seven years. Spreadbetters expected European stocks to open mixed, with Britain's FTSE (FTSE) dipping 0.1 percent, Germany's DAX (GDAXI) rising 0.13 percent and France's CAC (FCHI) little changed. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) was little changed. The index was headed for a 1 percent loss this week. Hong Kong's Hang Seng (HSI) rose 0.17 percent and Shanghai (SSEC) climbed 0.3 percent as some investors bet Beijing and Washington will reach a deal in the latest round of trade talks. (SS) Japan's Nikkei ...

Investing.com - Gold prices remained lower on Friday, held back by rising Treasury yields and a stronger dollar. Comex gold futures for June delivery were down 0.12% to $1,287.90 a troy ounce as of 10:33 AM ET (14:33 GMT). The price of bouillon was driven lower by the rise in the greenback and increase in bond yields. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched down 0.02% to 93.37, but still remained near a five-month high. Gold is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises. Meanwhile the precious metal was held back by rising bond yields. The yield on the benchmark United State...

By Ross Kerber BOSTON (Reuters) - Several socially conscious investment firms are selling or rethinking their Facebook Inc (O:FB) holdings, unsatisfied by the company's moves to strengthen personal data protection and online safety after scandals involving the improper sharing of users' information. The retreat from the world's largest social media network is one of the sharpest responses by investors to concerns about Facebook's handling of user data. Cambridge Analytica, a now-defunct political data firm hired by Trump's 2016 election campaign, has been accused of harvesting data for 87 million Facebook users and is under investigation in the United States and Europe. Facebook shares fell in the first quarter when the scandal broke, and recovered after founder and Chief Exe...

LONDON (Reuters) - Glencore (L:GLEN) on Friday said it could not comment on a report by Bloomberg that it may face an enquiry from Britain's Serious Fraud Office into allegations of bribery linked to its operations in Democratic Republic of Congo. Glencore's share price traded around 6 percent lower after the Bloomberg report. No-one at the SFO was immediately available for comment....

DUBLIN (Reuters) - Apple (NASDAQ:AAPL) has paid 1.5 billion euros (1.3 billion pounds) into an escrow account set up by the Irish government to hold 13 billion euros in disputed taxes, Finance Minister Paschal Donohoe said on Friday. The European Commission ordered Apple in August 2016 to pay the taxes it ruled it had received as illegal state aid, as part of its wider drive against what it says are sweetheart tax deals usually used by smaller states in the bloc to lure multinational companies and their jobs and investment. Both Apple and Dublin are appealing the ruling, saying the iPhone maker's tax treatment was in line with Irish and European Union law. Last October the Commission said it was taking Dublin to the European Court of Justice over delays in recovering the money that was ...

(Bloomberg) -- The pound is running into another crucial week as it fumbles around this year’s lowest levels against the dollar for a footing. With the next round of Brexit talks, key U.K. economic reports and the still-unfolding Italian coalition drama set to converge in the coming days, front-end option volatility in sterling versus the U.S. currency has picked up from a one-month low reached at the start of last week. What investors are waiting for is to see whether the latest economic figures show any upturn, after a sluggish first three months of the year when the Beast from the East snowstorm swept across the country. That could push higher the odds of an interest-rate increase as early as August by the Bank of England. Nomura International Plc sees room for gains in the U.K....

By Helen Reid LONDON (Reuters) - Britain's FTSE 100 notched up a fresh record high on Monday, rising strongly as an easing in Sino-U.S. trade tensions and a strengthening dollar gave more fuel to the internationally-exposed index. The index of Britain's biggest companies (FTSE) was up 0.8 percent at 0850 GMT, hitting a new record high at 7,838.55 points. The mid-cap FTSE 250 (FTMC) also hit a record in early trading at 21,092.72 points, up 0.5 percent. UK equities enjoyed a broad-based rally, with all sectors making gains, while financials and energy provided the strongest boosts. The FTSE 100 has gained 7 percent in the past month. "I don't think sentiment has changed towards the UK stock market dramatically over the last 2 to 6 months," said James Illsley, UK equity portfolio manager...

Investing.com - Brent oil prices fell on Monday, while U.S. crude oil prices continued to rise amid news of sanctions against Iran and the U.S. and China halting trade tariffs. Secretary of State Mike Pompeo said in an interview that the U.S. would demand major changes in Iran following America's withdrawal from the nuclear deal, with the possibility of even tougher sanctions. The withdrawl from the Iran deal has left investors on edge, as Iran supplies about 4% of global oil. Brent crude futures, the benchmark for oil prices outside the U.S., was down 0.28% to $78.28 a barrel as of 10:19 AM ET (14:19 GMT). Meanwhile crude was up, Crude oil futures rose 0.35% to $71.62 a barrel as news of the U.S. and China discussing a trade agreement bolstered prices. The trade war bet...

Investing.com - Gold prices were little changed in early dealings on Tuesday, hovering not far off a 2018 low struck in the previous session, as improved appetite for riskier assets sapped demand for the yellow metal. Comex gold futures were up around 0.1% at $1,291.30 a troy ounce by 4:10AM ET (0810GMT). In the previous session, it slid to as low as $1,281.20, its weakest level since December 27. Gold's losses on Monday came after a truce between the United States and China calmed fears that a trade war might be imminent. Washington and Beijing both claimed victory on Monday as the world's two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China. That news boosted U.S. equities and Treasury yields...

By Jessica Jaganathan SINGAPORE (Reuters) - Oil prices rose on Tuesday amid worries that Venezuela's crude output could drop further following a disputed presidential election in the country and with potential sanctions on the OPEC-member. Brent crude futures (LCOc1) were at $79.37 per barrel at 0110 GMT, up 15 cents, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $72.49 a barrel, up 25 cents from their previous settlement. "The markets' positive take on 'no trade war' and Venezuela's political woes are driving oil prices higher," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore. Venezuela's socialist President Nicolas Maduro faced wide...

(Reuters) - British water utility Severn Trent Plc (L:SVT) posted a 4 percent rise in full-year profit on Wednesday, as its Dee Valley Water business and higher revenue offset the impact of changes in business rates and costs. The company, which supplies water across the Midlands region, said underlying profit before interest, tax and exceptional items rose to 541 million pounds for the year ended March 31 from 520.1 million a year earlier. The FTSE 100-listed company said it earned 80 million pounds in customer outcome delivery incentives (ODI), up from 47.6 million a year earlier. The incentives are paid to water companies by regulator Ofwat for meeting or exceeding targets, such as project completions and customer service....

  (Bloomberg) -- Economic momentum in the euro area cooled yet again in May as more temporary factors weighed on output in manufacturing and services. A composite Purchasing Managers’ Index fell to an 18-month low of 54.1, from 55.1 in April, IHS Markit said on Wednesday. New order growth weakened, hiring and backlogs of work showed slower rates of increase and companies became less optimistic about the outlook. “While prior months have seen various factors such as extreme weather, strikes, illness and the timing of Easter dampen growth, May saw reports of business being adversely affected by an unusually high number of public holidays,” said Chris Williamson, chief business economist at IHS Markit. “Some of the fog will hopefully lift with the June PMI data...

MOSCOW (Reuters) - The world's largest consumer goods maker Procter & Gamble (N:PG) plans to invest a further 3 billion roubles ($48.5 million) in its Russian production facilities this year, a senior company executive overseeing the Russian market told Reuters. "We are committed to the market, we are committed to the Russian consumers. Until today we have invested roughly $800 million and counting," Sotirios Marinidis, general manager for Eastern Europe and Central Asia, said in a recent interview. The lion share of the upcoming investments would be in a new distribution centre at the Novomoskovsk plant, south of Moscow, to improve supply chain efficiency, Marinidis said. The U.S.-based maker of Tide detergent also plans to modernise production lines at its Gillette plant in St Pet...

LONDON (Reuters) - Mining firm Petra Diamonds (L:PDL) said on Thursday it would raise $178 million (133 million pounds) from investors to cut debt after it was hobbled by a strong South African rand, delays in production, strikes and a confiscated consignment of diamonds. Its London-listed shares sank 14 percent to 65 pence by 0907 GMT. Workers at Petra's South African operations downed tools in September over wages and the Tanzania government confiscated a consignment of diamonds, which has still not been returned. There were also delays in ramping up production at its Cullinan and Finsch mines in South Africa and a lack of refunds on value-added-tax (VAT) from the Tanzanian government. New shares would be offered at 40 pence, a 35.6 percent discount to the theoretical ex-rights price...

Investing.com - Gold prices extended gains in midmorning trade on Thursday as U.S. President Donald Trump dashed hopes for a summit with North Korea leader Kim Jong Un At 10:40AM ET (14:40GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $16.30, or around 0.6%, to $1,305.90 a troy ounce. That was close to an intraday high of $1,306.30, its highest level since May 14. Both leaders were set to meet in Singapore on June 12 to discuss the possibility of denuclearization. However, Trump called off the meeting. “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting,” he said in a letter to Kim. Escalat...

By Rania El Gamal, Olesya Astakhova and Alex Lawler DUBAI/MOSCOW/LONDON (Reuters) - Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said. An increase of about 1 million bpd would bring compliance with global supply curbs down to 100 percent from around 152 percent, the sources said. The initial talks are being led by the energy ministers of Saudi Arabia and Russia at St. Petersburg this week along with their counterpart from the United Arab Emirates (UAE), which holds the OPEC presidency this year, the sources said. OPEC and non-OPEC ministers meet next in Vienna on June 22-23, and the final decision will be taken there. Discussions are still o...

MILAN (Reuters) - European shares bounced back in morning trading on Friday but were set for their first weekly drop since March as worries over global trade talks, Italy's government and a slowing economy took their toll. A bounce in auto stocks helped the pan-European STOXX 600 (STOXX) benchmark rise 0.4 percent by 0716 GMT after ending at an eight-day low on Thursday. The index was down 0.6 percent on the week. Autos (SXAP) rose 0.7 percent after US President Donald Trump's threat to impose import tariffs drew strong criticism with U.S. business groups and members of his own party warning of damage to the industry and American interests. Shares in German carmakers BMW (DE:BMWG), Daimler (DE:DAIGn) and Volkswagen (DE:VOWG) rose between 0.3 and 1.1 percent. Biggest gainers o...

Investing.com - The greenback was flat on Friday while the pound inched down as investors looked ahead to testimony from Fed Chair Jerome Powell and Bank of England Governor Mark Carney. Both Federal Reserve Chairman Jerome Powell and BOE Governor Mark Carney are expected to participate in a panel discussion of "Financial Stability and Central Bank Transparency" at the "Sveriges Riskbank Conference: 350 Years of Central Banking - The Past, The Present and The Future" in Stockholm, Sweden at 9:20 AM ET (13:20 GMT). The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up slightly by 0.03% to 93.75 as of 5:17 AM ET (9:17 GMT). The dollar was also held back by Fed meeting notes on Wednesday that suggested that...

By Hideyuki Sano TOKYO (Reuters) - U.S. oil futures sank to six-week lows on Monday on expectations that major producers may raise output, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit. The euro bounced back from a 6-1/2-month low after the Italian president rejected a eurosceptic as a key economy minister. But his move was seen as triggering a possible constitutional crisis and opening the prospect of fresh elections, keeping the single currency fragile. Oil prices extended their decline from last week on growing expectations that major oil producers may ease their 17-month-old production cuts. A return to the oil production levels that were in place in October 2016, the baseline for the current...

Investing.com - The euro gained ground against the dollar on Monday, after Italy’s president moved to block the appointment of a euro sceptic economy minister, bolstering investor sentiment towards the single currency. EUR/USD was up 0.38% at 1.1694 by 04:11 AM ET (08:11 AM GMT), rebounding from Friday’s six-month trough of 1.1644. The euro was boosted after Italy’s populist parties abandoned their bid to form a coalition government after the country’s President Sergio Mattarella blocked the nomination of a euro sceptic finance minister. Investors had feared that the coalition could endanger Italy’s membership in the euro zone, but political uncertainty remained elevated amid the prospect of fresh elections. The U.S. dollar index, which measures ...

LONDON (Reuters) - British discount retailer B&M European Value (L:BMEB) reported a 25 percent rise in full-year profit on Wednesday, saying its good valued products were wining over customers in a difficult economic environment. The fast-growing company, which finished the year with 576 B&M stores, reported profit before tax of 229.3 million pounds for the 53 weeks to end-March on sales of 2.98 billion pounds, up 22.4 percent....

LONDON (Reuters) - Aviva Investors, the fund arm of insurer Aviva (L:AV), said on Wednesday it would combine its real estate, infrastructure and private debt businesses into a new unit called Aviva Investors Real Assets. Aviva said the business, which would manage 37 billion pounds in assets, would focus on investments where it was a direct operator, with full control over fund management, asset management, origination and distribution. As a result, it said it had agreed to sell its indirect real estate multi-manager business and an interest in Encore+, a pan-European commercial property fund, with a combined 6 billion pounds in assets, to Lasalle Investment Management. Further financial details of the deal were not disclosed. Aviva Investors said Mark Versey would be chief i...

LONDON (Reuters) - U.S. investment bank Goldman Sachs (NYSE:GS) said on Wednesday it had cut its euro/dollar forecast for the next 3, 6 and 12-months because of uncertainty stemming from Italy's political crisis. The bank said it forecast the euro to trade at $1.15 over the next three months, versus $1.20 previously. It also cut its six-month forecast to $1.20 from $1.27 and the 12-month forecast to $1.25 from $1.30. The euro has slumped this week to its lowest in 10-months, at around $1.15 (EUR=EBS), after an attempt by two Italian parties to form a government collapsed, fanning fears of a fresh election that could become a de facto referendum on Italy's membership of the euro zone.   "Although we remain structurally positive on the currency, it has become difficult to envision s...

BERLIN (Reuters) - U.S. steel and aluminium tariffs will probably take effect on June 1 unless a deal is struck, a spokesman for the German economy ministry said on Wednesday. U.S. President Donald Trump has granted the European Union an exemption from the tariffs until June 1. Asked about the procedure, the ministry spokesman said:   "As far as I know it is in the night (going into) June 1," said the spokesman. "As far as I know, they (the tariffs) would automatically take effect," he said, adding talks were still going on to try to get a deal....

LONDON (Reuters) - Britain's Financial Reporting Council has lodged formal complaints against the auditors and two former finance executives of Autonomy, the software business that was sold to Hewlett Packard for $11 billion (8.3 billion pounds) in 2011. Britain's accountancy watchdog said on Thursday that the conduct of auditors Deloitte, Richard Knights and Nigel Mercer, as well as that of former chief financial officer Sushovan Hussain and ex-vice president of finance Stephen Chamberlain, had fallen significantly short of standards expected of them....

Investing.com - Here are the top five things you need to know in financial markets on Thursday, May 31: 1. European Markets Rebound As Italy Fears Subside European stocks pushed higher for the second day in a row, as Italian parties renewed attempts to form a government, easing concerns about the wider impact of a political crisis in Europe's third-largest economy. Matteo Salvini, the head of the right-wing League, has said he would "seriously consider" an offer on Wednesday from 5-Star leader Luigi Di Maio to resurrect their bid to govern together. Italy's FTSE MIB added to gains from the previous session, rising roughly 1%. Highlighting the degree of calm that has returned to the market, the yield on Italy's two-year bonds fell to as low as 0.816% from a high of ...

By Swati Verma (Reuters) - Oil will stay above $70 a barrel this year because strong demand and possible supply disruptions in Iran and Venezuela will put pressure on global inventories, even though OPEC and Russia are considering raising output, a Reuters poll showed on Thursday. A survey of 36 economists and analysts forecast Brent crude (LCOc1) to average $71.68 per barrel in 2018, about $4 higher than $67.40 forecast in last month's poll and just above the $70 average so far this year. "Oil fundamentals have been increasingly positive for oil prices of late. Geopolitical events surrounding Iran and Venezuela augur further oil supply loss, adding to that already generated by OPEC and allied non-OPEC producer restraint," said Harry Tchilinguirian, global head of commodity market strat...

Investing.com - Gold prices inched up on Thursday, as the U.S. announced it was going ahead with planned tariffs against its allies and investors brace for a potential global trade war. U.S. Commerce Secretary Wilbur Ross announced that America was going ahead with metal tariffs against the European Union, Mexico and Canada, effective at midnight on Thursday. The tariffs will be 25% on steel and 10% on aluminum. The decision on tariffs on Mexico and Canada was taken after talks on the North American Free Trade Agreement took too long. Comex gold futures for June delivery were up 0.32% to $1,305.70 a troy ounce as of 10:57 AM ET (14:57 GMT). Gold, seen as a safe haven asset, often moves higher from political turmoil. The price of bouillon was also driven up by a fall in the gr...

By Paulina Duran and Byron Kaye SYDNEY (Reuters) - Australia is preparing criminal cartel charges against the country's third-biggest bank and underwriters Deutsche Bank (DE:DBKGn) andCitigroup (NYSE:C) over a $2.3 billion (1.7 billion pounds) share issue, in an unprecedented move with potential implications for global capital markets. The pending charges, which can carry hefty fines and 10-year prison terms, threaten to change the way institutional capital raisings are handled around the world, and do further damage to the reputation of Australian lenders already mired in scandal. The Australian Competition and Consumer Commission (ACCC) said federal prosecutors would charge Australia and New Zealand Banking Group Ltd, its Treasurer Rick Moscati, the two investment banks...

Investing.com - Gold prices inched down on Friday, as the U.S. dollar strengthened ahead of the monthly nonfarm payrolls data and trade worries lingered. Comex gold futures for June delivery were down 0.08% to $1,299.10 a troy ounce as of 4:38 AM ET (8:38 GMT). The nonfarm payrolls data, often seen as an indicator of the health of the U.S. economy, is expected at 8:30 AM ET (12:30 GMT). Traders will pay close to wage data and any clues that the Federal Reserve could increase interest rates, which could further strengthen the dollar and decrease the price of gold. The Fed raised rates in March and is expected to raise rates twice more, including at its next meeting in June. Expectations of higher interest rates tend to boost the dollar by making the currency more attracti...

By Philip Blenkinsop BRUSSELS (Reuters) - After all the condemnation of U.S. tariffs on EU metal exports and calls for unity, the European Union still has two decisions to make - how hard to hit back at the United States and whether to engage in trade talks with Washington. Neither is a given. The EU can act only by consensus, and its 28 members have different interests. Germany, by far the largest European exporter to the United States, is the most fearful of a trade war. Others, including France, are determined not to yield to what they see as U.S. bullying. The European Commission is considering safeguards to prevent a surge of imports into the bloc and will launch a legal challenge at the World Trade Organization after the EU producers were hit by U.S. tariffs of 25 percent on steel...

By Naveen Thukral SINGAPORE (Reuters) - Crude oil futures lost more ground on Monday as the market was weighed down by U.S. output climbing to a record-high and expectations that OPEC members will raise supplies. Global benchmark Brent (LCOc1) was down 34 cents, or 0.4 percent, at $76.45 a barrel by 0531 GMT, falling for a second session. U.S. West Texas Intermediate (WTI) crude (CLc1) futures dipped 3 cents to $65.78 a barrel. Last week, the market lost around 3 percent, adding to a near 5-percent decline from a week before. "Crude oil remained under pressure as the market remained focused on the discussion between OPEC members about whether they should increase production later this year," ANZ said in a note. "In the U.S., the data also presented a gloomy picture. Crude oil producti...

By Julien Ponthus LONDON (Reuters) - British shares rose on Monday as a flurry of deals lifted investors' mood and helped brush aside fears about a possible full-blown trade war between the U.S. and some of its closest partners. At 0826 GMT, the blue chip FTSE 100 index was up 0.7 percent amid optimism across trading centres in Europe about the political situation in Italy and Spain. "Carrying over last Friday's robust relief rally, investors continued to ignore the trade tensions sprouting out of the US in favour of celebrating the improved political situation in the Eurozone", said Connor Campbell, a financial analyst at Spreadex. Contributing to confidence, a survey showed on Sunday that British companies were growing more quickly after a weak start to the year adding to s...

Investing.com - The euro pared gains against the dollar on Monday but remained supported above the $1.17 level as signs of strength in the U.S. economy offset concerns over escalating trade frictions and political tensions in Italy. EUR/USD was up 0.52% at 1.1720 by 10:11 AM ET (14:11 GMT), after rising as high as 1.1745 earlier. The euro gained as concerns over the political situation in Italy subsided after anti-establishment parties reached a deal on a proposed coalition government, which eased fears that repeat elections could give a mandate for the country to exit the euro zone. Traders shrugged off concerns over escalating global trade tensions as the improved political situation in the euro area and Friday’s upbeat U.S. jobs report continued to underpin risk appetite. ...

By Jane Chung SEOUL (Reuters) - Oil prices edged higher on Tuesday after falling nearly 2 percent in the previous session, but growing U.S. production and expectations of higher OPEC supplies continue to weigh on sentiment. Brent crude futures (LCOc1) added 15 cents, or 0.2 percent, to $75.44 a barrel at 0020 GMT, after settling down 2 percent at $75.29 a barrel on Monday. U.S. West Texas Intermediate (WTI) crude (CLc1) was up 28 cents, or 0.4 percent, at $65.03 a barrel. It finished the previous session 1.6 percent lower at $64.75 a barrel. "It's all about supply, whether it's OPEC raising output or U.S. increasing production, all roads lead to higher global oil supplies, which is leaving oil traders shaking in their boots," said Stephen Innes, head of trading for Asia-Pacific at futu...

The euro and the dollar steadied on Tuesday as investors awaited a fresh catalyst after the previous day’s gains as signs of strength in the U.S. economy shifted focus away from trade concerns. EUR/USD was steady at 1.1697 by 03:35 AM ET (07:35 AM GMT), after rising as high as 1.1743 on Monday, the most since May 24. The euro has rebounded since hitting a ten-month low of 1.1509 a week ago as concerns over the political situation in Italy subsided after anti-establishment parties formed a coalition government, easing fears that repeat elections could give a mandate for the country to exit the euro zone. The euro was steady against the yen, with EUR/JPY last at 128.43, having rebounded from an 11-month low of 124.61 reached a week ago. The dollar was little changed ...

 Gold prices traded slightly lower in mid-morning trade on Tuesday as positive economic data sent the dollar to its best level of the day against major rivals. At 10:30AM ET (14:30GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange slipped 70 cents, or 0.05%, to $1,296.60 a troy ounce. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.26% to 94.26, just off its intraday high of 94.29. The greenback got a boost as U.S. data showed that the rate of growth in the economy's service sector accelerated again in May. The Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 58.6 in May, ...

By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks rose on Wednesday after tech sector strength lifted Wall Street shares while concerns about Italy's debt prompted investors to move into lower-risk government debt elsewhere, pushing U.S. Treasury yields down from recent highs. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) rose 0.7 percent. Japan's Nikkei (N225) rose 0.4 percent. European spreadbetters predicted shares there would shake off concerns over Italian debt and open broadly higher as tech stocks globally continue to rise. Britain's FTSE (FTSE) was seen opening 0.1 percent higher, Germany's DAX (GDAXI) gaining 0.2 percent and France's CAC (FCHI) up 0.3 percent. A firmer-than-expected print on first quarter growth lifted Australian stocks (AXJO) by...

The euro rose to two week highs on Wednesday after upbeat comments by a senior European Central Bank official, while the Canadian dollar pushed higher but remained under pressure amid concerns over heightened trade tensions. EUR/USD was up 0.42% to 1.1760 by 03:49 AM ET (07:49 AM GMT), the highest level since May 23. The euro was boosted after the ECB’s Chief Economist Peter Praet said officials are increasingly confident that inflation is rising back towards the banks target and will next week debate whether to begin gradually scaling back its asset purchase program. The comments came after reports overnight that the ECB’s June meeting could see an announcement on when its monetary stimulus program would end. Many traders had believed the bank would hold off on giving...

The euro extended early gains on Wednesday to hit the highest level in two weeks after hawkish European Central Bank comments, sending the dollar lower against a basket of the other major currencies. EUR/USD was up 0.53% to 1.1775 by 07:20 AM ET (11:20 AM GMT), the highest level since May 23. ECB Chief Economist Peter Praet said earlier Wednesday that officials are increasingly confident that inflation is rising back towards the bank’s target and will next week debate whether to begin gradually scaling back its asset purchase program. The comments seemed to confirm overnight reports that the ECB’s June meeting could see an announcement on when its monetary stimulus program would end. Many traders had believed the bank would hold off on giving any new forward guidance t...

(Bloomberg) -- As China looks to buy more from the U.S. this year, its oil purchases are helping a bit. Sales increased by about $1.2 billion in the first four months of 2018 compared with a year earlier, thanks to stronger global crude prices. China has offered to boost purchases of U.S. goods by about $25 billion this year ahead of a mid-June tariff deadline. Crude oil, coal and farm products are among the goods that the Chinese are willing to buy more of, according to the people briefed on the talks. America sent about 330,000 barrels a day of mainly domestic crude and condensate to China in the first four months of the year, about 120,000 more than a year ago, according to latest government data. U.S. benchmark West Texas Intermediate crude averaged $63.77 a barrel during the fo...

By Jonathan Cable LONDON (Reuters) - Sterling is likely to gain, and by the time Britain leaves the European Union next March it is expected to have recouped much of the losses since the June 2016 decision to leave the bloc, according to a Reuters poll. However, the pound is unlikely to re-test the levels above $1.43 it traded at earlier this year, when the Bank of England was expected to raise interest rates in May. Instead, it left rates unchanged. The currency is down around 10 percent since Britons voted to leave the EU, trading at $1.34 on Wednesday, but a lot of those losses will be wiped out on expectations for rate hikes and a good divorce deal with the EU. Sterling's collapse was predicted in numerous Reuters polls before the Brexit referendum. In a month's time, sterling&nbs...

Investing.com - Gold prices were little changed on Thursday as investors awaited the outcome of geopolitical risks and looked forward to key decisions on monetary policy to be delivered next week. At 10:28AM ET (14:28GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange inched up 80 cents, or 0.06%, to $1,302.20 a troy ounce. In the short-term, market participants were focused on the G7 meeting to take place on Friday and Saturday in Quebec. France and Germany warned the U.S. that they would not sign a joint communique without concessions, but the American top economic adviser Larry Kudlow warned this week that U.S. President Donald Trump would not back down from his tough stance on trade. Kudlow called the current situation a “...

By Shinichi Saoshiro TOKYO (Reuters) - The dollar wallowed near a three-week low against peers on Friday as U.S. Treasury yields fell sharply, while the euro's recovery remained intact amid expectations that the European Central Bank would begin unwinding it stimulus program. The dollar index versus a basket of six major currencies (DXY) was little changed at 93.444 after declining 0.3 percent overnight, when it posted its fourth session of losses. The index has fallen 0.75 percent this week, and plumbed 93.213 on Thursday, its lowest since May 17. The dollar has come under pressure this week as the euro bounced back from 10-month lows thanks to an ebb in Italian political concerns and speculation that an ECB could signal intentions to start unwinding its big stimulus program...

Gold prices were little changed in European morning trade on Friday as investors looked forward to the start of the Group of Seven summit. At 4:02AM ET (8:02GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange slipped 40 cents, or 0.03%, to $1,302.60 a troy ounce. In a session with no major U.S. economic data, market participants will focus on the G7 meeting which kicks off on Friday in Quebec. France and Germany warned the U.S. that they would not sign a joint statement without concessions, but the American top economic adviser Larry Kudlow warned this week that U.S. President Donald Trump would not back down from his tough stance on trade. “The American President may not mind being isolated, but neither do we mind signing a 6...

By Vibhuti Sharma (Reuters) - Apple Inc (NASDAQ:AAPL) expects to ship 80 million new model iPhones this year, down 20 percent from what it had planned at the same time last year, the Nikkei reported on Friday, citing industry sources. The California-based firm has asked its parts suppliers to make about 20 percent fewer components for the three new iPhones it plans to launch in the second half of 2018, compared to last year's plans for its iPhone X and iPhone 8 models, the paper reported. The report adds to concerns of weakening smartphone sales after years of scorching growth as sales stagnate in key growth markets such as China and users upgrade their phones less often. It knocked 2 percent off Apple's shares and send stocks of its suppliers around the world as much as 6 pe...

Investing.com - Gold prices were little changed in mid-morning trade on Friday as investors looked forward to the start of the Group of Seven summit and digested a round of trade threats by U.S. President Donald Trump. At 10:30AM ET (14:30GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange inched up 40 cents, or 0.03%, to $1,303.40 a troy ounce. In a session with no major U.S. economic data, market participants will focus on trade tensions at the G7 meeting Friday in Quebec. The official welcome of leaders is scheduled for 11:45AM ET (15:45GMT) on in Quebec. However, Trump was busy on Friday morning making trade threats at the other six members of the G7, setting an aggressive tone ahead of the meeting. Having already accused Franc...

By Shinichi Saoshiro TOKYO (Reuters) - Asia stocks shook off initial modest losses and edged up on Monday ahead of an historic U.S.-North Korea summit that investors hope might pave the way to ending a nuclear stand-off on the Korean peninsula. Spreadbetters expected European stocks follow their Asian peers higher, with Britain's FTSE rising 0.25 percent, Germany's DAX advancing 0.17 percent and France's CACinching up 0.05 percent. Stocks wobbled in early trade after U.S. President Donald Trump raised fresh fears of a global trade war when he backed out of a joint Group of Seven communique over the weekend, in a blow to the group's efforts to show a united front. The S&P 500 futures were 0.1 percent lower after dropping as much as 0.3 percent. MS...

Investing.com - Oil prices were lower on Monday as rising U.S. production and worry over increased supply from OPEC members continued to drag on investors. Crude oil futures decreased 0.03% to $65.72 a barrel as of 11:01 AM ET (15:01 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., fell 0.64% to $75.97. Prices were held back slightly by concern that the U.S. is increasing production. Investors will be looking ahead to crude inventories data on Tuesday and Wednesday for clues on global oil demand and insight into how fast output levels are rising. Oil prices have also been held back in recent weeks by worry that members of the he Organization of Petroleum Exporting Countries and Russia (OPEC) could increase supply. The organization set t...

By Swati Pandey SYDNEY (Reuters) - The dollar hovered near 3-week highs on Tuesday and Asian shares gained as U.S. President Donald Trump and North Korean leader Kim Jong Un signed a 'comprehensive' deal at a historic summit aimed at the denuclearisation of the Korean peninsula. Trump said the process of denuclearisation would happen "very, very quickly", adding he had formed a "special bond" with Kim and the relationship with North Korea would be very different. "The letter that we're signing is very comprehensive and I think both sides are going to be very impressed with the result," Trump said after a "really very positive" summit meeting in Singapore. "A lot of goodwill went into this, a lot of work, a lot of preparation." Both leaders are set to hold a press conference later. Th...

Investing.com- Crude oil production by OPEC countries rose in May, the Organization of the Petroleum Exporting Countries and Russia stated in its monthly report. Total production of OPEC countries rose by 35,000 barrels per day (bpd) in May to 31.87 million bpd. Saudi Arabia’s production increased by 9,990 bpd to 85,500 bpd from the prior month. However the higher production in Saudi Arabia, Algeria and Iraq was offset by decreased production in Venezuela, Libya and Nigeria, the firm said. The organization set to meet in Vienna on June 22 and is expected to decide whether or not to increase supply by one million barrels per day, as OPEC faces losses from Venezuela and Iran. OPEC agreed in December to cut oil output by 1.8 million bpd until the end of 2018. The agreement ...

Investing.com - Gold prices were little changed in midmorning trade tracking caution also seen in the dollar as the Federal Reserve’s two-day policy meeting kicked off on Tuesday. At 10:40AM ET (14:40GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange slipped 70 cents, or 0.05%, to $1,302.50 a troy ounce. On the geopolitical front, U.S. President Donald Trump and North Korean leader Kim Jong Un pledged to work toward complete denuclearization of the Korean peninsula, while Washington committed to provide security guarantees for its old enemy. At the end of their historic summit in Singapore, Trump and Kim signed an agreement to work toward complete denuclearization and a lasting "peace regime" on the Korean Peninsula. On the ...

LONDON (Reuters) - Rolls-Royce (L:RR) said it would cut 4,600 jobs primarily in the UK as part of a plan to simplify its business and save 400 million pounds ($536 million) a year by the end of 2020. The engineering company said the job cuts and overhaul of its business would cost it 500 million pounds and be spread across 2018, 2019 and 2020. It will be reported as separate one-off costs, allowing it to stick to its targets for free cash flow. "These changes will help us deliver over the mid and longer-term a level of free cash flow well beyond our near-term ambition of around 1 billion pounds by around 2020," Chief Executive Warren East said in a statement on Thursday. The staff reductions and upheaval at the business comes at a time when Rolls-Royce is under pressure in the biggest p...

By Simon Jessop and Sinead Cruise LONDON (Reuters) - Wealth manager Rathbone Brothers (L:RAT) has agreed to buy its biggest independent rival in Scotland, Speirs & Jeffrey, boosting its assets by almost a fifth to 44.5 billion pounds. Rathbone said on Thursday that it will pay 104 million pounds in cash and shares, from a new share issue, for Glasgow-based Speirs' 6.7 billion pounds in assets, with further shares to be paid out if earnings targets are met. Rathbone has played a lead role in industry consolidation, as rising regulatory and other costs push smaller fund managers to join forces, and as the firm looks to increase the amount of money it invests directly on behalf of clients. As part of that strategy, it discussed merging with peer Smith & Williamson last year, but t...

By Dhara Ranasinghe and Tommy Wilkes LONDON (Reuters) - Euro zone bond yields tumbled and the euro headed for its biggest daily loss versus the dollar in eight months on Thursday after the European Central Bank indicated it would not be raising interest rates through the summer of 2019. The bank's unexpectedly dovish guidance on interest rates overshadowed, at least for the time being, its statement that it aimed to wrap up its stimulus programme at the end of this year -- marking the biggest step in dismantling crisis-era stimulus -- quantitative easing. The ECB now plans to reduce monthly asset purchases between October and December to 15 billion euros until the end of 2018 and then conclude the programme, though ECB President Mario Draghi stressed that the governing council stood rea...

(Bloomberg) -- The brutal tumble of Argentina’s peso added to the list of concerns over the ability of developing economies to defend their currencies as the era of cheap money wanes. Emerging-market assets extended losses a day after the Federal Reserve’s more hawkish signals. A measure of currencies in developing nations dropped to a seven-month low, while every group in the MSCI Emerging Markets Index fell -- led by industrial, commodity and technology companies. The Argentine peso sank more than 6 percent on reports of changes at the country’s central bank and after truck drivers began a strike. The Brazilian real -- dropped a fourth day as the impact of a massive sale of foreign-exchange swaps was short lived. Developing-nation assets took a beating as si...

Investing.com - The euro attempted to rally from its worst week in 19 months, as the U.S. dollar fell amid trade concerns. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.19% to 94.75 as of 5:53 AM ET (9:53 GMT). U.S. President Donald Trump announced he would impose tariffs on $50 billion of Chinese goods, which will be revealed on Friday. It is unclear what goods will be impacted and when the tariffs will go into effect. The two largest economies in the world have been in a tit-for-tat over global trade tariffs in recent months as the two struggle to reconcile their trade differences. The euro was higher but still remained under pressure after the European Central Bank indicated on Thursday that it would ho...

Investing.com - Stocks in focus in pre-market trade Friday: • Time Warner stock (TWX) gained 1.7% by 8:04AM ET (12:04GMT) as AT&T (T) closed the acquisition shortly after the U.S. Department of Justice said it would not apply for a stay of a judge's ruling letting the deal go forward. • Ford stock (F) dropped 0.1% as the firm reported that vehicle sales in China fell 29% in May despite steps being taken by the U.S. automaker like appointing a new sales leader and readying launches of new products. • McDonald’s (MCD) stock lost 0.5% with the company in the headlines as it announced that it would replace plastic straws with paper ones in all its restaurants in the United Kingdom and Ireland, starting from September. Accordin...

Investing.com - The dollar pushed higher against a currency basket on Monday, boosted by the diverging monetary policy outlook between the U.S. and Europe, while the yen remained supported as trade tensions underpinned safe haven demand. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.26% to 94.69 by 03:30 AM ET (07:30 AM GMT), holding below Friday’s eleven-month high of 95.13. The index rose 1.33% last week; its best weekly performance in seven weeks after a hawkish Federal Reserve pointed to a faster pace of monetary tightening this year while the European Central Bank gave a dovish signal. The euro was lower against the dollar, with EUR/USD down 0.37% to 1.1567 after falling 1.34% in the prev...

Investing.com — В понедельник американский доллар подорожал против корзины других основных валют на фоне расхождения монетарных политик США и Европы. Японская иена сохранила поддержку из-за сохраняющейся напряженности в международных отношениях, которая приводит к повышению спроса на защитные активы. Индекс доллара США, который показывает покупательную силу доллара к торгово-взвешенной корзине шести основных валют, к 10:30 МСК вырос на 0,26% до 94,69, приблизившись к максимуму за 11 месяцев 95,13, который был зафиксирован в пятницу. За прошлую неделю индекс доллара вырос на 1,33%, что стало наибольшим значением роста за семь недель. В среду ФРС указала на более быстрый темп ужесточения монетарной политики, а в четверг заявление ЕЦБ было сделано в пользу более мягкого варианта ...

(Reuters) - General Electric (N:GE) will cut 1,200 jobs in Switzerland at its troubled power generation business, about 200 fewer than its original proposal, the U.S. industrial conglomerate said on Monday. GE had announced plans in December to cut as many as 4,500 jobs in Europe - including 1,400 in Switzerland - as it aims to reduce its global footprint by 30 percent.   The company has a workforce of about 4,200 in Switzerland. The cuts will affect 920 employees in Baden, 230 in Birr and 50 in Oberentfelden, Swiss labour union Unia said separately....

Investing.com - The dollar fell to the day’s lows against the yen on Monday as heightened trade tensions between the U.S. and China hit market sentiment, bolstering safe haven demand for the Japanese currency. USD/JPY was down 0.23% to 110.40 by 10:31 AM ET (14:31 GMT), pulling away from Friday’s three-week highs of 110.90. Market sentiment deteriorated as China's retaliatory action against trade tariffs imposed by the Trump administration reignited fears of a possible trade war between the world's two largest economies. The safe haven yen is often sought by investors in times of geopolitical tensions and market turmoil. The euro was little changed against the dollar, with EUR/USD at 1.1603, up from an earlier low of 1.1565. The single currency remained on t...

ЛОНДОН (Рейтер) - Цены на нефть вышли в плюс вечером понедельника в преддверии министерской встречи ОПЕК+, на которой участники глобальной сделки должны определиться с будущей политикой. К 17.45 МСК фьючерсы на североморскую смесь поднялись на 1,62 процента до $74,63 за баррель. Фьючерсные контракты на WTI торговались вблизи $65,27 за баррель, что на 0,32 процента выше предыдущего закрытия. Пакт ОПЕК+, заключенный в декабре 2016 года для выравнивания баланса глобального спроса и предложения, действует до конца текущего года. Участники соглашения соберутся в конце этой недели в Вене, чтобы обсудить успех общего дела и решить дальнейшую судьбу сделки. Среди факторов, сдерживающих дальнейший рост котировок WTI, аналитики называют обострившиеся противоречия Китая и США.   ...

By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks sank on Tuesday and Shanghai shares tumbled to near two-year lows as U.S. President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world's two biggest economies. U.S. and European equity markets looked set to follow Asia into the red. S&P 500 futures (ESc1) were off 1 percent and Dow Jones futures <1YMcv1> were 1.1 percent lower. Spreadbetters expected Britain's FTSE (FTSE) to open down 0.3 percent, with Germany's DAX (GDAXI) seen shedding 0.7 percent and France's CAC (FCHI) losing 0.8 percent. Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods, prompting a swift warning from Beijing of retaliation, as the trade conflict between t...

EDINBURGH (Reuters) - Scotland's highest court has ruled in favour of a government ban on fracking which was challenged by energy giant Ineos, the Scottish government said on Tuesday. "This decision vindicates the extensive process of research and consultation which the Scottish government has undertaken since 2015," Scottish business minister Paul Wheelhouse said in a statement. "Our preferred position is not to support unconventional oil and gas extraction in Scotland (fracking), and that position remains unchanged."...

Investing.com - The dollar rose to the day’s highs against a currency basket on Tuesday and pared back some losses against the safe haven yen as heightened trade tensions between the U.S. and China soured risk appetite. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.48% to 94.86 by 08:03 AM ET (12:03 GMT), holding below Friday’s eleven-month high of 95.13. China warned Tuesday that it would retaliate swiftly after U.S. President Donald Trump threatened to impose a 10% tariff on $200 billion of Chinese imports. The moves exacerbated worries among investors that the world’s two largest economies could descend into an all-out trade war. Uncertainty over the future of the North American Free Tra...

Investing.com - The dollar edged higher against a currency basket on Wednesday in subdued trade amid a lull in an escalating trade dispute between the U.S. and China. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.13% to 94.78 by 02:47 AM ET (06:47 AM GMT), holding below Friday’s eleven-month high of 95.13. Fears over trade tensions mounted on Tuesday after Beijing warned that it would retaliate swiftly after U.S. President Donald Trump threatened to impose a 10% tariff on $200 billion of Chinese imports. The moves exacerbated worries among investors that the world’s two largest economies could descend into an all-out trade war. Uncertainty over the future of the North American Free Trade Agreemen...

Investing.com - The pound was trading close to seven month lows on Wednesday as Prime Minister Theresa May’s government faced another crunch vote on Brexit. GBP/USD hit a low of 1.3148, a level not seen since November 16 and was trading at 1.3157 by 05:44 AM ET (09:44 AM GMT), off 0.14% for the day The House of Commons was to vote on the EU withdrawal bill, the government’s flagship piece of Brexit legislation, later in the day. The government is seeking to defeat an attempt to give MPs a “meaningful vote” before Britain could leave the EU without a deal. The vote is coming at a time of growing investor nervousness that Brexit negotiations could fail to reach an agreement. Sterling was little changed against the euro, with EUR/GBP last at 0.8789....

By Henning Gloystein SINGAPORE (Reuters) - Oil prices dipped on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, likely paving the road for the producer cartel to agree a supply increase during a meeting on June 22. However, prices were prevented from falling further by record refinery runs in the United States and a large decline in U.S. crude inventories, a sign of strong fuel demand in the world's biggest economy. Brent crude futures (LCOc1), the international benchmark for oil prices, were at $74.55 per barrel at 0040 GMT, down 19 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $65.63 a barrel, down 8 cents. Iran, a major supplier within the producer cartel of the Organization of the...

VIENNA (Reuters) - Oil ministers will debate on Thursday whether to raise supplies by 1 million barrels per day as the main proposal for the upcoming meetings of OPEC and non-OPEC allies, OPEC sources said. Three OPEC sources said that if the proposal was approved, all OPEC members and their non-OPEC allies could raise supplies pro-rata, with Saudi Arabia adding about 0.25-0.3 million bpd.   Iran had yet to agree to the proposal, the sources said. Iran will join a ministerial committee meeting on Thursday. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela....

Investing.com - The dollar eased after hitting the highest levels of the year on Thursday following the release of soft U.S. manufacturing data, while the pound was higher after the Bank of England laid the groundwork for an August rate hike. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, dipped 0.12% to 94.67 by 09:40 AM ET (13:40 GMT), after rising to an eleven month high of 95.07 earlier. The dollar softened slightly after a report showing that manufacturing activity in the Philadelphia region slowed in June after a spike higher in the previous month. At the same time, the Labor Department reported that initial jobless claims fell unexpectedly last week, pointing to further tightening in the labor market. Demand fo...

By Henning Gloystein SINGAPORE (Reuters) - Oil prices rose by more than 1 percent in early Asian trading on Friday, pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. Brent crude futures (LCOc1), the international benchmark for oil prices, were at $74.07 per barrel at 0034 GMT, up $1.02 cents, or 1.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $66.45 a barrel, up 90 cents, or 1.4 percent. The Organization of the Petroleum Exporting Countries (OPEC), a producer cartel de-facto led by top exporter Saudi Arabia, is meeting together with some non-OPEC members including top producer Russia at its headquarters in the Austrian capital to discuss output policy. The ...

  Investing.com - The euro was steady on Friday, as the U.S. dollar fell amid trade war concerns. French and German business activity in June came in higher than expected, easing concerns of a slowdown in the eurozone. EUR/USD rose 0.57% to 1.1669 as of 5:18 AM ET (9:18 GMT) while the pound was higher, with GBP/USD rising 0.52% to 1.3308. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.42% to 94.14. Tensions between the U.S. and its allies continue, as India joined China and the European Union in retaliation against steel and aluminum tariffs. As the biggest buyer of almonds, India raised its tariff on U.S. almonds by 20%. Meanwhile the European Union imposed tariffs on a...

(Bloomberg) -- Billionaire hedge-fund manager John Paulson is among investors pushing for Canadian miner Detour Gold Corporation (TO:DGC). to put itself up for sale, citing stock losses amid managerial missteps. In a letter to the Toronto-based company’s board, Paulson & Co. said directors had “failed to recruit and oversee a management team capable of operating the Detour Lake mine in a manner that delivers returns to shareholders.” The letter, a copy of which was obtained by Bloomberg, was signed by John Paulson and Marcelo Kim, a partner at the firm. Paulson & Co., whose $9 billion in assets includes a 5.4 percent stake in Detour, wants the board to explore all strategic alternatives, including a sale. Those sentiments were echoed by other shareholders, inclu...

(Рейтер) - Продажи ювелирных украшений с бриллиантами на основных мировых рынках в первом квартале 2018 года выросли, но темп роста оказался почти вдвое медленнее, чем у мирового рынка предметов роскоши в целом, подсчитали аналитики российской компании, занимающей первое место в мире по добыче алмазов. По оценке Алросы (MCX:ALRS), ссылающейся на данные ритейлеров и национальную статистику разных стран, продажи изделий с бриллиантами выросли в первом квартале на 7 процентов в годовом сопоставлении за счёт спроса в США, Китае и Европе, а также курсовой переоценке. При этом рынок предметов роскоши в целом прибавил 13 процентов на фоне 20-процентного роста в странах Азиатско-Тихоокеанского региона и 18-процентного в Европе. Абсолютных величин компания не приводит. Бриллианты, символическая ...

Investing.com - The safe haven yen strengthened on Monday as a fresh escalation in trade tensions between the U.S. and other major economies hit risk appetite, while commodity linked currencies slipped lower as oil prices declined. USD/JPY hit a two-week low of 109.48 overnight and was trading at 109.44 by 03:51 AM GMT (07:51 AM GMT), off 0.47% for the day. Market sentiment was hit after the Wall Street Journal reported that U.S. President Donald Trump has plans to bar many Chinese companies from investing in U.S. technology firms and to block additional technology exports to Beijing. The report added to concerns over the latest flare up in global trade tensions after Trump on Friday threatened to impose a 20% tariff on car imports from the EU. Trump’s threat came after the ...

Investing.com - Oil prices were mixed on Monday, as energy investors continued to react to last week's decision by major producers to start pumping more crude to compensate for losses in global production. International benchmark Brent futures were down $1.07, or around 1.4%, at $74.25 a barrel by 6:20AM ET (1020GMT), after Friday's 3.4% jump. But U.S. crude futures on the New York Mercantile Exchange were up 14 cents, or 0.2%, at $68.72 after its own 4.6% pop Friday. Both had their best day since late 2016 on Friday, after OPEC and non-OPEC producers agreed on a modest increase in production from next month, without announcing a clear target for the output increase. In a statement following its meeting in Vienna, OPEC said that it would go back to 100% compliance w...

(Bloomberg) -- Big Oil’s fortunes are becoming tied more closely to natural gas than ever before. Majors including Royal Dutch Shell (LON:RDSa) Plc and BP (LON:BP) Plc have boosted their proportion of gas output in recent years, helping them trim Exxon MobilCorp (NYSE:XOM).’s lead as the world’s most valuable oil company. MeanwhileChevron Corp. (NYSE:CVX) added two giant Australian liquefied natural gas projects and Exxon is punching back with two major projects of its own, in Papua New Guinea and Mozambique. Natural gas, seen as a clean bridge from coal to renewables, offers the best long-term demand growth among fossil fuels, particularly in its easy-to-transport liquefied form. At the same time, gas exploration comes with high upfront co...

By Shinichi Saoshiro TOKYO (Reuters) - World stocks extended a sell-off on Tuesday as an escalating trade fight between the United States and other major economies steered investors away from riskier assets, with markets in China bearing the brunt of investor anxiety. The tense backdrop lifted safe-haven U.S. Treasuries and kept the dollar on the defensive as financial markets worried about the wider global economic fallout of the Trump administration's "America First' agenda. Asian equities were bathed in a sea of red after Wall Street tumbled overnight, with the S&P 500 (SPX) and Nasdaq (IXIC) suffering their steepest losses in more than two months overnight. Markets in China - the epicentre of the trade tensions with the United States - took the biggest knock. MSCI's broadest i...

By David Milliken and Andy Bruce LONDON (Reuters) - New Bank of England rate-setter Jonathan Haskel offered a more downbeat assessment of the British economy's readiness for higher interest rates than the official he is due to replace, in comments that weighed on sterling on Tuesday. Haskel, a professor at Imperial College in London, pointed to persistently weak wage growth and said there could be more slack in the labour market than currently estimated. While Haskel agreed with the gist of the BoE's guidance that rates will probably need to rise, investors judged his tone to be more dovish than Monetary Policy Committee member Ian McCafferty, a long-time advocate of higher rates whom Haskel replaces in September. Last week the BoE bolstered expectations that it will raise rates in Aug...

(Bloomberg) -- U.S. President Donald Trump accused Harley-Davidson Inc (NYSE:HOG). of using new tariffs on trade as cover for an existing plan to shift some production abroad and threatened the motorcycle manufacturer with a "big tax" on bikes imported to the U.S. if it relocates some plants overseas. The company said in a government filing Monday that it may locate some production outside the U.S. in response to European retaliation for the president’s tariffs on imported metals. But Trump took issue with that on Tuesday. June 26, 2018 "Early this year Harley-Davidson said they would move much of their plant operations in Kansas City to Thailand. That was long before Tariffs were announced. Hence, they were just using Tariffs/Trade War as an excuse. Shows how unbalanced & un...

Investing.com - The dollar slipped lower against a basket of the other major currencies on Wednesday, as concerns over heightened trade tensions continued to weigh on market sentiment. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, slipped 0.11% to 94.26 by 03:19 AM ET (07:19 AM GMT), after gaining 0.45% on Tuesday, snapping four straight sessions of losses. Easing concerns about U.S. trade policy had help boost the dollar, but investors remained cautious following further falls in Chinese stocks and the yuan overnight amid fears over the prospect of an all-out trade war. The dollar was lower against the yen, with USD/JPY down 0.26% to 109.76. The Japanese currency is often sought by investors as a safe haven...

LONDON (Reuters) - China has agreed to lift a ban on imports of British beef that was imposed over a BSE crisis in the 1990s, finance minister Philip Hammond said on Wednesday. "Delighted that I have agreed with Chinese Vice Premier Hu Chunhua that China will lift the BSE ban on British beef. This is great news for British farmers," he said on Twitter. Hammond is visiting Beijing this week....

BEIJING (Reuters) - China's commerce ministry said on Thursday it would carefully monitor U.S. policies on inbound investments, stressing that the country opposes using national security as grounds to restrict foreign investments. U.S. President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions. The U.S. Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control investment deals. The legislation expands the scope of transactions reviewed by the interagency panel to address securi...

By Henning Gloystein SINGAPORE (Reuters) - U.S. oil prices dipped from three-and-a-half year highs on Thursday as physical markets remained well supplied despite record demand and ongoing disruptions. U.S. West Texas Intermediate (WTI) crude futures were at $72.55 a barrel at 0114 GMT, down 21 cents, or 0.3 percent from their last settlement. WTI hit its highest since November 2014 at $73.06 per barrel in the previous session. Brent crude futures were at $77.63 per barrel, virtually unchanged from their last close and still below recent May highs. Oil prices have been rallying for much of 2018 on tightening market conditions due to record demand and voluntary supply cuts led by the Middle East dominated producer cartel of the Organization of the Petroleum Exporting Countries (OPEC...

Investing.com - The pound fell to seven-month lows Thursday as Bank of England Deputy Governor Jon Cunliffe’s warning about household debt levels and concerns over Brexit weighed. GBP/USD was down 0.26% to 1.3080 by 04:48 AM ET (08:48 AM GMT), the weakest level since November 6. Sterling came under pressure after Cunliffe said in a radio interview that he was worried that British households with high debt levels could be vulnerable in a recession. "(Household debt is) quite high by historical standards but (households have) worked hard to put those debt levels down. But within that there are areas that you do worry about," Cunliffe said. He also reiterated the central bank's guidance that interest rates are likely to rise in a gradual and limited fashion. Expectations for a...

LONDON (Reuters) - European shares opened lower on Monday as on-going worries about the U.S. trade policies and concerns about German Chancellor Angela Merkel's coalition weighed on sentiment. The pan-European STOXX 600 (STOXX) was down about 1.2 percent by 0730 GMT in line with Germany's trade-sensitive DAX. (GDAXI) In London, the FTSE 100 was down 1.1 percent and British gambling technology company Playtech (L:PTEC) posted the worst performance, losing over 20 percent after it disappointed investors with a trading update. Among rare winners, British software company Micro Focus International (L:MCRO) was up 3.3 percent after it said it had agreed to sell its Linux operating system SUSE business to a private equity fund advised by Sweden's EQT Partners for $2.535 bi...

nvesting.com - Stocks in focus in pre-market trade Monday: • Tesla (TSLA) stock rose 5.25% by 8:35 AM ET (12:35 GMT) as the firm reportedly hit its target production pace of 5,000 Model 3s per week just shortly after its June 30 deadline. The firm is expected to give an update on second quarter delivery and production numbers later this week. • Walgreens (WBA) lost 0.6% as Mizuho Securities downgraded the company to neutral from buy and cut its price target to $64 from $77. • Netflix (NFLX) stock fell 0.37% amid a report that the firm would pay $150 million to own up to 35 billboard displays on roughly two dozen structures along West Hollywood's famed Sunset Strip. Sources told Reuters that the streaming video service is also considering acqu...

Investing.com - Oil prices headed lower on Monday as concerns over rising output convinced traders to take profit on the back of strong gains that took U.S. crude to a three-and-a-half year high last week. New York-traded West Texas Intermediate crude futures fell 32 cents, or about 0.43%, to $73.83 a barrel by 10:37AM ET (14:37GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down $1.21, or 1.5%, to $78.02. U.S. President Donald Trump surprised traders by announcing an impromptu agreement with Saudi Arabia to add more supply to increasingly tight oil markets.   Donald J. Trump   ✔@realDonaldTrump     Just spoke to King Salman of Saudi Arabia and explained to him that, because of th...

By Tomo Uetake TOKYO (Reuters) - Chinese stocks went into a tail spin on Tuesday as turbulence gripped equity markets in Asia, which sank to nine-month lows amid heightened anxiety a bitter trade dispute between the United States and major economies could derail global growth. Speculation was rife China's central bank was intervening in the currency market to staunch losses and prevent a potentially destabilising sell-off in the yuan, while stocks came off a searing sell-off in the morning. Chinese financial markets have been jittery ahead of a July 6 deadline, when the U.S. is set to slap tariffs on $34 billion worth of Chinese goods that Beijing has vowed to match with tariffs on U.S. products. The trade row between the United States and major economies has rattled financial markets ...

(Reuters) - Commodities trader and miner Glencore (LON:GLEN) Plc said a subsidiary had received a U.S. Department of Justice subpoena requesting documents and records on compliance with the Foreign Corrupt Practices Act and U.S. money-laundering statutes. Shares in Glencore, a major exporter of Nigerian and Venezuelan crude, fell more than 10 percent in early London trade. The company was the top loser on the British bluechip index. The documents requested from subsidiary Glencore Ltd relate to the group's business in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela from 2007 to present, Glencore said, adding it was reviewing the subpoena. The U.S. Foreign Corrupt Practices Act makes it a crime for companies to bribe overseas officials to win business. Glencore i...

Investing.com - The dollar edged lower against a basket of the other major currencies on Thursday, a day before the U.S. and China were to hit each other with import tariffs, escalating a trade spat that many investors fear will hurt global growth. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.11% to 94.09 by 03:36 AM ET (07:36 AM GMT). Investors remained cautious ahead of Friday’s deadline for the U.S. to impose a 25% tariff on $34 billion worth of Chinese imports, which Beijing has vowed to match with a levy on U.S. products. China's commerce ministry warned Thursday that the U.S. is "opening fire" on the world with its threatened tariffs, and reiterated that it will respond the instant U.S. measure...

LONDON (Reuters) - European shares rose in early deals on Thursday as hopes over a softening in U.S. trade rhetoric lifted shares in car makers, though trading remained cautious ahead of a U.S. deadline to impose tariffs on Chinese goods. The pan-European STOXX 600 (STOXX) index was up 0.5 percent by 0724 GMT, while Germany's exporter-heavy DAX (GDAXI) rose 1.1 percent, supported by autos, and Britain's FTSE 100 (FTSE) inched 0.3 percent higher. European stocks have traded in a narrow range this week in anticipation of U.S. tariffs on $34 billion of Chinese imports set to go into effect on Friday. Sectors which have been particularly hit by the uncertainty over the trade rift made some headway on Thursday, with basic resources (SXPP) up 1 percent, autos (SXAP) jumping 3.2 percent and ba...

(Bloomberg) -- Saudi Arabia cut pricing for August sales of its light oil grade to Asia as the world’s biggest crude exporter is increasing production to assure buyers there is sufficient supply following U.S. President Donald Trump’s demands that OPEC do more to stabilize oil markets. Oil extended losses after state-owned Saudi Arabian Oil Co. cut most pricing for Asian, European and U.S. markets. The company, known as Saudi Aramco, cut its official selling prices for Arab Light crude to buyers in Asia to $1.90 a barrel above the Middle East benchmark, the company said Thursday in an emailed price list. The 20-cent reduction was the first cut in four months from the highest since July 2014 and matched expectations of four traders in a Bloomberg survey. “REDUCE PRI...

By Andrew Galbraith and Hideyuki Sano SHANGHAI/TOKYO (Reuters) - Asian stocks bounced back from 9-month lows in volatile trade on Friday after Washington slapped tariffs on Chinese imports, a move many investors fear could be the start of a full-scale trade war between the world's two largest economies. Spread-betters forecast a rise of 0.5-0.6 percent when Britain's FTSE (FTSE), France's CAC (FCHI) and Germany's DAX (GDAXI) open on Friday. Mainland Chinese shares led Asia's recovery, partly helped by the perception that the tariff measures were already priced in. To be sure, there was some trepidation about what lay ahead. "The China-U.S. relationship is such a large component of global trade that we really have a global impact and that has implications that are difficult to foresee,...

By Jonathan Cable LONDON (Reuters) - Sterling won't move much in the run-up to Britain's departure from the European Union in March next year but will gain ground on the U.S. dollar afterwards, a Reuters poll of foreign exchange strategists predicted. As foreseen in numerous Reuters polls, the pound sank after the surprise June 2016 referendum result when Britons voted to part ways with the EU. But three-quarters of over 50 respondents to an extra question said sterling is unlikely to set a new post-Brexit vote low before the country leaves the political and economic bloc it has been a member of for more than four decades in March 2019. The Bank of England will raise interest rates to 0.75 percent in August, according to a Reuters poll last month that also gave only a median 20 percent...

By Kit Rees LONDON (Reuters) - The UK's top share index rose on Friday, shrugging off any worries over global trade after U.S. tariffs on Chinese goods took effect. The blue chip FTSE 100 (FTSE) index was up 0.1 percent at 7,612.14 points by 0909 GMT, while mid caps (FTMC) rose 0.3 percent higher. The U.S. imposed tariffs on $34 billion in Chinese imports, with Beijing saying it had no choice but to respond in kind. While the uncertainty surrounding the tariffs and their impact on growth has weighed on market sentiment, the reaction across European stocks was sanguine with the broad market in positive territory. Some analysts suggested that the tariffs had already been priced in by the market, as the FTSE has posted a slight loss in June and is down 0.3 percent so far in July. "A lot...

Investing.com - Gold prices remained lower on Friday as the U.S. dollar weakened and U.S. trade tariffs against China went into effect. Comex gold futures for August delivery decreased 0.16% to $1,256.80 a troy ounce as of 10:24 AM ET (14:24 GMT). Trade conflict between the two biggest economies in the world began in force on Friday, when U.S. tariffs on $34 billion worth of Chinese goods went into effect at 12:01 AM ET (04:01 GMT), with more tariffs expected in the coming weeks. China has also retaliated with tariffs on $34 billion of American goods, according to Xinhua news. Beijing had previously said it would impose tariffs on U.S. agricultural products, crude imports, and vehicle products. The precious metal was also held back by a mixed jobs report. The U.S. added more j...

TOKYO (Reuters) - Oil prices fell on Wednesday, with Brent dropping by more than $1 at one point, after U.S. President Donald Trump threatened to levy new trade tariffs on China. The spectre of tariffs on a further $200 billion worth of Chinese goods sent commodities lower along with stock markets, with trade tensions between the world's two biggest economies intensifying. Brent crude futures (LCOc1) were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude (CLc1) was down 55 cents, or 0.7 percent, at $73.56. "The trade concerns have bitten today and the reason is that this is above and beyond what the market was expecting," said Michael McCarthy, chief markets strategist at CMC Markets in Sydney. The bearish mood was also fuelled by n...

FRANKFURT (Reuters) - Thyssenkrupp's (DE:TKAG) supervisory board chairman lashed out at activist shareholders following the resignation of Chief Executive Heinrich Hiesinger, saying in an interview that the group had no plans to sell its prized elevators unit. "Crown jewels ... are only sold in times of need. There is no need (at Thyssenkrupp). And there are no plans to divest our best business," Ulrich Lehner told German weekly Die Zeit in an interview....

By Christopher Johnson LONDON (Reuters) - Oil prices rallied on Thursday, recouping some ground following sharp losses the previous session after Libya said it would resume oil exports. Benchmark Brent crude oil (LCOc1) rose $1.37, or almost 1.9 percent, to a high of $74.77 a barrel before easing back to trade around $74.50 by 0820 GMT. On Wednesday, Brent had slumped $5.46 or 6.9 percent. U.S. light crude (CLc1) gained 25 cents to $70.63 a barrel, after falling 5 percent the previous session. "The market fell out of bed yesterday as support failed (but was)... probably overdone to the downside," said Robin Bieber, technical analyst at London brokerage PVM Oil Associates. "Sharp attempts to recover are to be expected." An announcement by Libya's National Oil Corp that four oil export ...

ZURICH (Reuters) - Nestle (S:NESN) is selling some small New Zealand candy brands, including Mackintosh's toffees and Black Knight licorice, to Australia's Quadrant Private Equity, the latest example of the world's biggest food company tidying up its portfolio. "Following a review of Nestle's confectionery business in Australia and New Zealand, Nestle is looking to focus on its major chocolate, baking and medicated lozenge brands in New Zealand," Nestle said in a statement on Thursday. It said it had reached a conditional agreement to sell kiwi confectionery brands Mackintosh's, Heards, Black Knight and Fabulicious Red Licorice as well as other Oceania brands Life Savers and Oddfellows to Quadrant. It did not disclose the price of the deal. The company said up to 55 jobs out o...

LONDON (Reuters) - Protests in London against the visit by President Donald Trump must be "peaceful and good-spirited", London mayor Sadiq Khan said on Thursday after the U.S. leader landed in the British capital. "My message to those coming to the protests in London is that this must be peaceful and good-spirited. To those intent on causing trouble or breaking the law, I simply say: you are not welcome," he said in a statement. Khan, a member of Britain's opposition Labour Party who has clashed with Trump in the past, added that protests against Trump were not anti-American and instead reflected Londoners' opposition to "the politics of fear and despair".   ...

FRANKFURT (Reuters) - German engineering group Siemens (DE:SIEGn) said it would present an updated strategy when it published its quarterly financial results on Aug. 2. "CEO Joe Kaeser and CFO Ralf P. Thomas will explain our Q3 FY 2018 financial results and will outline a strategy update," it said in an invitation send to journalists. A person familiar with the matter told Reuters last month that the group's new corporate strategy included plans to trim the number of industrial divisions to three from five....

By Kit Rees LONDON (Reuters) - Britain's leading share index rose on Friday, buoyed by a weaker pound which slipped after U.S. President Donald Trump threw cold water on a hopes for a U.S. trade deal. The blue chip FTSE 100 index was up 0.6 percent at 7,697.20 points by 0845 GMT, while mid caps also gained 0.6 percent. President Trump directly criticised Prime Minister Theresa May's Brexit strategy, saying her proposals had probably killed off hope of a U.S. trade deal and that she had failed to take his advice on how to negotiate with the European Union. Sterling fell, which helped the FTSE's dollar-earnings constituents such as consumers stocks Diageo (LON:DGE), British American Tobacco (LON:BATS) and Unilever(LON:ULVR) push higher. "We've got that...

(Bloomberg) -- OPEC and its allies could boost oil production by more than the 1 million barrels a day agreed last month if needed, Russia’s Energy Minister Alexander Novak said. “I can’t rule out that if there is a need for more than 1 million barrels we will be able to quickly discuss it all together and make all necessary decisions,” Novak told reporters in Moscow. OPEC+ has “all needed tools,” if necessary, he said. Oil prices have remained near their highest in more than three years despite pledges by Russia, Saudi Arabia and their allies last month to boost production. Supplies are being strained by deepening losses in Venezuela, erratic flows from Libya and the prospect of renewed U.S. sanctions on Iran. Novak didn’t comment on wheth...

TOKYO (Reuters) - Asian stocks were mostly lower on Tuesday, with a sharp decline in crude oil prices weighing on energy shares, while the dollar dipped ahead of Federal Reserve Chairman Jerome Powell's first U.S. congressional testimony. Spreadbetters expected European stocks to open slightly higher, with Britain's FTSE, Germany's DAX and France's CAC each gaining about 0.1 percent. Overnight on Wall Street, the Dow edged up 0.2 percent but the S&P 500 lost 0.1 percent as energy shares were hit by the drop in oil that offset a jump in financials. (N) MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3 percent lower following two sessions of gains. Chinese shares extended losses after dropping the previous day on soft econ...

The dollar edged down on Tuesday ahead of congressional testimony by Federal Reserve Chairman Jerome Powell which traders will scrutinize for clues on the pace of U.S. interest rate rises and risks emanating from trade conflicts. Powell will testify on the economy and monetary policy before the U.S. Senate Banking Committee at 1400 GMT on Tuesday. He is expected to deliver an upbeat message on the outlook for growth and reaffirm the Fed's gradual monetary tightening policy but could face tough questions on the central bank's independence and how it would deal with an escalation in the global trade war. "The escalating trade conflict is becoming an increasingly realistic downside risk that could weigh on sentiment and capital spending," said Societe Generale (PA:SOGN) analyst G...

 U.S. stock indexes pared some losses on Tuesday after Federal Reserve Chairman Jerome Powell said in a Congressional testimony there were "several years" of strong jobs and low inflation still ahead for the U.S. economy. Powell discounted the risk that a trade war may throw a global recovery off track and signaled that he not only believes the economy is doing well, but that an era of stable growth may continue provided the Fed gets its policy decisions right. U.S. stock were already lower ahead of Powell's written testimony to the Senate Banking Committee, as Netflix's slump due to weak subscriber growth weighed on its own and other high-growth stocks.   At 10:03 a.m. EDT the Dow Jones Industrial Average (DJI) was down 31.01 points, or 0.12 percent, at 25,033.35, the S&...

 Asian share markets were mostly firmer on Wednesday as a bullish outlook from the head of the U.S. central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough. Japan's Nikkei (N225) rose 0.43 percent as a weakening yen promised to fatten exporters' profits. Spreadbetters and futures (FFIc1) also pointed to opening gains for European bourses. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) added 0.1 percent and Australia (AXJO) 0.6 percent. Shanghai blue chips (CSI300) started firm only to flag as China's yuan lost ground to the advancing dollar. Federal Reserve Chairman Jerome Powell stuck with an upbeat assessment on the U.S. economy while downplaying the impact of global trade risks on the outlook for rate r...

Цены на нефть умеренно снижаются утром в среду на фоне роста недельных запасов сырья в США. К 8.25 МСК фьючерсы на североморскую смесь Brent опустились на 0,42 процента до $71,86 за баррель. Фьючерсные контракты на WTI торговались вблизи $67,7 за баррель, что на 0,56 процента ниже предыдущего закрытия. Цена сентябрьского контракта на нефть на Шанхайской международной энергетической бирже (INE) утром держалась на уровне 481,8 юаня за баррель. По данным Американского института нефти (API), запасы нефти в США на прошлой неделе выросли на 629.000 баррелей до 410,7 миллиона против прогноза снижения на 3,6 миллиона баррелей. В фокусе внимания инвесторов – официальная статистика Управления энергетической информации (EIA), выходящая сегодня вечеро...

 Here are the top five things you need to know in financial markets on Wednesday, July 18: 1. Powell Back On Capitol Hill Investors looked ahead to a second appearance from Federal Reserve Chair Jerome Powell, after comments he made Tuesday reinforced views the central bank is on track to steadily hike interest rates. He is due to testify in front of the House Financial Services Committee at 10:00AM ET. In his first day of testimony to the Senate Banking Committee on Tuesday, Powell stuck with an upbeat assessment on the U.S. economy, while downplaying the impact of global trade risks on the outlook for rate rises. Those comments underlined expectations in financial markets that two more rate hikes are coming from the Fed this year. Besides Powell, the economic calenda...

 Asian shares on Thursday struggled to hold earlier gains made after upbeat Wall Street earnings, as trade war jitters rattled China's stock and currency markets, with the yuan hitting fresh one-year lows. The dollar was off a three-week high as investors cashed in on gains the currency made after U.S. Federal Reserve Chairman Jerome Powell's two-day testimony reinforced a strong economic outlook but was underpinned by the relative U.S. economic strength. European shares are expected to open steady to slightly lower, with spread-betters seeing a flat open in Britain's FTSE and a lower start of 0.1 to 0.2 percent in France's CAC and Germany's DAX. MSCI's broadest index of Asia-Pacific shares outside Japan last stood up less than 0.1 percent, giving up much o...