European and Asian leaders called for unfettered commerce and warned against protectionism as the debt crisis threatens to undermine trade ties between the world’s fastest and slowest-growing regions.
Read more: Bloomberg news
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Monday, 5 November 2012
Sharp Is Seen Seeking Bailout After Record Loss Forecast
Sharp Corp. may turn to the last resort of Japanese companies facing potential bankruptcy -- the government.
Read more: Bloomberg news
Read more: Bloomberg news
European Stocks Fall as Euro Weakens on Greek Outlook
European stocks dropped and the euro traded at an almost two-month low on concern that Greece will struggle to win a bailout and as Americans prepared to vote in presidential elections. German note yields declined below zero.
Read more: Bloomberg news
Read more: Bloomberg news
G-20 Tells U.S. to Avoid Fiscal Cliff as Focus Widens
Global finance chiefs pressed the U.S. to avoid harming the fragile world economy with excessive austerity, widening their focus on fiscal challenges beyond concerns over Europe’s debt woes.
Read more: Bloomberg news
Read more: Bloomberg news
Sunday, 4 November 2012
Obama Joins Romney in Hunt for Slimmest Electoral Edge
President Barack Obama and Republican Mitt Romney crisscrossed the election battleground states hunting for a path to 270 electoral votes on the final weekend of their campaigns.
Read more: Bloomberg news
Read more: Bloomberg news
Sunday, 21 October 2012
Wealthy Advised to Sell for Gains Before Unfriendly 2013
Sell.
That’s the message from some financial advisers, who are telling wealthy clients that the remainder of 2012 amounts to a last-chance sale on federal tax rates. Taxes are set to rise in January in the U.S., pushing the top rate on dividends to 43.4 percent from 15 percent and the top rate on capital gains to 23.8 percent from 15 percent.
Even if Congress averts the so-called fiscal cliff of tax increases on investments, income and estates, pressure to reduce budget deficits will mean higher taxes eventually, said Ron Florance of Wells Fargo & Co. (WFC) The answer is to take advantage of historically low rates and move taxable income and investment gains into this year, said Florance, managing director of investment strategy at the company’s private bank.
“It’s the opposite of what people normally do,” said Florance, whose clients usually have at least $1 million in investable assets. “You’re paying taxes today in anticipation of higher rates in the future.”
Advisers at companies including Wells Fargo, Bank of America Corp., Bank of New York Mellon Corp., JPMorgan Chase & Co. (JPM), Northern Trust Corp. (NTRS) and U.S. Bancorp (USB) are discussing with their wealthy clients such strategies as selling appreciated securities, relocating assets to tax-deferred retirement accounts, converting IRAs, exercising stock options and making large gifts to heirs this year.
By Margaret Collins and Richard Rubin
Bloomberg
That’s the message from some financial advisers, who are telling wealthy clients that the remainder of 2012 amounts to a last-chance sale on federal tax rates. Taxes are set to rise in January in the U.S., pushing the top rate on dividends to 43.4 percent from 15 percent and the top rate on capital gains to 23.8 percent from 15 percent.
Even if Congress averts the so-called fiscal cliff of tax increases on investments, income and estates, pressure to reduce budget deficits will mean higher taxes eventually, said Ron Florance of Wells Fargo & Co. (WFC) The answer is to take advantage of historically low rates and move taxable income and investment gains into this year, said Florance, managing director of investment strategy at the company’s private bank.
“It’s the opposite of what people normally do,” said Florance, whose clients usually have at least $1 million in investable assets. “You’re paying taxes today in anticipation of higher rates in the future.”
Advisers at companies including Wells Fargo, Bank of America Corp., Bank of New York Mellon Corp., JPMorgan Chase & Co. (JPM), Northern Trust Corp. (NTRS) and U.S. Bancorp (USB) are discussing with their wealthy clients such strategies as selling appreciated securities, relocating assets to tax-deferred retirement accounts, converting IRAs, exercising stock options and making large gifts to heirs this year.
By Margaret Collins and Richard Rubin
Bloomberg
Tuesday, 18 September 2012
Stocks, Euro Fall as Commodities Drop; Spain Notes Slide
Stocks (MXWO) fell for a second day and the euro weakened on concern European leaders will struggle to resolve the debt crisis. Spain’s two-year notes stayed lower after a bill auction and commodities dropped.
The MSCI All-Country World Index lost 0.3 percent at 8:30 a.m. in New York. Standard & Poor’s 500 Index futures slid 0.2 percent. The Shanghai Composite Index dropped 0.9 percent amid escalating tensions with Japan, capping its biggest two-day loss since March. The euro depreciated 0.5 percent to $1.3052 and Spain’s two-year yield added three basis points to 3.37 percent. The S&P GSCI gauge of 24 raw materials slipped 0.8 percent, with nickel down 2 percent and soybeans falling 1.5 percent. New York oil declined 1.1 percent.
Rising yields may force Spain to seek assistance and submit to European Central Bank conditions for aid, ECB Governing Council member Luc Coene said yesterday. The country will consider a rescue to cut borrowing costs if the conditions are acceptable, Spanish Deputy Prime Minister Soraya Saenz de Santamaria said today. China and Japan’s worst diplomatic crisis since 2005 is threatening trade ties of more than $340 billion.
“There are still a number of areas of concern,” Tim Schroeders, who helps manage about $1 billion at Pengana Capital Ltd. in Melbourne, said in a telephone interview. “Investors will become increasingly nervous if a policy response doesn’t materialize in China. There are still tensions between European partners in terms of what shape and form the ultimate rescue takes. The devil lies in the detail.”
By Stephen Kirkland and Richard Frost
Read More: Bloomberg
The MSCI All-Country World Index lost 0.3 percent at 8:30 a.m. in New York. Standard & Poor’s 500 Index futures slid 0.2 percent. The Shanghai Composite Index dropped 0.9 percent amid escalating tensions with Japan, capping its biggest two-day loss since March. The euro depreciated 0.5 percent to $1.3052 and Spain’s two-year yield added three basis points to 3.37 percent. The S&P GSCI gauge of 24 raw materials slipped 0.8 percent, with nickel down 2 percent and soybeans falling 1.5 percent. New York oil declined 1.1 percent.
Rising yields may force Spain to seek assistance and submit to European Central Bank conditions for aid, ECB Governing Council member Luc Coene said yesterday. The country will consider a rescue to cut borrowing costs if the conditions are acceptable, Spanish Deputy Prime Minister Soraya Saenz de Santamaria said today. China and Japan’s worst diplomatic crisis since 2005 is threatening trade ties of more than $340 billion.
“There are still a number of areas of concern,” Tim Schroeders, who helps manage about $1 billion at Pengana Capital Ltd. in Melbourne, said in a telephone interview. “Investors will become increasingly nervous if a policy response doesn’t materialize in China. There are still tensions between European partners in terms of what shape and form the ultimate rescue takes. The devil lies in the detail.”
By Stephen Kirkland and Richard Frost
Read More: Bloomberg
Monday, 20 August 2012
Asian Stocks Head for Three-Month High Ahead of U.S. Data
Asian stocks rose, with the regional benchmark index heading for a three-month high, ahead of reports on U.S. housing and durable goods this week that are expected to show the world’s biggest economy is improving, overshadowing concern about Europe’s debt crisis.
Samsung Electronics Co. (005930), the world’s No. 1 mobile-phone maker by sales, gained 1 percent in Seoul. Asia Pacific Breweries Ltd. jumped 4.8 percent in Singapore after Heineken NV raised its offer for a controlling stake in the maker of Tiger beer. Woodside Petroleum Ltd., Australia’s second-largest oil producer, climbed 2.2 percent as crude traded near a three-month high.
The MSCI Asia Pacific Index added 0.3 percent to 121.07 as of 10:49 a.m. in Tokyo, heading for its highest close since May 8. About three shares rose for every two that fell in the gauge. The measure advanced in the past three weeks on expectations China will ease monetary policy and amid signs the U.S. economy is strengthening.
“U.S. economic data has been better, with the housing sector turning around,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion in assets. “Eventually, Asian exports will rebound. Asian equities aren’t overvalued after recent gains and Chinese equities are dearth cheap. China’s economic slowdown remains a key concern.”
By Jonathan Burgos
Read More: Bloomberg
Samsung Electronics Co. (005930), the world’s No. 1 mobile-phone maker by sales, gained 1 percent in Seoul. Asia Pacific Breweries Ltd. jumped 4.8 percent in Singapore after Heineken NV raised its offer for a controlling stake in the maker of Tiger beer. Woodside Petroleum Ltd., Australia’s second-largest oil producer, climbed 2.2 percent as crude traded near a three-month high.
The MSCI Asia Pacific Index added 0.3 percent to 121.07 as of 10:49 a.m. in Tokyo, heading for its highest close since May 8. About three shares rose for every two that fell in the gauge. The measure advanced in the past three weeks on expectations China will ease monetary policy and amid signs the U.S. economy is strengthening.
“U.S. economic data has been better, with the housing sector turning around,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion in assets. “Eventually, Asian exports will rebound. Asian equities aren’t overvalued after recent gains and Chinese equities are dearth cheap. China’s economic slowdown remains a key concern.”
By Jonathan Burgos
Read More: Bloomberg
Thursday, 9 August 2012
Jobs, trade data supports modest economic growth
(Reuters) - The number of Americans filing new claims for jobless benefits fell last week while the trade deficit in June was the smallest in 1-1/2 years, hopeful signs for the struggling economy.
Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 361,000, the Labor Department said on Thursday, suggesting a modest improvement in the jobs market.
Economists polled by Reuters had forecast claims rising to 370,000 last week. The four-week moving average of new claims, a better measure of labor market trends, rose 2,250 to 368,250.
A second report from the Commerce Department showed the shortfall on the trade balance narrowed 10.7 percent to $42.9 billion, the smallest since December 2010, as low oil prices curbed imports.
That was way below economists' expectations for a $47.5 billion deficit. The petroleum import bill fell as the average price per barrel of crude oil dropped by the most since January 2009.
By Lucia Mutikani
Read More: Reuters
Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 361,000, the Labor Department said on Thursday, suggesting a modest improvement in the jobs market.
Economists polled by Reuters had forecast claims rising to 370,000 last week. The four-week moving average of new claims, a better measure of labor market trends, rose 2,250 to 368,250.
A second report from the Commerce Department showed the shortfall on the trade balance narrowed 10.7 percent to $42.9 billion, the smallest since December 2010, as low oil prices curbed imports.
That was way below economists' expectations for a $47.5 billion deficit. The petroleum import bill fell as the average price per barrel of crude oil dropped by the most since January 2009.
By Lucia Mutikani
Read More: Reuters
Friday, 3 August 2012
U.S. Stocks Rise to Highest Level Since May on Jobs Data
U.S. stocks rallied, sending the Standard & Poor’s 500 Index to the highest level since May, after a report showed payrolls climbed more than forecast even as the jobless rate unexpectedly rose to a five-month high.
Bank of America Corp., Alcoa Inc. (AA) and Caterpillar (CAT) Inc. increased at least 2.2 percent. Knight Capital Group Inc. (KCG) surged 57 percent, after tumbling 75 percent in two days, as it secured a funding lifeline and more customers resumed routing orders. Kraft Foods Inc. (KFT) and Procter & Gamble Co. (PG) advanced more than 3.1 percent after reporting better-than-estimated earnings.
About nine stocks gained for every two that fell on U.S. exchanges at 4 p.m. in New York. The S&P 500 rose 1.9 percent to 1,390.99, after falling 1.5 percent in four days. It rose a fourth week, the longest streak since March. (SPX) The Dow Jones Industrial Average added 217.29 points, or 1.7 percent, to 13,096.17. Volume for exchange-listed stocks in the U.S. was 6.8 billion shares, or about in line with the three-month average.
“The jobs report is neither here nor there,” said Mark Luschini, chief investment strategist for Philadelphia-based Janney Montgomery Scott LLC, which manages about $54 billion. “There’s not enough evidence for the Fed to act imminently. At the same time, the numbers are not so good, which means that Fed could still do something. On balance, the number was decent.”
Equities gained as payrolls last month increased 163,000 following a revised 64,000 rise in June. Economists projected a gain of 100,000. Unemployment rose to 8.3 percent. The Institute for Supply Management’s index of U.S. non-manufacturing businesses, which covers about 90 percent of the economy, rose to 52.6 in July, beating estimates.
By Rita Nazareth
Read More: Bloomberg
Bank of America Corp., Alcoa Inc. (AA) and Caterpillar (CAT) Inc. increased at least 2.2 percent. Knight Capital Group Inc. (KCG) surged 57 percent, after tumbling 75 percent in two days, as it secured a funding lifeline and more customers resumed routing orders. Kraft Foods Inc. (KFT) and Procter & Gamble Co. (PG) advanced more than 3.1 percent after reporting better-than-estimated earnings.
About nine stocks gained for every two that fell on U.S. exchanges at 4 p.m. in New York. The S&P 500 rose 1.9 percent to 1,390.99, after falling 1.5 percent in four days. It rose a fourth week, the longest streak since March. (SPX) The Dow Jones Industrial Average added 217.29 points, or 1.7 percent, to 13,096.17. Volume for exchange-listed stocks in the U.S. was 6.8 billion shares, or about in line with the three-month average.
“The jobs report is neither here nor there,” said Mark Luschini, chief investment strategist for Philadelphia-based Janney Montgomery Scott LLC, which manages about $54 billion. “There’s not enough evidence for the Fed to act imminently. At the same time, the numbers are not so good, which means that Fed could still do something. On balance, the number was decent.”
Equities gained as payrolls last month increased 163,000 following a revised 64,000 rise in June. Economists projected a gain of 100,000. Unemployment rose to 8.3 percent. The Institute for Supply Management’s index of U.S. non-manufacturing businesses, which covers about 90 percent of the economy, rose to 52.6 in July, beating estimates.
By Rita Nazareth
Read More: Bloomberg
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