News with Tags "Bank"

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S&P 500 closes at a new record

Posted on Tuesday, May 7, 2013 - 01:21 am
u.s. stocks, sp500

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The S&P 500 managed to close at a record high Monday, boosted by gains in Bank of America and Apple.

The benchmark index finished the day at a record close of 1,617.51. Earlier, it climbed as high 1,619.77. The Nasdaq gained 0.4%, and closed at its highest level since November 2000.

The Dow Jones industrial average closed the day slightly lower, pulling back from its record high last week.

Here are five things to note about the day's trading:

Click here for more on stocks, bonds, currencies and commodities

1. New milestones: The S&P 500 crossed 1,600 for the first time last week, propelled higher by a better-than-expected April jobs report.

While the Dow hit an all-time high above 15,000 last week, it has yet to close beyond the psychologically important level due to slowing momentum on Wall Street.

"I think investors got a little lift in their step from Friday's jobs report," said Mark Luschini, chief investment strategist for Janney Montgomery Scott. "[But] this week, we're almost absent anything newsworthy."

Related: Fortune 500's new No. 1: Wal-Mart

2. Bank of America, MBIA soar on settlement: Bank of America (BAC, Fortune 500) jumped 5%, while bond insurer MBIA (MBI) spiked 45% following reports that the two have reached a settlement over a long-running dispute over who would be on the hook for faulty mortgage securities issued during the U.S. housing boom.

The Wall Street Journal reported that MBIA would receive $1.6 billion in cash from Bank of America and a $600 million line of credit as part of a settlement.

BofA was the Dow's best performer and was second best in the S&P 500.

3. Apple, Cliffs up on analyst upgrades: Shares of Apple (AAPL, Fortune 500) were on the rise Monday, making the stock among the biggest gainers in the Nasdaq-100. Apple was in favor after Barclays raised its share price target to $525 from $465. Shares are now up almost 20% from their 18-month low hit last month.

Shares of Cliffs Natural Resources (CLF, Fortune 500) rallied after FBR boosted the stock's rating to outperform. The stock was the top performer in the S&P 500.

4. Tyson Foods suffers sales slowdown: Tyson Foods (TSN, Fortune 500) missed profit and revenue forecasts, citing a slowdown in chicken and beef sales following last year's historic drought. Shares declined sharply.

Related: Fear & Greed Index: Extreme greed

5. Yen keeps falling: The yen continued to slide Monday, nearing ¥100 per U.S. dollar. The Japanese currency has dropped nearly 15% this year as the Bank of Japan aims to pull Japan out of the deflationary spiral it has been in for nearly two decades.

Japan's new economic plan, dubbed "Abenomics" after Japanese Prime Minster Shinzo Abe, combines massive fiscal stimulus with aggressive monetary easing. To top of page

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Posted by on Tuesday, May 7, 2013 - 01:21 am.
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Bank stocks: Gains for some, losses for others

Posted on Monday, May 6, 2013 - 18:51 pm
MUMBAI: It was a mixed bag of trading for bank stocks today with some settling with gains while others ending with losses after online portal Cobrapost alleged that 23 public and private sector banks and insurance firms were running a money laundering racket by blatantly violating laws.

Shares of State Bank of India settled 0.39 per cent up, while Indian Overseas Bank rose by 0.48 per cent, Oriental Bank of Commerce (0.49 per cent), Dena Bank (0.88 per cent), Allahabad Bank (0.83 per cent), Dhanlaxmi Bank (0.44 per cent), Federal Bank (0.17 per cent) and DCB Bank (0.54 per cent).

In contrast, shares of Punjab National Bank fell by 1.04 per cent, IDBI Bank (1.57 per cent), Bank of Baroda (0.18 per cent), Canara Bank (0.77 per cent), Yes Bank (0.24 per cent), Indian Bank (0.09 per cent), Corporation Bank (0.20 per cent) and Central Bank of India (0.29 per cent).

Those named in the expose include SBI, LIC, Punjab National Bank (PNB), Bank of Baroda, Canara Bank, Reliance Life, Tata AIA, Yes Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Dena Bank, Corporation Bank, Allahabad Bank, Central Bank of India, Dhanlaxmi Bank, Federal Bank, DCB Bank and Birla Sun Life.

"In its continuing undercover operation, spanning several months, Cobrapost finds dozens and dozens of major public sector banks, and many more private banks, across the country are blatantly involved in money laundering, as are major insurers. In all, 23 banks and insurance companies have been exposed," the portal said in a release.

Cobrapost alleged that the financial sector entities offered to open bank accounts and lockers for customers without following Know Your Customer (KYC) norms, convert their black money into white and obtain fictitious PAN cards.

In the broader market, the BSE benchmark Sensex ended at 19,673.64, up 98 points.

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Posted by on Monday, May 6, 2013 - 18:51 pm.
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Is the College Debt Bubble Starting to Crack?

Posted on Wednesday, May 1, 2013 - 00:10 am

A financial bubble is where a rapid expansion in a particular market or asset is followed by a steep contraction. Prices often rise far above where they should be, considering fundamentals or intrinsic value. The aftershocks of the housing bubble still plagues many Americans, but an even bigger bubble is raising red flags.debt

The skyrocketing price of a college education is causing an epidemic with student loans, as more people rack up unsustainable amounts of debt to further their education. These loans are often bundled together and sold in a bond offering. While the appetite for risky assets is strong with the Federal Reserve punishes savers with low interest rates, investors are not willing to take a chance on some bonds backed by student loans.

Sallie Mae, the largest non-government student lender, was recently forced to cancel a $225 million bond offering after two weeks on the market, according to people familiar with the deal and the WSJ. The lender was reportedly trying to sell the bonds with a 3.5 percent coupon, in a deal led by Bank of America.

Bonds based on student loans are quite popular. According to Bank of America, Sallie Mae and other issuers of the securities sold almost $8 billion worth year-to-date, compared to only $5.7 billion in the same period last year. However, investors and students both have their limits.

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Posted by on Wednesday, May 1, 2013 - 00:10 am.
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Bank of England’s cheap credit scheme to be extended -reports

Posted on Sunday, April 21, 2013 - 19:06 pm

LONDON (Reuters) - A scheme to get more credit flowing in Britain's stagnant economy will be expanded to include specialist lenders and will run for a year longer than planned, the Sunday Telegraph newspaper reported.

The Bank and the Treasury have been working on plans to extend the 80-billion-pound Funding for Lending (FLS) scheme, and the newspaper said an announcement could come as early as this week.

Chancellor George Osborne is under pressure to do more to foster growth after Britain lost its AAA credit rating - the top grade - from two agencies and the International Monetary Fund said the government should consider slowing the pace of its deficit-cutting programme.

The Financial Times reported on Sunday that Treasury officials hoped the introduction of a second stage of the FLS scheme might give the IMF reason not to criticize economic policy when it carries out an annual review next month.

Osborne said on Friday the government and the central bank would announce "fairly shortly" changes to the scheme, which provides banks and other lenders with cheap financing if they keep or raise lending to households and businesses.

The FLS was launched last year but so far it has not resulted in much more borrowing by small and medium-sized companies.

The Telegraph said the FLS, originally due to end in January next year, would be extended by a year to 2015.

The newspaper said the scope of the scheme would be expanded to include specialist institutions such as asset-based lenders, invoice finance houses and leasing firms in an attempt to ease the credit crunch still felt by small firms.

A Treasury spokesman declined to comment on plans to change the FLS beyond what Osborne had said on Friday.

Asset finance allows businesses to borrow against invoices and machinery.

Since coming to power in May 2010, the Conservative-Liberal Democrat coalition has introduced austerity measures to try and reduce a record peacetime deficit, but persistently weak growth has frustrated the government's economic plans.

(Reporting By Estelle Shirbon and William Schomberg; Editing by Erica Billingham)

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Posted by on Sunday, April 21, 2013 - 19:06 pm.
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CA-BUSINESS Summary

Posted on Wednesday, April 3, 2013 - 04:43 am

TSX drops as investors turn their backs on golds

TORONTO (Reuters) - Canada's main stock index fell on Tuesday with gold-mining stocks taking a beating as the price of bullion tumbled and investors gravitated towards riskier assets following U.S. and European economic data. A 4 percent decline in the gold-mining group, which is down about 20 percent since the start of the year, more than offset gains in sectors such as financials and energy.

Canadian auto sales dip in March, but close to record

TORONTO (Reuters) - Canadian auto sales ticked down a modest 0.7 percent in March, declining for the fourth straight month, but industry data released on Tuesday showed new vehicle sales came close to matching record-setting numbers from last year. Buoyed by strong demand for its pick-up trucks, Ford Canada was top seller for the month with a 1.6 percent sales increase, while Chrysler took second spot with a 6.5 percent jump. General Motors sales tumbled nearly 11 percent.

Analysis: Spills flame Canadian oil debate, but won't curb flows to U.S

CALGARY, Alberta (Reuters) - Two high-profile oil spills won't stem the now-record flow of Canadian oil into the United States, despite the frenzy that the spills triggered among friends and foes of the Keystone XL pipeline to the main U.S. refineries. The fate of Keystone remains undecided, yet Canadian crude will become an increasing part of the U.S. energy mix, despite growing competition from new U.S. production.

Verizon denies intention to merge with or buy Vodafone

(Reuters) - Verizon Communications Inc said it does not "currently have any intention" to merge with or buy its partner Vodafone Group Plc , either alone or in conjunction with others, in response to press reports. However, the telephone company said on Tuesday that it would still be a willing buyer of Vodafone's 45 percent share of their Verizon Wireless U.S. venture, in line with public statements Verizon has made many times over the years.

Credit Suisse says NY mortgage case too little, too late

NEW YORK (Reuters) - Credit Suisse Group AG asked a court to dismiss a lawsuit by New York Attorney General Eric Schneiderman that accuses the Swiss bank of deceiving investors in mortgage-backed securities that resulted in $11.2 billion of losses. In a Monday filing in the New York State Supreme Court in Manhattan, Credit Suisse said the attorney general waited too long, was precluded by federal law, and was not specific enough in detailing the alleged wrongdoing to allow the case to go forward.

Cyprus finance minister quits after bailout concludes, investigation begins

NICOSIA (Reuters) - Cyprus's finance minister resigned on Tuesday after concluding a 10 billion euro bailout deal with international lenders in which the country slashed its dominant banking sector and hit depositors with losses. Michael Sarris, a lead player in talks with International Monetary Fund and European Union lenders, said he had completed his task but also that he was likely to come under scrutiny in an investigation into the crisis.

Forex controls inhibiting global growth: Bank of Canada's Murray

OTTAWA (Reuters) - Countries that impose capital controls and accumulate reserves are delaying the adjustments needed to help the global economy grow fully, Bank of Canada Deputy Governor John Murray said on Tuesday. "There is a sense that, as indicated by the reserves that have been accumulated and the capital controls - there certainly has been resistance on certain fronts," Murray said in a presentation in Washington that was webcast.

Forex controls hinder global growth: Bank of Canada deputy governor

OTTAWA (Reuters) - Countries that impose capital controls and accumulate reserves are delaying the adjustments needed to help the global economy grow fully, Bank of Canada Deputy Governor John Murray said on Tuesday, adding that he did not want to blame anyone country. "There is a sense that, as indicated by the reserves that have been accumulated and the capital controls, there certainly has been resistance on certain fronts," Murray said in a presentation in Washington that was webcast.

Ontario Teachers' Pension Plan gets 13 percent return for 2012

TORONTO (Reuters) - The Ontario Teachers' Pension Plan, one of Canada's top investors, said on Tuesday it had a 13.0 percent rate of return on its investments in 2012, bringing net assets to a record high C$129.5 billion ($127.4 billion). With a fourth straight year of double-digit returns, the global dealmaker, which administers the pension plan for public-system teachers in Canada's most populous province, said it would expand its thrust into emerging markets as it seeks acquisitions across asset classes that will add long-term value and income to the underfunded pension plan.

TransCanada moves forward on West-East oil pipeline plan

CALGARY, Alberta (Reuters) - TransCanada Corp on Tuesday pushed ahead with plans to take Western Canadian crude to eastern refineries and Canada's busiest oil port as it seeks new markets beyond those it wanted for its stalled Keystone XL pipeline project. TransCanada said it will give shippers two months to sign contracts to use its proposed 4,400 kilometer (2,700 mile) Energy East Pipeline project, Canada's longest oil pipeline, which could take as much as 850,000 barrels per day to Montreal, Quebec City and Saint John, New Brunswick.

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Posted by on Wednesday, April 3, 2013 - 04:43 am.
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Deutsche Bank Accused of Hiding Securities Losses

Posted on Monday, April 1, 2013 - 10:55 am

Deutsche Bank Accused of Hiding Securities Losses

Dec. 6 (Bloomberg) — Eric Ben-Artzi, a former quantitative risk analyst for Deutsche Bank AG, alleged that Europe’s biggest lender engaged in a multibillion…

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Posted by on Monday, April 1, 2013 - 10:55 am.
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Europe Markets: Europe stocks fall on weak PMI, Cyprus worries

Posted on Thursday, March 21, 2013 - 21:08 pm

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — A surprisingly weak German manufacturing report and turmoil in Cyprus pushed European stock markets to a two-week low on Thursday, offsetting encouraging U.S. data.

The Stoxx Europe 600 index /quotes/zigman/2380150 XX:SXXP -0.68% dropped 0.7% to close at 294.47, marking the third loss this week.

The Cyprus Stock Exchange extended its trading suspension to Thursday and Friday, while the country’s banks remained closed for business until Tuesday, as politicians scrambled to figure out how to avoid a bankruptcy after rejecting the 10 billion euro ($12.9 billion) bailout deal originally agreed with international lenders.

The European Central Bank said it would cut off emergency help for the country’s banks if Cyprus fails to reach an agreement with international lenders by Monday.

Euro-zone finance ministers will hold a conference call to discuss the situation in Cyprus at 7 p.m. Central European Time, or 2 p.m. Eastern, with a statement expected to be released after the call.

Bank workers gather near parliament

Emotions ran high as Cypriot bank workers gathered outside of Parliament in Nicosia on Thursday, fearful for their jobs and savings.

European stock markets had until Thursday showed fairly muted reaction to the Cyprus drama, but staged sharper losses as uncertainty over the country’s future in the euro zone mounted.

“It’s not about the €10 billion, but more the fact that investors have to question what will happen in the euro zone,” said Richard Perry, chief market strategist at Central Markets in London. “Now, investors have to price in political and currency risks in their investments and there’s in general a lot of increased risks they have to cope with,” he added.

As major European indexes headed for weekly losses of up to more than 3%, Perry was cautious. “The uptrend is broken, but it could just be taken as a near-term correction rather than a selloff. You have to be careful in calling the selloff too soon,” he said.

“Equities had such a long run and markets have been waiting for a correction for a while. But if it continues to go lower, I would be careful with being in equities,” he said.

Instead, for investors looking for havens, he suggested storing money in German bunds, U.K. gilts or U.S. Treasurys. Additionally, “you could see a flight from the euro toward safe havens such as sterling and the dollar” if Cyprus concerns continue to linger, he said.

Back at the negotiating table

The parliament in Nicosia late Tuesday rejected the conditions for the rescue plan, sending the country back to the negotiating table with the troika of international lenders: the European Commission, the European Central Bank and the International Monetary Fund. Speaking to the European Parliament on Thursday, Jeroen Dijsselbloem, president of the group of euro-zone finance ministers, known as the Eurogroup, said the original deal offered to Cyprus wasn’t dead yet and it would be hard for the country to find alternatives, Reuters reported.

Cypriot party leaders reportedly agreed to establish an “investment solidarity fund” in an effort to raise the €5.8 billion it must contribute to the bailout plan. Cypriot officials were reportedly considering nationalizing pension funds, as well as introducing new legislation to stem capital flight.

/quotes/zigman/2380150

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Posted by on Thursday, March 21, 2013 - 21:08 pm.
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Professional Speculators Happy to Sell Japanese Yen

Posted on Saturday, March 9, 2013 - 06:16 am
Professional_Speculators_Happy_to_Sell_Japanese_Yen_body_Picture_1.png, Professional Speculators Happy to Sell Japanese Yen

Professional Speculators Happy to Sell Japanese Yen

Fundamental Forecast for Japanese Yen: Bearish

The Japanese Yen tumbled to fresh lows as a surge in US Treasury Yields took the USDJPY to its highest since 2009. An uneventful Bank of Japan interest rate decision left focus on the highly-anticipated US Nonfarm Payrolls report, and a surge in job creation forced a similar breakout in the USD.

Recent Yen sell-offs show few signs of letting up, and continued record-highs in the Dow Jones Industrial Average as well as a sustained break higher in bond yields warn of fresh USDJPY peaks. The week ahead promises less in terms of foreseeable economic event risk, but that hardly rules out further sharp swings in Japanese Yen pairs. One particular event worth watching will be confirmation hearings on the next wave of Bank of Japan leadership.

Most expect the Japanese Diet will confirm Haruhiko Kuroda as the new governor of the Bank of Japan as well as Kikuo Iwata and Hiroshi Nakaso as the two deputy governors. Kuroda has made it clear that he would lead the BoJ to do whatever it can to end deflation and achieve a lofty 2% inflation target within two years. Iwata and Nakaso have similarly spoken in support of such policies, and their confirmation would serve as approval of a clear shift in BoJ policy. Expectations of Bank of Japan easing have inarguably been a driving force behind Yen weakness, and any risks at these confirmation hearings could force material JPY corrections.

Beyond the political risk, the Yen has remained especially sensitive to shifts in global bond markets—particularly US Treasury Yields. The 10-year US Government Bond yield finished the week above the psychologically significant 2% mark as US Nonfarm Payrolls data trounced market expectations. The long end of the Treasury Yield curve has steadily moved higher on some signs that the US economic recovery is picking up steam, but shorter-dated yields remain especially low. There is clearly further scope for further bond yield-linked USDJPY strength.

Professional speculators remain perfectly happy selling into Japanese Yen weakness, and the trend clearly favors continued USDJPY strength. The fact that the pair has cleared significant technical resistance leaves little in the way of firm profit targets, but fresh long positions are not for the faint of heart as volatility seems likely to intensify at these levels. It should be another eventful week of Japanese Yen price action, and it remains critical to watch whether recent momentum will be enough to take bond yields materially higher. Expect the USDJPY to follow. - DR

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Posted by on Saturday, March 9, 2013 - 06:16 am.
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Two Reasons the British Pound Could Fall to Fresh Lows

Posted on Saturday, March 9, 2013 - 06:11 am
Two_Reasons_the_British_Pound_Could_Fall_to_Fresh_Lows_body_Picture_1.png, Two Reasons the British Pound Could Fall to Fresh Lows

Fundamental Forecast for British Pound: Bearish

The British Pound fell to fresh multi-year lows versus the US Dollar (ticker: USDOLLAR) as a considerably better-than-expected US Nonfarm Payrolls report pushed the GBPUSD below the psychologically significant $1.50 mark.

Traders initially sent the Cable higher as the Bank of England left policy unchanged through its highly-anticipated interest rate decision, but the relief rally proved short lived as the GBP slide to fresh multi-year lows. It’s definitely worth noting that the GBPUSD trades very close to key long-term Fibonacci support at $1.4853, but our overall technical strategy remains to sell any important British Pound strength.

The coming week promises much less in terms of foreseeable economic event risk, but recent GBP volatility may continue all the same as we trade near critical price levels. FX Options traders continue to pay the highest prices for volatility since financial market tensions hit fever pitch in June. The surge in prices has left us squarely in favor of volatility-friendly breakout trading strategies, and we believe that those trading techniques may continue to do well across GBP pairs through the foreseeable future.

Making an argument for further British Pound weakness is easy: the UK economy is in the midst of a potential triple-dip recession, and the Bank of England stands to ease monetary policy further and potentially devalue the GBP. To that end, it was surprising to see the BoE leave policy unchanged through its recent meeting.

The central bank’s governor Mervyn King had previously voted in favor of increased asset purchases at the February meeting. The fact the Monetary Policy Committee once again left asset purchases unchanged implies that he has now been outvoted twice. Given fairly clear risks to the UK economy, high inflation is cited as the major obstacle against further BoE easing. Current CPI reatings show a 2.7 percent annual rate—well-above the Bank’s official 2.0 percent target.

Yet inflation targets may matter less as many expect the UK Government will change the official mandate for the Bank of England—giving officials further leeway in future policy easing. As it stands, the Bank of England is tasked with keeping inflation at 2% at all times, but press reports show there are high-level discussions for extending that target to a more medium-to-long-term objective. Such a change would be undoubtedly bearish for the British Pound and could push it to further lows versus major counterparts. According to the Financial Times and Daily Telegraph, that could happen as soon as the UK Government submits its budget on March 20.

Speculators have been fairly fast to latch onto aggressive British Pound declines, and recent CFTC Commitment of Traders data shows that net positioning is now near its most net-short GBP since December, 2011. To be clear, there is certainly scope for further selling and one-sided positioning is far far from a guarantee that a turnaround is near. Yet we would argue that the “easy” part of the GBP short trade is probably over.

We remain bearish the British Pound, but impressively one-sided positions warn that selling rallies may be the best strategy given heightened risks of short-term corrections. – DR

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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Posted by on Saturday, March 9, 2013 - 06:11 am.
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Why Bank of America’s Missing Out on the Dow’s Gains

Posted on Friday, March 8, 2013 - 23:00 pm

Very strong figures on the employment front helped vault the Dow Jones Industrials (DJINDICES: ^DJI  ) upward in what could become the average's fourth straight day of setting new all-time record highs. For a long time, high unemployment has been tempering enthusiasm over other promising economic data, but with February's unemployment figure falling to its lowest level since late 2008, investors are feeling increasingly secure about the potential for a stronger recovery to take hold. As of 1 p.m. EST, the Dow is up 37 points, or 0.26%

But not all of the Dow's stocks are rising. Bank of America (NYSE: BAC  ) is the biggest loser in the average, falling 1.5% despite having passed the Federal Reserve's latest round of stress tests. Investors are anxiously awaiting news of whether B of A will finally start to return capital to shareholders, either through a higher dividend or with share buybacks. Rival Citigroup (NYSE: C  ) announced a buyback, sending the bank's stock up more than 2%, and B of A could well follow suit if it makes a similar announcement.

Outside the Dow, Sequenom (NASDAQ: SQNM  ) sank 6.7% after releasing its fourth-quarter earnings report. The maker of the MaterniT21 Down syndrome test posted a larger-than-expected loss, although higher test sales led to better revenue than analysts were looking for. The key looking forward, though, is for Sequenom to get health insurance companies on board with reimbursing medical professionals for using the company's tests.

Finally, Facebook (NASDAQ: FB  ) dropped 2.5%. The company changed its news feed in an effort to push user engagement back upward after recent declines. Although you can always count on users to complain when Facebook and other popular websites change their looks, Facebook's goal is to make the site attractive to the subset of users who will drive the company's monetization efforts, and we'll have to wait and see whether the redesign accomplishes that goal.

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Posted by on Friday, March 8, 2013 - 23:00 pm.
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