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U.S. banks in cross-hairs as Powell could help and hinder

Friday, November 3 2017

U.S. banks in cross-hairs as Powell could help and hinder

U.S. banks in cross-hairs as Powell could help and hinder U.S. banks in cross-hairs as Powell could help and hinder Sat, Nov 04, 2017 01:42 hrs By Chuck Mikolajczak NEW YORK (Reuters) - With the announcement of Jerome Powell as the new Federal Reserve Chair, banks are likely to see a battle between a boost from deregulation supported by the new Fed leader and the challenge of a flattening yield curve as monetary policy is likely to remain on course. A steepening yield curve is seen as a boon to banks, as they borrow on lower shorter-term rates and lend on higher long-term rates, which helps generate profits through increased net interest margins. But the curve has flattened under current Fed policy which is expected to continue under Powell, who has worked alongside current Fed Chair Janet Yellen for the past five years. The shape of the Treasury yield curve, which plots the yields of the various debt securities issued by the U.S. government, often reflects investors' perceptions of the health of the economy and the outlook for inflation. A steeper curve, when long-term yields rise relative to shorter-dated yields, typically augurs brisker economic growth and inflation. A flatter one, when the gap between short and long term yields narrows, most often occurs as the Fed is raising short-term interest rates as it is now, and signals a muted outlook for both growth and inflation. However, investors are likely to welcome Powell's view on deregulation, as he has gone further than his colleagues in calling to relax some of the rules put in place to limit banks in the wake of the financial crisis. The S&P bank index <.SPXBK> jumped nearly 18 percent in November 2016 in anticipation of U.S. President Donald Trump's policies to stimulate the economy. It then cooled in 2017, with a gain of 2.9 percent through the end of August. Gains have picked up steam since then, as the index has climbed more than 10 percent, buoyed by a rise in the benchmark U.S. 10-year note yields, quarterly earnings results from financials and increased expectations for a rate hike by the U.S. Federal Reserve in December. After the announcement of Powell's nomination on Thursday, the bank index added to gains, to close out the session up 0.8 percent, boosted by a 1.2 percent gain in Bank of America and JPMorgan's 0.7 percent rise. The nomination will go through the Senate for confirmation and, if confirmed, Powell will take the reins of the central bank when Yellen's term expires in early February. Powell as leader of the Fed is seen as a boon for Wall Street as the key banking regulator continues its review of a raft of rules for supervision and examination introduced after the 2007-09 financial crisis. Regarding the Fed's future monetary policy path, Powell's appointment is expected to provide investors with some certainty as his views are seen as more in line with those of Yellen. A Fed governor since 2012, he has yet to cast a dissenting vote against the Federal Open Market Committee’s decisions on monetary policy. "Powell will probably have a positive effect because while he is gradual on the unwind process, he is a fan of deregulation," said Art Hogan, chief market strategist at Wunderlich Securities in New York. Working against banks, however, has been a flattening of the yield curve, which could dampen profits. The yield curve between five-year notes and 30-year bonds was 81.7 basis points on Friday, its flattest level last seen in late 2007. (Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama) SEARCH

Wall Street Weekahead: U.S. dollar enters centre stage for earnings

Friday, November 3 2017

Wall Street Weekahead: U.S. dollar enters centre stage for earnings

Wall Street Weekahead: U.S. dollar enters centre stage for earnings Wall Street Weekahead: U.S. dollar enters centre stage for earnings Sat, Nov 04, 2017 01:22 hrs By Caroline Valetkevitch NEW YORK (Reuters) - The dollar has moved from a supporting role to a featured player this earnings season, a boon to U.S. multinationals which have benefited from the biggest quarterly year-on-year decline in the greenback in three years. Since the start of October, at least 35 U.S. companies have cited currency "benefits" or "tailwinds" and "weaker dollar" for boosting quarterly earnings, compared with few mentions a year ago, and some see that extending to the fourth quarter, a Reuters analysis shows. "The quarter was one where the dollar weakened over the course of the quarter, more so than analysts expected," said Jill Carey Hall, equity and quantitative strategist at Bank of America Merrill Lynch in New York. "That's what's in part been helping multinationals," Carey Hall said. "They have seen some of the strongest results so far." The U.S. dollar index's <.DXY> average in the third quarter fell from its year-ago level by about 2.5 percent, the weakest showing since 2014, Thomson Reuters data shows. The index has recovered from its recent lows, but remains down about 7 percent for the year. U.S.-based multinational companies can benefit the most from declines in the dollar, which make overseas sales more valuable when translated back into the U.S. currency. Among companies citing a positive dollar impact were Alphabet Inc , International Business Machines Corp and other names in technology, which has the highest percentage of foreign sales within the S&P 500. Others included Axalta Coating Systems Ltd , W.R. Grace , Coca Cola Co and Xerox Corp , which said the third quarter was the first in 13 that a weaker dollar boosted the company's earnings, by about 1 percentage point. "And we're expecting that to improve into Q4 based upon quarter-end rates," Xerox Chief Financial Officer William Osbourn said in the company's Oct. 26 conference call after it reported higher-than-expected results. The weaker dollar "should help with the discounting pressure from the non-U.S. manufacturers, so that's a good sign," Harley-Davidson Chief Executive Matthew Levatich told investors Oct. 17. The dollar's weakness has helped offset the impact of a trio of hurricanes that took a heavy toll on companies in the third quarter. If the benefit continues, it could help companies hit the 11.7 percent profit gains analysts have projected for the fourth quarter. With results in from more than three-quarters of the S&P 500 companies, third-quarter profit growth is estimated at 8.0 percent, up from 4.3 percent three weeks ago, Thomson Reuters data shows. Much of the improvement has come with stronger-than-expected technology results. Ninety percent of S&P technology index <.SPLRCT> names are beating earnings expectations, while 72 percent are surpassing estimates in the overall S&P 500, the data shows. Materials companies' earnings, which have benefited from higher commodity prices tied to the weaker dollar, have had a high percentage of beats as well. Adding to the weaker dollar's benefit has been better global economic strength, and that is also why multinational companies have performed better than others this earnings season, Carey Hall said. S&P 500 companies with 50 percent or more of sales coming from outside the United States have estimated profit growth of 16.7 percent for the third quarter, compared with 5.5 percent for companies with less than 50 percent of non-U.S. sales, Thomson Reuters data shows. Stocks of big multinationals also have outperformed, with the Dow Jones global titans index <.DJGT> up about 3.3 percent since Oct. 1. The small-cap Russell 2000 index <.RUT> is up just 0.2 percent since then. "It's not so much the dollar is a windfall for them; it's no longer a headwind, so that's positive, and outlooks for companies have been generally upbeat," said David Katz, chief investment officer at Matrix Asset Advisors in New York. (Reporting by Caroline Valetkevitch; Editing by Richard Chang) SEARCH

US STOCKS SNAPSHOT-Indexes post record closing highs; Apple a boost

Friday, November 3 2017

US STOCKS SNAPSHOT-Indexes post record closing highs; Apple a boost

US STOCKS SNAPSHOT-Indexes post record closing highs; Apple a boost US STOCKS SNAPSHOT-Indexes post record closing highs; Apple a boost Sat, Nov 04, 2017 01:39 hrs NEW YORK, Nov 3 (Reuters) - A surge in shares of heavyweight Apple helped push up major Wall Street indexes on Friday, as investors also assessed a mixed U.S. labor market report. All three major indexes registered record closing highs. Based on the latest available data, the Dow Jones Industrial Average rose 22.93 points, or 0.1 percent, to 23,539.19, the S&P 500 gained 7.99 points, or 0.31 percent, to 2,587.84 and the Nasdaq Composite added 49.49 points, or 0.74 percent, to 6,764.44. (Reporting by Caroline Valetkevitch; Editing by Chizu Nomiyama) SEARCH

US STOCKS-Apple juices Wall St as indexes climb for another week

Friday, November 3 2017

US STOCKS-Apple juices Wall St as indexes climb for another week

US STOCKS-Apple juices Wall St as indexes climb for another week US STOCKS-Apple juices Wall St as indexes climb for another week Sat, Nov 04, 2017 02:19 hrs * U.S. job growth speeds up, wages flat * Apple shares surge to record after upbeat forecast * Qualcomm jumps after Broadcom takeover reports * Indexes up: Dow 0.1 pct, S&P 500 0.31 pct, Nasdaq 0.74 pct (Updates with close of U.S. markets) By Lewis Krauskopf Nov 3 (Reuters) - A surge in shares of heavyweight Apple helped push up major Wall Street indexes on Friday, as investors also assessed a mixed U.S. labor market report. The S&P 500 and Dow industrials recorded their eighth consecutive weeks of gains, while the Nasdaq posted its sixth straight up week, as equities have climbed to record highs. Shares of Apple, the world's most valuable publicly traded company, rose 2.6 percent as shoppers streamed into the company's stores to buy its latest iPhone. Apple also gave a better-than-expected sales forecast for the holiday shopping season. U.S. job growth accelerated in October after hurricane-related disruptions in the prior month, the Labor Department said. But wages grew at their slowest annual pace in more than 1-1/2 years in a sign that inflation probably will continue to undershoot the Federal Reserve's 2-percent target. "It kind of confirms this Goldilocks-type scenario where it's steady growth with really not a lot of inflationary pressure," said Michael Dowdall, investment strategist at BMO Global Asset Management in Chicago. The Dow Jones Industrial Average rose 22.93 points, or 0.1 percent, to 23,539.19, the S&P 500 gained 7.99 points, or 0.31 percent, to 2,587.84 and the Nasdaq Composite added 49.49 points, or 0.74 percent, to 6,764.44. Apple was easily the biggest individual boost to the three indexes. The stock also helped boost the tech sector, which climbed 0.9 percent and led all major S&P 500 groups. "This is obviously the carry-over effect from Apple having a good quarter and a tremendous outlook," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. All three indexes rose in a week that saw a series of significant events, including the nomination of a new Fed chair and the long-awaited unveiling of a tax-cut bill from U.S. President Donald Trump's fellow Republicans. In other corporate news, Qualcomm shares surged 12.7 percent after reports that Broadcom is exploring a deal to buy the smartphone chip maker. Broadcom shares rose 5.4 percent. Aetna shares rose 2.7 percent after Reuters reported U.S. pharmacy operator CVS Health and the health insurer are working toward finalizing merger terms and announcing a deal as early as December. CVS shares fell 0.2 percent. Third-quarter corporate reports also have continued at a heavy pace. With more than 400 of S&P 500 companies having reported, earnings for the quarter are expected to have climbed 8 percent, compared to an expectation of a 5.9 percent rise at the start of October, according to Thomson Reuters I/B/E/S. American International Group shares sank 4.6 percent as investors reacted to a surprise $836 million boost to the insurance giant's reserves. Starbucks shares rose 2.1 percent following results. Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored decliners. About 6.7 billion shares changed hands in U.S. exchanges, above the 6.3 billion daily average over the last 20 sessions. (Additional reporting by Sruthi Shankar in Bengaluru; Editing by Nick Zieminski and Chizu Nomiyama) SEARCH

FASTag mandatory for 4-wheelers sold after December 1

Friday, November 3 2017

FASTag mandatory for 4-wheelers sold after December 1

FASTag mandatory for 4-wheelers sold after December 1 FASTag mandatory for 4-wheelers sold after December 1 17:05 hrs New Delhi : The government on Thursday made it mandatory for vehicle manufacturers to install FASTag, or a radio-frequency identification tag used to pay toll automatically on National Highways, on all four-wheelers sold from December 1 onwards. "Categories M and N motor vehicles sold on and after December 1, 2017 shall be fitted with FASTag as may be specified by the Central government, from time to time, by the manufacturer of the vehicle or its authorised dealer as the case may be," said a notification issued by the Road Transport and Highways Ministry. The notification added that if any vehicle is sold in the form of drive-away-chassis without windscreen, then FASTag should be fitted on the windscreen by the vehicle owner before the registration of the vehicle. The National Highways Authority of India, had in September, operationalised one dedicated FASTag lane at all toll plazas on National Highways. It had launched two mobile applications for ease of obtaining FASTags as well. The FASTag is available both online and offline through banks and common service centres. To enforce the new rules, the government has made the required amendment to the Central Motor Vehicles Rules, 1989, the notification said. As per the Rules, category M vehicles are those with at least four wheels used to carry passengers and their luggage while category N are the four-wheelers used for carriage of goods. SEARCH

BRIEF-Bharat Forge says co participated in the NCLT process towards acquiring Amtek Auto

Friday, November 3 2017

BRIEF-Bharat Forge says co participated in the NCLT process towards acquiring Amtek Auto

BRIEF-Bharat Forge says co participated in the NCLT process towards acquiring Amtek Auto BRIEF-Bharat Forge says co participated in the NCLT process towards acquiring Amtek Auto 13:39 hrs Nov 3 (Reuters) - Bharat Forge Ltd: * Co participated in the process, run under NCLT‍​, towards acquiring Amtek Auto Source text for Eikon: Further company coverage: SEARCH

BRIEF-Mahindra & Mahindra says Mahindra Logistics IPO price fixed at 429 rupees/shr‍​

Friday, November 3 2017

BRIEF-Mahindra & Mahindra says Mahindra Logistics IPO price fixed at 429 rupees/shr‍​

BRIEF-Mahindra & Mahindra says Mahindra Logistics IPO price fixed at 429 rupees/shr‍​ BRIEF-Mahindra & Mahindra says Mahindra Logistics IPO price fixed at 429 rupees/shr‍​ 16:40 hrs Nov 3 (Reuters) - Mahindra & Mahindra Ltd * Says Mahindra Logistics IPO offer price fixed at 429 rupees per share‍​ Source text: http://bit.ly/2zb1IrW Further company coverage: SEARCH

ECB's Nowotny backs turning ESM into IMF-styled rescue fund

Friday, November 3 2017

ECB's Nowotny backs turning ESM into IMF-styled rescue fund

ECB's Nowotny backs turning ESM into IMF-styled rescue fund ECB's Nowotny backs turning ESM into IMF-styled rescue fund Fri, Nov 03, 2017 19:43 hrs By Marc Jones and Karin Strohecker LONDON (Reuters) - Veteran European Central Bank policymaker Ewald Nowotny has backed turning the European Stability Mechanism (ESM) into a IMF-styled lender and for it to take over from the ECB in Greece's bailout programme. "(The) ESM might turn into a 'European Monetary Fund', and I think that makes a lot of sense," Nowotny, one of the longest-serving members of the ECB's Governing Council, said on Friday. This would show "a rich part of the world is able to solve imbalances by themselves," while the set-up might also allow the ECB to end its formal role in euro zone bailout, something it has received public criticism for. "We are having a discussion on this," Nowotny said. "We don't have specific knowledge of the pension system in Greece... If we have the ESM as a specialised institution and we concentrate all these kind of surveillance tasks in the ESM. I think it will be much better." Nowotny also said Britain's decision to leave the European Union meant it would no longer be part of the integration dynamic across the European Union. "You can survive as a single country, but one has to be aware it is costly, and in a multilateral world, to have a standalone strategy is something a small country can do, like Switzerland," he said, speaking at an event organised by the policy think-tank OMFIF. "But in the case of Switzerland it means a lot of additional measures," he said, highlighting the way the Swiss National Bank has had to intervene heavily in currency markets on its own. (Reporting by Karin Strohecker and Marc Jones, editing by Larry King) SEARCH

Ford to invest $211 million in South Africa to boost output

Friday, November 3 2017

Ford to invest $211 million in South Africa to boost output

Ford to invest $211 million in South Africa to boost output Ford to invest $211 million in South Africa to boost output 20:06 hrs CAPE TOWN (Reuters) - American car-maker Ford said it would invest 3 billion rand ($211 million) in its South African assembly plant to meet rising domestic and international demand for its Ford Ranger pickup truck, the company said on Friday. "This significant investment reaffirms Ford's ongoing commitment to South Africa as a local manufacturer, exporter and key employer in the automotive sector," Ockert Berry, vice president operations for Ford Middle East and Africa said in a statement. ($1 = 14.2044 rand) (Reporting by Wendell Roelf; Editing by James Macharia) SEARCH

BRIEF-Blackberry in talks with Tata Motors' Jaguar Land Rover for software deal- WSJ

Friday, November 3 2017

BRIEF-Blackberry in talks with Tata Motors' Jaguar Land Rover for software deal- WSJ

BRIEF-Blackberry in talks with Tata Motors' Jaguar Land Rover for software deal- WSJ BRIEF-Blackberry in talks with Tata Motors' Jaguar Land Rover for software deal- WSJ Fri, Nov 03, 2017 23:00 hrs Nov 3 (Reuters) - * Blackberry in talks with Tata Motors' Jaguar Land Rover for software deal- WSJ, citing sources Source text : http://on.wsj.com/2Agzg5T Further company coverage: SEARCH

US STOCKS-Apple juices Wall St after mixed jobs report

Friday, November 3 2017

US STOCKS-Apple juices Wall St after mixed jobs report

US STOCKS-Apple juices Wall St after mixed jobs report US STOCKS-Apple juices Wall St after mixed jobs report Sat, Nov 04, 2017 00:39 hrs * U.S. job growth speeds up, wages flat * Apple shares surge to record after upbeat forecast * Qualcomm jumps after Broadcom takeover reports * Indexes up: Dow 0.11 pct, S&P 0.32 pct, Nasdaq 0.73 pct (Updates to late afternoon) By Lewis Krauskopf Nov 3 (Reuters) - A surge in shares of heavyweight Apple helped push up major Wall Street indexes on Friday, as investors also assessed a mixed U.S. labor market report. Shares of Apple, the world's most valuable publicly traded company, rose 2.8 percent as shoppers streamed into the company's stores to buy its latest iPhone. Apple also gave a better-than-expected sales forecast for the holiday shopping season. U.S. job growth accelerated in October after hurricane-related disruptions in the prior month, the Labor Department said. But wages grew at their slowest annual pace in more than 1-1/2 years in a sign that inflation probably will continue to undershoot the Federal Reserve's 2-percent target. “It kind of confirms this Goldilocks-type scenario where it's steady growth with really not a lot of inflationary pressure,” said Michael Dowdall, investment strategist at BMO Global Asset Management in Chicago. The Dow Jones Industrial Average rose 26.93 points, or 0.11 percent, to 23,543.19, the S&P 500 gained 8.28 points, or 0.32 percent, to 2,588.13 and the Nasdaq Composite added 48.96 points, or 0.73 percent, to 6,763.90. Apple was easily the biggest individual boost to the three indexes. The stock also helped boost the tech sector, which climbed 0.9 percent and led all major S&P 500 groups. All three indexes were on track to record gains for the week, which saw a series of significant events, including the appointment of a new Fed chair and the long-awaited unveiling of a tax-cut bill from U.S. President Donald Trump's fellow Republicans. Third-quarter corporate reports also have continued at a heavy pace. With more than 400 of S&P 500 companies having reported, earnings for the quarter are expected to have climbed 8 percent, compared to an expectation of a 5.9 percent rise at the start of October, according to Thomson Reuters I/B/E/S. American International Group shares sank 4.8 percent as investors reacted to a surprise $836 million boost to the insurance giant's reserves. Starbucks shares rose 2.3 percent following results. In other corporate news, Qualcomm shares surged 14.9 percent after reports that Broadcom is exploring a deal to buy the smartphone chip maker. Broadcom shares rose 6.3 percent. Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored advancers. (Additional reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski) SEARCH

'This rubbish about me picking my mates, it's absolute garbage'

Friday, November 3 2017

'This rubbish about me picking my mates, it's absolute garbage'

'This rubbish about me picking my mates, it's absolute garbage' 'This rubbish about me picking my mates, it's absolute garbage' Source : Last Updated: Fri, Nov 03, 2017 15:49 hrs Australian skipper Steve Smith has rubbished claims of 'captain's calls' and favouring his teammates when it comes to national selection, saying the accusations were 'absolute garbage'. Smith's comments came as the selection looms over the highly-anticipated Ashes Test series against England, beginning on November 23 at Gabba in Brisbane. The 28-year-old, who is not a part of Australia's three-man selection panel for Test and ODI cricket, came under fire when some of the former players claimed that he had too much of a say in the national selection. Strongly refuting the claims made by the former cricketers, Smith insisted that he was not a selector, but he certainly expressed his views regarding the team. "I'm not a selector, but I certainly speak to the selectors a lot and express my views. All this rubbish about me picking my mates, it's absolute garbage. I certainly don't agree with that," cricket.com.au quoted Smith, as saying. Last week, Smith had admitted that he did have an involvement in NSW's decision to leave out veteran Ed Cowan and rope in Test aspirant Daniel Hughes from the Sheffield Shield opening match against South Australia. While Cowan had praised Smith for delivering an honest feedback regarding his axing, he admitted that the skipper had to live and die by selection decisions that are made with his input. Though Smith has bristled at the suggestion, he asserted that he was unconcerned about the claims. "People can say what they like. I'll read it, but it doesn't bother me. I'll just get on with it," Smith said. Australia's selection panel, which was revamped in March this year, comprises of coach Darren Lehmann, Trevor Hohns and Greg Chappell for Test and ODI cricket, while Mark Waugh and Hohns look after the T20 side. Stay updated on the go with Sify Live Scores App. Click here to download it for your device SEARCH