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25 Aug

Fed's Bullard warns of recession risk in raising rates

Fed's Bullard Warns Of Recession Risk In Raising Rates

JACKSON HOLE, Wyo. - St. Louis Federal Reserve Bank President James Bullard on Friday raised new alarm bells over the U.S. central bank’s plan to keep raising interest rates, warning that even one more rate hike could set the stage for recession. FILE PHOTO: St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York February 26, 2015. REUTERS/Lucas Jackson/File Photo

24 Aug

Canada to rejoin NAFTA talks once U.S., Mexico resolve bilateral issues: Freeland

Canada To Rejoin NAFTA Talks Once U.S., Mexico Resolve Bilateral Issues: Freeland

RICHMOND, British Columbia - Mexico and the United States need to resolve complicated bilateral issues before modernization of the North American Free Trade Agreement (NAFTA) can move forward, Canadian Foreign Minister Chrystia Freeland said on Friday. FILE PHOTO: Canadian Foreign Minister Chrystia Freeland gestures during a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City, Mexico, March 5, 2018. REUTERS/Edgard Garrido/File Photo

24 Aug

Global stocks rally after speech by Fed's Powell, oil prices surge

Global Stocks Rally After Speech By Fed's Powell, Oil Prices Surge

NEW YORK - Global equity markets rose on Friday after Federal Reserve Chairman Jerome Powell said the U.S. central bank’s policies are best to keep the economy humming, spurring new highs on Wall Street, while oil surged on signs Iran sanctions may crimp worldwide supply. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

24 Aug

S&P 500 reaches new high to clinch record bull run

S&P 500 Reaches New High To Clinch Record Bull Run

NEW YORK - The benchmark S&P 500 stock index clinched its longest bull-market run on Friday, closing above its previous January high, as Federal Reserve Chairman Jerome Powell affirmed the U.S. central bank’s current pace of rate hikes. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

24 Aug

S&P 500 ends at record high, bull market label secure

S&P 500 Ends At Record High, Bull Market Label Secure

- The S&P 500 index .SPX notched its highest ever close on Friday, reaffirming that the bull market was intact, and now the longest running ever, after a steep sell-off seven months ago that tipped the market into a correction. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid/File Photo

24 Aug

Stocks up, S&P 500 reaches record closing high

Stocks Up, S&P 500 Reaches Record Closing High

NEW YORK - The benchmark S&P 500 index clinched its longest-ever bull market run on Friday, closing above its previous January high, as Federal Reserve Chairman Jerome Powell affirmed the U.S. central bank’s current pace of rate hikes. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

24 Aug

Wells Fargo lays off more than 600 mortgage workers

Wells Fargo Lays Off More Than 600 Mortgage Workers

- Wells Fargo & Co (WFC.N) is laying off more than 600 workers as it grapples with a slowdown in its mortgage business, a bank spokesman said on Friday. A Wells Fargo banking location is pictured in Pasadena, California, U.S., September 8, 2017. REUTERS/Mario Anzuoni/File Photo

24 Aug

Volkswagen CEO received memorandum about emissions cheating fallout: NDR

Volkswagen CEO Received Memorandum About Emissions Cheating Fallout: NDR

FRANKFURT/HAMBURG - Volkswagen (VOWG_p.DE) Chief Executive Herbert Diess was given a memorandum warning the carmaker might face legal action in the U.S. over the use of cheating software in cars just days before the scandal broke, a public broadcaster reported on Friday. Herbert Diess, Volkswagen's new CEO, speaks during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt/File Photo

24 Aug

Fed's Powell defends policy of gradual interest rate hikes

Fed's Powell Defends Policy Of Gradual Interest Rate Hikes

JACKSON HOLE, Wyo. - Federal Reserve Chairman Jerome Powell on Friday defended the U.S. central bank’s push to raise interest rates as healthy for the economy and signaled more hikes were coming despite President Donald Trump’s criticism of higher borrowing costs. FILE PHOTO: Federal Reserve Chairman Jerome Powell reacts to questioning by Rep. Sean Duffy, R-WI, during his testimony before a House Financial Services Committee hearing on the "Semiannual Monetary Policy Report to Congress", at the Rayburn House Office Building in Washington, U.S., July 18, 2018. REUTERS/Mary F. Calvert/File Photo

24 Aug

Wall St. rallies as Powell stays on rate-hike course

Wall St. Rallies As Powell Stays On Rate-hike Course

- Wall Street rallied on Friday, with the S&P 500 and the Nasdaq hitting all-time highs, after Federal Reserve Chair Jerome Powell said the central bank’s current approach to interest rate hikes was the best way to protect the U.S. economic recovery. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

24 Aug

UK auditors, watchdog to discuss curbs on Big Four market share

UK Auditors, Watchdog To Discuss Curbs On Big Four Market Share

LONDON - Britain’s top accountants will meet with competition regulators next week to discuss limiting the “Big Four” auditors’ market share after lawmakers called for them to be broken up. FILE PHOTO: The logo of KPMG is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. REUTERS/Charles Platiau/File Photo

24 Aug

Global stocks rally after Powell speech, oil prices surge

Global Stocks Rally After Powell Speech, Oil Prices Surge

NEW YORK - Global equity market rose on Friday after Federal Reserve Chairman Jerome Powell expressed no surprises in a key speech outlining a steady course for monetary policy, while oil prices surged on signs Iran sanctions may constrain worldwide supply. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

24 Aug

S&P, Nasdaq hit record as Powell stays on rate-hike course

S&P, Nasdaq Hit Record As Powell Stays On Rate-hike Course

- The benchmark S&P 500 and the Nasdaq hit all-time highs on Friday after Federal Reserve Chair Jerome Powell said the central bank’s current approach to interest rate hikes were the best way to protect the U.S. economic recovery. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

24 Aug

Nike stores in South Africa reopen following backlash over racist video

Nike Stores In South Africa Reopen Following Backlash Over Racist Video

JOHANNESBURG - Nike (NKE.N) stores in South Africa were all open on Friday, the company said, after some were closed following a backlash over racist comments by a man said to have links to the U.S. sportswear company. A man reacts as he finds a Nike store closed in Johannesburg, South Africa, August 22, 2018. REUTERS/Siphiwe Sibeko

24 Aug

Papa John's taps investment banks amid pressure from founder: sources

Papa John's Taps Investment Banks Amid Pressure From Founder: Sources

NEW YORK - Papa John’s International Inc (PZZA.O) has hired Bank of America Corp (BAC.N) and Lazard Ltd (LAZ.N) to help find ways to stabilize the restaurant chain, which has come under pressure from its founder, John Schnatter, people familiar with the matter said on Friday. The Papa John's store in Westminster, Colorado, U.S. August 1, 2017. REUTERS/Rick Wilking

24 Aug

Cigna shareholders approve $52 billion Express Scripts acquisition

Cigna Shareholders Approve $52 Billion Express Scripts Acquisition

- Cigna Corp (CI.N) shareholders on Friday voted in favor of the health insurer’s proposed $52 billion acquisition of pharmacy benefit manager Express Scripts Holding Co (ESRX.O), although the deal still needs clearance from antitrust authorities. David Cordani, president and CEO of CIGNA Corp., appears on CNBC at the New York Stock Exchange, (NYSE) in New York, U.S., March 8, 2018. REUTERS/Brendan McDermid

24 Aug

Fed's Powell: more rate hikes likely if economy stays strong

Fed's Powell: More Rate Hikes Likely If Economy Stays Strong

- The Federal Reserve’s steady interest rate hikes are the best way to protect the U.S. economic recovery and keep job growth as strong as possible and inflation under control, Fed Chair Jerome Powell said on Friday in a high-profile endorsement of the central bank’s current approach to policy. Federal Reserve Board Chairman Jerome Powell speaks at his news conference after the two-day meeting of the Federal Open Market Committee (FOMC) on interest rate policy in Washington, U.S., June 13, 2018. REUTERS/Yuri Gripas KEY POINTS:

24 Aug

Instant View: Fed's Powell - more rate hikes likely if economy stays strong

Instant View: Fed's Powell - More Rate Hikes Likely If Economy Stays Strong

- The Federal Reserve’s steady interest rate hikes are the best way to protect the U.S. economic recovery and keep job growth as strong as possible and inflation under control, Fed Chair Jerome Powell said on Friday in a high-profile endorsement of the central bank’s current approach to policy. Federal Reserve Board Chairman Jerome Powell speaks at his news conference after the two-day meeting of the Federal Open Market Committee (FOMC) on interest rate policy in Washington, U.S., June 13, 2018. REUTERS/Yuri Gripas KEY POINTS:

24 Aug

'Old' bull market sputters on while tech inflows slow: BAML

'Old' Bull Market Sputters On While Tech Inflows Slow: BAML

LONDON - Investors bought back into U.S. stocks this week which set their longest-ever market rally, although risks ahead spurred anxiety over how much longer the ageing bull can last, Bank of America Merrill Lynch strategists said on Friday. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

24 Aug

Energy, materials pull Wall St. higher ahead of Powell speech

Energy, Materials Pull Wall St. Higher Ahead Of Powell Speech

- U.S. stocks rose on Friday as a rise in oil and metals prices lifted energy and materials shares, while the dollar slipped ahead of a speech from Federal Reserve Chair Jerome Powell. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

24 Aug

Wall St. opens higher, Powell speech awaited

Wall St. Opens Higher, Powell Speech Awaited

- U.S. stock indexes opened higher on Friday, as investors awaited a speech from Federal Reserve Chair Jerome Powell for clues on the direction of monetary policy. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

24 Aug

Gap shares tumble as flagship brand shows no sign of recovery

Gap Shares Tumble As Flagship Brand Shows No Sign Of Recovery

- Shares of Gap Inc (GPS.N) fell 8 pct in premarket trading on Friday, a day after the company’s namesake brand posted another bigger-than-expected drop in comparable sales, raising concerns around the unit’s turnaround plan. FILE PHOTO: A Gap Inc. retail store is shown in La Jolla, California, U.S., May 17, 2017. REUTERS/Mike Blake/File Photo

24 Aug

Wall St. set for higher open with Powell speech in focus

Wall St. Set For Higher Open With Powell Speech In Focus

- U.S. stock index futures pointed to a higher open on Friday, as investors awaited a speech from Federal Reserve Chair Jerome Powell for clues on the direction of monetary policy. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

24 Aug

Enbridge to buy Spectra Energy for $3.3 billion

Enbridge To Buy Spectra Energy For $3.3 Billion

- Enbridge Inc, Canada’s largest pipeline operator, said on Friday it would buy its U.S. master limited partnership Spectra Energy Partners for a sweetened deal of $3.3 billion. FILE PHOTO: Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo

24 Aug

UniCredit, SocGen decline to comment on tie-up report

UniCredit, SocGen Decline To Comment On Tie-up Report

MILAN - UniCredit (CRDI.MI) and Societe Generale (SOGN.PA) declined to comment on a report that Italy’s biggest bank was working with a senior Rothschild banker to advise it on a possible merger with the French lender. FILE PHOTO: A general view shows French bank Societe Generale headquarters buildings in La Defense near Paris, France, February 11, 2016. REUTERS/Benoit Tessier/File Photo