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27.06.2017

KB Home Bottom Line Advances 104% In Q2

WASHINGTON (dpa-AFX) - KB Home (KBH) announced earnings for its second quarter that increased compared to the same period last year.The company said its bottom line came in at $31.78 million, or $0.33 per share. This was higher than $15.60 million, or $0.17 per share, in last year's second quarter.Analysts had expected the company to earn $0.26 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company said revenue for the quarter rose 23.5% to $1.00 billion. This was up from $0.81 billion last year.KB Home earnings at a glance:-Earnings (Q2): $31.78 Mln. vs. $15.60 Mln. last year.-Earnings Growth (Y-o-Y): 103.7%-EPS (Q2): $0.33 vs. $0.17 last year.-EPS Growth (Y-o-Y): 94.1%-Analysts Estimate: $0.26-Revenue (Q2): $1.00 Bln vs. $0.81 Bln last year.-Revenue Change (Y-o-Y): 23.5%Copyright RTT News/dpa-AFX
27.06.2017

Darden Restaurants Pulls Back Off Highs But Remains Firmly Positive

WASHINGTON (dpa-AFX) - After rising sharply early in the session, shares of Darden Restaurants (DRI) have pulled back off their best levels but remain firmly positive in afternoon trading on Tuesday. Darden is currently up by 2.9 percent reaching a record intraday high.The early rally by Darden came after the restaurant operator reported fiscal fourth quarter results that exceeded analyst estimates on both the top and bottom lines.Copyright RTT News/dpa-AFX
27.06.2017

Backlash Against Taco Bell's Double Chalupa

WASHINGTON (dpa-AFX) - Taco Bell's Double Chalupa had generated much hype among fans on its debut, but customers are now expressing their disappointment with the new menu item.Taco Bell, the fast-food chain of Yum! Brands Inc. (YUM), has claimed that the Double Chalupa clocks in at around 9 ounces and is double the size of the traditional Chalupa. However, customers are complaining that the double-stuffed fried tortilla does not pack twice as much meat and falls far short of its advertising. Some Taco Bells are said to be filling the item with just a single Chalupa's worth of meat and with a lot of vegetable toppings. Irate and disappointed fans have sought to social media to express their discontent with the limited-time offering. 'Yo @tacobell might wanna let your employees know a double chalupa has double the toppings,' one customer said in a tweet.'@tacobell your#DoubleChalupa is supposed to have more meat not No meat. #comeonman bring back the 5 dollar craving box,' another disappointed customer tweeted.Taco Bell has responded to the backlash on Twitter by saying 'let's remake that, direct message us,' or 'that's not OK, let's make up.'Taco Bell also said it was connecting with its restaurant teams to ensure its customers receive Double Chalupas that exceed their expectations.Copyright RTT News/dpa-AFX
27.06.2017

Apple Buys Maker Of Eye-Tracking Glasses

CUPERTINO (dpa-AFX) - Apple Inc. (AAPL) has acquired German computer vision company SensoMotoric Instruments, a maker of eye-tracking glasses and systems, according to media reports. Financial terms of the deal are not known.The acquisition is expected to help Apple develop software that will be built into future versions of the iPhone or other new hardware. Apple is said to have prototyped a pair of smart glasses that would connect to an iPhone and is also reportedly working on its own version of virtual reality headsets.Apple has kept a low profile in the augmented reality space so far, although CEO Tim Cook has said the company was investing in it. However, the tech giant recently introduced a tool called ARKit, which will provide augmented reality capabilities on iOS. Founded in 1991, SensoMotoric is based in Teltow, near Berlin. The company develops eye-tracking hardware and software technology to be used in virtual and augmented reality headsets and glasses.SensoMotoric has developed eye-tracking technology for virtual reality headsets such as the Oculus Rift. The technology can analyze the wearer's gaze and help to reduce the effects of motion sickness during VR use.Copyright RTT News/dpa-AFX
27.06.2017

News Corp Welcomes EC Decision To Fine Google For Breaching EU Antitrust Rules

MOUNTAIN VIEW (dpa-AFX) - News Corp.(NWS, NWSA) said that it welcomed the European Commission's leadership in confronting the discriminatory behavior of Google in the comparison shopping industry. Other regulators and companies have been intimidated by Google's overwhelming might, but the Commission has taken a strong stand.News Corp. hope that this is the first step in remedying Google's shameless abuse of its dominance in search.News Corp. said it strongly believed that the abuse of algorithms by dominant digital platforms should be of concern to every country and company seeking a fair, competitive and creative society. Google has profited from commodifying content and enabling the proliferation of flawed and fake news, to the detriment of journalism and of an informed society.Earlier today, Google has been fined a hefty 2.42 billion euros or $2.7 billion by the European Commission for breaching EU antitrust rules. The Commission ruled that Google has abused its market dominance as a search engine by giving illegal advantage to its own comparison shopping service.Google must now end the conduct within 90 days, otherwise will need to face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google's parent company.Copyright RTT News/dpa-AFX
27.06.2017

Reports: Western Digital Resubmits Bid For Toshiba Chip Unit

TOKYO (dpa-AFX) - Western Digital Corp. (WDC) and U.S. private equity firm KKR & Co. LP (KKR) have resubmitted an offer for Toshiba Corp.'s (TOSYY.PK, TOSBF.PK) flash memory chip unit, according to media reports on Tuesday. The new offer is said to be around 2 trillion yen. Western Digital's re-submission of a bid comes amid speculation that Toshiba might sign an agreement by Wednesday to sell the business to a Japanese-led consortium despite stiff resistance from Western Digital. Last Wednesday, Toshiba said it selected a consortium led by the state-backed Innovation Network Corp. of Japan as a preferred bidder. The Development Bank of Japan and U.S. firm Bain Capital will also invest in the memory unit, while South Korean chip-maker SK Hynix will provide lending.Western Digital, which has a 49 percent stake in Toshiba's unit as part of a joint venture, has firmly opposed the sale of Toshiba Memory, arguing that any transfer of the business without its consent would violate joint venture agreements. The company is also wary of any involvement by SK Hynix in a deal for the unit and has questioned SK Hynix's motives in lending.Another point of contention is Western Digital's relatively low offer for the business. The company had earlier proposed paying around 1.7 trillion yen to 1.8 trillion yen, including contributions from partners such as investment funds, while some bids through the auction process have topped 2 trillion yen.The U.S. hard-drive maker is seeking a U.S. court injunction to block any deal without its consent, and has been pursuing one-on-one negotiations. A hearing is scheduled for July 14.However, Toshiba needs to sell the unit before the year ends in March 2018 so that it can use the proceeds to rebuild its finances after an accounting scandal and cost overruns at its bankrupt Westinghouse nuclear unit. The company would prefer that its partner limit itself to a minority interest to avoid a lengthy antitrust review.Toshiba has set itself a self-imposed deadline of Wednesday, the day of the company's annual shareholder meeting, to sign a definitive agreement for sale of the unit.Copyright RTT News/dpa-AFX
27.06.2017

New York Community To Sell Mortgage Banking Business To Freedom Mortgage

WASHINGTON (dpa-AFX) - New York Community Bancorp Inc. (NYCB) said that it has entered into an agreement to sell its mortgage banking business, which was acquired as part of its 2009 FDIC-assisted acquisition of AmTrust Bank, to residential mortgage industry leader, Freedom Mortgage Corporation.Freedom will acquire both origination and servicing platforms, as well as our mortgage servicing rights portfolio with a current aggregate unpaid principal balance of approximately $21.0 billion. It is expected that Freedom will retain certain employees from the Company's Cleveland, Ohio mortgage banking business and plans to maintain operations in the area.Additionally, the Company has received approval from the FDIC to sell the assets covered under our Loss Share Agreements and it entered into an agreement to sell the majority of one-to-four family residential mortgage-related assets, including those covered under the LSA, to an affiliate of Cerberus Capital Management, L.P.The transactions are expected to close during the third quarter of 2017, subject to certain closing conditions, and, on a combined basis, result in a gain on sale of approximately $90.0 million on a pre-tax basis.Copyright RTT News/dpa-AFX
27.06.2017

Wells Fargo To Sell Commercial Insurance Business

SAN FRANCISCO (dpa-AFX) - Wells Fargo & Company (WFC) announced an agreement with USI Insurance Services to sell Wells Fargo Insurance Services USA, which includes its Insurance Brokerage and Consulting, Employee Benefits and Property & Casualty national practices, along with Safehold Special Risk, Small Business Insurance, Student Insurance, Individual Health and Private Risk Management Insurance business lines. In conjunction with the sale of the commercial brokerage business, the Personal Insurance business will report into Consumer Lending.'The sale of the commercial insurance business reinforces Wells Fargo's focus on core banking products and services that best meet the needs of our customers and support strong financial returns for shareholders,' said Perry Pelos, head of Wells Fargo Wholesale Banking. USI is headquartered in New York and is one of the largest privately held insurance brokerage firms in the U.S., with more than 4,400 associates in over 140 offices. In 2014, USI acquired more than 40 smaller brokerage offices from Wells Fargo Insurance.Copyright RTT News/dpa-AFX
27.06.2017

Taco Bell Weddings In Las Vegas

WASHINGTON (dpa-AFX) - Mexican fast-food chain Taco Bell has announced a quickie Las Vegas wedding for its fans starting August 7.The unit of fast-food behemoth YUM! Brands said the weddings at a Taco Bell Cantina on The Strip will cost $600, including the ceremony, a private party for 15 guests and custom merchandise for the bride and groom. The package includes a dozen tacos, a Cinnabon Delights cake and a bouquet made of hot sauce packets. Taco Bell hosted its first wedding on Sunday for Dan Ryckert and Bianca Monda, the winners of its 'Love and Tacos' contest in which more than 150 couples participated.The company first announced its nuptials package on Valentine's Day, and then held the contest for couples looking to be the first lovebirds to be married at the Las Vegas Taco Bell.The Irvine-based chain said in a statement, 'Now that Dan and Bianca have paved the way, starting August 7, fans everywhere can have their own Taco Bell wedding, which they can walk in and order right off the Las Vegas Cantina menu.'For the weddings, Taco Bell is teaming up with Las Vegas-based Flora Pop, which specializes in traveling pop-up weddings.After the payment of the wedding package at the fast-food counter, the ceremony will take place in the upstairs wedding chapel within four hours. The weddings will be performed by an ordained officiant, and the couples are allowed to have a private reception area for up to 15 guests.Las Vegas is the second most popular destination in the world to get married after Istanbul, Turkey.Copyright RTT News/dpa-AFX
27.06.2017

21st Century Fox Gets Ireland Nod For Proposed Acquisition Of Sky

LONDON (dpa-AFX) - 21st Century Fox Inc. (FOX, FOXA) said that the Republic of Ireland's Minister for Communications, Climate Action and Environment has cleared the company's acquisition of the outstanding shares of British satellite television network Sky Inc. (BSY.L, SKY.L) that Fox does not already own.The Minister has ruled that the proposed transaction will not result in insufficient plurality for any audience in the Republic of Ireland. The decision was communicated to 21st Century Fox by the Department of Communications, Climate Action and Environment.The decision follows rulings clearing the transaction on public interest grounds including plurality by authorities in all of the markets in which Sky operates outside of the UK, including Austria, Germany, Italy and now the Republic of Ireland.The decision also follows unconditional clearance of the proposed transaction by all competent competition authorities, notably the European Commission on 7 April 2017, covering both the UK and the rest of the European Economic Area, as well as by the Jersey competition authority.21st Century Fox noted that the UK Secretary of State for Culture, Media and Sport has confirmed that she has now received the reports from Ofcom and the CMA on the specified public interest grounds, media plurality and commitment to broadcasting standards. The Department for Culture, Media and Sport has stated that the Secretary of State will make her initial 'minded to' decision, publish the reports and return to Parliament to make an oral statement by 29 June.Copyright RTT News/dpa-AFX
27.06.2017

Semiconductor Stocks Showing Substantial Move To The Downside

WASHINGTON (dpa-AFX) - Semiconductor stocks have shown a significant move to the downside during trading on Tuesday, dragging the Philadelphia Semiconductor Index down by 1.8 percent. The index is on pace to end the session at its lowest closing level in over a month.Marvell Technology (MRVL), Cavium (CAVM), and ON Semiconductor (ON) are turning in some of the sector's worst performances in afternoon trading.Copyright RTT News/dpa-AFX
27.06.2017

The Swiss Stock Market Slid As Nestlé Endures Profit Taking

BRUSSELS (dpa-AFX) - The Swiss stock market ended Tuesday's session with a small loss. The weak performance by index heavyweight Nestlé weighed on the overall market, as traders took profits following yesterday's surge in price. Central banks were in focus Tuesday. The European Central Bank will need to be prudent in withdrawing monetary stimulus as that can be done only gradually with the euro area still in need of considerable policy support to bring inflation back to target in a sustainable way, ECB President Mario Draghi said Tuesday. Traders are also looking forward to comments from Fed Chair Janet Yellen later today.The Swiss Market Index decreased by 0.53 percent Tuesday and finished at 9,072.92. The Swiss Leader Index dropped 0.33 percent and the Swiss Performance Index lost 0.58 percent.Nestlé dropped 1.6 percent after surging to a near high for the year on Monday. The stock jumped at the start of the week after activist investor Daniel Loeb revealed a stake in the company.Novartis also weakened by 0.7 percent, but Roche rose 0.1 percent. Aryzta declined 1.7 percent and Lindt & Sprüngli surrendered 1.5 percent. In the broad market, shares of milk processor Emmi decreased 1.5 percent.Swatch dropped 1.5 percent and Richemont slipped 0.3 percent.Sonova fell 1.2 percent and Vifor surrendered 1.0 percent. Partners Group forfeited 1.2 percent and Bâloise lost 1.2 percent. Meanwhile, UBS and Credit Suisse both climbed by 1.9 percent.Copyright RTT News/dpa-AFX
27.06.2017

European Markets Pulled Back As Euro Strengthens

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets fell in early trade and remained stuck in a sideways trend for the majority of the session. Several factors weighed on investor sentiment Tuesday, including a profit warning from UK retailer Debenhams and the failed takeover of German drug-maker Stada. Automakers struggled after General Motors lowered its outlook for U.S. new vehicle sales in 2017. The Euro also strengthened against the dollar after some comments from European Central Bank President Mario Draghi.The European Central Bank will need to be prudent in withdrawing monetary stimulus as that can be done only gradually with the euro area still in need of considerable policy support to bring inflation back to target in a sustainable way, ECB President Mario Draghi said Tuesday.'In the current context where global uncertainties remain elevated, there are strong grounds for prudence in the adjustment of monetary policy parameters, even when accompanying the recovery,' Draghi said in a speech at an ECB forum in Sintra, Portugal.'Any adjustments to our stance have to be made gradually, and only when the improving dynamics that justify them appear sufficiently secure.'The Bank of England plans to raise capital requirement of lenders amid consumer credit growth.The Financial Policy Committee would lift the countercyclical capital buffer to 0.5 percent from zero percent, with effect from June 2018. In the absence of any material change in the outlook, the bank expects to lift the rate again to 1 percent at its November 2018 meeting, the bank said in its Financial Stability Report. An increase of 0.5 percent itself lift the capital requirement by GBP 5.7 billion.The pan-European Stoxx Europe 600 index weakened by 0.81 percent. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.66 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.61 percent.The DAX of Germany dropped 0.78 percent and the CAC 40 of France fell 0.70 percent. The FTSE 100 of the U.K. declined 0.17 percent and the SMI of Switzerland finished lower by 0.53 percent.In Frankfurt, Stada tumbled 2.98 percent after private equity groups Bain Capital and Cinven failed to secure enough shareholder acceptances to take over the German generic drug-maker.Deutsche Telekom lost 2.29 percent on a Wall Street Journal report that U.S. wireless carrier Sprint is in exclusive talks with Charter Communications and Comcast on a potential wireless-services deal.In Paris, IT services group Sopra Steria tumbled 4.41 percent after it unveiled plans to buy a Swedish consultancy firm. Saint-Gobain declined 1.06 percent on news it is increasing flat glass capacity in Mexico.L'Oréal slid 2.12 percent as it signed a pact to sell The Body Shop to Brazil's Natura Cosmeticos for one billion euros. Outdoor advertising company JCDecaux shed 2.03 percent. The company has entered into a joint venture agreement with Mexican telecommunications group America Movil.Car rental company Europcar gained 1.48 percent after saying it is conducting a thorough internal investigation over accusations of overcharging customers for repair costs.In London, department store Debenhams tumbled 2.25 percent after it reported falling sales in the 15 weeks to 17 June amid volatile trading, sparking fears about a slowdown in consumer spending.Marks & Spencer Group lost 1.95 percent while Next Plc slid percent. However, floor coverings retailer Carpetright soared percent after the company said it saw a 'positive trading momentum re-established in second half'.Travel and leisure firm TUI declined 2.07 percent after Barclays cut its target price on the stock.Bankia SA rallied 3.53 percent in Madrid after it agreed to acquire Banco Mare Nostrum SA in an all-stock deal.Italy's consumer confidence improved more-than-expected in June, while business confidence rose marginally, survey data from the statistical office Istat showed Tuesday. The consumer confidence index climbed to 106.4 in June from 105.4 in May. Economists had expected the index to increase to 105.8.UK consumer confidence deteriorated notably in the wake of hung parliament, survey results from YouGov and the Centre for Economics and Business Research showed Tuesday. The overall consumer sentiment index dropped to 106.9 in June, its second-lowest level since the summer of 2013.Consumer confidence in the U.S. unexpectedly improved in the month of June, according to a report released by the Conference Board on Tuesday. The Conference Board said its consumer confidence index rose to 118.9 in June from a downwardly revised 117.6 in May.The increase came as a surprise to economists, who had expected the index to drop to 116.7 from the 117.9 originally reported for the previous month.Copyright RTT News/dpa-AFX
27.06.2017

Street Might Tread In Negative Territory At Opening

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The market is keenly waiting for Fed Chair Janet Yellen's discussion on global economic issues this afternoon. The 20-city S&P Corelogic Case-Shiller home price index is another major focus of the day. Asian stocks closed mixed, while European shares are trading in the red. Early signs from U.S. Futures Index suggest that Wall Street might open lower.As of 6.45 am ET, the Dow futures were slipping 14 points, the S&P 500 futures were shedding 1.50 points and the Nasdaq 100 futures were slipping 21 points.U.S. stocks closed mixed on Monday. The Nasdaq fell 18.10 points or 0.3 percent to 6,247.15, the Dow edged up 14.79 points or 0.1 percent to 21,409.55 and the S&P 500 inched up 0.77 points or less than a tenth of a percent to 2,493.07. On the economic front, the Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be revealed at 8.55 am ET. The prior week stores sales were up 2.8 percent. The S&P Corelogic Case-Shiller home price index for April that tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. will be released at 9.00 am ET. The economists are looking for consensus of growth of 0.6 percent. The Conference Board's Consumer Confidence data for June will be published at 10.00 am ET. The consensus is for 116.7, compared to 117.9 last month. Richmond Fed's manufacturing index for June will be issued at 10.00 am ET. The forecasters are looking for consensus of 8. The State Street Investor Confidence Index for June will be issued at 10.00 am ET. In the previous period the confidence index wa 102.5. Philadelphia Federal Reserve Bank President Patrick Harker will speak on the economic outlook and international trade at the European Economics & Financial Centre, Distinguished Speakers Seminar in London, with audience Q&A at 11.15 am ET. Federal Reserve Chair Janet Yellen will discuss global economic issues at the Conversation between Chair Yellen and Lord (Nicholas) Stern, President of the British Academy in London, with audience Q&A at 1.00 pm ET. Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a townhall in Houghton, Michigan, with audience Q&A at 5.30 pm ET. 5-year Treasury note auction will be held at 1.00 pm ET. San Francisco Federal Reserve Bank President John C. Williams will speak at The Economic Association of Australia, Eminent Speaker Series 2017 on 'The Global Growth Slump: Causes and Consequences' in Sydney, New South Wales, with audience Q&A at 4.05 am ET. In the corporate sector, L'Oréal said that the contract for sale of the Body Shop to Natura was signed after receiving the advice of L'Oréal's Works Council regarding the project announced on June 9.Valmont Industries, Inc. (VMI), a provider of engineered products and services, announced that its board of directors has named Stephen Kaniewski as President and Chief Executive Officer effective December 31, 2017, the first day of Valmont's fiscal 2018. Kaniewski will succeed Mogens Bay, Valmont's Chairman and CEO, who will become Executive Chairman on December 31, 2017, for a transitional period. Asian stocks finished mixed on Tuesday. Chinese shares rose after official data showed profit growth in China's industrial sector. The benchmark Shanghai Composite index rose 5.75 points or 0.18 percent to 3,191.20 while Hong Kong's Hang Seng index closed down 31.90 points or 0.12 percent at 25,839.99.Japanese shares rose for a third straight session as the dollar hit its highest level against the yen in nearly five weeks. The Nikkei average hit as high as 20,250.10 before closing 71.74 points or 0.36 percent higher at 20,225.09. The broader Topix index rose 0.4 percent to finish at 1,619.02.Australian shares ended marginally lower after three days of gains. The benchmark S&P/ASX 200 index slid 6 points or 0.10 percent to 5,714.20 while the broader All Ordinaries index closed 5.90 points or 0.10 percent lower at 5,752.50.European shares are trading lower on Tuesday. Among the major indexes in the region, the CAC 40 Index of France is down 25.36 points or 0.48 percent, the German DAX is losing 46.60 points or 0.37 percent, the U.K. FTSE 100 Index is slipping 1.73 points or 0.02 percent and the Swiss Market Index is declining 17.55 points or 0.19 percent.The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.27 percent.Copyright RTT News/dpa-AFX
27.06.2017

European Shares Off Day's Lows

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were trading lower on Tuesday as a planned €4.1bn private equity takeover of drugmaker Stada proved unsuccessful and General Motors lowered its outlook for U.S. new vehicle sales in 2017. Regional markets recouped some early losses after the Bank of England released its latest financial stability report and said banks have to raise their capital requirements to cover potential losses in the event of a financial downturn. Meanwhile, ECB President Mario Draghi said in a speech at a conference in Sintra, Portugal, that a considerable degree of monetary accommodation is still required for underlying inflation pressures to build up.Investors also looked ahead to Federal Reserve Chair Janet Yellen's speech later in the day for additional clues on whether the U.S. central bank will hike rates going forward.The pan-European Stoxx Europe 600 index was down 2 points or 0.45 percent at 387.30 after rising 0.4 percent the previous day. The German DAX was moving down 0.4 percent and France's CAC 40 index was losing half a percent while the U.K.'s FTSE 100 was little changed with a negative bias. Stada tumbled 3.5 percent after private equity groups Bain Capital and Cinven failed to secure enough shareholder acceptances to take over the German generic drugmaker.Deutsche Telekom lost 2 percent on a Wall Street Journal report that U.S. wireless carrier Sprint is in exclusive talks with Charter Communications and Comcast on a potential wireless-services deal.French automaker Peugeot shed 1.5 percent while rivals Renault and BMW slid around half a percent after General Motors said it expects industry vehicle sales to fall short of its original forecast for the year.Department store Debenhams tumbled 3.5 percent in London after it reported falling sales in the 15 weeks to 17 June amid volatile trading, sparking fears about a slowdown in consumer spending.Marks & Spencer Group lost over 2 percent while Next Plc slid half a percent. However, floor coverings retailer Carpetright soared 8 percent after the company said it saw a 'positive trading momentum re-established in second half'.Spanish bank Bankia rallied 4 percent after it agreed to acquire Banco Mare Nostrum SA in an all-stock deal.Mining stocks jumped after Chinese Premier Li Keqiang made a strong defense of his signature program aimed at bolstering the country's new economy. Antofagasta, Anglo American, Rio Tinto, BHP Billiton and Glencore climbed 2-3 percent.Copyright RTT News/dpa-AFX
27.06.2017

FTSE 100 Recoups Early Losses As Carney Speaks

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. shares recouped early losses to trade flat on Tuesday as miners advanced, helping investors shrug off mixed trading updates from Carpetright and Debenhams.Investors were also digesting the Bank of England's bi-annual Financial Stability Report accompanied by remarks by Governor Mark Carney.In economic releases, a gauge of U.K. consumer confidence deteriorated notably in the wake of hung parliament, survey results from YouGov and the Centre for Economics and Business Research showed. The headline consumer sentiment index dropped to 106.9 in June, its second-lowest level since the summer of 2013. The benchmark FTSE 100 was marginally lower at 7,444 in late opening deals after hitting as low as 7,411 in early trade. Department store Debenhams tumbled 3.5 percent after it reported falling sales in the 15 weeks to 17 June amid volatile trading, sparking fears about a slowdown in consumer spending. Marks & Spencer Group lost over 2 percent while Next Plc slid half a percent.However, floor coverings retailer Carpetright soared 8 percent after the company said it saw a 'positive trading momentum re-established in second half'. Travel and leisure firm TUI declined 2.5 percent after Barclays cut its target price on the stock.Mining stocks rallied after Chinese Premier Li Keqiang made a strong defense of his signature program aimed at bolstering the country's new economy. Antofagasta, Anglo American, Rio Tinto, BHP Billiton and Glencore climbed 2-3 percent.Copyright RTT News/dpa-AFX
27.06.2017

CAC 40 Drifts Lower As Automakers Slide

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French shares drifted lower on Tuesday as General Motors lowered its outlook for U.S. new vehicle sales in 2017 and investors awaited comments from a slew of central bank officials, including Fed Chair Janet Yellen.The benchmark CAC 40 index was down 21 points or 0.40 percent at 5,274 in late opening deals after rising 0.6 percent in the previous session.Renault lost 1 percent and rival Peugeot shed 1.5 percent after General Motors said it expects industry vehicle sales to fall short of its original forecast for the year.IT services group Sopra Steria tumbled 2 percent after it unveiled plans to buy a Swedish consultancy firm. Saint-Gobain declined more than 1 percent on news it is increasing flat glass capacity in Mexico.L'Oréal slid 0.7 percent as it signed a pact to sell The Body Shop to Brazil's Natura Cosmeticos for one billion euros. Outdoor advertising company JCDecaux shed 1.5 percent. The company has entered into a joint venture agreement with Mexican telecommunications group America Movil.Car rental company Europcar gained 1 percent after saying it is conducting a thorough internal investigation over accusations of overcharging customers for repair costs.Copyright RTT News/dpa-AFX
27.06.2017

DAX Retreats As Stada Buyout Collapses

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German shares fell notably on Tuesday as a planned €4.1bn private equity takeover of drugmaker Stada proved unsuccessful and General Motors lowered its outlook for U.S. new vehicle sales in 2017. Investors also awaited comments from a slew of central bank officials, including Fed Chair Janet Yellen.The benchmark DAX was down 76 points or 0.59 percent at 12,694 in late opening deals after closing 0.3 percent higher on Monday.Stada tumbled 4.5 percent after private equity groups Bain Capital and Cinven failed to secure enough shareholder acceptances to take over the German generic drugmaker.Deutsche Telekom lost 2.5 percent on a Wall Street Journal report that U.S. wireless carrier Sprint is in exclusive talks with Charter Communications and Comcast on a potential wireless-services deal.Automakers BMW, Daimler and Volkswagen slid between half a percent and 0.8 percent, while automotive supplier Schaeffler fell as much as 10 percent after cutting its profit outlook.Deutsche Bank shares rose more than 2 percent. Tech giant IBM is building blockchain technology that will be used by seven big European banks, including the German lender, to facilitate trade finance for small and medium-sized enterprises.Copyright RTT News/dpa-AFX
27.06.2017

Asian Shares Mixed Ahead Of Yellen's Speech

CANBERA (dpa-AFX) - Asian stocks turned in a mixed performance on Tuesday as investors looked ahead to Federal Reserve Chair Janet Yellen's speech later in the day for additional clues on whether the U.S. central bank will hike rates going forward.While a weaker yen helped exporters rise in Japan, solid industrial profits data supported underlying sentiment in China.ECB President Mario Draghi talked up benefits of the ECB's easy monetary policy and crude oil futures rose for a fourth consecutive session on Tuesday, helping limit regional losses, if any. Chinese shares rose after official data showed profit growth in China's industrial sector picked up speed in May, adding to signs of stability in the world's second-largest economy. The benchmark Shanghai Composite index rose 5.75 points or 0.18 percent to 3,191.20 while Hong Kong's Hang Seng index was down 32 points or 0.12 percent at 25,839 in late trade. Japanese shares rose for a third straight session as the dollar hit its highest level against the yen in nearly five weeks ahead of Yellen's speech. The Nikkei average hit as high as 20,250.10 before closing 71.74 points or 0.36 percent higher at 20,225.09. The broader Topix index rose 0.4 percent to finish at 1,619.02. JFE Holdings and Nippon Steel & Sumitomo Metal Corp jumped around 3 percent each on a brokerage report highlighting that steel prices are turning up after bottoming in early June. Nintendo shares fluctuated before closing on a flat note after the company announced it would release a SNES Classic at the end of September. Toshiba dropped 1.7 percent after delaying the release of its long-overdue earnings.Australian shares ended marginally lower after three days of gains. The benchmark S&P/ASX 200 index slid 6 points or 0.10 percent to 5,714.20 while the broader All Ordinaries index closed 5.90 points or 0.10 percent lower at 5,752.50.Rio Tinto rose half a percent after the mining giant confirmed that it would back Yancoal's offer over Glencore for its NSW coal operations because of higher value and greater transaction certainty. Smaller rival Fortescue Metals Group rallied 3.8 percent. Gold miner Evolution dropped 1.3 percent as the price of the yellow metal hovered at a six-week low. Vitamin maker Blackmores slumped 4.4 percent after announcing the retirement of its CEO and MD Christine Holgate.Energy stocks fell broadly despite oil prices edging higher overnight. Lender ANZ rose 1 percent and Commonwealth added 0.7 percent while rivals NAB and Westpac ended on a flat note. South Korea's Kospi average edged up 3.29 points or 0.14 percent to 2,391.95 after a report showed consumer confidence in the country rose to its highest level since 2011 in June. Naver shares fell 2.1 percent after Xerox Corp. announced an agreement, under which the South Korean internet company will acquire the Xerox Research Centre Europe in Grenoble, France.New Zealand shares closed higher as investors digested mixed trade figures. While the country's trade surplus narrowed more than expected in May, exports grew an annual 8.7 percent to hit a three-year high, a government report showed. The benchmark S&P/NZX-50 index rose 30.85 points or 0.41 percent to 7,626.35, with telecom and industrial stocks pacing the gainers. India's Sensex was down 0.7 percent and the Taiwan Weighted was marginally lower, while Singapore's Straits Times index was moving up 0.2 percent. The markets in Malaysia and Indonesia remained closed in observance of Eid-ul-Fitr.U.S. stocks ended mixed overnight as oil prices fluctuated and data on durable goods orders disappointed investors. While the tech-heavy Nasdaq dropped 0.3 percent, the Dow and the S&P 500 edged up marginally.Copyright RTT News/dpa-AFX
27.06.2017

European Shares Poised For Positive Open

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks are poised to open flat to slightly higher on Tuesday after ECB President Mario Draghi defended the central bank's easy monetary policy before a group of students in Portugal, saying that keeping interest rates low had helped create jobs and reduce inequality. The euro held steady after having fallen back from an 11-day high overnight. Crude oil futures rose for a fourth consecutive session while gold extended overnight losses ahead of an address by Federal Reserve Chair Janet Yellen later today. Investors will be looking for any clues on the pace of further rate hikes. Meanwhile, the International Monetary Fund recommended the Irish government to focus on rebuilding fiscal buffers, strengthening economic resilience and fostering sustainable and inclusive growth.While the outlook for the banking system is positive, the executive board observed that Brexit-related uncertainties, international regulatory changes and elevated NPL levels pose challenges.Asian stocks are trading mostly lower in range-bound trade after U.S. stocks finished on a mixed note overnight. The tech-heavy Nasdaq dropped 0.3 percent on Monday, while the Dow and the S&P 500 edged up marginally, as oil prices fluctuated and data on durable goods orders disappointed investors. European markets eked out modest gains on Monday after Italy moved to shore up confidence in its fragile banking system and a hedge fund snapped up $3.5 billion stake in Nestlé. The pan-European Stoxx Europe 600 index gained 0.4 percent. The German DAX and the U.K.'s FTSE 100 both rose by 0.3 percent, while France's CAC 40 index advanced 0.6 percent.Copyright RTT News/dpa-AFX
27.06.2017

UK Mortgage Lending Likely To Recover On Supportive Interest Rates

LONDON (dpa-AFX) - UK mortgage approvals should begin to gently recover by the end of this year on the back of supportive interest rates and a little stronger economic backdrop in the second quarter, Hansen Lu, a property economist at Capital Economics, said.The number of mortgages approved in May totaled 40,347, data from the British Bankers' Association showed Monday. That was down by 0.8 percent compared to the 40,686 seen in April. On a yearly basis, approvals dropped 3.3 percent.The economist noted that May's decline in mortgage approvals is consistent with the broader picture of housing market stagnation. Lu also observed that the weakness in lending was driven by several factors. Firstly, rising inflation has squeezed real income of households and the market is still characterized by a shortage of homes for sale.'And perhaps most importantly, house prices are very high - discouraging some buyers and pricing others out of the market entirely,' the economist pointed.The PMI data for May suggested a strong GDP growth in the second quarter after a lackluster result in the March quarter.Besides this, with unemployment at a record low and jobs growth ticking along, the labor market has held up well, the economist said.'While the MPC struck a surprisingly hawkish tone at its latest meeting, it will likely be some time before a rate rise becomes a majority view,' Lu said.As both new buyer enquiries and newly agreed sales are still falling, mortgage approvals will be weak for a little longer, the economist added.'That said, with the economic backdrop improving and mortgage rates set to stay supportive, some improvement in approvals can be expected by the end of the year,' Lu predicted.Copyright RTT News/dpa-AFX
27.06.2017

U.S. Consumer Confidence Unexpectedly Improves In June

WASHINGTON (dpa-AFX) - Consumer confidence in the U.S. unexpectedly improved in the month of June, according to a report released by the Conference Board on Tuesday.The Conference Board said its consumer confidence index rose to 118.9 in June from a downwardly revised 117.6 in May.The increase came as a surprise to economists, who had expected the index to drop to 116.7 from the 117.9 originally reported for the previous month.The unexpected rise by the index came amid an improvement in consumers' assessment of current conditions, with the present situation index climbing to 146.3 in June from 140.6 in May.Consumers saying business conditions are 'good' increased to 30.8 percent from 29.8 percent, while those saying business conditions are 'bad' fell to 12.7 percent from 13.9 percent. The Conference Board said consumers' assessment of the labor market was also more positive, with those saying jobs are 'plentiful' rising to 32.8 percent from 30.0 percent and those claiming jobs are 'hard to get' edging down to 18.0 percent from 18.3 percent.On the other hand, the report said the expectations index dipped to 100.6 in June from 102.3 in May, as consumers were less optimistic about the short-term outlook.The percentage of consumers expecting business conditions to improve over the next six months decreased to 20.4 percent from 21.5 percent, although those expecting conditions to worsen also slipped to 9.9 percent from 10.3 percent.Consumers expecting more jobs in the months ahead increased to 19.3 percent from 18.6 percent, but those anticipating fewer jobs also rose to 14.6 percent 12.1 percent.Copyright RTT News/dpa-AFX
27.06.2017

Eurozone Growth Likely To Slow Slightly In H2: Capital Economics

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The fall in the forward-looking components of the latest purchasing managers' survey suggest that Eurozone growth might slow slightly in the remaining half of this year, Jessica Hinds, an economist at Capital Economics, said.The euro-zone composite PMI dropped to a five-month low of 55.7 in June from 56.8 in May, data released by IHS Markit showed on June 23. The fall was driven by the services component, while the manufacturing PMI rose to its highest level since April 2011.Despite this decline, the PMI still indicated that economic recovery continued at a healthy pace in the second quarter, the economist observed.Moreover, the average PMI reading for the second quarter was above the reading of 55.6 seen in the first quarter. The score was also the highest since the first quarter of 2011.'On the basis of past form, this is consistent with quarterly GDP growth of at least 0.6 percent, the same as in the March quarter,' Hinds noted.Private sector growth slowed in both France and Germany, down to five- and four-month lows, respectively, largely reflecting weaker rates of service sector expansion.Among the forward-looking components, the decline in the new orders sub-index reflected weaker new business growth in the service sector.The future output index slid to a 5-month low of 66.0 in June from 68.0 in May. 'But, they are both still at high levels and consistent with a decent pace of quarterly growth,' the economist said. Hinds also said that the survey data supported the view that price pressures are likely to remain subdued in the coming months.'Overall, the euro-zone Composite PMI still supports our view that the euro-zone economy will expand by about 2 percent this year as a whole,' the economist predicted.'But with price and wage pressures subdued across much of the region, we doubt that the ECB will move to tighten policy until 2019,' Hinds added.Copyright RTT News/dpa-AFX
27.06.2017

UK Set To Raise Lenders' Capital Requirement

LONDON (dpa-AFX) - The Bank of England plans to raise capital requirement of lenders amid consumer credit growth.The Financial Policy Committee would lift the countercyclical capital buffer to 0.5 percent from zero percent, with effect from June 2018. In the absence of any material change in the outlook, the bank expects to lift the rate again to 1 percent at its November 2018 meeting, the bank said in its Financial Stability Report. An increase of 0.5 percent itself lift the capital requirement by GBP 5.7 billion.The BoE had reversed a planned hike in capital buffer last year after Britons voted to leave the EU. The FPC now assessed that most financial stability indicators are neither particularly elevated nor subdued. Capital buffers are necessary to allow banks to support the real economy in a downturn. The bank will have full set of stress test of major banks when it consider raising the buffer next year.The decision to raise capital buffers reflects its assessment of the current risk environment and its intention to vary the buffer in gradual step.Further, the bank intends to set the minimum leverage requirement at 3.25 percent of exposures from 3 percent.Copyright RTT News/dpa-AFX
27.06.2017

ECB's Draghi Seeks Prudence On Gradual Withdrawal Of Stimulus

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European Central Bank will need to be prudent in withdrawing monetary stimulus as that can be done only gradually with the euro area still in need of considerable policy support to bring inflation back to target in a sustainable way, ECB President Mario Draghi said Tuesday.'In the current context where global uncertainties remain elevated, there are strong grounds for prudence in the adjustment of monetary policy parameters, even when accompanying the recovery,' Draghi said in a speech at an ECB forum in Sintra, Portugal.'Any adjustments to our stance have to be made gradually, and only when the improving dynamics that justify them appear sufficiently secure.'In its June 8 policy session, the ECB took its very first step towards exiting its massive stimulus - a mix of huge bond purchases and ultra-low interest rates - by shedding the downward bias on interest rates in its forward guidance.The EUR 2.3 trillion asset purchase scheme is set to continue till the end of this year. Economists expect the ECB to announce a tapering move in September. The bank has already signaled that when it decides to withdraw stimulus, it would be gradual, meaning it will be distributed over several months.Draghi expressed confidence that the ECB policy is working as it is able to boost demand and expects 'its full effects on inflation will gradually materialise'. 'But for that, our policy needs to be persistent, and we need to be prudent in how we adjust its parameters to improving economic conditions,' he added.The ECB Chief was also strongly confident on the inflation outlook and said that 'The threat of deflation is gone and reflationary forces are at play'.That said, Eurozone is still in a situation of continuing slack, and where a long period of subpar inflation translates into a slower return of inflation to our objective. 'Inflation dynamics are not yet durable and self-sustaining,' Draghi said. 'So our monetary policy needs to be persistent.'Draghi stressed that a constant policy stance will become more accommodative as the economy continues to recover. 'The central bank can accompany the recovery by adjusting the parameters of its policy instruments - not in order to tighten the policy stance, but to keep it broadly unchanged,' Draghi said.He also noted that the monetary policy process of building up reflationary pressures is being slowed by a combination of external price shocks, more slack in the labor market and a changing relationship between slack and inflation. 'While these various reasons might delay the transmission of our monetary policy to prices, they will not prevent it,' Draghi said.Copyright RTT News/dpa-AFX
27.06.2017

ECB's Draghi Seeks Prudence On Gradual Withdrawal Of Stimulus

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European Central Bank will need to be prudent in withdrawing monetary stimulus as that can be done only gradually with the euro area still in need of considerable policy support to bring inflation back to target in a sustainable way, ECB President Mario Draghi said Tuesday.'In the current context where global uncertainties remain elevated, there are strong grounds for prudence in the adjustment of monetary policy parameters, even when accompanying the recovery,' Draghi said in a speech at an ECB forum in Sintra, Portugal.'Any adjustments to our stance have to be made gradually, and only when the improving dynamics that justify them appear sufficiently secure.'In its June 8 policy session, the ECB took its very first step towards exiting its massive stimulus - a mix of huge bond purchases and ultra-low interest rates - by shedding the downward bias on interest rates in its forward guidance.The EUR 2.3 trillion asset purchase scheme is set to continue till the end of this year. Economists expect the ECB to announce a tapering move in September. The bank has already signaled that when it decides to withdraw stimulus, it would be gradual, meaning it will be distributed over several months.Draghi expressed confidence that the ECB policy is working as it is able to boost demand and expects 'its full effects on inflation will gradually materialise'. 'But for that, our policy needs to be persistent, and we need to be prudent in how we adjust its parameters to improving economic conditions,' he added.The ECB Chief was also strongly confident on the inflation outlook and said that 'The threat of deflation is gone and reflationary forces are at play'.That said, Eurozone is still in a situation of continuing slack, and where a long period of subpar inflation translates into a slower return of inflation to our objective. 'Inflation dynamics are not yet durable and self-sustaining,' Draghi said. 'So our monetary policy needs to be persistent.'Draghi stressed that a constant policy stance will become more accommodative as the economy continues to recover. 'The central bank can accompany the recovery by adjusting the parameters of its policy instruments - not in order to tighten the policy stance, but to keep it broadly unchanged,' Draghi said.He also noted that the monetary policy process of building up reflationary pressures is being slowed by a combination of external price shocks, more slack in the labor market and a changing relationship between slack and inflation. 'While these various reasons might delay the transmission of our monetary policy to prices, they will not prevent it,' Draghi said.Copyright RTT News/dpa-AFX
27.06.2017

Denmark Retail Sales Flat In May

COPENHAGEN (dpa-AFX) - Denmark's retail sales remained flat in May after rising in the previous four months, preliminary data from Statistics Denmark showed Tuesday.Retail sales showed no variations in May, following a 0.2 percent increase in April. Sales of food and other groceries dropped 0.3 percent monthly in May. Meanwhile, sales of clothing and related goods grew 1.1 percent and those of other consumer goods went up by 0.1 percent.On a yearly basis, retail sales climbed 1.6 percent in May, reversing a 1.0 percent decline in April.Copyright RTT News/dpa-AFX
27.06.2017

Sweden PPI Inflation Remains Stable In May

STOCKHOLM (dpa-AFX) - Sweden's producer prices increased at a steady pace in May, figures from Statistics Sweden showed Tuesday.Producer prices climbed 7.2 percent year-over-year in May, the same rate of rise as in April. The measure has been rising since October last year.Prices on the export and the import market grew by 9.2 percent and 8.4 percent, respectively in May from a year ago. The price index for domestic supply registered an increase of 6.7 percent. On a monthly basis, producer prices showed no variations in May, after a 0.3 percent drop in the preceding month.Copyright RTT News/dpa-AFX
27.06.2017

UK June Retail Sales Volume Tops Expectations: CBI

LONDON (dpa-AFX) - British retailers reported an increase in sales volume in June, the Distributive Trades Survey from the Confederation of British Industry showed Tuesday. Looking ahead, growth in volumes of sales is expected to stall in the year to July, while orders are also expected to be flat. The retail sales balance came in at 12 percent in June, outperforming expectations of 6 percent. However, only a 3 percent of respondents forecast an increase in sales volume next month.A balance of 10 percent of retailers placed more orders with suppliers than they did a year ago.'The start of summer has seen shoppers hit the high street, lifting sales - if only modestly,' Anna Leach, CBI Head of Economic Intelligence, said.'However, there's no getting away from the fact that life is getting tougher, with retailers clearly cautious over the near-term outlook.'Copyright RTT News/dpa-AFX
27.06.2017

Italy Consumer Confidence Improves More Than Forecast

ROME (dpa-AFX) - Italy's consumer confidence improved more-than-expected in June, while business confidence rose marginally, survey data from the statistical office Istat showed Tuesday.The consumer confidence index climbed to 106.4 in June from 105.4 in May. Economists had expected the index to increase to 105.8.The opinions and expectations of consumers regarding the economic situation of the country improved in June.Data also showed that the composite business confidence index rose to 106.4 in June from 106.2 in the prior month. Among components, manufacturing confidence strengthened to 107.3 in June from 106.9 in May. Similarly, confidence improved in construction, market services and retail trade.Copyright RTT News/dpa-AFX
27.06.2017

Dollar Drops Against Euro After Comments From Mario Draghi

WASHINGTON (dpa-AFX) - The dollar is losing ground against its major European rivals Tuesday afternoon, but is up slightly against the Japanese Yen. On a light day for economic news, central banks have been in focus today. Chair Janet Yellen discussed global economic issues in London, but demurred on whether another rate hike is imminent.Meanwhile, Vice Chair Stanley Fischer said that risk appetite is picking up, reflected by rising equities.'There is no doubt the soundness and resilience of our financial system has improved since the 2007-09 crisis. We have a better capitalized and more liquid banking system, less run-prone money markets, and more robust resolution mechanisms for large financial institutions. However, it would be foolish to think we have eliminated all risks,' Fischer said.The European Central Bank will need to be prudent in withdrawing monetary stimulus as that can be done only gradually with the euro area still in need of considerable policy support to bring inflation back to target in a sustainable way, ECB President Mario Draghi said Tuesday.'In the current context where global uncertainties remain elevated, there are strong grounds for prudence in the adjustment of monetary policy parameters, even when accompanying the recovery,' Draghi said in a speech at an ECB forum in Sintra, Portugal.'Any adjustments to our stance have to be made gradually, and only when the improving dynamics that justify them appear sufficiently secure.'The dollar has dropped to over a 9-month low of $1.1335 against the Euro Tuesday afternoon, from an early high of $1.1179.Consumer confidence in the U.S. unexpectedly improved in the month of June, according to a report released by the Conference Board on Tuesday. The Conference Board said its consumer confidence index rose to 118.9 in June from a downwardly revised 117.6 in May.The increase came as a surprise to economists, who had expected the index to drop to 116.7 from the 117.9 originally reported for the previous month.Italy's consumer confidence improved more-than-expected in June, while business confidence rose marginally, survey data from the statistical office Istat showed Tuesday. The consumer confidence index climbed to 106.4 in June from 105.4 in May. Economists had expected the index to increase to 105.8.The Bank of England plans to raise capital requirement of lenders amid consumer credit growth.The Financial Policy Committee would lift the countercyclical capital buffer to 0.5 percent from zero percent, with effect from June 2018. In the absence of any material change in the outlook, the bank expects to lift the rate again to 1 percent at its November 2018 meeting, the bank said in its Financial Stability Report. An increase of 0.5 percent itself lift the capital requirement by GBP 5.7 billion.The buck has fallen to a 1-week low of $1.28 against the pound sterling Tuesday afternoon, from an early high of $1.2715.UK consumer confidence deteriorated notably in the wake of hung parliament, survey results from YouGov and the Centre for Economics and Business Research showed Tuesday. The overall consumer sentiment index dropped to 106.9 in June, its second-lowest level since the summer of 2013.The greenback climbed to over a 1-month high of Y112.466 against the Japanese Yen Tuesday, but has since eased back to around Y112.085.Copyright RTT News/dpa-AFX
27.06.2017

Dollar Ticks Up Vs Most Majors After U.S. Consumer Confidence Index

BRUSSELS (dpa-AFX) - The Conference Board's Consumer Confidence data for June has been published at 10.00 am ET Tuesday. Following the data, the greenback traded mixed against its major rivals. While the greenback changed little against the pound, it inched up against the rest of major counterparts.The greenback was trading at 1.1280 against the euro, 112.06 against the yen, 0.9650 against the franc and 1.2762 against the pound around 10:05 am ET.Copyright RTT News/dpa-AFX
27.06.2017

Canadian Dollar Rises As Oil Prices Advance

CANBERA (dpa-AFX) - The Canadian dollar climbed against its most major counterparts in the early New York session on Tuesday, as oil prices rose in the wake of a weak dollar and Russian Deputy Energy Minister Kirill Molodtsov announced compliance with the oil production cap according to the OPEC deal.Crude for August delivery rose $0.55 to $43.93 per barrel.The American Petroleum Institute releases its weekly report later in the day, followed by the Energy Information Administration's data on Wednesday.A fall in the dollar attributed to the oil's gain, as the U.S. currency weakened ahead of key speeches from Federal Reserve officials.Traders are desperate for clues about when the Fed will next raise interest rates. While the central bank's official outlook calls for numerous rate hikes by the end of 2018, a rough patch for the economy may have them re-think.Bullish comments by Russian Deputy Energy Minister Kirill Molodtsov also supported the oil's rise. Molodtsov remarked that the Russian Federation had fully complied with the Vienna deal, reducing the output by more than 300,000 barrels per day.The loonie has been trading in a positive territory in the European session, with the exception of the euro.The loonie advanced to an 8-day high of 1.3195 against the greenback, off its early low of 1.3261. Continuation of the loonie's uptrend may see it challenging resistance around the 1.30 region.The loonie climbed to a 2-day high of 1.0014 against the aussie, from its early 5-day low of 1.0085. The next possible resistance for the loonie is seen around the 0.99 area.The loonie strengthened to 84.84 against the Japanese yen, its strongest since March 17. The loonie is poised to find resistance around the 86.00 level.On the flip side, the loonie fell to near a 2-week low of 1.4915 against the euro, after having advanced to 1.4801 at 4:00 am ET. If the loonie extends decline, 1.51 is likely seen as its next support level.Speaking at the ECB Forum on Central Banking, the European Central Bank President Mario Draghi said that a considerable degree of monetary accommodation is still required for underlying inflation pressures to build up. Factors that are now weighing on the path of inflation are mainly temporary that the central bank can typically can look through, Draghi noted.Looking ahead, U.S. consumer confidence index and Richmond Fed manufacturing index for June are slated for release shortly. At 11:15 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak about the economic outlook and international trade at the European Economics & Financial Centre, in London. At 1:00 pm ET, Federal Reserve Chair Janet Yellen will speak on global economic issues at the British Academy 'President's Lecture', in London.Copyright RTT News/dpa-AFX
27.06.2017

Dollar Falls Vs Most Majors Ahead Of U.S. Consumer Confidence Index

BRUSSELS (dpa-AFX) - The Conference Board's Consumer Confidence data for June will be published at 10.00 am ET Tuesday. The consensus is for 116.7, compared to 117.9 last month. Ahead of the data, the greenback traded mixed against its major rivals. While the greenback rose against the yen, it fell against the rest of major counterparts.The greenback was worth 1.1283 against the euro, 111.92 against the yen, 0.9644 against the franc and 1.2763 against the pound as of 9:55 am ET.Copyright RTT News/dpa-AFX
27.06.2017

U.S. Dollar Falls Ahead Of Yellen's Speech

CANBERA (dpa-AFX) - The U.S. dollar slipped against its major opponents in early European deals on Tuesday, with investors awaiting speech from the Fed Chair Janet Yellen for more clues on the trajectory of interest rates in the rest of the year. Yellen is set speak about global economic issues at the British Academy 'President's Lecture' in London at 1:00 pm ET. Despite recent batch of mixed data, Yellen is unlikely to deviate from the bank's plan to raise the benchmark rate once again in 2017. Investors look forward to consumer confidence index due today and pending home sales on Wednesday, followed by U.S. GDP data on Thursday for more clues about the health of the economy. Meanwhile, European markets are lower after the European Central President Mario Draghi defended the bank's loose policy stance and said the stimulus is still needed to lead to a gradual rise in prices. The greenback showed mixed performance in the Asian session. While the greenback held steady against the franc, euro and the pound, it rose against the yen. The greenback dropped to an 8-day low of 1.2772 against the pound, after having advanced to 1.2716 at 11:00 pm ET. The next possible downside target for the greenback is seen around the 1.29 region. Retreating from an early near 5-week high of 112.08 versus the yen, the greenback edged down to 111.46. If the greenback-yen pair extends slide, 110.00 is likely seen as its next support level. The greenback slipped to near 2-week lows of 1.1265 against the euro and 0.9660 against the franc, off its previous highs of 1.1179 and 0.9733, respectively. Continuation of the greenback's downtrend may see it challenging support around 1.14 against the euro and 0.95 against the franc. The greenback dropped to near a 5-month low of 0.7344 against the kiwi and a weekly low of 0.7624 against the aussie, from its early highs of 0.7275 and 0.7577, respectively. The greenback is seen finding support around 0.74 against the kiwi and 0.77 against the aussie. The greenback reversed from an early high of 1.3261 against the loonie, edging down to 1.3220. Further weakness may take the greenback to a support around the 1.30 level. Looking ahead, U.S. S&P/Case-Shiller home price index for April, U.S. consumer confidence index for June, and U.S. Richmond Fed manufacturing index for June are slated for release in the New York session. At 11:15 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak about the economic outlook and international trade at the European Economics & Financial Centre, in London.Copyright RTT News/dpa-AFX
27.06.2017

Euro Rises On ECB Draghi's Speech

CANBERA (dpa-AFX) - The euro strengthened against other major currencies in the early European session on Tuesday, after the European Central bank President Mario Draghi signaled an upbeat economic outlook for the euro area. Speaking at the ECB Forum on central banking in Portugal, the ECB chief Draghi said that all the signs now point to a strengthening and broadening recovery in the euro area. Deflationary forces have been replaced by reflationary ones. Draghi said any adjustments to the monetary policy stance have to be made gradually.'As the economy picks up we will need to be gradual when adjusting our policy parameters, so as to ensure that our stimulus accompanies the recovery amid the lingering uncertainties,' Draghi said.Meanwhile, the International Monetary Fund recommended the Irish government to focus on rebuilding fiscal buffers, strengthening economic resilience and fostering sustainable and inclusive growth.In the Asian trading today, the euro held steady against its major rivals. In the European trading, the euro rose to a 6-day high of 0.8852 against the pound, an 8-day high of 1.0895 against the Swiss franc and nearly a 5-week high of 125.58 against the yen, from early lows of 0.8783, 1.0862 and 124.74, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.89 against the pound, 1.09 against the franc and 126.00 against the yen.Against the U.S. and the Canadian dollars, the euro advanced to near 2-week highs of 1.1255 and 1.4897 from early lows of 1.1179 and 1.4801, respectively. The euro may test resistance near 1.13 against the greenback and 1.50 against the loonie.Against the Australian and the New Zealand dollars, the euro edged up to 1.4791 and 1.5377 from an early 6-day low of 1.4682 and more than a 2-month low of 1.5234, respectively. On the upside, 1.50 against the aussie and 1.57 against the kiwi are seen as the next resistance levels for the euro. Looking ahead, U.S. S&P/Case-Shiller home price index for April, U.S. consumer confidence index for June, and U.S. Richmond Fed manufacturing index for June are slated for release in the New York session. At 11:15 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak about the economic outlook and international trade at the European Economics & Financial Centre, in London. At 1:00 pm ET, Federal Reserve Chair Janet Yellen will speak on global economic issues at the British Academy 'President's Lecture', in London.Copyright RTT News/dpa-AFX
27.06.2017

Euro Rises Against Other Majors

BRUSSELS (dpa-AFX) - The euro strengthened against other major currencies in the early European session on Tuesday. The euro rose to a 5-day high of 0.8827 against the pound, an 8-day high of 1.0895 against the Swiss franc and nearly a 5-week high of 125.58 against the yen, from early lows of 0.8783, 1.0862 and 124.74, respectively. Against the U.S. and the Canadian dollars, the euro advanced to near 2-week highs of 1.1255 and 1.4897 from early lows of 1.1179 and 1.4801, respectively. Against the Australian and the New Zealand dollars, the euro edged up to 1.4791 and 1.5377 from an early 6-day low of 1.4682 and more than a 2-month low of 1.5234, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.89 against the pound, 1.09 against the franc, 126.00 against the yen, 1.13 against the greenback, 1.50 against the loonie, 1.50 against the aussie and 1.57 against the kiwi.Copyright RTT News/dpa-AFX
27.06.2017

U.S. Dollar Declines Against Majors

CANBERA (dpa-AFX) - The U.S. dollar dropped against its major opponents in early European deals on Tuesday.The greenback slipped to 1.2757 against the pound and 1.3224 against the loonie, from its early highs of 1.2716 and 1.3261, respectively.Retreating from an early near 5-week high of 112.08 versus the yen, the greenback edged down to 111.46.The greenback dropped to near a 5-month low of 0.7344 against the kiwi, weekly low of 0.7624 against the aussie, near 2-week lows of 1.1255 against the euro and 0.9671 against the franc, off its early highs of 0.7275, 0.7577, 1.1179 and 0.9733, respectively.The greenback is likely to find support around 0.95 against the franc, 110.00 against the yen, 1.14 against the euro, 1.29 against the pound, 0.77 against the aussie, 0.74 against the kiwi and 1.30 against the loonie.Copyright RTT News/dpa-AFX
27.06.2017

Swiss Franc Slides Against Majors

BRUSSELS (dpa-AFX) - The Swiss franc weakened against other major currencies in the early European session on Tuesday. The Swiss franc fell to an 8-day low of 1.0890 against the euro, from an early high of 1.0862. Against the U.S. dollar and the pound, the franc dropped to 0.9733 and 1.2389 from early highs of 0.9709 and 1.2338, respectively. The franc edged down to 114.72 against the yen, from an early 5-month high of 115.29. If the Swiss franc extends its downtrend, it is likely to find support around 1.09 against the euro, 0.99 against the greenback, 1.26 against the pound and 112.00 against the yen.Copyright RTT News/dpa-AFX
27.06.2017

Canadian Dollar Drops Against Majors

CANBERA (dpa-AFX) - The Canadian dollar weakened against other major currencies in the early European session on Tuesday. The Canadian dollar fell to a 5-day low of 1.0084 against the Australian dollar, from an early high of 1.0036. The loonie dropped to 84.22 against the yen, from an early more than a 3-month high of 84.56. Against the euro and the U.S. dollar, the loonie edged down to 1.4848 and 1.3261 from early highs of 1.4804 and 1.3239, respectively.If the loonie extends its downtrend, it is likely to find support around 1.02 against the aussie, 81.00 against the yen, 1.51 against the euro and 1.35 against the greenback.Copyright RTT News/dpa-AFX

dpa-AFX SENTIMENT INDICATOR


The dpa-AFX confidence index measures the ratio of high-to-other gradings of Dax-listed companies (based on a 30-day average). A value of 50 indicates that high and low gradings balance one another out. The graph shows the indicator in relation to the DAX chart.

dpa-AFX Analyser