It was a year when Cynk Technology, a development-stage company with no revenue, was briefly worth $6 billion, and when a long-forgotten closed-end fund focused on Cuba- the Herzfeld Caribbean Basin Fund- saw more trading in one day in December than it had in six years. With a current market value of about $663 billion, if one were to pick a company that would be the...» Read More
Treasury yields and market speculation Federal Reserve Chair Janet Yellen is leaning toward tightening monetary policy that has kept interest rates at record lows. "We have had some subtly hawkish messages from Janet Yellen," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
NEW YORK, July 16- Bank of America agreed to pay American International Group Inc $650 million to settle long-running legal disputes over defective mortgage-backed securities sold in the run-up to the financial crisis.
SHANGHAI, July 16- Chinese construction firm Huatong Road& Bridge Group Co Ltd said on Wednesday it might fail to pay investors both interest and principal due on a one-year short-term bill issue that matures on July 23. If Huatong fails to pay, it would be the first such publicly announced default in China's interbank market, the country's largest bond market.
NEW YORK, July 16- BlackRock Inc, the world's largest money manager, reported an 11 percent jump in second-quarter profit on Wednesday, boosted by strong markets that helped drive flows into its products across asset classes. BlackRock's iShares exchange-traded funds business drove the bulk of the asset manager's long-term net flows during the quarter.
*Brokers need to sell to hedge Nikkei-linked bond potisions. TOKYO, July 15- Japan's Nikkei average faces formidable resistance at around 15,500 points, as a cluster of barrier options embedded in structured products require brokerages to sell the Nikkei around that level to adjust their hedging positions.
TOKYO, July 16- Japanese government bond prices edged lower on Wednesday, weighed by Bank of Japan Governor Haruhiko Kuroda's remarks the previous day that the current level of long-term rates was low. The central bank could have sent a warning against an excessive fall in yields, "said a trader at a Japanese bank in Tokyo.
NEW YORK, July 15- Investors in U.S.-based mutual funds pulled $8.3 billion out of funds that specialize in U.S. stocks in June on concerns that U.S. shares had little upside at record levels, Morningstar data showed on Tuesday.
NEW YORK, July 15- The bond market traded in a narrow range on Tuesday, absorbing Federal Reserve Chair Janet Yellen's message that the U.S. economic recovery remains incomplete and early signs of a pick-up in inflation are not enough to accelerate anticipated interest rate increases.
BUENOS AIRES, July 15- Faced with a default by July 30, Argentina will likely be in touch with a mediator by telephone instead of sending a mission to New York this week in its battle with holdout bondholders, an Argentine economy ministry source said on Tuesday.
NEW YORK, July 15- Late last year, Goldman Sachs reached an important milestone: its investment management business surpassed $1 trillion in client money under supervision.
The unusual comments from the Fed's monetary policy report- the first time in 14 years that the Fed has commented specifically on valuation of a particular equity sector- that accompanied Fed Chair Janet Yellen's semi-annual testimony to Congress, hit stocks in riskier sectors of the market.
*Debt owed to Portugal Telecom, which is merging with Brazil's Grupo Oi. By 2200 GMT Rioforte is supposed to repay 847 million euros in maturing debt to the country's largest telecom services provider, Portugal Telecom, currently in the throes of a tie-up with Brazil's Grupo Oi, which is likely to amend the terms of the deal in the event of a default.
YELLEN SAYS MUNICIPAL BOND MARKETS HAVE FUNCTIONED SMOOTHLY "BUT SOME ISSUERS REMAINED STRAINED".
YELLEN SAYS PRICES FOR REAL ESTATE, EQUITIES AND CORPORATE BONDS HAVE RISEN APPRECIABLY BUT REMAIN GENERALLY IN LINE WITH HISTORICAL NORMS.
NEW YORK, July 15- U.S. Yellen speaks before the Senate Banking Committee at 1000 EDT and again to the House Financial Services Committee on Wednesday as part of its semiannual monetary policy report.
*BoE says UK banks have "dreadful record" of mis-selling. LONDON, July 15- The Bank of England said on Tuesday that British banks had a "dreadful record" on mis-selling complex interest rate hedging products to small businesses and warned that it would keep a close eye on them.
BUENOS AIRES, July 15- Faced with a debt default by July 30, Argentina officials will be in touch with a mediator by telephone instead of sending a mission to New York this week in its battle with holdout bondholders, an Argentine economy ministry source said on Tuesday.
*JPMorgan, Goldman up in premarket after earnings. *Yahoo, Intel results due after the close. NEW YORK, July 15- U.S. stock index futures were little changed on Tuesday after earnings from JPMorgan and Goldman Sachs, and ahead of testimony from U.S.
*Debt owed to Portugal Telecom, which is merging with Brazil's Grupo Oi. The debt is owed to the country's largest telecom services provider, Portugal Telecom, currently in the throes of a tie-up with Brazil's Grupo Oi, which is likely to amend the terms of the deal in the event of a default.
TOKYO, July 15- Japanese government bond prices were mostly unchanged across the curve on Tuesday, with a bounce in Tokyo shares stalling a recent surge that took yields to the year's lows. The bond market's reaction to the Bank of Japan holding pat on monetary policy was limited, as the outcome had been well anticipated.