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  • *Current low oil prices do not reflect fundamentals, OPEC says. Benchmark Brent crude oil for December settled up $1.09 at $87.12 a barrel, after touching an intraday high of $87.94. "I think the numbers are supportive, and suggest there's no big surplus of oil forming in any place," said Dominick Chirichella, senior partner at the Energy Management Institute in New...

  • *Resupply vehicle reaches space station from Kazakhstan. WALLOPS, Va./ CAPE CANAVERAL, Fla., Oct 29- A uthorities on Wednesday started investigating what caused an unmanned U.S. supply rocket to explode in a fireball moments after liftoff from a Virginia launch pad, destroying supplies and equipment bound for the International Space Station.

  • *Dollar snaps higher after Fed signals underlying economic strength. NEW YORK, Oct 29- The U.S. dollar surged higher on Wednesday after the Federal Reserve signaled confidence the U.S. economic recovery remained on track while investors started to bet on an interest rate increase sooner than previously expected. It didn't seem to imply there was any real delay...

  • LONDON, Oct 29- Anyone betting on another "Great Rotation" of investment flows out of bonds and into stocks is in for disappointment: it's not happening, and isn't going to. "The equity cult and the bond cult can live side by side," according to Citi. U.S. mutual funds' net investment flows in stocks over a five-year rolling period troughed at round $550 billion net outflow...

  • NEW YORK, Oct 29- U.S. stocks were mixed, while the dollar and government bond yields rose on Wednesday, after the Federal Reserve announced the end of its stimulus program in a statement that also noted the improvements in the U.S. labor market. The Fed, as expected, said it will no longer add to its holdings of Treasury bonds and mortgage-backed securities,...

  • *Cites as example UK repealing stamp duty on growth stocks. LONDON, Oct 29- European countries should change their tax rules to encourage investment in small businesses, the head of the London Stock Exchange said, as a sector crucial to the region's revival is starved of cash by banks. To counter this, London Stock Exchange Group Chief Executive Xavier Rolet said...

  • *BBVA leads euro zone bank selloff after result miss. LONDON, Oct 29- Southern European shares lagged small gains in pan-European indexes on Wednesday as weak results from heavyweight bank BBVA offset optimism ahead of a Federal Reserve's policy announcement. Spanish bank BBVA fell 4.1 percent as it reported a lower-than-expected net profit for the first...

  • UPDATE 6-French drugmaker Sanofi sacks CEO, shares drop Wednesday, 29 Oct 2014 | 12:36 PM ET

    *Sanofi board says not changing company's strategy. PARIS, Oct 29- Sanofi's board ousted its chief executive of six years on Wednesday, criticising him for an authoritarian management style that was often popular with investors as he lifted the French drugmaker onto the global stage. Sanofi said it would continue the international expansion pursued under...

  • METALS-Higher stocks pull nickel back from two-week peak Wednesday, 29 Oct 2014 | 12:25 PM ET

    *Copper dips on caution ahead of Fed meeting. LONDON, Oct 29- Nickel hit two-week highs on Wednesday on concern about declining ore stocks in China but later pared gains as rising inventories showed metal was still available. Three-month nickel on the London Metal Exchange rose 2.3 percent on Wednesday to a session peak of $15,900 a tonne, the strongest since Oct....

  • *OPEC says fundamentals do not reflect low oil prices. Benchmark Brent crude oil for December was up $1.73 at $87.76 a barrel at 11:41 a.m. after touching an intraday high of $87.94. Crude inventories in the United States rose by 2.1 million barrels in the last week, compared with analysts' expectations for an increase of 3.4 million barrels, data from the...

  • NEW YORK, Oct 29- The U.S. dollar weakened on Wednesday ahead of the conclusion of the Federal Reserve's two-day meeting, as market players expected policy makers to reiterate a cautious stance on raising interest rates. In mid-morning New York trade, the euro saw a small surge in purchases, which one trading source ascribed to a lack of normal dollar buying by...

  • UK launches criminal investigation in Tesco case Wednesday, 29 Oct 2014 | 11:13 AM ET

    LONDON— Britain's Serious Fraud Office has launched a criminal investigation into accounting procedures at Tesco, in a case in which the retailer acknowledged it had overstated its projected profits. Tesco had already launched an internal investigation after discovering its first-half earnings estimate had been inflated by about 263 million pounds due...

  • *OPEC fine for 2014 with average prices, sec gen says. *OPEC must be ready to pump 40 mln bpd by 2040. Oil's drop below the $100- mark, the level many OPEC members had endorsed, has raised the question of whether OPEC will cut supply when it meets in November.

  • Court: UK spies get bulk access to NSA data Wednesday, 29 Oct 2014 | 9:55 AM ET

    LONDON— The British government's insistence that its spies don't use the vast espionage powers of the U.S. National Security Agency to sidestep U.K. restrictions on domestic eavesdropping was called into question by a court document published Wednesday. "The British public had been consistently persuaded by government over the last year that GCHQ are not...

  • Apple Pay rival defends service, exclusivity Wednesday, 29 Oct 2014 | 9:44 AM ET

    NEW YORK— In a story Oct. 29 about Apple Inc.' s new payment system, The Associated Press misattributed a quotation from an Apple Pay user in Indianapolis. The speaker was Thomas Pritchard, not Ben Heyman. Retailer resistance to Apple Pay had been expected because Apple hasn't offered incentives to install pricey point-of-sale terminals and train staff on its new...

  • METALS-Ample supply pulls Nickel back from two-week peak Wednesday, 29 Oct 2014 | 9:19 AM ET

    *Copper dips on caution ahead of Fed meeting. LONDON, Oct 29- Nickel hit two-week highs on Wednesday on concern about declining ore stocks in China but gave up the gains as rising inventories showed metal was still available. "Stock depletion in China at one point or another is going to hamper the ability of China to deliver, and when that becomes apparent, you're...

  • Hedge funds muscle into reinsurance, attracting doubters Wednesday, 29 Oct 2014 | 8:59 AM ET

    LONDON, Oct 29- Hedge funds are muscling their way into the market to share the cost of cleaning up after natural catastrophes, but sceptics are questioning whether they will stick around ahead of the next "big one" as underwriting returns fall. John Rathgeber, CEO of Watford Re which opened its doors this year, said his group used leverage and invested in assets such...

  • UPDATE 1-Behind the scenes of Sanofi's boardroom bust up Wednesday, 29 Oct 2014 | 8:25 AM ET

    PARIS, Oct 29- A boardroom tussle brewing for months at Sanofi came to a head on Wednesday when France's top drugmaker fired its chief executive, wiping more billions off its share price. While the showdown played out in leaks to national newspapers has stunned investors as a "how not to do it" guide to corporate governance, the writing was on the wall in the...

  • *Investors hope for soothing Fed message. LONDON, Oct 29- World stocks rose on Wednesday, lifted by corporate earnings and expectations that the U.S. Euro zone banking stocks were down almost 2 percent, dragged lower by Germany's biggest lender Deutsche Bank which announced a third-quarter net loss on heavy legal costs.

  • FOREX-Dollar steadies ahead of Fed, Norwegian crown slips Wednesday, 29 Oct 2014 | 8:03 AM ET

    LONDON, Oct 29- The dollar steadied on Wednesday as investors awaited guidance from the U.S. But the main focus remained on the Fed, which is due to publish its latest statement at 1800 GMT and seems all but certain to announce the end of its $4 trillion bond-buying stimulus programme. "We expect a relatively unchanged statement, which wouldn't be all that exciting...