Argentina approved a law proposing to restructure the country's debt to skirt a US ruling that forced it into another default.» Read More
SYDNEY, Aug 6- The dollar held near an 11- month high against a basket of major currencies early on Wednesday, having got a second wind after upbeat U.S. data bolstered expectations of solid economic growth in the third quarter. The euro languished at $1.3370, having plumbed a nine-month trough of $1.3358.
SAO PAULO, Aug 5- A Brazilian-based investment fund managed by Bank of New York Mellon Corp had to write down more than half of the value of its assets due to losses in investments linked to Argentine government debt, according to a securities filing.
WASHINGTON, Aug 5- U.S. regulators on Tuesday told banks to come up with better living wills, inching a step closer to taking action if these plans to avoid taxpayer bailouts during a future crisis were still deficient next year.
So-called living wills submitted by big banks are "not credible" and have to be revised by next July, federal regulators said on Tuesday.
*Asia hit by unexpected weakness in China services PMI. *Wall Street expected to fall at open. The three main futures indices on Wall Street pointed to a softer open on Wall Street before a survey of the U.S. non-manufacturing sector that could help show how fast the world's biggest economy is expanding.
*European shares rise, shrug off Asia weakness. *Asia hit by unexpected weakness in China services PMI. Investors were cheered by strong results from German luxury carmaker BMW and France's third biggest listed bank Credit Agricole, among others, enabling European equities to buck the trend in Asian markets which were hit by weak Chinese data.
LONDON, Aug 5- The euro headed back below $1.34 on Tuesday after a survey of Italian service sector purchasing managers disappointed on the low side, while a surprise bounce for equivalent numbers in Sweden drove the crown higher. "It certainly has reacted negatively to the Italian numbers," said Neil Mellor, a strategist with Bank of New York Mellon in London.
NEW YORK, Aug 1- Trustees involved in JPMorgan Chase& Co's proposed $4.5 billion settlement with investors in money-losing mortgage bonds accepted the bank's offer on Friday for the vast majority of the trusts holding the securities.
In a court hearing, Griesa told lawyers for Cleary Gottlieb, which represents Argentina, to "take steps to stop the misleading information being released by the Republic" regarding the battle between investors and the country.
NEW YORK, July 31- A long-predicted dollar rally appears at last to be taking hold, with the greenback ending July with its best monthly performance in 17 months and investors positioning for the first post-crisis U.S. interest rate increase.
BUENOS AIRES, July 31- Argentina's bond and stock markets and peso currency dropped on Thursday after Latin America's No. 3 economy defaulted for the second time in 12 years after the failure of last-ditch talks with holdout creditors.
*Yield curve steepens from five-year lows. NEW YORK, July 31- Most U.S. "There is some month-end buying, both here and in Europe," said Dan Mulholland, managing director in Treasuries trading at BNY Mellon in New York.
BUENOS AIRES, July 31- Argentina's main government bond, stock market and peso currency dropped on Thursday after Latin America's No. 3 economy defaulted for the second time in 12 years following the failure of last-ditch talks with holdout creditors.
*Yield curve steepens from five-year lows. NEW YORK, July 31- U.S. "There is some month-end buying, both here and in Europe," said Dan Mulholland, managing director in Treasuries trading at BNY Mellon in New York.
BUENOS AIRES, July 31- Argentina defaulted for the second time in 12 years after last-ditch talks with what it called "vulture" creditors failed, as focus turned to whether big banks and funds would request the declaration of a "credit event".
Aurelius, along with hedge fund Elliott Management, is firmly holding out on a debt agreement with Argentina.
An outflow of deposits would reverse a five-year trend of large amounts of cash pouring into banks thanks to the Fed, the FT reports.
NEW YORK, July 31- In the wake of Argentina's July 30 default on restructured sovereign debt, Bank of New York Mellon on Thursday gave instructions to creditors for the next step in exercising their rights to collect on their investments.
Bank of New York Mellon, a key trustee of Argentine bonds, on Thursday notified bondholders that a payment deadline has elapsed.
NEW YORK, July 31- Bank of New York Mellon sent a formal letter Thursday to holders of Argentina's exchange bonds essentially confirming that the sovereign had defaulted. That order came from Judge Thomas Griesa, who ordered Argentina to pay holdout creditors in full when it made its next payment to holders of the exchange, or restructured, bonds.