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  • Some of the largest U.S. fund managers rely on BNY Mellon to calculate the net asset value of their funds but a failed software upgrade last weekend buckled the system just as investors headed into a tumultuous week of trading sparked by fears about the Chinese economy. "BNY Mellon is the plumber to mutual funds and capital markets," said Mike Mayo, a banking analyst...

  • Fund managers rely on BNY Mellon to calculate the net asset value or NAVS of their funds but a failed software upgrade over the weekend floored its system just as investors were heading into a tumultuous week of trading sparked by fears about the Chinese economy.. "The system is up although some performance issues remain," BNY Mellon spokesman Kevin Heine said on...

  • BNY Mellon said an accounting system it relies on to calculate the prices of clients' mutual funds and exchange traded funds broke down over the weekend just as investors headed into a global market meltdown sparked by fears over the Chinese economy. The system, run by financial software provider SunGard, resumed with limited capacity on Tuesday but was still...

  • NEW YORK, Aug 24- Wall Street's selloff on Monday, sparked by a near-9 percent dive in Chinese shares, was a long-overdue correction that analysts said is unlikely to undermine support for U.S. stocks going forward. "We are unlikely to be going into a bear market," said Jason Ware, chief investment officer at Albion Financial Group, which manages about $1 billion for...

  • Fund managers from Federated Investors Inc,, Wells Fargo& Co and Wasatch say they have been moving more money to companies in Mexico, Poland and India after China's stock market began crashing in June. It's a stark reversal from the past several years, when the prospect of high levels of growth and attractive demographics convinced many fund managers that China...

  • In a matter of five sessions, sentiment shifted dramatically on Wall Street and seemed to climax early on a volatile Monday, when the S&P fell as much as 12.5 percent from its record intraday high set last May, and the Dow Jones industrial average, fell 1,089 points shortly after the opening bell. In mid-afternoon trading, major Wall Street indexes were still down...

  • He has been selling shares of materials companies like Alcoa Inc and moving into shares of Apple Inc, which have been hurt lately by concerns about spending in China. Like Kern, other portfolio managers say that they are buying shares of U.S. and European companies that benefit from consumer spending in China despite an economic slowdown that has seen the...

  • NEW YORK, July 20- Fund companies and brokerage firms should be able to weather a proposal by Democratic U.S. presidential candidate Hillary Clinton that would increase capital gains taxes for some investors, but some fund holders could see higher costs, managers and analysts said. Brokerage firms that rely on customer trading as a revenue source might see a "...

  • US STOCKS-Wall Street edges lower as energy weighs Wednesday, 15 Jul 2015 | 4:23 PM ET

    *Bank of America rises after profit more than doubles. "We were positive the whole day and we sort of lost our gains right at the tail end," said Phil Orlando, chief equity market strategist at Federated Investors in New York. "If crude were to be going down, that would mean there is an assumption this deal may get through Congress or the President's veto won't get...

  • *Valuations shift investors to Europe, Japan. At 16.5 times forward estimates, the S&P 500, up less than 2 percent for the year to date through midday Friday, is about 10 percent more expensive than its historic average of 15, according to Thomson Reuters estimates. Overseas they've still got a long runway in terms of earnings potential, "said David Francis,...

  • NEW YORK, July 10- As companies in the benchmark Standard& Poor's 500 begin to release lackluster second quarter results, rich valuations threaten to keep the U.S. stock market spinning in place. At 16.5 times forward estimates, the S&P 500, up less than 2 percent for the year to date through midday Friday, is about 10 percent more expensive than its historic average...

  • *China stock slump clouds global growth outlook. *Wall Street declines more than 1 percent. Wall Street declined more than 1 percent in early trading dominated by uncertainties over China and Greece.

  • *Prior job gains downgraded, no wage growth in June. *Uncertainty over Greece's referendum spur bids for bonds. NEW YORK, July 2- U.S.

  • Reuters spoke to large U.S. money managers across several asset classes, and 15 of 21 said they expected Greek voters to answer yes to a question whether Athens should accept the proposal submitted by the European Commission, the European Central Bank and the International Monetary Fund on June 25. "Things will get increasingly dire in Greece as the week goes on...

  • Monsanto falls, weighing on material shares. NEW YORK, June 24- U.S. stocks closed lower on Wednesday, dropping in a broad decline as the outcome of negotiations between Greece and its international creditors remained up in the air, prompting investors to drop riskier assets like equities. Wall Street has lately taken its cue from the situation in Greece, which...

  • US STOCKS-U.S. stocks fall broadly on Greek debt concerns Wednesday, 24 Jun 2015 | 2:36 PM ET

    *Apple rises; Netflix trims gains after Icahn comments. NEW YORK, June 24- U.S. stocks fell in a broad decline on Wednesday as the outcome of negotiations between Greece and its international creditors remained up in the air, prompting investors to drop riskier assets like equities. Wall Street has lately taken its cue from the situation in Greece, which needs fresh...

  • NEW YORK, June 3- Wall Street moved higher on optimism an agreement was on the horizon surrounding Greek debt and data pointed to a rebound in the U.S. economy, while German debt yields climbed after comments from European Central Bank President Mario Draghi. Greece threatened to miss a loan repayment to the IMF this week, opening the way for possible default, just...

  • *Core inflation at highest since January 2013. May 22- U.S. stocks fell in late morning trading on Friday, retreating from recent record highs, as investors await Federal Reserve Chair Janet Yellen's economic outlook for clues on the timing of a rate hike after new data showed a rise in inflation. "September is the most likely scenario and Yellen has been very keen on...

  • *S&P books best day in 7 weeks on April U.S. jobs bounce. NEW YORK, May 8- An April rebound in U.S. jobs growth boosted Wall Street and supported the dollar on Friday, while a surprise Conservative victory cast away fears of a hung British Parliament and sparked a rally in sterling and European stock markets. Gold edged higher following two days of losses as lower bond...

  • NEW YORK, May 7- U.S. Pullbacks in yields for German bunds and other European government bonds boosted Treasuries, according to Larry Milstein, head of government and agency trading at R.W. "That could be a near-term peak in German yields," said Donald Ellenberger, strategist and portfolio manager at Federated Investors in Pittsburgh.