Day: February 21, 2017

Holiday Inn-Owner IHG Shares Hit Record High After Profit Beat, Dividend Hike

InterContinental Hotels rose to a record high after the Holiday Inn owner reported better-than-expected 2016 profits and boosted its dividend payment amid ongoing pressure from new entrants such as AirBnB. InterContinental Hotels rose to an all-time high Monday after the Holiday Inn owner reported better-than-expected 2016 profits and boosted its dividend payment amid ongoing pressure from new entrants such as AirBnB.

European Stocks Fall as HSBC Leads Financials Lower

European equities slipped in early trading on Tuesday, with HSBC leading the regional banking index lower after reporting a 62 percent slump in its annual pre-tax profit. Europe’s biggest bank dropped 6 percent and was headed for its biggest one-day fall since August 2015 after its results fell far short of analysts’ estimates as it took hefty writedowns from its restructuring.

Pop-Ups Come to Banking as Swedbank Steals a Page From Eateries

Sweden’s biggest mortgage lender plans to open pop-up banks across the country, reversing half a decade of shuttering branches. Swedbank AB, which has cut its network by almost two-thirds since 2011, envisions portable banks setting up virtually anywhere, from university campuses to real estate brokers’ offices to corporate clients’ headquarters.

European Stocks Called Lower, HSBC Earnings in Focus

European stocks are expected to slip modestly at the open of trading Tuesday as investors continue to focus on a mixed earnings season on increasing political uncertainty in the region. European stocks are expected to slip modestly at the open of trading Tuesday, following a solid Asia session, as investors continue to focus on a mixed earnings season on increasing political uncertainty in the region.

China Stocks Approach 3-Month Highs

China stocks extended gains on Tuesday to close at a near three-month high, as expectations for big flows into stock markets from pension funds continued to improve risk appetite. The blue-chip CSI300 index rose 0.3 percent, to 3,482.82 points, while the Shanghai Composite Index added 0.4 percent to 3,253.33 points, its highest close since Dec. 1. “Pension funds will be the biggest source of incremental capital in the near future, and they would surely pick shares of industry bellwethers and consequently boost the blue-chips,” said Tian Weidong, a Xi’an-based analyst with Kaiyuan Securities.

Credit Suisse Bets on Old Continent Amid Breakup Fears

Credit Suisse Group AG is seeing a pickup in its private banking business in Europe as clients come out of hibernation to seek counsel on how to protect their fortunes from shock outcomes of coming national elections. “I would expect Europe to rebound in profitability” for reasons including the political uncertainty, Iqbal Khan, head of international wealth management, said in an interview at the bank’s headquarters in Zurich.

Nikkei Boosted By Weaker Yen

Japanese stocks rose on Tuesday as the weaker yen helped overall sentiment, while the paper sector outperformed on a report that a major producer intends to raise printing paper prices. Trading volumes were low, however, as a holiday in the United States on Monday left investors short of the usual leads.

Asia Shares Consolidate Recent Gains; China Shines

Asian stocks held ground on Tuesday though Chinese equities surged to a fresh 2-1/2 month high as domestic funds piled into financial counters on expectations the world’s second biggest economy may have turned a corner. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent on Tuesday and held below a 19-month peak hit last Thursday.

HSBC’s 2016 Pre-Tax Profit Slumps 62%

HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts’ estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back. Europe’s biggest bank by assets said on Tuesday profit before tax for 2016 fell to $7.1 billion from $18.87 billion in the previous year.

Crude Prices Rise as Investors Bet Big on Oil Strength

U.S. crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year. U.S. West Texas Intermediate crude was up 27 cents, or 0.5 percent, at $53.67 a barrel at 0511 GMT, after rising about 0.5 percent in a shortened session on Monday due to a U.S. national holiday.

seeks 30-day extension on FCC’s TCPA petition

NAFCU, with 10 other trade groups, has asked for a comment-period extension to April 10 on a rulemaking petition that would reverse the Federal Communications Commission’s interpretation that those who knowingly release their phone numbers have given consent to be called under the Telephone Consumer Protection Act. “We believe that such a dramatic change would prevent consumers from receiving important communications from our members on their mobile phones, communications that provide critical information that consumers want and need to receive,” stated the letter sent to the FCC last week.

Saudi Aramco Favors New York for IPO – WSJ

Saudi Aramco is leaning toward listing its giant, state-run oil company in New York, The Wall Street Journal reported Monday. Saudi Arabia is leaning toward listing its giant, state-run oil company in New York, having soured on the idea of floating its shares on an Asian stock exchange, The Wall Street Journal reported Monday citing people familiar with the matter.