Here’s another way of thinking about how far stocks have come in nine years. Relative to balances in money market funds and cash among mutual fund managers, the value of global equities is the highest in almost two decades.
Day: March 7, 2017
Saudi Aramco to Pay Shell $2.2 Billion in Refinery Breakup
Saudi Arabian Oil Co. will pay Royal Dutch Shell Plc $2.2 billion including debt to finalize the breakup of a 19-year refining partnership known as Motiva Enterprises LLC. Saudi Aramco’s Saudi Refining unit will take full ownership of the Motiva Enterprises name and legal entity, including the largest refinery in the U.S. at Port Arthur in Texas, and 24 distribution terminals, according to a joint statement.
E.On to increase energy prices in April
Big six energy provider E.On has said it will increase its dual fuel standard variable tariffs by 8.8% from next month. E.On said that 2.5 million customers would be affected by the increases, which come into effect on 26 April.
Sterling Slips to Seven Week Low Against the Dollar as Soft Data Highlights Brexit Risks
Britain’s pound fell to its lowest level against the U.S. dollar since mid-January as investors waded through disappointing data releases that suggest a worrying Brexit impact on Europe’s second-largest economy. Britain’s pound fell to its lowest level against the U.S. dollar since mid-January in Tuesday trading as investors waded through a series of disappointing data releases that suggest a worrying Brexit impact on Europe’s second-largest economy.
Lululemon Athletica Assumes Downward Triangle Pose
Shares of athletic and yoga apparel designer and retailer, Lululemon are retesting technical support and are in danger of breaking down and dropping through a gap vacuum. There was a large gap lower in September after the company reported sales growth that fell short of analysts’ expectations, and the following quarter there was an equivalent gap higher after a report that beat analysts’ forecasts.
More than 30 Budgens stores to close
A chain of Budgens stores has failed to find a buyer and will close, with the loss of 800 jobs. The owner of the 34 stores affected – a third of Budgens outlets – was put in administration a month ago after hitting “difficult” trading conditions.
Alibaba’s Jack Ma Wants Serious Jail Time for Counterfeiters
Billionaire Alibaba-founder Jack Ma wants China’s top lawmakers to come down harder on fake goods — the very same plea voiced by global brands who’ve accused the e-commerce service of harboring knock-offs. The Alibaba Group Holding Ltd. chairman appealed to the National People’s Congress convening in Beijing this week to penalize counterfeiters as harshly as drunk drivers.
Belgian-German Chipmaker X-Fab Plans $530 Million IPO
German-based chipmaker X-Fab Silicon Foundries SE is raising about 500 million euros via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said Tuesday it intends to list shares on the Euronext Paris exchange.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Mitsubishi Seeks to Strengthen SUV Credentials With New Model
Mitsubishi Motors Corp. will unveil a sport utility vehicle that will debut in Europe, its first new model since joining the Renault-Nissan alliance, as Chairman Carlos Ghosn strengthens the Japanese company’s credentials as an SUV brand. The Eclipse Cross compact SUV coupe to be revealed at the Geneva auto show on Tuesday will be shipped to its second-biggest market in the last quarter and subsequently roll out in Japan, North America and other regions, Mitsubishi said in a statement.
Direct Line says insurance payout change has cost it A 217m
Insurance company Direct Line has said last week’s changes to the way accident victims are compensated has dented pre-tax profits by A 217m. The Ministry of Justice announced a new formula for calculating compensation payments for those who suffer long-term injuries, which means insurers will have to increase payouts.
One of the Rarest Precious Metals Is on Best Run in a Decade
Rhodium’s on the best run in a decade on expectations of more demand for the material that’s used in cleaning toxic car emissions. One of the rarest precious metals, it climbed the past seven months and is up 19 percent this year, outperforming most major commodities.
European Stocks Called Higher As Markets Get Boost From U.S. Government Focus
European stocks are expected to open higher Tuesday as investors take a Republican party plan to repeal ‘Obamacare’ as a sign the administration is shifting focus towards firmer policy objectives. European stocks are expected to open higher Tuesday, following a solid session in Asia, as investors take a Republican party plan to repeal the Affordable Care Act as a sign that the administration is shifting focus towards firmer policy objectives.
Oil Holds Steady For Third Day
Oil prices were little changed for a third session on Tuesday, with investors searching for direction as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members. As of 0545 GMT, brent crude was down 11 cents, or 0.2 percent, at $55.90 a barrel, with a firmer dollar, unchanged against a basket of other currencies, putting some pressure on dollar denominated oil prices.
Nikkei Closes Lower, Small Caps Buck Trend
Japan’s Nikkei share average edged down on Tuesday, following Wall Street’s lead, with investors deterred by geopolitical tensions after the North Korean missile tests, while buying continued to fuel in into small cap stocks.
House GOP Finally Puts Out Repeal Plan
House Speaker Paul Ryan, R-Wis., plans to send the bill to the House floor for a vote and then forward it to the Senate by the beginning of April. Employers would no longer face a tax for offering high-value “Cadillac” health plans under the latest House Republican plan to repeal and replace Obamacare.
Rpt: Raiders Secure Potential Vegas Stadium Financing
The NFL’s Oakland Raiders took a big step toward a possible relocation to Las Vegas after securing financing from Bank of America for a potential stadium, according to multiple reports on Monday. Both the Los Angeles Daily News and NFL’s website said the Raiders, who have already seen two potential partners bow out, secured financing from Bank of America.
Asia Stocks Rise as Markets Await U.S. Jobs Data
Markets in Asia largely recovered from a Deutsche Bank-led decline in financial stocks in the morning, as attention moved to Friday’s release of U.S. jobs data. Australia’s S&P/ASX 200 reversed early declines to trade up 0.3%, though mining stocks continue to be weighed down by softer commodity prices.
Public interest groups urge officials to protect net neutrality
A coalition of 171 public interest groups sent a letter to Federal Communications Commission and Senate leaders on Tuesday urging them not to dismantle the net neutrality rules from 2015. The ACLU, Greenpeace, MoveOn.org and Public Knowledge were among the groups signing on to the letter favoring the regulations, which prohibit internet service providers from discriminating against traffic to certain sites.