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  • Anbang plans to convert most of Waldorf Astoria to apartments: WSJ

    The Waldorf Astoria is pictured at 301 Park Avenue in New YorkChina's Anbang Insurance Group Co [ANBANG.UL] plans to convert as much as three-quarters of the rooms at New York's landmark Waldorf Astoria hotel into apartments, the Wall Street Journal reported on Sunday, citing people familiar with the matter. The insurer, which bought the hotel from Hilton Worldwide Holdings Inc in 2014 for $1.95 billion, plans to close the Waldorf for up to three years starting next spring, the report said.


  • A year after 1MDB: Malaysian premier takes hardline turn

    A half-dozen countries have launched 1MDB-related probes, but few believe big fish will be caught, citing the carefully constructed complexity of 1MDB fund flowsOne year after a financial scandal that would have toppled many leaders, Najib is standing taller than ever after smothering investigations, outmanoeuvering opponents, and bolstering his control with a pair of recent election wins. Last July 2, the Wall Street Journal reported that Najib received a mysterious $681 million payment, which capped months of allegations that billions were diverted from 1MDB (1Malaysia Development Berhad), an investment fund Najib founded. Other revelations followed, including reports that Najib's film-producer stepson used 1MDB-related funds to bankroll the Hollywood greedfest "The Wolf of Wall Street", and for millions in luxury purchases.


  • Post-Brexit global equity loss of over $2 trillion worst ever - S&P

    A trader works on the floor of the New York Stock Exchange (NYSE) in New YorkBy Edward Krudy NEW YORK (Reuters) - The $2.08 trillion wiped off global equity markets on Friday after Britain voted to leave the European Union was the biggest daily loss ever, trumping the Lehman Brothers bankruptcy during the 2008 financial crisis and the Black Monday stock market crash of 1987, according to Standard & Poor's Dow Jones Indices. Global markets skidded following the unexpected result from the June 23 referendum, in which Britons voted to withdraw from the EU by a 52 percent to 48 percent margin. The route started in Asia, with the Nikkei down 7.9 percent, and carried over into Wall Street as the S&P 500 fell 3.6 percent.


  • Wall Street futures lower on Brexit concerns

    A trader works on the floor of the New York Stock Exchange (NYSE) in New YorkU.S. stock index futures eased slightly in early trading on Sunday after Britain's vote to leave the European Union sparked a sharp sell-off in global markets on Friday, wiping out over $2 trillion from world equities. Investors were blindsided by Thursday's vote, having bid up equity markets in the days leading up to it. U.S. stock indexes had been in striking distance of all-time highs, with some expecting a sharp rally to new highs in the coming days.


  • Wall Street eyes low rates, earnings after Brexit rout

    A trader works on the floor of the New York Stock Exchange (NYSE) in New YorkWith markets reeling after Britain's vote to leave the European Union, some on Wall Street expect cooler heads to prevail over the next several sessions as investors focus domestically on the outlook for the U.S. economy and company earnings. Globally, the $2.08 trillion in stock market value wiped out in the sell-off marked the largest daily loss ever in dollar terms, according to Standard & Poor's Dow Jones Indices. S&P 500, Dow Jones and Nasdaq index futures were each down about 0.5 percent shortly after 6:15 p.m. New York time (22:15 GMT).


  • MIDEAST STOCKS-Egypt underperforms region in a reaction to Brexit
    Egypt's stock market plunged on Sunday in response to Britain's decision to leave the European Union, underperforming other major Middle East markets as investors worried that global instability could further cut capital inflows into Egypt. The Egyptian stock index was down 5.8 percent in early afternoon. Naeem brokerage said in a note that the economic impact on Egypt of Brexit would not be very serious, because weakness in the British pound and euro could actually benefit the current account balance of the import-driven Egyptian economy, and 16 percent of the country's external debt was denominated in euros.More

  • Worst day in 10 months as Wall Street reacts to 'Brexit'

    Traders work on the floor of the NYSEBy Rodrigo Campos NEW YORK (Reuters) - The S&P 500 turned negative for the year-to-date on Friday as Wall Street suffered its largest selloff in 10 months after Britain's decision to leave the European Union caught traders wrong-footed. In the busiest trading volume for a single session in nearly five years, financial stocks led the decline on the S&P 500 with a 5.4 percent drop -the largest for the sector since November 2011. The S&P 500 lost all the year's gains and suffered its largest decline since late August last year.


  • Robo-adviser Betterment suspended trading during Brexit upheaval -WSJ

    A trader from BGC, a global brokerage company in London's Canary Wharf financial centre reacts during trading(Reuters) - Betterment LLC, an automated financial adviser, suspended all trading on Friday morning as Britain's vote to quit the European Union sent a shock wave through global financial markets, The Wall Street Journal reported. Clients were not aware of the halt, which ran from the market's 9:30 a.m. open until noon, the Journal said. ( The company, which manages $4.8 billion (3. ...


  • Russell reconstitution adds to U.S. market's volume, volatility
    FTSE Russell reconfigured its indexes at the close in an annual event that triggered the highest trading volume for any session in almost five years and added to Friday's high volatility in the U.S. stock market. Trades in about 933 million shares representing $20.6 billion were executed in Nasdaq's "closing cross" in 0.8 seconds across some 2,464 Nasdaq-listed stocks, according to bourse. The closing cross brings together the buy and sell interest in specific Nasdaq, NYSE and NYSE MKT stocks and executes all shares for each stock at a single price, Nasdaq said.More

  • Frankfurt or bust? Wall St. bankers in London ponder life post Brexit

    A man has lunch surrounded by pictures of former British PM Churchill as a TV screen shows Britain's PM Cameron speaking after Britain voted to leave the European Union at a British pub in MadridBy Olivia Oran, Anjuli Davies and John O'Donnell NEW YORK/LONDON/FRANKFURT (Reuters) - Big Wall Street banks are scouring Europe to find a new home for their traders, bankers and financial licenses now that London is on shaky ground as the region's preeminent financial hub. Bank executives have been making contingency plans for months, but many were still surprised by the outcome of a British vote on Thursday evening to leave the European Union (EU). You might end up having a more fragmented financial industry in Europe." Among the questions being asked in C-suites across Wall Street: What's the best European city to house a broker-dealer, if not London?


  • Amid 'Brexit' selloff, some fund managers are bargain shopping

    A trader works on the floor of the New York Stock Exchange (NYSE) after the opening bell in New YorkBy David Randall NEW YORK (Reuters) - Britain's unexpected decision to leave the European Union spurred a global stock market selloff that has inspired some opportunistic U.S. investors to move in the opposite direction. Operating on the belief that the initial rout might be an overreaction, even in some European stocks, several fund managers said on Friday they were buying up shares of big blue chips, domestic companies that are insulated from a lot of European activity and even European companies that might have been oversold. "We are looking to put cash to work in some of our favorite companies which are cheaper today," said Kevin Dreyer, the co-chief investment officer at Gamco Investors Inc, noting holdings such as razor blade and sunscreen-maker Edgewell Personal Care Co that were down more than 3 percent in morning trading.


  • What the Brexit Vote Means for the US Economy

    What the Brexit Vote Means for the US Economy“Once the dust of the knee-jerk market reaction settles, we think that the UK's economy will clearly be the main victim, but also that the shock for the Euro area and the global economy is likely to be significant,” economists at Bank of America Merrill Lynch wrote to clients on Friday. How businesses and consumers respond will be key — and, ultimately, whether the U.S. economy takes a more significant hit as a result of the Brexit vote may depend in large part on the severity of the market selloff and whether Wall Street anxieties spread to Main Street.


  • Britain's financial sector reels after Brexit bombshell

    Traders from BGC, a global brokerage company in London's Canary Wharf financial centre react as European stock markets openBy Sinead Cruise, Andrew MacAskill and Lawrence White LONDON (Reuters) - Britain's 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union, an upheaval that threatens London's dominance of finance. The 'Vote Leave' campaign fronted by a slew of Conservative lawmakers and financial industry veterans claimed victory over its 'Britain Stronger in Europe' rival, after 52 percent of Britons voted to support their plan to leave the 28-nation club. The news hammered the stock values of banks from mainland Europe to Wall Street giants with large operations in London, pushing job security fears to levels unseen since the financial crisis of 2008.


  • UK markets shudder after Brexit vote, sterling hits 31-year low

    People eat and drink in the sunshine in London's Canary Wharf financial centreBy Jamie McGeever and Patrick Graham LONDON (Reuters) - Sterling plunged to its lowest in three decades and the value of London's big banks sank by the most since the 2008 financial crisis as Britain's shock vote to leave the European Union triggered turmoil on global financial markets on Friday. The damage to London's stock market eased as the day wore on, helped by expectations the weaker pound would help many UK companies and by the Bank of England's promise of 250 billion pounds of extra support. But shares in Royal Bank of Scotland and Barclays fell by around 18 percent and, even with an afternoon recovery, sterling's fall was the biggest since the system of free-floating exchange rates was introduced in the early 1970s.


  • Trading resumes in S&P 500, Nasdaq futures after breakers triggered
    (Reuters) - E-mini futures on the S&P 500 and Nasdaq resumed trading early on Friday and were down nearly 5 percent after earlier hitting overnight limit thresholds following Britain's vote to leave the European Union. The drastic slump in index futures suggested Wall Street would open with deep losses. Futures on the Dow Jones industrial average fell 3.7 percent as investors feared Britain's exit from the European Union could shock the world's economy. (Reporting by Noel Randewich; Editing by Kim Coghill)More

  • Ten steepest falls in two key stock indices since January 2015
    Mumbai, June 24 (IANS) Following are the 10 steepest falls for two key stock market indices in India -- the sensitive index of the BSE and the Nifty of the National Stock Exchange since January 2015, in percentage terms:More

  • Goldman Sachs, Barclays, HSBC downplay Brexit threat
    Some of the world's largest banks have sought to play down fears of a catastophic hit to Britain's banking sector after the country voted to leave the European Union on Friday. Goldman Sachs CEO Lloyd Blankfein said the Wall Street bank, a big donor to the defeated 'Remain' campaign had planned for either referendum outcome for many months, in a statement issued after Britain voted to quit the European Union on Friday. "Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear.More

  • Earnings are set to sink at Burberry Group plc, Hikma Pharmaceuticals plc and J Sainsbury plc! Should you buy?
    Royston Wild runs the rule over FTSE 100 (INDEXFTSE: UKX) strugglers Burberry Group plc (LON: BRBY), Hikma Pharmaceuticals plc (LON: HIK) and J Sainsbury plc (LON: SBRY).More

  • S&P says Britain's 'AAA' credit rating untenable after Brexit vote - FT

    Dawn breaks over London as votes are counted for the EU referendumRatings agency Standard and Poor's said Britain's top-notch "AAA" credit rating is no longer tenable after voters opted to leave the European Union, the Financial Times reported on Friday. "We think that a AAA-rating is untenable under the circumstances," Moritz Kraemer, chief ratings officer for S&P, told the FT. Rival ratings agencies Fitch and Moodys have already stripped Britain of their AAA ratings, long before the referendum campaign began.


  • Bank of England in 'close contact' with banks after vote for Brexit
    The Bank of England's supervisory arm is in contact with banks ahead of the market open after Britain voted to leave the European Union, a source familiar with the situation said on Friday. World financial markets dived as nearly complete results showed a 51.8/48.2 percent split for leaving the EU. Sterling sank to its lowest level since 1985 and the London stock market is set to fall sharply at the open.More