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China shares lead Asia higher, dollar buoyed

Investors look at computer screens showing stock information at a brokerage house in ShanghaiBy Shinichi Saoshiro TOKYO (Reuters) - Asian stocks shrugged off a drop in Wall Street and hovered near three-year highs on Monday, with China taking the lead after data showed a robust jump in profits earned by industrial firms in the world's second-largest economy. Funds from Middle Eastern and Asian investors were trickling in again as the Muslim fasting month ends, helping to shore up regional stocks, said Soichiro Monji, chief strategist at Daiwa SB Investments in Tokyo.


JP Morgan questioned on private bank impropriety: WSJ

JP Morgan Chase & Co sign outside headquarters in New York(Reuters) - JPMorgan Chase & Co executives have faced regulators' questions on whether private bank advisors guide clients to buy the firm's own financial products, according to a report in the Wall Street Journal. As a result of the questioning regarding potential conflicts of interest, the New York-based bank has sharpened its disclosures to clients, the newspaper said, citing sources. The Office of the Comptroller of the Currency, one of JP Morgan's regulators, has been in discussions with the bank regarding the potential conflicts of interest in recent months, according to the report. "Being transparent is part of our normal course of business and it's what drives our client communications," Darin Oduyoye, a spokesman for JP Morgan's asset-management unit, told Reuters on Sunday.


Dubai's Arabtec Q2 net up 11 pct, misses estimates

Arabtec, the construction company at the centre of Dubai's stock market turmoil, reported an 11 percent rise in second-quarter profit on Sunday, missing analysts' estimates. Net profit climbed to 103 million dirhams ($28.1 million) in the three months to June 30 from 92 million dirhams a year earlier, the company said in a statement. Revenues jumped 51 percent to 2.41 billion dirhams on the back of business growth in the United Arab Emirates and other Gulf markets, said Arabtec, Dubai's biggest listed builder. Arabtec's share price more than tripled earlier this year, then plunged by more than two-thirds as tensions emerged between major shareholder Aabar Investments and chief executive Hasan Ismaik, leading to Ismaik's resignation in June.

Analysis - Amazon's far-reaching ambitions, lack of profits, unnerve investors

A box from Amazon.com is pictured on the porch of a house in GoldenBy Deepa Seetharaman SAN FRANCISCO (Reuters) - Amazon.com Inc's message to investors has always been clear: trust in founder and CEO Jeff Bezos. Some on Wall Street wonder if Amazon may have bitten off more than it can chew. After an unusually busy first half of the year that saw the online retailer spend on developing everything from mobile phones and Hollywood-style production to grocery deliveries, investors are ready to see it curtail its ambitions and start delivering sustainable profits. "It does get frustrating when they continue to spend quarter after quarter and they don't let the revenue flow through," said Michael Scanlon, who manages $3.5 billion at Manulife Asset Management and holds shares of Amazon.


Amazon's far-reaching ambitions, lack of profits, unnerve investors

Amazon CEO Jeff Bezos discusses his company's new Fire smartphone in Seattle, WashingtonBy Deepa Seetharaman SAN FRANCISCO (Reuters) - Amazon.com Inc's message to investors has always been clear: trust in founder and CEO Jeff Bezos. Some on Wall Street wonder if Amazon may have bitten off more than it can chew. After an unusually busy first half of the year that saw the online retailer spend on developing everything from mobile phones and Hollywood-style production to grocery deliveries, investors are ready to see it curtail its ambitions and start delivering sustainable profits. "It does get frustrating when they continue to spend quarter after quarter and they don't let the revenue flow through," said Michael Scanlon, who manages $3.5 billion at Manulife Asset Management and holds shares of Amazon.


Wall St. Week Ahead: Even modest GDP bounce may support market

Traders work on the floor of the New York Stock ExchangeBy Richard Leong NEW YORK (Reuters) - Even if data next week shows a mediocre rebound in U.S. economic growth, that might be enough to keep the stock market aloft at record highs and the Federal Reserve steadfast in its winding down of stimulus through bond purchases. U.S. gross domestic product for the second quarter, due to be released Wednesday, is forecast to have grown 3.2 percent. Growth had shrunk 2.9 percent in the first quarter due to a harsh winter and spending cuts tied to the federal Affordable Care Act. Indeed, Friday's disappointing report on durable goods orders in June spurred JPMorgan and Goldman Sachs to shave their second-quarter outlook by 0.1 percentage point to 2.6 percent and 3.0 percent growth, respectively.


Gold miners, banks push TSX to record close

A sign board displaying Toronto Stock Exchange stock information is seen in TorontoBy Alastair Sharp TORONTO (Reuters) - Canada's main stock index showed no signs of slowing its ascent into uncharted territory on Friday, with gold miners and banks helping it to another record close and a 1.2 percent gain in a week of all-time highs. With the Toronto Stock Exchange's S&P/TSX composite index still relatively underperforming U.S. indices, investors are confident that economic fundamentals underpin the rally, despite worries of a pullback."In the grand scheme of things I'm fairly comfortable with valuations," said Marcus Xu, a portfolio manager at MY Capital Management Corp in Vancouver. "On the back of that notion commodities are doing fairly well." Canada's stock market relies on natural resource names for much of its bulk, and signs of global recovery help those stocks on the expectation that demand will pick up. Major gold miners were among the biggest positive contributors in the session, with Goldcorp Inc jumping 4.2 percent to C$30.51 and Barrick Gold Corp adding 2.8 percent to C$20.20.


Wall St closes lower on Amazon, Visa; S&P's weekly gain erased

A trader watches his screen on the floor of the New York Stock ExchangeBy Ryan Vlastelica NEW YORK (Reuters) - U.S. stocks closed lower on Friday in a broad consumer discretionary-led selloff after Visa and Amazon, a pair of closely watched bellwether names, reported disappointing results. While the S&P 500 found support at its 14-day moving average, suggesting a recent positive trend in equities remains intact, the day's decline was enough to erase the benchmark index's gain for the week. Amazon.com Inc tumbled 9.6 percent to $324.01 as the biggest drag on the S&P 500 after reporting an unexpectedly big second-quarter loss due to greater expenses on investments. Visa Inc was the Dow's largest decliner, down 3.6 percent to $214.77 after the world's largest credit and debit card company cut its revenue forecast for the year.


 
 
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