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Dollar recovers as pound falls back

The dollar recovered against its major peers after taking a battering the previous dayEuropean stock markets were largely steady by mid-afternoon following gains for Asian indices, while Wall Street got off to a slightly softer start. Shares in UK publisher Pearson plunged up to 28 percent after it issued a profit warning and said it would sell holdings in Penguin Random House, a joint venture with German media company Bertelsmann. "The rising anxiety and uncertainty ahead of Donald Trump's inauguration this coming Friday has exposed the greenback to heavy losses," said FXTM Research analyst Lukman Otunuga.


Wall Street opens little changed

A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York CityREUTERS - U.S. stocks opened little changed on Wednesday as investors assessed economic data and the last of big bank earnings, while awaiting Federal Reserve Chair Janet Yellen's speech. The Dow Jones industrial average was down 17.29 points, or 0.09 percent, at 19,809.48, the S&P 500 was down 0.01 points, or 0.000441 percent, at 2,267.88 and the Nasdaq composite was up 5.76 points, or 0.1 percent, at 5,544.49. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)


MIDEAST STOCKS-Saudi Electricity weighs on Riyadh, Egypt pulls back

* Saudi Electricity drops on wider Q4 loss * Tasnee falls despite swinging to net profit * Bank Alinma up on Q4 earnings * Egypt's Global Telecom drops on Vimpelcom report * Blue chips support UAE markets By Celine Aswad DUBAI, Jan 18 (Reuters) - Shares in Saudi Electricity Co (SEC) weighed on Saudi Arabia's stock market on Wednesday after the company reported a wider net loss for the fourth quarter, while Egypt's index pulled back as local traders booked gains in blue chips. The Saudi equities index edged down 0.3 percent as SEC slumped 3.4 percent after posting a quarterly loss of 2. ...

Why Does Trump Favor a ?Weak Dollar? and Is That Good or Bad for America?

Why Does Trump Favor a ?Weak Dollar? and Is That Good or Bad for America?Just days before taking office, President-elect Donald Trump roiled international currency markets, telling The Wall Street Journal that the US dollar is ?too strong? compared to other global currencies, particularly the Chinese yuan. ?Our companies can?t compete with them now because our currency is too strong,? Trump said. ?And it?s killing us.? His comments were followed by a 1.3 percent drop in the value of the dollar against a basket of global currencies in trading on Tuesday, to its lowest level in more than a month.


Target cuts earnings forecast due to weak holiday sales

A newly constructed Target store is shown in San Diego, CaliforniaChief Executive Officer Brian Cornell on Wednesday cited disappointing store traffic and sales trends throughout November and December. "The costs associated with the accelerated mix shift between our stores and digital channels and a highly promotional competitive environment had a negative impact on our fourth-quarter margins and earnings per share," Cornell said. Target follows rivals Macy's Inc and Kohl's Corp , which also cut their profit forecasts after reporting disappointing holiday sales.


Goldman Sachs profit soars on post-election surge in trading

A view of the Goldman Sachs stall on the floor of the New York Stock ExchangeThe fifth largest U.S. bank by assets, which relies more on revenue from trading stocks and bonds than other Wall Street companies, posted a 25 percent jump in trading in the fourth quarter compared with the prior year. Goldman reported revenue from trading fixed income, currency and commodities soared 78 percent to over $2 billion, making the business the biggest revenue driver for the firm. Morgan Stanley , Goldman's closest rival, reported on Tuesday that revenue from fixed-income trading more than doubled in the latest quarter.


Citigroup's earnings beat analysts' forecasts

FILE - In this July 9, 2014, file photo, the Transamerica Pyramid is reflected in the window of the main branch of Citibank in the Financial District of San Francisco. Citigroup Inc. reports financial results Wednesday, Jan. 18, 2017. (AP Photo/Eric Risberg, File)NEW YORK (AP) ? Financial giant Citigroup reported a 7 percent rise in fourth quarter profits on Wednesday, helped by a strong performance in the bank's trading business, a theme that has repeated itself with all the major Wall Street banks this quarter.


Etihad Airways not looking to take stake in Lufthansa

Lufthansa and Norwegian Air aircraft tails are pictured in Riga International Airport in RigaEtihad Airways is not looking to take a stake in German carrier Lufthansa , a spokesman said on Wednesday, denying a report in an Italian newspaper that sent Lufthansa's shares higher on Tuesday. "We can confirm that are not looking to take a financial stake in Lufthansa," the spokesman said, after the Wall Street Journal quoted Etihad Aviation Group CEO James Hogan as saying he was interested in a closer partnership but not buying shares. Reuters reported on Tuesday that Lufthansa and Etihad were in talks, but over cooperation on code shares and catering, rather than equity stakes.


 
 
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