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BUZZ-Dubai's Drake & Scull jumps on Q4 earnings beat

** Shares in Dubai construction firm Drake & Scull surge 6.5 percent to 0.36 dirham in opening minutes ** Company posted quarterly net profit of 14.7 million dirhams ($4 million), up from profit of 3.8 million dirhams a year earlier; an analyst at SICO Bahrain had forecast net loss of 38.6 million dirhams ** Since mid-January, stock has been edging up from record low of 0.29 dirham; has tumbled from June 2014 high of 1.97 dirhams ** Three analysts have "hold" rating on stock, three "sell" and two "strong sell", but their median target is 0. ...

Main Street holds up as Wall Street struggles, for a change

FILE - In this Feb. 1, 2016, file photo, specialist Michael Gagliano, foreground, works with traders at his post on the floor of the New York Stock Exchange. A strengthening job market, low gasoline prices and rising home values are all helping consumers to spend more, even though stock markets on Wall Street and around the world are sputtering. (AP Photo/Richard Drew, File)NEW YORK (AP) ? Wall Street is hurting, and Main Street doesn't care. It's got burgers and cars to buy.


Oil prices soar on report that UAE offers talks on output cuts

NEW YORK: Oil prices soared Friday, with US crude rebounding from a 2003 low, on reports that OPEC was willing to organize output cuts that could ease the global oversupply. US benchmark West Texas Intermediate for March delivery shot up USD3.23 (12.3 percent) to USD29.44 a barrel on the New York Mercantile Exchange. A big catalyst was a Wall Street Journal report that United Arab Emirates oil minister Suhail Al Mazrouei had said the OPEC cartel was willing to cooperate with other producers on trimming crude output.

Wall Street rallies; S&P 500 snaps five-day losing streak

Traders work on the floor of the NYSE"Europe was strong and especially the banks in Europe, and that appeared to have some positive carryover effect on sentiment towards banking and other financial stocks here in the U.S.," said John Carey, portfolio manager at Pioneer Investment Management in Boston, which has about $220 billion in assets under management. Also helping boost sentiment, he said, was that U.S. consumer spending regained some strength in January. The Dow Jones industrial average closed up 313.66 points, or 2 percent, to 15,973.84, the S&P 500 had gained 35.7 points, or 1.95 percent, to 1,864.78 and the Nasdaq Composite had added 70.68 points, or 1.66 percent, to 4,337.51.


Oil rockets from 12-year low on renewed talk of OPEC cut

A pump jack used to help lift crude oil from a well in South Texas? Eagle Ford Shale formation stands idle in Dewitt County TexasBy Barani Krishnan NEW YORK (Reuters) - Global oil prices surged as much as 12 percent on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut, while a bounce in stock markets fed appetite for risk. Despite the strong daily gain, oil prices were poised to end the week down as much as 5 percent. The United Arab Emirates' energy minister said the Organization of the Petroleum Exporting Countries was willing to cooperate on an output cut, the Wall Street Journal reported on Thursday after crude futures settled in U.S. trade.


Wall Street Weekahead - Late-day buying could be start of turnaround

A Wall Street sign is seen in Lower Manhattan in New YorkBy Chuck Mikolajczak NEW YORK (Reuters) - As U.S. stocks continue to struggle in 2016, equities are showing some signs selling pressure may be reaching an end. The S&P 500 is down about 13 percent from its record high in May, as oil remains mired below $30 a barrel, while concerns about stability among banks and uncertainty about the U.S. Federal Reserve's path of rate hikes have pushed investors away from risk assets. Jack Ablin, chief investment officer at BMO Private Bank in Chicago, views that as a positive sign.


Gold heads for best week in four years on safe-haven appeal

File photo of an employee arranging gold jewellery in the counter as her arm is reflected in the mirror at a gold shop in WuhanBy Susan Fenton LONDON (Reuters) - Gold eased on Friday after soaring 4 percent the previous day, but was still set for its best week in four years, lifted by stock market turmoil that has sent investors rushing for safe haven assets. Spot gold was down 1 percent at $1,234.30 an ounce by 1423 GMT, but has still risen more than 5 percent this week, the biggest weekly gain since October 2011. The precious metal has benefited, along with bonds and the Japanese yen , from a rush to safety as investors worry about the health of some banks, financial instability and the potential for global recession.


U.S., UK likely to charge multiple banks in Libor rigging: WSJ

The Canary Wharf financial district is seen in east LondonAmerican and British regulators are likely to charge several banks with rigging interest rates, including Citigroup, the third-largest U.S. bank, and London-based HSBC Holdings, the Wall Street Journal reported on Friday. The U.S. Commodity Futures Trading Commission and the U.K. Financial Conduct Authority were preparing a final round of civil charges against the banks for rate manipulation in the Libor scandal, the newspaper reported, citing people close to the investigation. The Journal said the CFTC was still investigating J.P. Morgan Chase, the largest American bank by assets, but that may not lead to charges.


 
 
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