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Wall Street licks its wounds after two-day Brexit rout

A trader works on the floor of the NYSEWall Street recouped some recent losses on Tuesday as investors sought cheap assets after a two-day equities rout sparked by Britain's decision to leave the European Union. U.S. indexes joined stock markets around the world in the rebound after global equity markets had shed $3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices. "People are starting to say maybe this is going to take longer than they thought and maybe the impacts on the U.S. market won?t be nearly as great as feared," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.


S&P: No other EU downgrades post-Brexit, will look at UK banks

The Canary Wharf financial district is seen in east LondonStandard and Poor's said on Tuesday it had no plans to downgrade any other EU country in the wake of Britain's Brexit vote and that it will decide if any UK banks ratings should be cut in the coming weeks. "This does not lead to mechanical changes (in bank ratings)," S&P banking sector analyst Giles Edwards said on a webcast. S&P chopped the UK's credit rating by two notches to AA and kept it on a 'negative outlook' on Monday in the wake of last week's vote to leave the European Union.


Ratings agency S&P says expects BoE to help UK to dodge recession

A bus passes the Bank of England in LondonBritain is likely to avoid entering recession after voting to leave the European Union if the Bank of England cuts interest and restarts its quantitative easing programme, ratings agency Standard & Poor's said on Tuesday. On Monday S&P stripped Britain of its triple-A credit status, downgrading it by two notches and assigning a negative outlook due to the weaker economic outlook and more complicated relations with the EU. "Brexit is likely to represent a drag of about 1.2 percent of GDP for the UK in 2017," Jean-Michel Six, S&P's chief economist for Europe, the Middle East and Africa told a conference call for investors on Tuesday.


Paris steps up pitch to London bankers seeking to move

Businessmen are seen on the esplanade of La Defense, in the financial and business district in La Defense, west of ParisA leading French banker and a top Paris politician cranked up the French capital's campaign on Tuesday to attract London bankers shocked by the UK vote to leave the European Union, calling for tax incentives as competition with other financial centres heats up. Big Wall Street banks and some European lenders are considering options for relocating staff now that London is on shaky ground as the region's pre-eminent financial hub. SocGen's chief executive, Frederic Oudea, said Paris could benefit from the vote to leave the EU as financial institutions based in the UK would no longer be able to access European markets the way they used to before.


Earnings drop at South Africa's Omnia on weak mining sector

South African diversified chemical services provider Omnia reported a fall in full-year earnings on Tuesday, dragged down by the ailing mining sector which has been hobbled by falling prices. Omnia said headline earnings per share, the main profit measure in South Africa, slumped 29 percent to 10.33 rand in the year to March compared with 14.56 in the previous year. "Overall, market conditions remain challenging and some of the key factors affecting market conditions are as follows: softer demand in mining commodity and mineral markets throughout Africa and reduced mining activity in metals and minerals," Omnia said in a statement.

South Africa's rand recovers after two days of Brexit volatility

South African Rand coins are seen in this photo illustrationSouth Africa's rand recovered its footing against the dollar on Tuesday after two days of volatile trading spurred by Britain's decision to leave the European Union. The stock market also got off to a firm start at 0700 GMT, with the Top-40 index adding 1.3 percent, while the All-share index was up 1 percent.


Global equities sell off for second day, safe-havens up in Brexit aftermath

Traders work on the floor of the New York Stock ExchangeBy Hilary Russ NEW YORK (Reuters) - Global markets sold off for a second straight day on Monday, dragging the British pound to a 31-year low, while gold and safe-haven government debt rallied on Britain's shock vote last week to leave the European Union. Major U.S. stock indexes recorded their worst two-day drop in about 10 months. Banking stocks led losses amid uncertainty over London's future as the region's financial capital. On Wall Street, the S&P financial index fell nearly 2.79 percent. Declines for JPMorgan and Bank of America grew as the day wore on, with the shares down 3. ...


Lyft hires investment bank Qatalyst Partners: WSJ

A smartphone app for Lyft drivers is seen during a photo opportunity in San Francisco(Reuters) - Ride-sharing service Lyft has hired investment bank Qatalyst Partners, the Wall Street Journal reported on Monday, citing people familiar with the matter. Qatalyst Chairman Frank Quattrone has contacted companies including large automakers about acquiring a stake in Lyft, the Journal said, citing the people.


 
 
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