• USA

    by Published on 06-18-2015 05:05 AM
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    Restrictions were imposed on six banks who failed to fully comply with enforcement orders related to home foreclosure abuses, by the Office Comptroller of the Currency (OCC) on Wednesday. Federal regulators found the banks did not do enough to fix problems in their foreclosure practices in the aftermath of the financial crisis.

    In a consent order with the OCC during 2011, the banks promised to change the way they handled foreclosures. ...
    by Published on 06-17-2015 10:23 PM
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    US equities were seeing modest gains in the early going, although another round of pessimistic Greece headlines are taking stocks off their highs. There has been a modest selloff in the US 10-year, sending yields up nearly six basis points. As of writing, the DJIA is up 0.19%, the S&P500 is up 0.18% and the Nasdaq is up 0.22%. ...
    by Published on 06-17-2015 05:38 AM
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    OneWeb Ltd., based in Britain's Channel Islands, has teamed up with Airbus Defence and Space, the world’s second largest space company, to design and build a fleet of 900 microsatellites.

    On Monday, company officials with OneWeb said they plan to offer high-speed, space-based Internet access to billions of people worldwide.

    OneWeb founder and Chief Executive Officer Greg Wyler said the satellite project will be mostly funded by Richard Branson's London-based Virgin Group along with chipmaker Qualcomm Incorporated (QCOM-Nasdaq). Cost of the project is expected to run between $1.5 billion to $2 billion. ...
    by Published on 06-16-2015 04:01 PM
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    European indices saw a steady rally after working through another round of dicey Greece headlines earlier today, while US stocks have just about filled the gap from the big slide lower Monday morning. As of writing, the DJIA is up 0.42%, the S&P500 is up 0.30% and the Nasdaq is up 0.26%.

    Greece is again the central concern for global markets this morning, with ominous tones heard in the rhetoric on both sides. PM Tsipras was claiming that Greece's creditors want to humiliate it and the ECB was insisting on asphyxiating Athens over recent months. ...
    by Published on 06-16-2015 06:32 AM
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    The recent cyber attack on the White House Office of Personnel Management (OPM) could prove to be a treasure-trove for foreign spies. Agencies that use OPM services include the U.S. Department of State (DoS), U.S. Department of Defense (DoD) and National Security Agency (NSA). Hackers were able to penetrate OPM database which contained intimate and potential damaging facts about millions of government and private employees.

    Current and former U.S. government officials are now under pressure over concerns that their secrets in the OPM database about drugs, money and sex could now be in the hands of a foreign government. Personal information now in possession of the hackers includes: arrests, financial troubles, health issues, infidelities, psychiatric diagnoses and substance abuse for both current and former U.S. government officials. ...
    by Published on 06-15-2015 05:07 PM
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    Disappointing US economic data weighed heavily on stocks while boosting US Treasury prices to kick of this week's trade. Before the NYSE open the June Empire manufacturing expectedly fell into negative territory for the second straight month, and the May industrial production data came in well short of expectations suggesting the annualized Q2 figure will likely remain in negative territory. Back to back quarterly declines in US industrial production has not been seen since 2009. Coming into the session investor sentiment was already subdued as Greek concerns lingered. European stocks were already under pressure and peripheral bond yields pushed higher widening the spreads to the German bund. ...
    by Published on 06-14-2015 06:42 AM
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    The e-Dura implant developed by scientists in Switzerland, is a thin flexible implant that can be applied directly to the surface of the spinal cord to administer electrical and chemical stimulation. The implant is made from a silicon substrate embedded with electrodes. The device replicates the properties of soft living tissue around the spinal cord allowing it to remain in place with no discomfort to the patient.

    Professor Stephanie Lacour, co-author of the study at the Swiss Federal Institute of Technology in Lausanne said, "By combining this electro-chemical stimulation of the spinal cord tissue we then tested whether we could then restore locomotion in the hind limbs. And this is what we found. Indeed we can - using this technology - we were able over weeks of time to stimulate the spinal cord in spinal cord-injured animals and allow then to walk." ...
    by Published on 06-12-2015 07:03 PM
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    Yields contracted and equities sank during the US session as market participants recalibrated positions in the face of the big reversal in Greece negotiations. As of writing, the DJIA is off 0.73%, the S&P500 is down 0.50% and the Nasdaq is down 0.55%.

    Greece is teetering on the edge this morning as more reports come out that the EU is beginning to seriously prepare for a possible default event. Overnight, there were press reports that Germany was looking at possible capital controls, while this morning there were headlines suggesting that Eurozone officials are discussing a "plan B," which would involve extending the current bailout with conditions, including aid funding disbursements in tranches. ...
    by Published on 06-11-2015 11:55 PM
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    There's a new game in town and its called flipping zombie foreclosures. New data out shows that, with rising house prices and increased strength in the housing market, banks are moving troubled homes through the foreclosure process in an attempt to take advantage of higher prices.

    According to RealtyTrac, at the end of Q2, there were nearly 127,000 zombie foreclosures - making up about one in five foreclosed properties - down 10% from same time during 2014. ...
    by Published on 06-11-2015 11:32 PM
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    Until mid-morning, European and US stocks were seeing a consecutive session of strong gains, adding to the big rally seen on Wednesday. The fun didn't last: another downer Greece headline dropped about an hour after the open of US cash trading, knocked stocks off their highs and sent bond yields plunging. As of writing, the 10-year bund yield lost as much as nine basis points, trading as low as 0.888%, while European stocks gave the bulk of their gains. The DJIA is still up 0.29%, the S&P500 is up 0.22% and the Nasdaq is up 0.11% but are well off their highs. ...
    by Published on 06-11-2015 06:48 AM
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    A brain-machine interface technology, developed by Eric Leuthardt - neurosurgeon at Washington University in St. Louis, Missouri - could potentially change the process of how well stroke victims recover.

    Leuthardt discovered that the rule that one side of the brain controls the opposite side of the body is not set in stone and that a thought or intention to move could be derived from other parts of the brain.

    Leuthardt said, "In a stroke patient they have had an injury to one side of their brain that causes their hand to be paralyzed. So we are taking a signal from the uninjured side of the brain and decoding that intention to move." ...
    by Published on 06-10-2015 05:18 PM
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    Equity indices in Europe and the US are soaring higher this morning, with the DAX closing at its highs up 2.4% on fresh hopes for a last-minute Greece deal. The Dow is seeing a 200+ point gain, up 1.43% as of writing, with the S&P500 up 0.96% and the Nasdaq up 1.27%.

    The continuing bond selloff sent 10-year bund and UST yields to fresh eight-month highs earlier today, with the bund yield pushing above 1.0% and the UST coming within a few basis points of 2.5%. Ten-year gilt and JGB yields hit seven-month highs. The yield on the benchmark US Treasury note touched 2.493% before dropping to 2.477%, while the bund peaked at 1.058% before dropping back to 0.985%. Once again, traders are talking about the big dose of supply as one reason for this week's action: a $21 billion sale of 10-year Treasury notes is due later today. ...
    by Published on 06-10-2015 07:07 AM
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    Just as the U.S. Department of Justice Department (DOJ) was wrapping up a probe of the manipulation of foreign currency rates, they launched a probe on the U.S. Treasurys market. The US Treasury auctions - a secret process where interest rates are set for offerings - are the focus of the probe from the DOJ.

    US attorneys for DOJ are reportedly in the early stages of a probe into possible fraudulent manipulation of the $12.5 trillion Treasurys market. ...
    by Published on 06-09-2015 05:44 PM
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    US equities lost ground for the third consecutive session yesterday, and the three leading US indices have been struggling to stay in positive territory today. As of writing, the DJIA is +0.14%, the S&P500 is flat and the Nasdaq is -0.18%.

    The JOLTS survey showed that Job opening surged to an all-time record high in April, widely topping expectations and surging above March's rate. The quits rate, which is seen as an indicator of employee confidence, also fell slightly in April to 1.9% from 2% in March. ...
    by Published on 06-09-2015 07:48 AM
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    At the Group of Seven (G7) meeting in Bavaria, Germany, world leaders of the industrial powers consisting of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom agreed to focus on decarbonizing the world this century.

    The G7 announced their historical support to cut emissions from 2010 levels by 40% to 70% by the year 2050, in efforts to combat global climate change. A comment from the meeting, “deep cuts in global greenhouse gas emissions are required with a decarbonization of the global economy over the course of this century”. ...
    by Published on 06-08-2015 05:03 PM
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    European and US equities are seeing more losses this morning. There was some more bond trading choppiness earlier, but it was much less volatile than trading seen last week. European sovereigns saw light losses, while the US 10-year has fallen three basis points to 2.38%. As of writing, the DJIA is down 0.07%, the S&P500 is off 0.19% and the Nasdaq is down 0.28%.

    The G7 meeting has wrapped up with lots of headlines, some rumors and President Obama's press conference. Overnight a French official was quoted as saying Obama told fellow G7 leaders that the strong dollar is a problem, drawing a swift rebuttal from US officials. ...
    by Published on 06-08-2015 01:38 AM
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    In a statement from the Department of Homeland Security (DHS) on Thursday, a "foreign entity or government" was believed to be behind a cyber attack on U.S. government computers. Authorities are looking into a possible connection from China that may be involved in the cyber attack.

    Per reports from U.S. law enforcement, information hacked from high-tech systems at the Office of Personnel Management (OPM) and the Interior Department will possibly compromise the personal data of 4 million current and former federal employees. The OPM handles employee records, security clearances and more than 90% of federal background investigations. ...
    by Published on 06-05-2015 03:46 PM
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    Equities and bonds sold off in the wake of the May US payrolls report. The US 10-year yield rose more than ten basis points for a fresh YTD high of 2.41% and the DJIA slid 45 points before things turned around. As of writing, the DJIA is still down 0.18%, but the S&P500 is up 0.07% and the Nasdaq up 0.04%.

    The May jobs report was the strongest yet in 2015: non-farm payrolls gained 280K from a revised 221K total in April, the number of discouraged workers fell to the lowest level since 2008, the participation rate climbed slightly and while the unemployment rate rose to 5.5% from 5.4%, the bump higher was completely due to more people re-entering the workforce. ...
    by Published on 06-05-2015 06:01 AM
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    Christine Lagarde, managing director of the International Monetary Fund (IMF) said Thursday at a press conference, that the United States Federal Reserve should wait for “more tangible signs” of wage or price inflation than are currently evident, to raise interest rates. The comments were made during the IMFs annual review of the U.S. economy.

    Lagarde said, “We think a rate hike would be better off in 2016.” She said that inflation won’t reach the Fed’s 2% annual inflation target until mid-2017. ...
    by Published on 06-04-2015 04:27 PM
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    US equities are in the red this morning after yesterday's very choppy session. Bond yields are lower as investors position cautiously ahead of Friday's May jobs report. As of writing, the DJIA is off 0.66%, the S&P500 is down 0.47% and the Nasdaq is giving up 0.41%.

    Bonds were selling off again in the European session earlier this morning until soothing rhetoric about Greece making Friday's IMF payment sent yields a bit lower through the US session. ...
    by Published on 06-04-2015 07:17 AM
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    Amancio Ortega, Spanish fashion executive and founding chairman of the Inditex SA, the world’s largest clothing retailer, best known for its chain of Zara clothing and accessories retail shops, passed billionaire investor Warren Buffett to become the world’s second-richest person, for the first time ever.

    As Inditex - a La Coruna, Spain based company - profits rose amid surging sales, Ortega’s net worth increased 17% to $71.5 billion. Inditex operates more than 6,600 stores under brands including Massimo Dutti, Pull & Bear and Zara. ...
    by Published on 06-03-2015 06:27 PM
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    It has been a turbulent morning for global markets as participants wrangle with headlines regarding Greece deal negotiations, the ECB post rate-decision press conference and the OPEC meeting in Vienna. Bonds are selling off hard while US equities are well bid, with the DJIA up 0.72%, the S&P500 up 0.49% and the Nasdaq adding 0.62%.

    US data was mixed, with the ADP report foreshadowing a totally inline payrolls gain of 200K but the ISM services index for May downbeat. The non-manufacturing PMI index sank to 55.7 in May from 57.8 in April. Markit said its service-sector composite slowed to 56.2 in May from 57.4 in April. ...
    by Published on 06-03-2015 07:27 AM
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    Record sales of new cars and trucks in the USA during the month of May is likely to result in the auto industry having the best sales year in a decade. During May, consumers bought cars and trucks at the fastest pace in nearly a decade. Leading sales were for pickup trucks and SUVs.

    General Motors Company (GM-NYSE) forecast industry U.S. sales to finish May at a seasonally adjusted annualized rate of 17.6 million vehicles, the strongest pace since January 2006. During May, GM sales rose 3% for 293,097 vehicles sold. Sales for GMs pickup trucks and the Chevrolet Equinox crossover rose 30%. ...
    by Published on 06-02-2015 09:37 PM
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    Both stocks and bonds are in the red this morning as the Greece negotiations enter their chaotic final stage. As of writing, the DJIA is down 0.15%, the S&P500 is down 0.21% and the Nasdaq is off 0.15%.

    There are dueling Greek proposals out this morning, further muddying the waters over negotiations between Athens and its creditors. Last night, there were reports that Greece's major creditors met to draft a "final offer" to be presented to PM Tsipras. Rejection could put Greece in default. ...
    by Published on 06-02-2015 04:46 AM
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    At a American Society of Clinical Oncology (ASCO) meeting in Chicago - Waltham, Massachussetts-based ImmunoGen, Inc. (IMGN-Nasdaq) reported promising results during tests of its ovarian cancer treatment candidate mirvetuximab soravtansine, IMGN853. The tests were performed on patients stricken with what is known as folate-receptor, alpha-positive, platinum resistant ovarian cancer.

    Results of the Phase 1 study presented Saturday at the annual ASCO event showed a 53% response rate for the 17 patients in the study evaluable for efficacy. ImmunoGen is preparing to initiate a Phase 2 trial later this year. ...
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