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U.S. stocks fall on economic worries, dollar firms

Traders work on the floor of the NYSEBy Richard Leong NEW YORK (Reuters) - U.S. stock prices fell on Tuesday on weaker-than-expected economic data, while expectations of a possible Federal Reserve interest rate increase lifted the dollar to near a two-month high against a basket of currencies. The drop on Wall Street stoked safe-haven bids for gold and less riskier U.S. and German government debt. Oil futures faded into the red after rising earlier on higher expected U.S. gasoline demand for summer driving.


Wall Street ends May with whimper as energy shares slump

Trader Peter Tuchman works on the floor of the NYSEThe Nasdaq closed higher on Tuesday, and ended up 3.6 percent for the month, the best performance of the three major indexes. The Dow eked out gains for May to notch its fourth straight positive month.


Goldman's Cohn defends bank's trading business amid revenue slump

Cohn, President and Chief Operating Officer, Goldman Sachs attends the session 'Where Is the Chinese Economy Heading?' of the annual meeting of the World Economic Forum (WEF) in DavosCohn said there was little correlation between the average size of a bank's fixed income and equities trading revenue and the firm's overall return on equity, a key measure of how well it uses shareholder capital to earn profits. "While we could increase our market-making revenue, it may not translate into better returns," Cohn said at an investor conference organized by Deutsche Bank AG. Wall Street banks have seen revenue from their fixed income trading units decline as new regulations introduced since the financial crisis have made bond trading less profitable and more capital intensive.


Saudi's PetroRabigh says taking 124 mln riyal earnings hit on power cut

A 10-day power cut at Saudi Arabia's PetroRabigh petrochemical complex will have a 124 million-riyal ($33.1 million) impact on the company's second-quarter results, it said on Tuesday. PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, did not specify in a statement to the bourse whether this amount referred to revenue or profit. PetroRabigh reported a net profit of 504.9 million riyals in the second quarter of 2015.

MOVES- HSBC, Citi, BofA, Deutsche Bank, MUFG, Santander

(Adds HSBC, Citi and Bank of America) May 31 (Reuters) - The following financial services industryappointments were announced on Tuesday. To inform us of otherjob changes, email [email protected] HSBC HOLDINGS PLC The bank has named former UBS banker Andre Cronjeas chief operating officer for its global banking and marketsdivision, according to an internal memo seen by Reuters onTuesday. CITIGROUP INC The Wall Street bank appointed Morgan McKenney the head ofcash management for its treasury and trade solutions (TTS)business in Asia Pacific. BANK OF AMERICA CORP The U.S. ...

S&P cuts Fosun outlook to 'negative' on post-M&A debt concern

Guo Guangchang, Chairman of Fosun International, attends an interview with Reuters in LisbonBy Umesh Desai HONG KONG (Reuters) - S&P Global Ratings (S&P) has lowered the outlook for its rating of Fosun International Ltd credit to "negative" from "stable", citing concern about the Chinese conglomerate's debt remaining high after recent acquisitions. S&P said it based the revision on Fosun's 2015 earnings announced on March 30. It also affirmed its rating of Fosun's long-term credit at "BB", two notches below investment grade.


S&P says Japan sales tax hike delay makes 'some sense'

By Stanley White TOKYO (Reuters) - Delaying a sales tax increase in Japan scheduled for April next year makes "some sense" as it could push the economy into several quarters of anaemic growth, making it hard to raise revenue, a senior Standard & Poor's executive said on Tuesday. Weaker growth resulting from faltering consumer spending would jeopardise the government's goal of returning to a primary budget surplus, which excludes new borrowing and debt servicing costs, in fiscal 2020, Kim Eng Tan, S&P's Asia-Pacific senior director of sovereign ratings, told Reuters in an interview. Although Prime Minister Shinzo Abe has yet to declare his intentions regarding the planned sales tax hike, sources have told Reuters that he will delay the planned increase to 10 percent from 8 percent by two and a half years to October 2019.

Jazz Pharma nears deal to buy Celator for about $1.5 billion - WSJ

(Reuters) - Ireland-based Jazz Pharmaceuticals Plc is nearing a deal to buy Celator Pharmaceuticals Inc for about $1.5 billion (1 billion pounds), the Wall Street Journal reported. The deal is likely to be announced on Tuesday, the Journal said citing people familiar with the matter. About three months ago, Celator said its Vyxeos treatment helped older high-risk patients with a deadly form of leukemia live longer than those who received the standard of care regimen in a late stage clinical trial, sending its stock price soaring.
 

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