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Bank stocks lead a rebound on Wall Street

Stocks are closing higher on Wall Street, led by big gains in bank stocks. Financial stocks were bouncing back Friday following a big drop a day earlier as worries eased over the outlook for Deutsche Bank, Germany's biggest lender. Deutsche Bank's U.S.-listed shares jumped 14 percent, and major U.S. banks also rose. JPMorgan Chase was up 1.4 percent. Consumer stocks also did well following a strong earnings report from Costco, which jumped 3.4 percent. The Dow Jones industrial average rose 164 points, or 0.9 percent, to 18,308. The Standard & Poor's 500 index gained 17 points, or 0.8 percent, to 2,168. The Nasdaq composite climbed 42 points, or 0.8 percent, to 5,312. Bond prices fell. The yield on the 10-year Treasury note rose to 1.60 percent.

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Asian markets track US losses on Deutsche Bank worries

Asian markets tumbled Friday, tracking a sell-off in New York as worries about the future of German banking giant Deutsche Bank hammered financial stocks. A report that several hedge funds had withdrawn their investments in the lender over worries about its viability after US authorities slapped it with a $14 billion penalty over its sale of mortgage-backed securities prior to the 2008 financial crisis. There are fears the fine could batter the already fragile firm, fueling talk that it would become another Lehman Brothers, the Wall Street titan whose downfall precipitated the global downturn six years ago. Deutsche Bank plunged almost seven percent in New York and the losses were reflected in Asia, with Japan's Mitsubishi UFJ Financial Group diving more than two percent and HSBC down almost one percent in Hong Kong. …

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Energy firms lead Asia market rally on OPEC deal

Energy firms led a rally in Asian stock markets Thursday, while high-yielding currencies advanced after OPEC's shock agreement to cut oil output sent crude prices soaring. The gains come after OPEC's "historic" announcement late Wednesday of a deal -- the first of its kind in eight years -- lit a fire under petroleum-linked shares in New York. At the end of six hours of negotiations and weeks of horse trading, the 14-member cartel unveiled the plan to cut production by 750,000 barrels. The news came as a surprise to many market-watchers who had feared the fractious group would not be able to reach a consensus. However, Iran -- whose refusal to limit output caused a similar meeting to break down in April -- will not join the reduction, a major concession from OPEC kingpin …

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Sensex bounces 138 points as Asia shapes up

Stocks got back on their feet after two sessions of losses in early trade Tuesday as the Sensex recovered by over 138 points driven by a fresh round of buying amid a firming trend in other Asian markets. The benchmark, which had surrendered 478.85 points in the previous two sessions, was trading higher by 138.46 points, or 0.48 percent at 28,432.74 with all the sectoral indices led by realty, consumer durables and healthcare supporting the recovery, rising by up to 0.92 percent. The 50-share NSE Nifty was quoting higher by 45.45 points, or 0.52 percent, at 8,768.50. From the Sensex pack, Power Grid, Adani Ports, TCS, Tata Steel, Tata Motors, Hero MotoCorp, Bajaj Auto, Sun Pharma, RIL, Infosys and Asian Paints stayed in the spotlight, rising by up to 1.03 percent. Brokers said sentiment …

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PHL stocks plunges on ‘ghost month’ jitters

By Leslie D. Venzon, Philippine News Agency MANILA, Aug. 3 -- The local stock market plunged in a massive selloff as the so-called “ghost month” starts on Wednesday. The benchmark Philippine Stock Exchange index (PSEi) dived 149.34 points, or 1.86 percent to 7,888.44 from previous day’s 8,037.78 finish. “As the ghost month (starts), a lot of Chinese traders are starting to sell off and close their positions. A lot of blue chips are going down because of their weak earnings reports, a lot of investors (thus trade) second and third liner (stocks),” said Victor Felix, equity analyst at AB Capital Securities. Telecom giant Philippine Long Distance Telephone Company (PLDT) booked a 33-percent decline in profit to Php 6.2 billion during the second quarter, weighed down by investment losses and higher spending. PLDT comprises bulk of …

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Prefer low valuation, high dividend yield stocks

The market is expected to continue its momentum after closing above 8,000 for the first time this year and the ideal stocks to buy are those with low valuation and high dividend yield. First Metro Investment Corp. (FMIC) Head of Investment Banking Group Justino Juan Ocampo said amid the volatility in the market, investors must be very, very picky in terms of choosing the stocks to buy. As for the most preferred stocks, FMIC Head of Research and Assistant Vice President Cristina Ulang said companies with low valuation and pay high dividend yields would still be the ideal stocks for market participants. Ulang said companies that give good dividends are Manila Electric Co., Semirara Mining and Power Corp., Aboitiz Power Corp., and Aboitiz Equity Venture, Inc. For those with low valuations such as Metropolitan …

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Global stocks tumble after Britain votes to leave the EU

By Marley Jay, AP Markets Writer NEW YORK - Stocks are plunging in the U.S. and worldwide Friday after Britain voted to leave the European Union. The result stunned investors, who reacted by rushing to the safety of gold and U.S. government bonds as they wondered what will come next for Britain, Europe, and the global economy. U.S. stocks took far smaller losses than markets in Europe and Asia, but were still sharply lower in morning trading. The Dow Jones industrial average was down 408 points, or 2.2 percent, to 17,608 as of 10:20 a.m. It was down as much as 538 points earlier. The S&P 500 is on pace for its biggest loss since January, down 50 points, or 2.4 percent, to 2,064. The Nasdaq composite dropped 134 points, or 2.7 …

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Asian markets slump amid expectations Fed will raise rates

Asian stock markets fell in subdued trading Tuesday amid rising expectations the U.S. Federal Reserve may raise interest rates in June. KEEPING SCORE: Japan's benchmark Nikkei 225 fell 0.9 percent to close at 16,498.76 as the yen continued to strengthen, casting a pall on exporters. Australia's S&P/ASX 200 slipped 0.4 percent to 5,295.60. South Korea's Kospi edged down 0.9 percent to 1,937.68. Hong Kong's Hang Seng fell 0.3 percent to 19,749.95 while the Shanghai Composite index slid 0.8 percent to 2,821.14. WALL STREET: The Dow Jones industrial average fell 8.01 points, or 0.05 percent, to 17,492.93. The Standard & Poor's 500 index fell 4.28 points, or 0.2 percent, to 2,048.04, and the Nasdaq composite lost 3.78 points, or 0.1 percent, to 4,765.78. WAITING ON THE FED: Investors are watching for clues on whether …

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Asia markets cautious ahead of more US rate hike news

  Hong Kong, China - Asian stock markets moved cautiously Monday as investors sat tight for fresh news on a possible US rate hike and after a G7 finance ministers' meeting saw Tokyo pressed not to weaken its currency. Global stocks rallied in the previous session despite talk that the US Federal Reserve could raise interest rates in June, but analysts expect some market volatility ahead of further indicators. A stronger yen meanwhile weighed on Tokyo exporters after a meeting of Group of Seven finance ministers refrained from giving Japan an opening on possible intervention to stem the rise of its currency. Oil prices were lower after Iran said it had no plans to join any output freeze by other major crude producers. Canadian officials also lifted the evacuation order for several oil production sites north of …

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Asian markets restore calm after Fed signals spark sell-offs

     By Youkyung Lee SEOUL, South Korea — Asian stock markets drifted slightly higher on Friday as investors restored calm a day after worries about the Fed's rate hike signals prompted sell-offs. KEEPING SCORE: Japan's Nikkei 225 added 0.3 percent to 16,693.39 while South Korea's Kospi edged up 0.1 percent to 1,948.60. Hong Kong's Hang Seng index rose 1.2 percent to 19,931.54. China's Shanghai Composite Index added 0.1 percent to 2,809.72. Australia's S&P/ASX 200 gained 0.6 percent to 5,358.30. FED WATCH: At the Fed's meeting in April, policymakers indicated an increase in rates was likely in June, assuming the economy and labor market continued to strengthen. Asian stocks finished lower on Thursday at the unexpected rate hike signal. Higher rates diminish the appeal of high-dividend companies to investors seeking income. ANALYST'S TAKE: "It's rare that …

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