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May 25, 2016

The Guardian | World | G7 - May 26, 2016 (03:37 BST): G7 Summit : Obama, Abe, Camero Among World Leaders in Japan - Live

theguardian.com
 
Justin McCurry
Aprox

On the agenda

Updated

What happens next?

Leaders of the Group of Seven countries should begin their summit in central Japan today feeling spiritually cleansed after their morning visit to Ise Jingu, Japan’s most sacred Shinto shrine.
Their trip to the shrine, set in a 2,000-year-old forest, risked sparking the first controversy of the summit, with academics and other religious groups warning that Shinzo Abe could use the presence of Obama, Cameron and co at the site to further his conservative political agenda.
After their morning stroll, discussions among the leaders of Japan, the US, the UK, Italy, Canada, France and Germany will quickly turn to the parlous state of the global economy – although one of the chief countries of concern, China, will not be present, of course.
There is disagreement on how to pull the global economy out of its difficulties, with Japan persevering with a combination of pump-priming and monetary easing, while counties such as Britain retain their faith in austerity.
There is little agreement on how to tackle recent fluctuations in the currency markets, with the US opposed to attempts by Japan to weaken the yen and give its exporters some much-needed breathing space.
In the end, the G7 leaders will probably make do with a diplomatic fudge. With agreement on concerted action unlikely, the communiqué, due to be released on Friday, is expected to encourage flexibility and allow member states to adapt economic policies to their own circumstances in the search for growth.
All the leaders bar Obama have now arrived at the shrine – the US president is expected imminently and he will cross the bridge into Ise Jingu alongside Abe.
The official G7 programme has begun with a visit to Ise Jingu shrine on an overcast and humid morning in central Japan.
Japanese prime minister Shinzo Abe was greeted by Ise Jingu’s head priest priest at shrine entrance.
Abe and other world leaders will cross Ujibashi bridge, leaving the temporal world and entering the spiritual on their way to the revered centre of Japan’s indigenous Shinto religion.
A gravel path will taken them to main sanctuary, home of Amaterasu Omikami, the mythological empress from whom all Japanese emperors are said to be descended, although they will not be permitted to enter the inner sanctuary itself.
Japanese officials said the leaders would not be taking part in any religious rituals. The idea, said a foreign ministry spokesman, is to give them a sense of the “air, water, nature and atmosphere” of the shrine.
“Ise is the place to present the beauty of nature and the richness of our culture and long tradition,” the spokesman said.
Jean-Claude Juncker, president of the European Commission, has arrived – along with Donald Tusk, president of the European Council, he is at the summit to represent the EU alongside the G7 leaders.

G7 summit begins at Ise Jingu shrine

Canadian prime minister Justin Trudeau seems to be displaying his sensitive side - post-elbowgate - since arriving in Japan on Monday. He and his wife, Sophie Grégoire Trudeau, celebrated their 11th wedding anniversary – which is actually on Saturday – on Tuesday with a trip to Meiji Shrine in Tokyo and a night at a traditional ryokan inn.
Yesterday they went hiking in a forest near the G7 summit venue. Trudeau told reporters:
This is the kind of work-life balance that I’ve often talked about as being essential in order to be able to be in service of the country with all one’s very best, and that’s certainly something I’m going to continue to make sure we do.
Justin Trudeau and Sophie Grégoire Trudeau at the Meiji Jingu shrine.
Justin Trudeau and Sophie Grégoire Trudeau at the Meiji Jingu shrine. Photograph: The Asahi Shimbun/via Getty Images
Updated
Welcome to the first of our two days of live coverage of the G7 meeting in Ise-Shima, Japan.
The leaders of seven countries – US president Barack Obama, Japanese prime minister Shinzo Abe, German chancellor Angela Merkel, UK prime minister David Cameron, French president François Hollande, Canadian prime minister Justin Trudeau and Italian prime minister Matteo Renzi – will meet on Thursday and Friday for two days of talks on a wide-ranging agenda including:
On Friday, Obama will make history as the first sitting US president to visit Hiroshima, where he will lay flowers at a cenotaph to the 140,000 people who died after the US dropped an atomic bomb on the city in August 1945.

For G7 Live Please Go To: http://www.theguardian.com/world/live/2016/may/26/g7-summit-obama-merkel-cameron-abe-japan-livehttp://www.theguardian.com/world/live/2016/may/26/g7-summit-obama-merkel-cameron-abe-japan-live

The Guardian | World | Australia | Australian elections 2016 - May 26, 2016 (03:24 BST): Australian Election 2016: Nova Peris Says "No One Should Judge" Her After Quitting Senate - Politics Live.

theguardian.com

Paul Karp
 
Thank you, Bill.
I want to acknowledge that we meet here on this land, I’m a Darwin girl, born on this country. Three years ago, I walked into parliament as a first Aboriginal woman and until you are an Aboriginal person do not criticise me for the decisions I have made.

WSJ | Forex Closing on May 25, 2016.

The Wall Street Journal Forex Closing
Major Currencies
Wednesday, May 25, 2016

WSJ | Major Indexes Closing on May 25, 2016.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:34 p.m. EDT 05/25/16

WSJ | Biggest Decliners Closing on May 25, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:46 pm ET 05/25/2016
NYSE

WSJ | Most Actives Closing on May 25, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 05/25/2016
NYSE

WSJ | Biggest Gainers Closing on may 25, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 05/25/2016
NYSE

Federal Reserve Bank of New York Org. - May 25, 2016: Tentative Outright Agency Mortgage-Backed Securities Operation Schedule


The Desk's tentative operations schedules associated with outright purchases of agency mortgage-backed securities (MBS) securities as announced by the Federal Open Market Committee.


The Desk plans to purchase a maximum of $16.90 billion in agency MBS over the period beginning May 26, 2016 on FedTrade.

The next release of the tentative agency MBS operation schedule will be at 3 PM on Friday, June 10, 2016 for the period beginning June 13, 2016.
Schedule pdf

DealBook P.M. Edition on may 25, 2016: Alibaba Faces U.S. Accounting Inquiry.

 
Wednesday, May 25, 2016
TOP STORY
Jack Ma, executive chairman of the Alibaba Group, announcing sales figures on Singles Day in 2014. The company said it provided United States regulators with information on how it reports the figures.
Alibaba Faces U.S. Accounting Inquiry The Securities and Exchange Commission is investigating how the Chinese e-commerce giant accounts for affiliated companies and related-party transactions.

Wall Street at Close Report, by CNBC on May 25, 2016: Dow Closes Up Triple Digits; Energy Leads as Oil Hits 2016 Highs.


 
Evelyn Cheng
 
U.S. stocks closed higher Wednesday with energy among the top gainers as oil rose above $49 a barrel to hit fresh highs for the year so far.
The major averages posted their best day since March on Tuesday and were tracking for weekly gains of nearly 2 percent or more in afternoon trade Wednesday.
"It has felt like the last couple of days have been a bit of a short squeeze," said JJ Kinahan, chief strategist at TD Ameritrade. He said ahead of the long weekend, traders were waiting for Fed Chair Janet Yellen's comments, expected Friday as she receives an award at Harvard.
Energy, materials and financials traded more than 1 percent higher. The oil and gas drilling sub-sector traded more than 4.5 percent higher. Shares of Transocean traded more than 8 percent higher, while Southwestern Energy and Chesapeake traded more than 6 percent higher.
"You're going to see more of these gyrations as investors continue to weigh the Fed move," said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

Overnight, St. Louis Fed President James Bullard told CNBC that a summer rate hike isn't set in stone, but the labor data is "probably the strongest argument for going ahead."

European stocks again set a positive tone for U.S. stocks, with the German DAX closing 1.5 percent higher. Euro zone finance ministers said they gave Greece a "breakthrough" debt relief deal that won provisional commitment from the International Monetary Fund.
"Yesterday the supposed catalyst was the poll in the U.K. ... Today the talk and chatter is the world economy and the world markets are pricing in and becoming comfortable with a rise in rates, either in June or July," said Peter Coleman, head trader at Convergex. "My personal opinion is it's a trading move because it's a very light volume week with not a lot of news out."
"(You've) got a lot of professional traders pushing the markets up here for a short-term trade," he said.
The Dow Jones industrial average held more than 150 points higher, with Goldman Sachs and IBM contributing the most to gains.

Lance Roberts, chief investment strategist at Clarity Financial, said the technical backdrop for stocks has improved, but "we really need to see some follow-through by the end of the week."

U.S. crude oil futures settled up 94 cents at $49.56 a barrel. Weekly crude inventories from the EIA showed a drawdown of 4.23 million barrels, following the American Petroleum Institute's report of a 5.1 million barrel decline.
WTI last traded above $50 a barrel in mid-October.

"At the margin if you can get a few bits of good news you can get people to stop abandoning stocks," said Bruce McCain, chief investment strategist at Key Private Bank.

In economic news, the Markit Flash U.S. services PMI for May was 51.2, down from 52.8 in April and well below the long-run survey average of 55.6, Markit said.

Treasury yields were lower, with the 2-year yield near 0.90 percent and the 10-year yield around 1.86 percent. Earlier, the 2-year yield touch 0.938 percent, its highest since mid-March.
The Treasury auctioned $34 billion in 5-year notes at a high yield of 1.395 percent.
The U.S. dollar index traded mildly lower, with the euro near $1.116 and the yen near 110.2 yen against the greenback as of 2:27 p.m. ET.
Oil's gains and indications of a decreasing probability of the U.K. leaving the European Union are "what drove the sentiment change between yesterday and today," said Andres Jaime, global FX and rates strategist at Barclays.
Asian stocks closed mostly higher, although Shanghai was mildly lower. The central bank fixed the yuan at its softest midpoint against the dollar since March 2011, Reuters said.

Jaime said the "PBOC was taking this opportunity where the dollar is strong versus everything to move the fixing higher."
Shares of Alibaba fell more than 5 percent in midday trade after the China-based e-commerce firm said the Securities Exchange Commission was looking into its accounting practices.

Minneapolis Fed President Neel Kashkari said in a Reuters report that negative interest rates would only be a last resort for the Fed.
Dallas Fed President Rob Kaplan suggested he sees room for fiscal policy to boost the U.S. economy, given the limitations of monetary policy, and called for "a little bit" looser regulation for small banks, according to a Reuters report.
The U.S. advance April goods trade deficit was $57.53 billion, the U.S. Department of Commerce said.
The Federal Housing Finance Agency House Price Index rose 0.7 percent in March from the prior month.

Total mortgage application volume increased 2.3 percent for the week on a seasonally adjusted basis, a nearly 24 percent rise year-over-year, according to the Mortgage Bankers Association.
Read MoreEarly movers: TIF, EXPR, MSFT, HRL, HPE, INTU, MON, TM, AJG & more

In afternoon trade, the Dow Jones industrial average gained 169 points, or 0.96 percent, to 17,875, with Goldman Sachs leading advancers and Nike the greatest decliner.
The S&P 500 climbed 17 points, or 0.81 percent, to 2,092, with energy leading nine sectors higher and utilities the only decliner.
The Nasdaq composite gained 39 points, or 0.81 percent, to 4,900.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded lower near 13.8.
About two stocks advanced for every decliner on the New York Stock Exchange, with an exchange volume of 558 million and a composite volume of 2.7 billion in afternoon trade.
Gold futures for June delivery settled down $5.40 at $1,223.80 an ounce.
Reuters contributed to this report.



 

DJIA Dow Industrials 17849.93
143.88 0.81%
S&P 500 S&P 500 Index 2090.37
14.31 0.69%
NASDAQ NASDAQ 4894.89
33.83 0.70%
On tap this week:

Wednesday
Earnings: HP, NetApp, PVH, Guess, Lionsgate, Popeyes Louisiana Kitchen, Pure Storage
Thursday
Earnings: Dollar General, Signet Jewelers, Abercrombie & Fitch, Chico's, Toronto-Dominion Bank, Palo Alto Networks, GameStop, Splunk
6:10 a.m. St. Louis Fed President James Bullard in Singapore
8:30 a.m. Initial claims
8:30 a.m. Durable goods
10 a.m. Pending home sales
12:15 p.m. Fed Gov. Jerome Powell
1 p.m. $28 billion seven-year note auction
Friday
Earnings: JA Solar
8:30 a.m. Real GDP Q1 (second)
10 a.m. Consumer sentiment
1:15 p.m. Fed Chair Janet Yellen receives award, in Q&A at Harvard
*Planner subject to change.

RT News - May 25, 2016: Europe Gets Firs Modern Russian-Made Airliners

rt.com

United Aircraft Corporation says the first Russian Sukhoi Superjet 100 (SSJ100) plane has been delivered to its inaugural European customer Irish airline CityJet.

NYT | Opinion Pages | Editorial - May 25. 2016: What happens After a Drone Strike?

nytimes.com
 
The Editorial Board

CMI Spot Prices at Close on May 25, 2015.

Spot Prices as of traditional New York closing times

Wednesday, May 25, 2016


FTC Press Release - May 25, 2016: FTC Cracks Down on Debt Relief Schemes Targeting Student Loan and Mortgage Borrowers

FTC@100 Banner

FTC Alleges Defendants Took in Millions of Dollars from People Across the United States

FRB Press Release - May 25, 2016: Federal Reserve Board Issues Report on Economic Well-Being of U.S. Households.

federalreserve.gov

Release Date: May 25, 2016

American families overall reported continued mild improvement in their financial well-being in 2015 although many families were struggling financially and felt excluded from economic advancement, according to the Federal Reserve Board's latest Report on the Economic Well-Being of U.S. Households.

The Guardian | Opinion | EU Referendum - May 25, 2016: What if Turks Talked About Britons the Way Vote Leave Talks About Turkey? by Liz Cookman

theguardian.com
 
Liz Cookman

FDIC Press Release - May 25, 2016: FDIC Report Shows Mobile Banking Can Help Underserved Consumers

FDIC

Press Release

Bits | The Business of Technology on May 25, 2016: Twitter Gives the Long-Winded Some Breathing Room.


Wednesday, May 25, 2016

The New York Times


The New York Times

Wednesday, May 25, 2016

Daily Report
Twitter Gives the Long-Winded Some Breathing Room | Brevity, it seems, is no longer the soul of Twitter.

European Markets at Close Report, by CNBC on May 25, 2016: Europe Ends Sharply Higher as Banks Jump 3.3; Oil Recovers; M&S Tanks 10%

cnbc.com
 
Holly Ellyatt, Alexandra Gibbs
 
European equities finished Wednesday sharply higher, after a new debt deal for Greece and a recovery in oil prices lifted market sentiment.
The pan-European Stoxx 600 index ended trade up 1.2 percent provisionally, with banking, autos and oil and gas sectors leading the gains.



 


FTSE FTSE 6256.89
37.63 0.61% 648260467
DAX DAX 10197.73
140.42 1.40% 71124894
CAC CAC 4481.10
49.58 1.12% 85153736
IBEX 35 IBEX 35 Idx 9128.00
209.90 2.35% 235228017

The London FTSE index closed up 0.7 percent, the French CAC jumped 1.1 percent while the German DAX rallied to close 1.5 percent up, following a survey that showed an improvement in German business confidence.

The closely-watched Ifo Business climate index rose from 106.7 points in April to 107.7 points in May. Ifo said that "business confidence in German industry and trade has improved in all four main sectors (manufacturing, construction, wholesaling and retailing)."
Oil prices moved closer towards $50 a barrel on Wednesday, driven by new figures by the U.S. Energy Information Administration who reported that U.S. crude stockpiles had fallen by 4.2 million barrels in the previous week.
In stocks, Royal Dutch Shell announced further job cuts and said it would reduce the size of its oil and gas output in Ireland and the U.K. as a result of falling oil prices. Shares however remained strong, up 1.4 percent.
Elsewhere, the banking sector was posting strong gains of 2.5 percent. This comes after euro zone finance ministers agreed with Greece and the International Monetary Fund (IMF) on Wednesday on what they called a "breakthrough" deal that will address Athens' requests for debt relief.
After late-night talks into Wednesday, the Eurogroup ministers agreed to release 10.3 billion euros ($11.42 billion) for Greece after lawmakers approved more painful austerity measures over the weekend. Greek stocks reversed earlier gains to trade lower on Wednesday, however strong gains were still seen by banks across Europe. Shares of Unicredit were higher on Wednesday, this comes after the Italian bank announced late Tuesday, that its CEO was to step down .
U.S. stocks traded higher on Wednesday, as traders kept an eye on the oil price. Meanwhile in Asia, markets finished higher on Wednesday, with several major indexes advancing more than 1 percent each, after encouraging reports on the U.S. housing market on Tuesday, which helped propel gains on Wall Street.

M&S tumbles; Autos jump

In individual stock news, the French government is considering selling part or all of its 14 percent stake in PSA Peugeot Citroen, according to Les Echos. Shares of the carmaker are currently leading the sector, up over 2.5 percent. Autos were around 2 percent higher as a whole.
Anheuser-Busch InBev jumped close to 2 percent, following news that the brewer had received EU antitrust approval for its acquisition of SABMiller on Tuesday. SABMiller was trading roughly flat.
Among Europe's worst performers was British retailer, Marks and Spencer, who reported a rise in full-year profit on Wednesday and announced plans to overhaul its clothing and homeware business, a move it warned would have an adverse effect on short-term profits. The stock tumbled during trade, closing over 10 percent down.

The news added pressure onto other London-listed retailers including Tesco, Next and J Sainsbury. Tesco ended 2.2 percent off after Credit Suisse cut its price target on the stock.
Stagecoach pared sharp losses but remained some 2 percent down, after JP Morgan cuts its price target and lowered its rating to "neutral". Meanwhile Regus jumped over 5 percent after RBS raised the stock to "outperform" on top of increasing its price target.