MARKET REPORT: Dow posts posts longest win streak since 1992 and on Thursday a 10th straight record close after Steve Mnuchin remarks, but tech snaps 15-day win streak – @AceFinanceNews

#AceFinanceReport – Feb.25: Dow posts longest win streak since 1992; Street prepares for Trump’s speech to Congress … CNBC

U.S. equities closed flat to higher while investors awaited President Donald Trump’s speech to Congress next week. On Thursday the Dow posted 10th straight record close after Steve Mnuchin remarks, but tech snaps 15-day win streak

U.S. equities closed mixed Thursday on the back of remarks made by newly minted Treasury Secretary Steve Mnuchin.

Dow posts 10th straight record close after Steve Mnuchin remarks, but tech snaps 15-day win streak

“There has been a lot of hope and expectation built into this market. This has been a buy-high, sell-higher market, and that is largely been justified by those expectations,” said David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve. “But when reality hits, that’s when markets might revalue.”

U.S. Treasurys and gold prices — considered traditional safe-haven assets — also rose following Mnuchin’s interview.

The benchmark 10-year note yield fell to 2.387 percent, while the short-term two-year note yield slipped to 1.192 percent. Gold futures for April delivery, meanwhile, settled $18.10 higher at $1,251.40 per ounce.

“There is an incredible amount of skepticism out there, especially for a market that keeps making new highs,” said Maris Ogg, president at Tower Bridge Advisors. “I think people keep focusing on Trump’s missteps rather than the big picture, which is that the world economy is improving.”

Recent U.S. data continues to show strength, as the Citi Economic Surprise index holds near its highest level since 2014. Weekly jobless claims remain near their lowest levels in more than 40 years.

The U.S. dollar fell about 0.2 percent against a basket of currencies, with the euro near $1.058 and the yen around 112.70.

In a meeting with several manufacturing CEOs, President Donald Trump said he wants a weaker dollar, which would benefit U.S. exporters. The greenback has risen more than 3 percent since Nov. 8.

In corporate news, Tesla reported mixed quarterly results, topping revenue estimates but falling short of profit forecasts. Meanwhile, Victoria’s Secret parent company L Brands reported weak forward-looking guidance Wednesday after the close, sending its stock tanking more than 15 percent.

Overseas, European equities closed mostly lower, with the pan-European Stoxx 600 index declining 0.14 percent. In Asia, the Shanghai composite fell 0.3 percent while the Nikkei 225 closed just below the flatline.

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NEW YORK: J.C. Penney is joining its department store rivals in pruning its store numbers in an era of online shopping by closing 130-Plus Stores and Offering Early Retirements – @AceFinanceNews

#AceFinanceReport – Feb.24: Penney said Friday that it will close 130 to 140 stores as well as two distribution centres over the next several months as it tries to improve profitability CBS local reported on Friday …

J.C. Penney To Shut 130-Plus Stores, Offer Early Retirements
The company said that it would also initiate a voluntary early retirement program for about 6,000 eligible employees.

The news came as Penney posted a profit for the fourth quarter, compared to a loss a year ago. But total sales were down slightly, and a key revenue metric declined a bit as well. The company issued a conservative annual forecast, sending shares down 9 percent on Friday.

CEO Marvin Ellison acknowledged that Penney wasn’t strategic with promotions, which hurt profit margins, and said that its level of couponing was “unhealthy.” It plans to use a more data-driven approach to pricing this year after testing the strategy in some categories last year.

Like other department stores, J.C. Penney is trying to adjust to changing shopping patterns. But it is also still recovering from a catastrophic reinvention plan under a former CEO that sent sales and profits freefalling starting in 2012. Since then, it has focused efforts on its home area, started selling major appliances again and expanded its number of in-store Sephora beauty shops.

While its annual sales still shrunk, what’s encouraging is Penney’s profit picture. Penney was able to pull in a $1 million profit for the full fiscal year, the first time it earned an annual profit since 2010. The stores it is closing represent about 13 percent to 14 percent of its current store count of about 1,000, but less than 5 percent of total annual sales.

“With a slimmed-down store portfolio, (J.C. Penney) will be able to focus on making its remaining stores more of a destination,” said Neil Saunders, managing director of GlobalData Retail. “This is essential, as while progress has been made on categories like home, other departments still require attention.”

Penney managed to outperform some of its rivals. Kohl’s Corp. reported a drop in fiscal fourth-quarter profit as total sales declined. Revenue at stores opened at least a year dropped 2.2 percent. Nordstrom Inc. reported a better-than-expected quarterly profit with help from strong sales online and at Nordstrom Rack. But at the Nordstrom brand, comparable store sales decreased 2.7 percent. Macy’s, the nation’s largest department store chain, says its earnings for the quarter that includes the holiday period dropped nearly 13 percent, hurt by lower sales, store closures and other costs.

Given the environment, Penney wants to be less dependent on clothing. It’s rolled out major appliances in 500 stores and plans to add 100 more appliance showrooms this year. It has updated its beauty salons, now branded Salon by InStyle. It is also beefing up its store label brands like St. John’s Bay. In the fourth quarter, top-performing areas included home, Sephora, its salon business and fine jewelry. Last year, it added 61 Sephora stores for a total of 577. This year, it’s adding 77 more.

The Plano, Texas-based company has also now armed its store associates with mobile devices to help check out online shoppers who are picking up orders in the store.

Ellison said the company decided that coordinating a voluntary early retirement program with the store closures could lessen the effect on employees. He said the number of full-time workers expected to take advantage of the early retirement incentive will far exceed the number of full-time positions affected by the closures.

Penney also emphasized that its stores can be used as leverage against online retailers, especially for picking up online orders, while many solely online companies are seeing dramatically higher fulfillment costs. Ellison said he was pleased by the double-digit growth of jcpenney.com.

For the fiscal fourth quarter, J.C. Penney reported net income of $192 million, or 61 cents per share. Earnings excluding one-time gains and costs was 64 cents per share. Analysts expected 61 cents per share, according to FactSet.

Revenue totaled $3.96 billion in the period, down 0.9 percent from a year ago. Sales at stores open at least a year, a key gauge of a retailer’s health, slipped 0.7 percent. This figure excludes results from stores recently opened or closed.

Penney expects full-year adjusted earnings of 40 cents to 65 cents per share. Analysts expected 54 cents per share, according to FactSet. The company forecast revenue at stores open at least a year to be down 1 percent to up 1 percent this year.

Shares fell 9 percent, or 62 cents, to $6.24 on Friday.

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BRUSSELS, Belgium. Greece and its international lenders agreed on Monday to let teams of experts work out new reforms to Greek pensions, income tax and labour market that would allow Athens to eventually qualify for more cheap loans, euro zone officials said – @AceFinanceNews

#AceFinanceReport – Feb.21: After weeks of deliberating over a deal for Greece on their burgeoning debt at 21:11: 20/02/17: Technical Agreement Between Greece, Lenders on Debt Relief Program to Be Elaborated in Few Days – Source – #AceNewsDesk reports of course there is no mention of the backdoor agreement ongoing over #refugees being allowed into the country…
?m=02&d=20170220&t=2&i=1173373549&w=&fh=545px&fw=&ll=&pl=&sq=&r=LYNXMPED1J0YDGreece, lenders agree to work out new reforms to unblock aidas they need a new tranche of financial aid under its 86 billion euro bailout by the third quarter of the year to meet debt repayments, but the last mission to Athens broke down in acrimony late last year.

A Greek government official said extra reforms were to be fiscally neutral and take effect from the start of 2019, after the latest bailout ends in 2018.

Experts from the European Commission, the European Central Bank, the euro zone bailout fund ESM and the International Monetary Fund are to travel to Athens very soon, the head of euro zone finance ministers Jeroen Dijsselbloem said.

“There will be a change in the policy mix, moving away from austerity and putting more emphasis on deep reforms which is also a key element for the IMF,” he said.

The agreement is a compromise between conflicting views of the IMF, the euro zone and Greece as to how to make the economy more efficient and public finances sustainable.

The IMF believes that the pension system in Greece should undergo a deeper overhaul than so far, while Greece has flatly refused to have the reform reopened.

The euro zone has said that the reforms agreed so far were enough for Greece to meet and maintain its target of a surplus before debt costs of 3.5 percent of GDP from 2018 onwards. The IMF, however, has said the current reforms would only produce a 1.5 percent surplus and that income and labour market reforms were needed too.

The agreement on Monday left open how big a saving the new reforms would produce.

“I cannot put a number on it because the figures are still moving and some discussions on the figures are still ongoing, so the final figure of the size of this will have to be established during the review,” Dijsselbloem said.

“But what we have agreed now is to the liking of the IMF.”

Once the reforms were agreed between Athens and the lenders’ experts, the Fund would then make a new debt sustainability assessment for Greece to see how much debt relief was still needed, if at all.

The IMF now believes Greece needs substantial debt relief, while the euro zone thinks it does not.

“The issue of sustainable debt will come back when the whole package of reforms is agreed,” Dijsselbloem said.

“If the IMF can then say the budget will be sustainably on track on this basis and these reforms will support further recovery, then the whole analysis of the debt in the coming years will look a lot more positive,” he said.

The talks now appear set to continue during election campaigns in the Netherlands and France, which euro zone officials have said may make a final deal more difficult.

But euro zone officials said there was no rush because Greece had enough cash to see it through to July – when a 7.2 billion euro debt repayment with which it needs lenders’ help is due.

“There is no need for a disbursement in March, April or May,” Dijsselbloem said. “There is no liquidity issue in the short-run in Greece but we all feel the sense of urgency because of the key issue of confidence,” he said.

Dijsselbloem said that if the extra reforms agreed by the expert mission were to make Greece over-perform its fiscal targets, Athens would be able to put the excess back into the economy in economic growth enhancing measures.

(Additional reporting by Waverly Coleville, Robert-Jan Bartunek, Tom Koerkemeier and Renee Maltezou; Editing by Toby Chopra)

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MOSCOW, Russia. State #oil firm Rosneft (ROSN.MM) has become the first major #oil firm to pre-finance crude exports from Iraq’sKurdistan, joining trading houses in the race for crude from the-semi-autonomous region – @AceFinanceNews

#AceFinanceReport – Feb.21: This is a report on signing of a new agreement at 07:01: RUSSIA’S ROSNEFT SIGNS AGREEMENT WITH IRAQI KURDISTAN GOV’T TO PURCHASE #OIL FOR ITS FOREIGN-BASED REFINERIES – ROSNEFT – #AceNewsDesk reports
?m=02&d=20170221&t=2&i=1173433259&w=&fh=545px&fw=&ll=&pl=&sq=&r=LYNXMPED1K0A5
Rosneft becomes first oil major to pre-finance Kurdish crude We look forward to developing new markets forKurdish crude oil,” a statement by Rosneft quotes chiefexecutive Igor Sechin as saying. The contract is due for 2017-2019, Rosneft said.

Sechin said Rosneft would be taking Kurdish barrels to thecompany’s growing refining system. In Europe, Rosneft owns alarge refinery system in Germany. Rosneft also said it was looking to cooperate with Kurdistanin upstream and logistics. Kurdistan’s natural resources minister Ashti Hawrami said the deal was opening up new possibilities for cooperation between Rosneft and Kurdistan.

Kurdistan has started independent crude exports from thecentral government in Baghdad in the past three years as itargued it was not getting its share of Iraq’s budget revenuesand needed money to fund its war against Islamic State.

But as oil prices crashed, the region had to borrow as muchas $3 billion from trading houses such as Vitol, Petraco,Glencore (GLEN.L) and Trafigura as well as neighbouring Turkey,repayable by future crude sales.

Baghdad has first pledged to sue buyers of Kurdish oil as itinsisted the central government was the only legal exporter ofbarrels both from southern and northern Iraq.

But Baghdad has lately softened its stance on the companiesand traders working in Kurdistan with the barrels being sold inboth Europe and Asia.

(Reporting by Dmitry Zhdannikov; editing by Katya Golubkova)

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ISLAMABAD: Pakistan. Government informed the National Assembly the other day that commercial banks were charging individuals up to 29 per cent interest rate despite the historically lowest 5.75pc policy rate of the State Bank of Pakistan (SBP) – @AceFinanceNews

#AceNewsReport – Feb.20: As the economy expands so it’s time for banks to make a #killing of their own with some charging up to 28.9% for some types of lending..

The SBP has maintained the policy rate at 5.75pc since May 2016 — a rate at which it provides liquidity or lends money to the commercial banks that they use as a base rate.

The banks are generally expected to charge their customers slightly higher interest rates on the basis of the SBP policy rate after calculating their overhead expenses and risk coverage.

In reply to a question asked by MNA Seema Mohiuddin Jamali, parliamentary secretary for finance Rana Afzaal Hussain provided a written statement to the house on behalf of Finance Minister Ishaq Dar explaining the weighted average rate of interest (WAROI) being charged by various banks to individuals. He explained WAROI as the aggregate rate of interest being charged on all types of loan facilities, including auto, business, agriculture, housing and salary advance loans.

According to the statement, Banks charge up to 29pc interest rate, NA told including the Silk Bank who is charging the highest interest rate of 28.89pc to individuals, followed by 21.91pc by the Standard Chartered Bank. The Habib Metropolitan Bank Limited has the lowest rate of 7.77pc — closest to the SBP policy rate.

#AFNews – PHILADELPHIA: School leaders are hailing their first installment of revenues from the new tax on rideshare services in the city of $358,000 – @AceFinanceNews

#AceFinanceNews – Feb.17: Philadelphia School District: Starts to receive revenue from Uber and Lyft on ride sharing scheme ..

Last year’s state legislation that legalized rideshare services like Uber and Lyft in Philadelphia also required them to give a cut of revenues to the School District.
CBS local reported that a Philly School District Seeing First Revenue From New Tax On Rideshare Services School leaders gathered around a ceremonial check this morning to mark the first installment totaling $358,000.

That may not seem like much in a $2.6 billion dollar school district budget, says state senator Vincent Hughes:

“Some may think it’s a kind of small amount. But it is significant enough to help deal with some important initiatives, important programs.”

Superintendent William Hite says another good thing about the funding is, it’s predictable.

Superintendent William Hite (credit: Mike DeNardo)

Superintendent William Hite
(credit: Mike DeNardo)

“That’s additional revenue that is recurring, sustainable, and revenue that we can plan against.”

And Sami Naim, public policy manager for Lyft, expects more revenue for schools in coming years.

“As we grow, our contribution to the Philadelphia school system grows.”

Philly schools get two-thirds of the 1.4 percent fee on rideshare revenue. The district expects to see $2 million a year from the tax.

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#AFNews MADISON — Republican lawmakers are circulating a bill to expand broadband service in underse rved parts of the state on Tuesday and allocate $15.5-million in grants – @AceFinanceNews

#AceFinanceNews – Feb.15: Broadband Bill for those in underserved rural areas proposed by republicans on Tuesday Fox6Now reported …

The bill made public Tuesday is sponsored by Rep. Romaine Quinn and Sen. Howard Marklein. It would allocate $15.5 million in grants for rural areas.

Almost a quarter of Wisconsinites live in rural areas and around 40 percent do not have broadband, or high-speed internet access, at home.

Quinn and other Republican lawmakers focused on improving life in rural Wisconsin plan to hold a news conference Tuesday to discuss the broadband bill and other initiatives to improve health care access and job creation.

Gov. Scott Walker’s budget proposal released last week included an additional $35 million for broadband, which includes the grants.

A significant portion will go toward schools and educational institutions

http://bitly.com/2lM9gbl

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#AceBrexitNews – Lloyd’s of London insurer Beazley Plc BEZG.L will hire additional staff in Ireland to establish a European insurance company in Dublin after the #Brexit vote, its chief executive told Reuters – @AceFinanceNews

#AceFinanceNews – Feb.07: Beazley to hire staff for Irish insurance business as they see more opportunities in US and other markets after #Brexit ….

The underwriter, which provides marine, casualty and property insurance and reinsurance, also reported a 3 percent rise in full-year pretax profit, defying analyst estimates for a decline.

It pointed to “significant” growth opportunities in the United States and other markets outside London amid a challenging environment for insurers.

Shares in Beazley surged as much as 10 percent on Friday, making the stock the top performer on the FTSE Midcap Index .FTMC and the pan-European Stoxx 600 Index .

Higher investment returns and a strong underwriting performance helped to lift profit, the company said.

Beazley has been working to get European insurance licences for its existing Irish reinsurance business to allow it to operate on a broader basis throughout the EU.

Many London-listed insurers are drawing up plans to set up regulated subsidiaries in the EU due to the expected loss of rights to sell products across the bloc after Brexit and Beazley appears to be in the vanguard.

DUBLIN CALLING

The insurer, which has offices in Oslo, Munich and Paris, said it applied to set up an insurance subsidiary in Dublin in November and regulators were reviewing its application .

“We’re hopeful because we’ve been in Ireland for seven years… We hope we’re are at the front of the queue,” CEO Andrew Horton told Reuters

“We are establishing our insurance company (in Dublin) irrespective of when the #Brexit application goes in. We were already starting to do that even before we had the referendum in June,” Horton said

He added Beazley chose Dublin as it was easier to make changes to an already existing business.

Industry observers say all insurers looking to set up EU subsidiaries have included Dublin among their options, attracted by its language, location and tax and regulatory systems.

Lloyd’s of London’s SOLYD.UL, Neon Underwriting Ltd and Admiral (ADML.L) have pointed to Ireland as a possible new centre.

Horton said that the insurer was not planning to move jobs from Britain or anywhere else to Ireland but would hire locally.

“We’re expecting to add jobs in Dublin because it will need more people to manage a live insurance company than a reinsurance company,” he said, without specifying how many new jobs could be created.

Beazley’s pretax profit rose 3 percent to $293.2 million for the year ended Dec. 31, higher than the $243 million expected by analysts according to company-supplied consensus estimates.

Reuters  Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri/Keith Weir)

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MARKETS: US 14:55: 07/02/17: Nasdaq, Dow Jones Stocks Hit New Record Highs as Dow opened up 100 points up – #AceNewsDesk reports – @AceFinanceNews

#AceFinanceReport – Feb.07: Dow jumps 100 points, hits new high; Nasdaq also in record territory

U.S. equities opened higher on Tuesday as investors focused on a slew of corporate earnings reports.

http://www.cnbc.com/id/10426627

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MARKETS: Report: US crude settles at $53.01, down 1.5%, as US dollar strength counters #OPEC output cuts as stocks close slightly lower amid Trump policy fears; energy drops 1% – CNBC – together with what’s happening this week – @AceFinanceNews

#AceFinanceReport – Feb.07: The #OPEC members covered by the deal with Russia and other independent producers have implemented at least 80 percent so far, according to a Reuters survey and analysts. Russia has cut about 100,000 bpd and plans to increase that to 300,000 bpd.

Implementation of the cuts began on Jan. 1 with the aim of reducing output by almost 1.8 million barrels per day.

Against this backdrop, more investors are betting on rising prices despite indicators such as the Baker Hughes rig count pointing to increased U.S. supply.

U.S. energy companies added oil rigs for a 13th week in 14, data showed on Friday. Despite the OPEC cuts, U.S. crude inventories rose by more than expected last week.

U.S. crude futures, however, have well been supported, with WTI futures posting gains in seven of the past eight weeks.

Hedge funds and other speculators also boosted their bullish bets in U.S. crude futures and options in the week to Jan. 31 to the highest level on record, betting prices will continue to rise, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

http://cnb.cx/2kG5O4f

US Markets Report of what’s happening and when this week .. CNBC: http://cnb.cx/2kGje05

The Dow Jones industrial average fell 17 points, or 0.08 percent, to 20,054, with Verizon leading decliners and United Technologies the biggest riser.

The S&P 500 dropped 5 points, or 0.24 percent, to 2,292, with energy leading nine sectors lower and utilities and information technology rising.

The Nasdaq composite rose 8 points, or 0.15 percent, to 5,657.

About nine stocks declined for every five advancers at the New York Stock Exchange, with an exchange volume of 309 million and a composite volume of 1.465 billion in afternoon trade.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.3.

On tap this week:

Monday

Earnings: 21st Century Fox, Tesoro, Boardwalk Pipeline

4:30 p.m. Philadelphia Fed President Patrick Harker

Tuesday

Earnings: Disney, Gilead Sciences, BP, General Motors, Archer Daniels Midland, Cardinal Health, Statoil, BNP Paribas, Intercontinental Exchange, Michael Kors, Vulcan Materials, Tenneco, Wellcare Health, Mondelez International, Buffalo Wild Wings, Plains All American, Pioneer Natural Resources, Panera Bread, Zillow

8:30 a.m. International trade

10:00 a.m. JOLTs

1:00 p.m. 3-year note auction

3:00 p.m. Consumer credit

Wednesday

Earnings: Time Warner, Glaxo SmithKline, Whole Foods, Prudential Financial, Carlyle Group, Alaska Air, Humana, Allergan, Rayonier, Suncor, Lions Gate, Owens Corning, Sanofi, Level 3 Communications, Jacobs Engineering

1:00 p.m. 10-year note auction

Thursday

Earnings: Coca-Cola, Kellogg, Twitter, Yum Brands, Beazer Homes, Cummins, Total, Agrium, Occidental Petroleum, Nissan, Borg Warner, Dunkin Brands, Expedia, News Corp, Nvidia, Pandora Media, Activision Blizzard, Thomson Reuters, KKR

8:30 a.m. Initial claims

9:10 a.m. St. Louis Fed President James Bullard

10:00 a.m. Wholesale trade

1:00 p.m. 30-year bond auction

1:10 p.m. Chicago Fed President Charles Evans

Friday

Earnings: Aon, Calpine, Buckeye Partners, ArcelorMittal, Ventas, Nippon Telegraph, Interpublic

8:30 a.m. Import prices

10:00 a.m. Consumer sentiment

2:00 p.m. Factory orders

End …

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