Thursday, June 19, 2014

Today's Headlines

  • Obama Sending 300 Advisers to Help Iraqi Military Battle ISIL. President Barack Obama said he’s sending as many as 300 U.S. military advisers to assist the Iraqi army battle an insurgency and is prepared to take additional “targeted, precise” action if necessary. “American forces will not be returning to combat in Iraq,” Obama said after meeting with his national security team at the White House. The advisers will work with the Iraqi army to coordinate intelligence and training.
  • China’s Stocks Post Biggest Loss in Seven Weeks Over IPOs. China’s stocks fell, capping the benchmark index’s biggest loss in seven weeks, amid concerns new share sales will divert funds from existing shares and a property slowdown will hurt economic growth. Yonyou Software Co. and Neusoft Corp. (600718) plunged more than 7 percent as a gauge of technology companies slumped the most among 10 industry groups. Leshi Internet Information & Technology Co., the biggest company in the ChiNext index, posted its steepest loss in two months. China Vanke Co. and Poly Real Estate Group Co. led a retreat for property developers. The Shanghai Composite Index (SHCOMP) fell 1.6 percent to 2,023.74 at the close, the steepest loss since April 28.
  • European Stocks Jump as Fed Signals Support Amid Recovery. European stocks rose the most in more than a week after the Federal Reserve repeated its pledge to leave interest rates near their record low and said the world’s largest economy should experience sustained growth. Rolls-Royce Holdings Plc jumped 8.1 percent after saying it will buy back 1 billion pounds ($1.7 billion) of its own shares. Man Group Plc rallied 6 percent after agreeing to buy Numeric Holdings LLC. Electricite de France SA sank 7.7 percent after the French energy minister said tariffs won’t rise in August. Mediaset Espana Comunicacion SA slipped 3.2 percent after Chile eliminated Spain from the World Cup. The Stoxx Europe 600 Index climbed 0.6 percent to 348.15 at the close of trading.
  • Fighting the IRS Just Got Harder.
  • Gold Surges as Global Stocks Gain, Dollar Weakens on Fed. Gold futures rallied 3.2 percent and the Bloomberg Dollar Spot Index dropped to its lowest level in almost a month.
  • Currency Probe Widens as U.S. Said to Target Markups. U.S. prosecutors are broadening their investigation of the foreign-exchange industry as they question salespeople at the world’s biggest banks on their practices, according to two people with knowledge of the matter. The Department of Justice has been asking bankers and clients how much sales teams charge customers to exchange currency, the people said, asking not to be identified because the interviews are private. The move is the first indication prosecutors are probing sales practices.
Wall Street Journal 
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