Tragedy in UK assists market gains... HSBC to pay $1.6 billion to end fraud probe...
Tragedy in UK assists market gains
The murder of a British politician has been condemned by world leaders as an attack on democracy. MP Jo Cox was stabbed and shot by an attacker Thursday and analysts believe it could impact the Brexit vote.
Media reports suggest the attacker shouted “Britain First” during the attack, although this has not been verified. The words could be a reference to a pro-Brexit far-right party, which has distanced itself from the attack.
Analysts believe the attack could mean a swing towards a ‘remain’ vote in next week’s referendum; the markets are erring towards that view with fears of Brexit slightly lower.
Other factors in stronger sentiment Friday include a rebound for oil prices, which fell sharply in the previous session. Two major oil refiners are considering sales of facilities, including Chevron which may sell its plant in Burnaby, BC. Higher crude prices reduce margins for refiners and the potential sales by Chevron and Shell, could signal expectation of higher crude prices.
Asian markets closed higher following a stronger lead from Wall Street. Japan’s exporters were helped by a weakened yen.
European indexes are also higher with Brexit and oil in focus along with the better handover from Asia.
Wall Street and Toronto are expected to open higher.
HSBC to pay $1.6 billion to end fraud probe
An investigation into global banking giant HSBC over its acquisition of mortgage and credit card lender Household International.
The allegations involve claims made about the financial strength of Household in the months before HSBC bought it.
A 2013 court judgment awarded $2.5 billion in damages following a class-action by former Household shareholders but this was overturned last year.
The settlement of $1.6 billion comes before a second trial was due to begin.
The murder of a British politician has been condemned by world leaders as an attack on democracy. MP Jo Cox was stabbed and shot by an attacker Thursday and analysts believe it could impact the Brexit vote.
Media reports suggest the attacker shouted “Britain First” during the attack, although this has not been verified. The words could be a reference to a pro-Brexit far-right party, which has distanced itself from the attack.
Analysts believe the attack could mean a swing towards a ‘remain’ vote in next week’s referendum; the markets are erring towards that view with fears of Brexit slightly lower.
Other factors in stronger sentiment Friday include a rebound for oil prices, which fell sharply in the previous session. Two major oil refiners are considering sales of facilities, including Chevron which may sell its plant in Burnaby, BC. Higher crude prices reduce margins for refiners and the potential sales by Chevron and Shell, could signal expectation of higher crude prices.
Asian markets closed higher following a stronger lead from Wall Street. Japan’s exporters were helped by a weakened yen.
European indexes are also higher with Brexit and oil in focus along with the better handover from Asia.
Wall Street and Toronto are expected to open higher.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,733.10 (+0.53 per cent) | +1.16 per cent | -1.13 per cent |
| TSX Composite | 13,882.41 (-0.29 per cent) | -0.25 per cent | -5.77 per cent |
| Europe (at 5.30am ET) |
|||
| UK FTSE (previous) | 6,028.23 (+1.31 per cent) | -2.26 per cent | -9.76 per cent |
| German DAX | 9,672.54 (+1.28 per cent) | -2.20 per cent | -11.89 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,110.36 (+0.51 per cent) | +0.79 per cent | -39.47 per cent |
| Japan Nikkei | 15,599.66 (+1.07 per cent) | -6.32 per cent | -22.85 per cent |
| Other Data (at 5.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 48.11 (+1.95 per cent) |
46.88 (+1.45 per cent) |
1288.10 (-0.79 per cent) |
U$0.7733 |
| Aus. Dollar |
|||
| U$0.7382 | |||
HSBC to pay $1.6 billion to end fraud probe
An investigation into global banking giant HSBC over its acquisition of mortgage and credit card lender Household International.
The allegations involve claims made about the financial strength of Household in the months before HSBC bought it.
A 2013 court judgment awarded $2.5 billion in damages following a class-action by former Household shareholders but this was overturned last year.
The settlement of $1.6 billion comes before a second trial was due to begin.
