Hong Kong Hang Seng Slips After Chief Executive Speech Fails To Address Land Issues

Hong Kong Hang Seng Slips After Chief Executive Speech Fails To Address Land Issues

The Hong Kong Hang Seng Index Wednesday opened higher, but then slipped on soft property stocks after Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor’s initial policy speech did not detail land-development measures, such as rezoning farmland to residential uses. Homebuilders in particular fell. Hong Kong is regarded as having some of the world’s most-expensive housing, especially in relation to incomes. In other news, the International Monetary Fund pegged mainland […]

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TransCanada Cancels Two Pipeline Projects Amid Regulatory Scrutiny

TransCanada Cancels Two Pipeline Projects Amid Regulatory Scrutiny

Pipeline operator TransCanada (TRP) will take C$1 billion ($790 million) charge in the fourth quarter after terminating plans for two pipelines in eastern Canada. The Canadian company said in a release it will end the planned Energy East and Eastern Mainline projects after a careful review of what it termed changed circumstances. Further details weren’t given. “In light of the project’s inability to reach a regulatory decision, no recoveries of […]

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Bund Yields Recover Earlier Losses

Bund Yields Recover Earlier Losses

Bund yields recovered earlier losses and are slightly higher on the day. Bunds have been underperforming throughout the day, as Spanish secession fears eased and Spanish markets bounced back. This saw Spanish bond yields leading a wider decline in peripherals, especially after the successful Spanish bond auction. At the same time, the reversal of intra-Eurozone safe haven flows saw Bunds underperforming Thursday and the German 10-year is now up 0.2 […]

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AZZ Fiscal Q2 Results Misses Street Projections

AZZ Fiscal Q2 Results Misses Street Projections

AZZ (AZZ), a provider of metal coating and other industrial products, reported fiscal Q2 earnings of $0.32 per share, down from $0.38 in the same period a year ago and missing the estimate of $0.44 from analysts polled by CapIQ. For the quarter ended Aug. 31 total revenues of $190.4 million were down from $195 million in the same period a year ago and missed the Street projection of $193.7 […]

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Euro Recovers Good Chunk of Ground

Euro Recovers Good Chunk of Ground

The euro recovered a good chunk of the ground it lost Monday. EUR/USD lifted to 1.1750 from lows just under 1.1700, EUR/CHF traded back above 1.1450, and EUR/JPY, among most other euro crosses, also gained. The rise was concomitant with a stabilization on the Spanish stock market as investors move on from the ugly scenes from the weekend’s auto-mandated independence vote. The European Union, mindful of other independent-minded regions in […]

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