Wednesday, May 25, 2016 - 16:41 Wednesday's Top Stories in the United States 0
* This week, global investors have become more upbeat about world growth prospects, with the trend of risk friendly demand seen again Wednesday. U.S. stocks posted solid gains and crude prices rose to new seven-month highs. Other instruments saw more tempered moves and continued to trade in well-established ranges. The S&P 500 closed up 0.70% Wednesday at 2,090.54, after trading in a 2,078.93 to 2,094.73 range. The S&P gains were dwarfed by those seen in European stocks, where the French CAC 40 closed up 1.13% at 4,481.64 and the German DAX closed up 1.47% at 10,205.21. NYMEX July light sweet crude oil futures settled up $0.94 at $49.56 per barrel. In fixed income, 10-year U.S. Treasury yields were last at 1.873%, after trading in a 1.849% to 1...
Wednesday, May 25, 2016 - 15:05 Puerto Rico Bill Survives US Congressional Enemy Attacks 0
By Denny Gulino
WASHINGTON (MNI) - Congressional enemies of the Puerto Rico restructuring and oversight legislation, saying they are defending the primacy of general obligation municipal bonds, Wednesday found themselves defeated again and again by other Republicans who successfully kept the measure alive to be voted on by the full House.
House Natural Resources Committee Chairman Rob Bishop found himself voting against fellow Republicans intent on crippling the bill, even on some amendments with which he found merit, so the bill could make it out of his committee to the next step.
The tense second day of the committee's work on the bill, which ended with a 29-10 vote to send it to the House, saw the Puerto Rico delegate...
Wednesday, May 25, 2016 - 14:11 US House Speaker Ryan: House In 'Pretty Good Shape' on PR Bill 0
--House Speaker: Bill 'Protects Markets From Contagion'
--Speaker Ryan: GOP To Unveil Tax Reform Paper In June
--Ryan: Would Take 'Decades' To Pay Down National Debt
WASHINGTON (MNI) - House Speaker Paul Ryan said Wednesday he's confident there is solid support in the House for legislation to ease the economic and financial crisis in Puerto Rico.
Speaking to reporters in his conference room, Ryan said the bill drafted by the House Natural Resources Committee has strong bipartisan support.
"I think we're in pretty good shape," on the Puerto Rico bill, Ryan said.
Wednesday, May 25, 2016 - 11:50 Unable to Pass Budget, US House Panel Tries To Rewrite Rules 0
--House Budget Chief Price Urges Rule Rewrite Effort
--Budget Expert Collender Challenges Rule Focus
WASHINGTON (MNI) - Few can dispute that House Budget Committee Chairman Tom Price has tried to persuade House Republicans to vote on his fiscal year 2017 budget resolution.
Price has held hearings, consulted fellow Republicans, drafted a 10-year plan to balance the federal budget, won passage of it in the House Budget Committee earlier this spring, and explored various ways to link it with other fiscal measures to expand GOP support for the plan.
Budget resolutions set broad multi-year fiscal goals on spending and...
Wednesday, May 25, 2016 - 05:30 S&P: Brexit Vote Threatens Reserve Currency Status, AAA Rate 0
LONDON (MNI) - Standard & Poors, the international ratings agency, said the position of Sterling as a reserve currency, along with the associated benefits including the 'AAA' sovereign rating, are at risk if the UK votes against membership of the European Union on June 23.
The full text of the S&P report follows.
A decision by the United Kingdom to leave the EU in the June 23 referendum could jeopardize the British pound sterling's position as a reserve currency and the associated benefits to the 'AAA' credit rating, says S&P Global Ratings in a report published today ("Brexit Is A Risk To The Reserve Status Of Sterling").
Tuesday, May 24, 2016 - 22:57 Greece Fin Min: Deal Allows Optimism That Worst Is Over 0
By Angelika Papamiltiadou
BRUSSELS (MNI) - Greek Finance Minister Euclid Tsakalotos said Wednesday that the Eurogroup agreement for the conclusion of the first review, the disbursement of funding and the road-map for the restructuring of Greece's debt "is an important moment for Greece as investors will now have a clear picture of the country's course."
Speaking at a press conference after the meeting, Tsakalotos said the disbursement of funds will help the state cover its own arrears, which could offset the austerity measures the parliament approved on Sunday.
"There is some room for optimism that the vicious cycle of measures-recession-measures can be transformed to a virtuous cycle, as investors will have a clear...