UBS Sees Outflows From Emerging-Market Clients as Secrecy Erodes

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Source: Bloomberg MarketsUBS Group AG, the biggest wealth manager, sees more emerging-market outflows ahead as tax authorities step up scrutiny of wealthy clients.Net withdrawals from emerging-market clients amounted to 2.3 billion Swiss francs ($2.4 billion) in the second quarter -- much of it from Latin America, UBS said Friday. Outflows from the developing nations are … [Read more...]

Fed’s Williams Says Two Rate Increases Still Possible in 2016

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Source: Bloomberg MarketsFederal Reserve Bank of San Francisco President John Williams played down a “low” reading on second-quarter U.S. growth and said the economy could still warrant as many as two interest-rate increases this year -- or none.“There’s definitely a data stream that could come through in the next couple of months that I think would be supportive of two rate inc … [Read more...]

Xerox Rises After Earnings Beat as Company Prepares to Split

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Source: Bloomberg MarketsXerox Corp. rose Friday after second-quarter earnings beat analysts’ estimates and the company said it’s on track with efforts to split into two independent companies.“We made a great deal of progress on the company’s new path forward during the second quarter,” said Chief Executive Officer Ursula Burns on a conference call. “I am more confident than eve … [Read more...]

Consumer Sentiment Is Flashing a Warning Sign About the U.S. Economy

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Source: Bloomberg MarketsConsumer sentiment dropped in July from the previous month, but slightly more concerning data lurked below the headline of the report.A gap has widened between consumers' attitudes about the current economy versus their expectations, figures released on Friday showed. The spread between the two measures is now its widest since 2006.The gap has often been … [Read more...]

Zimbabwe War Veterans Official Charged With Insulting Mugabe

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Source: Bloomberg Markets A top official from Zimbabwe’s war veterans group was charged in a Harare court with “undermining or insulting the authority” of President Robert Mugabe.Douglas Mahiya, a spokesman for the Zimbabwe National Liberation War Veterans Association, appeared in court in the capital on Friday. Police in the southern African nation arrested officials from the m … [Read more...]

The New Consumer Survey Contains a Big Hint That Clinton Will Win the Election

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Source: Bloomberg MarketsA new question added to the University of Michigan's Survey of Consumers could turn out to be more accurate than ordinary opinion polls in predicting the outcome of the U.S. presidential election.In June and July, respondents to the monthly survey were asked who they expected to become the next president — rather than who they intended to vote for. The r … [Read more...]

Fallen Soldier’s Father Represents an Educated, Well-Off Muslim America

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Source: Bloomberg MarketsHow typical of an American is Khizr Khan, the man who stole the show on the last night of the Democratic National Convention? Answer: pretty typical.U.S. Muslims are much more mainstream than many Americans might think. Khan brought down the house in Philadelphia when he told the story of his son’s heroic war death in Iraq and excoriated Donald Trump for … [Read more...]

Petrobras Makes its Biggest Oil Field Sale Ever to Statoil

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Source: Bloomberg MarketsPetroleo Brasileiro SA made its biggest oil field sale ever to Statoil ASA in a major step to meeting a $15.1 billion divestment target as it works to cut leverage and reduce expenditures.Statoil will pay $2.5 billion for Petrobras’s 66 percent operating interest in the BM-S-8 offshore license in the Santos basin, which holds the giant Carcara d … [Read more...]

Are Those Safe Haven Assets Safe Anymore?

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Source: Bloomberg MarketsMichael Sonnenfeldt doesn't mince words: "There is no safety in safety," the founder of Tiger 21, a network of "ultra-high-net-worth" investors, said. "All of the historical places you could get safe income from—dividend-paying stocks, bonds—they've all been bid up because of quantitative easing to the point where it's just trash." Assets that includ … [Read more...]

German Bonds Rise With Treasuries as U.S. Growth Falls Short

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Source: Bloomberg MarketsGerman 10-year bonds rose for a third day, extending a weekly advance, as slower-than-predicted U.S. growth pushed Treasuries higher.The euro zone’s benchmark government securities reversed an earlier decline triggered after the Bank of Japan kept its key monetary tools unchanged -- a decision that disappointed investors predicting a bigger increase in s … [Read more...]