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Oil falls with Wall Street; drop in U.S. drilling rigs ignored

Offshore oil platforms are seen at the Bouri Oil Field off the coast of LibyaBy Barani Krishnan NEW YORK (Reuters) - Crude futures fell about 2 percent on Friday as traders paid little heed to a drop in the number of U.S. rigs drilling for oil and focussed instead on a supply glut and declining stock prices on Wall Street. "I get the feeling the longs do not want to wait out the three-day weekend," said Tariq Zahir, a trader in crude oil spreads at Tyche Capital Advisors in Laurel Hollow, New York. Despite the day's drop, crude prices notched a second straight weekly gain, helped by a huge rally at the start of the week.


Oil falls with Wall St.; drop in U.S. drilling rigs ignored

Pump jacks and pipes are seen on an oil field near Bakersfield on a foggy day, CaliforniaCrude futures fell about 2 percent on Friday as traders paid little heed to a drop in the number of U.S. rigs drilling for oil and focused instead on a supply glut and declining stock prices on Wall Street. "I get the feeling the longs do not want to wait out the three-day weekend," said Tariq Zahir, a trader in crude oil spreads at Tyche Capital Advisors in Laurel Hollow, New York. Despite the day's drop, crude prices notched a second straight weekly gain, helped by a huge rally at the start of the week.


Wall Street drops as jobs data leaves Fed-watchers hanging

Traders work on the floor of the New York Stock Exchange shortly after the markets opened in New YorkU.S. stock indexes dropped almost 2 percent on Friday as a mixed August jobs report did little to quell investor uncertainty about whether the Federal Reserve will increase interest rates this month. It was an okay jobs report, but there's worry about China going into the weekend," said John Augustine, chief investment officer, Huntington Trust in Columbus, Ohio. Many investors viewed those data points as contradictory signals about the urgency to increase interest rates.


South Africa's rand, stocks tumble on U.S. jobs report

South African Reserve Bank Governor Gill Marcus shows off South Africa's new banknotes before conducting the first transaction in PretoriaSouth Africa's rand weakened against the dollar and stocks tumbled on Friday as stronger United States jobs data bolstered the case for a rate hike by the Federal Reserve at next week's policy meeting. Mining firms were hit hard by falling commodity prices, breaking a two-day winning streak at the stock market. Nonfarm payrolls rose less than expected to 173,000 in August, but a drop in the unemployment rate to a near 7-1/2-year low of 5.1 percent and an acceleration in wages kept alive prospects of a Fed interest rate hike later this month.


Japanese banks among bidders for GE's local finance unit - sources

The logo of General Electric is pictured at the 26th World Gas Conference in ParisJapanese banks are among bidders for General Electric Co's local commercial lending and leasing operation, sources told Reuters on Friday. Orix Corp and the leasing units of Sumitomo Mitsui Financial Group Inc , Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Trust Holdings Inc are among the bidders, the sources said. The Wall Street Journal, which first reported the news, said the finance unit's assets are valued at about $5 billion (3.2 billion pounds).


Hapag-Lloyd adds IPO advisors, timing in doubt - sources

* Credit Suisse, Citi, HSBC mandated - sources * China woes cast doubt on timing of IPO - sources * Intention to float could still come this month - source (Adds further comments, background on IPO plans) FRANKFURT, Sept 4 (Reuters) - German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains undecided on the timing of the deal, people familiar with the situation said. Credit Suisse, Citi and HSBC have been asked to help organise the initial public offering, alongside global coordinators Deutsche Bank, Goldman Sachs, and Berenberg, the people said.

Hapag-Lloyd adds IPO advisors, timing of deal in doubt - sources

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains undecided on the timing of the deal, ...

Investor flight from U.S. stocks fails to lift bond market

Trader works on the floor of the New York Stock Exchange shortly after the market opened in New YorkBy Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - The "flight to safety" into bonds many expected when U.S. stocks slumped last week never took off, making big losers out of prominent fund managers and further confusing investors at a volatile time in the market. Stocks plunged in the second half of August, largely on fears of China's worsening economy, but U.S. Treasury yields did not see the kind of safety bid that many were expecting and has been typical in times of stock-market stress in the past.


 
 
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