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Wall Street cuts some Brexit losses as jitters ease

Traders work on the floor of the NYSEInvestors are now hoping that central banks around the world will ease monetary policy to weather the storm as Britain and the EU chalk out the next steps for the country's exit from the trading bloc. "There are very reasonable expectations from central banks globally, especially from the US Federal Reserve, the ECB and the BOE, to provide more liquidity, guidance and clarity to support markets," said Stephen Wood, chief market strategist for Russell Investments in New York. The Brexit vote has the potential to create new headwinds for the U.S. economy, Fed governor Jerome Powell said on Tuesday, adding that the central bank was prepared to provide dollar liquidity to limit its implications.

Global stocks and oil prices gain as Brexit nerves settle

A pedestrian looks at an electronic board showing the various stock prices outside a brokerage in TokyoBy Hilary Russ NEW YORK (Reuters) - Stock markets around the world rebounded for the second day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus. Oil prices rallied and Wall Street was sharply higher, turning positive for the year. Britain's FTSE 100 recovered all its post-Brexit losses to close at the highest level since April.

London stocks wipe out post-Brexit losses in global rebound

Traders have been encouraged by a recovering pound but analysts warn of jitters aheadLondon share prices surged on Wednesday, wiping clean post-Brexit result losses, in the second straight day of a global recovery following a sharp sell-off sparked by Britain's vote to quit the EU. London's benchmark FTSE 100 closed well over three percent higher and above its June 23 closing level, with a weaker British pound likely helping boost companies non-UK profits. Paris and Frankfurt shares also pulled off strong increases, bouyed by a firmer Wall Street and Asian markets that earlier led the way on hopes that authorities will unveil fresh stimulus to counter the effects of Britain's bombshell result.

General Mills quarterly profit beats estimates as costs fall

A box of Cheerios breakfast cereal made by General Mills is shown in this illustration photograph taken in Encinitas, CaliforniaThe maker of Cheerios cereal and Yoplait yogurt raised its dividend and forecast earnings for the coming year above Wall Street forecasts. General Mills has responded to weak U.S. sales by cutting jobs, selling plants and exiting stagnant brands with lower profits like Green Giant while investing in gluten-free, organic options like Annie's and cutting back on salt and artificial ingredients in its products. "We see consumer values and ideas about food changing pretty rapidly," Chief Executive Ken Powell told Reuters, deeming the millennial demographic as the leader of such a trend.

GLOBAL MARKETS-Stocks and oil prices gain as Brexit nerves settle

Stock markets around the world rebounded for the second day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus. Oil prices rallied and Wall Street was sharply higher, turning positive for the year. An index of major European banks was up for the second straight day, but the gains could not come close to offsetting losses in the first two trading sessions after the referendum.

Goldman, Morgan Stanley deny plans for Frankfurt office switch after Brexit

The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock ExchangeU.S. investment banks Goldman Sachs and Morgan Stanley have denied speculation they are poised to shift London-based staff and operations to Frankfurt as soon as Britain's divorce proceedings from the European Union formally begin. "We have not made any changes to our real estate requirements in Frankfurt as a result of the referendum result," Goldman said in a statement issued on Wednesday. Echoing its Wall Street rival, Morgan Stanley also moved to quell chatter it was planning to relocate to the German financial hub when the UK government evokes Article 50 -- the first official step in its disentanglement from the 28-nation bloc.

Stagecoach annual earnings boosted by rail unit

Britain's Stagecoach reported a rise in adjusted annual earnings per share on Wednesday led by higher revenue from its rail operations and said that it would aim to stimulate growth. Adjusted earnings per share rose to 27.7 pence for the year to April 30 from 26.7 pence. Stagecoach also said on Wednesday that it had agreed to sell the retail operations of its megabus business in Europe.

Congressional watchdog expands probe of lax Wall Street oversight

A Wall Street sign is seen in Lower Manhattan in New YorkA U.S. congressional watchdog said on Tuesday it has formally added three agencies to its investigation into whether government regulators are too soft on the banks they are meant to police. The review, requested last October, is the first by an outside agency into the perception that financial regulators are "captured" by and too deferential toward the bankers they supervise, so that Wall Street benefits at the public's expense. Lawrance Evans, director of the GAO's financial markets and community investment division, said in an email on Tuesday that the probe would include the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the National Credit Union Administration (NCUA).

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