UPDATE 1-U.S. crude oil inventories fall unexpectedly as imports slump - EIA NEW YORK, Feb 10- U.S. crude stockpiles fell unexpectedly last week as imports slumped, while gasoline inventories hit a record high for a second week, data from the Energy Information Administration showed on Wednesday. U.S. crude futures initially rose on the news, topping $29 a barrel, but quickly retreated, and was at $27.85, down 9 cents on the day by 11:03 a.m....
CANADA STOCKS-TSX rises as financials recover, but energy and mining stocks drag TORONTO, Feb 10- Canada's main stock index rose on Wednesday as financial stocks clawed back some losses from the start of the week, offsetting energy and mining stocks that slid as crude oil prices fell. Federal Reserve Chair Janet Yellen said conditions in the United States would allow the U.S. central bank to pursue "gradual" adjustments to monetary policy.
US STOCKS-Wall St rises as Yellen hints at "gradual" rate hikes *Yellen sees "gradual" adjustments to monetary policy. Feb 10- Wall Street was higher on Wednesday, led by financial stocks, after Federal Reserve Chair Janet Yellen said conditions in the United States would allow the Fed to pursue "gradual" adjustments to monetary policy. However, tightening financial conditions driven by falling stock prices, uncertainty over...
| By: Abhiram Nandakumar
CANADA STOCKS-TSX rises as financial stocks rebound TORONTO, Feb 10- Canada's main stock index rose on Wednesday, clawing back some losses at the start of the week, including gains for beaten up financial stocks. The Toronto Stock Exchange's S&P/TSX composite index was up 65.12 points, or 0.53 percent, at 12,347.77, shortly after the open. Seven of the index's 10 main groups were higher.
FOREX-Dollar rises after Yellen comments keep rate hikes in play *Dollar rises after Yellen comments indicate rate hike still possible. NEW YORK, Feb 10- The dollar rose on Wednesday, climbing from nearly four-month lows against a basket of major currencies, after prepared remarks from Federal Reserve Chair Janet Yellen suggested that the U.S. central bank had not taken a March interest rate increase off the table.
| By: Dion Rabouin
Box office slump hurts Time Warner revenue NEW YORK- Time Warner reported better-than-expected earnings in its fourth quarter, but a shortage of blockbusters at the box office pushed revenue lower. Time Warner reported fourth-quarter profit of $857 million, or $1.06 per share, up from $718 million, or 84 cents per share, in the same quarter a year ago. The average estimate of 14 analysts surveyed by Zacks...
Source: The Associated Press
METALS-Copper hits 2-week low on global growth woes, Yellen concern *China markets closed for New Year break; to reopen Monday. LONDON, Feb 10- Copper hit a two-week low on Wednesday on persistent worries over global growth, and as traders awaited testimony from Federal Reserve Chair Janet Yellen for clues on the outlook for the dollar. "I expect Yellen to sound a bit more dovish but to keep the door open for rate hikes, which means are...
| By: Maytaal Angel