Argentina defaults but investor see eventual deal possible

Commentary, Economy, Stocks, U.S. Infrastructure

A woman walks past a graffiti in Buenos AiresBy Sarah Marsh BUENOS AIRES (Reuters) – Argentina defaulted for the second time in 12 years after last-ditch talks with what it called "vulture" creditors failed, though debt insurance prices on Thursday suggested investors believed a deal could eventually be reached. After a long legal battle with hedge funds that rejected Argentina's debt restructuring following a 2002 default, Latin America's third-biggest economy failed to strike a deal in time to meet a midnight payment deadline. Any such ruling would set off a series of insurance payments and give most of Argentina's current bondholders the right to demand their money back immediately. The cost of insuring Argentina's debt against default fell sharply on Thursday, however, data provider Markit said, as investors speculated a deal could be struck, even if only in the long term.


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Texas search group resumes drone use

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A Texas-based group that had been embroiled in a legal fight over the use of drones in its searches for missing persons resumed using the unmanned aircraft on Wednesday, the first time it had done so after a favorable appeals court ruling earlier this month.

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U.S. private sector adds 218,000 jobs in July: ADP

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Woman fills out a job application as she attends a job fair in New YorkPrivate job gains in June were 281,000, which was the strongest reading since November 2012. Economists surveyed by Reuters had forecast that the ADPNational Employment Report would show a gain of 230,000 jobs. "The July employment gain was softer than June, but remains consistent with a steadily improving job market," said Mark Zandi, chief economist at Moody's Analytics. "If current trends continue, the economy will return to full employment by late 2016." U.S. companies slowed the expansion of their payrolls from June's blistering pace with goods-producing firms adding 16,000 jobs compared with 43,000 in June.


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Futures up ahead of GDP data; Twitter soars in premarket

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The Twitter symbol is displayed at the post where the stock is traded on the floor of the New York Stock ExchangeBy Ryan Vlastelica NEW YORK (Reuters) – U.S. stock index futures rose on Wednesday as investors sought bargains following a period of weakness and looked ahead to data on economic growth and comments from the Federal Reserve following its latest policy meeting. U.S. second-quarter economic growth data will be released at 8:30 a.m. EDT, with GDP expected to have grown 3 percent. The July ADP National Employment report on private sector employment will be released a little earlier, at 8:15 a.m., and is expected to show 230,000 jobs created in the month, down from June's 281,000. Twitter Inc surged 27 percent to $49 in heavy premarket trading.


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Senate likely to come up short on border bill

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A bill to deal with the immigration surge at the border appears headed for procedural defeat in the Senate as lawmakers trade blame over their inaction on the crisis.

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U.S. House Speaker Boehner dismisses talk of impeaching Obama

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Speaker of the House John Boehner speaks to the media on Capitol Hill in WashingtonBy Richard Cowan WASHINGTON (Reuters) – Republicans have no plans to begin impeachment proceedings against President Barack Obama, House of Representatives Speaker John Boehner declared on Tuesday, putting the blame on Democrats for stirring up pre-midterm election tensions in Washington. Boehner is, however, hoping this week to pass Republican legislation that would authorize a lawsuit, claiming Obama overstepped his powers in ordering unilateral changes to his landmark healthcare law known as "Obamacare." Any such lawsuit could take years to wind through the court system. Meanwhile, Obama is weighing whether to take executive action to scale back deportations of some undocumented residents, a move that would further rachet up tensions with Republicans, who have blocked comprehensive changes to U.S. immigration law, insisting the president take stronger action to stop the flow of illegal migrants. "We have no plans to impeach the president.


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Futures rise on earnings, data on tap

Commentary, Economy, Stocks, U.S. Infrastructure

A trader works on the floor of the New York Stock Exchange shortly after the market's opening in New YorkNEW YORK (Reuters) – U.S. stock index futures edged higher on Tuesday following better-than-expected results from companies such as Pfizer and Merck and ahead of data on home prices and consumer sentiment. Merck reported better-than-expected quarterly results as new drugs offset declining sales of ones facing generic competition. Pfizer's higher-than-expected second-quarter earnings were helped by growing sales of its cancer medicines. The economic calendar for Tuesday includes S&P/Case-Shiller home price index for May at 9:00 a.m. …


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FBI defends search for Oklahoma City bombing video

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The FBI thoroughly searched its archives and found no evidence that more videos of the Oklahoma City bombing exist, agency employees told a judge Monday in a trial that has rekindled questions about whether any others were involved in the 1995 attack.

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