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☆ Robinhood opens in UK with low-cost US trading to woo clients
▼ + stars: | 2023-11-30 | by ( Sinead Cruise | ) www.reuters.com time to read: +2 min

The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. Since then, trading activity has shrunk as people grapple with a cost-of-living crisis caused by high interest rates and inflation. Robinhood said UK customers will have access to commission-free trading of more than 6,000 US-listed stocks and American Depositary Receipts (ADRs), without foreign exchange fees and no account minimums. "For too long, UK investors have incurred high fees to invest in the U.S. markets and earned low returns on their uninvested cash," said Jordan Sinclair, president of Robinhood UK. The online brokerage missed Wall Street estimates for third-quarter revenue earlier this month after a slowdown in trading activity.

Persons: Andrew Kelly, Robinhood, Vlad Tenev, Jordan Sinclair, Sinead Cruise, Kirstin Ridley, Jane Merriman, Barbara Lewis Organizations: Inc, REUTERS, Authority, Robinhood, U.S . Federal Deposit Insurance Corporation, Thomson Locations: New York City, U.S, Britain, United States

☆ Trading in Nvidia ETFs shows traders preparing for upbeat earnings
▼ + stars: | 2023-11-21 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +4 min

In August, Nvidia stock soared to all-time highs after the company reported quarterly results. Tuesday's trading in the T-Rex NVDX reflects underlying optimism that Nvidia will deliver another blockbuster earnings report after the market close. Although its price has fallen, reflecting the decline in Nvidia's shares, trading volume has soared to 86 million shares, compared with an average of 26 million. On Wednesday morning, traders will be trading the ETFs based not on the immediate response to the earnings but on Wednesday's activity. "We've seen a 400% jump in average daily trading volume on the day ahead of and following Nvidia's earnings releases," he added.

Persons: Dado Ruvic, it's, Scott Acheychek, Rex NVDX, Direxion, Ed Egilinsky, NVDU, Egilinsky, Greg Bassuk, Suzanne McGee, Matthew Lewis Organizations: NVIDIA, REUTERS, Nvidia, Rex, NVIDIA Daily Target ETF, AXS Investments, Thomson Locations: New York, Providence , Rhode

☆ Evergrande shares halted as concerns mount about developer's prospect
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. The company shares ended down 19% on Wednesday in the Hong Kong market, taking their losses to 81% since the resumption of trading in late August after a 17-month suspension. The recent regulatory easing may stabilize the housing market in the world's second-largest economy to some extent, Saxo Greater China Market Strategist Redmond Wong wrote in a research note.

Persons: Florence Lo, Hui Ka Yan, Hui, Evergrande, Gary Ng, Ng, Redmond Wong, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam Organizations: REUTERS, China Evergrande, HK, Bloomberg, Reuters, Asia Pacific, China Market, Thomson Locations: Beijing, China, HONG KONG, China's, Evergrande, Asia, Hong Kong, Saxo, Sydney, Lincoln

☆ UBS shares briefly halted on report of growing U.S. probe over Russian sanctions
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsLONDON, Sept 27 (Reuters) - Trading in UBS (UBSG.S) shares was briefly halted on Wednesday, after Bloomberg reported the Swiss bank and defunct rival Credit Suisse face a growing U.S. probe over alleged Russian sanctions evasion. UBS shares dropped as much as 7.9% by 1049 GMT, before being halted. Trading was reinstated at 1054 GMT and shares regained some ground, last down 4.2%. UBS shares are still up by nearly 50% since the four-month lows hit in late March, as it kicked off its emergency takeover of Credit Suisse, and are trading near their highest in 15 years.

Persons: Denis Balibouse, Lucy Raitano, John Revill, Amanda Cooper Organizations: UBS, Credit Suisse, Swiss, REUTERS, Bloomberg, Trading, Reuters, Thomson Locations: Zurich Switzerland, Swiss, London, Zurich

☆ Robinhood to cut some full-time jobs as trading demand eases
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Trading platform Robinhood Markets (HOOD.O) said on Monday it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services. The Menlo Park, California-based company added that in some cases, teams could make changes based on volume, workload and other factors. Earlier in the day, the Wall Street Journal reported the company's move. Robinhood last year said announced job cuts and said that it would change its organizational structure to drive greater cost discipline. In its most recent quarter, the company surpassed Wall Street revenue estimates, as the U.S. Federal Reserve's rapid rate hikes boosted its interest income.

Persons: Robinhood, Nathan Gomes, Maju Samuel Organizations: Menlo, Wall Street Journal, Wall, U.S, U.S . Federal, Thomson Locations: , California, U.S ., Bengaluru

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are widely seen as contenders for the top job. Morgan Stanley shares were little changed in early trading, down 0.9%. The less volatile business of wealth management accounted for 45% of firm's revenue in the first quarter. Morgan Stanley's first-quarter profit beat expectations as rising revenue from wealth management offset declines in investment banking and trading. Simkowitz, the eldest of the three at 58, is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.

Gorman has transformed the Wall Street powerhouse into a more diversified firm that is less reliant on its traditional strengths -- trading and investment banking -- since taking the helm in 2010. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser that became a cornerstone of the bank's wealth management arm. Morgan Stanley's profit beat expectations as rising revenue from wealth management in the first quarter offset declines in investment banking and trading. Wealth management accounted for 45% of firm's revenue, the results showed. Despite strains at some U.S. banks, Gorman said the industry is not in a banking crisis, nor was it facing problems comparable to the mortgage crash in 2008.

☆ Twitter joins eToro to let users see real-time stock information
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/3] A keyboard is placed in front of a displayed Twitter logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo/File PhotoApril 13 (Reuters) - Trading and investing platform eToro said on Thursday it has partnered with Elon Musk-led Twitter to let users access real-time prices for cryptocurrencies, stocks and others assets. The trading data will be available through Twitter's Cashtags feature, which was launched in 2012 and allows users to interact with content around an asset by inserting a dollar sign in front of the ticker. Twitter users were earlier able to view real-time trading data from markets-charting platform TradingView, but only on some assets such as the S&P 500 index and shares of certain companies such as Tesla (TSLA.O). Now, they can click through to eToro's platform to see information about the asset, with an added option to invest.

☆ 0DTE options could turn 5% intraday market decline into 25% rout -JPMorgan
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

March 6 (Reuters) - Trading in new near-dated U.S. options contracts can supercharge volatility in U.S. stocks, potentially leading to tremendous intraday declines, analysts at JPMorgan said. The U.S. equity options market has seen a rise in the trading of options contracts set to expire at the end of the trading day - dubbed 0DTE (zero day to expiry) options - with their daily notional value rising to about $1 trillion, according to JPMorgan data. Their recent growth has been eyed as one cause of intraday volatility, with JPMorgan's Marko Kolanovic last month warning they could spark a massive volatility event under certain circumstances. Such a scenario could occur if the S&P 500 fell 5% in five minutes, triggering $30.5 billion in 0DTE option-related trading that would tack another 20 percentage points onto the index's decline, the bank’s analysts said. Furthermore, JPM noted that retail traders were not the main driver of volume growth in 0DTE options, with individual investors accounting for about 20% of the SPDR S&P 500 ETF Trust (SPY.P) options volume and only around 5% of the S&P 500 same-day options.

☆ Istanbul bourse trading halted for second time with benchmark index down 7%
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Trading on the Istanbul stock market was halted for a second time on Tuesday as a market-wide circuit breaker kicked in following heavy losses in the wake of Monday's devastating earthquake in Turkey and neighbouring Syria. The second circuit-breaker was issued at 1004 GMT, with the benchmark BIST-100 index (.XU100) down 7.01% and the banking index down 6.41%. The stock market said trading was due to resume at 1034 GMT. The magnitude 7.8 quake that hit Turkey and Syria early on Monday toppled thousands of buildings and left thousands of people injured or homeless. ($1 = 18.8285 liras)Reporting by Gdansk newsroom; Editing by Susan Fenton and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Moscow Exchange says 2022 trading volumes surpassed $14.4 trillion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Dec 20 (Reuters) - Trading volumes on Moscow Exchange, Russia's largest bourse, surpassed 1 quadrillion roubles ($14.44 trillion) for the second year running, it said on Monday, in part due to enhanced repo operations turnover. Markets faced unprecedented challenges," said Yuri Denisov, head of MOEX Group, which runs the Moscow Exchange. "Since the beginning of 2022, the total trading volume has passed the 1-quadrillion-rouble mark. Moscow Exchange halted some trading shortly after Russia sent tens of thousands of troops into Ukraine and Western sanctions wrought havoc on Russian markets. Now, much like its rival SPB Exchange , Moscow Exchange is looking to markets away from the West for development in 2023.

☆ Brent could quickly top $90/bbl on Fed pivot, China demand recovery - BofA
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Dec 12 (Reuters) - Global oil benchmark Brent could rebound and quickly rise past $90 per barrel on the back of a dovish pivot in the U.S. Federal Reserve's monetary policy and a "successful" economic reopening by China, Bank of America (BofA) Global Research said. Lately, oil prices have been steadily declining due to fears that a weakening global economy would slash fuel demand, setting prices on track for a second consecutive quarterly fall. Moreover, a 2 million bpd OPEC+ output cut could be implemented in full to support prices, the bank said in a research note dated Dec. 9. However, "our oil demand and price projections for 2023 rely heavily on robust China and India demand growth, so any Asia reopening delays could affect our expected price trajectory," said the bank, adding the path to a post-pandemic environment may be bumpy "given the low levels of immunity in China". Reporting by Kavya Guduru in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Nov 10 (Reuters) - Trading volumes in bitcoin futures and exchange traded funds (ETFs) has exploded as investors scrambled to hedge their positions after this week's slump in digital tokens triggered by turmoil at crypto exchange FTX. CME bitcoin futures November contracts traded at $17,250, with a volume of 13,292 at 11:24 a.m. EST (1624 GMT), which was a 3% discount to the spot price of $17,770. Trading volumes soared on Tuesday and Wednesday as FTX's woes worsened, touching 48,554 and 32,168 contracts respectively, significantly higher than volumes over the past two months which hovered between 4,902 and 27,309. The ProShares short bitcoin strategy ETF (BITI.P), a bearish play on CME bitcoin futures, witnessed record trading volume on Wednesday as investors hunted for "regulated, transparent futures market," ProShares Global Investment Strategist Simeon Hyman said. Meanwhile, ProShares Bitcoin Strategy ETF (BITO.P), which was halted for trading on Wednesday, has witnessed a 300% jump in trading volume in the from its previous high on October 21, 2022.

☆ Alameda Research to wind down trading, founder Sam Bankman-Fried says
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - Trading firm Alameda Research is winding down operations, founder Sam Bankman-Fried said in a tweet on Thursday. Reporting by Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Perpetual rejected a $A30 per share offer proposal from Barings Private Equity Asia (BPEA), which was recently bought by EQT (EQTAB.ST), and Australian firm Regal Partners (RPL.AX). Perpetual shares rose by as much as 10.1% early on Thursday, the company's best session in more than two years, before retreating to be up 6.6%. Perpetual said it would press on with its planned A$2.51 billion acquisition of rival Pendal Group (PDL.AX) announced in August. The private equity offer represents a premium of about 11.5% to Perpetual's last close of A$26.90. BPEA is one of the region's largest private equity firms and was bought by EQT in March.

☆ EXCLUSIVE Energy trader Mercuria buys back ChemChina stake
▼ + stars: | 2022-10-25 | by ( Julia Payne | Loucoumane Coulibaly | ) www.reuters.com time to read: +1 min

LONDON, Oct 25 (Reuters) - Trading house Mercuria Energy Group has bought back the minority stake that Chinese state-owned ChemChina held in the Geneva-based company since 2016, a spokesperson for Mercuria said on Tuesday. ChemChina was China's largest chemical group and owned 530,000 barrels per day (bpd) of refining capacity when it bought a 12% stake in Mercuria during an expansionary phase by many Chinese firms. ChemChina bought Swiss fertiliser and pesticide maker Syngenta the same year for $43 billion. Before the merger, ChemChina was poised to increase its stake in Mercuria in 2018. In return, Mercuria was set to gain a stake in the Chinese giant, but the deal did not go ahead.

☆ Lower cattle prices to fatten Brazilian meatpackers' margins, analysts say
▼ + stars: | 2022-10-24 | by ( Nayara Figueiredo | ) www.reuters.com time to read: +2 min

SAO PAULO, Oct 24 (Reuters) - A decline in Brazilian cattle prices this year and strong demand for the country's beef exports will widen Brazilian meatpackers' margins in the short term, according to analysts, though weakness in the domestic market could undercut those gains. "The margins of slaughterhouses that export has improved," said Alcides Torres, director of Scot Consultoria. Beef prices in Brazil have been dropping on the back of a higher number of cattle coming to market as well as the more aggressive negotiating stances adopted by foreign buyers, especially China. A weaker yuan currency has pushed China, which accounted for almost 53% of Brazilian beef purchases in September, to press for discounts from sellers in the South American nation, Safras & Mercado analyst Fernando Iglesias said. Brazil's beef exports in October have already surpassed those from the same month in 2021, according to government data.

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File PhotoNEW YORK, Oct 19 (Reuters) - Goldman Sachs Group Inc's (GS.N) strategy pivot has solved one problem for investors who didn't love its foray into consumer banking. Solomon's response: Goldman Sachs is focusing on its fundamental operations while maintaining its financial targets. "Ultimately the investment banking business is a great business, it has always done well," he said. "While the consumer strategy has been successful in generating deposits for Goldman Sachs, its expansion has also been costly in terms of operating expenses and provisions.

The pound fell to a record low against the dollar on Monday, having plunged the previous Friday after the UK government announced unfunded tax cuts . "There is a high correlation to bitcoin volume growth and political/monetary instability," he said. read moreVersus the dollar, bitcoin is down around 58% so far this year, while the British pound is down 20%. Bitcoin was trading around $19,515 on Wednesday and at 17,940 versus the British pound . The cryptocurrency hit a two-week high against the British pound on Tuesday.

British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Deutsche Bank's Currency Volatility Index – the historical volatility index of the major G7 currencies - jumped to a two-and-a-half year high of 13.55 on Monday. While Sterling and the yen have fared extremely poorly against the dollar, the greenback's meteoric rise has spared no major currency. Reuters GraphicsMoves have surprised long-time currency traders and investors. "Our team is working around the clock from multiple global locations," said Kamboj, adding he is not trading sterling because the pound's direction now depends entirely on how the Bank of England reacts.

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