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☆ Oil slips as demand worries outweigh supply concerns
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices slipped on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand outweighed concerns that a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

Persons: Brent, Jerome Powell, Leon Li, Idalia, Emily Chow, Arathy, Tom Hogue Organizations: Kyodo, REUTERS Acquire, Rights, U.S, West Texas, Federal, National Australia Bank, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, U.S, Gulf, Beijing, WTI, Cuba, Florida, Singapore, Houston, Lincoln

☆ Oil trades flat as supply concerns offset worries over demand
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices traded flat on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand were countered by concerns a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

☆ Oil steady as supply concerns offset worries over demand
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: +1 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices were flat on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand were countered by concerns a tropical storm off the U.S. Gulf Coast could impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. Meanwhile, Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. Investors also continue to remain wary about China's economic recovery, worrying about demand in the world's second-largest oil consumer.

Persons: Brent, Jerome Powell, Idalia Organizations: U.S, West Texas, Federal, Investors Locations: Stanton , Texas, U.S, Gulf, Cuba, Florida

☆ Australia's Coles annual profit misses estimates; shares slip
▼ + stars: | 2023-08-22 | by ( Nausheen Thusoo | ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. Coles flagged modest supermarket sales for early fiscal 2024 alongside early signs of customers shifting from out-of-home dining. Shares of Coles Group Ltd (COL.AX) are down 3.8 % at A$16.63 as at 0002 GMT, making it one of the top losers on the benchmark. Coles' higher profit comes on the back of higher supermarket sales, which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis, Gerry Doyle Organizations: Coles, REUTERS, cps, Australia's Coles, Jefferies, UBS, Coles Group Ltd, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

☆ Australia's Coles flags modest start to fiscal 2024; 2023 profit rises
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. 2 grocer said supermarket volumes have remained modestly positive for fiscal 2024 compared with the prior corresponding period alongside early signs of customers shifting from out-of-home dining. The Melbourne-based company also said it expects cost-of-living pressure to remain for Australian households in fiscal 2024. Coles' higher profit comes on the back of higher supermarket sales which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis Organizations: Coles, REUTERS, cps, Australia's Coles, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

During Greece's peak power demand this year, also on July 24, solar photovoltaics covered 3.5GW of the total 10.35GW demand, grid operator IPTO said. Even in cooler and less sunny western countries such as Belgium, solar energy has covered more than 100% of the extra energy needed during midday spikes in power demand. Analysts say a second factor has helped to keep Europe's energy systems running this summer: overall, power demand has been relatively low. That has been the case since Europe's energy crisis last year, when Russia cut gas deliveries to Europe. "The only reason why this has been bearable is the low power demand environment that we're currently in," Refinitiv's Gerl said.

Persons: Nicolas Economou, Kristian Ruby, Electrica, Nathalie Gerl, IPTO, Spain's, Refinitiv's Gerl, Simone Tagliapietra, Kate Abnett, Susanna Twidale, Barbara Lewis Organizations: REUTERS, Analysts, Energy, European Commission, SolarPower, Thomson Locations: Rhodes, Greece, Europe, BRUSSELS, LONDON, Spain, Ukraine, Catania, Etna, Sicily, Athens, Belgium, Russia

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. The changes are aimed at producing unified teams following the completion of UBS's emergency takeover in June of Credit Suisse. Under the shake-up some Credit Suisse bankers will take on bigger roles in the combined company while some others leave, the sources said. Matt Eilers, UBS's global head of financial sponsors, is also in talks about possibly leaving, two of the sources said. His co-head would be Christian Lesueur, who has been global head of TMT investment banking, the sources added.

Persons: Denis Balibouse, Sergio Ermotti, Jeff Rose, Jon Levin, Matt Eilers, Rob DiGia, Rose, Levin, Eilers, DiGia, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Abigail Summerville, Milana Vinn, David Carnevali, Leslie Adler Organizations: UBS, Credit Suisse, REUTERS, UBS Group AG, Suisse, Reuters, Swiss, Barclays Plc, Bank of America Corp, Barclays, Thomson Locations: Zurich, Switzerland, Americas, Milana, New York

The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. UBS was 8th in Refinitiv's global M&A league table in the first half of 2023, down from 6th a year earlier. Steve Pettigrew, who just joined UBS from Bank of America Corp (BAC.N), would be leading software M&A under Braham, according to the sources. Some Credit Suisse technology bankers may lose their jobs as part of the shake-up, while others may be retained or also be promoted, the sources said. Reuters reported on Wednesday that Credit Suisse had initiated broad layoffs in New York.

Persons: Sergio Ermotti, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Milana Vinn, Amy, Jo Crowley, Jane Merriman Organizations: Swiss, UBS, REUTERS, UBS Group AG, Credit Suisse, Swiss Re AG, Barclays Plc, Bank of America Corp, Barclays, Reuters, Suisse, Credit Suisse's, Thomson Locations: Zurich, Switzerland, Swiss, dealmaking, United States, Americas, New York, London

☆ Amazon stock jumps 8% after biggest profit beat since 2020. How the pros are playing it
▼ + stars: | 2023-08-04 | by ( Christina Falso | ) www.cnbc.com time to read: +1 min

The pros discussed the e-commerce giant after second-quarter revenue and earnings both topped analysts' estimates. Amazon stock jumped 8.3% Friday. After the closing bell Thursday, Amazon reported earnings of 65 cents per share and revenue of $134.4 billion . Amazon's AWS cloud revenue surged 12% to $22.1 billion and advertising revenue also beat expectations, coming in at $10.7 billion. CEO Andy Jassy claimed Amazon had its "biggest ever" Prime Day sales event with online spending hitting $12.7 billion over the 48-hour period.

Persons: Andy Jassy, Rosenblatt, Jim Cramer Organizations: Amazon Locations: Seattle

[1/3] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. David Wagner, a portfolio manager at Aptus Capital Advisors, exited his small position in Goldman Sachs months ago because he was unimpressed with managers' handling of the consumer business. Marcus, the consumer business, lost $3 billion in three years, and is being wound down. 1Solomon took the top job in 2018, leaning into Goldman's consumer business to broaden earnings beyond volatile revenue from trading and dealmaking. The retail operations struggled to gain traction against well-established consumer banks, prompting the bank to set aside billions to cover potential loan losses.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, David Solomon's, Goldman, Morgan Stanley, Tom Montag, Solomon, JPMorgan Chase, Morgan Stanley's, David Wagner, Wagner, Marcus, Montag, David, Narendra Modi, Lakshmi Mittal, ArcelorMittal, Saeed Azhar, Lananh Nguyen, Megan Davies, Anna Driver Organizations: Goldman, REUTERS, JPMorgan, Aptus Capital Advisors, Bank of America, Thomson Locations: New York City, U.S, Solomon, India, New Delhi

☆ Goldman Sachs' dealmaking crown slips a bit
▼ + stars: | 2023-06-29 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

Refinitiv and Bloomberg say Goldman Sachs lost the top M&A ranking for the first half for the first time in 5 years. When mega deals return, Goldman is poised to gain market share. It is a difference of less than $8 billion, or the size of one large deal, but it has cost Goldman Sachs a crown. For the mega deals, or those valued at more than $10 billion, business has been even slower, with a 52% decline. But if that's the bottom of the deal cycle, then Goldman stands to benefit when mega mergers come roaring back.

Persons: Refinitiv, Goldman Sachs, Goldman, Goldman's, Stephan Feldgoise, Feldgoise Organizations: Bloomberg, Refinitiv, Intelligence, JPMorgan, Biden, Goldman

Venkatakrishnan's intervention underscores the pressure that the British bank is under to protect its U.S. investment banking franchise. Venkatakrishnan promised during the meeting to invest in the investment banking business to boost morale, the sources said. Miller left Barclays to join Jefferies last month, while Barclays only announced a new role for Astier this week, naming him global head of financial sponsors. Still, the exodus that Venkatakrishnan and other Barclays executives have been trying to stem has continued apace. But it was its consumer, cards and payments division, rather than investment banking, that led the charge.

Persons: C.S, Venkatakrishnan, dealmakers, Cathal Deasy, Morgan Stanley, Taylor Wright, Marco Valla, Deasy, John Miller, Jean, Francois Astier, Miller, Jefferies, Jim Rossman, Christopher Ludwig, Pete Contrucci, Evan Rothenberg, Daniel Kerstein, Contrucci, Rothenberg, Kerstein, Milana Vinn, Abigail Summerville, David Carnevali, Svea Herbst, Bayliss, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: YORK, Barclays, Citigroup Inc, UBS Group AG, Jefferies Financial Group Inc, Reuters, Credit Suisse Group AG, UBS, Lazard Ltd, Credit Suisse, Svea, Thomson Locations: Americas, Europe, Middle East, Africa, United States, New York, Rhode Island

☆ Analysts are bailing on this auto parts retailer after a massive earnings miss
▼ + stars: | 2023-06-01 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Advance Auto Parts ' massive earnings miss has drawn strong analyst concern. Both Goldman Sachs and JPMorgan downgraded Advance Auto Parts to neutral Thursday. Advance Auto Parts reported an adjusted 72 cents per share, far below analysts polled by Refinitiv's expectations of $2.57. AAP YTD mountain Advance Auto Parts stock is down more than 50% in 2023. Bank of America also downgraded Advance Auto Parts to neutral Thursday and slashed its price target to $85 from $178.

Persons: Goldman Sachs, Christopher Horvers, Horvers, Kate McShane, Elizabeth Suzuki, — CNBC's Michael Bloom Organizations: JPMorgan, AAP, Bank of America

☆ US rate futures expect Fed pause in June in sharp turnaround from earlier
▼ + stars: | 2023-05-31 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

The big catalyst were comments from Fed Governor and vice chair nominee Philip Jefferson and Philadelphia Fed President Fed Harker who both touted skipping a June rate hike. That said, data due on Friday about the U.S. job market "may change my mind." The Job Openings and Labor Turnover Survey, or JOLTS report, also showed layoffs declined significantly last month. After the JOLTS report, rate futures had priced in a nearly 70% chance of a rate increase next month. Some things seem like a little bit loose and so if the Fed is going to be on pause, it's time.

Persons: Refinitiv's, Philip Jefferson, Fed Harker, Jefferson, Harker, Ellis Phifer, Raymond James, Gertrude Chavez, Dreyfuss, Diane Craft Organizations: YORK, Federal Reserve, Fed Governor, Philadelphia Fed, Labor Department, Labor, Survey, Thomson Locations: Memphis , Tennessee

Japan's insistence on continuing to rely on gas may delay reaching global climate change goals, especially as its energy companies reap large profits from their investments in the sector, climate activists say. "But I think Japanese companies will generally hesitate to be involved in gas projects in the future, especially those with long lead times. Japan's support for gas clashes with findings that new investments in gas, which is mainly composed of the greenhouse gas methane and produces CO2 emissions when burned for energy, would undermine climate goals. But, gas investments have been lucrative for Japan's energy companies resulting in record profits. But, Japan's stated intention to lower its carbon emissions may mean these gas investments carry some risk.

☆ Stocks making the biggest moves after hours: Tesla, Las Vegas Sands, IBM and more
▼ + stars: | 2023-04-19 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Las Vegas Sands — The stock rose 4.3% after the casino and resort company issued quarterly results. The company reported adjusted earnings per share of $1.36, beating the consensus estimate of analysts polled by Refinitiv by 10 cents. For its fiscal fourth quarter, the company anticipates adjusted earnings of $5 per share and $3.1 billion in revenue. Zions reported earnings per share of $1.33, falling short of analysts' expectations of $1.53, according to Refinitiv. Alphabet preliminarily reported between $108 million and $109.5 million in first-quarter revenue, while analysts polled by FactSet estimated $101.6 million.

Britain and Norway hiked rates by 25 bps each, the Swiss National Bank jacked up rates by 50 bps. The European Central Bank hiked rates by 50 bps a week ago. ClearBridge strategist Jeffrey Schluze said, European banking regulation since the global financial crisis has been more stringent than in the United States, making the outlook for European lenders relatively strong. While banking stocks have been battered globally, the S&P 500 is up 0.5% this month (.SPX), while Europe's STOXX 600 index down 3.2% (.STOXX). CHANGE IN TONEBefore the banking turmoil, markets were driven by one-way moves as high inflation pressured U.S. and European markets.

☆ Stocks making the biggest moves midday: Netflix, Block, Snap, KB Home and more
▼ + stars: | 2023-03-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Netflix — The streaming giant's stock climbed 8.5% following a report from YipitData that said the company's gross additions in Canada have improved. Block — Shares plunged 14% after short seller Hindenburg Research announced its latest position in the stock. The firm alleges that Block facilitates fraud and described the company's internal systems as a "Wild West" approach to compliance. Meta Platforms , Snap — The social media stocks moved higher as TikTok CEO Shou Zi Chew testified before the House Energy and Commerce Committee. KB Home — Shares rallied 8.8% after the homebuilder's fiscal first-quarter earnings beat expectations.

☆ These 10 funds had over $100 million each in Credit Suisse bonds — which are now worth nothing
▼ + stars: | 2023-03-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

A number of funds could be facing over $100 million in losses on their Credit Suisse investments after the lender's forced merger with its rival UBS . The funds face losses on Credit Suisse's additional tier-1 bonds (AT1), according to CNBC Pro analysis, after Swiss regulators deemed them worthless as part of the emergency merger . The Swiss regulator FINMA saw the merger between Credit Suisse and UBS as a trigger event to write down 16 billion Swiss francs ($17 billion) worth of the bonds. The following table shows the funds that held AT1 bonds with a par amount of at least $100 million each as of Mar. About 80 funds run either directly by PIMCO or one of its affiliates, held Credit Suisse AT 1 bonds, according to CNBC's analysis.

LAUNCESTON, Australia, March 7 (Reuters) - China's imports of major commodities showed both the potential for an acceleration this year and the reality that economic momentum takes time to build. Crude oil imports were 84.06 million tonnes for the first two month, which is equivalent to 10.40 million barrels per day (bpd), according to the data, released on Tuesday. Where there was signs of an economy emerging from its now abandoned zero-COVID policy was in imports of iron ore and coal. However, the coal imports were largely in line with December's figure of 30.91 million tonnes and November's 32.31 million, suggesting that demand is steady at relatively robust volumes. Seaborne arrivals in the first two months were 47.72 million tonnes, according to commodity analysts Kpler, suggesting that arrivals overland from neighbouring countries were around 13 million tonnes.

☆ US natgas plunges 15% on less cold forecasts, biggest drop in 8 months
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: +4 min

U.S. natural gas futures plunged by about 15% on Monday - its biggest one-day drop in over eight months —on forecasts for much less cold weather and heating demand than previously expected over the next two weeks. "This has translated to ... [gas] demand lost over the forecast period ... With the vast majority of that being [residential and commercial] demand," Gelber said. The gas market is used to huge price swings, which are usually related to changes in weather forecasts. When operating at full power, Freeport LNG, the second-biggest U.S. LNG export plant, can turn about 2.1 bcfd of gas into LNG for export. That compares with a monthly record of 12.9 bcfd in March 2022, before the Freeport LNG facility shut.

If the target is achieved, what will it likely mean for commodity imports in 2023? An acceleration of economic growth to 5% implies that more commodities will be required, and probably to the extent that China's imports will return to positive territory. Already there are some signs of a pick-up in commodity demand, especially for iron ore, the key raw material for steel. If the official numbers are in line with Refinitiv's estimate, February will be the strongest month for crude oil imports since July 2020. Overall, the current backdrop is positive for China's commodity demand, with the end of COVID-19 restrictions boosting fuel consumption and stimulus spending encouraging increasing steel output.

BARCELONA, Feb 28 (Reuters) - Spanish pharmaceutical company Grifols' (GRLS.MC) shares fell around 10% in afternoon trading after its 2023 outlook disappointed analysts, who were looking for a better recovery in margins. Grifols reported on Tuesday that net profit rose 10% to 208 million euros ($220.19 million). Total revenues rose 23% to 6 billion euros ($6.38 billion), with over half generated in the United States and Canada. JPMorgan said the progress on EBITDA margin recovery in 2023 may be a little slower than the market had hoped. Grifols announced earlier this month it would lay off 8.5% of its workforce seeking annual savings of around 400 million euros.

☆ Banks pile into euro zone bond sales as rates shoot up
▼ + stars: | 2023-02-28 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

Heavy central bank buying had kept borrowing costs and volatility low for years, so the key question now is who steps in as the ECB steps out. They were the top buyers in the European Union's debt sale this month, buying almost 50% of a seven-year bond and 35% of a 20-year bond. Banks also took 39% of an Italian 20-year debt sale in January, while fund managers took 25%. In a 16-year debt sale last year, banks bought 29%. Bank treasuries took 30% of a 30-year Belgian debt sale in February, versus 10% a year ago.

☆ Spain's Fluidra sees sales, profitability down in 2023 after net fell in 2022
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BARCELONA, Feb 27 (Reuters) - Spain's Fluidra (FLUI.MC) said on Monday it expects sales and profitability to fall this year after rising interest rates and lower demand for swimming pools in the last quarter weighed on its business in 2022. Fluidra's net profit fell 37% to 160 million euros ($168.51 million) in 2022, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped 6.8% to 512 million euros due to "inflationary pressures", it said. Its net profit was below Refinitiv's forecast of 189 million euros, while its EBITDA was slightly above. Sales in 2022 grew 9.2% in 2022, but were 13% lower in the last quarter compared with the same period in 2021. Fluidra expects its 2023 sales to fall to between 2 billion euros and 2.2 billion euros and EBITDA to fall to between 410 million euros and 480 million euros.

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