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☆ Wall Street gains with rosy outlooks from Micron, other companies
▼ + stars: | 2023-03-29 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Micron (MU.O) shares were up 7%, boosting the Nasdaq and S&P 500, and leading gains in the PHLX semiconductor index (.SOX), which was up 2.6%. The memory chip maker late Tuesday forecast a drop in third-quarter revenue in line with Wall Street expectations, while it gave a rosy outlook for 2025 with artificial intelligence boosting sales. Micron is sort of a microcosm of the global economy because their chips go into so many different industries and sectors. The bulk of S&P 500 companies begin reporting on the first quarter after mid-April. The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 57 new highs and 113 new lows.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1%. "Markets are calmer as the tension of the banking situation is lessening. The CBOE volatility index (.VIX), known as Wall Street's fear gauge, fell to its lowest since March 9, reflecting easing investor anxiety. ET, Dow e-minis were up 216 points, or 0.66%, S&P 500 e-minis were up 32.5 points, or 0.81%, and Nasdaq 100 e-minis were up 114.25 points, or 0.9%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Dollarama beats sales estimates on strong demand for affordable goods
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - Canada's Dollarama Inc (DOL.TO) beat quarterly revenue expectations on Wednesday helped by strong demand for affordable everyday goods and seasonal products such as home decor items during the holiday season. The company's fourth-quarter revenue rose to C$1.47 billion ($1.08 billion), from C$1.22 billion a year earlier, beating expectations of C$1.39 billion, according to Refinitiv IBES data. ($1 = 1.3594 Canadian dollars)Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1.6% in premarket trade. "Markets are calmer as the tension of the banking situation is lessening. A key inflation reading expected at the end of the week will provide more clues on the Fed's monetary tightening plans. ET, Dow e-minis were up 244 points, or 0.75%, S&P 500 e-minis were up 35.25 points, or 0.88%, and Nasdaq 100 e-minis were up 109.25 points, or 0.86%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Bank shares rebounded sharply on Monday after First Citizens BancShares Inc (FCNCA.O) said it would acquire the deposits and loans of Silicon Valley Bank, whose collapse earlier this month sparked a selloff in the sector. "The fact that we've got answers on Silicon Valley Bank, Signature Bank and Credit Suisse means that we have more answers than questions," said Art Hogan, chief market strategist at B Riley Wealth in Boston. Lawmakers are expected to put U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress later on Tuesday. The S&P 500 and Dow rose on Monday after the SVB deal was announced, while the Nasdaq Composite closed lower, led by a decline in technology-related stocks. The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 13 new highs and 40 new lows.

Both Goldman and Fitch did not specify which small lenders were most vulnerable. The total exposure of the U.S. banking system to CRE loans was $2.5 trillion at the end of December, Fitch said. HEADWINDSThe CRE market faces headwinds that could hobble small banks. Rising interest rates have also depressed demand for CRE loans, while weighing on real estate investment trusts (REITs). Goldman's Viswanathan cited several indicators that reflected a weakening market for office real estate: declining occupancy rates, falling appraisal values and rising defaults.

☆ TSX falls, set for weekly losses as banking sector worries rise
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: 1 min

March 24 (Reuters) - Canada's main stock index tumbled on Friday and was set for weekly losses, weighed down by energy and financial stocks as turmoil in the European banking sector soured market sentiment. At 9:34 a.m. ET (13:34 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 100.75 points, or 0.52%, at 19,359.17. Reporting by Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N) dropped more than 2% in premarket trade. Shares of regional lenders First Republic Bank (FRC.N), PacWest Bancorp (PACW.O), Western Alliance Bancorp (WAL.N) and Truist Financial Corp (TFC.N) fell between 2.1% and 2.8%. European banks also came under pressure, with a report of a U.S. probe on Credit Suisse and UBS (UBS.N) further souring the mood. ET, Dow e-minis were down 304 points, or 0.94%, S&P 500 e-minis were down 31.5 points, or 0.79%, and Nasdaq 100 e-minis were down 59 points, or 0.46%. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sriraj Kalluvila and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 72.86 points, or 0.4%, at 19,459.92, preliminary data showed. The energy sector fell 1.8% as the price of oil settled 1.3% lower at $69.96 a barrel. Oil fell after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Heavily weighted financials were down 0.7% as concerns about the global banking sector lingered following interest rate hikes by the Swiss National Bank and the Bank of England. Bombardier shares ended up 2.8% after the company raised its 2025 revenue and free cash flow targets at its investor day, banking on strong demand for private flights.

☆ FTX to sell stake in Web3-focused Mysten Labs in push to shore up funds
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Bankrupt cryptocurrency exchange FTX said on Thursday it would sell its stake in Web3-focused startup Mysten Labs for $95 million, as it strives to pay back its customers. Web3 refers to a version of the internet that is decentralized, and operates on blockchain technology. The new management at FTX, which filed for bankruptcy protection in November, has been trying to recover assets to clear liabilities. The company on Wednesday reached a deal to recoup more than $400 million in cash from hedge fund Modulo Capital. Reporting by Niket Nishant in Bengaluru Editing by Vinay Dwivedi Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai, Kia warn 570,000 U.S. owners to park outside until recalls completed
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, March 23 (Reuters) - Hyundai (005380.KS) and Kia (000270.KS) are recalling just over 570,000 U.S. vehicles over fire risks and urged owners to park outside and away until getting repairs. The automakers said some vehicles with a tow hitch harness could catch fire due to a short circuit. The models covered are 2022-2023 model year Hyundai Santa Cruz, 2019-2023 Santa Fe, 2021-2023 Santa Fe Hybrid, 2022-2023 Santa Fe Plug-in Hybrid, and 2022-2023 Kia Carnival. Hyundai and Kia dealers will install new fuse and wire extension kits to address the issue. Hyundai said as an interim repair, dealers will inspect the tow hitch module and remove the fuse as necessary.

Traders' bets are almost equally split between the Fed pausing its rate hikes in May and another 25 bps hike, according to CME Group's Fedwatch tool. Communication services (.SPLRCL) and information technology (.SPLRCT) led the gains among the S&P 500 sector indexes, all of which rose, except utilities (.SPLRCU). Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Advancing issues outnumbered decliners by a 3.62-to-1 ratio on the NYSE and 3.27-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and five new lows, while the Nasdaq recorded 17 new highs and 27 new lows.

Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Nvidia Corp (NVDA.O) rose 1.9% after Needham raised its price target on the chipmaker on likely benefit from near-term data center strength. ET is expected to show a rise in jobless claims last week, hinting at some cooling in labor demand. Regeneron Pharmaceuticals Inc (REGN.O) jumped 8.6% on promising results on its blockbuster asthma drug Dupixent from a lung disease trial. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Savio D'Souza and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ TSX gains as commodity-linked stocks rise, Bombardier soars
▼ + stars: | 2023-03-23 | by ( Johann M Cherian | ) www.reuters.com time to read: +1 min

SummarySummary Companies Capstone copper slumps on secondary offeringBombardier rises to TSX top on upbeat 2025 targetsTSX rises 0.5%March 23 (Reuters) - Canada's key stock index edged higher on Thursday as mining and energy stocks advanced, with gains in Bombardier after its upbeat targets for 2025 also supporting the benchmark. ET (14:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 105.09 points, or 0.54%, at 19,637.87. The collapse of two mid-sized U.S. lenders in March had triggered a selloff in the financials-heavy TSX as investors lost confidence in the global banking system. Still, on a quarterly basis, TSX is up 1.4%, clinging to early gains from January when investors returned to battered markets from 2022. Capstone copper corp (CS.TO) was the top loser on the index after the copper miner announced a bought secondary deal offering of C$285 million.

ET (1800 GMT), with investors keenly awaiting Chair Jerome Powell's conference at 2:30 p.m. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermidHowever, a scramble by troubled regional U.S. lender First Republic Bank (FRC.N) to secure a capital infusion has kept alive some worries about the banking sector. Declining issues outnumbered advancers by a 1.13-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and six new lows, while the Nasdaq recorded 27 new highs and 75 new lows.

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET to gauge the central bank’s rate-hike trajectory. U.S. Treasury yields rose, with the yield on the two-year note, which best reflects interest rate expectations, last at 4.212%. Declining issues outnumbered advancers by a 1.56-to-1 ratio on the NYSE a 1.75-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 13 new highs and 34 new lows.

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET (1800 GMT), with investors keenly awaiting Fed Chair Jerome Powell's conference at 2:30 p.m. ET to gauge the central bank’s rate-hike trajectory. While the central bank is likely to continue its hiking cycle with a 0.25% move, we think the guidance for future meetings will be considerably more open," said Gabriele Foà, co-portfolio manager at Algebris Investments. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 1.5 points, or 0.04%, and Nasdaq 100 e-minis were down 12.75 points, or 0.1%.

☆ Used-car retailer Carvana expects smaller core loss, shares jump
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

Companies Carvana Co FollowMarch 22 (Reuters) - Carvana Co (CVNA.N) said on Wednesday it expects a smaller core loss in the current quarter due to a raft of cost-cut measures it implemented amid falling used-car sales, sending its shares up nearly 28% before the bell. Carvana expects first-quarter core loss between $50 million and $100 million, down from a core loss of $348 million a year earlier. The used-car retailer, known for its automated car vending machines, allows users to buy cars online and offers home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes. The offer would be for a principal amount of up to $1 billion in notes, with a condition that at least $500 million existing notes be validly tendered. Reporting by Aishwarya Nair in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Britain to overhaul clinical trial regulation to fast-track approvals
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - Britain's health regulator said on Tuesday it would introduce new measures for faster and easier approval and execution of clinical trials in the country. The move comes months after an industry report showed that the number of annual clinical trials started in Britain dropped by 41% between 2017 and 2021, posing a "clear and serious threat" to its reputation as a clinical research destination. "This overhaul of the clinical trials legislation will ... help to streamline approvals by removing granular and duplicative regulatory requirements," Marc Bailey, Chief Science and Innovation Officer at the Medicines and Healthcare products Regulatory Agency (MHRA) said. An application review will need to be completed within 30 days, while a maximum of 10 days will be given for a decision to be granted, the regulator said. Reporting by Radhika Anilkumar in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St ends higher as bank contagion fears ease, Fed eyed
▼ + stars: | 2023-03-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

UBS late on Sunday agreed to buy rival Credit Suisse (CSGN.S), for $3.23 billion, in a merger engineered by Swiss authorities to avoid more turmoil in the banking group. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) were higher following sharp losses last week. The collapse of Silicon Valley Bank and Signature Bank (SBNY.O) shook markets earlier this month. "Where it is another bank coming in, that is the kind of headline that helps underpin confidence in the banking system," Krosby said. The Credit Suisse takeover helped the market, but U.S.-listed shares of Credit Suisse were down sharply on Monday, while UBS Group shares were up.

Traders have raised bets of the Fed likely hitting a pause on rate hikes on Wednesday to ensure financial stability as bank sector troubles triggered by the collapse of Silicon Valley Bank and Signature Bank (SBNY.O) threaten to snowball. Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. U.S.-listed shares of Credit Suisse plummeted 48.5% to hit a fresh record low, while UBS reversed premarket declines to rise 7.8%. PacWest Bancorp (PACW.O) jumped 21% after the bank said deposit outflows had stabilized, while New York Community Bancorp (NYCB.N) also gained 33% after the bank's unit agreed to buy deposits and loans from Signature Bank. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX), which on Friday had logged their largest two-week drop since March 2020, rose 1.4% and 3.2%, respectively, in early trade.

Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. U.S.-listed shares of Credit Suisse were down 58.4% in premarket trading and set to open at a fresh record low, while those of UBS were down 3.6%, as focus shifted to the hit to some Credit Suisse bondholders from the acquisition. "Investors are still worried about the banking industry, even though UBS has agreed to take over Credit Suisse. Regional bank First Republic Bank (FRC.N) was down 19.1% after paring some declines, while peer Western Alliance Bancorp (WAL.N) edged 0.7% lower. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020.

Markets have scaled back expectations for an aggressive 50-basis-point interest rate hike from the Fed at its March 22 meeting, following the turmoil in the banking sector triggered by the collapse of Silicon Valley Bank and Signature Bank (SBNY.O) earlier this month. Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. While the deal helped calm jitters about the banking sector, U.S.-listed shares of Credit Suisse plummeted 54.9% to hit a fresh record low. PacWest Bancorp (PACW.O) jumped 11.5% after the bank said deposit outflows had stabilized, while New York Community Bancorp (NYCB.N) gained 32.1% after the bank's unit agreed to buy deposits and loans from Signature Bank. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX), which on Friday had logged their sharpest two-week drop since March 2020, rose 1.4% and 2.6%, respectively.

March 20 (Reuters) - Nike is expected to report a rise in third-quarter revenue and grow its market share through 2023, helped by major rival Adidas' split with designer and rapper Kanye West that caused the German company to lose about $600 million in quarterly sales. Nike (NKE.N) is also expected to get a boost from higher sales of its Jordan Retros and some newer launches as the world's No. "There is an opportunity for Nike to pick more market from Adidas," said Jessica Ramirez, senior analyst at Jane Hali and Associates, adding that Adidas has not had as many bestsellers as Nike. Nike has also doubled down on its product lines such as the LeBron 20s and Nike Mercurial shoes, while also grabbing a bigger chunk of the growing China market. Still, Nike's margins are expected to be squeezed in the quarter as it continues to offer promotions and discounts to shed excess stock.

The boost was shortlived and fears of a banking crisis gripped the market on Friday, with shares of First Republic Bank (FRC.N), which also suspended its dividend payout, dropping 24.5%. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 9% each in the week. Investors are now looking ahead to the Federal Reserve's interest rate decision, due next week, to gauge how it will tame inflation. Money market participants now see a 67% chance of the Fed raising rates by 25 basis points on March 22. . Declining issues outnumbered advancers by a 5.46-to-1 ratio on the NYSE by a 3.56-to-1 ratio on the Nasdaq.

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