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☆ Russia turns to Japan for used car imports as domestic production slumps
▼ + stars: | 2022-11-03 | by ( Gleb Stolyarov | ) www.reuters.com time to read: +2 min

New car imports were well below February levels in August, data from Russian analytical agency Autostat showed, but those of used cars more than doubled to 23,117 from 11,055. The vast majority, 76%, of used cars were imported from Japan, with Belarus distant second with a 5.3% share, the data showed. Almost 70% of the 10,257 new cars imported in August came from China, the data showed. "One dealership, due to a lack of deliveries of new cars, has pivoted to selling and leasing used cars," the central bank said. In January-September, new car sales were down almost 60% to 506,661 units.

☆ Dollar stores getting penny-wise
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 2 (Reuters Breakingviews) - Dollar stores are fighting to retain pricing power, but a new lawsuit suggests it might get tougher. Ohio Attorney General David Yost sued Dollar General (DG.N) on Tuesday for deceptive practices after some customers complained about coughing up $2 on occasion rather than a buck. For now, raising prices at $57 billion Dollar General seems to be working. Such stores certainly have in the past as consumers seek cheaper options. Unlike in previous economic slumps, where dollar stores could shrink the size of, say, a bag of chips and stick with the $1 price tag, charging more now could mean that products already have been fully condensed.

☆ FTSE 100 steady, midcaps fall ahead of key Fed meeting
▼ + stars: | 2022-11-02 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

UK pharmaceuticals stocks (.FTNMX201030) rose 1.2% after GSK (GSK.L) said it expects sales to rise between 8% and 10%, sending its shares up 1.2%. The blue-chip FTSE 100 (.FTSE) was flat, while the mid-cap FTSE 250 (.FTMC) fell 0.4% by 0934 GMT, dragged down by budget airline Wizz Air (WIZZ.L) after it said uncertainty for consumers rose. Third-quarter earnings among companies on the FTSE 100 have so far painted a mixed picture, as some firms performed better than expected as COVID restrictions eased globally, while some battled supply chain snags and surging inflation. British American Tobacco Plc fell 3%, to the bottom of FTSE 100, after Goldman Sachs downgraded its performance rating for the stock to "neutral". Reporting by Johann M Cherian in Bengaluru; Editing by Dhanya Ann Thoppil and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Sun Life profit beats estimates even as wealth business slumps with markets
▼ + stars: | 2022-11-02 | by ( Divya Rajagopal | ) www.reuters.com time to read: +1 min

TORONTO, Nov 2 (Reuters) - Sun Life Financial Inc (SLF.TO), Canada's second-biggest life insurer, on Wednesday posted third-quarter profit that beat analyst estimates, as higher insurance sales in the United States and Asia helped offset declining revenue from its wealth management business. Underlying profit rose 5% from a year ago to C$949 million ($692.1 million) or C$1.62 per share in the three months ending Sept 30 versus consensus estimates to C$1.47. "Overall insurance sales across our businesses were strong, reflecting the increased importance clients are placing on protection and health," Kevin Strain, Sun Life CEO and president, said in a statement. Market volatility sparked by sharp rise in interest rates globally dented Sun Life's wealth business, resulting in a 19% drop in core profit from that operation. Sun Life has been expanding overseas to diversify its business mix and the latest quarter earnings benefited from recent deals, Strain added.

☆ Insurer AIG profit slumps on hurricane costs, lower investment returns
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Insurer American International Group Inc (AIG.N) on Tuesday reported a more than 39% decline in quarterly profit as investment income fell by more than $1 billion and losses from Hurricane Ian pushed up catastrophe bills. read moreAIG - one of the world's biggest commercial insurers - reported $600 million of catastrophe losses in the quarter, out of which about $450 million was attributable to Hurricane Ian, the insurer said. Total consolidated net investment income fell 28% to $2.7 billion, hurt mainly by lower alternative investment income. The metric excludes catastrophe losses, and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims. read moreReporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon slumps as tech selloff worsens
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

The dour outlook worsened this week's tech selloff amid fears of a looming recession, weighing on shares of Meta Platforms Inc (META.O), Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O). Amazon's shares, which were down 12.8% at $96.77, were trading at their lowest since March 2020. "Despite accelerating revenues, Amazon has been cut down to size by the market after missing expectations. While the cloud services segment has been one of high and sustained growth for tech companies, indications for Amazon, Microsoft and Intel Corp (INTC.O) this week point to lower investments as costs rise. Reporting by Akash Sriram and Chavi Mehta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ S&P 500, Nasdaq slide, while Dow ends higher on mixed earnings picture
▼ + stars: | 2022-10-27 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

That sent S&P 500 futures down 0.5% and Nasdaq futures down 0.6%, showing traders expect Wall Street to open lower on Friday. Among the 11 major sectors of the S&P 500, industrials had the biggest percentage gain, with communication services (.SPLRCL), weighed by Meta, down the most. Third-quarter reporting season forges ahead at full speed, with 227 of the companies in the S&P 500 having reported. Shares of Southwest Airlines Co (LUV.N) rose 2.7% after the carrier's quarterly profit topped consensus estimates. The S&P 500 posted 23 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 93 new highs and 119 new lows.

[1/2] Boards displaying buying and selling rates are seen outside of currency exchange outlets in London, Britain, July 31, 2019. read moreRishi Sunak became Britain's third prime minister in two months on Tuesday, tasked with tackling a mounting economic crisis and a warring political party. The U.S. dollar was broadly weaker amid signs that Federal Reserve rate hikes are slowing the world's biggest economy. YEN AND YUANThe yen firmed against the dollar after suspected Bank of Japan (BOJ) intervention on Friday and Monday. At 147.665 yen, the dollar was down from a 32-year high of 151.94 on Friday, which appeared to trigger successive bouts of BOJ intervention.

☆ Asia stocks struggle as Xi's leadership team spooks markets
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat. "A short-term technical rebound is the main factor for today's rise," said Kenny Ng, a strategist at China Everbright Securities in Hong Kong. "(The) cumulative decline of Hong Kong stocks is deep." CHINA FLIGHTChinese markets remained volatile and jittery following Monday's withering selloff in Hong Kong. Xi Jinping's new leadership team has raised worries that China will increasingly prioritise the state at the cost of the private sector.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. The London-headquartered bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30. That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank. "We remain on track to achieve our cost targets for 2022 and 2023," said Noel Quinn, HSBC's Chief Executive Officer. It said it would do this by the first half of next year by increasing revenue and managing costs.

☆ Why China won't bail out its real estate sector
▼ + stars: | 2022-10-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

A year after Chinese developer Evergrande 's debt problems began rattling investors, the country's real estate troubles have only gotten worse. Some homebuyers refused to pay their mortgages due to construction delays, while property sales plunged. He expects Beijing will want to gradually resolve the problems in real estate and reduce the industry's role in the economy. Explosive growth in China's real estate industry over the last two decades minted tycoons who were not afraid of flaunting their wealth. It contrasts with an average four to five quarters for previous real estate slumps in China, the report said.

☆ Snap Stock Slumps as Sales Growth Slows, Advertisers Cut Spending
▼ + stars: | 2022-10-21 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

Snap posted a further slowdown in sales growth and signaled the digital-ad market could remain lackluster for some time, sending its shares sharply lower in late trading. Snap , in an investor letter Thursday, said it is operating on an assumption of no revenue growth this quarter from the year-ago period, even though it has seen about 9% growth so far for the period. Analysts surveyed by FactSet have been expecting almost 7% growth for the fourth quarter

☆ Snap Stock Slumps Premarket as Sales Growth Slows, Advertisers Cut Spending
▼ + stars: | 2022-10-21 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

☆ Snap Stock Slumps Premarket as Sales Growth Shrinks, Advertisers Cut Spending
▼ + stars: | 2022-10-21 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

☆ Snap's share price slumps 27% after the company reported its slowest quarterly revenue growth ever
▼ + stars: | 2022-10-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Snap's reported revenues only rose 6% from a year to $1.13 billion in the third quarter of 2022. It was Snap's slowest quarterly growth ever and its sales missed market expectations. Its net loss widened five times to $360 million, compared to $72 million in the same period a year ago. Users in Snap's key market — the US — spent 5% less time viewing content in the third quarter, compared to a year ago, the company said. Snap Inc. shares slumped 27% to $7.87 in after-hours trade after closing 0.64% lower at $10.79 on Thursday.

☆ U.S. factory output solid in September; builder sentiment slumps further
▼ + stars: | 2022-10-18 | by ( Dan Burns | ) www.reuters.com time to read: +5 min

The two data points out Tuesday illustrate the uneven impact the U.S. central bank's rate hikes are having so far on the economy. Manufacturing output rose 0.4% last month, keeping pace with an upwardly revised 0.4% gain in August, the Federal Reserve said on Tuesday. Overall industrial production rose 0.4%, after slipping 0.1% the prior month. The rate hikes have torpedoed activity in the housing sector, and Wednesday's data from the National Association of Home Builders reinforced that. "And given expectations for ongoing elevated interest rates due to actions by the Federal Reserve, 2023 is forecasted to see additional single-family building declines as the housing contraction continues."

☆ Hasbro quarterly profit slumps as price hikes dent demand
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Toymaker Hasbro Inc (HAS.O) reported a 28% fall in third-quarter earnings on Tuesday as inflation-hit consumers were further discouraged by price hikes. Earlier in October, Hasbro cut its fiscal 2022 sales forecast, citing a stronger dollar and a slowdown in demand. "As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer," Hasbro Chief Executive Officer Chris Cocks said. The company reported adjusted net earnings of $196.2 million, or $1.42 per share, in the third quarter ended Sept. 25, compared with $271.2 million, or $1.96 per share, a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Whitehaven Coal output slumps 23% as floods sweep New South Wales
▼ + stars: | 2022-10-18 | by ( Upasana Singh | ) www.reuters.com time to read: +2 min

Severe wet weather including floods in Australia's most populous state, New South Wales, disrupted mining operations as the country suffered for a third straight year from the La Nina induced adverse weather. Register now for FREE unlimited access to Reuters.com RegisterManaged run-of-mine coal production was 4 Mt for the quarter ended Sept. 30, compared with 5.2 Mt a year ago and brokerage Barrenjoey's estimate of 5 Mt. Whitehaven said its annual output at Maules Creek was on track to be at the lower end of its 11.7 million tonnes to 12.6 million tonnes (Mt) forecast. Its shares fell as much as 7.1% to A$9.67, underperforming the broader market (.AXJO), which rose 0.4%. "Looking locally, a number of weather events impacted coal producers during the September quarter, which together with the forecasted La Niña weather patterns, has further bolstered support for strong coal prices out of East Coast Australia," Whitehaven said.

☆ 'Dr. Doom' Nouriel Roubini warns the world economy is in danger - as he predicts an imminent US recession plus more pain for stocks
▼ + stars: | 2022-10-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Economics professor Nouriel Roubini warned the global economy faces a stagflationary debt crisis. Roubini, known as "Dr Doom", predicted an imminent US recession and more pressure on stocks and bonds. Roubini, an economics professor at NYU Stern, is nicknamed "Dr. Doom" for his dire predictions. As a result, Roubini expects a full-blown domestic recession by the end of this year. He emphasized that private and public debt, as a share of global GDP, has soared from 200% in 1999 to 350% today.

"The chancellor will come to the despatch box," he said when asked by Sky News whether the corporation tax plan would definitely stay. Newspapers reported that some lawmakers who never wanted Truss to replace Boris Johnson as leader in the first place already wanted her out. "I think that changing the leadership would be a disastrously bad idea, not just politically but also economically, and we are absolutely going to stay focused on growing the economy," Cleverly said of Truss. But a fire-sale in the government bond market has driven up borrowing costs and mortgage rates and forced the Bank of England to intervene to protect pension funds. read moreMeanwhile, as Truss battled with the turmoil, she met King Charles for a weekly audience at Buckingham Palace between monarch and prime minister on Wednesday.

☆ Europe's STOXX 600 falls for seventh day; U.S. CPI data eyed
▼ + stars: | 2022-10-13 | by ( Devik Jain | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. CPI data due at 1230 GMTAroundtown slumps after Citi downgradeOct 13 (Reuters) - Europe's STOXX 600 index fell for a seventh day on Thursday, dragged by technology and real estate stocks, with investors focussed solely on U.S. inflation data due later in the day to gauge the Federal Reserve's rate-hike trajectory. The region-wide (.STOXX) index was down 0.5% by 0810 GMT, and on pace for its longest losing streak since early February 2018, if losses hold. All eyes are on U.S. CPI data due at 1230 GMT. "The effects of inflation and expected economic contractions on shoppers caution are expected to continue to weigh on consumer discretionary stocks, particularly retail, travel and hospitality," Streeter said. Norwegian aluminium producer Norsk Hydro (NHY.OL) jumped 5.6% after reports that the United States was weighing restricting imports of Russian aluminium.

ET (1407 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was 0.2% lower at 18,180.4, after hitting its lowest since June. The focus is now on minutes from the September Federal Open Market Committee meeting, which will be released later in the day. Canadian inflation data for September is due next week, with investors pricing in a 97% probability of a 50 basis point rate hike by the Bank of Canada when it meets on Oct. 26. It doesn't help that they have to act first, but investors are expecting another super-sized rate hike," said Michael. read more($1= C$1.3)Register now for FREE unlimited access to Reuters.com RegisterReporting by Johann M Cherian and Shashwat Chauhan in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ European shares fall for sixth day on earnings jitters
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

Weak results from Barratt Developments (BDEV.L), Britain's largest housebuilder, sparked a selloff in the sector. read more"Although depressed sentiment and cheapened valuations are tailwinds for European stocks, the region's macroeconomic outlook remains a potent headwind that could lead to further downside for European earnings," analysts at BCA Research wrote in a note. Overall, European companies are expected to report a 29.4% increase in third-quarter profit, slightly below the 33.2% rise forecast at the start of October, as per Refintiv IBES data. read moreOther luxury stocks such as Hermes (HRMS.PA), L'Oreal (OREP.PA) and Christian Dior (DIOR.PA) gained between 0.9% and 2.7%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Bond yields higher following market slumps, job data
▼ + stars: | 2022-10-11 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The yield on the 2-year Treasury , the part of the curve most sensitive to Fed policy, was up by 2 basis points to 4.3329%. The yield on the benchmark 10-year Treasury note rose 6 basis points, trading at 3.9531% at around 5:30 a.m. The yield on the 30-year Treasury bond climbed 7 basis points to 3.9173%. U.S. Treasury yields traded higher on Tuesday as investors digested Monday's market retreat and the previous week's data releases that will guide the Federal Reserve's policymaking. Investors will be looking out for the data release on the NFIB (National Federation of Independent Business) Small Business Optimism Index on Tuesday, after the previous week's release showed an unexpected decline in job openings, slower job growth than forecast and a lower-than-predicted unemployment rate.

☆ Nasdaq registers lowest close since July 2020; chips stocks fall
▼ + stars: | 2022-10-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

People are worried about a possible recession," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. Analyst now expect year-over-year earnings for S&P 500 companies to have risen 4.1% in the quarter, compared with an increase of 11.1% expected at the beginning of July, according to IBES data from Refinitiv. S&P 500 technology (.SPLRCT) led sector declines along with energy (.SPNY). Declining issues outnumbered advancing ones on the NYSE by a 2.43-to-1 ratio; on Nasdaq, a 1.79-to-1 ratio favored decliners. The S&P 500 posted 1 new 52-week highs and 73 new lows; the Nasdaq Composite recorded 58 new highs and 461 new lows.

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