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Shares of First Republic fell 20.7% in early trading after the bank suspended its dividend payout. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 2% each. "Deposits have fled from regional banks like First Republic into the big banks who are now bailing them out by putting the deposits back in. "Until you stop the deposit flight from regional banks into the systemically important banks that are too big to fail, it doesn't matter how much money you pour into the bucket." The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded seven new highs and 75 new lows.

☆ UK govt, teaching unions to start 'intensive' talks to end strikes
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 17 (Reuters) - The British government and teaching unions agreed on Friday to begin "intensive" talks to end strikes by hundreds of thousands of teachers in England who say they are overburdened and underpaid. The government and teaching unions said the National Education Union (NEU) — the largest striking union — would maintain a "period of calm" for two weeks in which no fresh strikes would be announced. "The Education Secretary and all unions will meet (on Friday), beginning intensive talks, which will continue over the weekend," the government and the unions said in a joint statement, adding that they hoped to reach "a successful conclusion". Teachers staged their latest strikes across England this week, coinciding with the government's annual budget. Scotland's largest teaching union has also accepted a pay deal to end long-running strikes, which it said would amount to a 14.6% increase in pay for most teachers by January 2024.

SummarySummary Companies Credit Suisse rebounds on lifeline from Swiss central bankHousing starts, jobless claims data due 8:30 am ETAdobe rises on upbeat profit forecastMeta, Snap climb as U.S. threatens TikTok banFutures mixed: Dow down 0.29%, S&P down 0.19%, Nasdaq up 0.16%March 16 (Reuters) - U.S. stock index futures were mixed on Thursday as the Swiss central bank's lifeline for embattled Credit Suisse did little to boost investor sentiment as they awaited economic data for clues on the outlook for U.S. interest rates. U.S.-listed shares of Credit Suisse rose 8.8% in premarket trading after the bank secured a credit line of up to $54 billion from the Swiss National Bank to shore up liquidity and investor confidence, which had nosedived after the lender's shares slumped on Wednesday. Troubles at Credit Suisse, coming on the heels of the collapse of SVB Financial (SIVB.O) and peer Signature Bank (SBNY.O) have sparked fresh worries about stress in the banking sector, dwarfing relief on expectations of less aggressive moves by the Federal Reserve. "Central banks are in a bit of a bind because they need to make sure that inflation is brought back under control. Shares of Adobe Inc (ADBE.O) supported Nasdaq futures, rising 5.8% in premarket trade after the Photoshop maker raised its 2023 profit target.

☆ JPMorgan, Morgan Stanley among banks in deal talks with First Republic - WSJ
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: 1 min

March 16 (Reuters) - Several banks including JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N) are in talks with First Republic Bank (FRC.N) for a potential deal, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The deal could involve capital infusion to bolster the troubled lender after the collapse of SVB Financial (SIVB.O) last week triggered fears of a contagion, the report said. JPMorgan and First republic bank did not immediately respond to Reuters' requests for comment. Morgan Stanley declined to comment. Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer to replace migraine drug packaging over child safety concerns
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Pfizer logo is pictured on their headquarters building in the Manhattan borough of New York City, New York, U.S., November 9, 2020. REUTERS/Carlo Allegri/File PhotoCompanies Pfizer Inc FollowMarch 16 (Reuters) - Pfizer Inc (PFE.N) said on Thursday it was working on a new child-proof packaging for its migraine drug, Nurtec ODT, after safety concerns led to a recall alert from the U.S. Consumer Product Safety Commission (CPSC). Pfizer said it was developing a new packaging for the drug acquired through its $11.6 billion buyout of Biohaven Pharmaceutical Holding in 2022. As an interim measure, the company has instructed pharmacists to place the drug packet in a child-resistant vial before dispensing it to patients. The orally disintegrating tablets are used for the treatment of acute migraine and as preventive treatment for episodic migraine in adults.

☆ Boeing expects 2023 aircraft financing to reach pre-pandemic levels
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - Boeing Co (BA.N) said in a report on Wednesday that it expects commercial aircraft financing to reach near pre-pandemic levels in 2023, highlighting strong industry fundamentals. The carrier released its outlook amid increased signs of distress in the banking sector as shares of Credit Suisse (CSGN.S) slumped on funding concerns. Banks have already been under pressure following the recent collapse of the Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). The planemaker did not immediately respond when asked if its outlook takes into account the stress in the banking sector. Boeing, which annually reviews aircraft financing trends, said it sees increased interest from aircraft financiers and investors to aid commercial airplane deliveries.

U.S.-listed shares of Credit Suisse slid 24.3% to hit a record low, after the Swiss bank's largest investor said it could not provide more financial assistance to the lender. Big U.S. banks including JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) fell between 5% and 1%. The KBW regional banking index (.KRX) slid 3.8% while the S&P 500 banking index (.SPXBK) dropped 4.2%%. "Given all the turmoil with Silicon Valley Bank and Signature Bank, expectations have dramatically risen come that the Fed will keep rates unchanged, or maybe raise them (by) 25 basis points." Shares of Charles Schwab Corp (SCHW.N) fell 1.9%, a day after its chief executive said the firm has enough liquidity.

However, regional banks pared early gains in premarket trading on Wednesday, with First Republic Bank (FRC.N) down 0.7%. Big U.S. banks such as JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) fell between 1.2% and 2.3%. ET, which is expected to show a moderation in producer price growth in February both on a monthly and annual basis. ET, Dow e-minis were down 517 points, or 1.61%, S&P 500 e-minis were down 63 points, or 1.61%, and Nasdaq 100 e-minis were down 162 points, or 1.33%. Reporting by Amruta Khandekar and Shubham Batra in Bengaluru; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" Trading in shares of SVB's peer Signature Bank (SBNY.O), which was shut down by regulators on Sunday, was halted. Shares of big U.S. banks including JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) fell between 2.8% and 6.3%. The KBW regional banking index fell 11.2%, while the S&P 500 banks index (.SPXBK) dropped 7.7%. The S&P index recorded no new 52-week highs and 44 new lows, while the Nasdaq recorded 19 new highs and 321 new lows.

Helping futures for the tech-heavy Nasdaq gain nearly 1%, U.S. two-year Treasury yields tumbled to more than a month low, while futures for the cyclicals-heavy Dow Jones edged lower. Big Tech and growth companies such as Meta Platforms (META.O), Amazon (AMZN.O) and Microsoft (MSFT.O) rose between 1% and 2% premarket. Traders' bets are currently equally split between a pause and a 25-basis-point rate hike at the Fed's next meeting in March. The projections of a terminal rate have also receded to just under 5% by June from around 5.5% in September earlier. ET, Dow e-minis were down 48 points, or 0.15%, S&P 500 e-minis were up 5.5 points, or 0.14%, and Nasdaq 100 e-minis were up 99.25 points, or 0.84%.

☆ Futures dip as SVB Financial extends rout, payrolls data awaited
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

The reading is likely to show nonfarm payrolls grew by 205,000 jobs in February, less than half of the eye-popping 517,000 additions in January. The unemployment rate is forecast to stay unchanged at 3.4%, the lowest since May 1969. "The strength of the January jobs data came as a surprise to markets," said Mark Haefele Chief Investment Officer, UBS Global Wealth Management in a note. ET, Dow e-minis were down 127 points, or 0.39%, S&P 500 e-minis were down 11.75 points, or 0.3%, and Nasdaq 100 e-minis were down 4.5 points, or 0.04%. Among other stocks, Gap Inc (GPS.N) fell 6.7% in premarket trading after the apparel maker posted a bigger-than-expected fourth-quarter loss and forecast full-year sales below Wall Street estimates, signaling a slowdown in demand.

☆ Ether hits 2-month low as New York AG labels crypto token as security
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Cryptocurrency token Ether fell to its lowest in two months on Friday after the New York attorney general labeled it a security, bracketing it with assets such as stocks and bonds and fueling fears of a wider regulatory crackdown. New York Attorney General Letitia James on Thursday referred to Ether as a security in her lawsuit against KuCoin for failing to register with the state before facilitating cryptocurrency transactions on its platform. "The situation in Ethereum (the blockchain that underpins Ether) could get real ugly," investment research firm Citron Research tweeted. loadingThe world's second-biggest cryptocurrency token was trading around $1,390, its lowest since January 10. The crypto industry and regulators have been in a tussle over the categorization of crypto assets as securities, which would subject digital asset firms to stricter oversight.

Wall Street's main indexes recorded steep losses in the previous session after startups-focused lender SVB Financial Group's (SIVB.O) share sale to shore up its balance sheet wiped out more than $80 billion in value from bank shares. The bank is in talks to sell itself, the report added. All three major U.S. indexes were headed towards weekly losses as Fed Chair Jerome Powell earlier this week left open the possibility of a large rate hike at the Fed's March meeting, after the central bank dialed down the size of its rate hike last month. Declining issues outnumbered advancers by a 3.33-to-1 ratio on the NYSE and by a 3.88-to-1 ratio on the Nasdaq. Reporting by Amruta Khandekar and Shristi Achar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said on Thursday. "This could be a game changer for today's market," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The gains pushed up the S&P 500 communication services (.SPLRCL), consumer discretionary (.SPLRCD) and information technology (.SPLRCT) sectors between 0.4% and 0.6%. Advancing issues outnumbered decliners by a 1.64-to-1 ratio on the NYSE and by a 1.06-to-1 ratio on the Nasdaq. The S&P index recorded four new 52-week highs and 11 new lows, while the Nasdaq recorded 28 new highs and 54 new lows.

☆ Futures slip on rate-hike worries ahead of payrolls data
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

With economic data so far suggesting the labor market remains hot despite the Fed's aggressive monetary tightening over the past year, investors are now focused on the February non-farm payrolls report due on Friday. The reading is expected to show payrolls increased by 205,000 last month, according to economists polled by Reuters, after January's blowout 517,000 figure, which had first led markets to reprice their expectations for U.S. interest rates. "Our US economists expect a positive surprise to payrolls on Friday," said Citi strategists in a note published late on Wednesday. Nasdaq futures led declines on Thursday, with shares of Tesla Inc (TSLA.O) down 3.1% in premarket trade and set to extend its losses from the previous session on news of a probe by the U.S. auto safety regulator. ET, Dow e-minis were down 62 points, or 0.19%, S&P 500 e-minis were down 14.75 points, or 0.37%, and Nasdaq 100 e-minis were down 83.75 points, or 0.68%.

Ahead of the crucial non-farm payrolls report on Friday, data showed U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. "Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit." ET, Dow e-minis were up 33 points, or 0.1%, S&P 500 e-minis were up 4.25 points, or 0.11%, and Nasdaq 100 e-minis were up 19.75 points, or 0.16%.

Traders drastically increased their bets that the U.S. central bank will raise rates by 50 basis points later this month, with money market futures pricing in a 64.1% chance of such a move. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. ET (1315 GMT) is expected to show private employers hired 200,000 workers in February after adding 106,000 jobs in January. Occidental Petroleum Corp (OXY.N) gained 3.1% after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) increased its stake in the oil company to about 22.2%. Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures edge higher after Wall St selloff on Powell remarks
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +3 min

Traders drastically increased their bets that the U.S. central bank will raise rates by 50 basis points later this month, with money market futures pricing in a 64.1% chance of such a move. BlackRock's top fixed-income investor Rick Rieder said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. ET (1315 GMT) is expected to show private employers hired 200,000 workers in February after adding 106,000 jobs in January. Occidental Petroleum Corp (OXY.N) gained 2.5% after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) increased its stake in the oil company to about 22.2%. Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Ahead of the crucial nonfarm payrolls report on Friday, data showed U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. A closely watched part of the U.S. Treasury yield curve saw its deepest inversion in more than 40 years on Tuesday. "Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit." BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation.

The remarks followed recent data showing an unexpected inflation increase in January and an unusually large jobs gain for the month. Traders dramatically raised their bets for a 50-basis-point rate hike in March after Powell's comments, with money market futures last pricing in a more than 70% chance of such a move, up from around 31% on Monday, according to CME Group's FedWatch tool. Data influencing the Fed's rate hiking path will include Friday's closely watched nonfarm payroll additions for February. Meanwhile, the yield on two-year Treasury notes , which best reflects short-term rate expectations, hit 5% for the first time since July 2007. Dick's Sporting Goods (DKS.N) rallied 11% after the retailer forecast annual earnings above Wall Street estimates and more than doubled its quarterly dividend.

Equities lost ground right after Powell's prepared remarks were released ahead of his testimony and sank further as the session wore on. Powell told U.S. lawmakers the Fed is prepared to move in larger steps if economic data suggests tougher measures are needed to control rising prices. Data the Fed will use to influence its rate hiking path will include Friday's non-farm payroll numbers. Meanwhile, the yield on two-year Treasury notes , which best reflects short-term rate expectations, hit 5% for the first time since July 2007. Dick's Sporting Goods (DKS.N) was up 9.6% after the retailer forecast annual earnings above Wall Street estimates and more than doubled its quarterly dividend.

Meanwhile, Fed fund rates were seen peaking at 5.6% in September compared to 5.47% earlier. Investors are awaiting data later this week that is expected to show nonfarm payrolls increased by 200,000 in February, compared with the much stronger-than-expected 517,000 jobs reported in January. All the 11 major S&P sectors fell, with cyclical sectors such as financials (.SPSY) and materials (.SPLRCM) leading declines. Meanwhile, the yield on two-year Treasury notes , which best reflects short-term rate expectations, rebounded to its highest since 2007 at 4.96%. The S&P 500 recorded 10 new 52-week highs and six new lows, while the Nasdaq posted 40 new highs and 112 new lows.

Traders drastically increased their bets of a 50-basis-point rate hike in March after Powell's comments, with money market futures pricing a more than 40% chance of such a move, from 23% before the remarks. Meanwhile, Fed fund rates were seen peaking at 5.56% in September compared to 5.47% earlier. Investors are awaiting data later this week that is expected to show nonfarm payrolls increased by 200,000 in February, compared with the much stronger-than-expected 517,000 jobs reported in January. Among individual stocks, Rivian Automotive (RIVN.O) tumbled 10.5% after the electric automaker unveiled plans to sell bonds worth $1.3 billion. The S&P index recorded 10 new 52-week highs and four new lows, while the Nasdaq recorded 30 new highs and 77 new lows.

ET (1500 GMT), with investors awaiting his comments on the Fed's steps aimed at bringing inflation towards its 2% target. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. ET, Dow e-minis were up 25 points, or 0.07%, S&P 500 e-minis were up 6.25 points, or 0.15%, and Nasdaq 100 e-minis were up 32.5 points, or 0.26%. Dick's Sporting Goods (DKS.N) rose 6.1% after the retailer forecast annual earnings above Wall Street estimates and more than doubled its quarterly dividend. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

ET (1500 GMT), with investors awaiting his comments on the Fed's steps aimed at bringing inflation towards its 2% target. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. Traders see Fed fund rates peaking at 5.46% by September, from the current 4.67%. ET, Dow e-minis were up 12 points, or 0.04%, S&P 500 e-minis were up 5.5 points, or 0.14%, and Nasdaq 100 e-minis were up 29.25 points, or 0.24%. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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