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☆ Asian FX bulls return as easing China COVID curbs improves outlook - Reuters poll
▼ + stars: | 2022-12-15 | by ( Upasana Singh | ) www.reuters.com time to read: +4 min

Long positions on most other emerging Asian currencies also firmed, with those on the Malaysian ringgit and South Korean won at around two-year highs, a fortnightly poll of 10 analysts showed. Elsewhere, sentiment on China's yuan was mostly neutral, while investors turned bullish on the Philippine peso for the first time since July 2021. Long positions on the Thai baht were at their highest level since late February, while those on the Singaporean dollar were highest since early February. A turnabout of that impulse should benefit high-beta, risk-sensitive and commodity-linked FX," Barclays' analysts wrote in a note. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Ford, China's CATL considering building U.S. battery plant -Bloomberg
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 14 (Reuters) - Ford Motor Co (F.N) and China's Contemporary Amperex Technology Co Ltd (CATL) (300750.SZ) are considering building a battery plant in Michigan or Virginia to reap tax benefits without treading on Sino-U.S. political sensitivities, Bloomberg reported on Wednesday. The multibillion-dollar facility will make lithium iron phosphate batteries for Ford's electric models, Bloomberg reported, citing people familiar with the matter. That would let the facility qualify for production tax credits under the U.S. Inflation Reduction Act without needing direct financial investment from CATL, Bloomberg reported. In October, Reuters reported CATL had slowed plans to invest in battery plants in North America over concerns that new U.S. rules on sourcing required materials would drive up costs. Ford and CATL did not immediately respond to Reuters' request for comment.

☆ FTSE 100 tracks glum global sentiment ahead of BoE rate decision
▼ + stars: | 2022-12-15 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.7%, FTSE 250 off 0.6%Currys drops to bottom of FTMCHSBC slumps on shareholder's campaign for spinoffDec 15 (Reuters) - UK's export-driven FTSE 100 fell on Thursday, tracking glum global sentiment, while traders avoided bets on risky assets ahead of the Bank of England's monetary policy decision. The blue-chip FTSE 100 (.FTSE) fell 0.7%, while the FTSE 250 (.FTMC) shed 0.6% by 9:29 GMT. After the Fed's hawkish commentary on Wednesday, traders now await the BoE's monetary policy meeting at 1200 GMT. "The split within the Monetary Policy Committee could give a hawkish edge to the meeting. Besides the 50 basis point hike on Thursday, Koopman expects BoE's terminal rate to be 4.75% by mid-2023.

The Fed's policy-setting committee projected it would continue raising rates to above 5% in 2023, a level not seen since a steep economic downturn in 2007. Money market participants currently expect at least two 25 bps rate hikes next year and borrowing costs to peak at 4.9% in the first half, before falling to around 4.4% by the year end. Wall Street's main indexes have staged a strong recovery since hitting 2022 lows in October on hopes of a less aggressive Fed, but the rally stalled in December on the back of mixed economic data and worrying corporate forecasts. Investors also digested economic data on Thursday that showed a steeper-than-expected decline in retail sales in November and the number of Americans filing for unemployment benefits falling last week, indicating a tight labor market. The S&P index recorded no new 52-week highs and four new lows, while the Nasdaq recorded 24 new highs and 120 new lows.

☆ Abu Dhabi Investment Authority to invest in India's Lenskart - ET
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 12 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, the Economic Times newspaper reported on Monday, citing people aware of the matter. The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added. Lenskart and ADIA did not immediately respond to a Reuters request for comment. Started in 2010, Lenskart has an operational manufacturing unit in India's Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ European shares fall on caution ahead of key rate hike decisions
▼ + stars: | 2022-12-12 | by ( Amruta Khandekar | ) www.reuters.com time to read: +2 min

The continent-wide STOXX 600 index (.STOXX) was down 0.7% at 0857 GMT, deepening losses from earlier in the session. With recent signs of easing inflationary pressures in the euro zone, the European Central Bank is expected to deliver a dialled-down 50 basis points (bps) rate hike on Dec. 15, a day after the Federal Reserve's interest rate announcement. "The markets are still relying on this narrative that inflation will cool, the central banks will be able to slow down, pause interest rate increases," said Russ Mould, investment director at AJ Bell. "But the numbers remain mixed, so it's perhaps not quite as clear cut as the markets would like it to be." Sanofi SA (SASY.PA) rose 0.7% after the French drugmaker on Sunday said it pulled out of talks to buy Horizon Therapeutics (HZNP.O).

☆ INDIA RUPEE Rupee likely to slip as U.S. data stokes higher rates worry
▼ + stars: | 2022-12-12 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 12 (Reuters) - The Indian rupee was expected to weaken at the open on Monday as the U.S. dollar and Treasury yields ticked higher as U.S. data late last week affirmed the need for higher interest rates. "Equity outflows are a visible headwind (to the rupee), likely given optimism on China," Barclays wrote in a note. The dollar index was back above the 105-level, while the benchmark Treasury yields were at 3.5820%, having jumped 9 basis points on Friday. Data, on that day, showed U.S. monthly producer prices rose 0.3% in November, higher than expected, with October figures revised upwards, suggesting interest rates would remain higher for longer. In India, November CPI data is due after market hours, which likely cooled to a nine-month low of 6.40%, a Reuters poll showed.

☆ India's Tata Group to open 100 exclusive Apple stores -report
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: 1 min

Dec 12 (Reuters) - Indian conglomerate Tata Group-owned Infiniti Retail, which runs the 'Croma' chain of stores, plans to open 100 stores across the country that will only sell Apple Inc (AAPL.O) products, the Economic Times newspaper reported on Monday, citing two people aware of the matter. Reporting by Biplob Kumar Das in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee eyes stronger opening on subdued dollar, oil prices
▼ + stars: | 2022-12-08 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 8 (Reuters) - The Indian rupee was expected to open slightly stronger against the U.S. currency on Thursday, amid weaker oil prices and as the dollar dropped overnight on growth concerns in the world's top economy. The partially convertible rupee was seen around 82.30-82.35 per dollar in the opening trades, compared to its previous close of 82.47. Monitoring debt and equity inflows will be key, but the rupee could head towards 82.50-levels, the trader added. Several executives at top U.S. banks this week have warned about this possibility. Meanwhile, the Reserve Bank of India hiked the key repo rate by 35 basis points (bps) to 6.25% on Wednesday but sounded more hawkish than market expectations about fighting inflation.

☆ India's Sun Pharma says plant listed under U.S. FDA import alert
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 8 (Reuters) - The U.S. Food and Drug Administration (FDA) had listed Indian drugmaker Sun Pharmaceutical Industries Ltd's (SUN.NS) facility in the western Indian state of Gujarat under an import alert, the company said on Thursday, sending its shares down 3.6%. The import alert means all future shipments of products made at the Halol plant can be refused admission to the U.S. market until the facility becomes compliant with the FDA's Current Good Manufacturing Practice standards, Sun Pharma said in a statement. The FDA has excluded 14 products from the import alert, subject to certain conditions. It was not immediately clear what the conditions are and what remedial action the FDA had asked the company to take. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Subhranshu Sahu and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ UK's FTSE boosted higher by healthcare sector
▼ + stars: | 2022-12-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 rose 0.1%, FTSE 250 falls 0.2%GSK escapes U.S. lawsuit on Zantac allegationsMoonpig drops to bottom of FTMCDec 7 (Reuters) - UK's export-oriented FTSE 100 climbed on Wednesday as the healthcare sector was boosted by shares of GSK after the drugmaker escaped U.S. lawsuits over its heartburn drug Zantac. The blue-chip FTSE 100 (.FTSE) edged 0.1% higher by 0930 GMT. The pharmaceutical sector (.FTNMX201030) rose 3.3% in its biggest one-day percentage gain since late February. A nearly 10% jump in shares of GSK Plc (GSK.L) boosted the index after the drugmaker was spared thousands of U.S. lawsuits claiming that Zantac caused cancer. The real estate sector (.FTUB3510) fell 0.2% and is down 34% year-to-date and is heading towards its biggest fall since 2008.

About 26.9 million shares will be sold for between 340 rupees and 357 rupees in the IPO, with Sula raising 9.60 billion rupees, Chief Executive Rajeev Samant said at a press conference in Mumbai on Wednesday. However, that is less than Radico Khaitan Ltd's (RADC.NS) market value of 147.52 billion rupees and United Spirits Ltd's (UNSP.NS) 682.18 billion rupees valuation. Streaming platforms have also helped popularise wine, added Samant, who launched Sula in 1996. Its net revenue rose 8% year-over-year to 4.57 billion rupees in fiscal 2022. Sula's IPO will be open for subscription from Dec. 12-14 and debut on the stock exchanges between Dec. 20-22, the company said.

☆ India cenbank hikes key policy rate by 35 basis points
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +7 min

However, the pace of rate hikes is reducing from 50 bps to 35 bps, in line with expected global hikes." The market needs to keep a close watch on global rate hikes and sticky core inflation." "We expect RBI to go for another 25 bps hike in its next policy, with the terminal rate at 6.5%. ANUJ PURI, CHAIRMAN, ANAROCK GROUP, MUMBAI"The 35 bps rate hike by the RBI - the fifth consecutive rate hike this year - comes as no surprise. We see a possibility of another 25 bps rate hike before a prolonged pause."

☆ Foreign equity funds pile into Indian financials as credit cycle picks up
▼ + stars: | 2022-12-06 | by ( Anushka Trivedi | ) www.reuters.com time to read: +4 min

MUMBAI, Dec 6 (Reuters) - Foreign investors are buying into Indian financial firms, lured by the prospects of a fresh credit cycle that may boost the stocks of the country's largest lenders. The optimism is reflected in inflows, with foreign investors buying a net of $1.74 billion worth of Indian financial stocks in November, data released by the National Securities Depository Ltd this week showed. Reuters Graphics"PALATABLE" VALUATIONIndian financial stocks are trading at a premium to their historical average, but that is not necessarily the comparison investors are looking at. This has prompted local and foreign investors to pour money into the domestic equity markets, which hit all-time highs last week. The optimism comes despite financial stocks trading at a premium to their two-year historical average on a price-to-book valuation basis.

☆ Exxon Mobil raises CEO, top executives base pay
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - Exxon Mobil Corp (XOM.N) is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday. Kathryn Mikells, who became the company's chief financial officer in August last year, will receive a base pay of $1.22 million in 2023. Base salaries, however, represent less than 10% of total pay, with stock awards and bonuses making up a bigger share of what Exxon's executives pocket every year. The Houston-based oil major paid Woods a total compensation of $23.6 million in 2021 and $15.6 million in 2020. Biden has repeatedly called on U.S. oil and gas companies to use their record profits to increase production and reduce pump prices for Americans.

☆ India's Maruti says chip shortage to cause bigger hit to Dec production
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Dec 2 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS), the country's top carmaker, said on Friday it expected a shortage of electronic components to impact its production in December more than in recent months. The company's production in November, which also saw a "minor impact" due to the shortage, rose 5% year-on-year to 152,786 units, but was at the lowest level since June. Reporting by Chris Thomas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ TP ICAP obtains crypto exchange license in the UK
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

Dec 1 (Reuters) - TP ICAP (TCAPI.L) has obtained a license to register as a cryptoasset exchange provider with UK's financial regulator through its Fusions Digital Assets marketplace, the world's largest inter-dealer broker said on Thursday. The company added the crypto exchange platform, which is for institutional investors only, will be operated by its unit Tullett Prebon Ltd. Reporting by Sinchita Mitra in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ BYD set to be China's top-selling car brand for Nov, Tesla gains -data
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Toya Sarno Jordan/File PhotoSHANGHAI, Nov 30 (Reuters) - BYD was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market. Tesla's (TSLA.O) retail sales in China also nearly doubled in November, from a year earlier, after the U.S. automaker cut prices and offered incentives on its Model 3 and Model Y, the data from China Merchants Bank International (CMBI) showed. Retail sales for BYD totaled 152,863 vehicles from Nov. 1 to Nov. 27, logging a nearly 83% increase in average daily sales compared to the same period a year earlier, according to the data. BYD's tally was higher than Volkswagen's retail sales of 143,602 retail sales and Toyota Motor Corp's (7203.T) 115,272, which were 0.3% and 0.5% lower, respectively, on the year. However, the Volkswagen AG group still outsold BYD, when the 36,847 units sold under the Audi brand are included.

☆ European shares rise with the focus on data, Fed's Powell
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Broad-based gains saw the pan-European STOXX 600 index (.STOXX) rise 0.3% by 0825 GMT, on track to break a three-day losing streak. The index is up around 6.4% for November, putting it on course for its second straight month in the black. Luxury stocks were among the biggest boosts to the STOXX 600 on the day, followed by tech (.SXPP) and energy stocks (.SXEP). The company said its iron ore shipments in 2023 would be in the same range as this year's forecast, although costs would rise. Investors will also be eyeing euro zone inflation data which is expected to have cooled year-on-year in November.

☆ Australia court dismisses customer fees lawsuit against CBA
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - The Australian Federal Court has dismissed proceedings initiated by the country's securities regulator against top lender Commonwealth Bank of Australia (CBA.AX) over alleged incorrect charging of monthly fees to customers, the regulator said on Tuesday. The court, however, found that the bank had not breached its general obligation to ensure that financial services were provided efficiently. CBA in a statement acknowledged the court order as well as "errors" in charging monthly account fees to some customers. "We confirm that CBA has completed the customer remediation program in relation to the issues in the proceedings," the bank said. In September, another ASIC proceeding against CBA over allegations of improperly collecting commissions was dismissed by the federal court, dealing a blow to consumer advocates seeking tougher regulations.

☆ FTSE 100 at three-month highs on hopes of China easing COVID curbs
▼ + stars: | 2022-11-29 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) was up 0.6%, hitting its highest since Aug. 26, while the domestically-focused FTSE 250 midcap index (.FTMC) was flat. World markets were rattled on Monday as protests against strict COVID-19 restrictions flared up in major Chinese cities over the weekend. Base metal miners (.FTNMX551020) climbed 2.8%, touching three-month highs, as prices rebounded on support for the property sector in top metals consumer China. Heavyweight energy stocks (.FTNMX601010) rose 1.4% as oil prices climbed on hopes of China easing its COVID controls. Reporting by Shashwat Chauhan in Bengaluru; Editing by Saumyadeb Chakrabarty and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St set to open lower on China's anti-lockdown protests; Apple slips
▼ + stars: | 2022-11-28 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

As China's strict zero-COVID policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance. Although there were no signs of new protests in Beijing or Shanghai on Monday, the curbs so far have led to concerns over China's economic growth and its trickle-down effect on global companies. ET, Dow e-minis were down 216 points, or 0.63%, S&P 500 e-minis were down 33.75 points, or 0.84%, and Nasdaq 100 e-minis were down 99 points, or 0.84%. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St futures slip on China COVID woes; Apple falls
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

As China's strict policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance in China. ET, Dow e-minis were down 184 points, or 0.54%, S&P 500 e-minis were down 31.75 points, or 0.79%, and Nasdaq 100 e-minis were down 105.25 points, or 0.89%. However, street protests against zero-COVID policy in China underline a harsher reality that is undermining market sentiment, at least for now," said Rabobank analysts in a note. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street, as investors watched Black Friday sales and COVID-19 cases in China. Reporting by Ankika Biswas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ FTSE 100 slips as China COVID protests rattle markets
▼ + stars: | 2022-11-28 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies China protests drag global markets lowerEnergy, miners slip on lower commodity pricesReal estate down after dour dataFTSE 100 down 0.7%, FTSE 250 off 0.9%Nov 28 (Reuters) - London's FTSE 100 slipped on Monday, with energy and mining stocks leading broad-based losses, as investors globally fretted over China's economic outlook following rare protests in the country against its strict COVID-19 restrictions. The blue-chip FTSE 100 (.FTSE) shed 0.7%, following two weekly gains that lifted the index to its highest levels in more than two months. Energy stocks were the biggest drags in the FTSE 100, with oil majors BP (BP.L) and Shell (SHEL.L) down around 1.5% each. Commodity prices dipped on worries about demand from top consumer China where protests against strict COVID-19 restrictions flared up. "It's a very hard thing to price, even the markets are not used to seeing demonstrations in China," said Chris Beauchamp, chief market analyst at IG Group.

☆ India's Nifty 50 hits record high as oil firms jump
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis MascarenhasBENGALURU, Nov 28 (Reuters) - India's blue-chip Nifty 50 stock index hit a record high on Monday, hours after the benchmark Sensex also hit an all-time high, boosted by oil marketing companies as crude prices slid on demand concerns due to protests in China over COVID-19 curbs. The NSE Nifty 50 index (.NSEI) jumped 0.53% to an all-time high of 18,611.05, breaking a record it held since Oct. 19, 2021. Earlier in the day, the S&P BSE Sensex index (.BSESN) rose 0.61% to an all-time high of 62,674.49. Those concerns also caused a slide in oil prices as China is a top importer. The gains in Indian oil companies were led by Reliance Industries (RELI.NS), India's most valuable company, which surged 3.64%.

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