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[1/3] A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly/File PhotoSummaryCompanies U.S., European shares tick up as traders eye CPI, earningsChina inflation surprisingly weak in JuneDollar, oil prices declineJuly 10 (Reuters) - Wall Street stocks rose slightly on Monday, while oil prices and the dollar dipped, as investors digested Chinese economic data and looked ahead to a key U.S. inflation report and corporate earnings. "Stubbornly high U.S. CPI inflation data this week could bolster the recent bond yield surge as markets expect the Fed to hike rates." Currently futures imply around a 90% probability of a rise to 5.25%-5.5% this month, up 25 basis points. The yield on 10-year U.S. notes fell 4 basis points on Monday to 4.008%.

Persons: Andrew Kelly, Matthias Scheiber, Wells, Michael Barr, Brent, Lawrence Delevingne, Nell Mackenzie, Mark Heinrich, David Evans, Will Dunham, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, Dow Jones, Nasdaq, Allspring Global Investments, Citigroup, JPMorgan, Citi, PepsiCo, BlackRock Investment, U.S, Federal Reserve, Federal, Thomson Locations: New York City , New York, U.S, China, reflating, London, Europe, Wells Fargo, BlackRock, Saudi Arabia, Russia, Boston

Sweden and Finland applied for NATO membership last year, abandoning their policies of military non-alignment that had lasted through the decades of the Cold War in response to Russia's invasion of Ukraine. While Finland's NATO membership was green-lighted in April, Turkey and Hungary have yet to clear Sweden's bid. NATO Secretary-General Jens Stoltenberg, Turkish President Tayyip Erdogan and Swedish Prime Minister Ulf Kristersson react during a meeting, on the eve of a NATO summit, in Vilnius, Lithuania July 10, 2023. "This has been a good day for Sweden," Kristersson told reporters, saying the joint statement on Monday represented "a very big step" toward the final ratification of Sweden's membership of NATO. After Hungarian Prime Minister Viktor Orban's chief of staff said on Thursday that Budapest would now no longer block Sweden's NATO membership ratification, Turkish approval would remove the last hurdle for Swedish accession to NATO, applications for which must be approved by all members.

Persons: Tayyip Erdogan, Sweden's, Erdogan, Jens Stoltenberg, Ulf Kristersson, Yves Herman / Pool Erdogan, Kristersson, Monday, Stoltenberg, Viktor Orban's, Joe Biden, Niklas Pollard, Andrius, Anna Ringstrom, Johan Ahlander, Ezgi, John Irish, William Maclean, Rosalba O'Brien Organizations: NATO, Kurdistan Workers Party, EU, REUTERS, European Union, Finland's, Hungarian, Lockheed Martin Corp, Pawlak, Thomson Locations: VILNIUS, Ukraine, Sweden, Finland, Turkey, Hungary, Stockholm, Lithuanian, Vilnius, Swedish, Madrid, Ankara, United States, Lithuania, Turkey's, European, Budapest, Washington, Istanbul

☆ Asia shares edge higher, China disinflation a drag
▼ + stars: | 2023-07-10 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Chinese consumer price figures surprised on the soft side with inflation falling in June and essentially unchanged from a year before. The gains in China helped MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) firm 0.6%. Japan's Nikkei (.N225) eased 0.7% in the wake of a higher yen, while South Korea (.KS11) added 0.2%. Fed officials have been mostly hawkish in their communications, while markets have also priced in higher rates in Europe and the UK. Canada's central bank meets this week and markets imply a 67% chance of another hike.

Persons: Bonds, Yen, Goldman Sachs, Brent, Wayne Cole, Stephen Coates Organizations: Nikkei, SYDNEY, Alibaba, HK, Japan's Nikkei, South, Nasdaq, JPMorgan Chase, Citigroup, PepsiCo, Federal Reserve, Fed, Thomson Locations: U.S, China, Beijing, reflating, Hong, Asia, Pacific, Japan, South Korea, Wells Fargo, Europe, Saudi Arabia, Russia

July 10 (Reuters) - Constellation Brands' (STZ.N) Modelo Especial was the top-selling beer brand in the United States for a second consecutive month in June, after first dethroning Anheuser-Busch InBev's (ABI.BR) Bud Light in May. Modelo Especial was the top-selling beer brand for the four weeks ended July 1, with an 8.7% share of overall beer sales through retail stores for the period, while Bud Light came in second with a 7% share, according to consulting company Bump Williams, which sources data from NielsenIQ. Sales of Bud Light and Budweiser dropped 28% and 11.7%, respectively, from a year earlier, while Modelo Especial sales rose 8.5%. Azer added that consumers had quickly figured out AB InBev's other beer brands like Michelob Ultra and Natural Light, which are also seeing a fall in sales. Before the backlash, Natural Light was gaining due to cost-conscious consumers opting for cheaper six-packs.

Persons: Busch, Bud Light, influencer Dylan Mulvaney, Bump Williams, Michel Doukeris, Neil Reid, Cowen, Vivien Azer, Azer, Letitia James, Ananya Mariam Rajesh, Pooja Desai Organizations: Constellation Brands, Modelo Especial, Anheuser, U.S, University of Toledo, Budweiser, Target, New York, Starbucks, Thomson Locations: United States, NielsenIQ, U.S, Bengaluru

The government blames the higher prices of tomatoes on a lean production season when monsoon rains disrupt transport and distribution, but it comes after consumers have battled higher prices of items ranging from milk to spices in recent months. "Despite our best efforts, we are not able to get adequate quantities of tomatoes which pass our stringent quality checks," read notices posted in two McDonald's stores in New Delhi, the capital. The problem was seasonal and forced 10% to 15% of its stores to stop serving tomatoes temporarily, it said. McDonald's Delhi stores still offer sachets of tomato ketchup, however, and a nearby Subway restaurant said there were no issues serving tomatoes. "Tomato prices running high?

Persons: Price, Westlife, Vijay Sharma, Riddhima Talwani, Rajendra Jadhav, Praveen, Aditya Kalra Organizations: Connaught Plaza Restaurants, Subway, Tata, Thomson Locations: India, DELHI, MUMBAI, New Delhi, Connaught, India's, Delhi, Mumbai

NEW YORK, July 7 (Reuters) - Private equity firms Blackstone Inc (BX.N) and Veritas Capital Fund Management LLC are competing against large defense companies to acquire the aerospace business of Ball Corp (BALL.N), according to people familiar with the matter. The unit, which accounted for 13% of Ball's consolidated net sales in 2022, provides aerospace and national defense hardware, such as sensors and antennas. In June, Ball said it was considering options for its aerospace unit, after Reuters reported on the sale process. Blackstone owns Arka Group, an aerospace and defense technologies firm whose clients include the U.S. military, while Veritas owns companies including CAES Space Systems, which is a supplier of advanced electronic systems for aerospace and defense. Ball could incur a hefty tax bill of over $1 billion if the aerospace unit is sold for $5 billion or more, according to analysts at Jefferies.

Persons: Ball, Blackstone, David Carnevali, Mike Stone, Daniel Wallis Organizations: YORK, Blackstone Inc, Veritas Capital Fund Management, Ball Corp, BAE Systems, General Dynamics Corp, Textron Inc, Reuters, Blackstone, Veritas, Arka Group, U.S ., CAES, Systems, Bae Systems, Textron, General Dynamics, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Jefferies, Thomson Locations: New York, Washington

☆ Wall St Week Ahead As earnings loom, investors weigh recession resilience
▼ + stars: | 2023-07-07 | by ( David Randall | ) www.reuters.com time to read: +5 min

The financials sector is down 2%, while energy is nearly 9% lower. These unloved sectors are growing attractive to investors increasingly torn over whether a long-feared U.S. recession will ever materialize. Quincy Krosby, chief global strategist for LPL Financial noted a "tug of war" in the market over the likelihood of a recession. The healthcare sector trades at a forward price-to-earnings ratio of 17.6, well below the 20.1 ratio of the broad S&P 500. Yet a continued rally in megacaps will likely stretch their valuations further, prompting some investors to rotate toward healthcare and financials, LPL Financial's Krosby said.

Persons: Goldman Sachs, Quincy Krosby, Sameer Samana, Max Wasserman, Financials, Tom Ognar, Morgan Stanley, John Quealy, Financial's Krosby, David Randall, Megan Davies, Michelle Price, Richard Chang Organizations: YORK, Global, BofA, Commerce Department, LPL Financial, Reserve, Wells, Wells Fargo Investment Institute, FINANCIALS, Miramar Capital, Abbott Laboratories, Allspring Global Investments, LPL Financial Holdings Inc, Trillium Asset Management, Russell, Thomson Locations: U.S, BlackRock, Wells Fargo, megacaps

☆ Levi Strauss trims annual profit forecast on higher costs, slowing consumer spending
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Levi Strauss & Co (LEVI.N) cut its annual profit forecast on Thursday, in a sign that higher costs were weighing on the denim maker's margins at a time when its wholesale sales remained under pressure in North America. Annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. Industry peer American Eagle Outfitters (AEO.N) had also cut its full-year revenue forecast in May amid weak consumer spending environment. San Francisco-based Levi's has been grappling with higher costs, more promotions and supply chain snarls despite multiple price hikes on its products. Its quarterly revenue fell 9.1% to $1.34 billion, roughly in-line with analysts' expectations, according to Refinitiv data.

Persons: Levi Strauss, Granth, Shweta Agarwal Organizations: Dockers, Industry, Eagle Outfitters, Revenue, Target, Nordstrom, Thomson Locations: North America, United States, San Francisco, Europe, Americas, Bengaluru

☆ Pentagon has strategic germanium stockpile but no gallium reserves
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, July 6 (Reuters) - The Pentagon holds a strategic U.S. stockpile for germanium but currently has no inventory reserves for gallium, a spokesperson said on Thursday, after China announced export restrictions on the two metals used in semiconductors. "The (Defense) Department is proactively taking steps using Defense Production Act Title III authorities to increase domestic mining and processing of critical materials for the microelectronics and space supply chain, including gallium and germanium," the spokesperson said. Germanium is used in high-speed computer chips, plastics and military applications such as night-vision devices, as well as satellite imagery sensors. Gallium is used in radar and radio communication devices, satellites and LEDs. While major defense contractors like Lockheed Martin Corp (LMT.N) may not buy gallium and germanium directly, they likely purchase semiconductors from suppliers who source Chinese gallium and germanium, said Arun Seraphin, executive director for the National Defense Industrial Association’s Emerging Technologies Institute.

Persons: Arun Seraphin, ”, Dak Hardwick, Hardwick, Xi Jinping, Idrees Ali, Phil Stewart, Valerie Insinna, Rami Ayyub, Doina Chiacu, Mark Porter, Marguerita Choy Organizations: Pentagon, China, Defense, Department, Lockheed Martin Corp, National Defense Industrial, Emerging Technologies, Aerospace Industries Association, U.S, Shanghai Cooperation Organisation, Thomson Locations: U.S, China

☆ ByteDance launches new music streaming service in Brazil, Indonesia
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, July 6 (Reuters) - Chinese company ByteDance, which owns short-video company TikTok, on Thursday said it will launch a new music streaming service in Brazil and Indonesia, as it tries to become a player in that market. The initiative is a new attempt by ByteDance, as the company in a statement said it will stop its existing music streaming service Resso as of Sept. 5 in both countries. Media reports late last year said ByteDance was planning an expansion into more countries of its music streaming service, a market currently led by companies like Spotify (SPOT.N). TikTok Music will have three monthly plans in Brazil that will cost between 8.5 reais ($1.73) and 26.9 reais, data on its website showed, slightly below the service price Spotify offers. ($1 = 4.9218 reais)Reporting by Andre Romani; Writing by Carolina Pulice; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: ByteDance, Andre Romani, Carolina Pulice, Mark Porter Organizations: SAO PAULO, Media, Spotify, Thomson Locations: Brazil, Indonesia, India

☆ Threads has launched at an opportune time, but it'll be tough to outshine Twitter, analysts say
▼ + stars: | 2023-07-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Meta launched Threads social media platform — its answer to Twitter — on Wednesday. 10 million users signed up for Threads in the first seven hours of its launch, per CEO Mark Zuckerberg. Analysts say it could be tough for Threads to outshine Twitter's existing power user base. And even though Threads launching at an advantageous time, at least four Wall Street analysts say it could be challenging to outshine the incumbent. After all, it could be difficult to get Twitter users to move, Billy Duberstein, a portfolio manager at Stone Oak Capital, wrote on the Motley Fool website on Wednesday.

Persons: Meta, Mark Zuckerberg, Elon Musk, Daniel Newman, Newman, hough, witter, ost.News,, ike P roulx,, rove, ames, rian W ieser, Organizations: Twitter, Morning, Elon, Meta, Futurum, Wall Street, otley, NBC

☆ Mission Impossible: Paramount reckoning
▼ + stars: | 2023-07-05 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

NEW YORK, July 5 (Reuters Breakingviews) - Paramount Global’s (PARA.O) predicament is worthy of its successful “Mission: Impossible” franchise. Over the past year or so, Warren Buffett’s Berkshire Hathaway (BRKa.N) has bought and increased its stake in Paramount to about 15%. Without the funding, her closely held firm might have needed to pledge more of its Paramount stock against a loan. Streaming service Paramount+ is similar to Netflix, whose enterprise is worth 5 times next year’s estimated revenue. “Mission: Impossible Dead Reckoning Part One,” from Paramount Pictures, opens in movie theaters on July 12.

Persons: Shari Redstone, Looney, Walt Disney, Sumner, Warren Buffett’s Berkshire Hathaway, Goldman Sachs, Byron Trott, Rudolph Valentino, Mae West, Marx, Trustbusters, Martin Davis, Sumner Redstone, Simon, Schuster, Walt, Jeffrey Goldfarb, Sharon Lam, Streisand Neto Organizations: YORK, Reuters, Paramount, Warner Bros Discovery, AT, Netflix, Apple, Comcast, Electronic Arts, MSD Partners, Viacom, Audio Communications, CBS, Nickelodeon, MTV, Time Warner, Reuters Graphics Reuters, Tiffany Network, National Football League, Fox, Amazon, MGM, U.S, Penguin Random, Walt Disney, Amusements, Paramount Global, BDT Capital Partners, “, Paramount Pictures, Thomson Locations: U.S, Gulf, Western, NAI

☆ DirecTV removes Nexstar's programming after failing to reach distribution agreement
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 2 (Reuters) - DirecTV removed TV station owner Nexstar Media Group's (NXST.O) network and local community programming from its satellite, cable and streaming systems as they failed to reach a new distribution agreement, the companies said on Sunday. "Nexstar continues to manipulate loopholes to exceed the 39% national ownership cap, and has made public statements lauding its 68% reach across all U.S. TV households," DirecTV said. Both companies added that they are in discussions to return Nexstar programming to DirecTV and are hopeful for a quick resolution. The lawsuit sought an order blocking Nexstar from allegedly colluding with Mission Broadcasting Inc and White Knight Broadcasting Inc in fee negotiations with DirecTV. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishabh, Rashmi Organizations: DirecTV, Nexstar Media, Sunday, Nexstar, ABC, CBS, NBC, FOX, CW, AT, Irving, Mission Broadcasting Inc, White Knight Broadcasting Inc, Thomson Locations: U.S, Los Angeles, Chicago, Philadelphia, San Francisco, Denver, Texas, Bengaluru

☆ Exclusive: EV charging firms oppose Texas' 'premature' plan to mandate Tesla standard -letter
▼ + stars: | 2023-07-01 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

Reuters reported last week that Texas would require charging companies to include both Tesla's North American Charging Standard (NACS) as well as the nationally recognized rival Combined Charging Standard (CCS) technology to be eligible for a state program to electrify highways using federal dollars. Tesla, the dominant EV maker in the United States, has scored a string of victories for its charging technology in recent weeks, starting with Ford Motor (F.N) saying it would adopt NACS. General Motors (GM.N), Rivian Automotive (RIVN.O) and a raft of auto and charging companies did the same, on concerns of losing out on customers if they offer only CCS. But concerns remain about how smoothly the two charging standards would talk to each other and whether having both standards in the market would raise costs for vendors and customers. Charging companies have to re-work several aspects of NACS connectors, including extending the cable length and ensuring adequate temperature ranges, as well as get certifications for specific parts, the companies said in the letter.

Persons: Elon Musk's, FLO, Tesla, Abhirup Roy, Sayantani Ghosh, Leslie Adler Organizations: FRANCISCO, Reuters, Washington, SAE, ChargePoint Holdings, ABB, Texas Transportation Commission, The Texas Department of Transportation, ChargePoint, Affordable Clean Energy, Ford Motor, General Motors, Rivian Automotive, Tesla's, U.S . Department of Energy, Thomson Locations: Texas, United States, San Francisco

☆ Exclusive: EV charging firms oppose Texas' 'premature' plan to mandate Tesla standard, letter shows
▼ + stars: | 2023-06-30 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

☆ Spotify considering full-length music videos on app - Bloomberg News
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - Spotify Technology (SPOT.N) is mulling adding full-length music videos to its app, which could help the music streaming platform compete with TikTok and Alphabet Inc's (GOOGL.O) YouTube, Bloomberg News reported on Friday, citing people familiar with the matter. Spotify, which did not immediately respond to a Reuters request for comment, already allows artists to upload looping GIFs, which plays when a music track is playing. Spotify, which already has more than 100,000 podcasts with videos, has begun talks with partners about the product, the report said. It is looking to attract more Gen Z audiences away from YouTube and TikTok's short-form video platforms. YouTube already has a music streaming service dubbed YouTube Music, with music videos.

Persons: Akash Sriram, Maju Samuel Organizations: Spotify Technology, YouTube, Bloomberg, Spotify, Thomson Locations: Bengaluru

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

☆ Volkswagen in talks with Tesla to adopt its charging standard
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Volkswagen (VOWG_p.DE) is in talks with Tesla (TSLA.O) to adopt its North American Charging Standard (NACS), joining a slew of automakers and charging equipment makers that are choosing the technology. "Volkswagen Group and its brands are currently evaluating the implementation of the Tesla North American Charging Standard (NACS) for its North American customers," the German automaker said. Electrify America, its EV charging network unit, has more than more than 850 charging stations with about 4,000 chargers in the United States and Canada. Tesla, meanwhile, has expanded beyond its connectors to include CCS at some of its U.S. charging stations as the Biden administration seeks to provide billions in subsidies to expand charging networks. The EV maker's Superchargers account for about 60% of the total number of fast chargers in the United States, according to the U.S. Department of Energy.

Persons: Tesla, Biden, Polestar, Akash Sriram, Nathan Gomes, Shinjini Ganguli, Arun Koyyur Organizations: Ford, General Motors, Volkswagen Group, Tesla, North, EV, Volkswagen, CCS, maker's, U.S . Department of Energy, Thomson Locations: America, United States, Canada, Swedish, Bengaluru

☆ US bank stocks rise as lenders sail through Fed's stress test
▼ + stars: | 2023-06-29 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +4 min

This year's test, which was devised before the latest banking crisis, checked if banks would stay above the minimum 4.5% capital ratio during economic stress and macroeconomic instability. Banks will disclose their new stress capital buffer in the coming days and Well Fargo expects a reduction in the capital requirements for JP Morgan, BofA and Goldman. Goldman Sachs analysts said market focus will likely return quickly to potential increases to stress capital buffer and tougher regulations against the backdrop of Basel III revision. Citigroup (C.N) rose 0.7%, but trailed its peers as analysts said higher stress capital buffer would hamper its efforts to boost profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Banks, JP Morgan, BofA, Goldman, Wells, J.P, Morgan, It's, Brian Jacobsen, Manya Saini, Niket Nishant, Chuck Mikolajczak, Arun Koyyur Organizations: Big, JPMorgan Chase, Bank of America, Fargo, JP, Reuters Graphics Reuters, Wall Street, Jefferies, Citizens, Citigroup, Citi, Bank of New York Mellon, US Bancorp, RBC Capital Markets, Wealth Management, Reuters, Banks, Thomson Locations: Wells Fargo, Basel, U.S, Menomonee Falls , Wisconsin, Bengaluru

☆ Apple seeks to fend off EU antitrust charge triggered by Spotify at hearing
▼ + stars: | 2023-06-29 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, June 29 (Reuters) - Apple (AAPL.O) will on Friday seek to fend off a revised EU antitrust charge and possible hefty fine linked to claims it prevents music streaming companies such as Spotify (SPOT.N) from informing users of other buying options outside its App Store. EU antitrust enforcers earlier this year boosted their case against the company's so-called anti-steering obligations, but dropped an earlier charge against Apple's requirement that developers use its in-app payment system. The Commission said the anti-steering obligations breach EU rules against unfair trading conditions, a relatively novel legal argument in an antitrust case. Apple has said there is no merit in the case triggered by a Spotify complaint in 2019, pointing to the Swedish music streaming service's dominant market share in Europe, where Apple Music trails in third or fourth place in most EU countries. Spotify, which will also attend the hearing, urged a speedy decision from the Commission.

Persons: Apple, Foo Yun Chee, Jan Harvey Organizations: Spotify, European Commission, Apple, Netflix, Commission, EU, Thomson Locations: BRUSSELS, EU, Brussels, Europe

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ Fidelity spot bitcoin ETF application refiled with U.S. SEC
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - Asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund, according to a filing by listing exchange Cboe Global Markets (CBOE.Z) with the U.S. Securities and Exchange Commission. Fidelity is one of several big asset managers that have applied to list bitcoin ETFs recent weeks. The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021, and raising hopes that a spot bitcoin ETF would soon be approved. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: VanEck, Bitcoin, Niket, John McCrank, Shinjini Ganguli, Shweta Agarwal, Daniel Wallis Organizations: Fidelity, U.S . Securities, Exchange Commission, BlackRock, Nasdaq, NYSE Arca, Intercontinental Exchange Inc, Coinbase, SEC, Thomson Locations: Bengaluru, New York

☆ Analysis: Canada pressured by allies to up military spending
▼ + stars: | 2023-06-29 | by ( Steve Scherer | ) www.reuters.com time to read: +6 min

The 2022 average spending for all of NATO was 2.58% of GDP. "We say nice things but do not invest," said the former defense official, and allies now say: "Show us the money." And you don’t get elected in Canada by promising to increase defense spending." The move is allies telling Canada: "We don't want to hear the words anymore. David Perry, President of the Canadian Global Affairs Institute, also said it was time for Canada to step up.

Persons: Justin Trudeau, Jens Stoltenberg, Adam Scotti, I'd, Daniel Minden, Anita Anand, Roland Paris, Trudeau, don’t, Christyn, David Perry, Steve Scherer, Denny Thomas, Grant McCool Organizations: Canada's, NATO, Canadian Forces CF, Minister's, REUTERS, Canada, OTTAWA, Canadian, Atlantic Treaty Organization, Forces, University of Ottawa, Trudeau's Liberal, Lockheed Martin Corp, North American Aerospace Defense Command, NORAD, Washington Post, HIGH, Canadian Association of Defence, Security Industries, Canadian Global Affairs Institute, Thomson Locations: CFB Cold Lake, Cold Lake , Alberta, Canada, China, Russia, Ukraine, NATO, Lithuania, Pacific, Australia

☆ Factbox: Big banks stand strong against Fed's commercial real estate gloom
▼ + stars: | 2023-06-28 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WASHINGTON, June 28 (Reuters) - Big U.S. banks' commercial real estate portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly on last year, the central bank said on Wednesday. With risks growing in the commercial real estate (CRE) sector globally, analysts and investors were looking to the Fed's "stress tests" for more insight on how exposed the country's lenders are to falling real estate prices. Commercial real estate (CRE), especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The Fed's annual bank "stress tests" established following the 2007-2009 financial crisis probe how lenders would fare against an extreme scenario: a 40% decline in commercial real estate values. The average projected CRE loan loss rate across the group was 8.8% of average loan balances, compared with 9.8% last year, the Fed said.

Persons: Goldman Sachs, Morgan Stanley, Charles Schwab, Michelle Price, Pete Schroeder, Stephen Coates Organizations: Federal, Moody's Investors Service, Bank of America Corporation, of New York Mellon Corporation, Barclays US, BMO Financial Corp, Financial Corporation, Charles, Charles Schwab Corporation, Citigroup Inc, Financial Group, Inc, Suisse Holdings, DB USA Corporation, Goldman, Goldman Sachs Group, JPMorgan Chase & Co, T Bank Corporation, Northern Trust Corporation, PNC Financial Services Group, RBC US Group Holdings, Street Corporation, US Holdings, Truist Financial Corporation, UBS, Holding, . Bancorp, & Company, Thomson Locations: Big U.S

☆ Factbox: Financial firms line up spot bitcoin exchange-traded fund applications
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

Stock picker Cathy Wood's Ark Invest and Swiss-based exchange-traded fund (ETF) issuer 21Shares on Wednesday amended their bitcoin ETF application, while asset manager Fidelity is also expected to file a spot bitcoin ETF application, trade publication The Block reported on Tuesday. The U.S. Securities and Exchange Commission (SEC) has rejected dozens of applications for spot bitcoin ETFs, saying the proposals have not met anti-fraud and investor protection standards. These are the major firms with live SEC applications:BLACKROCK(BLK.N) - The world's biggest asset manager filed for a bitcoin ETF on June 15. INVESCO(IVZ.N) AND GALAXY DIGITAL - Invesco reactivated its September 2021 application to launch the Invesco Galaxy Bitcoin ETF on Cboe's BZX exchange. VANECK - VanEck refiled on June 22 to for approval to launch the VanEck Bitcoin Trust on Cboe's BZX exchange.

Persons: Cathy, 21Shares, BlackRock's, BNY, Cboe BZX, WisdomTree, refiled, John McCrank, Michelle Price, Daniel Wallis Organizations: U.S, Invest, Fidelity, U.S . Securities, Exchange Commission, SEC, BLACKROCK, Nasdaq, BNY Mellon, Ark, 21Shares, Company, U.S . Bank, National Association, Invesco, Galaxy, NYSE Arca, Valkyrie, Thomson Locations: BlackRock, Swiss

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