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Estimates that 80-90% of Russian oil will continue to flow outside the cap mechanism are not unreasonable, a U.S. Treasury official told Reuters. "Oil traders dealing in Russian oil are no longer in Switzerland, Geneva or London. P&I services heeding EU law insure 95% of the world's shipborne oil trade, meaning the EU move could have halted most of Russia's exports. Insurance and shipping industry figures still saw themselves at risk of sanctions which could upend the trade even in the G7 price cap workaround. The EU ratified the price cap this month but details on implementing it remain forthcoming.

☆ From Elon Musk's 'super bad feeling' to Jamie Dimon's warnings of an economic 'hurricane,' CEOs are shouting that 2023 is going to suck. Here's what 10 are predicting.
▼ + stars: | 2022-10-21 | by ( Hannah Towey | Jason Lalljee | ) www.businessinsider.com time to read: +8 min

91% of US CEOs anticipate there will be recession in the next 12 months, according to a KPMG survey. The Fed will further raise interest rates to combat inflation, which will increase costs for businesses. Those interest rates also mean that credit card and loan debt will get more expensive. Musk told investors in October that "North America is in pretty good health," but pushed back on the Fed's decision to keep raising interest rates. Citadel CEO Ken Griffin"Everybody likes to forecast recessions, and there will be one," Citadel's billionaire CEO told CNBC in late September, noting that he thinks inflation has peaked.

☆ There's still a bull case for the stock market even as inflation runs hot and rates rise
▼ + stars: | 2022-10-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +5 min

Today we're also looking at one firm's view that there's still a bull case to be made for stocks, but its sitting on increasingly shaky ground. The upside case for stocks rests largely on two things: inflation and rates. DataTrek Research co-founder Nicholas Colas told clients this week that investors could propel stocks up heading into 2023. "TIPS and Fed Funds Futures prices do currently support the idea that in six months inflation will be dropping and Fed policy will be moving into neutral," Colas said. Individual investors have reduced net purchases of stocks in recent days following the September inflation shock.

In Spain, six vessels were frozen following sanctions imposed after Russia's invasion of Ukraine in February. The "majority" of the owners are paying their maintenance, crew, docking and insurance fees, a source with knowledge of the matter said. In March, Spain's Prime Minister Pedro Sanchez vowed, when announcing the freezing of one yacht in Spain, to hit Putin's allies "decisively" and "hard". read more read moreProposals by the United States and European Union to sell seized Russian assets and give the proceeds to Ukraine have stalled. In France, five yachts have been frozen.

Its ultra-loose stance has accelerated Japanese investment flows abroad, helping to turn the yen's slump into one of historic proportions. Its net international investment position, the difference between the stock of assets it holds overseas and stock of Japanese assets held by foreigners, was $3.29 trillion at the end of June. International Monetary Fund figures show that of Japan's $9.96 trillion assets overseas, around $3.7 trillion is in equity-related investments, and some $5.7 trillion in debt instruments, including official reserves. Deutsche Bank strategist Alan Ruskin says a YCC change could have spillover effects that could last for a few weeks. Meanwhile, Japanese retail foreign currency deposits at domestic banks rose to 26.58 trillion yen ($182 billion) at the end of August, up 8.3% since the start of the year.

☆ Oil prices rise on supply woes
▼ + stars: | 2022-10-19 | by ( Isabel Kua | ) www.reuters.com time to read: +4 min

read moreThe OPEC+ production cut, which comes ahead of a European Union embargo on Russian oil, will squeeze supply in an already tight market. The European Union's sanctions on Russian crude and oil products will take effect in December and February, respectively. To plug the gap, the Biden administration is planning to release more oil from the SPR to dampen fuel prices before next month's congressional elections. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the remainder of the 180 million barrels release announced earlier this year, a senior U.S. official said. In Europe, EU's emergency oil stocks, including crude oil and petroleum products, recovered slightly in July after two coordinated releases drained the levels to a record low in June, but were still 3.7% lower than in July 2021, the bloc's statistic office said on Tuesday.

☆ European game is not sustainable, says Super League backer
▼ + stars: | 2022-10-19 | by ( Alexander Hübner | ) www.reuters.com time to read: +2 min

MUNICH, Oct 19 (Reuters) - Bernd Reichart, CEO of the company backing a proposed Super League, said on Wednesday that European football is losing its leading role in world sport and that clubs are not maximising their potential under the current system. Real Madrid, Barcelona and Juventus were amongst 12 clubs to announce a breakaway Super League in April 2021 but after a hostile reaction from across the game and from fans and governments alike the move promptly collapsed. One aspect of the initial Super League proposition which angered fans was that it was a closed competition for Europe's elite clubs, but Reichart said that was no longer the case. U.S. investment bank JP Morgan had been set to finance the Super League in 2021 but Reichart said it will now be "starting from scratch". Reichart has also written to UEFA President Aleksander Ceferin seeking a meeting to discuss issues related to the Super League, according to a letter obtained by Reuters.

☆ Sartorius shares drop as it tempers 2022 revenue ambitions
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

"We are specifying our full-year outlook for 2022 within the range projected so far, but the global political and economic uncertainties remain high," said Chief Executive Joachim Kreuzburg. Orders were below expectations, analysts at JP Morgan said, adding that was "unlikely to reduce lingering concerns over the outlook for 2023". Analysts on average expect 4.7 billion euros in sales next year, a year-on-year gain of about 12%, according to Refinitiv data. Sartorius has projected roughly 10% annual sales growth through 2025, or about 14% when excluding the expected drop in business related to the coronavirus as drugmakers embrace new high-tech methods such as mRNA, cell therapies and more complex therapeutic proteins. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 21.4% to 1.05 billion euros in the first nine months, broadly in line with market expectations.

This has hurt tech platforms that earn the bulk of revenue by selling digital ads and has led to cost-cutting to preserve profitability. On Thursday, Snap is expected to report 6% growth in revenue to $1.13 billion, according to IBES data from Refinitiv. This would represent the slowest-ever quarterly revenue growth for Snap as a public company. Wall Street is expecting Alphabet to report the highest growth of the Big Tech companies with an increase of 7.5% in ad revenue compared with last year. Snap and Meta have become more known for so-called performance ads, which are used to drive sales or website visits.

This year there's an added twist: the Swiss franc basis has blown out to levels not seen for years. Register now for FREE unlimited access to Reuters.com RegisterThis seems unusual because the Swiss franc is considered one of the safest, strongest and most stable assets. Even though Swiss franc cross-currency basis does move in times of market stress, it usually does so less than its peers. The Swiss franc basis stands out - it is notably wider than the others, and significantly wider than it usually is. Goldman Sachs' Swiss financial conditions index rose to an 11-year high above 107 bps late last month, up more than 300 bps so far this year.

☆ The pound slides after soaring food prices drive UK inflation back to a 40-year high of 10.1%
▼ + stars: | 2022-10-19 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

The British pound fell below $1.13 Wednesday after UK inflation hit 10.1% in September. Soaring food and housing costs helped drive inflation back to the 40-year high hit in July. The biggest rise in food prices since 1980 helped push the inflation rate back into double digits, the ONS said. "The uptick in food prices will be of particular concern," he added. Signs of prices rising beyond core areas is a warning sign for the likelihood of an economic slowdown.

Oct 18 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeeverWhisper it, but the rebound underway on Wall Street - which is lifting markets and risk appetite everywhere - may have legs. This should put Asian markets on a positive footing on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterU.S. earnings are rolling in nicely, with some notable beats like Bank of America and Goldman Sachs. The issues that crushed markets this year - rapid tightening of policy and financial conditions, growth fears, sticky inflation and messy fiscal policy - haven't gone away. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Here's how generative-AI startup Jasper raised $125 million in Series A funding from Insight Partners and became a unicorn
▼ + stars: | 2022-10-18 | by ( Stephanie Palazzolo | Emilia David | ) www.businessinsider.com time to read: +3 min

Jasper uses artificial intelligence to create content from marketing copy and blog posts to images. The Texas startup has raised $125 million in Series A funding, led by Insight Partners. The startup runs on GPT-3, an AI model from its fellow generative-AI company OpenAI. For instance, in addition to online blog posts and marketing content, Jasper can feed user-generated content back into the model to refine its output over time. The startup also trains its model on content that users "favorite" or copy onto clipboards to improve quality.

☆ Jeffrey Katzenberg's WndrCo is betting big on cybersecurity tech and consumer VPNs as 'concerns around privacy have exploded'
▼ + stars: | 2022-10-18 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

Jeffrey Katzenberg and his WndrCo partner Sujay Jaswa are betting big on VPNs and other cybersecurity tech. WndrCo has $1.7 billion in net asset value and is looking for companies that can change the world. The company has acquired or invested in VPNs including Super Unlimited, a top app on Apple's App Store. Like everyone else in the global workforce, Jeffrey Katzenberg and Sujay Jaswa, his investing partner at venture firm WndrCo, use Zoom to connect. WndrCo made several other VPN acquisitions, ultimately merging them into a single cybersecurity venture called Aura, in which WndrCo is a significant stakeholder.

☆ Handicapping whether the stock market is at a turning point after Thursday's upside reversal
▼ + stars: | 2022-10-15 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

We can at least run through what we know about this market and how market cycles tend to unfold more generally. Fewer individual S & P 500 stocks made a new 52-week low than in mid-June even as the index itself undercut the June low, a modest positive glimmer. The prior extreme lows on this chart were near noteworthy market lows, if not always right at them. The Stock Trader's Almanac notes that of the 23 S & P 500 bear markets since World War II, seven ended in October. The S & P 500 has failed in four tries of since late August even to get above the short-term 20-day moving average, most recently on Friday.

☆ October's wild trading could give way to a new stock rally, as earnings roll out in the week ahead
▼ + stars: | 2022-10-14 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.

☆ Kroger and Albertsons are reportedly in talks over a proposed merger that would swell the combined chain to a footprint of 5,000 stores
▼ + stars: | 2022-10-13 | by ( Áine Cain | ) www.businessinsider.com time to read: +2 min

Kroger and Albertsons are engaged in talks around a potential merger, Bloomberg reported. A merger would boost the joint chain to a store footprint of over 5,000 locations. Albertsons' latest annual SEC filing listed 2,276 stores as of February 26, 2022, under a total of 24 different banners. The merger alone would not make the combined chain the largest in the United States, however. The company's total retail units around the globe comes out to 10,593, as of January 31, 2022.

☆ Analysis: Weak forint rains on Hungary's 'no more hikes' parade
▼ + stars: | 2022-10-12 | by ( Krisztina Than | ) www.reuters.com time to read: +5 min

A board at a currency exchange office displays the Euro to Hungarian Forint exchange rate, in Budapest, Hungary, October 12, 2022. From October 1, the central bank raised banks' required reserve ratio, launched a new deposit tool and discount bond auctions. JP Morgan however, doubted it would help the forint much without further outright rate hikes. "Of course we are trying to contribute to a stable currency with disciplined fiscal policy," he added. "Our tools are limited, this is the world of monetary policy, it is there where the central bank needs to take appropriate measures if it wants to do so."

☆ Jeffrey Katzenberg is done with media after 'riding that Quibi rocket ship into the ground.' Here's why he's betting on cybersecurity and VPNs.
▼ + stars: | 2022-10-12 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +13 min

Katzenberg, a co-founder of DreamWorks and former chairman of Walt Disney Studios, founded another high-profile media venture, Quibi, in 2018. Jeffrey Katzenberg: Our areas of focus when we started were software as a service, best-in-class digital technology, and consumer technology. And then we recognized that digital media wasn't actually going to be successful for us, or frankly for anybody else. What's your outlook at the moment for traditional media companies, big tech, and streaming? What's the right sequencing, what's the right windowing, where's the greatest value creation coming for all parties involved — that's the testing that's going on.

☆ Beaten up bank stocks are entering third-quarter earnings in miserable shape
▼ + stars: | 2022-10-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

Bank stocks are entering earnings season near the lows. JPMorgan Chase and Citigroup kick off the group's earnings season on Friday. So is KeyCorp, Bank of America, Comerica and PNC. Banks haven't entered earnings season in this bad a shape since the early days of covid. JP Morgan 8.1 Citigroup 6.0 KeyCorp 6.7 USBancorp 7.8 PNC 9.1 The SPDR Bank ETF (KBE), a basket of the largest bank stocks, routinely traded for a forward multiple between 12 and 14 for many years.

☆ Jamie Dimon says Musk should 'clean up Twitter,' echoes Tesla CEO's bot concerns
▼ + stars: | 2022-10-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Brian Snyder | ReutersJamie Dimon appears to be a fan of Elon Musk's $44 billion Twitter takeover. "I hope Musk cleans up Twitter," the JPMorgan CEO told CNBC's Julianna Tatelbaum, adding he thinks Musk should look into eliminating anonymous accounts from the site. Musk has made no secret of his concerns with fake accounts on Twitter. In November 2021, JPMorgan sued Tesla for $162.2 million for allegedly breaching a 2014 contract relating to stock warrants that Tesla sold to the bank. watch nowThe suit was the subject of a report by the Wall Street Journal that said Musk and Dimon have never gotten along.

☆ US stocks trade mixed as investors struggle to regain momentum ahead of earnings deluge and inflation data
▼ + stars: | 2022-10-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks ended mixed Tuesday ahead of a slew of corporate earnings and key inflation data. The S&P 500 notched its fifth straight loss and the Nasdaq dropped more than 1%. Stocks could see another 5% sell-off Thursday if September inflation clocks in above 8.3%, JP Morgan warned. The S&P 500 saw its fifth-day of straight losses. Thursday's inflation report will be a key moment for US stocks, JPMorgan said Tuesday in a note.

☆ JP Morgan boss Jamie Dimon says the US is the 'swing producer' of oil, not Saudi Arabia, and urges it to pump more oil days after the OPEC announced a production cut
▼ + stars: | 2022-10-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon says the US should pump more oil, amid the global energy crisis. "Obviously, America needs to play a real leadership role — America is the swing producer, not Saudi Arabia," Dimon told CNBC in an interview on Monday. Energy prices have gained sharply after Russia invaded Ukraine in February as Russia is a major exporter of oil and gas. Dimon's comments came days after OPEC and its allies agreed to slash oil output, in response to a weaker global economy. Dimon told CNBC there's now a longer-term problem of the world not producing enough oil and gas, in order to reduce the use of coal and transition to renewable energy.

☆ JPMorgan says it is not seeing any impact from alleged hack
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - JPMorgan Chase & Co (JPM.N) said on Tuesday it was aware of reports that a hacker group had blocked the bank's network infrastructure but the company has not seen any impact on its operations yet, according to a spokesperson for the bank. "We continue to closely monitor activity," the spokesperson said. According to media reports, Russian hacker group Killnet said it was "blocking the entire network infrastructure of the largest bank of America JP Morgan". Earlier this year, the group had also claimed responsibility for cyber attacks on Lithuania and on websites of several Italian institutions. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in Bengaluru and Lananh Nguyen in New York; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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