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☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

☆ Rupee to recover on pullback in US yields after jobs data
▼ + stars: | 2023-08-07 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 7 (Reuters) - The Indian rupee is expected to recover on Monday on the back of a pullback in U.S. yields and the decline in the dollar after the U.S. economy added fewer jobs than was forecast. We now move on to the U.S. inflation data and the RBI (Reserve Bank of India)." The 2-year U.S. yield declined while the already low odds of Federal Reserve rate hike in September dropped further. The unemployment rate dropped and wage growth surprised on the upside, suggesting that the U.S. labour market remained resilient. Meanwhile, U.S. consumer inflation data and the RBI policy decision are due Thursday.

Persons: payrolls, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S ., Reserve Bank of India, Federal, Federal Reserve, ING Bank, Brent, Thomson Locations: MUMBAI, U.S

☆ Capita flags up to $32 mln costs related to cyber incident
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

Capita's logo is pictured on a smartphone in front of an electronic display showing the same logo in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/IllustrationAug 4 (Reuters) - Capita (CPI.L) said on Friday it expected net exceptional costs of up to 20-25 million pounds ($32 million) related to the cyber incident which rocked the British outsourcing firm in March. The company confirmed that some data was "exfiltrated" following the cyber incident and said its probe was close to completion. "There was minimal operational impact to the majority ofour clients and their customers during the incident," Capita said in a statement. ($1 = 0.7862 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Capita, Aby Jose Koilparambil, Rashmi Aich, Dhanya Ann Thoppil Organizations: REUTERS, Capita, Thomson Locations: Bengaluru

☆ Hero MotoCorp raises new Harley-Davidson prices in India
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

A Harley Davidson X440 bike is displayed in this handout image obtained by Reuters on July 18, 2023. Hero MotorCorp/Handout via REUTERS/File PhotoBENGALURU, Aug 2 (Reuters) - Two-wheeler maker Hero MotoCorp (HROM.NS) on Wednesday raised prices of the new Indian Harley-Davidson motorcycle by 10,500 rupees ($127.45) days after the Harley chief executive said pre-orders of the new model exceeded the company's expectations. The Harley-Davidson X440 will be priced at 239,500 rupees ($2,905.06) and above, with the hike applicable for all its variants, Hero said in a statement. Triumph had crossed more than 14,000 in bookings last month, while Hero or Harley did not disclose their booking numbers. Hero shares were down as much as 2.6% in morning trade on Wednesday, while the U.S.-listed Harley-Davidson (HOG.N) shares closed 0.2% lower on Tuesday.

Persons: Harley Davidson, Hero MotorCorp, MotoCorp, Davidson, Harley, Hero, We've, Jochen Zeitz, Kashish Tandon, Dhanya Ann Thoppil Organizations: Reuters, REUTERS, Harley, Hero, British, Triumph, Bajaj Auto, Thomson Locations: Handout, BENGALURU, India, U.S, Bengaluru

☆ Citigroup lifts S&P 500's year-end target to 4,600
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Citigroup raised its year-end target for the S&P 500 by 15% as it now sees a higher probability of a soft landing for the U.S. economy, as well as, an earnings upside. The bank sees the S&P 500 (.SPX) ending 2023 at 4,600 points, a 0.4% uptick from Friday's closing of 4,582.23. Citi pushed out its probability of a U.S. recession to the first half of 2024 from the last quarter of this year. The new S&P 500 projections better reflect that, the bank's strategists said. The Wall Street bank now projects earnings of $220 per share in 2023 for companies on the S&P 500, up from the $215 projected earlier.

Persons: Susan Mathew, Dhanya Ann Thoppil Organizations: Citigroup, Citi, Thomson Locations: U.S, Bengaluru

☆ Reliance Retail to launch $200-laptop to replicate phone success
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 31 (Reuters) - India's Reliance Retail will launch a $200 laptop next month as the Mukesh Ambani-owned retailer looks to repeat the success of its low-cost cell phone. The 4G-enabled laptop, called JioBook, is priced at 16,499 rupees ($200.63) and will be available for purchase through the company-run retail outlets and online platform Reliance Digital from Aug. 5. Last October, Reuters had reported citing sources that JioBook will be produced locally by contract manufacturer Flex. Its wireless venture Jio Infocomm upended the Indian mobile market with cheap internet plans in 2016. ($1 = 82.2350 Indian rupees)Reporting by Hritam Mukherjee in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Mukesh Ambani, Infocomm, Hritam Mukherjee, Dhanya Ann Thoppil Organizations: Reliance, Reuters, Flex, Thomson Locations: BENGALURU, Bengaluru

SummaryCompanies Top private banks report attrition rates of 35-50%Highest turnover seen in sales staffBrisk growth in retail lending leading to attritionMUMBAI, July 27 (Reuters) - India's private lenders are contending with soaring attrition amid strong demand for loans and the rush to capture a larger share of the crowded market. HDFC Bank, India's largest private lender, saw its employee turnover rate over the last year rise to 34%, while Axis Bank was at nearly 35%. Kotak Mahindra Bank's attrition surged to about 50%, with smaller peer Yes Bank in toe at 43%. The bank is working towards controlling it and would "not like to see an overall attrition of more than 25-30%," he said. Kotak Mahindra Bank, which has seen the sharpest jump in attrition, saw the worst churn at junior levels, it said.

Persons: Kotak, Amitabh Chaudhry, Chaudhry, Rituparna Chakraborty, Prashant Kumar, Teamlease's Chakraborty, Shanti Ekambaram, Ekambaram, Jain, Ira Dugal, Siddhi Nayak, Dhanya Ann Thoppil Organizations: HDFC Bank, Axis, Kotak Mahindra, Teamlease Services, Reuters, Kotak Mahindra Bank, Thomson Locations: MUMBAI, India's, Siddhi

BENGALURU, July 26 (Reuters) - Indian shares advanced on Wednesday, boosted by gains in index heavyweights Reliance Industries, Larsen & Toubro (L&T) and Tata Motors, ahead of the U.S. Federal Reserve's monetary policy decision. Automaker Tata Motors (TAMO.NS) jumped as much as 4.06% to a record high after reporting a better-than-expected profit in the June quarter and a capital restructuring plan. Index heavyweight L&T (LART.NS) climbed 3.71% to a record high on strong first-quarter results and approval of a share buyback plan. L&T and Tata Motors were the top Nifty 50 gainers. In contrast to Indian equities, Asian peers were subdued ahead of the Fed policy decision, due at 11:30 p.m. IST.

Persons: Toubro, Anita Gandhi, Rahul Sharma, Bharath Rajeswaran, Dhanya Ann Thoppil, Eileen Soreng Organizations: Reliance Industries, Larsen, Tata Motors, U.S, U.S . Federal, BSE, Arihant, Thomson Locations: BENGALURU, U.S ., Qatar, Bengaluru

☆ India's Samvardhana Motherson buys Germany's Dr. Schneider for $132 mln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 24 (Reuters) - Indian auto parts maker Samvardhana Motherson International (SMIL) (SAMD.NS) said on Monday it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million). Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting. The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process. Dr. Schneider Group employs 4,500 people in seven facilities across Germany, Spain, Poland, the U.S., and China, SMIL said. The acquisition adds to SMIL's repertoire of big-ticket purchases to increase its presence in the auto parts manufacturing sector.

Persons: Samvardhana, Dr, Schneider, Samvardhana Motherson, SMIL, Vivek Chaand Sehgal, Varun, Dhanya Ann Thoppil Organizations: Schneider, Schneider Group, Honda Motor, Yachiyo, Sethuraman, Varun Vyas, Thomson Locations: BENGALURU, Germany, Spain, Poland, U.S, China, Japan, Bengaluru

☆ Sorrell's ad group S4 lowers outlook over wary tech clients
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

SummaryCompanies Co slashes FY revenue growth outlook to 2%-4%Says content business has been difficultShares down 20%July 24 (Reuters) - Martin Sorrell's S4 Capital (SFOR.L) cut its forecasts for annual revenue growth and core profit margin on Monday as tech clients dialled back marketing spend, sending the advertising group's shares down 20%. Last week, U.S.-based peers Interpublic (IPG.N) and Omnicom (OMC.N) also announced weak results that underscored the growing pressures on ad agencies. S4, founded by Sorrell after he left WPP (WPP.L), the world's largest ad group, said it now expects full-year like-for-like net revenue growth of between 2% and 4%, compared with an earlier forecast of 6%-10%. It expects an operational core profit margin of between 14.5% and 15.5%, down from 15%-16% forecast previously. In the first-half trading update, the company said revenue growth is expected to be about 5%, adding that performance in its content business has been more difficult.

Persons: Martin, Interpublic, Sorrell, Aby Jose Koilparambil, Eva Mathews, Dhanya Ann Thoppil, David Holmes Organizations: WPP, Thomson Locations: Bengaluru

"Is there going to be a challenge to Royal Enfield? It sold fewer than 30,000 motorcycles - less than the number of bikes Royal Enfield sells each month. Triumph said it has received orders for over 14,000 Speed 400 bikes, exceeding its total India sales of the past decade. Still, the frenzy over the new models is reflected in the surge in Google searches about Harley-Davidson and Triumph in India. Improved financing options is also encouraging lower-income buyers to consider premium bikes, said HDFC Securities analyst Aniket Mhatre.

Persons: Davidson, Rishi Vora, brokerages, Harley, Kotak, Royal Enfield's, Eicher, Royal, Shubhabrata Marmar, Enfield, Varun Painter, MotoCorp, Sathish Rao, Aniket Mhatre, Priyanka Kochhar, Indranil Sarkar, Aby Jose Koilparambil, Nandan Mandayam, Saumya Singh, Navamya Ganesh Acharya, Varun, Dhanya Skariachan, Euan Rocha, Christopher Cushing Organizations: Reuters, Bajaj Auto Ltd, Handout, REUTERS, Royal Enfield, Securities, Harley, Royal, Eicher Motors, Reuters Graphics Reuters, ROYAL, Enfield, Mahindra, Mahindra's, TVS, Bajaj Auto, Bajaj, Triumph, HDFC Securities, Thomson Locations: REUTERS BENGALURU, India, Royal Enfield, Bengaluru

☆ Royal Mail's owner picks international parcels boss as group CEO
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Royal Mail's parent group International Distributions Services (IDS) (IDSI.L) appointed Martin Seidenberg, CEO of the group's international parcels network, as its new group CEO on Thursday. Seidenberg will be tasked with mending relationships with labour union CWU and driving the group and the loss-making UK business back to profitability. He will be appointing CEOs for the two units - its UK business Royal Mail and GLS - in due course, the company said. Seidenberg said Royal Mail has "plenty of opportunity ahead" given its brand and scale. Simon Thompson, the current CEO of Royal Mail announced his resignation earlier this year after months of labour strife.

Persons: Martin Seidenberg, Seidenberg, Simon Thompson, GLS, Yadarisa, Dhanya Ann Thoppil, Janane Venkatraman, Sonali Paul Organizations: International, Services, GLS, IDS, Royal Mail, Deutsche Post DHL, Royal, Thomson Locations: Bengaluru

Getting more cars on the road would help Tesla maintain its dominant U.S. market share in "turbulent times" and give it access to precious usage data needed to train the artificial intelligence models behind its self-driving technology. The billionaire believes full self-driving (FSD) could one day account for most of Tesla's value and give it a cushion rivals lack as they try to turn their EV operations profitable. "They're not an AI play the way Microsoft or Nvidia is an AI play," said Thomas Martin, senior portfolio manager at Tesla shareholder Globalt Investments. "They're more of an AI play the way a regular business is an AI play, except that this race to full self-driving has always been an AI issue, and it's always been based on data. Wells Fargo analysts said FSD's adoption could be impeded by its price, which Musk said was low.

Persons: Elon, Musk, Tesla, Gene Munster, Lucy Nicholson, John Tomlinson, Thomas Martin, it's, Wells, Peter Henderson, Aditya Soni, Akash Sriram, Dhanya Ann Thoppil Organizations: Tesla, Deepwater Asset Management, REUTERS, Global, Research, Beta, Microsoft, Nvidia, Globalt Investments, Dojo, Thomson Locations: Los Angeles , California, U.S

Shares of the electric car maker slid 3.1% in premarket trading after Musk's comments, even as Tesla beat quarterly profit estimates. Netflix (NFLX.O) fell 6.0% after the streaming video company's quarterly revenue forecast also fell short of estimates, while analysts said its new money-making ventures will take time to bring in returns. ET, Dow e-minis were up 61 points, or 0.17%, S&P 500 e-minis were down 4.25 points, or 0.09%, and Nasdaq 100 e-minis were down 98 points, or 0.61%. Investors also await weekly jobless claims data and existing home sales data for the month of June, due later in the day. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Johnson, Elon Musk, markdowns, Joshua Warner, Dow, Goldman Sachs, chipmaker TSMC, Bansari Mayur Kamdar, Johann M, Dhanya Ann Thoppil Organizations: Netflix, Dow, Nasdaq, U.S . Federal Reserve, Enterprise, IBM, Dow e, Airlines, Investors, Thomson Locations: U.S, Bengaluru

☆ Indian shares pare early gains as IT stocks reverse course
▼ + stars: | 2023-07-19 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

REUTERS/Niharika Kulkarni/File photoBENGALURU, July 19 (Reuters) - Indian shares trimmed gains on Wednesday, as information technology stocks reversed early gains and offset the broad sectoral rise, ahead of the June-quarter earnings of top companies. The Nifty 50 (.NSEI) index rose 0.18% to 19,784.25, with the S&P BSE Sensex (.BSESN) in toe at 66,921.20, as of 12:56 p.m. IST. High-weightage IT stocks (.NIFTYIT) erased 0.5% gains and are on course to snap a four-day winning streak. Among individual stocks, NTPC (NTPC.NS) rose over 4%, topping the Nifty 50 after brokerage Goldman Sachs identified it as the top pick in the power sector. Several other Nifty 50 constituents, including Infosys (INFY.NS), Ultratech Cement (ULTC.NS), Reliance Industries (RELI.NS), and ICICI Bank (ICBK.NS) will report their quarterly earnings later this week.

Persons: Niharika Kulkarni, Narendra Solanki, Anand, Goldman Sachs, Bharath Rajeswaran, Sonia Cheema, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, BSE, TV18, U.S . Federal Reserve, Investment Services, IndusInd Bank, Hindustan Unilever, Infosys, Ultratech, Reliance Industries, ICICI Bank, Thomson Locations: Mumbai, BENGALURU, U.S, Europe, Bengaluru

☆ Britain's Entain to buy U.S.-based Angstrom Sports for $160 mln
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Ladbrokes-owner Entain (ENT.L) on Monday agreed to acquire U.S.-based Angstrom Sports for 122 million pounds ($159.5 million) as it looks to widen its footprint in the country. The acquisition of the sports modelling, forecasting and data analytics company will comprise a total consideration of 81 million pounds and contingent payments over three years, the company said in a statement. Over the years, Entain has added several betting groups to its portfolio to expand into Canada, the Netherlands and other parts of Europe. The acquisition of Angstrom is expected to be completed in the third quarter of 2023. ($1 = 0.7651 pounds)Reporting by Radhika Anilkumar in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Entain, Jette Nygaard, Andersen, BetMGM, Radhika Anilkumar, Dhanya Ann Thoppil Organizations: U.S, Sports, MGM Resorts, Angstrom, Thomson Locations: parlay, Canada, Netherlands, Europe, Bengaluru

☆ Indian shares hit fresh record highs as earnings season kicks off
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, July 17 (Reuters) - Indian shares opened higher to hit fresh all-time highs, aided by broad sectoral gains as earnings began trickling in, shrugging off weakness in Asian markets on lacklustre economic data from China. The Nifty 50 (.NSEI) index rose as much as 0.24% to 19,612.15, while the S&P BSE Sensex (.BSESN) gained 0.19% to 66,189.50, as of 9:19 a.m. IST. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bharath Rajeswaran, Dhanya Ann Thoppil Organizations: BSE, Thomson Locations: BENGALURU, China, Bengaluru

☆ Belgium's Proximus to buy 58% stake in India's Route Mobile for $721 mln
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

Proximus Opal, a unit of Belgian telecom service provider Proximus Group, has clients such as Salesforce and Bytedance, while Route Mobile's clients include Amazon and Indian telecom service provider Airtel. However, Clear Bridge Ventures, an affiliate of some Route Mobile promoters, will buy a minority stake of up to 14.5% in Proximus Opal for about 299.6 million euros (nearly $337 million). Proximus Opal will also have to make an offer to buy an additional stake of up to 26% in Route Mobile at the same price from retail shareholders, according to Indian regulations. "The partnership ... paves the way for Route Mobile to achieve a billion-dollar annual revenue run-rate much sooner than the anticipated 3-4 year time frame," said Rajdip Gupta, Route Mobile's CEO, who will also lead the combined company. ($1 = 82.1570 Indian rupees) ($1 = 0.8910 euros)Reporting by Rama Venkat and Sethuraman NR in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Opal, Rajdip Gupta, Morgan Stanley, Rama Venkat, Sethuraman, Dhanya Ann Thoppil Organizations: Route Mobile, Proximus, Airtel, Mobile, Route, Clear, Ventures, Thomson Locations: BENGALURU, Belgian, India, Bengaluru

☆ India's Angel One Q1 profit rises 22% as orders surge
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 13 (Reuters) - Indian stockbroker Angel One Ltd (ANGO.NS) said on Thursday its first-quarter profit jumped almost 22%, led by surging client additions and orders. Consolidated profit was 2.21 billion rupees ($27 million) for the quarter ended June 30, compared with 1.82 billion rupees a year ago. Total revenue from operations climbed nearly 18% to 8.08 billion rupees. The company, which offers various trading apps, said its total client base rose about 45% to 15.1 million, while the total number of orders advanced more than 20%. Angel One held a 12.5% share in the number of demat accounts in India in the June quarter, up from 10.8% last year.

Persons: Angel, Manvi Pant, Kashish Tandon, Dhanya Ann Thoppil Organizations: Angel One, Consolidated, NSE, BSE, Angel, Thomson Locations: BENGALURU, India, Bengaluru

☆ India's Vedanta slips after Foxconn pulls out of semiconductor JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 11 (Reuters) - India's Vedanta (VDAN.NS) fell over 2% on Tuesday, a day after Taiwan's Foxconn (2317.TW) said it withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate. The companies partnered last year to set up semiconductor and display production plants in Gujarat state. S&P Global Ratings said that Vedanta's planned semiconductor business does not increase immediate liquidity pressure, adding that it believes there is no immediate sizable funding commitment for the semiconductor project, pending government approval. The Securities and Exchange Board of India (SEBI), the country's market regulator, had imposed a 3 million rupee($36,430.76) fine nearly two weeks ago on Vedanta for disclosure requirement violations regarding the Foxconn venture. Shares of Vedanta fell as much as 2.6% to 275 rupees apiece, after having already fallen over 24% as of last close, since the partnership was announced in February last year.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Varun Vyas, Dhanya Ann Thoppil, Sonia Cheema Organizations: Reuters, Indian, Securities, Exchange Board of India, Vedanta, Thomson Locations: BENGALURU, Gujarat, Bengaluru

☆ Icahn unties personal loans from his investment firm's share price, shares jumps
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

July 10 (Reuters) - Billionaire activist investor Carl Icahn has amended the terms of his personal loans to separate them from the price of Icahn Enterprises' (IEP.O) depositary units, the investment firm disclosed in a filing on Monday. The move comes months after short-seller Hindenburg's criticism triggered a massive fall in the shares of his investment company. Icahn and its affiliates have entered into a three-year loan agreement with banks, including Bank of America, N.A. In the amended loan agreement, Icahn will provide additional collateral of $2 billion from his personal funds and 320 million IEP shares. It also said IEP units were inflated by more than 75%.

Persons: Carl Icahn, Icahn, Hindenburg, Jaiveer Shekhawat, Niket, Gursimran Kaur, Dhanya Ann Thoppil, Pooja Desai Organizations: Billionaire, Icahn Enterprises, Bank of America, Bank of Montreal, Deutsche Bank AG, Thomson Locations: Bengaluru

☆ UK's FTSE 100 flat as energy gains offset mining losses; real estate stocks tumble
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

SummaryCompanies FTSE 100 flat, FTSE 250 off 0.4%July 10 (Reuters) - UK's FTSE 100 was subdued on Monday, as gains in energy firms outpaced losses in mining stocks, after weak Chinese economic data rekindled slowing demand concerns, while real estate stocks slumped on a bearish call from HSBC. By 0718 GMT, the blue-chip FTSE 100 (.FTSE) was flat, while the more domestically-focussed FTSE 250 midcap index (.FTMC) fell 0.4%. Industrial metal miners (.FTNMX551020) lost 0.8%, tracking a fall in most base metal prices. A bearish note from HSBC on UK real estate weighed on the sector, pushing down the real estate investment trusts (REITs) (.FTNMX351020) 1.2% and real estate (.FTUB3510) 1.1%. Heavyweight energy stocks (.FTNMX601010) added 0.8%.

Persons: Shashwat Chauhan, Dhanya Ann Thoppil Organizations: HSBC, Prudential, Thomson Locations: China, Bengaluru

☆ China's car sales shrink 2.9% in June as big-ticket spending falters
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Car sales in June totalled 1.91 million units, down 2.9% from last year, CPCA data showed. However, sales advanced 2.5% to 9.65 million units in the first half of the year. Reuters GraphicsMeanwhile, sales of new energy vehicles (NEVs), including pure battery electric cars and plug-in hybrids, jumped more than 25% in June, accounting for roughly 35% of the total car sales. NEV sales surged more than 37% to 3.09 million units in the first six months. Reuters GraphicsChinese automakers counted more on overseas markets to sustain their sales growth, with car exports soaring 56% in June.

Persons: Tesla, BYD, Li Auto, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Dhanya Ann Thoppil, Robert Birsel Organizations: China Passenger Car Association, Reuters, Reuters Graphics, EVs, China Association of Automobile Manufacturers, Thomson Locations: BEIJING, SHANGHAI, China

☆ UK FTSE 100 at three-month low as rate hike worries grip; Currys slumps
▼ + stars: | 2023-07-06 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 1.2%, hitting its lowest level since March 24. Currys (CURY.L) tumbled 13.3% to its lowest level in more than 20 years after the electricals retailer reported a 38% slump in full-year profit. The commodity-heavy UK benchmark has been underperforming its peers this year amid volatility in resource prices over an uncertain global outlook. Among individual stocks, United Utilities (UU.L) climbed 1.8% after Morgan Stanley raised the water utility firm's rating to "overweight" from "equal-weight." Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: tanked, Chris Beauchamp, Beauchamp, Morgan Stanley, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: United Utilities, P, FTSE, U.S, U.S . Federal, IG Group, HSBC, Standard Chartered, Prudential, CAB, Thomson Locations: China, U.S, U.S ., Bengaluru

☆ China growth concerns weigh on European shares at open
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of LVMH Moet Hennessy Louis Vuitton is seen during the company's shareholders meeting in Paris, France, April 20, 2023. REUTERS/Gonzalo Fuentes/File Photo/File PhotoJuly 5 (Reuters) - European shares fell on Wednesday as fresh data pointing to China's faltering economic recovery soured investor sentiment, which has been under pressure from uncertainty about future monetary policy steps by major central banks. The pan-European STOXX 600 index (.STOXX) was down 0.4% by 7:02 GMT, following a quiet session on Tuesday when the U.S. markets were closed for Independence Day. Miners (.SXPP) fell 1.0% and were the biggest sectoral decliners as concerns around weak demand from top consumer China, as well as slowing growth in other major economies, hurt metal prices. Reporting by Amruta Khandekar; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: LVMH Moet Hennessy Louis Vuitton, Gonzalo Fuentes, Pernod Ricard, Hermes, Amruta Khandekar, Dhanya Ann Thoppil Organizations: REUTERS, Independence, Thomson Locations: Paris, France, U.S, China

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