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☆ FTSE 100 edges higher as NatWest, StanChart shares rise
▼ + stars: | 2023-05-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Domestic house prices rise in MayUK lowers stake in NatWest, shares climbDechra Pharma down after profit warningUS debt ceiling talks to resume after impasseFTSE 100 0.3%, FTSE 250 flatMay 22 (Reuters) - UK's blue-chip index edged higher on Monday, with NatWest shares rising after it agreed to buy 1.3 billion pounds ($1.6 billion) worth of its shares back from the government, although lingering uncertainty over the U.S. debt ceiling impasse weighed on overall mood. The FTSE 100 (.FTSE) rose 0.3%, with bank stocks in the lead. Standard Chartered (STAN.L) rose 2.4% after Bank of America upgraded the stock to "buy" from "neutral". UK-listed stocks have traded in tight bands since late April as investors digested mixed corporate earnings, weakening outlook for commodity-linked stocks and standoff over the U.S. debt ceiling deal. ($1 = 0.7923 pounds)Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ I was a freelancer and hated every moment of it. Here's what my experience was like and why I went back to a full-time job.
▼ + stars: | 2023-05-22 | by ( Elizabeth Blackstock | ) www.businessinsider.com time to read: +5 min

For her, full-time freelance writing was a torturous cycle of overwork and underpayment. I left a previous full-time job on February 28, 2020, right as the COVID-19 pandemic took America — and my job prospects — by surprise. I learned a lot from it, though, and I'd hope that my experience can help a different freelancer or potential freelancer on their journey. My pay rate remained dismal. It was a valuable experience that taught me a lot — but I won't miss it for a second.

☆ Confidence returning to UK housing market as asking prices jump: Rightmove
▼ + stars: | 2023-05-21 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

"One reason for this increased confidence may be that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely," Tim Bannister, director of property science at Rightmove, said. Earlier this year, British house prices were forecast by sector analysts to fall by as much as 15% by mid-2024. Rightmove said mortgage rates had been stable on a week-to-week basis. Mortgage lender Halifax said earlier this month that property prices grew at the slowest annual pace in over 10 years in April. But rival Nationwide said prices rose by a monthly 0.5% in April after falling for the seven previous months.

☆ Morgan Stanley CEO plans to step down within the year, sparking Wall Street succession race
▼ + stars: | 2023-05-19 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

James Gorman said Friday he plans to resign as Morgan Stanley 's CEO within the year, setting off a succession race atop one of Wall Street's dominant firms. Since taking over in 2010, Gorman has pulled off one of the more successful transformations on Wall Street. Through a series of savvy acquisitions, Morgan Stanley rebounded after nearly capsizing during the 2008 financial crisis to become a wealth management juggernaut. The bank began that journey in 2009, when Morgan Stanley purchased Smith Barney from Citigroup in the throes of the financial crisis, gaining thousands of financial advisors. Shares of Morgan Stanley have tripled during Gorman's tenure.

☆ Walmart will report earnings before the bell. Here's what to watch
▼ + stars: | 2023-05-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Walmart will report fiscal first-quarter earnings before the bell on Thursday, after Home Depot and Target said shoppers have pulled back on big-ticket items and discretionary purchases. Walmart has attracted higher-income grocery shoppers over the past three quarters by emphasizing value, as food remains pricey. Walmart gave a weaker-than-expected full-year outlook in February, saying it expects same-store sales for Walmart U.S. to rise between 2% and 2.5%, excluding fuel. It said adjusted earnings per share would range from $5.90 to $6.05, excluding fuel, for the fiscal year. Shares have trailed the S&P 500 's roughly 8% gain and the XRT 's nearly 2% gain during the same period.

With a wry nod to the weekend coronation of King Charles, Goldman Sachs' currency team labelled an upgrade of its sterling recommendation from neutral to 'Long (live) Sterling' - nudging a 3-month forecast for sterling 3% stronger to 0.86 per euro. "Headwinds on sterling in 2022 - mostly natural gas prices and the relative stance of BoE policy - have turned to tailwinds." Economic surprise indexes compiled by Citi show incoming UK readouts more positive relative to expectations than at any time since October 2020. But the FTSE 250 is mostly holding its own so far in 2023 as they have both advanced 3%-4%. UK Economic Surprises surge vs rest of the westG3 Terminal RatesFTSE100 vs FTSE250The opinions expressed here are those of the author, a columnist for Reuters.

☆ 'Solid iPhone demand to offset Mac weakness': Here's what Wall Street expects from Apple's hotly anticipated earnings report
▼ + stars: | 2023-05-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Apple stock is set to report its second-quarter earnings results after the market close on Thursday. From solid iPhone demand to the launch of a massive stock buyback, a lot is expected from the largest company in the world. BofA analyst Wasmi Mohan estimated that Apple will announce an $80 billion stock buyback program, which would be a decrease from last year's $90 billion stock buyback authorization. Goldman Sachs: "Expecting solid iPhone demand to offset Mac weakness." Wedbush: "All focus on stable iPhone demand despite macro storm."

☆ Guest view: Why bank investors have it the hardest
▼ + stars: | 2023-04-21 | by ( Rupak Ghose | ) www.reuters.com time to read: +6 min

But what matters at least as much for shareholders is the risk of near or total wipe-out, as demonstrated by Silicon Valley Bank and Credit Suisse. No investor could have known that Credit Suisse allowed Archegos to fund its trades with insufficient cash collateral. More recently, U.S. authorities seemed to flip-flop on whether uninsured depositors at other banks would enjoy the same protection offered to Silicon Valley Bank’s customers. The upshot for bank investors is that seemingly low valuations might not be low enough. Previously, he was head of corporate strategy at UK-based brokers ICAP and NEX, and an equity research analyst at Credit Suisse focused on the financial sector.

☆ Real-Estate Agents Face a Reckoning As Housing Market, Home Sales Slow
▼ + stars: | 2023-04-19 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

Just as the housing market goes through booms and busts, so do the ranks of real-estate agents. This has left real-estate agents fighting over a dwindling pool of listings. That makes the job of a local real-estate agent trickier and more nuanced than it was a year ago. "What makes a good real-estate agent and what makes a successful real-estate agent have almost no crossover." She joined a women's support group for real-estate agents on Facebook, where she found many others were experiencing similar challenges.

☆ Morgan Stanley tops analysts’ expectations on better-than-expected trading results
▼ + stars: | 2023-04-19 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Morgan Stanley on Wednesday topped estimates for first quarter profit and revenue on better-than-expected trading results. Under CEO James Gorman, Morgan Stanley has become a wealth management giant thanks to a string of acquisitions. The bank gets most of its revenue from wealth and investment management, steadier businesses that help to offset volatile trading and banking results. First-quarter trading revenue dipped from a year ago as Wall Street comes down from a pandemic-era boom, but Morgan Stanley's traders managed to top expectations by roughly $250 million. He added that there was "no doubt" that Morgan Stanley would acquire more companies in wealth management, though nothing was imminent.

☆ OPEC+ Cut Won’t Throttle Chinese Oil Demand
▼ + stars: | 2023-04-06 | by ( Nathaniel Taplin | ) www.wsj.com time to read: 1 min

China is the world’s largest importer of crude oil. Brent oil prices promptly spiked 6%. The move by major oil exporters may reflect concerns about global demand, but signals emerging from China—the world’s largest crude importer—strongly suggest that its recovery in oil demand has further to run. That will help underpin global oil prices even if U.S. demand weakens significantly. And a larger bump in Chinese demand is still likely later this year as China’s property and tourism sectors find steadier footing.

☆ The beef supply is shrinking. That means meat isn't going to get much cheaper
▼ + stars: | 2023-04-05 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

A contraction in beef supplies “has been coming for a while,” said David Anderson, a professor in Texas A&M University’s agricultural economics department. Beef supplies are shrinking after farmers sold off cattle in response to drought and high costs. The “big unknown is going to be consumer demand.”The beef supply tends to grow and shrink in roughly 10-year cycles, said Lance Zimmerman, senior beef analyst for the North American market with Rabobank. “If that’s the case, beef prices may be steadier.”And with food inflation stubbornly high, consumers are already cutting back on certain items, including beef. If demand remains strong, “we may see some higher beef prices,” towards the fall and later, Bernt said.

☆ Dollar to log quarterly drop as rate hike bets recede
▼ + stars: | 2023-03-31 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The euro rose 0.5% overnight after stronger-than-expected German inflation figures reinforced expectations that there are a few more rate increases left in the Euro zone. Through March, U.S. interest rate markets dramatically repriced the outlook and now see a roughly 40% chance that the Federal Reserve is finished with rate increases. On Friday the New Zealand dollar broke above its 50-day moving average and stood at a nearly two-week high of $0.6296. The Australian dollar nudged 0.2% higher to $0.6721 and is close to testing its 200-day moving average. Euro zone inflation data and U.S. core personal consumption expenditure - the Fed's preferred inflation gauge - are due later in the day.

☆ Asia wary, US stock futures up on SVB reports
▼ + stars: | 2023-03-27 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Helping nerves were reports First Citizens BancShares Inc (FCNCA.O) was in advanced talks to acquire Silicon Valley Bank (SIVB.O) from the Federal Deposit Insurance Corp.S&P 500 futures firmed 0.5% in early trade while Nasdaq futures added 0.4%. "The current level of credit default swaps for European banks is just a little lower than it was during the height of the European financial crisis in 2013," noted Naeem Aslam Chief Investment Officer at Zaye Capital Markets. "If these CDS do not normalise, it is highly likely stock market may continue to suffer for many days." Over in the United States, depositors have been fleeing smaller banks for their larger cousins or to money market funds. Flows to money market funds have risen by more than $300 billion in the past month to a record atop $5.1 trillion.

Even though reading anything with certainty from such volatile prices is difficult right now, the runes of the bond market suggest unfolding banking stress will suppress inflation anyway - regardless of further central bank action. "That would be very much in line with what the central banks want." U.S. equivalents were steadier about 2.5%, but five-year "breakeven" inflation rates from the index-linked market fell to 2.3%. To be fair to central bank policymakers, their own early warning systems - such as the ECB's Composite Indicator of Systemic Stress - don't yet show any more pressure on the system than they did during last year's tightening. Armed with Thursday's trial run from the ECB, the Fed and BoE will now have to make that judgment next week.

☆ Dollar finds footing as banking crisis fears calm down
▼ + stars: | 2023-03-15 | by ( Tom Westbrook | ) www.reuters.com time to read: +2 min

In early trade, the dollar selling of the past two sessions had abated and the greenback rose about 0.2% on both the euro and yen. Rallies in sterling, Scandinavian currencies, the Australian dollar and the New Zealand dollar also seemed to lose steam - though without really giving back any ground. "I think we end up with a lower Fed peak than was priced a week ago and all else equal that should result in the U.S. dollar being a bit weaker than where it was a week ago." Interest rate futures pricing now implies an 80% chance of a 25 basis point U.S. rate hike next week. The New Zealand dollar dipped 0.2% to $0.6225 and the Aussie , up 1.5% for the week so far, was flat at $0.6682 as investors caught their breath.

☆ 'Unprecedented growth': Citi reveals its 4 top stocks in renewables right now
▼ + stars: | 2023-03-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The world is going through a "rapid and transformational change" when it comes to energy, said Citi, naming four stocks to cash in. When it comes to stocks, Citi prefers geographically diversified companies, in particular those with European exposure. "These companies are leaders in their respective domains, are gaining market share, and growing more than overall growth in the sector," Citi's analysts wrote. Shoals "has no residential exposure and is looking to diversify outside the US, which should allow the company to grow at a pace exceeding industry growth," Citi said. "We like the combination of rapid top-line growth from market share gains and new products."

☆ Venture Capital Investors Are Trying to Take Over Pandemic Response
▼ + stars: | 2023-03-12 | by ( Adam Rogers | ) www.businessinsider.com time to read: +19 min

Private capital has been eyeing public health for years. Several founders and investors told me that the failure of Kleiner's fund made Silicon Valley wary of investing in pandemic preparedness. Venture investors love that kind of thing. Public health and private industryWhen COVID hit, Charity Dean was the assistant director of the California Department of Public Health. In the end, almost every pandemic-related product created by Silicon Valley will ultimately require the government as a primary customer.

☆ Morning Bid: Irksome inflation won't die down
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +4 min

Friday's latest U.S. inflation surprise was matched in Europe on Tuesday, with French and Spanish headline inflation rates unexpectedly rising again in February - making for an uncomfortable final day of a transformative month for markets. And worryingly, market-based measures of inflation expectations are rising sharply again too. U.S. two-year 'breakeven' inflation rates , taken from inflation-protected Treasury securities, have jumped 80 basis points this month to 2.8% - wiping away the prior assumption that inflation would return to the Fed's 2% target over two years. In Europe, the five year, five-year forward inflation linked swap has jumped 20bps to a 9-month high just under 2.5%. Stock markets steadied after early losses, with U.S. futures only slightly in the red ahead of the open and month end.

☆ 'Ant-Man and the Wasp: Quantumania' box office suffered steep decline in second week
▼ + stars: | 2023-02-28 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

That's the sentiment from box office analysts after the Marvel Cinematic Universe's latest film "Ant-Man and the Wasp: Quantumania" saw the sharpest decline in ticket sales from opening weekend to second weekend in franchise history. To be sure, "Quantumania" is one of the worst reviewed Marvel films, with a 48% "rotten" critics' score on Rotten Tomatoes. "Thor: Love and Thunder," "Doctor Strange in the Multiverse of Madness" and "Spider-Man: No Way Home," a co-production with Sony , all saw second week drops in excess of 67%. The film also has more counter-programming than other Marvel films released in the last few years. He pointed to "Violent Night" and "M3gan," in addition to "Cocaine Bear," as films that have outperformed expectations at the box office.

REUTERS/Benoit Tessier/File PhotoFeb 21 (Reuters) - The world of stablecoins is suddenly looking shaky. "There's way too much demand for dollar-based stablecoins for them to go away," said Alex Miller, CEO at bitcoin developer network Hiro. Market leader tether (USDT) has been a big beneficiary, adding $1.9 billion to its market capitalization to hit $70.3 billion since the news. It now commands 52.6% of the stablecoin market, up from just over 51%. Traders also use these tokens to hedge their positions, and hence dwindling market value is associated with falling liquidity and leverage in the broader crypto market.

☆ How an autonomous train-bus hybrid could transform city transit
▼ + stars: | 2023-02-19 | by ( Liam Mays | ) www.cnbc.com time to read: +1 min

Census data shows just 2% of commuters use mass rapid transit like subways, and U.S. rail projects can cost billions of dollars and take decades to complete. "Cities all over the world have proposed light rail systems that either get greatly reduced or don't happen at all because of the expense of putting rail in the roadbed. It's called Autonomous Rapid Transit (ART), and it's made by the CRCC, a Chinese mass transit manufacturer. "It'll look like a light rail, but it is, in fact, a bus. It uses stabilizing technology like active suspension systems which help to make it steadier than a city bus.

☆ Credit Suisse CEO tries to bail out a leaky ship
▼ + stars: | 2023-02-09 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Feb 9 (Reuters Breakingviews) - Chief Executive Ulrich Körner is doing what he promised at Credit Suisse (CSGN.S). The goal is to focus Credit Suisse on its steadier wealth-management and retail banking units. Revenue from trading equities was just $15 million, down 96% year-on-year, partly because Credit Suisse clamped down on risk. Clients pulled a net 111 billion Swiss francs of assets from the group during the three-month period. Credit Suisse shares were down 9.7% at 2.94 Swiss francs as of 1041 GMT on Feb. 9.

☆ Arm CEO says firm fully committed to a market listing this year
▼ + stars: | 2023-02-07 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

SAN FRANCISCO, Feb 7 (Reuters) - The chief executive of Softbank-owned British chip technology firm Arm told Reuters on Tuesday that the company is committed to a stock market float this year. Arm makes money off upfront licensing deals with such companies and then a royalty on each chip sold using its technology. Arm said per-chip royalties, which are steadier than its deal-making business, were up 12% to $446 million in the quarter. Haas said Arm is "not immune" to the softening smartphone market but that the company has licensed more intellectual property into each chip than in the past. Additional reporting by Muvija M and Paul Sandle; Editing by Alistair Smout and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ BNP investors deserve bigger slice of M&A windfall
▼ + stars: | 2023-02-07 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

He’ll give 4 billion euros to investors through share buybacks, which roughly cancels out the hit to BNP’s earnings per share from ditching the U.S. division. The other 7.6 billion euros, or two-thirds of the total haul, will pay for increased lending, investments in technology systems, and small acquisitions. Follow @liamwardproud on TwitterloadingCONTEXT NEWSBNP Paribas on Feb. 7 said it generated 50.4 billion euros of revenue in 2022, up 9% from the previous year. The French bank generated a 10.2% return on tangible equity in the year, slightly above the previous year’s 10%. BNP in 2021 agreed to sell BancWest to Canada’s BMO Financial for $16.3 billion in cash (15.2 billion euros).

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