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☆ Fed fines Deutsche Bank $186 million
▼ + stars: | 2023-07-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Deutsche Bank has been trying to leave its troubled past behind for years. The Fed found that Deutsche Bank (DB) has made insufficient progress since 2018 to tighten its anti-money laundering controls, improve customer due diligence and ensure compliance with sanctions, among other failures. The Fed had already fined the bank a total of $99 million in 2015 and 2017 over the same issues. Deutsche Bank exited the relationship in 2015. In November, Germany’s financial watchdog BaFin threatened Deutsche Bank with a fine if it failed to take action on money laundering and terrorist financing controls.

Persons: ”, “, BaFin Organizations: London CNN — Deutsche Bank, US Federal Reserve, Deutsche Bank, DB, Fed, Danske Bank, Deutsche, Danske Locations: Danske Bank Estonia, Danske Estonia

☆ It's too early to stop fighting inflation, Deutsche Bank CIO says
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's too early to stop fighting inflation, Deutsche Bank CIO saysChristian Nolting, chief investment officer at Deutsche Bank, discusses the outlook for central banks' monetary policy.

Persons: Christian Nolting Organizations: Deutsche Bank

☆ Kenvue earnings top estimates in J&J spinoff's first quarterly report since IPO
▼ + stars: | 2023-07-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Kenvue reported second-quarter revenue and adjusted earnings that topped expectations Thursday in the consumer health company's first quarterly report since it spun out from Johnson & Johnson two months ago. But J&J still owns a 90% stake in Kenvue, meaning it can generally control the direction of the spinoff's business for now. Excluding certain items, the company's adjusted earnings were 32 cents a share. The company's full-year adjusted earnings outlook is $1.26 to $1.31 per share. The company reported sales growth across its three business divisions in the second quarter.

Persons: Kenvue, Johnson, Kenvue's, Thibaut Mongon, headwinds, Mongon Organizations: Johnson, Refinitiv, Deutsche Bank Global Consumer Conference Locations: Kenvue, Canada

WASHINGTON, July 19 (Reuters) - The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering and other shortcomings flagged by the U.S. central bank. The Fed identified the previous issues in 2015 and 2017 consent orders, which stemmed from deficient controls in Deutsche's relationship with the Estonian branch of Danske Bank which ended in 2015. In December, Danske Bank pleaded guilty to a bank fraud conspiracy and agreed to forfeit $2 billion to settle a long-running Department of Justice probe into billions of dollars of illicit payments. In its latest order, the Fed said it found a "significant portion" of the $276 billion in transactions Deutsche cleared for Danske involved "high-risk non-resident customers." Shortcomings in Deutsche's policies on money laundering persisted after its relationship with Danske ended in 2015, the Fed said.

Persons: Biden, Danske, Pete Schroeder, Richard Chang Organizations: Federal, Deutsche Bank, U.S, Fed, Danske Bank, of Justice, Danske, Thomson Locations: Estonian, Estonia, Russia

☆ Microsoft's latest A.I. subscription is boosting Wall Street's confidence in the software giant
▼ + stars: | 2023-07-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Analysts are turning more bullish on Microsoft and its artificial intelligence capabilities after the software giant revealed pricing for its A.I. Shares closed at a record Tuesday after Microsoft revealed a $30 fee for its monthly Copilot offering, which adds AI capabilities to Microsoft 365. The announcements led to a handful of Wall Street price target adjustments, as the company solidifies its dominance in the latest technology revolution consuming the investing community. The analyst has an overweight rating on the stock and raised his price target to $385 per share from $350. The analyst hiked his price target to $400 from $330.

Persons: chatbot, Microsoft's, Amy Hood, Mark Murphy, James, Brad Sills, Sills, Brad Zelnick, — CNBC's Michael Bloom Organizations: Microsoft, Meta, Bank of America Locations: ChatGPT

☆ The Fed Slaps Deutsche Bank With a $186 Million Fine
▼ + stars: | 2023-07-19 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Deutsche has a troubled history with regulators and prosecutors. The bank also paid a $150 million fine to a New York bank regulator in 2020, partly over its banking relationship with the disgraced financier Jeffrey Epstein. The Fed orders from 2015 and 2017 stemmed from Deutsche’s relationship with the Estonian branch of Danske Bank, which has also run afoul of the authorities. Bank regulators had found that in its dealings with Danske Bank, Deutsche did not properly monitor transactions involving high-risk customers. Last year, Danske, the largest bank in Denmark, pleaded guilty to charges arising from a long-running money-laundering investigation.

Persons: Jeffrey Epstein, Deutsche Organizations: Danske Bank, Bank, Deutsche, Estonian, Danske Locations: New York, Estonian, Denmark

☆ Rocket Lab's stock has doubled this year — and Deutsche Bank sees it climbing even higher
▼ + stars: | 2023-07-19 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Rocket Lab's stock has been on a tear, more than doubling this year. Deutsche has a buy rating on Rocket Lab and a $10 price target that is nearly 28% above Tuesday's close of $7.83 a share. Rocket Lab's stock is up 107% year to date. Deutsche expects Rocket Lab's revenue and profitability to continue to climb, thanks to more launches by its Electron rocket. Additionally, Yu highlighted Rocket Lab's recent purchase of former Virgin Orbit assets — bought at an 80% discount in an auction.

Persons: Edison Yu, Yu, —, – CNBC's Michael Bloom Organizations: Deutsche Bank, Rocket, Deutsche, Space, Electron, Apple, SpaceX, United Launch Alliance, Virgin Orbit

☆ Global shares rise, dollar rebounds as Fed seen on target for rate hike
▼ + stars: | 2023-07-18 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

Retail sales increased 0.2% last month, the U.S. Commerce Department said, but core retail sales increased 0.6%, excluding automobiles, gasoline, building materials and food services. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Asian stocks fell earlier in the session as markets caught up with growth data from Monday showing the post-pandemic bounce in China's economy was over. Besides the Fed, the European Central Bank and the Bank of Japan also hold policy meetings next week. Expectations that the Fed and the ECB will diverge on rate hikes have caused the dollar to weaken recently.

Persons: Brendan McDermid, Morgan Stanley, Jimmy Chang, Chang, J.P, Morgan, Fiona Cincotta, DAX, Brent, Herbert Lash, Elizabeth Howcroft, Selina Li, Chizu Nomiyama, Jonathan Oatis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Bank, Federal, Bank of America, U.S . Commerce Department, Rockefeller, Dow Jones, Nasdaq, Deutsche Bank, Citigroup, Fed, European Central Bank, Bank of, ECB, U.S, West Texas, Thomson Locations: New York City, U.S, New York, Europe, China, Germany, Bank of Japan, London, Hong Kong

☆ Global shares rise, US shares mixed as Fed seen on target for rate hike
▼ + stars: | 2023-07-18 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Deutsche Bank said it was lowering its forecast for China's economic growth this year, following similar moves on Monday by J.P. Morgan, Morgan Stanley and Citigroup. Besides the Fed, the European Central Bank and the Bank of Japan also hold policy meetings next week. Expectations that the Fed and the ECB will diverge on rate hikes have caused the dollar to weaken recently.

Persons: Brendan McDermid, Dow Industrials, Thomas Hayes, Dow, Morgan Stanley, J.P, Morgan, Fiona Cincotta, DAX, Brent, Elizabeth Howcroft, Selina Li, Chizu Nomiyama, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, Reserve, U.S . Commerce Department, Treasury, Dow, Nasdaq, Microsoft Corp, Amazon.com Inc, Apple Inc, Great, Great Hill Capital, Bank of America, Dow Jones, Deutsche Bank, Citigroup, Fed, European Central Bank, Bank of, ECB, Thomson Locations: New York City, U.S, Great Hill, New York, Europe, China, Germany, Bank of Japan, Hong Kong

☆ Here are Tuesday's biggest analyst calls: Apple, Alphabet, Pinterest, Netflix, Amazon, Nvidia & more
▼ + stars: | 2023-07-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Jefferies reiterates Apple as buy Jefferies said it's expecting a "quiet quarter" when the company reports earnings Aug. 3. Wells Fargo reiterates Netflix as overweight Wells said it's bullish heading into the company's earnings report Wednesday. Jefferies reiterates Alphabet as buy Jefferies said it's bullish heading into Alphabet earnings next week. Bank of America downgrades Lumentum to neutral from buy Bank of America called the stock an "overstated" AI beneficiary. JPMorgan reiterates Amazon as overweight JPMorgan said the e-commerce giant is its top pick heading into earnings. "

Persons: Jefferies, it's, Wells, Truist, Piper Sandler, Dave, Buster's, Piper, Bernstein, Goldman Sachs, Goldman, Max, Roth, Uber, Roth MKM, it's bullish, Morgan Stanley, Evercore, Marvell, Williams Deutsche, Sherwin Williams, JPMorgan Organizations: Apple, Netflix, Argus, Warner Brothers Discovery, Citi, Polaris Citi, 2Q, Bank of America, Nvidia, American Express, Digital, Marvell Technology Inc, Global, Inc, Deutsche Bank, Sherwin, JPMorgan Locations: capex

☆ Here are Monday's biggest analyst calls: Apple, Pepsi, Yelp, Chewy, Netflix, Nvidia, Tesla, Meta and more
▼ + stars: | 2023-07-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

"We are initiating coverage with an ONON with an Outperform rating and $38 price target. Citi opens a positive catalyst watch on Valvoline Citi opened a positive catalyst watch on Valvoline and says it has robust fundamentals. "We open a 30-day upside catalyst watch based on strong fundamentals and the stock's relative under-performance post completion of the Dutch tender offer on 6/8." Citi opens a positive catalyst watch on Bank of New York Mellon Citi opened a positive catalyst watch on the investment bank ahead of earnings Tuesday. Morgan Stanley reiterates Apple as overweight Morgan Stanley raised its price target on Apple to $220 from $190 and says India is the company's "next frontier."

Persons: TD Cowen, Cowen, Goldman Sachs, it's, Wells, Tesla, Wells Fargo, Morgan Stanley, Apple, Morgan Stanley downgrades Conagra, Morgan Stanley downgrades Pepsi, Raymond James downgrades, Raymond James, Bernstein, Aramark, Oppenheimer Organizations: Citi downgrades AT, Citi, Valvoline Citi, Bank of New York Mellon Citi, BK, Nvidia, Deutsche Bank, Netflix, Baidu, Apple, Pepsi, Barclays, LT, JPMorgan, Bank of America, Zynga, NXP Semiconductors, Intel Citi, Intel, AMD, Meta, Suisse, Arista Networks, ISI Locations: eCommerce, China, India, Apple India

☆ Ed Yardeni sees S&P 500 rising to a record as high as 5,400 within the next 18 months
▼ + stars: | 2023-07-17 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Market veteran Ed Yardeni believes we are already in a new bull market and the S & P 500 could potentially climb nearly 20% in the next 18 months in the cycle. His target range represents a gain of between 6.5% and 19.9% from the S & P 500's Friday close of 4,505.42. "I've been thinking for quite some time that we're in a recession, but I argued that it's a rolling recession, not an economy-wide recession. .SPX 1Y mountain S & P 500 Yardeni praised the U.S. central bank for bringing down inflation effectively. The S & P 500 has jumped more than 17% this year after scoring its best first half since 2019.

Persons: Ed Yardeni, Yardeni, meltdowns Organizations: Yardeni Research, Federal Reserve, Street, Deutsche Bank, Wall Street, CNBC Locations: U.S

☆ What investors need to know about weight loss medicines and suicide risk
▼ + stars: | 2023-07-16 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +7 min

Investors would be forgiven if talk of a potential suicide risk associated with a new class of diabetes and weight loss drugs led to skittishness last week. Prior attempts to treat overweight or obese patients with medications were often plagued with side effects and drug recalls. The first is that most obesity drugs, including GLP-1s, are "centrally acting," which means they work on a patient's brain. The second is that prior obesity drugs have been withdrawn because of high rates of psychiatric disorders, he said, citing Sanofi's Acomplia as one of the more recent examples. This was not the case for the GLP-1 medications.

Persons: skittishness, Eli Lilly's Trulicity, Lilly's, Wolfe, Tim Anderson, Anderson, Sanofi's Acomplia, Eli Lilly, Wolfe's Anderson, Colin Bristow, Lilly, LLY's, Peter Verdult, Wegovy, Verdult, Bristow, Emmanuel Papadakis, Papadakis, — CNBC's Michael Bloom Organizations: Nordisk's Ozempic, Wall Street, European Medicines Agency, EMA, Wolfe Research, FDA, UBS, Citi, Novo Nordisk, Deutsche Bank, Prevention Locations: United States, U.S

☆ Collective embrace of soft landing economic scenario extends 2023 rally after welcome drop in CPI
▼ + stars: | 2023-07-15 | by ( Michael Santoli | ) www.cnbc.com time to read: +6 min

Now, especially after the sturdy June jobs report as week ago and the reassuringly cool CPI print on Wednesday, this is something closer to the prevailing view. The market all year has been acting as if inflation and the Fed's aggressive war against it were mostly 2022 problems. The wobble in early July after a blockbuster ADP employment report sent Treasury yields flying was over in a day. Passing these tests, and now having seen market strength broaden significantly since the end of May, belief is replacing doubt. And last quarter, the S & P went choppily sideways for the first month of reporting season.

Persons: it's, what's Organizations: Federal, Treasury, Investment, National Association of Active Investment, Deutsche, Nasdaq, Bulls, Wall, & $ Locations: what's

The recruitment is being overseen by the head of Santander Corporate and Investment Banking, Jose M. Linares, also a former JPMorgan banker. As well as the United States, some new investment bankers will join Santander in Britain and Spain. "This typically has been one of the main issues for growing an investment banking business, given that the capital consumption ... is bigger." The contribution from the overall investment bank to Santander's group's earnings rose to 32% in the first quarter of 2023, from around 20% in 2019. Overall, profits at Santander's corporate and investment bank have risen since 2019 by around 60% to 2.8 billion euros ($3.2 billion) at the end of 2022.

Persons: Ana Botin, Jose M, Linares, Goldman Sachs, Amherst Pierpont, Gonzalo Lopez, Lopez, Christiana Riley, Jose Manuel Linares, Jesús, John O'Donnell, Mark Potter Organizations: Reuters, Spain's, JPMorgan, Credit Suisse, Santander Corporate, Investment Banking, Santander, Wall, U.S, Deutsche Bank, Thomson Locations: MADRID, LONDON, Santander, United States, Europe, Latin America, Britain, Spain, U.S, America

As companies prepare to open their books to investors over the coming weeks, in the quarterly ritual known as earnings season, market watchers are balancing relatively weak estimates for past profits with brighter forecasts for future performance. Stock prices tend to follow expectations of earnings to come rather than react to details about the past, and markets have risen in step with investors’ improved outlook for the economy. The S&P 500 index has gained more than 20 percent since October. But much of that decline is concentrated in a few sectors, like energy, that recorded outsize profits last year, making for difficult comparisons to this year. And corporate executives also have a habit of lowering investors’ expectations ahead of earnings announcements, so that they can beat projections.

Persons: ”, Binky Chadha Organizations: Companies, Deutsche Bank

It also wants JPMorgan to pay damages to compensate Epstein's victims, pay punitive damages, separate its business and compliance functions, and hire a compliance consultant. The bank also called the U.S. Virgin Islands' arguments for damages "misdirected" and "not well founded." Friday's filing marks the first time the U.S. Virgin Islands has put a dollar figure on its lawsuit. In the U.S. Virgin Islands case, JPMorgan has sought to shift blame. The case is U.S. Virgin Islands v. JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

Persons: JPMorgan Chase, Jeffrey Epstein's, Epstein, Ariel Smith, Prince Andrew, Ehud Barak, Ghislaine Maxwell, Cecile de Jongh, Jes Staley, Staley, Jonathan Stempel, Nupur Anand, Luc Cohen, Jonathan Oatis, Deepa Babington Organizations: YORK, U.S . Virgin, JPMorgan, Virgin Islands, U.S . Virgin Islands, Deutsche Bank, U.S ., Barclays, Virgin, JPMorgan Chase Bank NA, U.S, Court, Southern District of, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, British, Southern District, Southern District of New York, New York

☆ U.S. Virgin Islands seeks at least $190 million from JPMorgan Chase in Jeffrey Epstein case
▼ + stars: | 2023-07-14 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

The government of the U.S. Virgin Islands in a court filing Friday estimated that it will seek damages of at least $190 million from JPMorgan Chase in a lawsuit accusing the big bank of facilitating sex trafficking by its former long-time customer Jeffrey Epstein. The Virgin Islands also said it wants an order requiring JPMorgan to take a series of steps to protect young women and girls from other predators in the future. The filing says the Virgin Islands wants at least $150 million in civil penalties alone. JPMorgan in its own court filings has accused the Virgin Islands itself of being "complicit in the crimes of Jeffrey Epstein." Last month in the same court where the Virgin Islands is suing the bank JPMorgan agreed, without admitting wrongdoing, to pay $290 million to victims of Epstein to settle a suit by one of his accusers.

Persons: Jeffrey Epstein, Epstein, Jed Rakoff, Jeffrey Epstein's, JPMorgan Chase, Ariel Smith, Smith, Patricia Wexler, JPM, Virgin, Sergey Brin, Bill Gates, Lex Wexner, Glenn Dubin, Donald Trump, Bill Clinton, Prince Andrew of Great Organizations: New York State Division, Criminal, Services, Reuters, U.S . Virgin, JPMorgan Chase, Virgin, JPMorgan, Virgin Islands, Google, Microsoft, Limited Brands, Deutsche Bank, New York state's Department of Financial Services Locations: U.S, Manhattan, United States, Virgin, Eastern, Prince Andrew of Great Britain, Florida, New York

☆ Asian shares rally, dollar slides on bets Fed almost done hiking
▼ + stars: | 2023-07-13 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.5%, bolstered by a 2.1% jump in Hong Kong's Hang Seng index (.HSI) and a 1.4% gain in Australia's resources-heavy shares (.AXJO). Overnight, the much-watched U.S. consumer inflation report provided better news than markets had hoped for. In particular, core inflation, which the Fed has feared to be sticky, also showed a sharper-than-expected slowdown. Elsewhere, oil prices settled near the highest in two months on a soft U.S. dollar. Brent crude futures rose 0.2% to $80.29 per barrel and U.S. West Texas Intermediate crude futures were up 0.2 at $75.88.

Persons: Li Qiang, Michael Feroli, Bonds, Alan Ruskin, Stella Qiu, Jamie Freed Organizations: SYDNEY, Japan's Nikkei, Index, Fed, Nasdaq, JPMorgan, FedWatch, U.S, European Central Bank, Deutsche Bank ., Bank of Canada, Brent, . West Texas, Thomson Locations: China, Asia, Pacific, Japan, Hong Kong, Canada

☆ Here are Thursday's biggest analyst calls: Tesla, Spotify, Netflix, Chevron, Carvana, Coinbase & more
▼ + stars: | 2023-07-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: TD Cowen upgrades Meta to outperform from market perform TD Cowen said it sees further share gains ahead for Meta. TD Cowen reiterates Amazon as outperform TD said it's bullish heading into Amazon earnings later this month. Deutsche Bank reiterates Microsoft as buy Deutsche said the stock is "set up nicely" heading into earnings later this month. " Bank of America reiterates Tesla as neutral Bank of America said it's standing by its neutral rating heading into earnings next week. BMO reiterates Chevron as outperform BMO said in a note on Thursday that it likes the oil and gas giant's capital return.

Persons: Cowen, TD Cowen, it's, Stifel, Coinbase, JPMorgan downgrades, Morgan Stanley, Cboe, Morgan Stanley downgrades SoFi, Tesla, Domino's, Robert Iger, Oppenheimer Organizations: Meta, Energy Fuels, Clean Energy Fuels Corp, Barclays, JPMorgan, Spotify, Deutsche Bank, Microsoft, Deutsche, BMO, Netflix, " Bank of America, of America, Suisse, Credit Suisse, Bank of America, Disney, ESPN, Chevron Locations: China

According to JPM's circular, the shares currently unaccounted for are estimated to be less than 1% of the shares held in custody at another financial institution. This meant Deutsche was unable to reconcile the company shares held at another custodian bank with the depositary receipts on its own books. The Bank of Russia did not immediately respond to a request for comment on JP Morgan's search for the potentially missing Magnit shares. More than 60% of Magnit's shares are free-float, with shareholders including major global asset managers, Refinitiv data shows. When first announcing the plans, Magnit said its voluntary tender offer was also addressed to JPM, regarding shares held in its DR program custody account.

Persons: Morgan Chase, Mike Segar, Morgan, JPM, Deutsche, Russia's, Magnit, Sinead Cruise, Alexander Marrow, Jane Merriman Organizations: Co, New York City, REUTERS, Reuters, Deutsche Bank, Deutsche Bank . Lawyers, Deutsche, Bank of Russia, Settlement Depository, NSD, Kremlin, Thomson Locations: New York, Ukraine, Moscow, Russian, Krasnodar, Russia, Uzbekistan, Euroclear

☆ Deutsche Bank's second half playbook for the transports sector
▼ + stars: | 2023-07-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeutsche Bank's second half playbook for the transports sectorAmit Mehrotra, Managing Director of Transports & Shipping, discusses the outlook for the transports industry for the second half of 2023.

Persons: Amit Mehrotra Organizations: Deutsche, Transports & Shipping

☆ Factbox: Analysts guarded as AI-driven US stock rally faces earnings test
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

Strategists expect profit at S&P 500 (.SPX) companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Morgan Stanley:Much of the stock market rally this year has been driven by a price-to-earnings expansion, signaling investors likely remain unconcerned about near-term earnings pressure. Still, "better-than-feared" earnings are not going to be good enough in Q2 considering stocks have become more expensive, the strategists say. Goldman Sachs:Companies will likely be able to beat or surpass "the low bar" set for the second quarter. This suggests a "muted market reaction" to Q2 earnings is likely, given robust gains in stocks since the first quarter and an "overweight" equity positioning, the bank says.

Persons: Mike Segar, Morgan Stanley, Goldman Sachs, Laura Cooper, Cooper, Scott Wren, Amruta Khandekar, Shreyashi Sanyal, Sriraj Organizations: Citibank, REUTERS, Nasdaq, Companies, GS, Nvidia, iShares EMEA, BlackRock, Deutsche Bank, Investors, Wells, Wells Fargo Investment Institute, Citigroup, Thomson Locations: New York , New York, U.S, BlackRock, Wells Fargo, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 1.5% higher, extending gains to the fourth straight day. U.S. consumer prices advanced 3.0% in June - their smallest year-on-year increase since March 2021 - after 4% growth in May. Gains in the lenders lifted UK's FTSE 100 index (.FTSE) by 1.8%, leading gains among European peers and pushing the European banks index (.SX7P) up 1.9%. European shares have performed better than UK stocks so far this year, amid economic resilience and signs of cooling inflation in the euro zone, with focus now shifting to the upcoming earnings season. Data showed Spanish national consumer prices rose 1.9% in the 12 months through June, down from a 3.2% rise in the period through May.

Persons: Daniel Casali, Evelyn, Jefferies, Vincent Chaigneau, Matteo Allievi, Shreyashi Sanyal, Sohini Goswami, Nick Zieminski Organizations: U.S, Jefferies, Federal, Evelyn Partners, Lloyds, Barclays, HSBC, Bank of England, Miners, ASM International, Infineon, Generali Investments, Air France, KLM, Deutsche Bank, Thales, Cobham Aerospace Communications, Spanish, Thomson Locations: United States, U.S, Gdansk, Amruta, Bangalore

☆ Explainer: Clock ticks down towards potential UAW strike against Detroit Three automakers
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +6 min

Detroit automakers, like their global counterparts, have been focused on cost reductions, which in some cases include job cuts, to help accelerate a shift to electric vehicles (EVs) from gasoline-powered vehicles. Contract talks between the UAW and the Detroit automakers have gone on until the strike deadline and beyond in past years. "To win, we're likely going to have to take action," UAW Fain said on Wednesday. The Detroit Three want to close the cost gap they have with foreign automakers with non-unionized U.S. factories. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike.

Persons: Andrew Kelly, Shawn Fain, Fain, Jim Farley, we're, UAW Fain, Biden, Tesla, GM's, Nathan Gomes, Sriraj Organizations: United Auto Workers, UAW, International Workers, REUTERS, Detroit Three, General Motors, Ford Motor, Chrysler, Detroit, WHO, Ford, Detroit automakers, FROM, Reuters, EV, Deutsche Bank, Lear Corp, Anderson Economic Group, Thomson Locations: New York, Manhattan , New York City , New York, U.S, Bengaluru

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