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SummarySummary Companies Tesla jumps on upbeat Q2 vehicle deliveriesChinese automakers climb on strong June salesOil stocks up as Saudi Arabia, Russia announce supply cutsFutures: Nasdaq up 0.18%, Dow down 0.14%, S&P flatJuly 3 (Reuters) - Nasdaq futures rose on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter. Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company's quarterly vehicle deliveries topped market estimates on the back of incentives and steeper discounts. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were up 1.5 points, or 0.03%, and Nasdaq 100 e-minis were up 27.5 points, or 0.18%. Trading volumes are expected to be thin with markets open for just half the day, ahead of the Independence Day holiday on Tuesday. U.S.-listed shares of Chinese carmakers Xpeng , Li Auto and Nio rose between 5.8% and 9.1% after the companies reported a surge in June vehicle deliveries compared with a year earlier.

Persons: Tesla, Susannah Streeter, Hargreaves Lansdown, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Nasdaq, Dow, Hargreaves, Investors, Dow e, Chevron, Exxon Mobil, Fidelity National Information Services, Financial, Thomson Locations: Saudi Arabia, Russia, Worldpay, Bengaluru

☆ Lund-Yates: There is a limit to this tech-driven rally that we're seeing
▼ + stars: | 2023-07-03 | 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 EmailLund-Yates: There is a limit to this tech-driven rally that we're seeingSophie Lund-Yates, senior equity analyst at Hargreaves Lansdown, discusses whether the mega-cap tech and AI-driven trade will continue to roll on or hit some speed bumps in the second half of the year.

Persons: Yates, Sophie Lund, Hargreaves Lansdown Organizations: Lund

☆ Barclays seeks to stop being corporate banker to Odey Asset Management, Financial Times reports
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 2 (Reuters) - Barclays (BARC.L) is looking to terminate its corporate banking relationship with Odey Asset Management (OAM), the Financial Times reported on Sunday, predominantly due to sexual assault allegations against founder Crispin Odey. The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period. OAM and Barclays did not immediately respond to a Reuters request for comment outside usual office hours. FT also reported earlier that the FCA had restricted the movement of cash and assets from OAM to restore order at the firm. Letters to OAM investors last week showed the manager has proposed to restructure two of its key funds as part of efforts to extract Crispin Odey from the business after the assault allegations.

Persons: Crispin Odey, Odey, AJ Bell, Hargreaves Lansdown, Goldman Sachs, Morgan Stanley, Rishabh, Kevin Liffey, David Holmes Organizations: Barclays, Odey Asset Management, Financial Times, redemptions, Tortoise Media, Sunday Barclays, Financial, Authority, FT, JPMorgan, Thomson Locations: British, Canada, Halifax, Bengaluru

☆ Chip stocks drop as U.S. mulls fresh curbs on AI access to China
▼ + stars: | 2023-06-28 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The Philadelphia chip index (.SOX) dropped 0.9%. Last year, U.S. officials had ordered Nvidia to stop exporting its top two AI chips to China to limit the country's technological capability. Months later, Nvidia launched a new advanced chip called A800 in China to meet export control rules. "A handful of tech companies pack a huge punch on Wall Street due to their sheer size, so any wobble in confidence reverberates on indices." The Philadelphia chip index (.SOX) has surged more than 44% so far this year, far ahead of the benchmark index's (.SPX) 14% rise.

Persons: chipmakers, Biden, Colette Kress, Susannah Streeter, Hargreaves Lansdown, Medha Singh, Akash Sriram, Arun Koyyur, Vinay Dwivedi Organizations: Nvidia, Devices, Intel, U.S ., Commerce Department, Wall, AMD, Nordic Semiconductor, Thomson Locations: China, U.S, Philadelphia, Milan, Bengaluru

☆ Chip stocks smacked as U.S. mulls fresh curbs on AI access to China
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

Nvidia fell 4%, Advanced Micro Devices 3.3% and Intel 0.7%, while futures tracking the tech-heavy Nasdaq 100 index edged 0.5% lower. The new restrictions being considered by the Commerce Department would include a ban on the sale of Nvidia's advanced chip called A800 without a special U.S. export license. The Philadelphia chip index (.SOX) has surged more than 44% so far this year, far ahead of the benchmark index's (.SPX) 14% rise. Among other chip stocks, Marvell Technology (MRVL.O), Applied Materials (AMAT.O), Intel (INTC.O), Microchip Technology (MCHP.O) fell between 1.1% and 3% on Wednesday. Across the Atlantic, Nordic Semiconductor (NOD.OL), Dutch chipmaker ASML (ASML.AS), Milan-listed STMicroelectronics , however, gained between 1.2% and 2%.

Persons: chipmakers, Biden, Susannah Streeter, Hargreaves Lansdown, Medha Singh, Arun Koyyur Organizations: Companies, Nvidia, Devices, Intel, U.S ., Commerce Department, Wall Street, AMD, Marvell Technology, Materials, Technology, Nordic Semiconductor, Thomson Locations: China, U.S, Philadelphia, Milan, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher, snapping its six-day losing streak. "Markets are expecting either the data to improve from China or stimulus to increase from the government. "This realization is dawning among investors yet again, that the inflationary fight is far from over." The healthcare sector has been declining in recent weeks and is down nearly 2.9% so far this month. Reporting by Amruta Khandekar, Siddarth S and Matteo Allievi in Gdansk; Editing by Rashmi Aich, Sonia Cheema, William MacleanOur Standards: The Thomson Reuters Trust Principles.

Persons: ECB's Lagarde, Christine Lagarde, Li Qiang, Giles Coghlan, Susannah Streeter, Hargreaves Lansdown, Streeter, Goldman Sachs, Amruta Khandekar, Siddarth, Matteo Allievi, Rashmi Aich, Sonia Cheema, William Maclean Organizations: European Central Bank, HSBC, Prudential Plc, Hargreaves, Siemens Energy, Thomson Locations: China, Russia, U.S, Gdansk

Appearing before the Senate Banking Committee, Powell reiterated his view that more rate hikes are likely in the months ahead. Richmond Fed President Tom Barkin said he remains unconvinced that inflation is on a steady path downward, but would not prejudge what the Fed should do at its July 25-26 meeting. Investors will also monitor comments from St. Louis Fed President James Bullard, Atlanta Fed President Raphael Bostic and Cleveland Fed's President Loretta Mester. ET, Dow e-minis were down 109 points, or 0.32%, S&P 500 e-minis were down 22 points, or 0.5%, and Nasdaq 100 e-minis were down 101.75 points, or 0.67%. Reporting by Shubham Batra, Shreyashi Sanyal and Shashwat Chauhan in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Matt Britzman, Hargreaves Lansdown, Tom Barkin, Louis, James Bullard, Raphael Bostic, Loretta Mester, Shubham Batra, Shreyashi Sanyal, Shashwat Chauhan, Arun Koyyur Organizations: Dow, Nasdaq, Banking, Richmond Fed, Deutsche Bank, Louis Fed, Atlanta Fed, Cleveland, Dow e, 3M, Carmax Inc, Thomson Locations: U.S, Bengaluru

☆ Britain is facing a mortgage crisis. There are no easy answers
▼ + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.

Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain

☆ China's modest rate cut sends stocks lower
▼ + stars: | 2023-06-20 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

LONDON, June 20 (Reuters) - European stocks and U.S. futures fell on Tuesday after China cut interest rates by less than expected and the market awaited more detail on Beijing's plans to shore up a stuttering economic recovery. The People's Bank of China lowered the medium-term lending facility rate on Thursday last week. "The meeting helped improve sentiment, but the market also understands that there's strategic competition between the U.S. and China," said Redmond Wong, Greater China market strategist at Saxo Markets. A central banker on Tuesday also hinted there was room for policy adjustment from the current path of aggressive rate hikes. Gold edged up 0.1% to $1,951.74 as the dollar index eased at 102.45 but lacked clear momentum as traders awaited U.S. Federal Reserve Chair Jerome Powell's testimony later this week for more direction on the interest rate path.

Persons: Susannah Streeter, Hargreaves Lansdown, Xi, Rodrigo Catril, Issei Kato, Antony Blinken's, Redmond Wong, Jerome Powell's, Brent, Joice Alves, Selena Li, Anisha, Susan Fenton, Jason Neely Organizations: Hargreaves, People's Bank of, National Australia Bank, REUTERS, Citi, U.S, Saxo Markets, Reserve Bank, Australia's, Bank of England, Federal, Thomson Locations: China, Asia, U.S, Beijing, People's Bank of China, Tokyo, Japan, United States, Greater China, German, London, Hong Kong, Bengaluru

☆ This could be the start of the end for the ESG hype party, Hargreaves Lansdown says
▼ + stars: | 2023-06-07 | 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 EmailThis could be the start of the end for the ESG hype party, Hargreaves Lansdown saysEmma Wall, head of investment analysis and research at Hargreaves Lansdown, discusses the market outlook and the future of environmental, social and governance.

Persons: Hargreaves Lansdown, Emma Wall

☆ Nvidia set to become first US chipmaker valued at over $1 trillion
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

May 30 (Reuters) - Nvidia Corp (NVDA.O) is close to breaching $1 trillion in market capitalization, making it the first U.S. chipmaker to join the trillion-dollar club. The gaming and AI chip company, whose shares rose 3.8% in trading before the bell on Tuesday, was valued at $998 billion. AI took center stage after Nvidia stunned investors with a revenue forecast last week that surpassed analysts' expectations by more than 50%. The highest price target valued the company at about $1.6 trillion, on par with Google-parent Alphabet. Reuters GraphicsReporting by Medha Singh, Akash Sriram and Samrhitha Arunasalam in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Nvidia now trades at around 45 times Wall Street's average earnings estimates for the next 12 months - a popular measure known as the forward price/earnings (P/E) ratio. While investors rushed to buy Nvidia's stock in recent sessions, its P/E multiple has fallen simply because Wall Street's earnings expectations for the company rose even faster than its share price. During Tuesday's session, Nvidia became the first chipmaker to boast a $1 trillion valuation. AI was mentioned 86 times on Nvidia's conference call, beating out 52 mentions on Alphabet's (GOOGL.O) call and 35 mentions on Microsoft's (MSFT.O) call. Reporting By Sinéad Carew, Noel Randewich and markets team reporters; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Nvidia Corp's, Jensen Huang, Bernstein, Stacy Rasgon, Susannah Streeter, Hargreaves Lansdown, Streeter, Sinéad Carew, Noel Randewich, David Gregorio Our Organizations: FRANCISCO, Nvidia, Hargreaves, Devices, Meta, Thomson Locations: Refinitiv, Alphabet's, Microsoft's

☆ 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.

☆ Experian's outlook highlights North America lending woes
▼ + stars: | 2023-05-17 | by ( Eva Mathews | ) www.reuters.com time to read: +2 min

May 17 (Reuters) - Experian Plc's (EXPN.L) annual revenue growth forecast on Wednesday signalled a challenging economic backdrop, especially in North America, where the failure of three U.S. regional banks has hurt confidence in the sector. Experian's key customers include banks, non-traditional lenders and insurance providers, which use its credit reports and scores to analyse and make decisions around credit risk, fraud prevention and lending terms. "Tighter lending conditions (especially in North America) are impacting some of Experian's business lines with more direct volume exposure, including its core credit bureau and marketplace, which together account for about 17% of group revenue," Bank of America analysts said. About 67% of Experian's group revenue comes from the North America region. For the year ended March 31, Experian's organic revenue growth of 7% to $6.59 billion compared with analysts' consensus of $6.64 billion.

☆ LSEG, Experian shares weigh on UK's FTSE 100
▼ + stars: | 2023-05-17 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The financial services sector (.FTUB3020) slid 1.1% while the broader FTSE 100 (.FTSE) shed 0.1%. Shares of Experian Plc (EXPN.L) slipped after the credit data firm forecast annual organic revenue to grow between 4% and 6%, while analysts were expecting a 5.8% growth. "In early trade, the market looks to be taking a cautious approach (with Experian's shares)," said Steve Clayton, head of equity funds, Hargreaves Lansdown. Among other movers, Watches of Switzerland Group Plc (WOSG.L) slumped 7.4% on a marginal sales decline in the first quarter. Bucking the sombre mood, Sage Group Plc (SGE.L) rose 3.6% after upgrading its annual organic recurring revenue growth forecast.

☆ Vodafone's new boss to cut 11,000 jobs as cash flow to fall
▼ + stars: | 2023-05-16 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Della Valle said Germany, Vodafone's biggest market, was underperforming, while Spain, which has suffered cut-throat competition in recent years, was under strategic review. Underscoring the pressures on the business, Vodafone said it would generate 3.3 billion euros ($3.6 billion) of cash this financial year, down from 4.8 billion euros in the year to end-March 2023. Analysts had expected 3.6 billion euros. For the year to end-March, pressures in Germany and higher energy costs resulted in a 1.3% decline in Vodafone's group core earnings to 14.7 billion euros, missing its own guidance. Vodafone has already started to cut jobs in its big markets, shedding 1,000 in Italy earlier this year, while a media report said it was looking to cut around 1,300 in Germany.

May 12 (Reuters) - Elon Musk's appointment of a new Twitter chief may free up the billionaire from a major distraction and allow him to focus more on Tesla Inc (TSLA.O), analysts said on Friday. Tesla shares, which have gained 40% this year, reversed course to trade down about 2% as broader markets fell. The stock had its worst year in 2022, losing 65%, amid Musk's on-again, off-again offer for Twitter. Although Twitter has taken much of Musk's time since its takeover, he still actively manages several other businesses such as SpaceX and Neuralink. Musk recently formed an AI company called TruthGPT to take on OpenAI's ChatGPT and Alphabet Inc's (GOOGL.O) Bard.

☆ PacWest tumbles on weighing options, other U.S. regional bank stocks fall
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Shares of U.S. regional banks fell premarket on Thursday, hurt by a 37% slump in PacWest Bancorp (PACW.O) after its announcement about exploring strategic options spurred market concerns of a worsening banking crisis. Zion Bancorporation (ZION.O), KeyCorp (KEY.N), Valley National Bancorp (VLY.O), Comerica (CMA.N) and First Horizon (FHN.N) dropped between 2% and 6%. The SPDR S&P Regional Banking ETF (KRE.P) shed 2.8%. The slide in shares of PacWest and its peers highlights uncertainty around the health of regional banks despite regulatory efforts to call an end to the banking crisis that started with the collapse of Silicon Valley Bank and Signature Bank in March. PacWest Bancorp reported a loss of $1.1 billion attributed to shareholders for the first quarter of the year.

☆ PacWest, Western Alliance hit as US banking concerns widen
▼ + stars: | 2023-05-04 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

PacWest (PACW.O) slumped 37% in premarket trade, after having lost 29% since Monday. Reuters had reported on Wednesday that PacWest was exploring strategic options including a potential sale or capital raising, which the lender confirmed late in the day. Zion Bancorporation (ZION.O), KeyCorp (KEY.N), Valley National Bancorp (VLY.O), Comerica (CMA.N) and First Horizon (FHN.N) dropped between 2% and 6%. The SPDR S&P Regional Banking ETF (KRE.P) shed 2.8%. PacWest Bancorp reported a loss of $1.1 billion attributed to shareholders for the first quarter of the year.

☆ Banking in the metaverse? A.I. could be about to change the way you manage your money
▼ + stars: | 2023-05-02 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Users often don't even notice when AI is involved, adds Sarah Coles, head of personal finance at Hargreaves Lansdown. "For example, AI is used by banks to track spending, and automatically alert people when they spend, or reach a specific level in their account. Kimberly Dillon, vice president for brand at AI-powered financial services app Cleo, also believes new money management tools could emerge. Many banks and financial services providers are establishing a presence in the metaverse," she said. Chatbots can often execute basic financial interactions, for example, and AI tools can set off alarm bells around suspected fraud, she explained.

☆ Futures slip ahead of Fed meet; U.S. debt ceiling jitters dent mood
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The U.S. central bank is expected to deliver a 25 basis-point interest rate increase on Wednesday and then hold rates steady for the rest of 2023, according to economists in a Reuters poll. However, with inflation running well over the central bank's 2% target and a still-strong labor market mean chances of rate cuts seem less likely. Denting sentiment, Australia's central bank raised its cash rate by 25 basis points when traders were expecting an extended pause, citing too high inflation and warning of even higher rates. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 7 points, or 0.17%, and Nasdaq 100 e-minis were down 1 points, or 0.01%. Educational services company Chegg (CHGG.N) slumped 44.7% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT.

☆ Barclays and Deutsche profits defy banking jitters
▼ + stars: | 2023-04-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Deutsche Bank (DB) gained 2.6%. Deutsche Bank’s shares plunged as much as 14.5% during the March 24 trading session. Deutsche Bank’s profit reached its highest in a decade, vindicating the once-struggling lender’s turnaround plan, launched in 2019. “In the first quarter, we again proved the strength and resilience of Deutsche Bank in challenging conditions,” chief financial officer James von Moltke said in a statement. Barclays and Deutsche Bank’s results contrast with the troubles at First Republic Bank in the United States.

"At this point, we are no longer behind in building out our AI infrastructure," Zuckerberg said on a conference call. AI recommendations increased time spent on Instagram by 24% in the January-March quarter, Meta said. Reuters GraphicsCOST CONTROLSpending on the AI retooling has spiked the company's capital expenditures, which came in slightly under expectations at $7.1 billion for the quarter. "We've been focusing on both AI and the metaverse for years now, and we will continue to focus on both." Revenue for the first quarter rose 3% to $28.65 billion, beating an average estimate of $27.66 billion.

Microsoft Corp (MSFT.O) climbed 8.2% in premarket trading after it beat estimates for quarterly results, and said that artificial intelligence products were stimulating sales. Earnings forecasts have improved, with analysts expecting a 3.9% contraction in first-quarter profit for S&P 500 companies compared with a 5.2% decline estimated at the beginning of the earnings season. Of the 124 S&P 500 companies that reported first-quarter profit through Tuesday, 79% topped analysts' expectations, as per Refinitiv IBES data. Meta Platforms Inc (META.O) is scheduled to report results after market close on Wednesday. ET, Dow e-minis were up 62 points, or 0.18%, S&P 500 e-minis were up 11.5 points, or 0.28%, and Nasdaq 100 e-minis were up 139.75 points, or 1.09%.

SummarySummary Companies Microsoft up as quarterly results top forecastsCloud firms gain on Microsoft earnings cheerActivision Blizzard down as UK blocks Microsoft dealIndexes: Dow off 0.02%, S&P up 0.16%, Nasdaq climbs 1%April 26 (Reuters) - The tech-heavy Nasdaq advanced on Wednesday as strong Microsoft results offset concerns over rising interest rates and their effect on the U.S. economy, while an upbeat forecast from Boeing further boosted sentiment. Earnings forecasts have improved, with analysts expecting a 3.9% contraction in first-quarter profit for S&P 500 companies compared with a 5.2% decline estimated at the beginning of the earnings season. Of the 124 S&P 500 companies that reported first-quarter profit through Tuesday, 79% topped analysts' expectations, as per Refinitiv IBES data. Meta Platforms Inc (META.O) is scheduled to report results after market close on Wednesday. Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE, while advancers outnumbered decliners by a 1.04-to-1 ratio on the Nasdaq.

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