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☆ Fábián Marozsán: World No. 135 provides 'shock of the season' by upsetting Carlos Alcaraz in straight sets at Rome Masters
▼ + stars: | 2023-05-15 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

135 Fábián Marozsán provided what the ATP Tour called the “shock of the season” by upsetting Carlos Alcaraz in straight sets at the Rome Masters on Monday. “I’m very happy, I couldn’t imagine this one,” Marozsán said after his remarkable victory. Marozsán and Alcaraz embrace after their match. The crowd, the weather, the court, so I’m just very happy I’m doing my job. Alcaraz is one of the favorites to win the French Open which begins later this month after an excellent season so far.

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.

As a result, the combined position had been reduced to just 302 million barrels (7th percentile for all weeks since 2013) on May 2 from 534 million barrels (38th percentile) on April 18. The position has essentially returned to where it was on March 21 (289 million barrels, 2.16:1) before OPEC⁺ surprised investors by announcing production cuts on April 2 totalling more than 1 million barrels per day. Chartbook: Oil and gas positionsThe most recent week saw sales across the board in Brent (-69 million barrels), NYMEX and ICE WTI (-37 million), European gas oil (-24 million), U.S. diesel (-11 million) and U.S. gasoline (-4 million). Fund managers had become especially bearish on middle distillates such as diesel and gas oil, the most exposed to the business cycle. Funds sold the equivalent of 71 billion cubic feet over the seven days ending on May 2, after selling 99 billion cubic feet the week before.

☆ Morning Bid: Hike and hold, bank angst and Apple
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +5 min

As the Fed delivered what markets assume will be the last rate hike of a brutal 13-month, 500-basis-point tightening cycle, further aftershocks from the March bank blowups reverberated in the background. And given they had advance knowledge of next week's quarterly loan survey before Wednesday's rate decision, it suggests the bigger picture they see remains somewhat equivocal. Norway's central bank raised interest rates as expected and signalled more to come. Events to watch for on Thursday:* European Central Bank policy decision, statement and news conference* U.S. first quarter unit labor costs and productivity, April layoffs, March trade balance, weekly jobless claims. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ US Ambassador to China: ‘We are ready to talk’
▼ + stars: | 2023-05-02 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +3 min

CNN —US Ambassador to China Nicholas Burns said Tuesday the United States is “ready to talk” to China, and expressed hope that Beijing would “meet us halfway on this.”Burns, however, did not give a clear answer about when Secretary of State Antony Blinken’s trip to China – which was postponed in February – would be rescheduled. “Our view is we need better channels between the two governments and deeper channels, and we are ready to talk,” Burns said at an event at the Stimson Center, which he attended virtually. “We’ve never been shy of talking, and we hope the Chinese will meet us halfway on this,” he said. Tensions soared following a visit by former House Speaker Nancy Pelosi to Taiwan and after a Chinese surveillance balloon traversed the US, leading Blinken to call off that planned visit to China. “So I think that’s what we would like and I’m sure that’s what the European countries would like, that’s what Ukraine wants from China.”

☆ Gordon Lightfoot, Canadian Folk Singer-Songwriter, Dies at 84
▼ + stars: | 2023-05-01 | by ( William Grimes | ) www.nytimes.com time to read: +1 min

Gordon Lightfoot, the Canadian folk singer whose rich, plaintive baritone and gift for melodic songwriting made him one of the most popular recording artists of the 1970s, died on Monday night in Toronto. His death, at Sunnybrook Hospital, was announced on his official Facebook page and website and confirmed by his publicist, Victoria Lord, and B.C. Fiedler, his longtime Canadian concert promoter. Overnight, he joined the ranks of songwriters like Bob Dylan, Phil Ochs and Tom Paxton, all of whom influenced his style. When folk music ebbed in popularity, overwhelmed by the British invasion, Mr. Lightfoot began writing ballads aimed at a broader audience.

☆ Homebuyers hoping for better deals as prices drop are getting slammed as average payments just hit a record high
▼ + stars: | 2023-04-25 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyBut homebuyers' monthly mortgage payments still soared to a new all-time high. Housing affordability is as awful as ever due to the high rates and the lack of homes for sale. However, there's no such luck: as home prices retreated, the typical US homebuyer's monthly mortgage payment soared to $2,538, a new all-time high. Higher mortgage rates are freezing current homeowners, too. "The good news is that people who already own homes have locked in relatively low mortgage payments," Marr said in a September housing report.

☆ Jacinda Ardern: Former New Zealand leader is heading to Harvard
▼ + stars: | 2023-04-25 | by ( Jessie Yeung | ) edition.cnn.com time to read: +4 min

CNN —After stepping down as leader of New Zealand earlier this year, Jacinda Ardern has revealed that she is swapping the rough and tumble of politics for a stint of quiet reflection within academia overseas, heading to Harvard University this fall under two fellowships. She was appointed to dual fellowships at the Harvard Kennedy School, the university’s school of public policy and government, according to a news release by Harvard. Jacinda Ardern leaving New Zealand's Parliament for the last time as Prime Minister on January 25, 2023 in Wellington, New Zealand. “Jacinda Ardern showed the world strong and empathetic political leadership,” said Kennedy School Dean Douglas Elmendorf in the news release. Within a year, she had become only the second world leader to give birth in office.

☆ ‘Angry Birds’ Maker to Be Bought by Sega
▼ + stars: | 2023-04-17 | by ( Ben Dummett | ) www.wsj.com time to read: 1 min

The success of ‘Angry Birds’ made Rovio a mobile-gaming trailblazer. Sega Sammy Holdings Inc. agreed to pay almost $800 million for the company behind the “Angry Birds” franchise, a deal that would end the independence of one of the pioneers of the mobile-gaming industry. The transaction is the latest consolidation move in the broader gaming industry. Games played mostly on phones boomed during the pandemic but sales have ebbed more recently.

☆ Taiwan president thanks fighter pilots as Chinese drills ebb
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +3 min

Taiwan Presidential Office/Handout via REUTERS/File PhotoTAIPEI, April 14 (Reuters) - Taiwan President Tsai Ing-wen on Friday thanked fighter pilots who scrambled against China's air force during its drills around the island and pledged to keep strengthening the armed forces, as Beijing's military activities around the island ebbed. On Friday morning, Taiwan's defence ministry said it had not spotted any Chinese military aircraft crossing the sensitive median line of the Taiwan Strait in the past 24 hours. In its regular morning report on Chinese military activities in the previous 24-hour period, Taiwan's defence ministry said it had seen four Chinese military aircraft and eight Chinese warships around Taiwan. But in an accompanying map of China's activities it did not show any Chinese warplanes crossing the Taiwan Strait's median line, an unofficial boundary between the two. China says it does not recognise the median line and has since August, when it staged war games after then-U.S. House Speaker Nancy Pelosi, flown fighter jets regularly across it.

☆ Analysis: Gloomy U.S. bank sector could yield payoff for contrarian options bets
▼ + stars: | 2023-04-10 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

While the S&P 500 index (.SPX) has advanced 6% since mid-March, when the failure of Silicon Valley Bank (SVB) sparked tumult in the banking sector, investors have been more wary of financial stocks. The S&P 500 Banks Group (.SPXBK) is up just 3% from its March low and remains down 14% for the year. The pervasive gloom around financial stocks has increased the cost for investors betting on more downside while making it relatively inexpensive to bet on a rebound. For investors who believe financial earnings and guidance will come in better than expected, Elevation Securities recommended buying Financial Select Sector SPDR Fund (XLF.P) call options at the 33 strike. "Given how beaten up bank stocks are, buying calls into earnings can make sense," said Michael Purves, chief executive officer at Tallbacken Capital Advisors.

☆ Dollar mired near two-month low; Kiwi gains on RBNZ surprise
▼ + stars: | 2023-04-05 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The kiwi rallied 1% to touch a two-month high of $0.6383 after the decision. The dollar index , which measures the currency against six peers, eased to a fresh two-month low of 101.43, after dropping 0.5% overnight. Markets were pricing in a 43% chance of Fed not raising interest rates a day earlier. "And the Fed may have to perhaps do more and keep rates high for longer." The yield on 10-year Treasury notes was up 1.3 basis points to 3.350%, having slipped 9 basis points overnight.

They also now expect the Fed will start easing policy as early as July, cutting its benchmark rate to near 4% by the end of the year. Job openings, a measure of labor demand, also fell to its lowest level since May 2021 and data for January was revised lower to show 10.6 million job openings instead of the previously reported 10.8 million. "The U.S. labor market is definitively cooling off," said Indeed economist Nick Bunker, noting that job openings have now fallen by about 1.3 million in two months. Welcome relief on the job market front follows a key report last week that showed while inflation ebbed in February, it remained high enough to possibly compel the Fed to raise interest rates one more time this year. At their March policy meeting, most Fed policymakers signaled they expected to need to raise rates one more time, to 5.1%, and not to cut them until 2024.

In 2023, people typically tip anywhere from 15% to 25%. Consumers on average said they tipped more than 21%, according to a Creditcards.com survey in May 2022. During the height of those days, consumers started tipping for things they never had before to service industry workers. In February 2020, just before the pandemic began, in food and drink specifically, the share of remote transactions when tipping was offered was 43.4%, according to Square . But, with customers tipping more, where's the tipping point?

☆ Morning Bid: Dogged inflation shades rebound
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +4 min

But for most major stock and bond investments beyond the banking sector itself, the quarter remained a pretty upbeat one overall. "Inflation remains too high and recent indicators reinforce my view that there is more work to do," said Boston Fed chief Susan Collins. Futures markets are still broadly split on the chances of another Fed hike in May, but leaned a bit more on Friday to one more quarter point move. But core inflation, excluding energy and unprocessed food, ticked up as forecast to a new record high for the bloc at 7.5%. Germany said import price inflation fell to its lowest in two years at 2.8% in February.

☆ The new bull market in stocks has begun as history shows the bear narrative is coming apart, Fundstrat says
▼ + stars: | 2023-03-31 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The new bull market in stocks has begun, according to Fundstrat's Tom Lee. He's made the case for the S&P 500 to rally at least 20% this year, with a 4% gain coming in April. That's a strong signal that equities have entered a new bull market, Lee said, as stocks have historically never been in a secular bear market after two straight quarters of gains. Previously, he forecasted the S&P 500 would gain at least 20% in total this year. This only solidifies out view that 10/12/22 was the bear market low and we are 6 months into a bull market," Lee said in a note on Friday.

☆ Key Fed inflation gauge rose 0.3% in February, less than expected
▼ + stars: | 2023-03-31 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

An inflation gauge the Federal Reserve follows closely rose slightly less than anticipated in February, providing some hope that interest rate hikes are helping ease price increases. The personal consumption expenditures price index excluding food and energy increased 0.3% for the month, the Commerce Department reported Friday. Including food and energy, headline PCE increased 0.3% monthly and 5% annually, compared to 0.6% and 5.3% in January. The softer than expected data came with monthly energy prices decreasing 0.4% while food prices rose 0.2%. Goods prices rose 0.2% while services increased 0.3%.

☆ Analysis: Investors seek value in clobbered U.S. regional bank shares
▼ + stars: | 2023-03-28 | by ( David Randall | ) www.reuters.com time to read: +4 min

The ETF has slumped nearly 26% since March 8, when SVB's troubles became known, while the S&P Regional Banks Select Industry Index (.SPSIRBK) is down around 23%. Concerns over deposit flight are still swirling around some regional banks. He owns shares of large regional banks including Citizens Financial Group Inc (CFG.N), which have fallen about 22% so far this year, and US Bancorp (USB.N), which are down some 18%. Margie Patel, a senior portfolio manager at Allspring Global Investments, has been adding new positions in regional banks over the last few weeks, citing "value." Regional banks "need positive news that shows their deposits are holding firm or growing," said Rick Meckler, a partner at family office Cherry Lane Investments.

☆ Morning Bid: Swinging between bank fears and rate risks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanMarkets seem caught between the devil and the deep blue sea. Easing concerns about bank stability this week have merely re-introduced interest rate risk, reining in any suggestion of a runaway relief rally as the first quarter closes on Friday. While nerves persist over March bank failures and contagion fears, central banks are still faced with punchy growth and inflation and will likely switch attention back to cooling that down once they're assured banks can take the strain. But interest rate markets are already correcting as signs of stability in the banking arena emerge. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Morning Bid: Central banks try to see through stress
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanEven with a nod to greater banking stress, the major central banks all seem determined to tighten the monetary screw another notch. With Treasury Secretary Janet Yellen's pushback against suggestions of a blanket insurance of all U.S. banking deposits unnerving investors again after the Fed decision, few believe the financial stress has fully dissipated. Even though stock markets swooned after the Yellen comments on Wednesday, S&P500 futures were back up smartly ahead of Thursday's open. European bourses and banking stocks were only a touch lower in the face of the latest European rate rises. The dollar hit its lowest since early February but regained its footing ahead of the U.S. open and BoE decision.

☆ Inside the demise of Vice, from turning away a $3.5 billion Disney offer to a 'painful' downward spiral that has the media giant scrambling for a buyer
▼ + stars: | 2023-03-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +19 min

The talks fizzled, Disney backed off, and Smith set off for California to drum up other interest in Vice Media. Vice Media Group co-CEOs Bruce Dixon, left, and Hozefa Lokhandwala. Vice Media GroupOne former Vice insider familiar with the current situation told Insider that staffers were warning vendors they needed to threaten to stop work in order to get paid. Just a few months later, Rupert Murdoch tweeted, "Who's heard of Vice Media? Refinery29 quickly lost key staff and was not well integrated into Vice Media, the two former staffers said.

☆ Safe-haven yen regains footing as caution builds over bank contagion
▼ + stars: | 2023-03-20 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

New Zealand's kiwi was 0.3% lower at $0.6250, giving up an earlier gain of as much as 0.7%. Over the weekend, the Federal Reserve, European Central Bank, Bank of England, Swiss National Bank, Bank of Canada and Bank of Japan announced joint action to enhance market liquidity. "I'm not so pessimistic, but still we have to wait and see how much we will see risk contagion from Europe," he said. The yen last traded at 131.79 per dollar , keeping intact a 2.5% gain from last week. The euro was about flat at $1.0671 and sterling was little changed at $1.2189, both erasing earlier small gains.

☆ Safe haven yen, dollar regain footing as caution builds over bank contagion
▼ + stars: | 2023-03-20 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

New Zealand's kiwi was 0.3% lower at $0.6250, giving up an earlier gain of as much as 0.7%. Over the weekend, the Federal Reserve, European Central Bank, Bank of England, Swiss National Bank, Bank of Canada and Bank of Japan announced joint action to enhance market liquidity. The yen last traded at 131.79 per dollar , keeping intact a 2.5% gain from last week. The euro was also about flat at $1.0668 and sterling was little changed at $1.21775, both erasing earlier small gains. In cryptocurrencies, bitcoin took a breather after its surge to a nine-month high of $28,474 on Sunday, last trading 1.8% weaker at around $27,552.

On Tuesday, Boeing announced orders for 78 Dreamliners, split between state-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air. The $37 billion sale, which Boeing called its fifth-largest commercial order by value, followed a deal with United Airlines (UAL.O) in December for 100 Dreamliners and a purchase by Air India that included 20 787s. Planemakers are also grappling with the after-effects of the pandemic, which forced waves of layoffs and retirements of skilled workers. While Airbus outsold Boeing in the Air India deal, landing orders for 40 A350 widebodys, the U.S. planemaker swept both the United Airlines and Saudi orders. “Saudi Airlines is a government-owned airline, and so there are politics involved with this,” analyst Stallard said.

☆ 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.

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