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☆ Dollar gains as debt deal hopes rekindle hawkish Fed bets
▼ + stars: | 2023-05-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

That eased fears of an unprecedented and economically catastrophic default, leading markets to revise their expectations of where U.S. interest rates could go. The euro fell to a more than seven-week low of $1.0760, while the U.S. dollar index rose 0.07% to 103.57, flirting with Thursday's two-month high of 103.63. "It does remove one obstacle to the Fed continuing to raise rates." U.S. Treasury yields have climbed on the back of the hawkish Fed repricing and amid a pick up in risk sentiment. The two-year Treasury yield , which typically moves in step with interest rate expectations, last stood at 4.2510%, while the benchmark 10-year yield was last at 3.6402%.

☆ Tech pushes Nasdaq higher, dollar climbs on solid data, debt ceiling progress
▼ + stars: | 2023-05-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Investors were closely monitoring the debt ceiling negotiations in Washington for signs that Democrats and Republicans might be inching closer to a deal. Optimism about debt ceiling talks ebbed and flowed, with hopes for a deal that avoids a catastrophic default. European stocks closed higher and the German DAX rose to its highest level since January 2022 on optimism about the U.S. debt ceiling talks. The greenback extended its ascent against a basket of world currencies, reaching a seven-week high, powered by the economic data and debt ceiling hopes. Gold moved in opposition to the dollar, with the precious metal losing some luster as the economic data lowered the likelihood of a Fed rate cut before year-end.

The euro, meanwhile, dropped to a six-week low versus the dollar at $1.0811 . Wednesday's data showed that U.S. single-family homebuilding increased in April, but data for the prior month was revised sharply lower. Single-family housing starts, which account for the bulk of homebuilding, rose 1.6% to a seasonally-adjusted annual rate of 846,000 units last month. In late morning trading, the dollar rose 0.7% versus the yen to 137.37 yen, after earlier climbing to a two-week peak of 137.445 . In the offshore market, the dollar rose 0.2% to 7.00911 .

☆ China's yuan falls below a key dollar level for the first time this year as the economy's rebound sputters
▼ + stars: | 2023-05-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

That's the first time this year that China's currency undercut that key psychological level. The yuan has fallen more than 4% from a January high as hopes for a big post-pandemic rebound fade. In previous situations where the yuan weakened past the threshold, China responded with sharp intervention. The yuan's slump also comes as China is placing increased effort on promoting the currency in global trade. But seeing the recent drop, exporters are holding onto their dollars, in case the yuan keeps falling, according to Bloomberg.

Asian markets, particularly China's, will be hoping this sparks a recovery from Wednesday's decline following yet another batch of sub-par Chinese economic indicators. The Chinese yuan fell below 7.00 per dollar for the first time in nearly six months and with GDP forecasts being slashed, analysts reckon the yuan could be poised for more weakness. Citi's Chinese economic surprises index had its biggest fall in two years and one of the steepest on record. Economists polled by Reuters expect the unemployment rate to hold steady at 3.5% and net new job growth to slow to 25,000. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Sterling falls as cracks appear in Britain's job market
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Sterling fell by as much as 0.52% against the dollar to a session low of $1.2466, and by as much as 0.4% against the euro . Right now, the derivatives market shows traders believe UK rates will peak at 4.80% in November, down from 4.86% a day ago. Tuesday's data showed pay growth - which is at the heart of the BoE's debate about whether to raise interest rates further - remained strong by historical standards. That said, with inflation at 10.1%, pay growth in real terms is still deeply negative and close to its weakest in years. Markets are attaching a 68% chance that the BoE will raise rates by a quarter of a point to 4.75% and a 32% chance of no change.

☆ China's Tencent Music revenue beats estimates on jump in paying users
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 16 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2% higher in premarket trading. That helped the Tencent Holdings Ltd-controlled company, which owns platforms including QQ Music, Kuwo Music and WeSing, snap five consecutive quarters of revenue declines. Total revenue rose 5.4% to 7.00 billion yuan ($1.01 billion) in the first quarter, beating analysts' estimates of 6.86 billion yuan, according to Refinitiv data. "We are glad to achieve a record-high online music paying ratio and expand ARPU for the fourth consecutive quarter. Net profit attributable to equity holders was 1.15 billion yuan, compared with 609 million yuan a year earlier.

☆ Merck revenue falls after dramatic drop in sales of Covid antiviral treatment
▼ + stars: | 2023-04-27 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Merck on Thursday reported first-quarter revenue that fell 9% from the same period a year ago largely due to a steep drop in sales of its Covid antiviral treatment molnupiravir. Sales of molnupiravir plunged to $392 million during the period, down 88% from the $3.2 billion reported in the first quarter of 2022. Merck said the decrease is primarily the result of lower sales in the U.S., U.K., Japan and Australia. The company reported total revenue of $14.5 billion during the quarter, down nearly $1.5 billion from the same period a year ago. But Merck's pharmaceutical unit saw higher sales of the blockbuster antibody treatment Keytruda, which increased 20% to $5.8 billion during the quarter.

☆ Polish central bank leaves main interest rate unchanged
▼ + stars: | 2023-04-05 | by ( Anna Wlodarczak-Semczuk | ) www.reuters.com time to read: +2 min

WARSAW, April 5 (Reuters) - Poland's central bank held its main interest rate at 6.75% on Wednesday, as expected, and said it believes weakening gross domestic product growth, together with already implemented rate hikes, would help gradually curb inflation. The central bank's Monetary Policy Council now hopes that the rate hikes it has already implemented will see price growth return to single digits before the end of the year. Central bank governor Adam Glapinski has previously said that he expects inflation to fall to single digits around the beginning of September, paving the way for interest rate cuts in the fourth quarter. Investors are now waiting for more insight into the central bank's thinking when Glapinski holds a news conference on Thursday. On Tuesday, Romania's central bank kept its benchmark interest rate at 7.00%.

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☆ Dollar gains as inflation worries resurface after OPEC+ surprise
▼ + stars: | 2023-04-03 | by ( Ankur Banerjee | ) www.reuters.com time to read: +2 min

"Fresh inflation risks do imply the inflation fight is not over." The euro was down 0.25% to $1.0812, hovering near a one-week low, while the Japanese yen weakened 0.04% to 132.86 per dollar. The OPEC+ cuts caused immediate oil price increases of more than 6% on Monday. But, by the end of the year, expectations are priced in for cuts of 40 basis points. The risk-sensitive Australian dollar fell 0.21% to $0.667.

☆ Gold prices dip as bank angst recedes
▼ + stars: | 2023-03-30 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for second sessionGold could decline to $1,920/oz - analystVolumes in SPDR Gold Shares highest since OctMarch 30 (Reuters) - Gold prices edged lower on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids. Spot gold was down 0.2% at $1,960.52 per ounce, as of 0346 GMT, falling for a second session. Volumes in SPDR Gold Shares, the largest gold-backed ETF, have surged to their highest level since October," they said. The opportunity cost of holding non-yielding gold rises when interest rates are increased to bring down inflation. Markets see a 43.2% chance of the Fed raising interest rates by 25 basis points in May, according to the CME FedWatch tool.

☆ RBI to raise rates once more on April 6 but leave door open for more - Reuters poll
▼ + stars: | 2023-03-29 | by ( Madhumita Gokhale | ) www.reuters.com time to read: +3 min

A majority of economists in the March 23-28 Reuters poll also said the RBI would then keep the rate steady for the rest of the year. A majority of respondents, 20 of 36, said the central bank would maintain its withdrawal of accommodation stance at the April meeting. Until that is behind us, the RBI probably will not be very comfortable in signalling that they are done with rate hikes," said QuantEco's Kumar. In last month's poll, all economists said the bigger risk was it would be higher than they predicted. The Indian economy was forecast to grow 6.9% this fiscal year and then slow to 6.0% in the next.

☆ Bang & Olufsen shares drop after disappointing China sales
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] Headphones are displayed in the Bang & Olufsen flagship store in Copenhagen, Denmark October 23, 2019. REUTERS/Jacob Gronholt-Pedersen/File PhotoSTOCKHOLM, March 17 (Reuters) - Shares in Bang & Olufsen (BO.CO) plummeted 11% on Friday after the Danish audio and video equipment maker reported a preliminary operating loss for the third quarter and lowered its full-year profit outlook due to disappointing sales in China. The company posted an operating loss before special items for the third quarter of 43 million Danish crowns ($6.14 million) between December to February. Sales in China declined by 65% in the third quarter, the company said. Shares in B&O were trading 11% lower by 1513 GMT, headed for their biggest daily decline since December 2019.

Feb 27 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. A wave of selling is likely to crash over Asian markets on Monday following a sobering end to the week on Wall Street, as the reality of 'higher for longer' U.S. interest rates finally dawns on investors. The implied peak Fed rate is approaching 5.50% - does anyone still think 6% is the stuff of fantasy? One consequence of the market's Fed rethink is the sharp rise in bond yields and the dollar. Many Asian currencies are being pushed back toward their recent lows, boosting inflationary pressures across the region and making dollar-denominated debt servicing more expensive.

The tech-heavy Nasdaq (.IXIC) recovered after a weak open, boosted by 4% gains in Tesla Inc (TSLA.O) and Nvidia Corp (NVDA.O). Ten of the 11 major S&P sectors rose, with consumer discretionary (.SPLRCD) and technology (.SPLRCT) leading the gains. "I don't think (this report) moves the needle for the Fed, and I suspect they're taking a hard look at the data. The rally, however, stalled last week on signs of a tight labor market and hawkish commentary from Fed policymakers. Money market traders have priced in at least two more 25 basis point rate hikes this year and see interest rates peaking at 5.2% by July.

☆ Starboard nominates directors to the board at Rogers. Here’s how the firm could boost margins
▼ + stars: | 2023-02-11 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

Activist Commentary: Starboard Value is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. On Dec. 15, 2022 , Starboard delivered a letter to the company nominating four directors for election to the board at the 2023 Annual Meeting. Both sides seem to share the same views regarding margin improvement, and there is a new CEO who Starboard likely supports. Having Starboard representation on the board would help management stay focused and get the support it needs. While Starboard is not advocating for any strategic transaction, the firm is an economic animal with fiduciary duties.

☆ Most analysts are sticking with AMD even after 'partly cloudy' fourth-quarter earnings
▼ + stars: | 2023-02-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

AMD shares popped about 3%. On Wall Street, several analysts reiterated AMD shares as a buy despite the continued overhangs in the chipmaking industry, and project upside for the stock. Goldman Sachs also maintained a buy rating on AMD, saying that despite broader market challenges, the company is on track towards a positive market share trajectory. 'Partly cloudy' results Deutsche Bank analyst Ross Seymore reiterated a hold rating on the stock, citing its "partially cloudy" fourth-quarter results. AMD shares have benefited from January's market and tech shares rally, jumping 16.03% since the start of 2023.

☆ GM reports higher quarterly profit, expects strong earnings in 2023
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly SongDETROIT, Jan 31 (Reuters) - General Motors Co (GM.N) on Tuesday reported a higher quarterly net income for the fourth quarter, and forecast stronger-than-expected earnings in 2023, sending its shares up over 5% in premarket trading. The company expects its core auto operations to perform at a consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7 billion-$10.1 billion, adjusted EBIT of $10.5 billion-$12.5 billion, and diluted and adjusted earnings per share of $6.00-$7.00. The company expects adjusted automotive free cash flow of $5.0 billion to $7.0 billion in 2023, with net automotive cash from operating activities of $16.0 billion to $20.0 billion. EBIT-adjusted income of $3.8 billion topped the year-earlier $2.8 billion, as higher prices and increased sales volume in North America more than offset higher costs. Diluted adjusted earnings per share of $2.12 in the quarter compared with $1.99 a year earlier.

The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

☆ India's Adani dollar bonds hit lowest since November
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: 1 min

LONDON, Jan 27 (Reuters) - Dollar bonds issued by entities of India's Adani Group tumbled on Friday as a scathing report by a U.S. short seller triggered a rout in the conglomerate's listed firms. The short seller report has cast doubts on how investors will respond to the company's record $2.45 billion secondary sale. U.S. dollar-denominated bonds issued by Adani Green Energy (ADNA.NS) extended this week's sharp falls to just under 77 cents in the dollar to their lowest since November, Tradeweb data showed. The price was last down 7.32 cents to 77.007 cents. .International bonds issued by Adani Ports And Special Economic Zone (APSE.NS), Adani Transmission (ADAI.NS) and Adani Electricity Mumbai also fell. Reporting by Amanda Cooper and Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ AB Volvo profit just short of forecast as supply strain lingers
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] Volvo trucks are seen for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File PhotoJan 26 (Reuters) - Swedish truck maker AB Volvo (VOLVb.ST) reported a slightly smaller rise than expected in fourth-quarter core profit on Thursday and proposed an extra dividend but warned that its supply chain struggles are set to linger. Adjusted operating profit at Volvo, a rival of German brands such as Daimler Trucks (DTGGe.DE), rose to 12.2 billion Swedish crowns ($1.19 billion) from 10.1 billion crowns a year earlier and an average forecast of 12.5 billion crowns from analysts in a Refinitiv poll. Chief Executive Martin Lundstedt said the business continued to be affected by a volatile supply chain for components as well as its supplier base being under financial pressure from high energy prices and input costs. The world's second-biggest truck manufacturer proposed an ordinary annual dividend of 7.00 crowns per share and a extra dividend of the same amount.

☆ Czech interest rates should stay higher for longer, Kubelkova says
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +2 min

PRAGUE, Jan 23 (Reuters) - Keeping the Czech National Bank's interest rates higher for a longer period would work better against inflation than implementing further hikes only to reverse them soon after, central bank board member Karina Kubelkova said. Since joining the central bank last July, Kubelkova has been part of the majority in favour of stable rates. "Especially in the current situation, holding rates higher for a longer time is a strategy that works better (than raising rates further and then cutting them)," Kubelkova said in an interview published on Monday by daily paper Hospodarske Noviny. "The transmission into the real economy will be bigger than moving the (main) rate higher and back over a short time," she said. Analysts see rates staying stable for the first half of 2023 before the bank begins lowering borrowing costs.

Throw in increasingly positive signs from China, and the bulls could be leading the charge on Monday. Beijing's abrupt U-turn has triggered huge waves of infections, but investors hope the reopening will eventually bear economic fruit. Analysts are split on whether this paves the way for the company to revive its IPO plans, or results in further delay. There is little in the way of economic data from Asia on Monday, but the flow accelerates later in the week. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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