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☆ European shares edge higher ahead of more Wall St earnings
▼ + stars: | 2023-04-17 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

Rate-sensitive technology shares <.SX8P> fell 1.2% tracking overnight losses on Wall Street, while banking shares (.SX7P), which were the biggest gainers on Friday, fell 0.3% . Investors will closely monitor a slew of earnings reports led by Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) due later in the week. Last week, Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system. "Cautious optimism is the Monday motivation mantra, as stronger U.S. corporate news and signs of consumer resilience help to mask ongoing worries about the knock-on effect of higher interest rates," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. Shares of Rovio (ROVIO.HE) rose 17.8% after Japan's Sega (6460.T) agreed to launch a 706 million euro offer for Angry Birds maker.

☆ Cineworld shareholders: Shares in Regal Cinemas' owner hit all-time low
▼ + stars: | 2023-04-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Cineworld’s stock plummeted 36% Tuesday afternoon to an all-time low after the company said it had filed a plan to reorganize its business and shareholders would not recover any of their funds. The embattled owner of Regal Cinemas said it had submitted a final version of the plan to a US bankruptcy court in Texas. Under the plan, Cineworld’s lenders will cut its debt by $4.5 billion in exchange for equity in the reorganized company. It filed for Chapter 11 bankruptcy in the United States in September. Cineworld shares have lost 98% of their value since the company listed on the London Stock Exchange in 2007.

☆ London's FTSE 100 climbs ahead of Easter break
▼ + stars: | 2023-04-06 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The FTSE 100 (.FTSE) rose 0.5% and is on course to end the holiday-shortened week about 1% higher, with gains in oil & gas and healthcare stocks offering support. Shell (SHEL.L) rose 1.7% as the energy giant forecast higher liquefied natural gas (LNG) output in the first quarter. The midcap FTSE 250 index (.FTMC) rose 0.2%, with London-listed shares of travel firm TUI jumping 7.2% after sharp losses this week. "The report noted mortgage rates have continued to trend downwards, housing transactions have picked up slightly and the employment market remains robust. We still see challenges ahead as affordability remains under pressure," said Derren Nathan, head of equity research at Hargreaves Lansdown.

☆ Tesla shares slip as margin worries overshadow record deliveries
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - Tesla Inc (TSLA.O) shares fell 5% on Monday, dragged down by growing worries about the electric-vehicle maker's profit margins after aggressive price cuts led to only a modest increase in quarterly deliveries. After slashing prices on its vehicles by as much as 20% in January, Tesla posted record deliveries of 422,875 vehicles in the first quarter but they were up just 4% on the prior quarter. Bernstein analysts said Tesla "will need to further lower prices this year and/or next year to achieve its volume targets, incrementally pressuring margins." "We maintain that price cuts have and will undermine industry profitability (including Tesla's), but that incumbents are deep pocketed and not likely to back down," they added. Tesla shares were trading at $197, having gained 9% last week in the run-up to the deliveries report.

Hong Kong/Atlanta/London CNN —Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output. Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. With oil prices now rising, inflation could remain higher for longer, adding pressure to a hot-button issue for consumers around the world. Saudi Arabia now says it will cut oil production by another half a million barrels a day. “We’re focused on prices for American consumers, not barrels.”In October, OPEC+’s decision to cut production had already rankled the White House.

☆ It's difficult for the U.S. Fed to lay out a 'real map' right now, analyst says
▼ + stars: | 2023-03-28 | 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 difficult for the U.S. Fed to lay out a 'real map' right now, analyst saysSusannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, says that's because of how "changeable" the situation is.

☆ Futures edge higher as SVB deal soothes bank fears
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.31%, S&P 0.34%, Nasdaq 0.17%March 27 (Reuters) - U.S. stock index futures edged higher on Monday after a buyout deal for failed Silicon Valley Bank's deposits and loans helped soothe some jitters around severe stress in the banking sector. First Citizens BancShares Inc (FCNCA.O) said on Monday it will acquire parts of Silicon Valley Bank (SIVB.O), the collapse of which earlier this month marked the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector. Other regional banks Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) also climbed 5.4% and 9.2%, respectively. Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 0.8% and 1.4%. While the Silicon Valley Bank deal has helped instill some confidence in the banking sector's stability, concerns about a bigger crisis have not abated completely, analysts said.

☆ First Citizens just bought Silicon Valley Bank – here's everything you need to know about the latest twist in the banking turmoil
▼ + stars: | 2023-03-27 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

First Citizens Bank agreed to buy most of Silicon Valley Bank on Sunday. The Raleigh, NC-based bank has taken over 17 branches of SVB, $119 billion of its deposits and $72 billion worth of loans. Here's everything you need to know about the latest twist in the US's regional banking turmoil. First Citizens Bank has agreed to buy SVB, according to a statement released on Sunday by the Federal Deposit Insurance Corporation. It'll also receive benefits tied to First Citizens' share price, which it estimated could be worth around $500 million.

Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N) dropped more than 2% in premarket trade. Shares of regional lenders First Republic Bank (FRC.N), PacWest Bancorp (PACW.O), Western Alliance Bancorp (WAL.N) and Truist Financial Corp (TFC.N) fell between 2.1% and 2.8%. European banks also came under pressure, with a report of a U.S. probe on Credit Suisse and UBS (UBS.N) further souring the mood. ET, Dow e-minis were down 304 points, or 0.94%, S&P 500 e-minis were down 31.5 points, or 0.79%, and Nasdaq 100 e-minis were down 59 points, or 0.46%. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sriraj Kalluvila and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ UK interest rates: Bank of England hikes by a quarter percentage point
▼ + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —[Breaking news] The Bank of England hiked interest rates by a quarter of a percentage point Thursday, extending its long-running fight against inflation, which rose unexpectedly in February. The central bank made its 11th consecutive rate hike, taking its benchmark rate to 4.25%, the highest since October 2008. ET]The Bank of England is expected to hike rates by a quarter of a percentage point Thursday following an unexpected jump in inflation. The US Federal Reserve hiked rates by a quarter of a percentage point Wednesday. Announcing its rate hike, Switzerland’s central bank said UBS’s weekend takeover of Credit Suisse had “put a halt” to the banking crisis.

☆ Futures edge lower on caution ahead of Fed rate decision
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

The expected rate hike of 25 basis points is a turnaround from the steep 50 basis points rate rise anticipated before the recent banking turmoil, triggered by the recent collapse of two regional banks. Markets will also be watching out for a news conference by Fed Chair Jerome Powell following the interest rate decision, looking for cues about the central bank's future path in his commentary. U.S. Treasury yields inched lower amid the cautious mood, with that on the two-year note last at 4.13%. ET, Dow e-minis were down 57 points, or 0.17%, S&P 500 e-minis were down 9.5 points, or 0.24%, and Nasdaq 100 e-minis were down 54.75 points, or 0.43%. Shares of GameStop Corp (GME.N) jumped 38.9% after the company posted a surprise profit for the fourth quarter, helped by lower costs and job cuts.

☆ European banks battered after Credit Suisse rescue
▼ + stars: | 2023-03-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

LONDON, March 20 (Reuters) - Shares in European banks were battered in early trade on Monday following UBS's (UBSG.S) state-backed rescue of Credit Suisse (CSGN.S) that brought with it massive writedowns for the latter's bondholders. Shares in Credit Suisse (CSGN.S) fell more than 63% while UBS Group (UBSG.S) shares were last down 12.5%. UBS on Sunday agreed to pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion in losses. JPMorgan said that although UBS stood to gain in the longer-term from the deal, the writedown of the AT1 bonds would impact other European banks. Barclays cut its view on European banks to "neutral" from "positive" on Monday, citing likely increased regulatory scrutiny after Silicon Valley Bank collapse and UBS agreeing to buy Credit Suisse.

☆ Lund-Yates: Weakness in bond yields is pushing investors toward tech and other growth avenues
▼ + stars: | 2023-03-17 | 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: Weakness in bond yields is pushing investors toward tech and other growth avenuesSophie Lund-Yates, senior equity analyst at Hargreaves Lansdown, discusses how mega-cap tech and growth stocks have managed to stay resilient amid the recent turmoil in the banking and global financial system.

Credit Suisse shares were indicated at 2.3 Swiss francs ($2.48), up 35% from Wednesday's close. The Swiss bank's announcement overnight helped stem heavy selling in financial markets in Asian trade on Thursday and European markets were heading for a bullish start to the day. Analysts at JPMorgan said in a note that a takeover was the most likely scenario for Credit Suisse, especially by rival UBS . "Credit Suisse is the first major bank, deemed too big to fail, to take up the offer of an emergency lifeline," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said. "The $54 billion rescue wad is staunching worries about a bigger run on Credit Suisse and the repercussions for other institutions around the world exposed to its operations," she added.

☆ Credit Suisse shares jump over 25% after a $54 billion SNB loan eases jitters, US stock futures stabilize
▼ + stars: | 2023-03-16 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Credit Suisse stock jumped Thursday after the SNB agreed to loan the banking giant $54 billion. The declines came after its biggest shareholder, the Saudi National Bank, said it wouldn't provide any more financial support to the lender. The SNB lifeline came amid investor fears Credit Suisse will default on debt. "Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank," he company said in a statement. "Dr. Doom" economist Nouriel Roubini has flashed a warning signal on Credit Suisse, saying it could go bust if the ECB follows up on its 50-basis point rate hike.

☆ Futures fall as caution about banks lingers, economic data awaited
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +3 min

After the recent collapse of SVB Financial (SIVB.O) and Signature Bank (SBNY.O), assurances and emergency measures by U.S. authorities allayed worries about the health of other banks to some extent. Regional banks extended gains to premarket trading on Wednesday after a strong rebound in the previous session. First Republic Bank (FRC.N) jumped nearly 13%, with peers Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) up 8.3% and 6.5%, respectively. Big U.S. banks such as JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) edged lower between 0.2% and 0.8%. ET, Dow e-minis were down 171 points, or 0.53%, S&P 500 e-minis were down 19.25 points, or 0.49%, and Nasdaq 100 e-minis were down 51.75 points, or 0.42%.

☆ Europe didn't roll back post-2008 banking rules. That was smart
▼ + stars: | 2023-03-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —Shares in European banks slumped Wednesday as speculation about the health of Credit Suisse (CSGKF) reignited the market turmoil sparked by the collapse of Silicon Valley Bank. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, has fallen 13% since last Wednesday’s close. In 2018, former President Donald Trump watered down key parts of the Dodd-Frank Act, which set stricter rules for the banking sector. But European banks are required to hold capital to cover the risk of a large and sudden change in borrowing costs. “This means that European banks have less exposure to market risk on bonds, despite a similar rise in yields,” Moody’s said in its note.

☆ VIEW UK budget: no recession in 2023; UK assets sink in global market turmoil
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +5 min

"Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023." MARKET REACTION:STOCKS: The FTSE 100 (.FTSE) was down 3%, under pressure from a rout in global bank stocks, while the domestic-focussed midcap index (.FTMC) fell 2.5%. MONEY MARKETS: UK bond yields pared some of their daily declines, with the 10-year yield last down 19 basis points at roughly 3.30%, compared with a session low of 3.289% when Hunt began talking. EDWARD PARK, CHIEF INVESTMENT OFFICER, BROOKS MACDONALD, LONDON:"I would view this very much as a budget for the bond market." "When the dust settles, international investors will be constructive around the type of budget we've had today, which suggests a calmer approach to managing the UK.

☆ London stocks fall as Prudential drops, spring budget in focus
▼ + stars: | 2023-03-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Prudential at the bottom of FTSE 100Precious metal miners down over 2%Spring budget in sightFTSE 100 down 1.4%, FTSE 250 off 1.3%March 15 (Reuters) - London stocks fell on Wednesday as Prudential touched the bottom of the FTSE 100 index after its annual results, with investors awaiting the UK spring budget due later in the day. The blue-chip FTSE 100 (.FTSE) was down 1.4% after jumping more than 1% on Tuesday. Prudential (PRU.L) fell 6.3% despite the Asia-focused insurer reporting an 8% jump in full-year year profit. The wider life insurance index (.FTNMX303010) fell 4.2%, hitting a near three-month low. Investors would be keenly awaiting the UK's spring budget, with Finance Minister Jeremy Hunt due to make a budget speech to parliament at around 1230 GMT.

☆ Futures rise after bank rout, CPI data awaited
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

ET (1330 GMT) from the Labor Department, will feed into the U.S. Federal Reserve's policy decision at its March meeting. On a yearly basis, CPI grew 6.0% in February, moderating from a 6.4% in rise the previous month. SVB Financial's (SIVB.O) sudden shutdown and fears of risks to other banks hammered the sector and broader markets in the past few days. "The CPI figures out later will be watched super-closely as another hot reading will reinforce expectations that a rate rise, albeit smaller, will be on the cards next week." ET, Dow e-minis were up 117 points, or 0.37%, S&P 500 e-minis were up 16.25 points, or 0.42%, and Nasdaq 100 e-minis were up 56 points, or 0.47%.

☆ Europe’s banking stocks suffer biggest drop in a year
▼ + stars: | 2023-03-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, fell 5.6% by mid-afternoon — notching its biggest fall since March last year. The broader Stoxx Europe 600 index dropped 2.1%, while the bank-heavy FTSE 100 (UKX) was 2.2% down. A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. It is unclear how many unrealized losses EU and UK banks are carrying on their books. Beauchamp added that the sharper falls in European bank stocks so far seen on Monday might partly reflect their stronger performance relative to US banks this year.

☆ UK finance minister, Bank of England working to minimise SVB fallout
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 11 (Reuters) - Britain's finance ministry and the Bank of England are working together to minimise the disruption that could stem from the UK arm of collapsed U.S. bank Silicon Valley Bank, the ministry said on Saturday. Officials from both groups are working closely together, the finance ministry said in a statement, with talks scheduled for later on Saturday to discuss the issues faced by British tech companies affected by the collapse. Britain's banking system remains strong and resilient, the finance ministry added, saying that the issues affecting Silicon Valley Bank (SIVB.O) were specific to it and did not have implications for other banks operating in the UK. British clearing bank The Bank of London is considering a rescue bid for the UK arm of the U.S. bank, Sky News had reported earlier on Saturday. That came after the Bank of England on Friday said it was seeking a court order to place SVB UK into an insolvency procedure after U.S. regulators took over parent company SVB Financial Group.

☆ UK finance minister and Bank of England work to contain SVB fallout
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

The Bank of England on Friday said it was seeking a court order to place SVB UK into an insolvency procedure. Advisory firm Rothschild & Co is exploring options for SVB UK as insolvency looms, two people familiar with the discussions told Reuters. More than 250 UK tech firm chief executives signed a letter addressed to Jeremy Hunt, the British chancellor of the exchequer (finance minister), calling for government intervention, a copy seen by Reuters shows. "The recent news about SVB going into insolvency represents an existential threat to the UK tech sector," the letter said. Sky News had reported earlier on Saturday that a British clearing bank, the Bank of London, was considering a rescue bid for the UK arm of SVB.

☆ UK retail investors seem slightly more confident, analyst says
▼ + stars: | 2023-03-09 | 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 EmailUK retail investors seem slightly more confident, analyst saysEmma Wall, head of investment analysis and research at Hargreaves Lansdown, discusses the U.K. stock market ahead of the spring budget.

Traders drastically increased their bets that the U.S. central bank will raise rates by 50 basis points later this month, with money market futures pricing in a 64.1% chance of such a move. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. ET (1315 GMT) is expected to show private employers hired 200,000 workers in February after adding 106,000 jobs in January. Occidental Petroleum Corp (OXY.N) gained 3.1% after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) increased its stake in the oil company to about 22.2%. Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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