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☆ Morning Bid: Bond blows batter banks as SVB cracks
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +5 min

SVB may be an unusual case in point - given its exposure to both last year's attrition in the tech sector, related startups and bond markets. Major U.S. banks were also hit, with Wells Fargo (WFC.N) down 6%, JPMorgan (JPM.N) down 5.4%, Bank of America (BAC.N) 6% lower and Citigroup (C.N) 4% lower. In currency markets, the dollar held the line on Friday in its lonely easy monetary policy stance. The BOJ held off making changes to its controversial bond yield cap policy, leaving all options open ahead of a leadership transition in April. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said on Thursday. "This could be a game changer for today's market," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The gains pushed up the S&P 500 communication services (.SPLRCL), consumer discretionary (.SPLRCD) and information technology (.SPLRCT) sectors between 0.4% and 0.6%. Advancing issues outnumbered decliners by a 1.64-to-1 ratio on the NYSE and by a 1.06-to-1 ratio on the Nasdaq. The S&P index recorded four new 52-week highs and 11 new lows, while the Nasdaq recorded 28 new highs and 54 new lows.

☆ Capitalizing on market crashes is key to retiring on time. Many millennials are still looking for their first chance.
▼ + stars: | 2023-03-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Stock market declines can create bargain-buying opportunities for investors looking to generate long-term wealth. Many millennials are looking for their first chance to participate, having lacked adequate savings during prior market downturns. That's because a falling stock market creates discounts and a chance to buy high-upside assets on the dip. The 28-year-old is among the TikTok financial influencers telling their young audiences not to miss out on the next stock market slump. Some have argued that overvalued markets, slowing population growth, and rising interest rates could weigh down US stock market returns for at least the next decade.

☆ TSX slides as investors brace for more Fed rate hikes
▼ + stars: | 2023-03-07 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

"We are seeing a pullback in risk assets as people start to discount the Fed keeping rates higher for longer," said Joseph Abramson, co-chief investment officer at Northland Wealth Management. The TSX has a 30% weighting in commodity-linked shares. The energy sector fell nearly 2% on Tuesday as oil settled 3.6% lower at $77.58 a barrel, while materials, which includes precious and base metals miners and fertilizer companies, was down 2.9%. Thomson Reuters Corp (TRI.TO) shares were a bright spot, rising 1.2%. Reporting by Fergal Smith; Additional reporting by Johann M Cherian in Bengaluru; Editing by Anil D'Silva and Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ TSX dragged lower by weakness in energy stocks, miners
▼ + stars: | 2023-03-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (15:23 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 147.61 points, or 0.72%, at 20,367.19. Energy shares (.SPTTEN) fell 0.7% and materials (.GSPTTMT) shed 2%, tracking commodity prices lower, after China's weak trade data followed its modest annual growth target on Monday. Although the TSX waded through losses during a volatile February, the bourse is eyeing gains of 6% for the current quarter. The tech sector (.SPTTTK) slipped 0.7, dragged down by an 11.6% drop in BlackBerry Inc (BB.TO) after the software firm's lower-than-expected annual sales forecast. Reporting by Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Column: South Korea cranks up coal imports amid economic recovery push
▼ + stars: | 2023-03-07 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

However, concerted efforts to revive South Korean export earnings, alongside an economic recovery in South Korea's top trade partner, China, will likely trigger a reversal in Korea's coal use and emissions trends in 2023, undermining global efforts to cut fossil fuel use and pollution totals. CHINA CONNECTIONDiminished industrial production and consumption in China, South Korea's top market, was especially damaging to Korean manufacturers last year, as China is a major consumer of Korean cars, chemicals and electronics, and a key link in South Korea's supply chain for intermediate goods. COAL RELIANCEEven after the price fireworks of 2022, coal remains the cheapest fuel for additional base load power generation in South Korea, which historically generates around 35%-40% of electricity from coal. South Korea thermal coal imports by originAn additional 20%, or roughly 5 million tonnes, comes from Russia, which has been marginalized in international energy markets since Moscow ordered so-called special military operations in Ukraine a year ago. Beyond offering lower grade and lower cost coal, Indonesia and Russia also boast closer proximity to South Korea than high-quality coal sellers Australia and Canada, which helps lower shipment costs.

☆ Ukraine military names man allegedly shot by Russian invaders in video
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

In a Facebook post, the 30th Mechanized Brigade named the man as Tymofiy Shadura. - or Glory to Ukraine - before multiple shots are heard coming from an unseen shooter or shooters. "According to preliminary information, the deceased is a serviceman of the 30th separate mechanized brigade, Tymofiy Mykolayovych Shadura," the brigade's Facebook post said. "The command of the 30th separate mechanized brigade and the Hero's brothers express their sincere condolences to his relatives and friends. Ukrainian and Western authorities say there is evidence for thousands of war crimes committed in Ukraine since Russia invaded in February, 2022.

☆ Ukraine investigates alleged Russian shooting of prisoner of war
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

- or Glory to Ukraine - before multiple shots are heard coming from an unseen shooter or shooters. Ukrainian President Volodymyr Zelenskiy, noting that the video had appeared on Monday, said it showed Russian occupiers brutally killing a soldier. "The murder of a captive is the latest Russian war crime," Yermak wrote in a tweet. Ukrainian and Western authorities say there is evidence for thousands of war crimes committed in Ukraine since Russia invaded in February 2022. "Before his death, (the man) reminded all of us of the meaning of the words 'Glory to Ukraine!," Ukrainian Deputy Prime Minister Iryna Vereshchuk said on Telegram.

☆ Florida's Palm Beach real estate market soars as the rest of the country slumps
▼ + stars: | 2023-03-03 | 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 EmailFlorida's Palm Beach real estate market soars as the rest of the country slumpsCNBC's Robert Frank joins 'Power Lunch' to discuss the potential housing recession, Florida's priciest property destination and one property that is the most expensive listing in the state's history.

☆ Silvergate slumps 28% after delaying annual report, warning about viability
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Silvergate Capital (SI.N) shares plummeted 28% late on Wednesday after the cryptocurrency-focused bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern. Federal prosecutors in Washington are probing Silvergate and its dealings with FTX and Alameda Research. In January, three U.S. senators asked Silvergate for details about its risk management practices and its dealings with FTX. "The Company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the Company," Silvergate wrote in a filing to the Securities and Exchange Commission on Wednesday. Silvergate said it does not expect to file its report by an extension date of March 16.

☆ South African factory activity slumps in Feb on record power cuts - Absa PMI
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 1 (Reuters) - South African manufacturing activity contracted sharply in February as unprecedented power cuts led to a marked deterioration in business conditions, a survey showed on Wednesday. The business activity, new sales orders, employment and inventories indices were all in contractionary terrain, Absa said in a statement. "Load-shedding once again featured frequently in the commentary where respondents explained why activity declined relative to the previous month," Absa said, using a term for power outages. Struggling state electricity utility Eskom has implemented power cuts every day this year due to breakdowns at its coal-fired power plants, after a record number of days with outages last year. There was a steep fall in the PMI index measuring expected business conditions in six months' time, with the index falling to its lowest level since May 2020.

☆ Asia's factory activity stalls, but China a bright spot
▼ + stars: | 2023-03-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

China's manufacturing activity expanded at the fastest pace in more than a decade in February, according to an official index, while a private sector survey also showed activity rising for the first time in seven months. India and Australia saw economic growth slow in the quarter to December, and South Korea's exports fell in February for a fifth straight month, highlighting the pain slowing global demand was inflicting on the region's manufacturers. The region's weaker data underscores the challenge Asian policymakers face in reining in inflation with higher interest rates, without choking off their economic recoveries already facing pressure from the global economic slowdown, analysts say. Factory activity continued to shrink in Taiwan and Malaysia in February, and expanded at a slower pace than in January in the Philippines, surveys showed. Policymakers hope China's re-opening from COVID-19 curbs, and resilience seen so far in U.S. and European economies, will underpin global growth this year.

The yield on two-year Treasury notes , which closely tracks short-term interest rate expectations, rose to 4.9%, its highest level since 2007. "You also got a tick up in the ISM prices paid, which means that prices generally are rising now for manufacturing. That's higher than where Fed policymakers in December signaled they would need to raise the policy rate. Money market traders see an about 80% chance of a 25-basis-point rate hike later this month, but the odds of a bigger 50 bps rate hike have grown recently. The main U.S. benchmarks ended February with losses as investors braced for the possibility that the Fed will hike rates more than initially thought on signs of resilience in the economy.

Analysts agree that U.S. equity valuations are expensive, nominally and relative to history and overseas peers. The S&P 500 is still up 3.5% this year, the Nasdaq up 10%, and the S&P 500 price-to-earnings ratio comfortably above historical averages and current international comparisons. "The equity market is buying into a pretty rosy outlook, the 'immaculate disinflation' concept. The S&P 500 is currently trading at around 18.5 times 12-month forward earnings. "Neither of these outcomes are favorable for premium market valuations," Lerner wrote in a note on Monday.

RIYADH/DUBAI, Feb 28 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier. SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results. Demand from China, which ended its strict pandemic-related controls in early December, could return in the second quarter or second half of 2023, SABIC's acting Chief Executive Abdulrahman Al-Fageeh said. Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28% from the previous year.

☆ SABIC's quarterly net profit slumps 94% on lower sales prices
▼ + stars: | 2023-02-28 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 28 (Reuters) - Petrochemicals firm Saudi Basic Industries Corp (SABIC) (2010.SE) said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. SABIC posted a net income of 0.29 billion riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion riyals in the year-ago period. Prices across the main petrochemicals segments, chemicals, polyethylene and performance polymers came in lower in the fourth quarter, SABIC said, adding that margins are expected to continue being under pressure in the first half of 2023, partly due to slow demand. Net income attributable to shareholders for the year 2022 came in at 16.53 billion riyals, down 28% from the previous year. ($1 = 3.7527 riyals)Reporting by Hadeel Al Sayegh; Editing by Nivedita Bhattacharjee and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ As China's birth rate slumps, political advisor urges egg freezing for single women
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Lu, a fertility doctor in China's southern Hainan province, said giving single women access to freezing their eggs enables them "to preserve the eggs before they pass their peak reproductive years. Currently fertility treatments such as in vitro fertilisation (IVF) and egg freezing in China are banned for unmarried women. Lu's recommendations come as authorities try to bolster a faltering birth rate with incentives including expanding maternity leave, financial and tax benefits for having children as well as housing subsidies. Last year, China recorded its lowest ever birth rate, of 6.77 births per 1,000 people. While nine of the 10 most populous nations in the world are experiencing declines in fertility, China's 2022 fertility rate of 1.18 was the lowest and well below the 2.1 OECD standard for a stable population.

☆ Australia's Harvey Norman slumps on lower half-year profit
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

Feb 28 (Reuters) - Shares of Harvey Norman (HVN.AX) slumped more than 9% on Tuesday after Australia's biggest electronics retailer posted a 15% drop in its first-half profit as the cost-of-living pressures crimped its discretionary retail spending. The company reported profit after tax attributable for the six-month period ended Dec. 31 of A$365.9 million ($246.58 million), compared with A$430.9 million last year. ($1 = 1.4839 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese companies have rushed to fill the gap in Russia left by brands exiting from the Ukraine war
▼ + stars: | 2023-02-25 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Chinese manufacturers were already popular in Russia before the war, accounting for approximately 40% of the smartphone market in December 2021. Tough times for consumersAlthough Chinese brands are reaping the rewards of the Western embargo, the Russian market is shrinking as its economy slumps. If the war in Ukraine ends, Apple and Samsung will likely rebuild operations in the country — and quickly recapture smartphone sales, Stryjak said. Even then, with the return of international brands, Chinese players could retain their foothold, particularly given how long it could take to rebuild supply chains. “Stating this a bit harshly, but the Russian brands and the Chinese brands are kind of stand-ins for the real players,” said Le at Sino Auto Insights.

☆ Ericsson is planning to cut 8,500 jobs globally
▼ + stars: | 2023-02-24 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +1 min

London CNN —Telecom company Ericsson is planning to cut 8,500 jobs around the world in a bid to slash costs. Among other measures, the plan will “also result in a need to address headcount,” an Ericsson (ERIC) spokesperson told CNN Friday. “The way headcount reductions will be managed will differ depending on local country practice.”On Monday, Ericsson said it would cut about 1,400 jobs in Sweden. Those cuts are part of the 8,500 total, the spokesperson said Friday. Last month, Ericsson reported lower than expected fourth-quarter core earnings as 5G equipment sales slowed in markets such as the United States, Reuters reported.

☆ Analysis: Russian economy holding up but the road back to prosperity may be long
▼ + stars: | 2023-02-23 | by ( Alexander Marrow | ) www.reuters.com time to read: +6 min

"The Russian economy and system of governance proved to be much stronger than the West supposed," President Vladimir Putin told Russia's political, military and business elite this week. 'GUNS NOT BUTTER'He also argued for sustainable domestic development and a self-sufficient economy, recalling a criticism levelled against Soviet leaders so focused on military spending they ignored people's welfare. But Russia is ramping up military spending, and diverting funds from hospitals and schools will ultimately hamper the development of civilian economic infrastructure. Prokopenko, who also highlighted the opportunity cost to the economy, said Russia's financial leadership had become used to navigating crises. Putin can be proud of his 'Fortress Russia' that his financial leadership built for him," she said.

☆ Wall St slightly higher as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

U.S. stocks shed more than 2% on Tuesday after a rebound in business activity in February stoked fears of interest rates staying higher for longer. New York Fed President John Williams, a voting member of the rate-setting committee this year, is scheduled to speak later in the day. Following a market rout in 2022, the three major indexes logged monthly gains in January as investors hoped the Fed would pause its rate hikes and perhaps pivot around year-end. However, stocks have had a volatile run in February, leaving the Dow flat for the year as traders priced in higher interest rates for longer, assuming that inflation remains higher in a sturdy economy. The S&P index recorded three new 52-week highs and one new lows, while the Nasdaq recorded 21 new highs and 92 new low.

☆ Wall St inches higher as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fed minutes due at 2:00 p.m. U.S. stocks shed more than 2% on Tuesday after a rebound in business activity in February stoked fears of interest rates staying higher for longer. "We expect all indicators to point to the Fed remaining hawkish in its inflation fight." However, stocks have had a volatile run in February as traders priced in higher interest rates for longer, considering inflation remains elevated in the face of a sturdy economy. Money market participants expect rates to peak at 5.35% by July and stay around those levels till the end of 2023.

As a result, the world's largest listed miner reported underlying profit attributable from continuing operations of $6.6 billion, down from $9.72 billion a year earlier. That missed a Vuma Financial estimate of $6.82 billion, as earnings from copper and coal came in lower than analysts had expected. Shares of the global miner fell as much as 2.8% to A$47.11, their lowest since Jan. 6 and were down 2% at 0138 GMT in a broader market (.AXJO) that was down 0.5%. BHP also said it expected aggressive global interest rate hikes from last year to slow growth sharply across the developed world. BHP has threatened not to invest in Queensland after the state hiked its coal royalties to the highest rate in the world.

☆ Raiffeisen stock slumps after U.S. sanctions authority asks about Russia business
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 20 (Reuters) - Shares in Raiffeisen Bank International fell more than 7% at the open on Monday after the Austrian Bank had said on Friday it had received a request for information from the United States' sanctions authority about its business related to Russia. Earlier in February, Raiffeisen reported it earned more than half of its 2022 profit from Russia, a market it is considering exiting after the country's invasion of Ukraine. RBI has operated in Russia since the collapse of the Soviet Union and is Russia's 10th-largest bank by assets. The bank's shares have fallen 19% since the start of the war in February last year. Reporting by Bartosz Dabrowski in Gdansk Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

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