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☆ European shares edge up on pharma boost, UK's FTSE 100 nears record-high
▼ + stars: | 2023-01-16 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) gained 0.1% in early trading, boosted by a 0.8% rise in healthcare stocks (.SXDP). UK's FTSE 100 (.FTSE) rose 0.1% to 7,852.84, inching closer to a record 7,903.50. "Investors appear to have fallen back in love with UK assets, after a difficult period when FTSE 100 was the wallflower among global indices," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. Weakness in luxury heavyweights such as LVMH (LVMH.PA) and Hermes International (HRMS.PA) weighed on Europe's STOXX 600 on Monday. German arms maker Rheinmetall (RHMG.DE) gained 2.9% on acquiring a stake in Dutch IT hardware specialist Incooling B.V.

☆ India's HCLTech falls after lowering full-year revenue view
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Jan 13 (Reuters) - Shares of Indian IT major HCLTech (HCLT.NS) fell as much as 2.6% on Friday after lowering its revenue growth outlook for this fiscal year and flagging delays in decision making by its European clients. The Noida-based company on Thursday lowered its revenue growth projection for the fiscal year ending March 31 to 13.5-14% from 13.5% to 14.5% previously. Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Sandwich chain Subway eyes sale- source
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - Sandwich chain Subway is exploring a sale of its business, a source told Reuters on Wednesday. The sale could value the sandwich chain at more than $10 billion, the Wall Street Journal first reported. "As a privately held company, we don't comment on ownership structure and business plans," a company spokesperson told Reuters in an emailed statement. Subway, one of the world's largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries. In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it.

Companies Sun Cable FollowMELBOURNE, Jan 11 (Reuters) - The developer of a $21-billion project aiming to deliver solar power to Singapore from Australia has collapsed as its two main backers, Australian billionaires Mike Cannon-Brookes and Andrew Forrest, failed to agree on a new round of funding. Singapore-based Sun Cable said it had appointed voluntary administrators less than a year after raising A$210 million from the two billionaires for the Australia-Asia PowerLink project. Tech billionaire and climate activist Cannon-Brookes, who became chairman of Sun Cable in October, said he remained confident in the project. The statement offered no comment from iron ore magnate Andrew Forrest's privately owned Squadron Energy, Sun Cable's other big stakeholder. Future steps are likely to involve voluntary administrators FTI Consulting seeking fresh capital or selling the business entirely, Sun Cable said.

☆ Sandwich chain Subway eyes sale
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

☆ India's TCS slips 2.7% on profit miss, weak outlook
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Shares of India's largest IT services provider fell as much as 2.7% to 3,230.1 rupees, dragging the broader market down 0.7%. "While TCS is better placed in a recessionary environment, its rich valuations will likely weigh on stock performance." The Mumbai-based company's order book fell to $7.8 billion from $8.1 billion in the September quarter. (nL4N33U1V6)Profit rose to 108.46 billion rupees ($1.32 billion) from 97.69 billion rupees a year earlier, but missed analysts' estimates of 110.46 billion rupees. The stock fell 12.9% in 2022, after five straight years of gains.

☆ Consumer stocks drag FTSE 100 lower amid recessionary jitters
▼ + stars: | 2023-01-10 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.3%, FTSE 250 off 0.4%Robert Walters down on profit warningInvestors await Fed Chair speechJan 10 (Reuters) - Britain's FTSE 100 retreated from a three-and-a-half-year high on Tuesday, led by consumer stocks amid recession worries, after hawkish comments from two U.S. Federal Reserve officials raised worries about future rate hikes. The blue-chip FTSE 100 (.FTSE) declined 0.3%, while the domestically focussed FTSE 250 mid-cap index (.FTMC) fell 0.4%. On Monday, Fed officials said inflation data due later this week would sway the central bank's decision about rate hikes. Among individual stocks, recruiter Robert Walters (RWA.L) slumped 8.1% after the company warned that its full-year profit was expected to be slightly below market expectations. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann Thoppil and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ India set to post BoP deficit for 2 straight years - StanChart
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 6 (Reuters) - India is set to post a balance of payment deficit for the second straight year in the next fiscal, which would be the first such instance in two decades, Standard Chartered Bank said on Friday. The foreign bank expects the country to record a BoP deficit of $24 billion this fiscal year and $5.5 billion in the next, against a surplus of $47.5 billion last year. "While the C/A deficit may appear more manageable, it still represents a large financing requirement in absolute terms, especially given the weak global growth backdrop. Our forecast of a smaller C/A deficit/GDP ratio in FY24 assumes a narrower trade deficit, but slower software and remittance inflows contributing to a large deficit size," the foreign bank said. Reporting by Dharamraj Lalit Dhutia; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Upbeat economic data powers European shares to third day of gains
▼ + stars: | 2023-01-04 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) rose 0.8%, while France's CAC 40 (.FCHI) added 1.3%. Data on Wednesday showed euro zone business activity contracted less than initially thought, suggesting the bloc's recession may not be as deep as feared. Further, preliminary data showed inflation in France slipped in December from a record high in the previous month, tracking a slew of encouraging data from improving euro zone manufacturing numbers to a slowdown in Germany's inflation. The STOXX 600 index has risen 3% in the first three trading days of the new year, helped by strong economic data, easing of natural gas futures and hopes of a post-COVID recovery in China despite surging cases. Meanwhile, data showed fresh food prices at British supermarkets in early December were 15.0% higher than a year earlier, weighing on UK sentiment.

☆ Trading in shares of UK's Home REIT temporarily suspended
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Home REIT Plc's (HOMEH.L) shares were temporarily suspended from trading starting Jan. 3, as it missed a deadline to publish its annual financial report due to an ongoing audit after a short-seller report on the British company's finances. The results are expected to be published "as soon as practicable," the company said in a statement on Tuesday, without providing a timeline. On Dec. 12, Home REIT's shares plunged to a record low after it said its auditors were carrying out "enhanced audit procedures" and reiterated that all allegations made by Viceroy are "without substance". "We don't see HOME REIT's (trading) suspension being short-term," Viceroy told Reuters in an emailed statement. Reporting by Radhika Anilkumar and Prerna Bedi in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India's largest winemaker Sula Vineyards drops 5% in market debut
▼ + stars: | 2022-12-22 | by ( Nandan Mandayam | ) www.reuters.com time to read: +2 min

It was last trading down 4.2% at 341.8 rupees in a broader market (.NSEI) that was down 0.58%. "We like Sula, given (its) market leadership in India’s grape wine industry, especially in premium brands," said Motilal Oswal equity strategist Hemang Jani. It raised a total of 9.6 billion rupees in the IPO, including 2.88 billion rupees from anchor investors like Abu Dhabi Investment Authority and Goldman Sachs. Sula, India's largest winemaker, has a portfolio of 56 labels from 13 of its own brands and 20 international ones. Its net revenue rose 8% year-over-year to 4.57 billion rupees in fiscal year 2022.

☆ U.S. new vehicle sales to fall in December as high prices deter buyers - report
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - U.S. total new vehicle retail sales are expected to decline in December as high vehicle prices and rising borrowing costs pushed consumers to cut back spending, a report from industry consultants J.D. The average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago, per the report. Retail sales of new vehicles this month are expected to touch over 1.04 million units, down 2.8% from last year. The consultants expect retail sales in the United States to increase next year, with improving inventory levels. Globally, vehicle sales are projected to end at 80.7 million units this year, a 1% contraction from 2021.

☆ UK's FTSE 100 climbs on consumer discretionary boost
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 and FTSE 250 add 0.2% eachDec 21 (Reuters) - UK's FTSE 100 extended gains for the third straight session on Wednesday ahead of the festive weekend, lifted by consumer discretionary stocks led by JD Sports. The FTSE 100 (.FTSE) and the mid-cap FTSE 250 (.FTMC) added 0.2% each. Sportswear firm JD Sports soared 5.8% to the top of the FTSE 100 after its U.S. peer Nike (NKE.N) reported better-than-expected results on Tuesday. Energy stocks (.FTNMX601010) added to gains, rising 0.5% while the pound lost 0.2% by 8:30 GMT. Meanwhile, public borrowing, excluding state-controlled banks, rose to a record 22 billion pounds ($26.73 billion) in November from 14.2 billion pounds in the previous month, reflecting higher costs for energy subsidies.

☆ India plans tax waivers for IDBI Bank buyer - sources
▼ + stars: | 2022-12-20 | by ( Nikunj Rajesh Ohri | ) www.reuters.com time to read: +2 min

The federal finance ministry is looking to relax a tax clause, which would require the buyer of IDBI Bank to pay additional tax if the share price rises post the final bid, one of the officials said. In case the share prices of IDBI Bank increase after financial bids are formally placed, the difference in share price may be considered as "other income" for the buyer as per tax laws, explained Om Rajpurohit, a partner at tax firm AMRG & Associates. The government and state-run Life Insurance Corp. (LIC) (LIFI.NS) together hold about 95% in IDBI Bank, and have sought initial bids from investors to buy a 60.72% in the bank. Last week, it extended the deadline for submitting initial bids until Jan. 7. Once the government receives initial bids expressing interest from buyers, the Reserve Bank of India would vet them to see if they meet the central bank's "fit and proper" criteria.

☆ India cuts windfall tax on crude, aviation fuel
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 16 (Reuters) - India has cut windfall tax on crude oil and aviation turbine fuel (ATF) and reduced export tax on diesel, according to a government order dated Dec. 15. It cut the tax on locally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, effective Friday, the order said. The federal government also cut export tax on diesel to 5 rupees per litre from 8 rupees, while slashing the windfall tax on ATF to 1.5 rupees per litre from 5 rupees, the document showed. Meanwhile, Reuters had reported that India has bought Russian crude barrels at well below a $60 price cap agreed by the West. On July 1, India imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling at lower-than-market rates in the country.

☆ Indian shares set for weak open on U.S. recession fears, hawkish cenbanks
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 16 (Reuters) - Indian shares are set to open lower on Friday, on recession fears in the U.S. and hawkish commentary by major central banks, following their U.S. counterpart. Adding to the woes of Indian markets could be the crude prices, which looked poised to end the week higher after projections of a demand revival. Foreign institutional investors sold 7.11 billion rupees ($85.81 million) worth of equities on a net basis on Thursday, while domestic investors bought 2.61 billion rupees of shares, as per provisional NSE data. ** Hindustan Petroleum Corporation (HPCL.NS): Co approves proposal to borrow up to 100 billion rupees in a private placement. ($1 = 82.8600 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Europe shares slump on jitters ahead of ECB rate decision
▼ + stars: | 2022-12-15 | by ( Amruta Khandekar | ) www.reuters.com time to read: +2 min

SummarySummary Companies STOXX 600 set for worst day since SeptECB rate decision due 1315 GMTBoE rate decision due 1200 GMTH&M falls as quarterly sales fail to impressDec 15 (Reuters) - European shares slumped on Thursday, as risk sentiment waned ahead of an interest rate decision from the bloc's central bank, after the U.S. Federal Reserve's hawkish comments on rate hikes rattled global markets. The region-wide STOXX 600 (.STOXX) was down 1.2% at 0915 a.m. GMT, and appeared set for its worst day since late September, following a dismal trading session on Wall Street overnight after the Fed signalled more rate hikes to come. “There is a very high probability that the ECB will signal that they’ve still work to do in terms of rates.”UK's blue-chip FTSE 100 (.FTSE) was down 0.7%, with investors eyeing the Bank of England's interest rate decision also due later in the day. Among STOXX 600 sectors, energy (.SXEP) was the biggest loser, down 1.9%, tracking crude prices lower, while the retail sector (.SXRP) declined 1.8%. Reporting by Amruta Khandekar; editing by Uttaresh.V and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ J.P.Morgan raises China's 2023 growth forecast
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Analysts at J.P.Morgan on Thursday raised their 2023 growth forecast for China's gross domestic product by 30 basis points to 4.3% as the world's second largest economy reopens from tight COVID restrictions. The brokerage also cut its 2022 economic growth outlook for the country to 2.8% from 2.9% previously. Last month, Goldman Sachs hiked its estimate for China's economic growth to 4.5% for next year, citing the exit from zero-COVID policy. In the near term, China is likely to face disinflation pressure when domestic demand remains soft before the economy picks up pace, JPM said. Reporting by Aniruddha Ghosh in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ U.S., UK export controls hit China's access to Arm's chip designs -FT
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - Chinese tech giant Alibaba Group Holding Ltd cannot buy some of the most advanced chip designs after the SoftBank-owned (9984.T) British chip tech firm Arm Ltd determined that U.S. and Britain would not approve licences to export technology to China, the Financial Times reported on Wednesday. This is the first known time that Arm has decided it could not export its most cutting-edge designs to China, the report said, citing people familiar with the matter. The British chip tech firm concluded that the United States and Britain would not approve the sale of its latest Neoverse V series because the performance was too high, the report added. Arm launched its next generation of data center chip technology called Neoverse V2 earlier this year to meet the explosive growth of data from 5G and internet-connected gadgets. Reporting by Rhea Binoy in Bengaluru; Editing by Dhanya Ann Thoppil and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi Investment Authority to invest in India's Lenskart - ET
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 12 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, the Economic Times newspaper reported on Monday, citing people aware of the matter. The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added. Lenskart and ADIA did not immediately respond to a Reuters request for comment. Started in 2010, Lenskart has an operational manufacturing unit in India's Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India's HCL Tech tumbles 6% after downbeat revenue forecast
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Dec 9 (Reuters) - Shares of HCL Technologies Ltd (HCLT.NS) fell as much as 6% on Friday, in their sharpest intraday drop since mid-May, after the IT services firm said it expects revenue for the full year to be at the lower end of its guidance. Speaking in New York on Thursday, HCL Chief Executive C. Vijayakumar said he expects revenue growth for the year ended March 31, 2023 to be at the lower end of its 13.5%-14.5% guidance due to furloughs and drop in spending in some sectors. Reporting by Akansha Victor in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

BENGALURU, Dec 9 (Reuters) - Indian shares reversed early gains on Friday, dragged by information technology stocks, after HCL Technologies warned of a potential slowdown in client spending in the industry's key U.S. markets as recession fears weighed. read moreAll the top losers in the Nifty 50 index were information technology stocks, with HCL Tech, Infosys, Tech Mahindra, Wipro and TCS, leading the decline. Most of the other sectors, however, gained as an overnight slide in oil prices and the easing of China's COVID-19 curbs limited losses. The Nifty PSU (.NIFTYPSU) index rose over 1%, on course to advance for the seventh day in a row, if gains hold. Oil prices stabilised, but still hovered around 2022 lows, after slipping for the fifth day in a row on Thursday.

☆ BP to expand EV charging network at M&S stores
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - BP Plc (BP.L) on Thursday said its British electric vehicle charging business bp pulse will install high-speed charge points at around 70 Marks & Spencer (MKS.L) retail outlets. The first pilot charging sites are open at M&S Maidstone Eclipse and Southgate stores, with an initial target to install around 900 points, adding up to 40,000 kilowatt-hours of charging capacity within the next two years. Meanwhile, BP plans to invest up to 1 billion pounds ($1.22 billion) in UK EV charging infrastructure by 2030. BP and M&S first teamed up in 2005 to introduce M&S Food stores at bp retail sites. More than 250 bp pulse charge points are already available at over 60 bp-operated forecourts, which also offer M&S Food.

☆ Slowing crypto startup funding may still surpass 2021 record - Pitchbook
▼ + stars: | 2022-12-08 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Dec 8 (Reuters) - Total funding at crypto startups this year is set to exceed investments in 2021, research firm Pitchbook said on Thursday though the pace of capital deployment is slowing as a series of crypto blowups sapped private equity investment appetite. Crypto projects globally attracted $19.9 billion in venture capital (VC) investments in the first nine months of 2022, 41% higher than a year ago, according to Pitchbook data. In total, last year drew in a record $21.2 billion. "The lack of clear regulation and guidance remains one of the crypto industry's greatest concerns and limiting factors," said Robert Le, crypto analyst at PitchBook. VCs infused $1.5 billion in the so-called Web3 companies in third quarter, a 44.5% growth sequentially, according to Pitchbook.

☆ Musk's bankers mull new Tesla margin loans to slash Twitter debt - Bloomberg News
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Billionaire Elon Musk's bankers are considering providing the Tesla Inc (TSLA.O) Chief Executive Officer with new margin loans backed by the U.S. automaker's stock to replace some of the high interest debt on his Twitter deal, Bloomberg News reported on Wednesday. The margin loans are one of the options that the Morgan Stanley (MS.N)-led bank group and Musk's advisers have discussed to ease the $13 billion debt Twitter took on as part of Musk's $44 billion deal, the report said, citing people with knowledge of the matter. Morgan Stanley (MS.N), Bank of America Corp (BAC.N), Barclays Plc (BARC.L) and Mitsubishi UFJ Financial Group Inc (8306.T) led the $13 billion financing for the bid by Musk. The banks are not expected to offload any of the Twitter debt to institutional investors until the new year, Bloomberg reported. Reuters reported in October that banks had abandoned plans to sell the debt to investors because of uncertainty around Twitter's fortunes and losses.

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