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☆ World shares muted, lira plunges to record low
▼ + stars: | 2023-06-07 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

Meanwhile, Turkey's lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures after the government signalled a pivot to more orthodox policies. Spanish stocks (.IBEX) outperformed after shares in the world's biggest fast fashion company Inditex (ITX.MC) jumped almost 7% following first quarter results. That left the MSCI's broadest index of world shares (.MIWD00000PUS) up just under 0.1% but close to its highest level in 13 months reached on Monday. The dollar fell 0.1% against a basket of currencies, while the Turkish lira weakened over 7% to a record low of 23.17 per dollar, its biggest one-day sell-off since the 2021 crash. Bitcoin was trading at about $26,900, consolidating after a sharp rebound on Tuesday from as low as $25,350.

Persons: Ben Laidler, Ipek Ozkardeskaya, eToro's Laidler, Laidler, Solana, Samuel Indyk, Kevin Buckland, Xie Yu, Robert Birsel, Louise Heavens Organizations: REUTERS, Staff LONDON, U.S, Federal Reserve, greenback, Nikkei, Fed, Wall, ICE, Treasury, Swissquote Bank, Data, Saudi, Brent, Texas, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Frankfurt, Germany, Asia, Pacific, Japan, Hong Kong, Taiwan, U.S, London, Turkish, China, Cardano, Polygon

In the previous session, the index dropped as data pointing to tepid U.S. business activity sparked profit-taking following gains in the prior week. MSCI's broadest index of world stocks (.MIWD00000PUS) was largely flat, while Tokyo's Nikkei (.N225) gained 0.90% and China's blue-chip index (.CSI300) dropped almost 1%. Three months ago, the question was how fast would rate hikes come. Now, a pause and then more U.S. rates hikes could follow as a result of sticky inflation, said Mike Kelly, head of multi-asset at PineBridge Investments. In oil markets, prices gave up most gains from the previous session after the world's top exporter, Saudi Arabia, said it would further cut output.

Persons: Toby Melville, Germany's DAX, Mike Kelly, We're, Gary Dugan, bitcoin, Nell Mackenzie, Dhara Ranasinghe, Mark Potter Organizations: London Stock Exchange Group, City of, REUTERS, Reserve, British Retail Consortium, Tokyo's Nikkei, Reserve Bank of Australia, Fed, European Central Bank, Bank of Japan, PineBridge Investments, Saxo Markets, Dalma, Thomson Locations: City, City of London, Britain, U.S, Saudi Arabia

☆ Hedge funds drop European stocks for US and Japan, analysts say
▼ + stars: | 2023-06-05 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

REUTERS/StaffLONDON, June 5 (Reuters) - Hedge funds ditched European equities last week for stocks in the United States and Japan, client notes from JP Morgan (JPM.N), Morgan Stanley (MS.N) and Goldman Sachs (GS.N) show, as strong economic data lifted equity markets in both countries. Commodity Trading Advisors, hedge funds that use algorithms to trade market trends, rotated out of European and Hong Kong stocks and have moved into the United States and Japan, a JP Morgan note seen on Monday showed. These funds have taken the largest bullish position in Japanese stocks seen in about two years, while long, or bullish bets, on UK stocks were "trimmed the most in May," the note said. Hedge funds also bought shares of North American financial companies, health care, industrials and consumer-related sectors, a Morgan Stanley note said. A separate Morgan Stanley note on Monday said markets were now in the midst of several "hotter but shorter", earnings cycles.

Persons: JP Morgan, Morgan Stanley, Goldman Sachs, Morgan, Nell Mackenzie, Sharon Singleton Organizations: REUTERS, Staff LONDON, Commodity Trading Advisors, Bank of Japan, Nikkei, North, Thomson Locations: Frankfurt, Germany, United States, Japan, Hong Kong, U.S, American, North American

☆ Stocks surge in Asia as US averts default, Fed pause bets rise
▼ + stars: | 2023-06-02 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The exuberant mood looked set to continue in Europe, with Eurostoxx 50 futures up 0.45%, German DAX futures up 0.49% and FTSE futures 0.18% higher. The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act. "The market's focus is shifting to the economic front and Fed's decision on rates now," said Tina Teng, markets analysts at CMC Markets. AMP's Oliver said the prevailing sentiment now is that there will be a pause in June and that's helped markets. Australia's S&P/ASX 200 index (.AXJO) rose 0.42%, while Japan's Nikkei (.N225) was 1% higher, continuing its hot run.

Persons: DAX, Shane Oliver, Tina Teng, Patrick Harker, Harker, AMP's Oliver, that's, there'll, Australia's, Sterling, Brent, Ankur Banerjee, Lincoln, Kim Coghill Organizations: Federal Reserve, U.S . Senate, Representatives, Treasury Department, AMP, CMC Markets, Labor, Philadelphia Federal, Japan's Nikkei, Treasury, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Europe, Sydney, U.S, China, Shanghai

The Hang Seng (HSNGY)closed 4% higher, notching its biggest one-day gain in three months. Brent crude, the benchmark for global oil prices, gained almost 1.6% to trade at $75.46 a barrel. Hang Seng reboundsIn Hong Kong, the two best-performing stocks were Chinese real estate developers Longfor Group (LNGPF) and Country Garden Services, soaring 17% and 12% respectively. Citing people familiar with the matter, Bloomberg reported Friday that China was working on such measures. Elsewhere in Asia, South Korea’s Kospi index ended the day 1.3% up, Japan’s Nikkei 225 was 1.2% higher, and the Shanghai Composite Index gained 0.8%.

Persons: Philip Jefferson, Joe Biden, “, ”, Richard Hunter, ” Dow, Germany’s DAX, DAX Organizations: London CNN — Global, US, Markets, Treasury, Interactive, Nasdaq, CAC, Brent, Longfor, Garden Services, Bloomberg, Nikkei Locations: Hong Kong, London, China, France, Qingdao, Asia, South, Shanghai

But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican lawmakers said on Monday they would oppose the bill, though it is expected to pass. The pan European STOXX 600 index (.STOXX) fell 0.2% after recording on Friday its biggest weekly decline in two months. U.S. 10-year bond yields dropped 9.7 basis points to 3.72%, while 30-year yields fell 8 bps to 3.89%. The dollar index , which measures the greenback against six peers, fell 0.26% at 104.03 after rising to a two-month high in earlier trading. Elsewhere, euro zone bond yields fell after Spanish inflation data came in lower than expected, raising hopes that the European Central Bank may raise interest rates less than previously feared.

☆ Asian stocks dip as investors question consequences of US debt deal
▼ + stars: | 2023-05-30 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The package still has to be approved by the Republican-controlled House of Representatives and Democratic-controlled Senate before the debt limit is reached, likely by next Monday. The bond market is implying there is an extreme 70% probability on a U.S. recession in the next year. Australian shares (.AXJO) were down 0.11% while the Nikkei stock index (.N225) rose 0.36%, after the Japanese benchmark hit a 33-year high on optimism over the U.S debt deal and a weaker yen, which helps the country's exporters. Benchmark 10-year yields dropped 6 basis points during Asian trade to 3.7616% while thirty-year yields fell 6.3 bps to 3.9134%. With the debt deal heading to Congress for approval, JB Were analysts said there could be up to $600 billion worth of bill issuance in the next six to eight weeks.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 26, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt. The deal is expected to provide only short-term relief for markets, as worries linger about inflation and further rate increases. European stock indexes initially opened higher, then faltered, with Europe's STOXX 600 down 0.1% on the day (.STOXX). If the debt ceiling deal passes through Congress, then market attention will return to the U.S. Federal Reserve's plans for rates, according to Samy Chaar, chief economist at Lombard Odier.

☆ Europe markets open higher after U.S. debt ceiling deal
▼ + stars: | 2023-05-29 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Sectors were all cautiously higher or flat, with autos and banks leading gains. European stock markets opened higher Monday after U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation's debt ceiling. U.S. political leaders must now gather enough bipartisan support to pass the debt ceiling bill in Congress before the June 5 deadline to avoid a federal default. Asia-Pacific markets were mixed even as Japan's Nikkei 225 climbed to trade at the highest levels since July 1990. Elsewhere, the Turkish lira slumped to a near-record low after incumbent President Recep Tayyip Erdogan secured reelection.

☆ Wall Street closes down, dollar dips as debt ceiling talks stall
▼ + stars: | 2023-05-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/3] A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. "All eyes are on Washington and investors remain focused on the debt ceiling," said David Carter, investment specialist at JPMorgan Private Bank in New York. "This is new territory and (it is) not perfectly clear if the Fed will allow tighter bank lending to replace tighter monetary policy." European shares closed higher and the German DAX reached a record high as hopes of progress in U.S. debt ceiling talks boosted investor sentiment. Oil prices edged lower following news that the debt ceiling talks were on pause, raising the possibility of a default that could hit energy demand.

☆ Wall Street turns red, dollar dips as debt ceiling talks stall
▼ + stars: | 2023-05-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

☆ Wall Street gains, Treasury yields rise as debt ceiling talks progress
▼ + stars: | 2023-05-19 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/3] A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri/File PhotoSINGAPORE, May 19 (Reuters) - U.S. stocks were tentatively higher on Friday and benchmark Treasury yields extended their upward trajectory as market participants looked for signs of progress in the debt ceiling negotiations in Washington. Talks on Capitol Hill on raising the debt ceiling appear to be moving forward, with Democratic negotiators saying they've made "steady progress" toward a deal that would avoid a U.S. credit default. European stocks climbed and the German DAX touched a record high as optimism about a debt ceiling deal spread across the Atlantic. The dollar index fell 0.21%, with the euro up 0.18% to $1.0788.

☆ Asian stocks inch up on US debt ceiling hopes, Nikkei hits 33-year high
▼ + stars: | 2023-05-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

Australia's S&P/ASX 200 index (.AXJO) rose 0.66%, while Japan's Nikkei (.N225) continued its ascent, rising to its highest since August 1990, during the country's so-called bubble era. Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.44%, German DAX futures up 0.41% and FTSE futures up 0.23%. China's blue-chip CSI300 Index (.CSI300) rose 0.20%, while the Shanghai Composite Index (.SSEC) was up 0.13%, having reversed from earlier losses. Hawkish rhetoric from Fed speakers continued with Dallas Fed President Lorie Logan and St. Louis Fed President James Bullard saying inflation was not cooling fast enough to allow the Fed to pause its interest-rate hike campaign. Against a basket of currencies, the dollar rose 0.029% and was wedged near a two-month high.

☆ Stock Market Today: Dow Futures Edge Up With Debt Ceiling Eyed
▼ + stars: | 2023-05-19 | by ( ) www.wsj.com time to read: +1 min

Stock future are hovering, with debt-ceiling negotiations still in focus. Futures for the S&P 500 and tech-heavy Nasdaq-100 were up around 0.1%, while Dow futures were flat. Commodity prices gained. Wholesale gas prices in northwest Europe rose 1.1% to 30.56 euros a megawatt-hour, but remained near two-year lows. The pan-continental Stoxx Europe 600 gained 0.7%, while Germany’s DAX index was within striking distance of a new record closing high.

☆ European markets poised to open higher as U.S. debt ceiling talks continue
▼ + stars: | 2023-05-19 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

European markets look set to open higher Friday as U.S. debt ceiling talks boost investor sentiment. German stocks are also expected to extended Thursday's gains, which caused the DAX index to hit its highest point since January 2022. Traders will be keeping an eye on the Group of Seven summit in Hiroshima, which starts Friday, where world leaders are expected to discuss international trade and security. China and Russia relations and sanctions are on the agenda for discussions between Canada, France, Germany, Italy, Japan, the United Kingdom and United States.

☆ 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.

☆ Morning Bid: Get ready for the debt ceiling rally
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin BucklandEuropean shares look poised to rally after a wave of optimism that a U.S. debt ceiling deal could be reached as soon as the weekend, which lifted stocks on Wall Street and in Asia. Analysts highlighted how both parties agreed to new, smaller teams to continue negotiations, which they took as a sign that discussions have moved to a more advanced stage. Cash available at the U.S. Treasury general account, used to pay for all official U.S. obligations, is draining fast as extraordinary measures are exhausted, pending a debt ceiling deal to raise the limit. The Nasdaq is on the cusp of a 13-month peak, and the Dax is hovering near its highest since January of last year. Reporting by Kevin Buckland; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ US stocks move higher, dollar gains as debt limit talks inch forward
▼ + stars: | 2023-05-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 15, 2023. REUTERS/StaffSINGAPORE, May 17 (Reuters) - Wall Street was modestly higher on Wednesday and the dollar advanced as regional banks surged and negotiations in Washington over raising the debt ceiling inched forward. Debt ceiling negotiations preoccupied market participants, who took heart from Republican House of Representatives Speaker Kevin McCarthy's vow to avoid what would be a catastrophic default. The dollar gained ground against a basket of world currencies, the greenback benefiting from its safe-haven status as debt ceiling talks grind on. The dollar index rose 0.4%, with the euro down 0.31% to $1.0827.

The bank's shares traded 7.3% lower at 0750 GMT, making it the worst performer on the DAX blue chip index. Finance chief Bettina Orlopp told analysts net interest income had probably peaked in the quarter and that further provisions for its mBank unit in Poland were possible. The bank said it sees "upside potential" in net interest income this year, and raised its forecast to 7 billion euros ($7.7 billion) from 6.5 billion. One of Germany's best-known banks, Commerzbank is in the middle of a major overhaul, cutting thousands of workers and hundreds of branches to save costs and lift profits. JPMorgan called the results strong but said the bank's increased guidance for net interest income was below market expectations and "would limit any upgrades" in analyst forecasts.

FRANKFURT, May 17 (Reuters) - Germany's Commerzbank (CBKG.DE) said on Wednesday that net profit nearly doubled in the first quarter, a better-than-expected result helped by higher interest rates. The bank said it sees "upside potential" in net interest income this year, and raised its forecast to 7 billion euros ($7.7 billion) from a previous 6.5 billion euros. Net profit of 580 million euros in the first quarter compares with a profit of 298 million euros a year earlier. Analysts had on average expected profit of 481 million euros, according to a consensus forecast published by Commerzbank. Many banks have reported increases in revenue and profit for the first quarter on the back of higher interest rates.

☆ Asian shares muted, US debt ceiling talks weigh on risk appetite
▼ + stars: | 2023-05-17 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, May 17 (Reuters) - Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.09% in choppy trading, with Australia's S&P/ASX 200 index (.AXJO) down 0.45%. Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming U.S. debt default Tuesday. After an hour of talks, McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement to lift the debt ceiling. Against a basket of currencies, the dollar rose 0.01% to 102.61, inching closer to the five-week high of 102.75 it touched on Monday.

☆ Wall St dips, Treasury yields climb on mixed data; debt ceiling talks take spotlight
▼ + stars: | 2023-05-16 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 15, 2023. Meanwhile, disappointing results from Home Depot (HD.N), combined with weaker-than-expected retail sales data suggested consumer spending is losing some momentum as restrictive monetary policy dampens demand. However, a core measure of retail sales suggested the American consumer continues to bolster the economy. U.S. Treasury yields continued to climb on the heels of the Retail Sales data, suggesting that the Fed's efforts to toss cold water on the economy in order to rein in inflation has yet to take full effect. The greenback edged higher against a basket of world currencies after the weaker-than-expected retail sales data, shifting focus to the partisan debt ceiling wrangling unfolding in Washington.

☆ Shares edge up in nervy trade ahead of debt limit talks
▼ + stars: | 2023-05-16 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 15, 2023. Other than that, however, global markets are showing little evidence of stress, at least for now. China saw industrial output rise in April but by far less than economists had expected, while retail sales also fell short of forecasts - highlighting the fragility of the post-COVID recovery. Against the yen, the dollar fell 0.23% to 135.78. In commodities, Brent crude rose 0.7% to $75.76 a barrel, while U.S. crude rose 0.66% to $71.60.

☆ We got an inside look at a presentation showing the future of Microsoft's $20 billion health-tech acquisition. It revealed how new AI models could transform how we go to the doctor.
▼ + stars: | 2023-05-11 | by ( Blake Dodge | ) www.businessinsider.com time to read: +8 min

Microsoft bought Nuance in 2022 for nearly $20 billion to expand its reach in healthcare. CHICAGO — In 2022, Microsoft bought Nuance for nearly $20 billion to supercharge its growth in the healthcare industry. It's the first tool in Nuance's pipeline to combine the company's own AI models with that of OpenAI, ChatGPT's creator and a deep Microsoft partner. Even back in 2015, enthusiasm for the idea was palpable, Peter Durlach, Nuance's chief strategy officer, told Insider in April. In a conference presentation, Andrea Barrett, a physician assistant and Nuance consultant, demonstrates products using generative AI.

☆ Stocks tiptoe higher as US inflation data offers hope
▼ + stars: | 2023-05-10 | by ( Lawrence White | ) www.reuters.com time to read: +4 min

MSCI's gauge of global equity performance (.MIWD00000PUS) rose 0.03% after the Labor Department's Consumer Price Index (CPI) rose 4.9% year-over-year in April, against expectations of 5%. "Bigger picture, I think the market is hyper fixated on the ‘pause’ but a pause is still restrictive overall," he said. The dollar index hit a session low of 101.36 after the headline April inflation data, while benchmark 10-year German bond yields edged down 4 basis points. Emerging markets currencies rallied on Wednesday following the U.S. data, with MSCI's index (.MIEM00000CUS) up 0.26%. Spot gold turned positive after the CPI data, last trading up 0.3%.

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