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July 28 (Reuters) - U.S. Supreme Court Justice Samuel Alito on Friday temporarily blocked a lower court's decision to strike down a regulation aimed at reining in privately made firearms known as "ghost guns" that are difficult for law enforcement to trace. The administration asked the justices to halt a Texas-based federal judge's nationwide ruling that invalidated a Justice Department restriction on the sale of ghost gun kits while it appeals to the New Orleans-based 5th U.S. The administration warned that allowing the judge's ruling to stand would enable an "irreversible flow of large numbers of untraceable ghost guns into our nation's communities." The rule clarified that ghost guns qualify as "firearms" under the federal Gun Control Act, requiring serial numbers and manufacturers be licensed. Several plaintiffs, including two gun owners and two gun rights advocacy groups, challenged the rule in federal court in Texas.

Persons: Samuel Alito, Alito, Joe Biden's, Sellers, Judge Reed O'Connor, Andrew Chung, Marguerita Choy Organizations: Supreme, Circuit, Appeals, Department, federal Gun Control, Thomson Locations: Texas, New Orleans, Texas . U.S, New York

☆ Exxon profits slump 56%, joins global peers in energy price hit
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Profits for global oil majors have dropped by about half from a bumper 2022, when Russia's invasion of Ukraine sent oil and gas prices soaring. Excluding last year's record second quarter, however, Exxon posted its strongest result for the April-to-June quarter in more than a decade, the largest U.S. oil company said, helped by cost cuts and the sale of less profitable assets. "You would have to go back to the second quarter of 2011 to find the last time we produced this level of earnings in the second quarter" excluding last year, she said. "Exxon results came in slightly weaker than expected across earnings and cash flow," RBC analyst Biraj Borkhataria wrote in a note. It distributed about $8 billion in cash to shareholders in the second quarter, including about $3.7 billion in dividends.

Persons: Kathryn Mikells, Biraj Borkhataria, Darren Woods, Woods, Mikells, Sabrina Valle, Sonali Paul, Jason Neely, Marguerita Choy Organizations: Exxon, Reuters, RBC, Chevron, Brent, Reuters Graphics Reuters, Thomson Locations: Ukraine, U.S, Guyana

July 28 (Reuters) - U.S. banks should incorporate the Federal Reserve's emergency lending facility known as the "discount window" as part of their contingency funding plans, federal banking regulators said in updated guidance on Friday. The discount window is "an important tool" banks can use to manage liquidity risk, bank regulators including the Federal Reserve and Federal Deposit Insurance Corp said in an updated interagency policy statement. Bank runs in mid-March that forced regulators to shut down Silicon Valley Bank and Signature Bank "underscored the importance of liquidity risk management and contingency funding planning," the agencies said. "Banks are now working to see that they are ready to use the discount window, and we are strongly encouraging them to do that," he said. Reuters GraphicsThe guidance also said financial institutions should establish and maintain operational readiness to use the discount window, including conducting periodic small value transactions.

Persons: Lorie Logan, Jerome Powell, Banks, Hannah Lang, Dan Burns, Marguerita Choy, Richard Chang Organizations: Federal Reserve, Federal Deposit Insurance Corp, Bank, Signature, Dallas, Reuters, Thomson Locations: Washington

☆ US House votes to approve first 2024 spending bill
▼ + stars: | 2023-07-27 | by ( David Morgan | ) www.reuters.com time to read: +1 min

WASHINGTON, July 27 (Reuters) - The Republican-controlled U.S. House of Representatives passed a fiscal 2024 appropriations bill for military construction and veterans affairs on Thursday, the first of 12 spending measures that Congress must enact by Oct. 1 or risk a government shutdown. The House voted 219-211 to approve the $155.7 billion military construction and veterans affairs bill, forwarding it on to the Democratic-led Senate where it is unlikely to succeed. House Republican leaders chose to delay consideration of a second spending bill on agriculture, rural development and the Food and Drug Administration until September, amid party infighting over spending between hardline conservatives and moderates. House passage of appropriations legislation represents only a first step toward funding the government from Oct. 1. As lawmakers headed into a lengthy August recess, the two chambers appeared to be at least $120 billion apart on spending.

Persons: Joe Biden, David Morgan, Jonathan Oatis, Marguerita Choy Organizations: Republican, House, Democratic, Food and Drug Administration, Thomson

☆ Morning Bid: Over to you, Bank of Japan
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 28 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp, financial markets columnist. Could this be a landmark day for the Bank of Japan? The news was "the biggest driver of today's performance," according to Michael Green, portfolio manager and chief investment strategist at Simplify Asset Management. Reuters GraphicsEarlier in the day, U.S. stocks were buoyed and fears of a global economic slowdown were abated by upbeat earnings reports and a raft of better-than-expected U.S. economic data. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Stephen Culp, it's, Michael Green, Jerome Powell's, Marguerita Choy Organizations: YORK, Bank of, Bank of Japan, Nikkei, Dow Jones Industrial, Management, U.S . Federal Reserve, European Central Bank, U.S . Commerce, Federal, Commerce Department, Tokyo CPI, PPI, Carolina, Thomson, Reuters Locations: Bank of Japan, U.S, Japan, Tokyo, Australia, Korea

A Biden administration source said such conversations with service providers about their requirements have been constant during the implementation of the caps. The price cap bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. Treasury uses a monthly average of prices to calculate the Urals price, which means it may be a while before the Russian oil price can be considered over the cap. 'POLICY PICKLE'The administration, however, is set to move slowly, wary of creating ripples in a market that could send rising global oil prices higher. "But there won't likely be a dramatic change unless oil prices stay high for a while."

Persons: Biden, We’ve, Joe Biden, Wally Adeyemo, Elizabeth Rosenberg, Adeyemo, Ben Cahill, Cahill, Timothy Gardner, Marguerita Choy Organizations: Group, European Union and Australia, Treasury, Foreign Assets, RUSSIA, The State Department, EU, Center for Strategic, International Studies, Thomson Locations: Washington, Ukraine, U.S, Urals, India, China, Russia, Europe, Russian, Eastern

Tesla, which accounted for more than 60% of U.S. EV sales last year, has the largest network of fast-chargers with almost 18,000 Superchargers. Tesla said earlier this year it would open part of that charging network to EVs from rivals in order to be eligible for a share of funding from $7.5 billion in federal subsidies. The new charging company will support both charging standards but will compete with Tesla's network. CEOs of the seven auto brands said a charging network built out like gas stations with restrooms, food service and retail operations would support a faster EV rollout. Automakers, however, lack the necessary electricians or experience working with retailers, said Andres Pinter, co-CEO at installation and maintenance company Bullet EV Charging Solutions.

Persons: Tesla, Mercedes Benz, Akshay Singh, Karine Jean, Pierre said, Biden, TESLA, Carlos Tavares, Steve Marcus, –, Andres Pinter, Andre Barlow, Doyle Barlow, Mazard, Abhirup Roy, Jarrett renshaw, Kevin Krolicki, Ben Klayman, Paul Lienert, Diane Bartz, Chizu Nomiyama, Bernadette Baum, Marguerita Choy Organizations: General Motors, Hyundai Motor, Kia, Honda, BMW, EV, Tesla, Industry, White House, U.S, REUTERS, GM, Hyundai, BMW –, American, Solutions, VW, Daimler, Ford, Justice, Justice Department, White, Thomson Locations: U.S, North America, Las Vegas , Nevada, America, Europe, San Francisco, Washington

☆ Focus: In Mexico, private cash races to plug nearshoring energy crunch
▼ + stars: | 2023-07-26 | by ( Isabel Woodford | Thomson Reuters | Isabel Is A British-Spanish Journalist Based In Mexico City. She Joined Reuters In As Part Of The Latin America News Hub | ) www.reuters.com time to read: +7 min

Sergio Arguelles, president of the Mexican Association of Private Industrial Parks (AMPIP), said parks' investment in state energy assets today is unprecedented. "Mexico would be very well positioned to take advantage of nearshoring if it didn't have such an energy problem," he said. THE SHRINKING STATEMexico's approach to its groaning electricity grid is in contrast to its fast-growing peers, which tend to either incentivize private energy contractors or have state utility companies with deep pockets. Still, there is some hope for the new wave of 47 planned industrial parks. Yet critics say Mexico's push for state control over energy distribution while also neglecting it is self-sabotage.

Persons: Daniel Becerril, Sergio Bermudez, Barbie, Mattel, Bermudez, …, Eduardo Martinez, Sergio Arguelles, Aaron Gallo, Gallo, Andres Manuel Lopez Obrador's, David Gantz, Electrobras, AMPIP's Arguelles, Lopez Obrador, Ramses Pech, Hans Joachim Kohlsdorf, Zonia Torres, Alfredo Nolasco, Isabel Woodford, Marguerita Choy Organizations: Federal Electricity Commission, REUTERS, MEXICO CITY, Unilever, Mexican Association of Private Industrial Parks, American Industries, Industries, CFE, U.S, Baker Institute, Thomson Locations: Mexico's, Santa Catarina, Monterrey, Mexico, MEXICO, Nuevo Leon, Brazil, Guanajuato

☆ Canada financial regulator proposes new capital guidelines for crypto assets
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Canada's financial regulator on Wednesday proposed changes to its capital and liquidity approach to crypto-assets, citing a risky environment and in response to international banking standards. The Office of the Superintendent of Financial Institutions (OSFI)said guidelines were for federally regulated deposit-taking institutions, that includes banks and credit unions, and another for insurers, on the regulatory capital treatment of crypto-asset exposures. OSFI's Superintendent Peter Routledge said banks and insurers need clarity on how to treat crypto-asset exposures when it comes to capital and liquidity and the regulator looks to provide clarity through the new guidelines. The two draft guidelines will be open for public consultation until Sept. 20 and is expected to come into effect in early 2025. The new guidelines will replace the interim advisory on the regulatory treatment of crypto-asset exposures, published in August 2022, OSFI said.

Persons: Peter Routledge, OSFI, Nivedita Balu, Marguerita Choy Organizations: Thomson Locations: Toronto

☆ RTX to take up to 60 days to fix each GTF engine with contamination issue
▼ + stars: | 2023-07-25 | by ( Valerie Insinna | ) www.reuters.com time to read: +3 min

[1/2] Model of a Pratt & Whitney GTF engine is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2023. Engines potentially affected by the metal powder issue will not be put through the entire overhaul cycle, which typically lasts four to five months, Hayes said. Hayes acknowledged that news of the latest GTF problem was a "disappointment" but added that he expects the share price to recover. According to data from CAPA - Centre for Aviation, Pratt & Whitney has retained a market share of about 45 percent since 2017. The PW1100G is the GTF model affected by the powder metal problem.

Persons: Pratt & Whitney, Benoit Tessier WASHINGTON, Greg Hayes, Hayes, Safran, RTX, Mike Stengel, Valerie Insinna, Marguerita Choy, Bill Berkrot, Jonathan Oatis Organizations: Pratt &, International Paris Air, Le, REUTERS, RTX, Airbus, Raytheon, Reuters, CFM International, General Electric, CAPA, Centre for Aviation, Thomson Locations: Le Bourget, Paris, France, Washington

☆ Canadian market participants see rates staying at 5% in 2023 -BoC survey
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, July 24 (Reuters) - The Bank of Canada (BoC) will not raise rates again and will start cutting a little later than previously anticipated, according to a survey of market participants released by the central bank on Monday. The BoC's second-quarter survey, conducted from June 8 to 19, showed a median of the participants expect the bank to hold interest rates at a 22-year high of 5.00% until the end of 2023, before starting to cut rates in March. A median of 25 participants now also predict a 0.7% gross domestic product growth at the end of 2023, instead of a 0.1% contraction forecast in the last survey. In the survey release on Monday, the median forecast for annual inflation is for 3.0% at the end of this year, compared with 2.7% previously. Expectations for the inflation rate to drop to 2.2% by end-2024 were unchanged.

Persons: Ismail Shakil, Steve Scherer, David Ljunggren, Marguerita Choy Organizations: OTTAWA, Bank of Canada, BoC, BOC, Thomson Locations: Ottawa

The complex interplay between the transition, policy, economic performance and consumer preferences have made it harder than ever to forecast gasoline demand. Since then, the post-pandemic transition to a hybrid workplace has cut fuel demand for commuting. With the difficulty of predicting where gasoline demand goes from here, the EIA has revised its forecast several times this year. In January, it pegged demand this year at 8.74 million bpd, a fall from 8.76 million bpd last year. JPMorgan estimates that efficiency gains and EV sales wiped around 100,000 bpd from gasoline demand last year.

Persons: Aimee Dilger, Ciaran Healy, Healy, Joe Biden, Barack Obama, Biden, Alex Hodes, Patrick De Haan, Shariq Khan, Simon Webb, Marguerita Choy Organizations: REUTERS, U.S, International Energy Agency, Energy Information Administration, EIA, Reuters, IMPACT, JPMorgan, Trump, EV, Environmental Protection Agency, Reuters Graphics U.S, StoneX, Thomson Locations: Wilkes, Barre , Pennsylvania, U.S, Midwest, Paris, Russia, Ukraine

Copper M&A more than doubled in 2002 to $14.24 billion from the previous year, according to an S&P Intelligence report. "So the large miners are saying it is difficult to build new supply, so let's just buy companies," McDonald said. Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of China. The lower copper price presents M&A opportunities for Hudbay, Kukielski said, but it will also get "squeezed" if the price of copper falls below $3.50. With lack of large mines up for grabs, he is expecting that large miners will be looking to expand their production by acquiring smaller mines.

Persons: Lundin, Newmont, Stuart McDonald, Taseko, McDonald, Antaike, Peter Kukielski, Kukielski, Minto Metals, Aaron Colleran, Colleran, David Lennox, Divya Rajagopal, Melanie Burton, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Nippon Mining, Metals, P Intelligence, Taseko, London Metal Exchange, Reuters Graphics Reuters, Hudbay, Japan's Sumitomo Corp, Minto Metals, Yukon, Royal Bank of Canada, Quantum Minerals, Ivanhoe Mines, Capstone, Barrick Gold, Bloomberg News, Barrick, AIC Mines, AIC, Sydney, Thomson Locations: SYDNEY, Toronto, Chile, Vancouver, Arizona, China, Hudbay, Canada, Yukon, Ivanhoe, Australia, Queensland, Melbourne

"The oil market is starting to slowly price in a looming supply crunch," Price Futures Group analyst Phil Flynn said. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. A shutdown of the grain corridor could hit supplies of ethanol and biofuels that are blended with oil products at a time that global grain markets are already tightening, which would lead to refiners using more crude oil, Flynn said. Meanwhile, U.S. energy firms this week reduced the number of oil rigs by seven, their biggest cut since early June, energy services firm Baker Hughes said. At 530, the U.S. oil rig count, an early indicator of future output, is at its lowest since March 2022.

Persons: WTI, Phil Flynn, Flynn, Baker Hughes, Suhail, Mazrouei, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Brent, U.S . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, Bengaluru, London, Houston, Beijing

☆ Global shares slip, dollar soars vs yen on BoJ policy expectations
▼ + stars: | 2023-07-21 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The yen weakened 1.19% to 141.77 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.31%. "None of them are happening with massive severity, but the longer we go on with higher rates, more and more that's going to come through," he said. BOJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. "Markets were building up expectations which now look unlikely to play out," said Guillaume Paillat, a multi-asset manager at Aviva Investors.

Persons: Brendan McDermid, BoJ, Dow, Garrett Melson, Mullarkey, Patrick Spencer, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Nasdaq, Investment, Microsoft Corp, Apple Inc, SLC Management, Baird, Microsoft, Apple, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, London, MSCI's U.S, Europe, China, Sydney

Brent crude futures rose $1.43, or 1.8%, to settle at $81.07 a barrel. U.S. West Texas Intermediate crude futures rose $1.42, or 1.9%, to settle at $77.07 a barrel, the highest since April 25. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," Price Futures Group analyst Phil Flynn said. In the U.S., crude inventories (USOILC=ECI) have fallen, amid a jump in crude exports and higher refinery utilisation, the Energy Information Administration (EIA) said on Wednesday. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Brent, Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Friday, Brent, . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, Infrastructure Capital Management, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

Gold prices slipped as the dollar rebounded to its highest level in more than a week as investors prepare for next week's big central bank policy meetings, including the BoJ, the U.S. Federal Reserve and the European Central Bank. The yen weakened 1.13% to 141.68 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.36%. BoJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. The report added there was no consensus within the central bank and the decision could still be a close call. As Japanese inflation has stayed above the BoJ's target, traders have bet on the central bank ditching its yield curve control program, a move likely to cause the yen to strengthen.

Persons: Brendan McDermid, BoJ, Garrett Melson, Patrick Spencer, Spencer, you've, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Investment, Nasdaq, Baird, Microsoft Corp, Apple Inc, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, Europe, China, London

July 20 (Reuters) - New York Governor Kathy Hochul on Thursday directed state departments to investigate health risks associated with old lead-clad cables left by telecommunication companies. The Wall Street Journal this month reported that telecom companies, including AT&T (T.N) and Verizon Communications (VZ.N), had left toxic lead cables on poles, underwater and buried under ground across the U.S. including in New York. The investigation is to better understand the inventory and ownership of such cables in New York, Hochul said. "AT&T’s commitment to addressing our members’ exposure to lead must go beyond point-in-time testing of blood lead levels and incorporate proper follow up," the union said. U.S. Representative Pat Ryan of New York on Thursday wrote to the CEOs of Verizon, AT&T and industry group U.S. Telecom, demanding that they remove lead cables.

Persons: Kathy Hochul, Hochul, John Stankey, Jessica Rosenworcel, Rosenworcel, Pat Ryan, Ryan, Mrinalika Roy, Vinay Dwivedi, Marguerita Choy Organizations: Verizon Communications, Verizon, The Communications Workers, America, Federal Communications, Environmental Protection Agency, White House Council, Environmental, U.S . Telecom, Thomson Locations: New, New York, Bengaluru

☆ Mexico headline inflation seen slowing in early July to 2021 levels: Reuters poll
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

The median forecast of 10 analysts see annual headline inflation (MXCPHI=ECI) at 4.77% in the first 15 days of the month, its lowest level since March 2021. Core inflation (MXCPIC=ECI), which strips out volatile food and energy products, is forecast to have slid to 6.73% year-on-year, marking the eleventh consecutive fortnight of slowdown. Both still remain well above the central bank's target of 3%, plus or minus 1 percentage point. Banxico first paused its rate hikes in May after a nearly two-year hiking cycle that began in June 2021. Mexico's statistics institute will release inflation data for the first half of July on Monday.

Persons: Noé Torres, Marguerita Choy Organizations: MEXICO CITY, Thomson Locations: MEXICO

☆ US couple accused of laundering crypto from Bitfinex hack reach plea deal
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 21 (Reuters) - An American couple accused of laundering $4.5 billion in cryptocurrency stolen from the 2016 hacking of virtual currency exchange Bitfinex have entered into a plea agreement with federal prosecutors in Washington, court records showed on Friday. They are set to appear for a plea hearing on Aug. 3 before U.S. District Judge Colleen Kollar-Kotelly in Washington, court records showed. A lawyer for Lichtenstein and Morgan and a spokesperson for the U.S. Attorney's office in Washington did not immediately respond to requests for comment. The pair was accused of conspiring to launder more than 100,000 bitcoin that was stolen, after a hacker attacked Bitfinex and initiated more than 2,0000 unauthorized transactions. Reporting by Luc Cohen in New York; editing by Jonathan Oatis and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Ilya Lichtenstein, Heather Morgan, Colleen Kollar, Lichtenstein, Morgan, Bitfinex, Luc Cohen, Jonathan Oatis, Marguerita Choy Organizations: YORK, U.S, Thomson Locations: American, Washington, Manhattan, New York

July 21 (Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. U.S. oil rigs fell by seven to 530 this week, their lowest since March 2022, while gas rigs dropped by two to 131. Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs. U.S. shale oil and gas production will fall in August for the first time since December, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report this week.

Persons: Baker Hughes, Scott DiSavino, Marguerita Choy Organizations: drillers, Eagle Ford, Halliburton, U.S . Energy Information Administration, Thomson Locations: West Texas, New Mexico, South Texas, U.S

The dismissal of Rohan Ramchandani's civil lawsuit by U.S. District Judge Victor Marrero was disclosed in a docket entry on Thursday in Manhattan federal court. Marrero plans to release his written decision after Citigroup and Ramchandani agree which information should be kept confidential. One year later, Ramchandani sued Citigroup, saying it fired him without cause in January 2014 amid a global probe into foreign exchange price fixing, and then shared false and "gravely derogatory" claims against him with law enforcement. Ramchandani accused Citigroup of entering its plea in part to shift blame away from senior managers and officers. The case is Ramchandani v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Rohan Ramchandani's, District Judge Victor Marrero, Marrero, David Lurie, Danielle Romero, Apsilos, Ramchandani, Chris Ashton, Richard Usher, JPMorgan Chase, Ramchandani's, Jonathan Stempel, Marguerita Choy Organizations: YORK, Citigroup, U.S, District, Ramchandani, Barclays, JPMorgan, U.S . Department of Justice, Citigroup Inc, Court, Southern District of, Thomson Locations: U.S, London, Manhattan, New York, Southern District, Southern District of New York

REUTERS/Kevin Lamarque/File PhotoNEW YORK, July 11 (Reuters) - Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. Results for investment banking behemoths will also weaken, with EPS forecast to drop almost 59% at Goldman Sachs (GS.N). That offsets the doldrums in investment banking, where revenues have been depressed by rising interest rates and economic uncertainty. Reuters GraphicsBanking executives have also lowered expectations for the second quarter after mergers, acquisitions and debt offerings plunged in recent months. "We see higher credit risk ahead for lower to middle class families with higher credit card debt that cannot keep pace with higher living costs," Leon added.

Persons: Kevin Lamarque, Goldman Sachs, Morgan Stanley's, David Konrad, Keefe, Goldman, Stephen Biggar, Wells, Morgan Stanley, Betsy Graseck, Kenneth Leon, Leon, Konrad, Nupur Anand, Saeed Azhar, Niket, Lananh Nguyen, Marguerita Choy, Andrea Ricci Organizations: Bank of America, REUTERS, JPMorgan, . Bank of America's, Citigroup, Universal, Argus Research, JPMorgan Chase, Reuters Graphics Banking, Federal Reserve, CFRA Research, Investors, Thomson Locations: Washington, Wells, Refinitiv, Wells Fargo, U.S, New York, Bengaluru

☆ Cuba seeks stronger EU-CELAC relations, condemns EU's 'manipulative behavior'
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

However, Rodriguez added the EU's "lack of transparency and manipulative behavior in preparing for the summit puts its success in serious risk." The diplomat said the EU had tried to impose restrictive, divisive ways of holding talks that made "direct, transparent talks impossible." "Those who try to impose a biased and Europeanist vision of the bi-regional relationship will have no chance of success in Brussels," Rodriguez said. Josep Borrell, the EU's top diplomat, visited Havana last May where he criticized Washington's over six-decade-old trade embargo against Cuba. "Cuba will go to the Brussels summit with a constructive spirit," Rodriguez added, saying the country would contribute as much as possible to strengthen EU-CELAC relations "on the basis of equality and mutual respect."

Persons: Bruno Rodriguez, Rodriguez, Josep Borrell, Washington's, Nelson Acosta, Sarah Morland, Marguerita Choy Organizations: Union, EU, of, Caribbean, Cuban Foreign, Havana, Cuba, Thomson Locations: HAVANA, Cuba, American, Caribbean, Caribbean States, Brussels, Haiti, Russian, Havana, EU

July 11 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. All else equal, this would be a tailwind for Asian stocks, bonds and currencies. A New York Fed survey of consumer and inflation expectations was also "risk-friendly." Sentiment toward Asian stocks in recent months has been mostly bearish, with the exception of Japan, but a pause in the selling on Monday lifted the gloom a little. Chinese and broader Asian stocks rose for the first time in four sessions, while the yuan and yen strengthened to two-week highs against the dollar.

Persons: Jamie McGeever, Marguerita Choy Organizations: New York Fed, Mainland Banks Index, Ant, Thomson, Reuters Locations: U.S, Japan, underperformance, Hong Kong, Mainland, Philippines, Australia, Germany

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