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REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

☆ WALL STREET RESCUE: A group of banks led by JPMorgan and Bank of America are set to pile $30 billion into First Republic Bank
▼ + stars: | 2023-03-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

A group of Wall Street banks led by JPMorgan, Bank of America, and Citigroup are set to deposit $30 billion into embattled First Republic Bank. The move comes after fears of depositors pulling funds from the lender ignited a steep sell-off in the bank's stock following Silicon Valley Bank's implosion. Silicon Valley Bank was seized after clients pulled funds after learning a jump in interest rates spurred billions in losses in SVB's bond holdings. First Republic had 68% of its deposits unprotected by the FDIC's insurance limit of $250,000 per account, according to the bank's latest 10-K filing. Silicon Valley Bank had about 94% of its total domestic deposits uninsured, according to S&P Global Market Intelligence data.

☆ U.S. banks' CDS prices surge as contagion concern widens
▼ + stars: | 2023-03-15 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +3 min

March 15 (Reuters) - A jump in the cost for Wall Street banks to insure bonds against default on Wednesday was another worrisome indicator of credit stress for investors amid the crisis at Credit Suisse and at U.S. regional banks. Swiss bank Credit Suisse (CSGN.S) fell to a record low on Wednesday. Five-year credit default swaps for the flagship Swiss bank hit a new record high. Credit default swaps on Credit Suisse also inverted on Wednesday with the two-year rising above the five-year, and both hit a new 52-week high, according to data from Ortex. Some analysts believe that the larger banks are resilient and are more worried about the smaller and mid-sized banks.

☆ Credit Suisse shares down by a quarter, key backer says no more money
▼ + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

Saudi National Bank (SNB) (1180.SE), which holds 9.88% of Credit Suisse, said it would not buy more shares in the Swiss bank on regulatory grounds. The Swiss bank's shares were down about 24% early afternoon on Wednesday, after hitting a new record low. Koerner had said earlier in the week Credit Suisse's liquidity coverage ratio averaged 150% in the first quarter of this year. The Swiss National Bank declined to comment on Credit Suisse's stock move. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, based on data from S&P Global Market Intelligence, marking a new record high.

☆ Credit Suisse sheds nearly 25%, key backer says no more money
▼ + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

It’s a regulatory issue," Saudi National Bank (1180.SE) chairman Ammar Al Khudairy said on Wednesday. The Saudi lender acquired a stake of almost 10% last year after taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion). Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence, marking a new record high. Earlier this week, Credit Suisse CEO Ulrich Koerner told a conference that the bank's liquidity coverage ratio averaged 150% in the first quarter of this year - well above regulatory requirements.

Credit Suisse's shares were trading down nearly 22% in Zurich on Wednesday, and the cost of buying insurance against the risk of a Credit Suisse default hit a new record high, according to S&P Global Market Intelligence. Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the global financial crisis in 2008. On Tuesday, it acknowledged “material weakness” in its financial reporting and scrapped bonuses for top executives. Outflows from the bank had “significantly moderated” after customers withdrew 111 billion francs ($122 billion) in the three months to December, Körner added. Körner said the collapse of SVB was “somewhat of an isolated problem.” Credit Suisse follows “materially different and higher standards when it comes to capital funding, liquidity and so on,” he added.

☆ Credit Suisse hits record low, biggest backer says can't put up more money
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 15 (Reuters) - Credit Suisse (CSGN.S) shares slid on Wednesday, dropping by as much as 10.5% to a new record low, as its largest investor said it could not provide the Swiss bank with more financial assistance. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs ($120 billion). The shares were last down 10.2% at 2.01 Swiss francs ($2.19) in Zurich, heading for a seventh straight daily decline. Five-year credit default swaps on Credit Suisse debt widened to 533 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence.

Big hedge funds including Marshall Wace and Odey Asset Management added to short positions against Europe's banks, regulatory filings seen by Reuters and data from Breakout Point showed. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. The banks included BAWAG (BAWG.VI), FinecoBank (FBK.MI), Handelsbanken (SHBa.ST), CaixaBank (CABK.MC), NatWest Group (NWG.L) and PKO Bank Polski (PKO.WA). BNP Paribas shares fell by as much as 12% on Wednesday before recovering to show a loss of 9%, while Deutsche Bank shares fell almost 9%. In the week to Wednesday, some 120 billion euros ($126 billion) had been wiped off the value of European bank shares.

In an interview with Bloomberg, the chairman of the Saudi National Bank said it would not increase its stake in Credit Suisse. The Saudi National Bank — which describes itself as the kingdom’s biggest bank — committed $1.5 billion of the $4 billion in new capital Credit Suisse raised to fund its overhaul. Credit Suisse declined to comment. Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the global financial crisis in 2008. Körner said the collapse of SVB was “somewhat of an isolated problem.” Credit Suisse follows “materially different and higher standards when it comes to capital funding, liquidity and so on,” he added.

Just when you thought crypto couldn't get any stranger, bitcoin accidentally births a new breed of NFTs. "I think this is really the start of a fundamental shift in what you can do with bitcoin," said Alex Miller, CEO at bitcoin developer network Hiro. REUTERS/Brendan McDermid/Nonetheless, bitcoin NFTs have built up a head of steam in a short space of time. Satoshis inscribed with NFTs are involved in about 7% of the total number of bitcoin blockchain transactions, according to Glassnode data. "But NFTs on bitcoin are a distraction from the network's core purpose, which is to serve as a permissionless network that is globally available, 24/7, and uncensorable."

☆ A new surprise for U.S. savers: Turn 529s into retirement money
▼ + stars: | 2023-03-14 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

But starting in 2024, up to $35,000 in 529 funds can be redirected into a Roth IRA penalty-free. "Maybe this provision gives parents some comfort, to know that excess money could be used in future for their child's retirement." As a result, these new 529 rules might mean that parents need not be as nervous about money getting trapped. "Many parents and grandparents are worried about overfunding their 529 plans," said Mitchell Kraus, a financial planner in Santa Monica, California. "This will ease some concerns, as excess money can be used for future generations' retirement."

March 14 (Reuters) - Imagine digitally inscribing 3D images of objects such as multi-colored spheres onto a tiny fragment of bitcoin. Just when you thought crypto couldn't get any stranger, bitcoin accidentally births a new breed of NFTs. "I think this is really the start of a fundamental shift in what you can do with bitcoin," said Alex Miller, CEO at bitcoin developer network Hiro. Nonetheless, bitcoin NFTs have built up a head of steam in a short space of time. Satoshis inscribed with NFTs are involved in about 7% of the total number of bitcoin blockchain transactions, according to Glassnode data.

☆ As tech gets hit again, strategists say these stocks present a buying opportunity
▼ + stars: | 2023-03-14 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

Meanwhile, Fed Chairman Jerome Powell said last week that interest rates are likely to remain "higher than previously anticipated" — usually viewed as bad news for the tech sector. But some market pros see the volatility as an opportunity to snap up growth stocks at bargain prices. Big Tech stock picks Speaking last week, before the sell-off, Sylvia Jablonski, chief investment officer at Defiance ETFs, urged investors to watch for pullbacks. AI is expected to grow at a compounded rate of 37% by 2026, Jablonski added, citing research by global market intelligence firm International Data Corporation. Firetrail Investments' Anthony Doyle also identified Microsoft as a tech stock he's bullish on , despite the volatility.

☆ The top 3 U.S. cities where new rental apartments have gotten smaller—and NYC isn't one of them
▼ + stars: | 2023-03-11 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

The share of one-bedroom and studio apartments grew to 57% of new apartments in 2022, up from exactly half of new builds 10 years ago. That's part of why the average size of all apartments has shrunk. Cities where new apartments have gotten smallerNew Yorkers may be the first to tell you how small their living spaces are. Tucson, Arizona, leads, the pack, and its new apartments beats the next city's — Tallahassee, Florida's — growth by over 100 square feet. The average new apartment size grew the most in these 15 cities:How to get the most out of your space

☆ Inbound tourism to Japan still has room to grow, says economist
▼ + stars: | 2023-03-10 | 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 EmailInbound tourism to Japan still has room to grow, says economistHarumi Taguchi of the S&P Global Market Intelligence says it's easier for tourists to travel to and from Japan and spending power is improving.

☆ Analysis: Dark summer nights: India faces high risks of power cuts after years of coal, hydro power neglect
▼ + stars: | 2023-03-08 | by ( Sudarshan Varadhan Sarita Chaganti Singh Matthew Chye | Sudarshan Varadhan | Sarita Chaganti Singh | ) www.reuters.com time to read: +6 min

April nighttime peak demand is expected to hit 217 gigawatts (GW), up 6.4% on the highest nighttime levels recorded in April last year. "Even the smallest interruption in power supply will create havoc," Nair said. As much as 189.2 GW of coal-fired capacity is expected to be available this April, according to Grid-India's February note. The strain comes after sundown, as coal-fired capacity has grown only 9% over the last five years. Hydro and nuclear power capacity additions face tougher obstacles, as they are hobbled by lack of foreign investment and opposition from critics over safety and environmental issues, boding ill for power supply down the track.

☆ China’s Top Online Travel Agent, Trip.com, Is Ready for Liftoff
▼ + stars: | 2023-03-07 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

Before the pandemic, Chinese tourists were the largest source of global tourism revenue. After years of being grounded with the rest of China’s travel sector, China’s top online travel agent, Trip.com , finally has taken off. Globe-trotting Chinese tourists will help it keep cruising at a high altitude. The company, formerly known as Ctrip.com, on Tuesday reported 7% year-over-year growth in net revenue last quarter. Both were better than average analyst estimates compiled by S&P Global Market Intelligence.

☆ Miners grow anxious as Canada tightens foreign investment rules
▼ + stars: | 2023-03-05 | by ( Divya Rajagopal | ) www.reuters.com time to read: +3 min

Ottawa last fall proposed bolstering its Investment Canada Act (ICA) to give government ministers power to block or unwind critical minerals investments if they believe such deals threaten national security. Nearly half of the world's mining companies are listed in Toronto and the city has long been a premier destination for junior mining companies to raise funds, above even rival exchanges in Sydney, New York and London. Canadian officials last fall ordered Chinese companies to sell stakes in three Toronto-listed lithium companies, two of which are developing mines outside Canada. Canada's Industry Ministry, which is spearheading the rules change, called critical minerals "key to the future prosperity of our country." However, the government's crackdown could rebound and hurt Canada as the mining industry underpins a large part of the country's economy, investors and analysts say.

☆ U.S. Importers Seize on New Shipping Rules to Fight Late Fees
▼ + stars: | 2023-03-03 | by ( Paul Berger | ) www.wsj.com time to read: +6 min

U.S. importers are fighting millions of dollars in fees imposed by the world’s largest ocean carriers with the help of a new federal law and a newly emboldened regulator. He said his company, Lion Energy LLC, which imports about 800 containers a year, felt it had little power to dispute the charges. Now, Mr. Frey and hundreds of shippers like him are turning to rules set out in the Ocean Shipping Reform Act, which passed Congress in June. The new shipping law endorsed an FMC rule published in 2020. But shippers are still able to challenge fees that predate the law under earlier FMC rules.

☆ These are the highest quality stocks in the S&P 500 that could win in this volatile market
▼ + stars: | 2023-03-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Quality stocks are about to outperform this year, according to Bank of America. Against such a backdrop, equity strategist Savita Subramanian at Bank of America advised investors to own high quality stocks — specifically stocks with a rated high quality by S & P. A basket of such stocks outperformed low quality stocks by 1.2% in February. "Tailwinds for Low Quality from fiscal and monetary stimulus are now over, and we recommend owning High Quality stocks," she added. To be sure, Subramanian said that while high quality shares are still lagging low quality shares year-to-date, the bank anticipates the economy entering a downturn, during which quality factors have typically outperformed. With this in mind, CNBC screened for stocks in the S & P 500 that had the highest quality rating of A+ as determined by S & P Global Market Intelligence.

☆ German manufacturing activity remains weak in Feb but some encouraging signs -PMI
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 1 (Reuters) - German manufacturing activity continued to shrink overall in February but output rose for the first time in nine months as supply-chain bottlenecks showed signs of easing, a survey showed on Wednesday. S&P Global's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Germany's economy, fell to 46.3 in February, from 47.3 in January. It marked its lowest level for three months and stayed below the 50 level that points to growth in activity. While there were positives on the supply-side, demand remained under pressure, with new orders continuing to fall, according to the report. The German manufacturing PMI has languished below the 50 mark since July.

☆ Japan factory activity shrinks the most in 2-1/2 years
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

TOKYO, March 1 (Reuters) - Japan's factory activity shrank in February at the fastest pace in over two years, a private survey showed, highlighting companies' struggles amid a global economic slowdown, raw material inflation and policymakers' calls for higher wages. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index released on Wednesday fell to 47.7 in February from January's 48.9. Manufacturing output and new orders contracted for an eighth consecutive month and at the fastest rates in 31 months, the survey showed. On the brighter side, supplier delivery delays were the least prevalent in two years, the survey showed. The Bank of Japan remains an outlier in the current global monetary tightening phase, committing to maintaining ultra-low rates to shore up its COVID-ravaged economy.

☆ Medical tourism looking sickly as patients watch their spending
▼ + stars: | 2023-02-27 | by ( Joanna Plucinska | ) www.reuters.com time to read: +5 min

"People are more cautious," Knott told Reuters, staring at the empty building across the street from his existing Kreativ Dental clinic. Rising air fares and fewer flights - and the memory of last summer's travel chaos - are also putting off would-be patients, clinic operators and analysts told Reuters. A hip or knee replacement at Nordorthopaedics in Lithuania is about 15% more expensive now than five years ago, the clinic told Reuters. Lyfboat, an Indian company providing medical services for foreign patients, told Reuters it has collaborated with a fundraising platform called ImpactGuru to help patients pay for essential surgeries. ACUTE VS ELECTIVEThe International Medical Travel Journal, published by market intelligence service LaingBuisson, estimates the medical tourism market is currently worth around $21 billion, less than pre-pandemic, although editor Keith Pollard warned data is poor.

☆ Continuing Sanctions Against Russia Mark ‘Tectonic’ Shift
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. Prof. Sonnenfeld and Mr. Tannebaum both have been personally sanctioned by Russia, which has accused critics of engaging in a “Russophobic” campaign. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

☆ A Year After Russia’s Invasion of Ukraine, Tough Sanctions Linger
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Russia’s invasion of Ukraine a year ago prompted a volley of tough sanctions from the U.S. and its allies, a historic use of economic measures that will likely have lasting implications for businesses. Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

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