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☆ Europe's lenders sucked into global banks rout
▼ + stars: | 2023-03-10 | by ( Alun John | ) www.reuters.com time to read: +2 min

[1/4] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 8, 2023. The episode underscored the vulnerability of banks, many of which were propped up by taxpayers' cash following the global financial crisis more than a decade ago. Investors in SVB's stock had fretted over whether the capital raise would be sufficient given the deteriorating fortunes of many technology startups that the bank serves. But some startups have been advising their founders to pull out their money from SVB as a precautionary measure, the sources added. Writing By John O'Donnell; Additional reporting by Jo Mason; Editing by Elisa Martinuzzi and Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Asian stocks tumble, dollar gains after hawkish Powell comments
▼ + stars: | 2023-03-08 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The hawkish comments from Powell sent U.S. stocks sharply lower, with the risk-off mood continuing in Asian trade. Eurostoxx 50 futures were down 0.19%, German DAX futures fell 0.27% and FTSE futures were down 0.27%. After a series of jumbo hikes last year, the Fed raised rates by 25 basis points in its last two meetings. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone. Citi strategists said even as-expected payrolls and inflation data could keep the chance of a 50 basis point hike high.

☆ Asian stocks slip on weak China trade data, focus shifts to Powell
▼ + stars: | 2023-03-07 | 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

Data on Tuesday showed China's exports and imports both fell sharply in January-February, reflecting a slowdown in the global economy and weak domestic demand. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.3%, although the index is up 2.9% so far this month. Beyond China, investor focus remains on the U.S. interest rate outlook and what Powell may say. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 4.88% compared with a U.S. close of 4.894%. In early European trade, the pan-region Euro Stoxx 50 futures were up 0.12%, German DAX futures rose 0.11% at and FTSE futures were 0.23% higher.

☆ US stocks will soon beat European peers again as hotter inflation means the region is heading into more aggressive rate hikes, BlackRock says
▼ + stars: | 2023-03-07 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The S&P 500 this year has gained about 5% while German and French stocks are up in the 14% area. Good news on the economy means the European Central Bank (ECB) needs to hike rates more to cool inflation," wrote Wei Li, global chief investment strategist at BlackRock Investment Institute. "The ECB faces a stark trade-off between pushing up unemployment or living with persistent inflation," wrote Li. Market pricing indicates rates will peak around 3.9% compared with expectations of 3.2% in February, with fewer rate cuts expected next year. We're underweight European stocks but like the financial, energy, healthcare and consumer discretionary sectors," said Li.

☆ Wall Street gains, Treasury yields soften ahead of Powell testimony
▼ + stars: | 2023-03-06 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/4] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 3, 2023. All three major U.S. stock indexes gained ground on Monday, appearing to extend last week's rally, with lower Treasury yields boosting interest rate-sensitive megacap stocks. European shares reversed earlier gains and were last essentially unchanged after modest China growth estimates suggested a possible dampening of demand for European goods. Emerging market stocks rose 0.64%. Benchmark U.S. Treasury yields continued to ease as dampening demand supported hopes that the Fed is approaching the end of its rate-hike phase.

☆ Rheinmetall in talks on building tank factory in Ukraine - report
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 4 (Reuters) - German defence contractor Rheinmetall (RHMG.DE) is in negotiations about building a tank factory in Ukraine, the newspaper Rheinische Post reported on Saturday, citing an interview with CEO Armin Papperger. Rheinmetall makes ammunition, other military equipment and also the Leopard tanks that Germany decided to send to Ukraine, which the company produces jointly with Krauss-Maffei Wegmann. "A Rheinmetall plant can be set up in the Ukraine for around 200 million euros ($212.64 million), which can produce up to 400 Panthers a year," Papperger was quoted as saying. He said Ukraine needed 600 to 800 tanks and the construction of new tanks must start quickly to achieve that number, he said. Its shares hit a record high in January after Germany's decision to send the heavy Leopard tanks to Ukraine.

☆ Why Stock-Market Tourists Flock to New York
▼ + stars: | 2023-03-03 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Competition between European financial hubs may just hand more power to the U.S.SoftBank’s choice of New York for a listing of British microchip designer Arm has led to predictable hand-wringing about national decline in the U.K. capital. But this isn’t just about London. On Wednesday, when Bloomberg reported SoftBank’s latest plan, industrial-gas giant Linde also delisted its shares from the Frankfurt stock exchange. With a market value of $175 billion, the company was the most valuable company in Germany’s Dax index.

"We expect the supply chain bottlenecks to gradually ease in the current year, allowing us to service the high order backlog." Shares in the company rose 7.5% to the top of Frankfurt's benchmark DAX index (.GDAXI) on the news and hit their highest level since Dec. 13. Volkswagen's revenues are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros, significantly higher than the 280 billion Refinitiv estimate. According to Refinitiv estimates, holders of Volkswagen's preferred shares were expected to get a dividend of 8.46 euros apiece. ($1 = 0.9414 euros)Reporting by Christoph Steitz and Jan Schwartz Editing by Miranda Murray and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen expects vehicle deliveries, sales to rise in 2023
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowFRANKFURT, March 3 (Reuters) - Volkswagen (VOWG_p.DE), Europe's largest carmaker, expects revenues and vehicle deliveries to rise in 2023, it said on Friday, citing a strong order backlog and the easing of chip shortages and supply chain issues. Vehicle deliveries are expected to rise to around 9.5 million in 2023, the company said, up from 8.26 million last year. Sales are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros ($326-$352 billion). According to Refinitiv estimates, 2023 sales are seen at 280 billion euros. Dividends are to increase by 1.20 euros per share, rising to 8.70 euros per ordinary share and to 8.76 euros per preferred share.

REUTERS/StaffLONDON, March 3 (Reuters) - European stocks rose in early trading on Friday, as investor risk appetite was boosted by signs of an economic recovery in China, even after expectations for European Central Bank rate hikes kept government bond yields at their highest in years. Investors are trying to gauge the path for Federal Reserve rate hikes, after strong U.S. data in recent weeks suggested rates may need to be higher for longer. But stock markets rose on Wall Street overnight, in a move analysts attributed to Atlanta Federal Reserve President Raphael Bostic saying on Thursday that the Fed should stick to "steady" quarter-point rate hikes. The recovery in euro zone business activity gathered pace last month, PMI survey data showed. Euro zone government bond yields were still near their highest in years after euro zone inflation data on Thursday drove market expectations for the ECB's terminal rate to around 4%.

☆ Asian stocks gain as prospects of China recovery, and Fed caution
▼ + stars: | 2023-03-03 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

HONG KONG, March 3 (Reuters) - Asian shares rose on Friday on prospects for a steady economic recovery in China, and after Wall Street reversed losses overnight following remarks by the Atlanta Federal Reserve chief that signalled a measured approach raising U.S. interest rates. Global markets have been buffeted by a raft of strong U.S. data over recent weeks, including U.S. jobless claims overnight, that suggested the Fed would need to keep rates higher for longer. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.7%, on track for its first weekly rise in five. U.S. stocks rose on Thursday, reversing earlier losses, as Treasury yields pulled back from earlier highs, following the rates comments from Atlanta Fed President Bostic. The two-year yield , which rises with traders' expectations of higher Fed fund rates, rose to 4.8879%compared with a U.S. close of 4.904%.

☆ Top Wall Street strategists and money managers are warning that the risk-reward ratio for stocks is at its worst since the 2008 crisis. Here are 10 places they say to put your money instead with furth
▼ + stars: | 2023-03-01 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

In other words, the risk-reward ratio for stocks — or the equity risk premium — has to make sense, or else why take the risk by investing in them? 10 places to investDespite the lackluster outlook for stocks, strategists still say there are plenty of investing opportunities. The Vanguard US Quality Factor ETF (VFQY) and the Fidelity MSCI Consumer Staples Index ETF (FSTA) offer exposure to the above areas of the market. This supports our preference for emerging markets, and our preference for Germany and consumer stocks in Europe. Within defensives, we like consumer staples over healthcare, which we downgraded this month.

☆ Shares skid, bonds face worst February since 1981 as US rates set to rise
▼ + stars: | 2023-02-28 | by ( Samuel Indyk | ) www.reuters.com time to read: +5 min

The concern now is not so much over global recession, but over the prospect of there being little respite any time soon from higher interest rates. MSCI's All-World index of global shares (.MIWD00000PUS) was last roughly steady on the day, but still close to Friday's seven-week low. Since then, a slew of U.S. and euro area economic data has reinforced the view that interest rates will rise further and stay high for longer. U.S. two-year Treasury yields , the most sensitive to shifts in expectations for interest rates, have risen by 60 basis points this month to almost 5%. Fed funds futures are fully pricing in a 25-bps rate rise from the Fed next month, with around a 20% chance of a larger 50-bps hike.

☆ European shares kicks off week on solid footing, all sectors rise
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The blue-chip index (.STOXX) added 0.9%. It fell 1.4% last week after hotter-than-expected U.S. inflation data fuelled bets that the Federal Reserve would continue to raise rates. European retailers (.SXRP) rose 1.1%, led by a 3.1% increase in shares of Hennes & Mauritz (HMb.ST). Mould highlighted that consumer spending has been buttressed by gas prices coming down and help from government-support schemes across the single-currency bloc. Dechra Pharmaceuticals (DPH.L) tumbled 15.5%, to the bottom of the STOXX 600, as the veterinary drugs maker warned its full-year operating profit would be at the lower end of analysts' expectations.

☆ German companies are more resilient than most think, Commerzbank CEO says
▼ + stars: | 2023-02-27 | 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 EmailGerman companies are more resilient than most think, Commerzbank CEO saysManfred Knof, CEO of Commerzbank, joins CNBC in an exclusive interview to discuss Commerzbank re-joining the DAX after four years gone from the German index.

☆ Germany's Commerzbank makes DAX comeback
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 27 (Reuters) - Germany's Commerzbank (CBKG.DE) rejoined the DAX index on Monday, marking a comeback for Germany's No. "We have come to stay," Commerzbank CEO Manfred Knof said before ringing the opening bell at the Frankfurt stock exchange. "The return of Commerzbank is a good signal for the German banking market." Following Wirecard's demise, Deutsche Boerse AG, which compiles the DAX index, revamped it to include 40 companies, rather than the previous 30, and made membership criteria tougher. Other members include Siemens AG, Volkswagen AG, and Allianz SE.

☆ Nvidia cheer ripples through chips as investors assess Fed minutes
▼ + stars: | 2023-02-23 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

[1/3] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 24, 2023. The MSCI all country share index (.MIWD00000PUS) was slightly firmer, adding to the year's 4.5% advance, after falling nearly 20% in 2022. The yield on 10-year Treasury was slightly firmer at 3.9254%. The Australian and New Zealand dollar were both slightly firmer against the dollar. Fed officials Mary Daly and Raphael Bostic are also due to make appearances later on Thursday.

"His deep understanding of our customers' needs, and the broader industry make him an ideal candidate for Chairman of the Supervisory Board from 2024 onwards," Plattner added. Plattner, who co-founded SAP in 1972 alongside four other former IBM employees, stepped down from active management in May 2003 to head the supervisory board after serving as SAP's CEO since 1997. He owns a 6.16% stake in SAP which is currently worth 8.23 billion euros ($8.73 billion), and said he would remain committed to the company as an "investor with an unchanged stake". SAP, in a separate statement, said it would propose a dividend of 2.05 euros per share for 2022. The company paid 2.45 euros a share for the previous year, which included a 0.50 euros apiece special dividend.

☆ Global shares, U.S. Treasury yields, fall ahead of Fed minutes
▼ + stars: | 2023-02-22 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

[1/3] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 16, 2023. U.S. Treasury yields retreated after surging to three-month highs. The U.S. Treasury yield curve that measures the gap between yields on two- and 10-year Treasury notes , seen as an indicator of economic expectations, remained deeply inverted at minus 77.40 basis points. Oil prices fell 2% on growing concerns over oil demand as the Fed aims to keep hiking rates to reduce surging consumer prices. Reporting by Chibuike Oguh in New York; Editing by Chris Reese and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Rate jitters extend February flop for stocks
▼ + stars: | 2023-02-22 | by ( Naomi Rovnick | ) www.reuters.com time to read: +4 min

[1/3] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 16, 2023. "The economic data has been much more resilient than we all thought (it would be) and we have to accept that." "A bear market rally driven by expectations that inflation would drop and interest rates would peak out may be over," said Trevor Greetham, head of multi-asset at Royal London Asset Management. "The big call this year will still be (a) recession," he added, as "interest rates go higher," in a move that would eventually spark "an earnings driven bear market (that) hasn't started yet." New Zealand's central bank also raised interest rates by 50 bps on Wednesday to a more than 14-year high of 4.75%, flagging more monetary tightening to come.

Healthcare group Fresenius (FREG.DE) said late on Tuesday it would give up strategic control over FMC via a planned change of the division's legal form, also releasing annual results and an outlook that failed to impress investors. Fresenius CEO Michael Sen, a former E.ON (EONGn.DE) and Siemens (SIEGn.DE) executive who took over the helm in October, wants to simplify the company's structure but said he will hang onto the 32% stake Fresenius owns in FMC. This makes a sale more likely in the future, said Florian Oberhofer, portfolio manager at Union Investment, which holds 0.26% of Fresenius shares. Sen said Fresenius was banking on a business improvement at FMC and Vamed and on participating financially in this through its holdings in both. FMC and Fresenius shares lagReporting by Ludwig Burger and Patricia Weiss; Additional reporting by Christoph Steitz; Writing by Rachel More; Editing by Josephine Mason, Elaine Hardcastle and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Asian shares slip, dollar rally on hold as Fed cues eyed
▼ + stars: | 2023-02-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.7% to 529.97, hovering around six-week lows of 529.30 touched last week. European stock futures indicated stocks were set to decline, with Eurostoxx 50 futures down 0.14%, German DAX futures 0.07% lower and FTSE futures down 0.13%. The yield on 10-year Treasury notes was up 2.3 basis points to 3.852%., after touching a three-month high of 3.929% on Friday. Investor focus is firmly on the release on Wednesday of the minutes of the Fed's latest meeting earlier this month when it raised interest rates by 25 basis points. The yen weakened 0.11% to 134.38 per dollar, while sterling was last trading at $1.2026, down 0.10%.

☆ Shares steady, dollar dips as US holiday lifts rates gloom
▼ + stars: | 2023-02-20 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

With U.S. markets shut for the Presidents' Day holiday, non-U.S. assets got some respite from the relentless pressure of last week. "Until recently, the market debate was all about soft-landing or hard-landing, recession or no recession. PEAK-A-BOOMoney markets show investors expect U.S. rates to peak at around 5.3% by July, with a quarter-point rate cut possibly materialising by December. The dollar nudged lower against a basket of major currencies, but was noticeably down against so-called commodity currencies, including the Australian dollar , which rose 0.5% and the Canadian dollar , which gained 0.1%. China's offshore yuan rose 0.1% to around 6.865 to the dollar after Beijing kept interest rates steady as expected, having poured liquidity into the banking system in recent days.

☆ Shares gain as U.S. holiday interrupts interest-rate reality check
▼ + stars: | 2023-02-20 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 17, 2023. But, with U.S. markets shut for the Presidents' Day holiday, non-U.S. assets got some respite from last week's relentless pressure. The MSCI All-World index (.MIWD00000PUS) rose 0.1%, helped by modest gains in Europe, where the STOXX 600 (.STOXX) also rose 0.1%, skirting Friday's one-week lows. They said the failure of the S&P 500 to break resistance at 4,200 could unleash a retreat to 3,800 by March 8. In addition, the Fed's preferred measure of inflation, the core personal consumption expenditures index (PCE), lands on Friday.

☆ Shares edge up as U.S. holiday interrupts interest-rate reality check
▼ + stars: | 2023-02-20 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 17, 2023. But, with U.S. markets shut for the Presidents' Day holiday, non-U.S. assets got some respite from last week's relentless pressure. They said the failure of the S&P 500 to break resistance at 4,200 could unleash a retreat to 3,800 by March 8. In addition, the Fed's preferred measure of inflation, the core personal consumption expenditures index (PCE), lands on Friday. Additional reporting by Wayne Cole in Sydney; Editing by Shri Navaratnam, Christian Schmollinger and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

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