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☆ Wall Street ends mixed with inflation data, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The bellwether S&P 500 ended the session nominally higher. Of the 11 major sectors of the S&P 500, six ended the session higher, led by industrials (.SPLRCI). "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts expected aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. The S&P 500 posted 2 new 52-week highs and no new lows; the Nasdaq Composite recorded 50 new highs and 155 new lows.

☆ Wall St fluctuates as investors weigh jobs report, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"There’s clearly a disconnect between what the Fed is telling us they’re going to do and what the market believes the Fed is going to do," Pursche added. "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts now expect aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. Among the 11 major sectors of the S&P 500, communication services (.SPLRCL) and technology (.SPLRCT) suffered the largest percentage losses. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 41 new highs and 131 new lows.

☆ China's BYD bets on self-developed chassis suspension system
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, April 10 (Reuters) - China's BYD launched on Monday a new chassis suspension system as the electric vehicle maker ramps up efforts to move upmarket with premium products. The system, BYD DiSus Intelligent Body Control System, is similar to the chassis suspension systems available in premium and luxury cars, such as Porsche's Dynamic Chassis Control and Mercedes Benz's Magic Body Control. The DiSus system will come in three variations and will be used in BYD's luxury off-road SUV Yangwang U8 initially, BYD said in a statement. BYD launched its first luxury car brand Yangwang in January with an off-road SUV and a sportscar priced above 1 million yuan. BYD has benefited from its strategy to use self-developed batteries and powertrain systems.

☆ Depleted Canada team a 'massive' chance for World Cup hopefuls-coach
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

April 10 (Reuters) - The absence of many first-choice players has presented a "massive opportunity" for others to stake their claim in Canada's World Cup squad, coach Bev Priestman said as the Olympic champions prepare to face France in a friendly on Tuesday. "There's a massive opportunity for anybody that gets on the pitch. And, you know, to get that one camp away from your World Cup squad being announced and, you know, going into that World Cup squad, I think I have to look at the opportunity in it and see the bigger picture." "I don't think it's a World Cup injury, but it's not a 'she'll be ready, you know, this week' type injury," said Priestman. Herve Renard took the reins late last month after leading Saudi Arabia to a shock group-stage win over eventual champions Argentina in last year's men's World Cup.

☆ Alberta's ethics commissioner probes premier's alleged meddling in COVID prosecution
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, April 10 (Reuters) - Alberta's ethics commissioner is investigating whether Premier Danielle Smith interfered with the judicial process tied to the prosecution of an offence related to the COVID-19 pandemic, according to a statement from the premier's office on Monday. "The premier welcomes this investigation, is fully cooperating with the commissioner, and is confident this examination will confirm there has been no such interference," the statement said. The office of Alberta's ethics commissioner did not respond to a request for comment. Pawlowski is facing charges related to COVID-19 protests in Canada last year, which included a weeks-long blockade of the Coutts border crossing into the United States from southern Alberta. Smith became UCP leader and premier last October, replacing Jason Kenney, by appealing to grassroots UCP members in the traditionally conservative province.

Such diversification failed to benefit investors last year, when stocks and bonds both tumbled as the Federal Reserve raised rates to fight surging inflation. A typical 60/40 portfolio tracked by Vanguard last year suffered its worst annual decline since 2008. "Inflation, and the perception of tighter credit as a result of inflation, is going to hurt both bonds and stocks,” he said. But benchmark Treasury yields drifted lower, at least partially offsetting those declines. "We now have yield in the bond market, which we haven’t had for 10 years," said Paul Nolte, market strategist at Murphy & Sylvest Wealth Management.

S&P 500's busiest tradesThe S&P 500 declined 0.25% to end the session at 4,090.38 points. Reuters Graphics Reuters GraphicsOf the 11 S&P 500 sector indexes, seven declined, led lower by consumer discretionary (.SPLRCD), down 2.04%, followed by a 1.3% loss in industrials (.SPLRCI). Analysts on average expect aggregate S&P 500 company earnings for the first quarter to have fallen 5% year-over-year, according to Refinitiv I/B/E/S. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.2-to-one ratio. The S&P 500 posted 11 new highs and two new lows; the Nasdaq recorded 39 new highs and 269 new lows.

Driving the recession fears, the ADP National Employment report showed U.S. private employers hired far fewer workers than expected in March. S&P 500's busiest tradesThe S&P 500 was down 0.52% at 4,079.37 points. Of the 11 S&P 500 sector indexes, six declined, led lower by consumer discretionary (.SPLRCD), down 1.93%, followed by a 1.65% loss in information technology (.SPLRCT). Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted eight new highs and two new lows; the Nasdaq recorded 25 new highs and 218 new lows.

Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials (.SPLRCI), down 2.25%, followed by a 1.72% loss in energy (.SPNY). The S&P 500 declined 0.58% to end the session at 4,100.68 points, closing lower for the first time in a week. The Nasdaq declined 0.52% to 12,126.33 points, while the Dow Jones Industrial Average declined 0.59% to 33,403.04 points. REUTERS/Brendan McDermidHealthcare (.SPXHC) and utilities (.SPLRCU), which many investors expect to hold up better during an economic slowdown, were among the few S&P 500 sector indexes gaining on Tuesday. The S&P 500 posted 14 new highs and one new lows; the Nasdaq recorded 64 new highs and 238 new lows.

☆ China's GWM taps Brazil's WEG for electric vehicle charging network
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] EV car Good Cat by Ora, a brand by Great Wall Motors, is displayed at the Bangkok International Motor show in Bangkok, Thailand, March 22, 2022. REUTERS/Athit PerawongmethaSAO PAULO, April 4 (Reuters) - Chinese electric car maker Great Wall Motors (GWM) (601633.SS) on Tuesday said is planning to install an electric vehicle charging network in Brazil through an exclusive partnership with local motor manufacturer WEG (WEGE3.SA). The partnership involves developing "a broad network for recharging electrified vehicles at dealerships, parking lots, shopping malls and other commercial establishments," GWM said in a statement. WEG will provide the Chinese firm "electric vehicle chargers to be sold to consumers and to be installed at the automaker's dealerships," it added. ($1 = 5.0852 reais)Reporting by Alberto Alerigi Jr., editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Fox News says Carlson, Hannity, Bartiromo set to testify at defamation trial
▼ + stars: | 2023-04-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

[1/4] Fox personality Tucker Carlson speaks at the 2017 Business Insider Ignition: Future of Media conference in New York, U.S., November 30, 2017. Rupert Murdoch, the 92-year-old chair of Fox's parent Fox Corp (FOXA.O), is not on Fox's witness list. The Denver-based company has said emails, texts and depositions show that Fox aired false election claims to boost profit and keep viewers from defecting to the right-wing outlets Newsmax and OAN, which also embraced Trump's claims. "The evidence developed in this civil proceeding demonstrates that (it) is CRYSTAL clear that none of the statements relating to Dominion about the 2020 election are true," he wrote. Fox faces a similar lawsuit by another voting technology company, Smartmatic, which is seeking $2.7 billion in damages.

☆ Wall St Week Ahead Resilient U.S. stocks failing to factor in recession, investors fear
▼ + stars: | 2023-03-31 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

NEW YORK, March 31 (Reuters) - U.S. stocks have soldiered on through a banking mess to notch solid first-quarter gains. Some investors say that performance could come under pressure if a widely expected recession hits. Wary investors say those gains leave stocks more vulnerable to an economic downturn, which may have been brought closer by tumult in the banking sector following this month’s collapse of Silicon Valley Bank. S&P 500 earnings for the first quarter are estimated to have fallen 5% from the prior year, followed by an expected 3.9% drop in the second quarter, Refinitiv data shows. Nathan Shetty, head of multi-asset at Nuveen, believes current valuations show investors have yet to price in a recession.

☆ TSX pads quarterly gain as interest rate concerns ease
▼ + stars: | 2023-03-31 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 158.90 points, or 0.8%, at 20,099.89, its highest closing level since March 8. For the month, the TSX lost 0.6% as global banking turmoil led to a selloff in heavily-weighted financials and volatility in the price of oil. It was up 3.7% in the first quarter of the year but trailing a gain of 7% for U.S. benchmark the S&P 500. It was up 2.4%, helped by a 14.4% jump in the shares of Blackberry Ltd <BB.TO> after the company reported quarterly results. Shares of Shaw rose 3.3%, while Rogers was down 2.9%.

SummarySummary Companies Plant to supply 1.2-1.4 mln tonnes of ammonia per yearYara attracted by low US gas prices, carbon capture costProduction start up set for 2027-28OSLO, March 31 (Reuters) - Norwegian fertiliser maker Yara (YAR.OL) and Canadian pipeline company Enbridge (ENB.TO) plan to invest up to $2.9 billion to build a low-carbon blue ammonia production plant in Texas, they said on Friday. Blue ammonia, rather than green ammonia derived from renewable energy, refers to ammonia produced from natural gas, with the carbon dioxide (CO2) byproduct captured and stored. The plant will supply 1.2 million to 1.4 million tonnes of low-carbon ammonia per year. High gas prices in Europe have made the case to build in the U.S. stronger, Ankarstrand said. Many similar facilities are in development and demand for low-carbon ammonia looks strong, said Vince Paradis, Enbridge's vice president of business development.

☆ Stocks rise and dollar falls while oil rallies
▼ + stars: | 2023-03-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. Economists polled by Reuters expect core prices rose by 0.4% in February and posted an annual increase of 4.7%. The U.S. dollar slipped to a one-week low against the euro as German inflation data helped lift the common currency. MSCI's gauge of stocks across the globe (.MIWD00000PUS) closed up 0.72% while emerging market stocks (.MSCIEF) rose 0.67%. Gold prices gained with a weaker dollar and lower bond yields driving demand for the precious metal, while investors waited for U.S. inflation data to gauge the Fed's next move.

☆ Exclusive: Biden would veto Republican bill blocking Washington, D.C., police reform
▼ + stars: | 2023-03-30 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

WASHINGTON, March 30 (Reuters) - U.S. President Joe Biden will veto a Republican-backed bill to overturn police reforms in Washington, D.C., if it passes in Congress, a White House official said on Thursday. Some Republicans say the Washington, D.C., law is hostile towards the police. Biden took heat from within his own party for signing a Republican-led bill last week that blocked a D.C. law lowering penalties for some crimes. Congressional oversight of Washington, D.C., is written into the U.S. Constitution, and the city's 700,000 residents do not have voting representation in Congress. Tensions often flare between Republican lawmakers and the heavily Democratic city, including over policing, criminal code and voting reforms just this year.

☆ US House Republicans face unity test with major energy bill
▼ + stars: | 2023-03-30 | by ( David Morgan | ) www.reuters.com time to read: +4 min

WASHINGTON, March 30 (Reuters) - The Republican-controlled U.S. House of Representatives is expected to vote on its first major legislation of the year on Thursday, a partisan energy bill that poses an early test of unity for House Speaker Kevin McCarthy's majority. The 175-page measure, dubbed the Lower Energy Costs Act, represents a top 2022 Republican campaign pledge to lower Americans' energy costs by scaling back Democratic President Joe Biden's climate policies and increasing oil and gas production through deregulation. 1 - House Resolution One, is the most important bill to this Congress," Republican Representative August Pfluger of Texas told reporters. Both Republicans and Democrats are keen to pass legislation that streamlines permitting for energy projects, but the disagreement over the House bill reflects gaping divisions over how to do that. "It does absolutely nothing to lower energy costs for American families.

March 30 (Reuters) - A jury in Utah ruled on Thursday that Oscar-winning actor Gwyneth Paltrow was not responsible for injuries sustained by a man during a ski slope collision at an upscale Park City resort in 2016. He said the injuries led to a traumatic brain injury and had sought more than $300,000 in damages from Paltrow at a civil trial. Gwyneth Paltrow looks on as her attorney objects during the closing arguments of her trial, in Park City, Utah, U.S., March 30, 2023. Rick Bowmer/Pool via REUTERSThe eight-person jury sided with Paltrow, ruling that Sanderson was 100% at fault, and awarded Paltrow the $1 in symbolic damages that she had asked for in a countersuit. Both fell to the ground with Paltrow on top of Sanderson, in a heap of skis and limbs, she said.

☆ Exclusive: Biden would veto Republican bill blocking Washington, D.C., police reform -official
▼ + stars: | 2023-03-30 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

The White House's push for more regulation comes after days of turmoil in the banking sector after the collapse of U.S. lenders Silicon Valley Bank and Signature Bank. "This ... is really about making sure that we are protecting the resilience and stability of the banking system going forward," the official added. Silicon Valley bank had $209 billion in assets at the end of last year. According to Federal Reserve data, about 30 banks had assets of more than $100 billion at the end of last year, a list that included Silicon Valley Bank and Signature Bank. The Fed and other bank regulators have indicated they are already looking to strengthen bank rules, particularly for firms between $100 billion and $250 billion in assets.

☆ TSX rises to three-week but caution remains on rate outlook
▼ + stars: | 2023-03-29 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 180.12 points, or 0.9%, at 19,837.65, its fourth straight day of gains and its highest closing level since March 9. "Discretion is the better part of valor," said Joseph Abramson, co-chief investment officer at Northland Wealth Management, quoting the well-known proverb. Information technology rose 1.5% as bond yields steadied, while both energy and heavily weighted financials advanced 1%. Dollarama Inc (DOL.TO) shares added 2.5% as the company reported a surge in same-store sales. The utilities sector, which includes some renewable energy companies, was up 1.1%.

REUTERS/Kevin LamarqueMarch 29 (Reuters) - The scope of blame for Silicon Valley Bank's failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking system's top cop on Wednesday told U.S. lawmakers demanding answers for the lender's swift collapse. "I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Michael Barr, Fed Vice Chair for Supervision, told Congress. 'SOME REAL FLAWS'Barr told the House Financial Services Committee that he first became aware of stress at Silicon Valley Bank on the afternoon of March 9, but that the bank reported to supervisors that morning that deposits were stable. The Fed was in discussions with Silicon Valley Bank the day before its collapse to move pledgable collateral to the discount window, a key facility long associated with providing emergency loans to banks, Barr said on Wednesday. "(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday," Barr said.

☆ Elon Musk, Other AI Experts Call For Pause in Technology’s Development
▼ + stars: | 2023-03-29 | by ( Deepa Seetharaman | ) www.wsj.com time to read: 1 min

Several tech executives and top artificial-intelligence researchers, including Tesla Inc. Chief Executive Officer Elon Musk and AI pioneer Yoshua Bengio , are calling for a pause in the breakneck development of powerful new AI tools. A moratorium of six months or more would give the industry time to set safety standards for AI design and head off potential harms of the riskiest AI technologies, the proponents of a pause said.

☆ Elon Musk, Other AI Experts Call for Pause in Technology’s Development
▼ + stars: | 2023-03-29 | by ( Deepa Seetharaman | ) www.wsj.com time to read: 1 min

"I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Michael Barr, Fed Vice Chair for Supervision, told Congress. REPORTS DUE MAY 1Both the Fed and FDIC are is expected to produce reports on the failure of Silicon Valley Bank by May 1. Barr told the House Financial Services Committee that he first became aware of stress at Silicon Valley Bank on the afternoon of March 9, but that the bank reported to supervisors that morning that deposits were stable. Gruenberg of the FDIC told lawmakers he also became aware of SVB's stress that Thursday evening. "(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday," Barr said.

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