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☆ Oil rises 2% in retreat from 15-mth low as banking fears subside
▼ + stars: | 2023-03-22 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed. Meanwhile, U.S. crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand. The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further.

☆ UK inflation sucker-punches the BoE, while sterling bulls cheer
▼ + stars: | 2023-03-22 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

British consumer price inflation (CPI) rose to 10.4% in February from January's 10.1%, above all economists' forecasts in a Reuters poll and almost back to where it was in December. "Core CPI missed by 0.5% - that's one of the biggest, if not the biggest misses on CPI in the recent series of inflation data. "The market is going to be second-guessing (the BoE) right now - it's difficult to assume there's just one more rate hike left in the tank," she said. RLAM's Nicholl noted recent data, such as employment, business activity and manufacturing, had shown strength, and consumer spending has held up. Derek Halpenny, EMEA head of research for global markets at Nomura said January and February's combined annual inflation rate of 9.67% makes for a "mildly supportive" outlook for the pound.

The pan-European STOXX 600 index (.STOXX) fell 1.7% on broad-based losses, with HSBC (HSBA.L), Deutsche Bank (DBKGn.DE), Barclays (BARC.L), Unicredit (CRDI.MI) and Commerzbank (CBKG.DE) down between 2.7% and 7.2%. If it can happen to a U.S. bank, it could potentially happen to a bank in Europe as well." Next week, the focus is likely to be on the European Central Bank which is expected to hike its key lending rate by 50 bps. Daimler Truck (DTGGe.DE) added 3.5% on dividend payment plans after hitting its 2022 targets and forecasting higher earnings and revenue this year. Reporting by Susan Mathew and Medha Singh in Bengaluru; Editing by Subhranshu Sahu and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ A Huge City Polluter? Buildings. Here’s a Surprising Fix.
▼ + stars: | 2023-03-10 | by ( Brad Plumer | ) www.nytimes.com time to read: +14 min

Carbon dioxide from these boilers wafts up chimneys and into the air, one of the city’s biggest sources of global warming emissions. “And we expect that it won’t be the last.”The boiler releases carbon dioxide. The remaining carbon dioxide was then chilled to minus 10 degrees Fahrenheit and turned to liquid. The system currently captures about 60 percent of the carbon dioxide emitted by the Grand Tier’s boilers, Mr. Asparro said. While they’re paying for the carbon dioxide, they are not charging a premium for their blocks.

[1/2] A man is reflected in an electronic board showing Britain's FTSE 100 outside a brokerage in Tokyo, Japan, June 27, 2016. REUTERS/Toru HanaiLONDON, Feb 3 (Reuters) - Britain's blue-chip FTSE 100 (.FTSE) index hit a record high on Friday, in what could mark a potential turning point for UK assets, which have been dogged by a floundering economy. The FTSE 100 rose to 7,906.58 at 1545 GMT, surpassing a previous record high of 7,903.50 hit on May 22 2018. "Is it realistic that the FTSE being at an all-time high when we consider the state of the UK economy? The FTSE 100 closed Friday up 1.04% higher and has rallied 4.9% so far this year.

☆ European shares slip, euro firm as data tees up ECB rate hikes
▼ + stars: | 2023-01-24 | by ( Alun John | ) www.reuters.com time to read: +3 min

REUTERS/StaffLONDON, Jan 24 (Reuters) - The euro held near a nine-month high against the dollar on Tuesday, though European stocks eased after regional business activity data reinforced expectations that the European Central Bank (ECB) will raise rates by a further 50 basis points. S&P Global's flash Composite Purchasing Managers' Index (PMI) climbed to 50.2 this month from 49.3 in December, the first time it has been above the 50 mark since June. "For the ECB, this should seal the deal for a 50-basis point hike next week," said ING economists in a note. The Federal Reserve's rate setting committee concludes its two-day meeting on Feb. 1, with the ECB and Bank of England meeting the next day. The euro , in contrast was steady at $1.0862, just off its nine-month high of $1.0927 hit a day before.

☆ European shares slide, euro steady as data tees up ECB rate hikes
▼ + stars: | 2023-01-24 | by ( Alun John | ) www.reuters.com time to read: +4 min

S&P Global's flash Composite Purchasing Managers' Index (PMI) climbed to 50.2 this month from 49.3 in December, the first time it has been above the 50 mark since June. Britain's flash Composite Purchasing Managers' Index (PMI), however, dropped to 47.8 in January from 49.0 in December, the lowest since January 2021. U.S. PMI data is due later in the day. The European common currency was steady at $1.0865, just off its nine-month high of $1.0927 hit a day before. Sterling turned negative after the British data and lost 0.5% to $1.231, retreating from Monday's seven-month high.

☆ Stocks drop as central banks meet after 'higher for longer' Fed view
▼ + stars: | 2022-12-15 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

In Europe, the Swiss National Bank delivered an expected half-point hike that brought rates to a 14-year high of 1%. ,Hot on the heels of the Swiss, the Norges Bank raised rates by a quarter-point to 2.75% and indicated it has not finished tightening monetary policy. And next up is the Bank of England, which is expected to raise rates by half a point to 3.5% at 1200 GMT. Just over an hour later, the European Central Bank will also announce its rate decision. This inversion reflects concern among investors that higher interest rates could tilt the economy into recession.

☆ U.S. retailers take a knock after Target's sales warning
▼ + stars: | 2022-11-16 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

But shares in Target's larger competitor Walmart (WMT.N) edged up 1.1%, a day after lifting its annual sales and profit forecast as demand for groceries held up despite higher prices. With annual inflation running at 7.7% in October and high interest rates, shoppers are reining in discretionary spending, bad news for retailers that rely on year-end shopping to boost annual sales. U.S. Commerce Department data showed U.S. retail sales improved more than expected after no growth in September. Bucking the retail trend, home improvement chain Lowe's Cos Inc (LOW.N) added more than 4% after raising its annual profit forecast, while discount store operator TJX Cos Inc (TJX.N) bumped up annual same-store sales forecast, rising almost 1%. Walmart, Target shares recover as CPI peaksReporting by Medha Singh in Bengaluru; Additional reporting by Bansari Mayur KamdarOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling ticks up as UK inflation hits 41-year high
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 16 Reuters) - Sterling rose against the U.S. dollar on Wednesday following UK inflation data that topped expectations and raised the chances of yet more interest rate hikes by the Bank of England (BoE). Despite sterling ticking up, the currency had traded flat in the hours after the inflation data was published, suggesting a muted reaction from traders. Earlier this week, data showed Britain's unemployment rate rose to 3.6% in the three months to September, above expectations for 3.5%. Quarterly GDP figures last week showed Britain's economy shrank by a less severe than-expected 0.2% in the three months to September. October retail sales data due on Friday will give further insight into consumer spending, which is a major pillar of the UK economy.

☆ UK inflation tops 11% to hit its highest level since 1981 as food and energy prices soar
▼ + stars: | 2022-11-16 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

UK inflation jumped to a fresh four-decade high of 11.1% in October, from 10.1% the month before. The Bank of England has hiked interest rates to their highest since 2008 to try to cool inflation. Consumer prices were up 11.1% on the level a year ago — the highest rate of inflation since October 1981, the Office of National Statistics said Wednesday. The UK central bank has now raised rates eight times since February to reach 3%, the highest level since the 2008 financial crisis. Read more: Bank of England hikes interest rates by an outsized 75 basis points for the first time in over 30 years

☆ The US dollar has fallen to a 3-month low after easing inflation in October dampened expectations for more big rate hikes
▼ + stars: | 2022-11-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

The US Dollar Index dropped to a three-month low on Tuesday, dipping below 106. The Fed will likely slow rate hikes in December but a full-on Fed pivot remains elusive. The US Dollar Index fell by as much as 1.2% to 105.34, the lowest print since August 11. This builds on expectations that the Fed will slow the pace of rate hikes," Fiona Cincotta, senior financial markets analyst at City Index, wrote in a note. "I would instead look at these readings as a reason for the overall pace of US interest rate hikes to slow because inflation expectations are still at a sustained high level."

LONDON, Nov 15 (Reuters) - The moment of truth is almost here for Britain's new prime minister Rishi Sunak and finance minister Jeremy Hunt. British markets have regained some poise after the carnage triggered by September's fiscal statement, but as the UK slips into recession, the outlook is far from rosy. Here's a look at some of the likely winners and losers from Thursday's budget. "Domestic UK equities are being treated with caution by investors both domestically and internationally," he said. snapshotA CRUDE TARGETEnergy companies have reported bumper profits this year, thanks to soaring crude oil and gas prices.

European stock markets were lower (.STOXX), U.S. equity futures , were mixed and Asian shares (.MIAPJ0000PUS) edged up as the U.S. midterm election results rolled in. This all left MSCI's World Stock Index (.MIWD00000PUS) stuck just below Tuesday's seven-week peak. "U.S. stock futures are pushing higher on the idea of political gridlock being favourable for stocks, as it has been historically." Stuart Cole, head macro economist at Equiti Capital said potential political gridlock in Washington likely meant the end of tax rises on corporations and the well-off proposed by President Joe Biden. Reuters GraphicsIn Asia, Japan's blue-chip Nikkei stock index (.N225) retreated from a two-month high as poor results from videogame maker Nintendo weighed.

☆ Premarket stocks: Ronald Reagan's tax lesson for Britain
▼ + stars: | 2022-09-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Citibank analysts called the decision a “huge, unfunded gamble for the UK economy.” Markets dropped precipitously on the news. But much like Truss, Reagan argued that massive tax cuts and deregulation would stimulate productivity and he championed a sweeping tax cut that was passed by Congress that year. According to US Treasury estimates, Reagan’s tax cuts reduced federal revenues by about 9% in the first couple of years. A lesson from history: “When tax cuts are really too big to be sustainable, they’re often followed by tax increases,” wrote David Wessel, director of The Hutchins Center on Fiscal and Monetary Policy. The US dollar appreciated during the Reagan tax cuts because it benefits from global reserve currency status.

☆ The UK pound slides to 37-year low against the dollar as the new British government's mini-budget spurs worries about further inflationary pressures
▼ + stars: | 2022-09-23 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The UK pound hits a fresh 37-year low against the US dollar on Friday. Pound sterling fell below $1.09 as the UK's new government outlined tax cuts and other moves to bolster economic growth. The pound fell below $1.10 for the first time in 37 years, tanking as much as 3.2% as the currency pair fell to $1.0899. The inflation rate of 9.9% is running at a near four-decade high. UK government bond prices fell, sending yields higher, and the FTSE 100 benchmark equity index lost about 2% on Friday.

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