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☆ Britain takes further step towards London listings overhaul
▼ + stars: | 2023-05-02 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

LONDON, May 2 (Reuters) - Britain's stock market rules could be radically simplified as part of efforts to lure major company listings to London, under detailed plans unveiled by the country's financial watchdog on Tuesday. "We want to encourage more companies to list and grow in the UK, versus other highly competitive international markets," said FCA chief executive Nikhil Rathi. While the watchdog said it was committed to maintaining high standards, some experts expressed concerns at the reform push. The FCA said it aimed to make "substantial progress" on the reforms by the end of this year. Reporting by Iain Withers Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Cineworld shareholders: Shares in Regal Cinemas' owner hit all-time low
▼ + stars: | 2023-04-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Cineworld’s stock plummeted 36% Tuesday afternoon to an all-time low after the company said it had filed a plan to reorganize its business and shareholders would not recover any of their funds. The embattled owner of Regal Cinemas said it had submitted a final version of the plan to a US bankruptcy court in Texas. Under the plan, Cineworld’s lenders will cut its debt by $4.5 billion in exchange for equity in the reorganized company. It filed for Chapter 11 bankruptcy in the United States in September. Cineworld shares have lost 98% of their value since the company listed on the London Stock Exchange in 2007.

☆ Sergio Ermotti makes surprise comeback to lead UBS into new era
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

STORIES: read moreASHLEY PITTARD, HEAD OF GLOBAL EQUITIES, PENDAL, SYDNEY: (A SHAREHOLDER)"Without a doubt, he is the right person for the job. "Sergio was in the trenches during and post the global financial crisis when UBS was in a lot of trouble. VICTORIA SCHOLAR, HEAD OF INVESTMENT, INTERACTIVE INVESTOR, LONDON"Having steered UBS through the aftermath of the 2008 GFC and a rogue-trading scandal, Ermotti is a dab hand at crisis management. He also helped UBS to navigate through the onset of the pandemic and the corresponding market volatility during most of 2020. With Ermotti, UBS is bringing on board a proven expert on the bank and an effective enforcer for the successful merger of the two banks.

☆ Futures waver as banking crisis worries persist
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +3 min

Shares of First Republic Bank (FRC.N), however, fell 3.8% in premarket trading as the bank suspended its dividend payout. Concerns about a global banking crisis have dominated market sentiment this week after the collapse of SVB Financial (SIVB.O) and Signature Bank (SBNY.O). While the focus remains on the health of the banking sector, investors also looked ahead to U.S. central bank's policy meeting next week to gauge how it will tame inflation amid a banking crisis. Yield on the two-year Treasury note, which best reflects interest rate expectations, rose to 4.15% as some tensions about the banking sector abate. Shares of Fedex Corp (FDX.N) rose 11.1% premarket after the delivery giant raised full-year earnings forecast after cost cuts.

☆ European shares choppy ahead of ECB decision, Credit Suisse jumps
▼ + stars: | 2023-03-16 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) was flat by 0925 GMT after rising as much as 1.6% in early trading. The banks sector index (.SX7P) added 1.3%, after logging its steepest one-day drop in more than a year in the previous session. Shares of the Zurich-based lender had tumbled 24% to a record low on Wednesday. The cost of insuring exposure to European junk corporate bonds also fell, in a sign of investor relief. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Subhranshu Sahu and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Futures tracking the tech-heavy Nasdaq led the gains as U.S. Treasury yields dipped to one-month lows, but were off session highs. Money market bets have also changed dramatically, with participants now betting an 80.4% chance of a 25 basis points rate hike in March instead of a 50 bps increase, with the rest expecting a status quo. Goldman Sachs analysts said they no longer expect the Fed to raise rates by 25 basis points at its next policy meeting on March 21-22. SVB's failure followed sharp interest rate hikes that hurt its startup customers and a failed capital raise attempt by the bank, spurring deposit withdrawals. ET, Dow e-minis were up 82 points, or 0.26%, S&P 500 e-minis were up 21.25 points, or 0.55%, and Nasdaq 100 e-minis were up 90 points, or 0.76%.

☆ Analysis: Australia's DIY pension funds lose millions on crypto bets, investors not sweating it
▼ + stars: | 2023-03-02 | by ( Lewis Jackson | ) www.reuters.com time to read: +6 min

Summary Thousands of Australians use DIY pension funds to buy cryptoLosses likely in the hundreds of millions -Reuters calculationAustralia has few rules governing what DIY funds can buySYDNEY, March 2 (Reuters) - Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. DIY pension funds account for a fourth of Australia's A$3.4 trillion ($2.29 trillion) pension pool. Australia's DIY pension sector combines size and freedom in a way that sets it apart from other countries. The United States also has a freewheeling DIY pension sector but take-up is negligible. "Our general position is if it's legal to invest in speculative assets, then no further restrictions should apply to SMSF investments."

☆ Abrdn turnaround is still a marathon, not sprint
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 28 (Reuters Breakingviews) - Abrdn (ABDN.L) still has one big problem. Chief Executive Stephen Bird’s turnaround at the $5 billion asset manager is gaining traction. Full-year results on Tuesday showed that interactive investor, the savings platform he acquired last year, grew revenue by 20%, despite lower trading volumes. Assets under management fell 19%, after factoring in falling markets and client outflows, to 376 billion pounds, while operating profit fell 55%. That may cost some 200 million pounds, nearly double the unit’s 2022 operating profit.

LONDON, Feb 28 (Reuters) - British asset manager abrdn (ABDN.L) fell to a full-year pretax loss and reported a slide in client funds for 2022, as global markets turmoil and runaway inflation weighed on its finances. Abrdn reported a 615 million pound ($741 million) pretax loss for the year ended Dec. 31, compared to a 1.1 billion pound profit the prior year. Abrdn's assets under management fell 8% to 500 billion pounds from 542 billion pounds, while the company reported a further year of net outflows of client funds. The company also said it had agreed to sell its discretionary fund management arm abrdn Capital to Liechtenstein-based private bank LGT for 140 million pounds. The sale involves the transfer of around 6.1 billion pounds of assets and about 140 employees, the company said.

☆ London stocks fall as rate hike worries linger, Lloyds drags
▼ + stars: | 2023-02-22 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) lost 0.9%, hitting its lowest level in over a week. The banking sector (.FTNMX301010) lost 1.4%, with shares of HSBC (HSBA.L) off 1.2% and Prudential (PRU.L) down 2.3%. London-listed shares of Rio Tinto (RIO.L) slumped 2.5% after the global miner posted a 38% drop in annual profit and more than halved its dividend. Those worries remain in focus ahead of the release, later in the day, of the minutes of the U.S. Federal Reserve's latest meeting. Despite the session's losses, the exporter-heavy FTSE 100 has had a strong start to the year, helped by some positive earnings and a stir in commodity prices.

☆ Earnings, M&A chatter lift FTSE 100 to record high, Entain tumbles
▼ + stars: | 2023-02-09 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.7% to touch a record high of 7,943.68, while the midcap FTSE 250 index (.FTMC) inched up 0.1%. AstraZeneca (AZN.L) jumped 4.3%, set for its best day in nearly a year, after the drugmaker forecast earnings growth in 2023. Unilever (ULVR.L) rose 0.4% after the consumer goods giant reported quarterly underlying sales growth above expectations. Watches of Switzerland Group (WoS) (WOSG.L) slumped 13.1% after it gave its quarterly trading update. (This story has been corrected to say Watches of Switzerland Group gave quarterly trading update, not full-year in the third bullet and last paragraph.)

☆ Miners push FTSE 100 to over 4-year high, Direct Line tumbles
▼ + stars: | 2023-01-11 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Direct Line drops after scrapping final dividend for 2022JD Sports rises after reporting high revenue growthReach slumps after saying annual profit to miss expectationsU.S. CPI awaitedFTSE 100 up 0.5%, FTSE 250 adds 0.7%Jan 11 (Reuters) - UK's exporter-heavy FTSE 100 hit an over four-year high on Wednesday, buoyed by gains in mining stocks, while insurer Direct Line plunged after cancelling its final dividend for 2022. The blue-chip FTSE 100 (.FTSE) advanced 0.5%, its highest since August 2018, while the more domestically focused FTSE 250 mid-cap index (.FTMC) gained 0.7%. Fed Governor Michelle Bowman said overnight that the central bank will have to raise interest rates further to combat high inflation. The commodity-heavy FTSE 100 has had a bright start to the year so far, rising for five of the previous six trading sessions, after it outperformed major global peers in 2022 as commodity prices jumped. Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Futures muted as Fed minutes confirm more tightening ahead
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

Wall Street's main indexes erased some of their gains on Wednesday after meeting minutes showed the Fed was laser-focused on fighting inflation even as officials agreed to slow the interest rate hiking pace to limit risks to economic growth. "The meeting minutes suggested 'more evidence' is needed to confirm inflation is under control," said Victoria Scholar, head of investment at Interactive Investor. "Consequently, the Fed is expected to continue raising interest rates, with hawkish policy a continued headwind for equities into 2023." This comes a day after data showed a moderate fall in U.S. job openings, indicating a still tight market. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 3.25 points, or 0.08%, and Nasdaq 100 e-minis were up 13.5 points, or 0.12%.

☆ European shares muted, UK outperforms as China-exposed stocks jump
▼ + stars: | 2022-12-28 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The region-wide STOXX 600 (.STOXX) was flat as of 9:31 GMT, while the FTSE 100 <.FTSE> advanced 0.7% as commodity-linked and China-exposed stocks jumped in early trading. The UK market, which was closed for holidays since its half-day trading on Friday, is playing catch-up, analysts said. The FTSE 100 index has benefited this year from its exposure to commodities as prices of oil and base metals have rallied amid the Russia-Ukraine war. Meanwhile, STOXX 600 was headed for an annual loss of 12.2% as concerns about an economic recession due to aggressive monetary policy tightening by central banks globally weighed on the European index. The technology sector (.SX8P) weighed on STOXX 600 on Wednesday, tracking the overnight fall in U.S. peers as rising yields pressured the interest rate sensitive shares, a recurring theme this year.

☆ Sterling edges up against euro and dollar, set for third straight weekly drop
▼ + stars: | 2022-12-23 | by ( Samuel Indyk | ) www.reuters.com time to read: +2 min

LONDON, Dec 23 (Reuters) - The British pound edged up against the U.S. dollar and euro on Friday in thin trading conditions, but was still set for its third straight weekly drop against both currencies. The pound was last up 0.2% versus the dollar at $1.2055. Against the euro, the pound was up 0.1% at 87.94 pence, having hit its weakest level against the single currency since October 12 on Thursday. "The U.S. dollar is acting cautiously ahead of the latest inflation reading as traders await clues about the Federal Reserve's next move," Scholar said. Scholar expects the pound to find support if signs grow larger that the Fed's tightening cycle could be coming to an end.

☆ Futures steady ahead of November inflation data
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.37%, S&P 0.31%, Nasdaq 0.28%Dec 23 (Reuters) - U.S. stock index futures inched higher on Friday as investors awaited fresh inflation data to assess the Federal Reserve's path of future interest rate hikes, with the central bank's policy tightening weighing heavily on equities this year. The core personal consumption expenditure price index, the Fed's preferred inflation gauge, is expected to have increased 0.2% in November after a similar rise in October. Wall Street's main indexes fell sharply on Thursday after data showed a resilient American economy that may push the central bank to keep hiking rates for longer. Markets are in wait-and-see mode ahead of key inflation figures, which will provide some clues about the Fed's next move," said Victoria Scholar, head of investment at Interactive Investor. ET, Dow e-minis were up 122 points, or 0.37%, S&P 500 e-minis were up 11.75 points, or 0.31%, and Nasdaq 100 e-minis were up 31.5 points, or 0.28%.

☆ European shares eye upbeat end to week on banks, healthcare boost
▼ + stars: | 2022-12-23 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 rises 0.2%Banks, healthcare firms gainBavarian Nordic at the top of STOXX 600Italian business morale rises in DecemberDec 23 (Reuters) - Europe's STOXX 600 edged higher on Friday, with gains in healthcare firms and banks putting the index on course to end the last week before Christmas on an upbeat note. The region-wide STOXX 600 (.STOXX) rose 0.2% at 0915 GMT and was bound for a 0.8% weekly advance. Morale amongst Italian businesses and consumers rose in December, data showed on Friday, although the manufacturing sector was more downbeat. On the economic data front, a report showed Spain's economy expanded 0.1% in the third quarter, slowing from a 2.0% growth rate in the previous three-month period. Among STOXX 600 sectors, shares of retailers (.SXRP) rose 0.6% to lead gains.

The region-wide STOXX 600 index (.STOXX) closed 1.7% higher, with consumer discretionary firms such as Adidas (ADSGn.DE) and Puma (PUMG.DE) leading gains after U.S. peer Nike beat quarterly revenue and profit expectations. Shares of Adidas and Puma rose 6.8% and 9.5%, respectively, while London-listed JD Sports (JD.L) jumped 6.1%, lifting the retail index (.SXRP). The euro STOXX 50 volatility index (.V2TX) hit its lowest level since January, reflecting easing anxiety among investors. British retailers also reported a surprise pick-up in demand in December, a Confederation of British Industry survey showed. Reporting by Amruta Khandekar and Bansari Mayur Kamdar; editing by Uttaresh.V, Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ 3M to end 'forever chemicals' output at cost of up to $2.3 billion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Perfluoralkyl and polyfluoroalkyl substances (PFAS) do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods. Pressure to stop producing the chemicals has also increased, with investors managing $8 trillion in assets earlier this year writing to 54 companies urging them to phase out their use. 3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit. In the fourth quarter, it expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August, the Biden administration said it will propose designating certain forever chemicals as hazardous substances under the U.S. Superfund program.

☆ FTSE 100 tracks glum global sentiment ahead of BoE rate decision
▼ + stars: | 2022-12-15 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.7%, FTSE 250 off 0.6%Currys drops to bottom of FTMCHSBC slumps on shareholder's campaign for spinoffDec 15 (Reuters) - UK's export-driven FTSE 100 fell on Thursday, tracking glum global sentiment, while traders avoided bets on risky assets ahead of the Bank of England's monetary policy decision. The blue-chip FTSE 100 (.FTSE) fell 0.7%, while the FTSE 250 (.FTMC) shed 0.6% by 9:29 GMT. After the Fed's hawkish commentary on Wednesday, traders now await the BoE's monetary policy meeting at 1200 GMT. "The split within the Monetary Policy Committee could give a hawkish edge to the meeting. Besides the 50 basis point hike on Thursday, Koopman expects BoE's terminal rate to be 4.75% by mid-2023.

☆ Finding the market tough right now? Here's how young investors can be smart with their money
▼ + stars: | 2022-12-05 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

And investing becomes trickier because of that, said James McManus, chief investment officer at investment firm Nutmeg. What history showsBut investing is still a good idea, Myron Jobson, senior personal finance analyst at investment platform interactive investor told CNBC's Make It. Think long termThat's why young investors should think long term, Jobson and Hollands said. To protect your investments from market movements, it's critical to make sure you invest in a range of asset types, Jobson said. "Nervous investors can drip feed investments monthly to help smooth out the inevitable bumps in the market," one analyst said.

☆ Foxconn unrest risks iPhone shipments, weighs on Apple shares
▼ + stars: | 2022-11-26 | by ( Yimou Lee | ) www.reuters.com time to read: +5 min

Apple shares were down 1.9% in late morning trade on Friday, while the benchmark Nasdaq index was down 0.3%. LOWER SHIPMENTSKGI Securities analyst Christine Wang said if the current issue lasts through December, around 10 million units of iPhone production will be lost, which translates to 12% lower iPhone shipment in the last quarter of 2022. REUTERS/Ann Wang 1 2Wedbush Securities estimates many Apple stores now have 25% to 30% fewer iPhone 14 Pros than normal heading into the holiday shopping season. In a statement on Nov. 7, Apple said it expected lower iPhone 14 Pro and iPhone 14 Pro Max shipments than previously anticipated. Another Foxconn source familiar with the matter said some new hires had left the campus but did not elaborate on how many.

☆ Futures rise on U.S.-China talks, inflation data in focus
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

U.S.-listed shares of Chinese firms Alibaba Group Holding Ltd , Baidu Inc , Pinduoduo Inc (PDD.O) and JD.Com Inc climbed between 5.7% and 11.2%. Biden and Xi agreed to allow senior officials to renew communication on climate, debt relief and other issues, according to the White House. ET, which is expected to show producer prices rose 8.3% annually in October after advancing 8.5% in September, according to a Reuters poll of economists. Excluding volatile food and energy costs, the producer prices index is expected to have increased 7.2% last month, in line with September's gains. ET, Dow e-minis were up 156 points, or 0.46%, S&P 500 e-minis were up 30.5 points, or 0.77%, and Nasdaq 100 e-minis were up 143.5 points, or 1.22%.

Technology stocks (.SX8P) fell 1.8% to lead sectoral losses in Europe after their U.S. peers were dragged down by weak results from Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O). The European banking index (.SX7P) fell 0.7%. read moreItaly's UniCredit (CRDI.MI) was a rare bright spot as its shares rose 3.9% after the bank raised its 2022 profit goal. "Nonetheless, we are likely to see some hesitation, with the economic implications of rising interest rates yet to be felt. read moreReporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ The pound jumps against the dollar after Liz Truss resigns as prime minister, but more volatility could be in store for markets as political and economic risks linger
▼ + stars: | 2022-10-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The pound rose against the US dollar Thursday as Liz Truss resigned as UK prime minister. Truss' 45 days in office were marked by turmoil in financial markets over her government's mini-budget. Analysts said market volatility may lie ahead as the UK looks for its new prime minister. Pound sterling rose as much as 1.1% to $1.1337 before paring the rise to 0.8%. To investors, the UK looks ungovernable, and its economy resembles that of an emerging market, not a G7 nation," he wrote.

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