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☆ Investors dump Credit Suisse stock and bonds after UBS rescue
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

LONDON/ZURICH, March 20 (Reuters) - Investors dumped Credit Suisse (CSGN.S) shares and bonds on Monday after rival UBS (UBSG.S) agreed at the weekend to take over the 167-year old bank for just a fraction of its market value, with hefty backstops from the Swiss government. The debt is being written down on the orders of the Swiss regulator as part of its rescue merger with UBS, it was announced on Sunday, which angered bondholders. In a package orchestrated by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for Credit Suisse and assume up to $5.4 billion in losses. At Friday's close, Credit Suisse had a total market value of $8 billion. Shares in UBS meanwhile, dropped nearly 5% in premarket trading to around 15.81 francs.

☆ 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 subdued after strong week on Wall Street
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow off 0.09%, S&P slips 0.04%, Nasdaq up 0.04%March 6 (Reuters) - U.S. stock index futures were subdued on Monday as investors awaited Federal Reserve Chair Jerome Powell's testimony and monthly payrolls report this week for cues on the central bank's interest-rate trajectory. "But it's always possible that a word like 'disinflation' slips out of his mouth, and that we get a boost on risk." Traders expect at least three 25-basis-point rate hikes this year and see rates peaking at 5.44% by September from 4.67% now. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were down 1.75 points, or 0.04%, while Nasdaq 100 e-minis were up 5.25 points, or 0.04%. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Instant View: Adani's $2.5 billion offer rides out share storm with investor backing
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +5 min

COMMENTARYAMBAREESH BALIGA, INDEPENDENT MARKET ANALYST, MUMBAI"The FPO did get subscribed, thanks to a few institutional as well as large family offices. DEEPAK JASANI, HEAD OF RETAIL RESEARCH, HDFC SECURITIES, MUMBAI"For Indian markets, one of the concern areas is out of the way for the time being as this was weighing on investor sentiment. Since the current market price is below the offer price, the retail subscription was low as investors can rather buy it from the market." That was their focus area considering the fact that there was a difference between the market price and the floor price of the FPO. It seems that retail investors did not consider the fact that there is more to rates than just the price."

☆ Tech lifts European shares despite hawkish ECB signals
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Tech follows U.S. peers higherHawkish ECB boosts euro, banksSymrise slides on EBITDA missJan 23 (Reuters) - European stocks edged higher on Monday, lifted by technology and mining shares, as expectations of a mild recession in the euro zone offset hawkish remarks from European Central Bank (ECB) officials that sent the euro to a nine-month high. The pan-European STOXX 600 index (.STOXX) rose 0.2% after posting its first weekly decline of the year on Friday. Tech stocks (.SX8P) jumped 1.4% after their Wall Street peers rallied on Friday following upbeat results from streaming giant Netflix Inc (NFLX.O). Investors will look for more clues on the central bank's tightening plans when ECB President Christine Lagarde speaks later in the day. Fourth-quarter earnings for STOXX 600 companies are forecast to have grown by 10.7% year-on-year, the slowest in two years, according to Refinitiv I/B/E/S data.

They projected their key policy rate would top out at between 5.00% and 5.25% this year, up from a current 4.25%-4.50% rate. Market pricing indicates investors remain wedded to a more dovish view, with the policy rate peaking below 5% around mid-June before falling in the second half of the year. Rieder believes policymakers will raise rates by 25 basis points at the next two meetings, with further 25 basis point increases possible, depending on data. Investors in short-term options had priced in a much sharper move of about 2% going into Thursday's CPI print, according to data from market maker Optiver. Tiffany Wilding, PIMCO's North American economist, believes the Fed is likely to raise rates just two more times this year before pausing.

☆ Futures rise on first trading day of 2023
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.90%, S&P 1.00%, Nasdaq 1.18%Jan 3 (Reuters) - U.S. stock index futures rose on Tuesday, the first trading day of 2023, as investors await a slew of economic data this week as well as minutes from the Federal Reserve's previous meeting for clues on the path of future interest rate hikes. The benchmark S&P 500 (.SPX) shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the tech-heavy Nasdaq (.IXIC) fell 33.1%. As investors return from the New Year holidays, focus is now on the likelihood of a recession following aggressive monetary policy tightening. ET, Dow e-minis were up 298 points, or 0.90%, S&P 500 e-minis were up 38.5 points, or 1.00%, and Nasdaq 100 e-minis were up 129.75 points, or 1.18%. Tesla Inc (TSLA.O) fell 2.6% in premarket trading as the electric-vehicle maker missed Wall Street estimates on deliveries for the fourth quarter of 2022.

☆ European shares rise with focus on German inflation data
▼ + stars: | 2023-01-03 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-regional STOXX 600 (.STOXX) rose 1.6% in early trading, to its highest level in more than two weeks. Germany's CPI data, due at 1300 GMT, could provide a preview for inflation in the euro zone, with investors waiting to see if cost pressures in the region have weakened after the European Central Bank's aggressive monetary policy tightening. French Prime Minister Elisabeth Borne said inflation was expected to peak at the start of 2023 before then retreating. European stocks ended their first session of the year higher on Monday after euro zone manufacturing data suggested the worst had passed as supply chains begin to recover and inflationary pressures ease. Data on Tuesday also showed material shortages eased further in Germany's manufacturing sector towards the end of the year.

The dollar, a beneficiary of rising U.S. interest rates, was on track for its best annual performance in seven years. The dollar index , which measures the greenback against six major currencies, fell 0.4% to a two-week low. Sterling was set for its worst performance against the dollar since 2016, when Britain voted to leave the European Union. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets, lost 16% and 24% respectively in dollar terms this year as rates rose. Ten-year German Bund yields rose 4 bps to 2.51% and two-year yields hit their highest since 2008 after data showing Spanish core inflation rose in December.

☆ Futures edge higher as investors assess China reopening
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.25%, S&P 0.19%, Nasdaq 0.14%Dec 28 (Reuters) - U.S. stock index futures edged higher on Wednesday as investors weighed the unwinding of pandemic restrictions by China against surging COVID cases in the world's second largest economy. "If the Chinese reopening story is positive for oil and commodity prices, it's bad news for global inflation," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The surge in Chinese demand will certainly boost inflation through higher energy and commodity prices and in response to higher inflation, the central banks will continue hiking rates." ET, Dow e-minis were up 84 points, or 0.25%, S&P 500 e-minis were up 7.25 points, or 0.19%, and Nasdaq 100 e-minis were up 15.75 points, or 0.14%. They hit their lowest level in more than two years in the previous session over demand worries in China.

☆ European shares gain on China recovery optimism
▼ + stars: | 2022-12-27 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +2 min

The pan-European STOXX 600 index (.STOXX) gained 0.4% to start the holiday-shortened week higher. China on Monday said it would drop its quarantine requirements for inbound visitors, further easing three-year border controls aimed at curbing COVID. While London and Dublin markets remained closed for the Christmas holiday, most European bourses advanced in early trading. Miners (.SXPP) and energy stocks (.SXEP) added 1.0% and 1.4%, respectively, as commodity prices jumped on hopes of demand recovery in top consumer China. Industrials (.SXNP) and banks (.SX7P) gained for a second straight session, lifting the broader European index.

☆ Trump-linked stocks slip after initial gains from 2024 bid
▼ + stars: | 2022-11-16 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

Shares of Digital World Acquisition Corp (DWAC.O), the blank-check company looking to take Trump's social media venture Truth Social public, fell 4.8% in early trading. It was still the most trending ticker on retail investor-focused social media forum Stocktwits. Earlier this week, DWAC reminded stockholders to vote in favor of extending the completion deadline for the proposed deal with Truth Social. Trump's Truth Social said in August it would join Rumble's new ad platform as its first publisher. Artificial intelligence solutions company Remark Holdings (MARK.O), which has been linked to the former president on social media sites, fell 2.6%.

☆ Wall Street awaits midterm vote tallies
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +6 min

Republicans were favored to win control of the House of Representatives and possibly the Senate, polls and betting markets showed earlier, though it may be hours before all vote tallies are known. read moreCOMMENTS:CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE"The race seems to be closer than expected, especially for the Senate. "That said, if the Republicans take the Senate along with the House that provides a pro-business backdrop for the market." "A Republican win will in generally be positive for equities, but inflationary risk is unlikely to be mitigated nor accelerated." IPEK OZKARDESKAYA, SENIOR ANALYST, SWISSQUOTE BANK"From an investor point of view, a Republican win in both chambers is a good outcome for the stocks.

German chemicals maker Covestro (1COV.DE) lowered its 2022 earnings guidance for the third time this year, blaming gas and raw material prices. Gas prices in Europe have eased in response to an unusually warm October and projections of a mild winter. The group, which relies heavily on natural gas, is buying from outside Europe, where prices are lower. RACE TO CUT COSTSCompanies across Europe are racing to reduce their energy use ahead of the winter when demand increases as households turn up the heat. Chemical companies are among the hardest hit by the energy crisis because they use gas as a raw material for production and as an energy source.

☆ Turkey's Erdogan advises central bank to cut rates at upcoming meetings
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Turkey's central bank cut its policy rate by 200 basis points to 12% in the last two months, delivering shocks to markets after inflation surged to 80% in August. The rate cuts are part of Erdogan's unorthodox policy of lowering rates to lower inflation. "We have discussed, are discussing this with our central bank. I suggested the need for this to come down further in upcoming monetary policy committee meetings," Erdogan added. On Wednesday, Erdogan said interest rates will come down to single digits by year-end, despite a global tightening cycle, an ailing currency and soaring energy prices.

☆ Turkey's lira at fresh record low after surprise rate cut
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +3 min

Turkish lira banknote is displayed on U.S. Dollar banknotes in this illustration taken, February 14, 2022. REUTERS/Dado Ruvic/IllustrationLONDON, Sept 22 (Reuters) - The Turkish lira sank to a fresh record low on Thursday after the central bank delivered yet another surprise interest rate cut, this time of 100 basis points. IPEK OZKARDESKAYA, SENIOR ANALYST, SWISSQUOTE BANK"The CBRT cut the policy rates by 100 bps for the second month. As an economist, it's hard to comment on this decision, because normally, higher inflation requires higher interest rates. Every rate cut gets the Turkish rates away from the fair value, and weigh on the country risks and the FX rates.

A logo of Turkey's Central Bank (TCMB) is pictured at the entrance of the bank's headquarters in Ankara, Turkey April 19, 2015. Turkey's lira touched a record 18.42 versus the dollar, surpassing the level reached during a full-blown currency crisis last December. The European Central Bank also raised its key rates by 75 basis points this month. One had predicted a 50 basis-point cut to 12.50%, while two forecast a 100 basis-point cut to 12%. Turkish lira timeline September 2022Each rate cut weighs more on country risks and the lira, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

☆ Futures fall as focus turns to Fed
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. Register now for FREE unlimited access to Reuters.com Register"The fundamental environment has hardly changed." Focus will also be on the updated economic projections and dot plot estimates for cues on policymakers' sense of the endpoint for rates and the outlooks for unemployment, inflation, and economic growth. ET, Dow e-minis were down 139 points, or 0.45%, S&P 500 e-minis were down 19.75 points, or 0.5%, and Nasdaq 100 e-minis were down 70.5 points, or 0.59%. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Devik Jain in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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