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"With most U.S. economists forecasting either a recession or significant slowdown this year, banks will likely incorporate a more severe economic outlook," said Morgan Stanley analysts led by Betsy Graseck in a note. Rising prices and higher borrowing costs have prompted consumers and businesses to curb their spending, and since banks serve as economic middlemen, their profits decline when activity slows. Reuters GraphicsStill, lenders stand to gain from rising rates that allow them to earn more from the interest they charge borrowers. Morgan Stanley and Citigroup, among others, have also cut jobs after a plunge in investment-banking activity. Analysts will also watch if banks such as Morgan Stanley and Bank of America book any writedowns on the $13-billion loan to fund Elon Musk's purchase of Twitter.

SHENZHEN, China/HONG KONG, Nov 15 (Reuters) - Chinese tech giant Tencent Holdings (0700.HK) has begun a new round of job cuts targeted at its video streaming, gaming and cloud businesses, four sources close to the matter said. Two of the sources said some staff in IEG were informed last week they were being laid off. Tencent already cut jobs earlier this year, alongside peers, including Alibaba Group (9988.HK) and smaller Chinese tech companies such as Xiaohongshu. In August, Tencent disclosed its employee numbers fell to 110,715 by the end of June from 116,213 in March. Refintiv data shows analysts expect Tencent to report flat revenues or a small contraction on Wednesday, when it publishes third-quarter results.

☆ Levi's names Kohl's Michelle Gass as next chief executive
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - Levi Strauss & Co (LEVI.N) on Tuesday named current Kohl's Corp (KSS.N) Chief Executive Officer Michelle Gass as the next CEO of the denim maker, succeeding long-time head Chip Bergh. Gass' departure from the struggling department store chain comes as activist investor groups push for management and board reshuffles, including a change of CEO. Gass will leave Kohl's in December to become president of Levi's early next year, and will take over as chief executive within the next 18 months. Kohl's said Tom Kingsbury, a director who was nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2. Kohl's forecast third-quarter earnings of 82 cents per share, compared with analysts' estimates of 64 cents, according to Refintiv IBES data.

☆ Wall Street ends strong month on weaker note; focus on Fed meeting
▼ + stars: | 2022-10-31 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

Hopes the Fed may pull back from its aggressive interest rate hike policy have lifted equities in recent weeks, with the S&P 500 notching a gain of nearly 9% over the past two weeks. The Dow booked its biggest monthly percentage gain in decades and biggest October percentage gain since at least 1900. Comments from Fed officials after the policy decision as well as labor market data later this week will help shape market expectations for future hikes starting at the December meeting. According to preliminary data, the S&P 500 (.SPX) lost 28.55 points, or 0.73%, to end at 3,872.51 points, while the Nasdaq Composite (.IXIC) lost 112.37 points, or 1.03%, to 10,990.08. Nearly all 11 S&P 500 sectors fell, with technology (.SPLRCT) and communication services (.SPLRCL) the worst performers with declines of more than 1%.

☆ European shares fall for sixth day on earnings jitters
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

Weak results from Barratt Developments (BDEV.L), Britain's largest housebuilder, sparked a selloff in the sector. read more"Although depressed sentiment and cheapened valuations are tailwinds for European stocks, the region's macroeconomic outlook remains a potent headwind that could lead to further downside for European earnings," analysts at BCA Research wrote in a note. Overall, European companies are expected to report a 29.4% increase in third-quarter profit, slightly below the 33.2% rise forecast at the start of October, as per Refintiv IBES data. read moreOther luxury stocks such as Hermes (HRMS.PA), L'Oreal (OREP.PA) and Christian Dior (DIOR.PA) gained between 0.9% and 2.7%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ UK gilts on track for biggest loss since at least 1957: Reuters analysis
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville/File PhotoLONDON, Sept 26 (Reuters) - British government bond prices are on track for their biggest slump of any calendar month since at least 1957, according to a Reuters analysis of Refinitiv and Bank of England data. The previous record was in September 1986, which saw a rise of 126 basis points. The jump in yields is also greater than any monthly move in the BoE's series for 10-year British government stock that runs from 1957 to 1970. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andy Bruce; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

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