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☆ ASML’s new CEO has tricky path to a 1,000% return
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

On Thursday the Dutch group said Chief Executive Peter Wennink is retiring after a decade at the helm. The Veldhoven-based group dominates the market for lithography equipment, a key tool for making microchips used to power everything from smartphones to cars. Demand for its kit has seen ASML’s revenue quadruple and its shares deliver a 1,000% total return since Wennink took over in July 2013. But ASML’s current market power makes it harder for his successor to do deals without inviting antitrust scrutiny. The next 1,000% return is likely to take longer than 10 years.

Persons: Peter Wennink, Christophe Fouquet, ASML, microchips, Wennink, Fouquet, Karen Kwok, Julius Baer’s, Neil Unmack, Oliver Taslic Organizations: Reuters, X, Barclays, Thomson Locations: U.S, China

☆ Wall Street closes amazing November in a bullish mood, and for good reason
▼ + stars: | 2023-11-30 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

We are closing out an extraordinary month: The S & P 500 is up nearly 9%, its fourth-best month in 12 years. The equal weight S & P 500 is up almost as much as the market-cap weighted S & P 500. Of the 10 major financial firms, only two (Morgan Stanley and JP Morgan) see the S & P 500 lower next year. Wall Street strategists' year-end S & P 500 estimates . That puts the S & P 500 at a very rich multiple of almost 19 times forward earnings (17x is the historic norm).

Persons: Russell, Morgan Stanley, JP Morgan, Goldman Sachs, Morgan, bullish, Brian Belski, Scott Wren, Wren, That's, JP Morgan's, Dubravko Organizations: Wall, Deutsche Bank, BMO Capital Markets, Capital Markets, Bank of America, Barclays, Goldman, UBS Global Wealth, Wells, Wells Fargo Securities, Treasury, Core PCE, Wells Fargo Institute, CNBC Locations: Wells Fargo, Atlanta

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Eli Lilly, Salesforce, Snowflake, Snap, Pinterest and more
▼ + stars: | 2023-11-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Jefferies upgrades Pinterest and Snap to buy from hold Jefferies sees growth upside in 2024 for both stocks. " Wolfe upgrades Ally Financial to outperform from peer perform Wolfe said in its upgrade of the financial company that it's well-positioned. "In an environment where the probability of a mild recession or soft landing both appear plausible, we believe ALLY is well positioned to outperform in either scenario and upgrade shares to Outperform." "We continue to believe that Salesforce is on track to become the next quality [growth at a reasonable price] stock." Goldman Sachs reiterates Snowflake as buy Goldman Sachs stood by its buy rating on Snowflake after earnings on Wednesday.

Persons: Berenberg, Eli Lilly, Lilly, Wells, BTIG, Jefferies, Bernstein, Burger, Wolfe, TD Cowen downgrades Okta, Cowen, Stifel, Raymond James, Morgan Stanley, Bilibili, BILI, Baird, Pat Shanahan, Wells Fargo, Salesforce, Goldman Sachs, Snowflake, DUK Organizations: pharma, Nvidia, NVIDIA, Jefferies, SNAP, BK, UBS, Service Corporation, Deutsche Bank, Lattice Semiconductor, Apple, JPMorgan, Nokia, Infineon, Watch, Hewlett Packard Enterprise, Barclays, GE Healthcare, Airbus, Bank of America, Duke Energy, HSBC, Molson Coors Locations: FTCH, North America, China

☆ Doja Cat Makes the Leap From the Internet to the Arena Stage
▼ + stars: | 2023-11-30 | by ( Lindsay Zoladz | ) www.nytimes.com time to read: +1 min

More than most artists on pop’s current A-list, the 28-year-old rapper and singer Doja Cat is a child of the internet. Born Amala Ratna Zandile Dlamini, she spent much of her youth making beats and rabble-rousing social media posts. 1 on Billboard — retains the glint-eyed, anarchic spirit of an internet troll. She has been a near constant presence on the charts for almost four years, but as a live performer she is still largely unproven. Her dreamy, disco-inflected breakout hit, “Say So,” was released in January 2020 and, during the pandemic, became a TikTok sensation.

Persons: Doja, Amala, Zandile Dlamini, ”, doesn’t Organizations: Billboard, Barclays Center Locations: New York City

☆ Ford reinstates 2023 guidance, says UAW deal to cost $8.8 billion over life of the contract
▼ + stars: | 2023-11-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The guidance calls for $10 billion to $10.5 billion in adjusted earnings before interest and taxes, or EBIT, and adjusted free cash flow of between $5 billion and $5.5 billion. That compares to its previously announced guidance of adjusted-EBIT of between $11 billion and $12 billion and adjusted free cash flow of $6.5 billion to $7 billion. Ford said the new UAW labor agreement is expected to cost $8.8 billion over the life of the contract, which expires in April 2028. Ford further confirmed on Thursday that the UAW deal is expected to add about $900 in costs per assembled vehicle by 2028. GM's forecast called for net income attributable to stockholders of $9.1 billion to $9.7 billion; adjusted EBIT of $11.7 billion to $12.7 billion; and adjusted earnings per share of roughly $7.20 to $7.70.

Persons: Ford, John Lawler, Lawler, We've Organizations: United Auto Workers, UAW, Crosstown, General Motors, Barclays, GM, Chrysler, U.S

☆ Stocks making the biggest moves midday: Salesforce, Snowflake, Discover, Victoria's Secret and more
▼ + stars: | 2023-11-30 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Snowflake — Snowflake shares rallied more than 4% after the cloud company posted stronger-than-expected quarterly results and an upbeat fourth-quarter product revenue forecast. The company posted adjusted earnings of 25 cents per share on $734 million in revenue. That topped the profit of 16 cents per share and revenue of $713 million expected by analysts polled by LSEG, formerly known as Refinitiv. Discover Financial — Shares jumped 4.7% after the digital banking company announced it was exploring the sale of its student loan portfolio. Victoria's Secret — The women's clothing retailer surged 15.9% after providing current-quarter guidance that was largely in line with analysts' expectations.

Persons: LSEG, Phillips, Elliott, Morgan Stanley, Nutanix, Synopsys, Ally, Baird, Petco, Wells, —, Samantha Subin, Yun Li, Michelle Fox, Lisa Kailai Han, Sarah Min Organizations: Dow Jones, Revenue, LSEG, Discover, Elliott Investment Management, CNBC, Hewlett Packard Enterprise, Nvidia, Jefferies, Wolfe Research, Barclays Locations: —

☆ Ferrovial ends bumpy Heathrow ride on a high
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 29 (Reuters Breakingviews) - Ferrovial (FERF.AS) may be relieved to be exiting one of the world’s busiest airports. The Spanish infrastructure giant has sold its final stake in Heathrow, left over after its 2006 acquisition of BAA, which owned the hub along with Stansted and Gatwick. Regulators forced BAA to sell airports like Gatwick on competition concerns, and Ferrovial later trimmed its stake to just 25%. In 2020 Covid-19 struck, and Heathrow has since been locked in disputes with airlines like British Airways, who accuse it of overcharging. The price paid by Ardian and Saudi Arabia’s Public Investment Fund values Heathrow including debt, at 25 billion pounds, a 27% premium to its regulated asset base.

Persons: –, Aimee Donnellan, Julius Baer’s, Lisa Jucca, Streisand Neto Organizations: Reuters, BAA, Stansted, Regulators, Gatwick, Heathrow, British Airways, Saudi Arabia’s Public Investment Fund, Jefferies, X, Barclays, Thomson Locations: Spanish, Heathrow, Gatwick, It’s

☆ Wall Street is again making predictions for next year, but don't pay too much attention
▼ + stars: | 2023-11-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Not surprisingly, Wall Street tends to be a bullish group. Wall Street has a terrible track record All of this gets investor juices flowing. Wall Street strategists collectively have a terrible track record. As a result, you might be tempted to think you should pay no attention to Wall Street, or anybody else. If nothing else, the predictions of Wall Street strategists are a good starting point for all of us to think about the near future.

Persons: Lori Calvasina, America's Savita Subramanian, Morgan Stanley's Michael Wilson, Goldman Sachs, Morgan Stanley, Jeff Sommer, Sommer, Morgan Housel, I'm Organizations: Deutsche Bank, BMO Capital Markets, RBC Capital Markets, Bank, America's, Wall Street, of America, Barclays, UBS, Wealth, Wells, Wells Fargo Securities, Street, New York Times, Yardeni Research, Federal Reserve, Wall Locations: Wells Fargo, Russia, Ukraine, Israel

☆ GM outlines $9.3 billion in increased costs from new labor deals
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

The $9.3 billion in additional costs through 2028 is for deals with the UAW as well as Canadian union Unifor, and translates to about $575 per vehicle over the life of the deals. GM's new guidance reduced expected net income attributable to stockholders for 2023 to a range of $9.1 billion to $9.7 billion, compared to the previous outlook of $9.3 billion to $10.7 billion. That includes an estimated $1.1 billion EBIT-adjusted impact from the UAW strike, which lasted just over six weeks, primarily from lost production. GM had approximately 1.37 billion shares of common stock outstanding prior to the buyback program, the company said. GM will still have another $1.4 billion of capacity remaining under its share repurchase authorization for additional stock buybacks.

Persons: Heather Somerville, Mary Barra, Barra, Cruise, Goldman Sachs, David Shepardson, Ben Klayman, Sharon Singleton, Mark Potter Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, GM, Cruise, Bank of America, Barclays, Citibank, Thomson Locations: San Francisco , California, U.S, California, Detroit

☆ 2023 was the auto industry's year of EV investment, but consumers still prefer hybrids
▼ + stars: | 2023-11-28 | by ( Brian Evans | ) www.cnbc.com time to read: +7 min

Hybrid vehicle market share has picked up pace in 2023 despite all the investment pouring into EVs. From October 2022 to October of this year, total vehicle market share for hybrids grew from 6.5% to 11.4%, according to data from Edmunds. Over the same time period, EV market share growth was more sluggish, expanding from 6% to 7.5%. Toyota 's 2024 Prius, often called the "gold standard" in hybrid vehicles, was named MotorTrend's car of the year. The uptick in hybrid sales won't likely spell doom and gloom for the EV market over the long-term.

Persons: Stephanie Valdez Streaty, Valdez Streaty, Edmunds, Goldman Sachs, Tesla, Mark Delaney, David Christ, Honda, Michelle Krebs, Sienna, Krebbs, Ford, Dan Levy, Levy, EVs, headwinds, BEV, Tom Narayan Organizations: Cox Automotive, Ford, General Motors, Wall, Toyota, ICE, EV, Toyota Motor's, Wall Street, Los Angeles Auto, FactSet, Tesla, Barclays, GM, Biden, U.S, BMO Capital Locations: Edmunds, U.S

☆ European stocks head for flat open as markets struggle to find momentum
▼ + stars: | 2023-11-28 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

Barclays has identified European stocks that are most at risk of taking a hit to profits over rising interest payments for debt over the next two years. During the coronavirus pandemic, central banks cut interest rates to historic lows, enabling companies to borrow debt at very favorable rates. However, refinancing has now become far more difficult as rates have surged and are expected to stay elevated through 2025. The Wall Street bank believes refinancing debt at higher rates could dent earnings by 3% to 5% over the next two years, impacting stocks. CNBC Pro subscribers can read more about the stocks identified here.

Persons: — Ganesh Rao Organizations: Barclays, CNBC

☆ Barclays strategic fix will entrench low valuation
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters Breakingviews) - Barclays (BARC.L) is looking for a valuation cure. Cutting into the investment bank and reallocating to the more stable retail operations may look enticing but is hard to do without upending short-term returns. Still, the currently favoured suggestion of cutting less profitable investment bank clients sounds equally tricky, and might only shave at most a tenth off Barclays’ 219 billion pounds of corporate and investment bank risk-weighted assets. At Credit Suisse-inflated UBS (UBSG.S), which trades near book value, investment bank RWAs are 25%. Even getting Barclays’ corporate and investment RWAs back to 50% of the total would involve shrinking them by over a fifth.

Persons: Venkatakrishnan, Aimee Donnellan, Julius Baer’s, Warren Buffett, George Hay, Streisand Neto Organizations: Reuters, Barclays, Barclays ’, Deutsche Bank, Credit Suisse, UBS, X, Thomson Locations: reallocating

☆ Barclays reveals 10 debt-laden global stocks at risk from higher interest rates
▼ + stars: | 2023-11-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Barclays has identified the European stocks that are most at risk of taking a hit to profits over rising interest payments for debt over the next two years. During the coronavirus pandemic, central banks cut interest rates to historic lows, enabling companies to borrow debt at very favorable rates. The table below shows the 10 stocks Barclays expects to have the biggest increase in interest costs through to 2025. Since interest costs are integral to real estate business models, the impact on margins and profits could be much more severe, the bank's analysts said. The Barclays team is confident that while interest rates can hurt company bottom lines, there was "scant" evidence that showed there was systemic risk.

Persons: Fastighets Balder, Castellum, Vonovia, Matthew Joyce, Zoso Davies Organizations: Barclays, Premier, Whitbread, BASF, Dassault Systemes Locations: Swiss

☆ Barclays fears year-end gains could be stealing 2024's potential returns
▼ + stars: | 2023-11-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

For investors cheering stocks' strong rally into the year end, Barclays warned that it could be eating into 2024's return. A number of macro news events sparked a relief rally in equities as 2023 begins to wrap up, with the S & P 500 registering four straight weeks of gains and climbing 8.5% in November. "Combined with year-end seasonality, the surge in institutional flows could push equities over their skis, essentially 'borrowing' 2024 returns and leaving less room for upside next year," he added. .SPX YTD mountain S & P 500 The firm expects only single-digit returns next year as modest economic deceleration offsets the benefit of easing inflation. Barclays raised its 2024 S & P 500 price target to 4,800, from 4,500 previously.

Persons: Venu Krishna, Krishna, dovish, Treasury QRA, — CNBC's Michael Bloom Organizations: Barclays, Treasury, Big Tech, CNBC Pro's, Survey, Wall

☆ Barclays eyes up to 900 job cuts in Britain - union
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Barclays Bank logo is seen in this illustration taken March 12, 2023. A Unite spokesperson said that Barclays (BARC.L) staff were informed of the potential cuts at 1300 GMT. A Barclays spokesperson declined to comment on the number of job cuts, but referred to the bank's announcement alongside its third quarter results last month that it would look to reduce costs. "We are taking a number of actions to simplify and reshape the business, improve service, and deliver higher returns. Venkatakrishnan is racing to boost Barclays' returns ahead of an investor update in February, when he will unveil more details of the cost-cutting plan and how the bank plans to grow income.

Persons: Dado Ruvic, Iain Withers, Lawrence White, Sinead Cruise, Kirsten Donovan Organizations: Barclays Bank, REUTERS, Barclays, Group, Reuters, C.S, Thomson

☆ Barclays in talks to buy Metro Bank's mortgage book worth $3.74 bln - Sky News
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsNov 27 (Reuters) - Britain's Barclays (BARC.L) is in exclusive talks to buy embattled lender Metro Bank's (MTRO.L) 3 billion pound ($3.74 billion) residential mortgages portfolio, Sky News reported on Monday. Both Barclays and Metro Bank declined to comment. The report comes after Britain's best-known challenger bank announced a 325 million pound capital raise and 600 million pound debt refinancing in early October, in a bid to bolster its finances. Last month, Santander's (SAN.MC) chief executive officer Hector Grisi had said the Spanish bank may consider looking into acquiring a mortgage portfolio from Metro.

Persons: Peter Nicholls, Britain's, Jaime Gilinski, Hector Grisi, Eva Mathews, Anil D'Silva, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Britain's Barclays, Metro, Sky News, Barclays, Metro Bank, Separately, Reuters, Thomson Locations: London, Britain, Colombian, Metro, Spanish, Bengaluru

Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. In France, Italy, and Spain, most shoppers planned to buy clothing on Black Friday, with electronic goods coming second, according to a PwC survey. Thanksgiving Day discounts online peaked at about 28% for toys, while electronics had discounts as steep as 27%, Adobe said.

Persons: Shannon Stapleton, Cowen, Theresa Forsberg, “ It’s, ”, Jill Lizzo, she’s, “, I’m, Lizzo, PwC, hasn’t, Naomi Ojomo, Jeff Gennette, Barbie, John Roberts, Apple AirPods, Bergdorf Goodman, Nordstrom, Oscar de, Katherine Masters, Arriana McLymore, Helen Reid, Mimosa Spencer, Corina Pons, James Davey, Siddharth Cavale, Arriana, Deboarh Sophia, David Gaffen, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: Black, REUTERS, Shoppers, National Retail Federation, Insider Intelligence, Barclays, Macy's, Adobe Analytics, Adobe, Walmart, Argos, PlayStation, Apple, Thomson Locations: Westbury , New York, U.S, RALEIGH, N.C, New Milford , Connecticut, . U.S, Harlem, Manhattan, France, Italy, Spain, Zara, Canary Wharf, London, British, Paris, Madrid, New York, Raleigh , North Carolina, Bengaluru

☆ Morning Bid: Giving thanks you're not in China stocks
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. A four-day ceasefire between Israel and Hamas appeared to be holding shakily on Friday with no major reports of attacks, although both sides were accused of violations. The decline marked yet another investor shrug at reports of further official moves to shore up China's ailing property sector. In Europe, data showed Germany's economy shrank slightly in the third quarter, confirming an initial estimate of a 0.1% fall. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, shrug, didn't, Christian Lindner, Geert Wilders, Luis de Guindos, Pablo Hernandez de Cos, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Stock, Mainland Properties, Bloomberg, Nvidia, Finance, Britain's Barclays, Central Bank, Bank of Spain, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Wall, Israel, OPEC, United States, Friday's, Beijing, Taiwan, China, Europe, British

☆ Morning Bid: Caution prevails as Gaza truce begins
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 13, 2023. Futures indicated European bourses were set for a muted open and with a bare economic calendar, markets are likely to drift as holiday season kicks off. For British consumers though, Black Friday is likely to be about hunting for refurbished and pre-owned bargains to save cash. Israel and Hamas start a four-day truce on Friday morning with the release of a first group of 13 Israeli women and child hostages expected later in the day. Reuters GraphicsKey developments that could influence markets on Friday:Germany's Q3 GDP data, German lfo business climate data for NovemberReporting By Ankur Banerjee; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Ankur Banerjee, clawing, Jacqueline Wong Organizations: REUTERS, Staff, Ankur, Bank of Japan, Barclays, Reuters, Hamas, World Health Organization, Thomson Locations: Frankfurt, Germany, Israel, Asia, Pacific, Japan, Tokyo

☆ Britain's Lloyds shake-up puts around 2,500 jobs at risk - source
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Lloyds Bank logo and rising stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 24 (Reuters) - Britain's biggest high street bank Lloyds (LLOY.L) is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to slash costs. Staff are expected to be informed of the process as early as next week, the source said, adding it would also involve the creation of 120 roles. The news comes after Reuters reported on Thursday that Lloyds' rival Barclays (BARC.L) is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs. But investor concerns about tougher competition for savers' cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.

Persons: Dado Ruvic, Iain Withers, Lawrence White, Gursimran Kaur, Devika Syamnath, Hugh Lawson Organizations: Lloyds Bank, REUTERS, Lloyds, Staff, Guardian, Reuters, Barclays, savers, Thomson Locations: London, Bengaluru

☆ Eli Lilly and Novo Nordisk will remain winners in the weight-loss category: Barclays' Emily Field
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEli Lilly and Novo Nordisk will remain winners in the weight-loss category: Barclays' Emily FieldEmily Field, Barclays, joins 'Squawk Box' to discuss the latest news in the weight-loss drug market, the news to watch out for next year, and how investors should play the weight-loss drug market.

Persons: Eli Lilly, Emily, Emily Field Organizations: Novo Nordisk, Barclays

☆ Retailers hope to draw picky Black Friday shoppers to stores
▼ + stars: | 2023-11-24 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

Originally known for crowds lining up at big-box stores in the U.S., Black Friday has moved online and gone global. In France, Italy, and Spain, most shoppers planned to buy clothing on Black Friday, with electronic goods coming second, according to a PwC survey. On average, shoppers in France expected to spend 295 euros ($322) on Black Friday, the survey found. Most U.S. stores were closed on Thanksgiving but opened to shoppers at 5 a.m. or 6 a.m. on Friday. In post-earnings calls this week, retailers from Kohl's (KSS.N) to Nordstrom (JWN.N) told investors they had invested in jackets, cashmere sweaters and Ugg boots to lure Christmas shoppers after an unseasonably warm October.

Persons: Shannon Stapleton, Jessica Ramirez, Jane Hali, Jeff Gennette, Mari Shor, Bergdorf Goodman, Nordstrom, Oscar de, ” Nordstrom, Pete Nordstrom, Katie Wyle, Katherine Masters, Mimosa Spencer, Helen Reid, James Davey, Josie Kao, Miral Fahmy, Frances Kerry Organizations: Black, REUTERS, Retailers, Associates, National Retail Federation, Insider Intelligence, Barclays, Macy's, The New York Police, Nordstrom, Walmart, Columbia Threadneedle Investments, Westfield, Thomson Locations: Westbury , New York, U.S, Europe, France, Italy, Spain, Amazon, Israel, New York City, Kohl's, Mall, Britain, Westfield, Paris, London

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 21, 2023. The pan-European STOXX 600 (.STOXX) rose 0.4% to close out the week with a 0.9% gain as investors focused on corporate earnings and the prospect of rate cuts. Euro zone government bond yields were set to close the week higher as investors balanced recession fears against comments from European Central Bank policymakers pushing against market expectations for rate cuts in 2024. For the week, real estate (.SX86P) shares lagged while media (.SXMP) and retail stocks (.SXRP) were the top performers. Reporting by Ankika Biswas and Bansari Mayur Kamdar in Bengaluru; Editing by Sonia Cheema, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Wintershall, they're, Giles Coghlan, Coghlan, Christian Lindner, Germany's DAX, Ankika Biswas, Bansari, Sonia Cheema, Kirsten Donovan Organizations: REUTERS, Staff, BASF, U.S, European Central Bank, Shoppers, Bloomberg News, Abu, Abu Dhabi National Oil Co, Barclays, German, Thomson Locations: Frankfurt, Germany, Europe, Abu Dhabi, Israel, Bengaluru

☆ India set to miss divestment targets by more than half this year - sources
▼ + stars: | 2023-11-24 | by ( Nikunj Ohri | ) www.reuters.com time to read: +3 min

The government may fall short of its divestment goal by 300 billion rupees ($3.60 billion) in 2023/24, two government sources told Reuters. New Delhi had targeted 510 billion rupees from divestment proceeds for the current fiscal year that ends March, 2024. So far this year, the government has received 80 billion rupees through stake sales, according to government data. The government expects to surpass its 430 billion rupees dividend target and has so far received 203 billion rupees from state-run firms. "As long as the government is meeting its fiscal targets and there isn't a shortfall, missing divestment targets is fine," said Rahul Bajoria, an economist at Barclays Investment Bank.

Persons: Niharika Kulkarni, Narendra Modi's, Subhash Chandra Garg, Rahul Bajoria, Nikunj Ohri, Sam Holmes Organizations: IDBI, REUTERS, Reuters, IDBI Bank, NMDC Steel, Reserve Bank of India, NMDC, Barclays Investment Bank, Thomson Locations: Mumbai, India, DELHI, New Delhi, Chhattisgarh

Barclays Bank logo is seen in this illustration taken March 12, 2023. As part of these 1,500 to 2,000 jobs could be cut if implemented in full, the person said. Barclays' 1 billion pound cost saving target would represent about 7% of the bank's underlying annual operating expenses of 15 billion pounds in 2022. Meanwhile, annual staff costs at BX have risen to 2 billion pounds, from 1.8 billion pounds. Barclays is "evaluating material structural cost actions", Venkat said when it reported disappointing third quarter results in October.

Persons: Dado Ruvic, C.S, Venkatakrishnan, Venkat, Sinead Cruise, Lawrence White, Alexander Smith Organizations: Barclays Bank, REUTERS, Barclays, Services, Chief, Barclays Execution Services, BX, Deutsche Bank, BNP, UBS, Reuters, Boston Consulting Group, Thomson Locations: British

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