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☆ Why a tiny American firm is taking aim at an Indian conglomerate
▼ + stars: | 2023-01-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Asia’s richest man is in the crosshairs of a research firm whose very name evokes panic. Gautam Adani is a 60-year-old tycoon who founded the Adani Group over 30 years ago, building it into India’s largest port operator, with businesses spanning infrastructure and energy production. Hindenburg said Adani Group shares are massively overvalued, and it has taken a short position (more on that in a minute) on them, meaning Hindenburg wins when Adani shares fall. What is Hindenburg Research? Hindenburg is a short-seller that specializes in forensic financial research, founded in 2017 by Nathan Anderson.

Money markets now see rates peaking at 4.9% in June, still below the 5% level expected by Fed policymakers. Analysts expect S&P 500 earnings during the fourth-quarter to decline 2.9%, compared with the 1.6% drop expected at the beginning of the year, according to Refinitiv data as of Friday. Wall Street is expected to end the month higher with the tech-inclined Nasdaq (.IXIC) and the benchmark S&P 500 (.SPX) recovering December losses. ET, Dow e-minis were down 157 points, or 0.46%, S&P 500 e-minis were down 32.5 points, or 0.8%, and Nasdaq 100 e-minis were down 138 points, or 1.13%. Reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ The two financial stocks Karen Firestone favors coming out of earnings
▼ + stars: | 2023-01-27 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Data released Friday showed consumer spending, adjusted for inflation, declined 0.2% in December from the prior month. That means consumer spending slowed at the end of 2022, stoking fears of a recession ahead. AXP 3M mountain American Express shares have gained nearly 18% so far this year. Management said on its earnings call Thursday that both international travel and resilient consumer spending helped Visa in the quarter. V 3M mountain Visa shares have gained more than 11% since the start of this year.

☆ Analysis: Italy's Meloni belies radical image in cautious first 100 days
▼ + stars: | 2023-01-26 | by ( Crispian Balmer | ) www.reuters.com time to read: +6 min

But almost 100 days since Meloni took office at the head of the most right-wing government Italy has seen since World War Two, these concerns have largely melted away. "We have seen something of a metamorphosis," said Sofia Ventura, a political science professor at Bologna University. Friend and foe alike say a significant reason for the softly-softly approach is money -- or rather a lack of it. "What happened in the UK shows ... how cautious we have to be with our fiscal and monetary policy mix," EU Commissioner Paolo Gentiloni, a former Italian prime minister, said at the time. VITAL FUNDSAdding to the pressure on Meloni is Italy's dependence on the European Union's recovery and resilience fund.

☆ Premarket stocks: ESG funds had a terrible year but traders kept investing anyway
▼ + stars: | 2023-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —ESG funds — investments that evaluate companies using environmental, social and governance factors — just survived a tumultuous 2022. That increased scrutiny also played into political differences around ESG investing and opened the door to vocal critics. Responsible investing funds also came up against mighty economic headwinds. These funds’ outsized investments in tech stocks and lack of energy stocks (which was the only positive sector this past year), led to a noticeable losses for ESG funds in general last year. On a global scale, ESG funds also attracted positive investment flows even as money was pulled from broader funds, according to Refinitiv Lipper data provided exclusively to Before the Bell.

☆ Matt Gaetz tried playing kingmaker during the House speaker vote after spending 2 years as a political pariah. Republicans say the grandstanding is unlikely to stop.
▼ + stars: | 2023-01-23 | by ( Warren Rojas | ) www.businessinsider.com time to read: +9 min

Republican Rep. Matt Gaetz was a key player in the House speaker vote fight. "I don't think this guy's looking to be a policymaker," the GOP strategist told Insider. Doug Heye, a former House leadership aide turned GOP strategist, said the jury's still very much out on Gaetz's motivations and his endgame. Or, it could be as easy as believing that guy who donned a gas mask to ridicule a House vote on COVID-19 relief is committed to troublemaking. Not a workaholicA former House GOP leadership aide said Gaetz's reputation precedes him on Capitol HIll.

☆ Japan's Kishida says he will nominate new BOJ head next month
▼ + stars: | 2023-01-22 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

[1/2] Japan's Prime Minister Fumio Kishida speaks during a news conference following the US-Japan summit in Washington, U.S., January 14, 2023. REUTERS/Julia Nikhinson/FilesTOKYO, Jan 22 (Reuters) - Japanese Prime Minister Fumio Kishida said on Sunday he would nominate a new Bank of Japan governor next month, as markets test whether the central bank will change the ultra low-rate policy of the dovish Haruhiko Kuroda. The BOJ stuck to its ultra-easy policy on Wednesday, defying investors who have recently sought to break the bank's cap on the 10-year government bond yield. But with even Kuroda sounding bullish about wage rises, expectations are growing that the BOJ will end its expansionist experiment this year. There is also speculation about changes to a policy accord between the central bank and the government, in which the BOJ pledges to achieve its 2% inflation target as early as possible.

☆ Dollar rises on safe haven bids; yen regains footing
▼ + stars: | 2023-01-19 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

FILE PHOTO: A U.S. hundred dollar bill and Japanese 10,000 yen notes are seen in this photo illustration in Tokyo, February 28, 2013. The fresh wave of risk aversion - compounded by news of job cuts by tech giants Microsoft and Amazon - also kept the dollar in bid. The euro was last 0.39% lower at 138.58 yen, while sterling fell 0.23% to 158.27 yen, as markets continued to test the resolve of the BOJ’s ultra-dovish stance. “While there’s still high expectations for a policy shift ... I think that will keep the yen pretty elevated in the near term.”Elsewhere, the kiwi fell 0.31% to $0.6425.

☆ Drop in China-bound Japanese exports adds to fears of global downturn
▼ + stars: | 2023-01-19 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Exports to China, Japan's largest trading partner, fell 6.2% year-on-year in value and were down by 24% in terms of volume in December. In the worst case, it may deal a blow to Japanese exports, which could in turn hit Japan's factory output and capital expenditure," said Atsushi Takeda, chief economist at ITOCHU Research Institute. The trade data also highlighted the challenge of a resource-deficient country that relies heavily on imports of commodity and energy. The rises in exports and imports were largely in line with forecasts by economists in a Reuters poll. As a result, December's trade deficit came to 1.45 trillion yen ($11.29 billion), extending the run of deficits to 17 months.

☆ Slumping China-bound Japanese exports raise fears of global downturn
▼ + stars: | 2023-01-19 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Exports to largest trading partner China fell 6.2% year-on-year in value and were down 24% in volume terms in December. Exports to the United States in December rose 16.9% from a year ago, led by cars, mining equipment and aero-engine parts. In the worst case, it may deal a blow to Japanese exports, which could in turn hit Japan's factory output and capital expenditure," said Atsushi Takeda, chief economist at ITOCHU Research Institute. "Trade deficits will stay at high levels even as import growth slows with oil prices falling and weak yen running its course. That's because exports remain weak due to lacklustre global demand," said Taro Saito, executive research fellow at NLI Research Institute.

☆ Morning bid: No safety net?
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +4 min

"I just think we need to keep going," Cleveland Fed President Loretta Mester said. And many forecasters are now wary the Fed will err on the side of tighter policy to ensure inflation is slayed. Markets wobbled on the prospect on Wednesday, with the S&P500 (.SPX) staging its biggest decline of the year so far. At 3.32%, 10-year U.S. Treasury yields fell to their lowest since September. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

More classified documents from the Obama administration were found in President Joe Biden’s Delaware residence this week — in addition to the two batches that were previously disclosed — the White House said Saturday. The newest set of pages were discovered by White House lawyer Richard Sauber on Thursday in a box initially uncovered by the president's personal lawyers on Wednesday. The White House revealed earlier this week that Biden's lawyers had discovered one document with classified markings in a room adjacent to the garage of his Delaware home. "The President’s personal attorneys discovered one document with a classified marking consisting of one page in a room adjacent to the garage. At that point, the President’s personal attorneys stopped searching the immediate area where the document was found," Sauber said.

Major carriers such as United Airlines Holdings Inc (UAL.O), American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N) and Southwest Airlines Co (LUV.N) have rushed to add staff after a faster-than-expected rebound in the U.S. travel market. "Margins are set to take a hit in 2023 as airlines ratify new contracts with labor groups," Cowen analyst Helane Becker said last month. "Delta's recent tentative pilot agreement, assuming it is ratified, could drive incremental unit costs higher by ~2%, and 2%-3% higher for American, Southwest and United," Barclays analyst Brandon Oglenski said on Wednesday. American Airlines on Thursday forecast a higher fourth-quarter profit as the Texas-based carrier benefited from strong demand for travel during the key holiday season. Shares of American Airlines, Delta Air Lines, United Airlines and Southwest Airlines fell between 14% and 30% in 2022 on mass cancellations and economic worries.

☆ Alabama's attorney general threatened to prosecute people seeking abortion pills. A day later, he walked it back.
▼ + stars: | 2023-01-12 | by ( Yelena Dzhanova | ) www.businessinsider.com time to read: +7 min

Alabama Attorney General Steve Marshall said he'd prosecute people who take abortion pills. A day later, Marshall walked back his remarks and said only abortion providers would be prosecuted. Prosecuting people for taking abortion pills would not have been legal in the state of Alabama, civil-rights experts told Insider. The FDA authorized brick-and-mortar pharmacies across the country to pursue certification to carry abortion pills, a move that could expand abortion access nationwide. Kay Ivey in 2019, specifically says abortion providers can be held criminally liable, but people who get abortions cannot be.

☆ India revives network of village guards in Kashmir after militant attack
▼ + stars: | 2023-01-12 | by ( Fayaz Bukhari | ) www.reuters.com time to read: +2 min

SRINAGAR, Jan 12 (Reuters) - India is reviving a network of thousands of village guards in Jammu and Kashmir, including arming some with automatic rifles, after a militant attack in the disputed region killed seven civilians earlier in January, a police official said. The nuclear-armed neighbours claim the Himalayan region - that includes the Muslim majority Kashmir valley and Hindu-dominated Jammu - in full but control only parts of it. Authorities reactivated an almost defunct network of 26,000 Village Defence Guards (VDGs) after militants killed seven residents of a Hindu community in a remote village in Jammu's Rajouri district on Jan. 1. We have also provided automatic rifles to some." Basant Raj Thakur, a VDG from Jammu's Doda area, said that he supported the move to provide automatic weapons, replacing bolt-action rifles that some guards are currently armed with.

☆ S&P 500 near flat as investors weigh chances of less aggressive rate hikes
▼ + stars: | 2023-01-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Dow ended lower, and the Nasdaq Composite (.IXIC) ended well off the day's highs. A consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. Also, S&P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week. The Dow Jones Industrial Average (.DJI) fell 112.96 points, or 0.34%, to 33,517.65, the S&P 500 (.SPX) lost 2.99 points, or 0.08%, to 3,892.09 and the Nasdaq Composite (.IXIC) added 66.36 points, or 0.63%, to 10,635.65. The S&P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 129 new highs and 32 new lows.

☆ Waiting times for some Tesla models in China increase after automaker discounts
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +3 min

The waiting time for orders of the rear-wheel-drive and long-range versions of Model Y were a week longer on Monday than on Friday, Tesla's website showed. The wait time for all versions of the Model 3 and the performance version of the Model Y remained at one to four weeks as of Monday. People check a Tesla Model Y electric vehicle (EV) displayed at its booth during the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2021. Some of the buyers in China said they had been led to believe that the further discounts would not be coming. Comments on Chinese social media were largely negative toward the Tesla buyers who have protested, with many saying online they should have understood the terms of the contract.

☆ S&P 500, Nasdaq rise as investors bet on less aggressive rate hikes
▼ + stars: | 2023-01-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

SummarySummary Companies Tech shares lead S&P 500 sector gainsAlibaba climbs as Ant Group's Jack Ma to give up controlMacy's, Lululemon drop on holiday-quarter warningsIndexes: Dow down 0.03%, S&P 500 up 0.5%, Nasdaq up 1.3%NEW YORK, Jan 9 (Reuters) - The Nasdaq Composite (.IXIC) and S&P 500 (.SPX) indexes rose Monday afternoon, led by technology shares, on growing expectations that the Federal Reserve will become less aggressive with its interest rate hikes. Technology (.SPLRCT) led the gains among S&P 500 sectors as U.S. Treasury yields declined, while the Nasdaq led the rise among the major indexes. Also, S&P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week. The Dow Jones Industrial Average (.DJI) fell 9.63 points, or 0.03%, to 33,620.98, the S&P 500 (.SPX) gained 17.57 points, or 0.45%, to 3,912.65 and the Nasdaq Composite (.IXIC) added 138.83 points, or 1.31%, to 10,708.12. The S&P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 114 new highs and 23 new lows.

☆ Higher Rates and Tech Selloff Fuel Options Boom
▼ + stars: | 2023-01-09 | by ( Eric Wallerstein | ) www.wsj.com time to read: 1 min

While Nvidia shares closed at $148.59 Friday, investors could exercise put option contracts set to expire in coming weeks at $170 or above. Investors trying to capitalize on higher interest rates and the deep selloff in big technology stocks are stoking a flurry of activity in the options market. Popular stocks such as Amazon.com Inc. and Nvidia Corp. lost about half of their value in the past year, raising the worth of some options tied to those shares. Their share declines have been much steeper than many investors wagered, creating a mountain of deep in-the-money put option contracts—or those that allow investors to sell the shares at a price that is now far above current levels.

Megacap growth stocks Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O) gained over 2% each as U.S. Treasury yields declined. The highly awaited U.S. Labor Department's inflation report on Thursday is expected to show some moderation in year-on-year consumer prices in December. Advancing issues outnumbered decliners for a 4.45-to-1 ratio on the NYSE and a 2.54-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and two new lows, while the Nasdaq recorded 107 new highs and 18 new lows. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Higher Rates, Tech Selloff Fuel Options Boom
▼ + stars: | 2023-01-09 | by ( Eric Wallerstein | ) www.wsj.com time to read: 1 min

"The number of jobs created is working its way down slowly and wages are starting to calm down. Money market bets show 75% odds of a 25-basis point hike in the Fed's February policy meeting, with the terminal rate expected just below 5% by June. ET, Dow e-minis were up 103 points, or 0.30%, S&P 500 e-minis were up 16 points, or 0.41%, and Nasdaq 100 e-minis were up 56.75 points, or 0.51%. Macy's Inc (M.N) and Lululemon Athletica Inc (LULU.O) dropped 4.7% and 10%, respectively, following dour holiday-quarter forecasts from both the retailers. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures rise on China reopening optimism, easing rate hike worries
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +3 min

A key inflation report due on Thursday will provide further cues on the state of price pressures and the outlook for interest rates. The U.S. Labor Department's consumer prices index (CPI) report is expected to show prices increased by 6.5% year-on-year in December, moderating from a 7.1% rise in November. "Sentiment still feels as fragile as a teacup and U.S. inflation numbers on Thursday could provide a key test for investor confidence." ET, Dow e-minis were up 89 points, or 0.26%, S&P 500 e-minis were up 12.5 points, or 0.32%, and Nasdaq 100 e-minis were up 30.25 points, or 0.27%. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla delivery time is longer on some China models after discounts
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

The waiting time for orders of the rear-wheel-drive and long-range versions of Model Y was a week longer on Monday than it had been on Friday, Tesla's website showed. The wait time for all versions of the Model 3 and the performance version of the Model Y remained at one to four weeks as of Monday. A Tesla representative told Reuters on Saturday that the company has no plan to compensate those buyers for price cuts they had missed. Some of the buyers in China said they had been led to believe that the further discounts would not be coming. Comments on Chinese social media were largely negative toward the Tesla buyers who have protested, with many saying online they should have understood the terms of the contract.

Other rate-sensitive growth stocks like Apple Inc (AAPL.O) and Alphabet Inc (GOOGL.O) gained about 1% each as U.S. Treasury yields declined. The gains pushed technology (.SPLRCT) to the top of the major S&P 500 sector indexes list. The S&P 500 growth index (.IGX) was up 3.6%, outperforming a 0.7% rise in its value peers (.IVX). Advancing issues outnumbered decliners for a 3.68-to-1 ratio on the NYSE and a 2.15-to-1 ratio on the Nasdaq. The S&P index recorded 10 new 52-week highs and two new lows, while the Nasdaq recorded 95 new highs and 14 new lows.

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