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Summary Oil prices near flat, after two days of lossesFed's Powell sets scene for higher and faster rate hikesUS crude stocks fall larger-than-expected - EIAMarch 9 (Reuters) - Oil prices were near flat on Thursday, as a larger-than-expected draw in U.S. crude stocks contended with worries that more aggressive U.S. interest rate rises would strain economic growth and therefore dent oil consumption. Brent crude futures had edged higher by 5 cents to $82.71 per barrel by 0103 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 5 cents to $76.71 a barrel. U.S. crude stocks fell 1.7 million barrels last week, government data showed, compared with analyst estimates for a build of 395,000. Industry data late Tuesday showed a decline in crude inventories for the first time after a 10-week build. U.S. gasoline stocks drew down by 1.1 million barrels, according to official data, less than the 1.8 million forecast, adding to demand concerns.

☆ California flood watch issued as next atmospheric river looms
▼ + stars: | 2023-03-09 | by ( Steve Gorman | ) www.reuters.com time to read: +4 min

LOS ANGELES, March 9 (Reuters) - Flood watch notices were posted across northern and central California for Thursday ahead of an atmospheric river storm expected to douse much of the state with heavy rain, including mountain areas still buried from a near-record snowfall. But smaller, waterfront communities along several major rivers and their tributaries also braced for the possibility of overflowing streams swollen by heavy showers and runoff of melting snow. Elsewhere, the NWS issued "prepare now" alerts for residents along the Big Sur, Carmel, Salinas and Pajaro rivers. "It's really a combination of all this heavy rainfall coming and also rapidly melting snow." The looming deluge follows a three-week barrage of nine atmospheric river storms that struck California in late December through mid-January, triggering widespread flooding as well as hundreds of mudslides, rockfalls and sinkholes across the state.

☆ China consumer inflation slowest in a year; producer deflation deepens
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Summary Feb consumer inflation slowedFeb producer deflation deepenedBEIJING, March 9 (Reuters) - China's annual consumer inflation slowed down in February as consumers remained cautious despite the abandonment of strong pandemic controls late last year, official data showed on Thursday. The CPI, which is seasonally adjusted, fell 0.5% from a month earlier, missing the forecast of 0.2% gain. Annual producer deflation deepened last month. Economists say China will nonetheless see upward pressure on consumer prices in coming months, mostly thanks to the end of efforts to suppress COVID-19. Core annual inflation, which excludes volatile food and energy prices, was 0.6% in February, compared with January's 1.0%, reflecting persistently weak domestic demand.

☆ China's Jan-Feb passenger cars sales down 20% - CPCA
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 8 (Reuters) - China's passenger vehicle sales fell 20% in the first two months of this year, industry data showed on Wednesday, underscoring weak demand in the world's biggest auto market even as some car manufacturers offer reduced prices to revive demand. Sales in February, 1.42 million units, were 10.4% higher than a year earlier, a low base period when a week-long Lunar New Year holiday reduced business activity, the China Passenger Car Association (CPCA) said. Sales of new energy vehicles (NEVs), which include pure battery electric cars and plug-in hybrids, grew faster than the overall market, up 61% in February on a year earlier. NEVs accounted for more than 30% of new car sales. Tesla accounted for 11.5% of China's battery electric car sales in February, little changed from 11.3% a year before, indicating a waning effect of price cuts it implemented in early January.

☆ Ford discounts Mustang Mach-E electric SUVs in China
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, March 8 (Reuters) - Ford Motor (F.N) said on Wednesday it was offering a discount of 40,000 yuan ($5,700) on its Mustang Mach-E electric SUVs in China until the end of April. Mustang Mach-E cars were now available in China at prices starting at 209,900 yuan in China after the discount, a company representative at Ford China said. Ford said in November it was accelerating Mustang Mach-E production and targeting a global annual output rate of 270,000 by the end of 2023, including its China production. Ford sold 39,458 Mach-Es in the U.S. last year, 45% more than in 2021. Tesla sold 455,091 Model Ys in China in the same year, according to data from China Association of Automobile Manufacturers (CAAM).

☆ White House urges states to join government-wide crackdown on 'junk fees'
▼ + stars: | 2023-03-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

[1/2] Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew KellyWASHINGTON, March 8 (Reuters) - Top White House officials and the head of the Consumer Financial Protection Bureau (CFPB) on Wednesday will urge states to expand their efforts to crack down on surprise fees consumers are forced to pay on everything from rental housing to cable bills. The push is part of President Joe Biden's government-wide effort to reduce or eliminate so-called "junk fees" that jack up costs for consumers. loadingIt will also release a new guide that maps out actions states can take. "These junk fees, which are often not disclosed upfront and only revealed after a consumer has decided to buy something, obscure true prices and dilute the forces of market competition that are the bedrock of the U.S economy," the guide said.

Brent crude futures rose 18 cents to $86.36 per barrel by 0730 GMT after settling 0.4% higher on Monday. U.S. West Texas Intermediate crude was at $80.62 per barrel, up 16 cents, following a 1% gain in the previous session. "The supply concerns that helped oil prices higher overnight likely stemmed from Chevron's CEO comment that there's 'not a lot of swing capacity' in oil markets," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. "The key unknown for 2023 will be the disruption to Russia's oil and refined product exports." ET (2130 GMT) on Tuesday, and at 10:30 a.m. (1530 GMT) on Wednesday from the Energy Information Administration.

☆ Oil edges up on supply concerns, China demand hopes
▼ + stars: | 2023-03-07 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies Chevron Corp FollowSINGAPORE, March 7 (Reuters) - Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering. Brent crude futures had risen 40 cents, or 0.5%, to $86.58 a barrel by 0154 GMT after settling 0.4% higher on Monday. "The supply concerns that helped oil prices higher overnight likely stemmed from Chevron's CEO comment that there's 'not a lot of swing capacity' in oil markets," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. "The key unknown for 2023 will be the disruption to Russia's oil and refined product exports." ET (2130 GMT) on Tuesday, and at 10:30 a.m. (1530 GMT) on Wednesday from the Energy Information Administration.

Imports dropped, too, government data showed on Tuesday, also partly reflecting weak foreign demand, since the country brings in parts and materials from abroad for many of its exports. Exports in the two months were 6.8% lower than a year before, after a 9.9% annual fall seen in December. "Given the high inflation in the U.S. and Europe, demand from there should keep weakening, which also dampens the processing demand in China," said Iris Pang, chief economist for Greater China at ING. Commerce Minister Wang Wentao on Thursday cautioned that downward pressure on China's imports and exports would increase significantly this year, because of the risk of a global recession and weakening external demand. China's January-February imports of crude oil were down 1.3% on the same period last year, while imports of natural gas fell by 9.4%.

☆ Police, protesters clash at site of Atlanta police center; 35 arrested
▼ + stars: | 2023-03-06 | by ( Daniel Trotta | ) www.reuters.com time to read: +3 min

March 5 (Reuters) - Fires broke out at the construction site of an Atlanta police training center on Sunday after a demonstration at the property led to clashes between police and protesters and 35 people were arrested, police said. Opponents of the site say they want to save an important green space near the greater Atlanta metropolitan area of 6 million people. "We call on all people of good conscience to stand in solidarity with the movement to stop Cop City and defend the Weelaunee Forest," reads a statement on a website called Defend The Atlanta Forest. With more events planned in coming days, Atlanta police said they and other law-enforcement agencies had "multi-layered strategy that includes reaction and arrest." Demonstrators at that time gathered to protest against the killing by law enforcement of an activist during a raid to clear the construction site.

☆ Tesla cuts U.S. Model S and Model X prices between 4% and 9%
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

The Model S and Model X, which come in base all-wheel drive (AWD) and performance "Plaid" editions, represented about 4% of Tesla's global deliveries in 2022. Tesla's website showed it had cut prices on both versions of its Model S by $5,000. The basic version of Model S was cut by 5% to $89,990, while the price of the performance, Plaid variant was cut by 4% to $109,990. Prices of both the performance and basic variants of Model X cars were cut by $10,000, the electric vehicle maker's website showed. The price of the basic, AWD version of the Model X was cut by 9% to $99,990 while its performance Plaid version was cut by 8% to $109,990.

☆ Dollar subdued as traders eye Powell testimony, jobs report
▼ + stars: | 2023-03-06 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Futures imply a 72% chance the Fed will raise interest rates by 25 basis points at its meeting on March 22. The spotlight will be firmly on the February jobs report scheduled for Friday and Fed Chair Jerome Powell's testimony to congress on Tuesday and Wednesday. Citi strategists expect Powell to indicate a preference for a 25 bps hike but leave all options on the table, since he will speak before the jobs data are released. The Japanese yen strengthened 0.01% to 135.85 per dollar, while sterling was last trading at $1.203, down 0.08% on the day. In the spot market, the onshore yuan opened at 6.9072 per dollar and was last changing hands at 6.9067.

REUTERS/Brendan McDermidORLANDO, Fla., March 5 (Reuters) - Hedge funds entered February holding their biggest ever short position in two-year U.S. Treasuries futures. As of Feb. 7, funds' net short position in two-year Treasury futures stood at a record 658,802 contracts, up by more than 80,000 contracts from the week before. chartA short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. FLIP-FLOP ON FEDThe two-year yield last week reached 4.95%, the highest since July 2007. They see the two-year yield falling to 3.55% in the third quarter and 3.15% by the end of this year.

☆ Take Five: Strap in for no landing
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +5 min

1/ FED VS STOCKSReports on U.S. durable goods orders, home prices as well as manufacturing and consumer confidence threaten to cement expectations of more Fed rate hikes and to deal a knockout punch to the early-year stocks rally. Evidence of a stronger-than-expected economy has forced investors to recalibrate projections for Fed hawkishness, lifting bond yields and weighing on stock gains. Tuesday's consumer confidence data may be of particular interest, offering a glimpse into households' views on economic prospects and inflation expectations. The idea of "no landing," which upends a host of popular trades based on a the scenario of the global economy entering recession is gaining traction thanks to surprisingly upbeat data. A soft landing could still happen.

☆ Asian markets breathe sigh of relief amid Ueda hearing
▼ + stars: | 2023-02-24 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

[1/2] The Japanese government's nominee for the Bank of Japan (BOJ) Governor Kazuo Ueda attends a hearing session at the lower house of the parliament in Tokyo, Japan, February 24, 2023. Ueda's confirmation hearing in the lower house comes as markets renew their attack on YCC, taking bets on a near-term interest rate rise. Japan's five-year government bond yield fell a little to 0.235%, from the previous close of 0.240%. The yield on the benchmark 10-year government bonds eased as far as 3.8590%, compared with the previous close of 3.8810%. The two-year bond yield was hovering at 4.6810%, compared with the previous close of 4.6930%.

☆ Pemex hit by fires at three facilities in one day
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

[1/5] Emergency services work as smoke rises following a pipeline explosion at the facilities of state-owned oil company Pemex, according to local authorities, in Ixhuatlan del Sureste, Veracruz state, Mexico, February 23, 2023 in this still image taken from video obtained from social media. Samy Rodriguez/Perfil Regional/via REUTERSCompanies Petroleos Mexicanos FollowMEXICO CITY, Feb 23 (Reuters) - Three fires broke out on Thursday at different facilities in Mexico and the United States operated by state-owned Mexican oil company Pemex, leaving five missing and eight others injured as of Thursday evening. Pemex confirmed in a later statement on Thursday evening that a separate fire at its Minatitlan refinery, also in Veracruz, was under control after injuring five people. A third fire was also reported Thursday by a community alert at a unit at Pemex's Deer Park, Texas, oil refinery. Earlier this week, at least two people died after a vehicle collision inside a Pemex refinery in the Mexican state of Hidalgo, according to local media reports.

January's rise was the fastest since September 1981, when fuel costs spiked due to a Middle East oil crisis and hit Japan's import-reliant economy. Core consumer inflation has now exceeded the Bank of Japan's 2% target for nine straight months, mostly reflecting persistent rises in fuel and raw material costs, the data showed. "But there are questions as to whether the rise in inflation will be sustainable, as it is still driven largely by food and fuel costs," he said. At Ueda's debut policy meeting on April 28, the BOJ will release for the first time its inflation forecasts extending to fiscal 2025. Japan's economy averted recession in the fourth quarter of last year but rebounded much less than expected as business investment slumped.

☆ OTE raises dividend, sticks to fast network investments
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

OTE, majority owned and managed by Deutsche Telekom (DTEGn.DE), will pay a dividend of 0.5765 euros per share, up 3.3% on a year earlier. Total return to shareholders, including a share buyback scheme, will come in at 425 million euros, it said. Under a revised policy beginning in 2023, OTE planned to distribute to its shareholders between 70% and 100% of free cash flow every year, providing macroeconomic conditions remained stable, it said. OTE expected free cash flow of about 500 million euros this year. Reporting by Angeliki Koutantou; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina government loses Senate power after senators exit coalition
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Feb 22 (Reuters) - Argentina's ruling Peronist coalition was dealt a blow on Wednesday when four of its senators announced their departure, weakening the government's sway in the Senate just eight months before high-stakes general elections. Senators Edgardo Kueider, Guillermo Snopek, Carlos Espinola and Maria Eugenia Catalfamo said they would leave the center-left alliance that supports President Alberto Fernandez and his powerful vice president, Cristina Kirchner. The departures from Fernandez's coalition leave it with 31 seats in the 72-seat Senate. The Peronists were badly beaten in 2021 congressional elections, which showed the conservative opposition well ahead in popular support. (This story has been corrected to fix the number of months until general elections to eight from six in paragraph 1)Reporting by Nicolás Misculin; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Televisa posts Q4 net loss, dragged by TelevisaUnivison, Sky
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Feb 23 (Reuters) - Grupo Televisa , Mexico's largest broadcaster, reported on Thursday a net loss in the fourth quarter of 13.75 billion pesos ($705 million), hurt by losses related to TelevisaUnivison and declines in its satellite TV unit. The result compares with a net profit of 3.7 billion pesos in the year-earlier period, according to a statement filed with the Mexican stock exchange. The company's revenue increased 1.6% from the year-earlier period to 19.13 billion pesos, slightly missing the Refinitiv forecast of 19.28 billion pesos. Televisa has tried to revamp Sky, launching a new mobile service with AT&T in July which executives said would boost the unit's revenue in the coming years. Mexico's Megacable in December rejected an offer by Televisa to merge the companies' pay TV and broadband operations.

The cross-border attacks followed an Israeli operation in the West Bank city of Nablus on Wednesday. The Islamic Jihad said Israeli troops had surrounded two of its Nablus commanders in a house, triggering a clash that drew in other gunmen. Palestinian sources said the two Islamic Jihad commanders had been killed along with another gunman. Palestinian groups in East Jerusalem, the West Bank and Gaza went on strike on Thursday. Abdel-Latif Abdu, a vegetable seller in Gaza, kept his shop closed in support of residents of Nablus and the rest of the West Bank.

☆ Citigroup lifts CEO Fraser's 2022 pay to $24.5 mln
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Citigroup (C.N) increased Chief Executive Officer Jane Fraser's compensation by nearly 9% to $24.5 million for 2022, the lender said in a filing on Tuesday. Fraser's total pay in 2021 was $22.5 million. She took over as the first female chief executive of a major Wall Street bank in February 2021. Her pay is still below the $34.5 million of JPMorgan & Chase Co's JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman's $31.5 million. Citigroup reported a 21% fall in fourth-quarter profit last month, missing forecasts, as the bank increased provisions to prepare for a worsening economy and as investment banking revenue declined due to a sharp drop in dealmaking activity.

☆ U.S. will not challenge Amazon.com's plan to buy One Medical, FTC official says
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 21 (Reuters) - The U.S. Federal Trade Commission will not file a complaint aimed at stopping Amazon.com's (AMZN.O) plan to buy primary care provider One Medical, an FTC official said on Tuesday. Amazon.com Inc said in July it would buy One Medical for $3.49 billion, expanding the e-commerce giant's virtual healthcare business and adding brick-and-mortar doctors' offices for the first time. The FTC official said that the agency planned to send a pre-consummation warning letter that would say it still had specific concerns about the deal. One Medical is in more than a dozen U.S. markets and gives members access to virtual care at any time of the day or night. The FTC is also probing Amazon.com's plan to buy Roomba maker iRobot Corp (IRBT.O) for $1.7 billion.

☆ Accused Colorado LGBTQ club shooter back in court for preliminary hearing
▼ + stars: | 2023-02-22 | by ( Keith Coffman | ) www.reuters.com time to read: +3 min

One of the men pistol-whipped Aldrich as others pummeled the accused assailant, leaving the suspect with multiple injuries that required hospitalization. Aldrich's lawyers have asserted in court filings that their client identifies as "non-binary" in gender and prefers them/they pronouns. At a previous court hearing, a defense lawyer intimated that Aldrich may have been in the club previously, including on the night of the massacre. El Paso County District Judge Michael McHenry was assigned to preside over the preliminary hearing, which was scheduled to run for three days, according to the court docket. The Q nightclub shooting is not the defendant's first brush with the law.

☆ Asia equities fall on fear of hawkish central bank hikes
▼ + stars: | 2023-02-22 | by ( Selena Li | ) www.reuters.com time to read: +2 min

"It concerns the market that central banks will have to hike rates a lot more to curb inflation," said Kerry Craig, JPMorgan Asset Management's global market strategist. New Zealand's central bank raised interest rates by 50 basis points to a more than 14-year high of 4.75% on Wednesday. read moreThe central bank said it expected to keep tightening further to ensure inflation returned to its target range over the medium term. Japan's Nikkei share index (.N225) fell 1.25% on Wednesday following a Tuesday PMI report showing the factory sector had contracted. The dollar index fell 0.077%, but analyst expect interest rate rises to lift the dollar, hurting emerging market equities, which benefited from a falling dollar.

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