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The U.S. Securities and Exchange Commission (SEC) had accused Ripple Labs and its current and former chief executives of selling unregistered securities when conducting a $1.3 billion offering for XRP, which was created in 2012. Shares in Coinbase, which is also embroiled in litigation with the SEC over its trading of crypto tokens, surged 24.5% on Thursday following the decision, finishing at $107. Coinbase said it would allow trading of the XRP token again on its platform in line with the court ruling. Bitcoin , the world's largest cryptocurrency, was last up 4.1% at 31,584 while Ethereum , the world's second-largest cryptocurrency, rose 6.43% to $1,993.3. Reporting by Chibuike Oguh in New York; editing by Michelle Price and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Coinbase, We've, Analisa, Torres, Paul Grewal, Chibuike Oguh, Michelle Price, Deepa Babington Organizations: YORK, Coinbase Global Inc, Ripple Labs, U.S . Securities, Exchange Commission, SEC, Labs, Inc, Marathon Digital Holdings Inc, Microstrategy Inc, Mining Corp, Twitter, Thomson Locations: U.S, Coinbase, New York

Rivian said on Monday it delivered 12,640 vehicles in the second quarter on steady demand from customers, beating market estimates. That result was in line with that of market leader Tesla Inc (TSLA.O), which on Sunday reported record quarterly vehicle deliveries fueled by incentives such as prices cuts and U.S. federal credits. The shares of several EV makers have risen since last week on market expectations of strong quarterly delivery reports. Multiple analysts have raised their price targets for Rivian's stock as the EV maker is seen as having overcome production and supply chain challenges that restricted deliveries. Twenty-three Wall Street brokerages covering Rivian on average recommend buying the stock and set a median price target of $24, Refinitiv data showed.

Persons: Rivian, Chibuike Oguh, Richard Chang Organizations: YORK, Rivian Automotive, Tesla Inc, Thomson Locations: Rivian, Irvine , California, New York

☆ U.S. mortgage rates rise to 6.81%, highest level this year, Freddie Mac says
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 6 (Reuters) - U.S. 30-year mortgage rates rose to an average of 6.81% this week, the highest level of 2023, according to Freddie Mac's mortgage market survey. Mortgage rates have risen sharply in tandem with the Federal Reserve's aggressive monetary policy stance adopted since last year aimed at curbing inflation. The yield on the 10-year Treasury note , which acts as a benchmark for mortgage rates, jumped above 4% on Thursday after labor market data stoked interest rate hike concerns. These high rates combined with low inventory continue to price many potential homebuyers out of the market," Sam Khater, Freddie Mac's chief economist, said in a statement. Also on Thursday, the Mortgage Bankers Association (MBA) said its market composite index, which measures the volume of U.S. mortgage applications, fell 4.4% from the prior week amid the uptick in mortgage rates.

Persons: Freddie, Freddie Mac, Sam Khater, Freddie Mac's, Chibuike Oguh, Lance Tupper, Daniel Wallis Organizations: YORK, Federal, U.S, Federal Reserve, Mortgage Bankers Association, Thomson Locations: New York

Cboe on Friday refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF. The SEC had also raised the same concerns with Nasdaq (NDAQ.O) over a similar recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, saying they did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors. Bitcoin , the world's largest cryptocurrency, jumped to a more than one-year high last month after BlackRock (BLK.N) and Fidelity filed to launch bitcoin ETFs.

Persons: Cboe, Bitcoin, Coinbase, Chibuike Oguh, Michelle Price, Conor Humphries Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Fidelity, Reuters, Nasdaq, BlackRock, Thomson Locations: U.S, BlackRock, New York

SL Green announced on Monday that it had sold the building at 245 Park Avenue to a U.S. subsidiary of Japanese real estate developer Mori Trust Co Ltd at a $2 billion valuation, sending its stock up nearly 20%. The transaction is a "significant milestone" for SL Green given that it represents nearly half of the planned asset sales for 2023 and more than covers the company's share of redevelopment costs, said BTIG analysts, who reiterated their "buy" rating. Analysts at Scotiabank, who rate SLG a "sector underperform", hiked their price target for the company's shares, calling the transaction "positive." SL Green's stock jumped 11% on Tuesday to a high of $31.35 per share. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group.

Persons: Angelo Gordon, Chibuike Oguh, Lisa Shumaker Organizations: YORK, Green Realty, SL Green, Mori Trust, Barclays, Green, Scotiabank, Grand, Ares Management, Societe Generale, HNA Group, Thomson Locations: New York City, U.S, Manhattan, New York

SL Green Realty said it sold the building at 245 Park Avenue, which has 1.8 million-square-foot of office space, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd. Its sale represents a slight discount to the $2.21 billion that China's HNA Group paid to acquire the building in 2017 when New York City's commercial real estate market was at its peak. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group. Jesse Keenan, sustainable real estate professor at Tulane University, said the transaction is a speculative investment that suggests the deep downturn in the New York commercial real estate market may have bottomed out. SL Green Realty was the biggest gainer among listed REITs, leading its peers Vornado Realty Trust (VNO.N), Office Properties Income Trust (OPI.O), and Boston Properties Inc (BXP.N).

Persons: Kohn Pedersen Fox, Angelo Gordon, Jesse Keenan, Keenan, Vornado, Chibuike Oguh, Herbert Lash, Lisa Shumaker, Lance Tupper, Michelle Price Organizations: YORK, SL Green Realty Corp, Big, SL Green Realty, Mori Trust, Kohn Pedersen Fox Associates, Grand, Ares Management, Societe Generale, HNA, Green, HNA Group, Tulane University, New York, Green Realty, Vornado Realty, Income, Boston Properties Inc, Thomson Locations: New York City, U.S, Manhattan, New York

NEW YORK, June 20 (Reuters) - Savers Value Village (SVV.N) said on Tuesday it aims to raise up to nearly $320 million for an initial public offering that would value the U.S. thrift store operator at about $2.7 billion. Savers Value Village, owned by private equity firm Ares Management Corp (ARES.N), plans to sell up to 18.8 million shares at $15 to $17 apiece, regulatory filings showed. Based in Bellevue, Washington, Savers Value Village is one of the largest retailers of secondhand clothing, books, toys, shoes and household goods, with 317 stores in the United States and Canada. Revenue totaled $1.44 billion in 2022, up 19% from the prior year, while net income was flat at $84.7 million. Ares Management will retain an 88% stake in Savers Value Village after the IPO.

Persons: Morgan, Jefferies, Goldman Sachs, Chibuike Oguh, Lance Tupper, Richard Chang Organizations: YORK, Energy, Kodiak Gas Services, reinsurer Fidelis Insurance Holdings, Ares Management Corp, Revenue, Management, Canada's, Norges, Investment Management, J.P, UBS, underwriters, New York Stock Exchange, Thomson Locations: Cava, Bellevue , Washington, United States, Canada, Canada's Ontario, New York

NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares are on course for a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a valuation of nearly $2.6 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19 2021. J.P. Morgan analysts raised their price targets on Microsoft's stock on Thursday, citing AI driving demand for the company's products. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data. Reporting by Chibuike Oguh in New York; editing by Lance Tupper and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: J.P, Morgan, JP Morgan, Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Thomson Locations: OpenAI, San Francisco, New York

NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares rose to a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a record market capitalization of $2.59 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19, 2021. The stock's intraday record high was $349.67 on Nov. 22, 2021. In addition, Apple Inc (AAPL.O) shares also achieved a record high close of $186.01 on Thursday, while shares of graphics chipmaker Nvidia (NVDA.O) set a fresh intraday record of $432.89. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data.

Persons: Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Apple Inc, JPMorgan, Thomson Locations: OpenAI, San Francisco, New York

☆ Macquarie picks up majority stake in Coastal Waste & Recycling
▼ + stars: | 2023-06-13 | by ( Chibuike Oguh | ) www.reuters.com time to read: +1 min

FILE PHOTO: The logo of Australia's biggest investment bank Macquarie Group Ltd adorns a desk in the reception area of its Sydney office headquarters in Australia, Oct. 28, 2016. REUTERS/David Gray/File PhotoNEW YORK (Reuters) - The asset management arm of Australian bank Macquarie Group Limited has bought a majority stake in waste management firm Coastal Waste & Recycling, the bank said on Tuesday. The transaction values Coastal Waste & Recycling at about $900 million, according to people familiar with the matter. Coastal Waste & Recycling serves more than 450,000 customers mostly in Florida and Georgia, making it one of the largest waste management firms in southeastern U.S. It has invested more than $5 billion in waste management businesses in the Americas since 2007.

Persons: David Gray, Brendon Pantano, Pantano, Macquarie Organizations: Macquarie Group Ltd, REUTERS, Macquarie Group, Recycling, Boca, Capital, Equity Partners, Macquarie Asset Management Locations: Sydney, Australia, Florida, Georgia, U.S, Boca Raton , Florida, Americas, Europe, Asia

[1/3] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. The S&P 500 Banks Index (.SPXBK) rose 1.14%, while the KBW Regional Banking Index (.KRX) gained about 2%. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 1% and 2%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. Zions Bancorporation (ZION.O) shares fell 0.56% after its executives forecasted a slowdown in net interest income.

Persons: JP Morgan, Wells, Mike Santomassimo, Jack Janasiewicz, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Kalluvila, Lisa Shumaker Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, Labor Department, Traders, Natixis Investment, Banks, JPMorgan, Citigroup, Bank of America, Comerica Inc, Comerica, Bancorp, Western Alliance, U.S . Bancorp, National Bancorp, Thomson Locations: U.S, Wells, KBW, Monday's, Wells Fargo, Bengaluru

The growth in bookings is largely driven by pent-up demand from loyal customers returning to taking summer vacations and other leisure travel, said the analysts. JPMorgan upgraded Carnival shares to "overweight", while Bank of America raised its rating on the stock to "buy", and the analysts raised their price targets on all the three cruise companies. Carnival shares rose 14% to a more than 1-year high in early trading on Monday while Norwegian Cruise gained nearly 8%. The S&P 500 Hotels Resorts & Cruise Lines Sub-Industry Index was up 0.9% led by gains in cruise stocks. Commercial airline shares were also making gains on Monday amid falling crude oil prices and growth in demand for seats.

Persons: Chibuike Oguh, Granth Vanaik, Stephen Culp, Lance Tupper, David Gregorio Our Organizations: YORK, Carnival Corp, Cruise Line Holdings, JPMorgan, Bank of America Global Research, Carnival, Royal Caribbean Cruises, Bank of America, Norwegian Cruise, Royal, Hotels Resorts, Cruise, Southwest Airlines, Hawaiian Holdings, American Airlines, Thomson Locations: Royal Caribbean, New York

[1/2] GitLab Inc logo and words 'Artificial Intelligence' are seen in this illustration taken June 6, 2023. REUTERS/Dado Ruvic/IllustrationNEW YORK, June 6 (Reuters) - Shares of GitLab Inc (GTLB.O) jumped more than 35% on Tuesday after the software development platform announced plans to launch a revenue-boosting artificial intelligence (AI)-powered product. The product is expected to be launched this year at $9 per month, GitLab said late Monday. GitLab said on Monday its first-quarter revenue jumped 45% to $126.9 million, beating the Refinitiv consensus estimate and the company's earlier forecasts. Eighteen analysts on average recommended buying GitLab shares, and set a median price target of $53.50, according to Refinitiv.

Persons: Dado Ruvic, GitLab, Koji Ikeda, Chibuike Oguh, Lance Tupper, Richard Chang Organizations: Intelligence, REUTERS, GitLab Inc, " Bank of America, Thomson Locations: New York

Most big bank stocks were trading lower in afternoon trading with the S&P 500 banking index (.SPXBK) down nearly 1% on Monday. U.S. regulators, led by the Federal Reserve, are also expected to propose this month increasing average bank capital requirements by as much as 20% a person familiar with the matter told Reuters. Regional bank stocks also logged broad declines on Monday, with the KBW Regional Banking Index (.KRX) shedding 2%. The impending international capital rules come amid a broader Fed review of lenders' capital requirements. "It's not shocking that you should expect to see some capital requirements being increased and a little more oversight is expected given what has happened with regional banks," Janasiewicz said.

Persons: Wells, Goldman, Morgan Stanley, Jack Janasiewicz, Janasiewicz, Chibuike Oguh, Manya Saini, Michelle Price, Lance Tupper, Aurora Ellis Organizations: YORK, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, Treasury, Natixis Investment, U.S, Federal Reserve, Reuters, Street Journal, Basel Committee, KBW, PacWest Bancorp, Western Alliance, Comerica Inc, Thomson Locations: U.S, Basel, Regional, New York

[1/2] A trader work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 24, 2023. Benchmark 10-year notes were up at 3.695%, while yields on the more rate-sensitive 2-year notes rose to 4.509%. The U.S. dollar edged higher in choppy trading after the strong job growth data. The dollar index rose 0.483%, with the euro dropping 0.5% to $1.0707. Gold prices slipped as the U.S. dollar rose.

Persons: Brendan McDermid, Joe Biden, Tom Plumb, Brent, Chibuike Oguh, Aurora Ellis, Matthew Lewis Organizations: New York Stock Exchange, REUTERS, YORK, Global, U.S, Treasury, Federal, Labor Department, Senate, Dow Jones, Nasdaq, Organization of, Petroleum, West Texas, Thomson Locations: New York City, U.S, financials, New York

[1/2] A trader work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 24, 2023. Benchmark 10-year notes were up at 3.689%, while yields on the more rate-sensitive 2-year notes rose to 4.5011%. The U.S. dollar edged higher in choppy trading after the strong jobs growth data. The dollar index rose 0.406%, with the euro down 0.41% to $1.0717. Gold prices slipped as the U.S. dollar rose.

Persons: Brendan McDermid, Joe Biden, Tom Plumb, Brent, Chibuike Oguh, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, YORK, Treasury, Federal, Labor Department, U.S, Senate, Dow Jones, Nasdaq, Organization of, Petroleum, West Texas, Thomson Locations: New York City, U.S, financials, New York

The pan-European STOXX 600 index (.STOXX) rose 0.78% after closing at a two-month low in the previous session. The yield on benchmark U.S. 10-year Treasury notes dropped to 3.605%, while the yield on the 30-year Treasury bond was down at 3.8348%. The dollar index fell 0.47%, with the euro up 0.51% at $1.0743. Spot gold added 1.0% at $1,982.03 an ounce, while U.S. gold futures gained 0.85% at $1,980.50 an ounce. Reporting by Chibuike Oguh in New York Editing by Nick Zieminski and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: David Klink, Christine Lagarde, Chibuike Oguh, Nick Zieminski, Richard Chang Organizations: YORK, U.S . House, U.S, Treasury, Federal Reserve, Republicans, Senate, Huntington Private Bank, Dow Jones, Nasdaq, Labor Department, European Central Bank, Brent, West Texas, Thomson Locations: New York

SummarySummary Companies Wall Street indexes trade lowerBenchmark 10-year yields downU.S. dollar reach two-month highOil prices fall, Safe-haven gold gainsNEW YORK, May 31 (Reuters) - Global equities and U.S. Treasury yields were lower on Wednesday as risk-off sentiment dominated markets, with investors focused on a much-anticipated vote in Congress on raising the U.S. debt ceiling. The U.S. House of Representatives is set to vote on Wednesday on a bipartisan deal that would lift the $31.4 trillion ceiling and allow the government to avert a default. The dollar index rose 0.577%, with the euro down 0.86% to $1.0641. Oil prices fell amid demand concerns following weak economic data from top importer China. Gold prices firmed despite the dollar's strength, though optimism about a U.S. debt deal kept bullion on course for a first monthly dip in three.

Persons: Ryan Detrick, Chibuike Oguh, John Stonestreet, Emelia Organizations: YORK, Global, Treasury, U.S . House, Democrats, Carson Group, Dow Jones, Nasdaq, Benchmark, U.S, Federal Reserve, China, Brent, West Texas, Thomson Locations: New York

May 28 (Reuters) - Global investors are gaming out how a tentative deal to raise the United States debt ceiling could ripple through markets, as lawmakers strive to pass the agreement through Congress before a June 5 deadline. U.S. five-year credit default swaps narrowed, meaning that the cost of insuring against exposure to a U.S. debt default fell. “The debt ceiling agreement is only the first step in saving the government from the brink of illiquidity.”The deal suspends the debt ceiling until January 2025 in exchange for caps on spending and cuts in government programs. U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the debt ceiling by June 5. Optimism that a debt ceiling deal was near and hefty gains in AI-related stocks helped the S&P 500 (.SPX) close at its highest level since August 2022 on Friday.

“The debt ceiling agreement is only the first step in saving the government from the brink of illiquidity.”The deal suspends the debt ceiling until January 2025 in exchange for caps on spending and cuts in government programs. U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the debt ceiling by June 5. Optimism that a debt ceiling deal was near and hefty gains in AI-related stocks helped the S&P 500 (.SPX) close at its highest level since August 2022 on Friday. S&P Global Ratings stripped the United States of its coveted top rating over a debt ceiling showdown in 2011, a few days after a last-minute agreement the agency at the time said did not stabilize "medium-term debt dynamics." S&P Global Ratings, Fitch and Moody's did not immediately respond to Reuters requests for comment.

☆ US regional bank stocks fall after Yellen says more bank mergers necessary
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 19 (Reuters) - Shares of U.S. regional lenders fell on Friday after CNN reported that U.S. Treasury Secretary Janet Yellen told bank chief executives that more mergers may be necessary following a series of bank failures. Yellen also reaffirmed the strength and soundness of the country's banking system at the meeting with bank CEOs on Thursday in the aftermath of the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank. The KBW Regional Banking Index (.KRX) fell 3%, with shares of PacWest Bancorp (PACW.O) and Western Alliance (WAL.N) among the biggest losers as they shed 4% each. The regional bank crisis has been partly blamed by some on aggressive interest rates by the U.S. Federal Reserve, which forced some lenders to seek new capital to make up for a fall in the value of assets linked to interest rates. The debt ceiling dispute has weighed on market sentiment, including for regional bank stocks.

May 17 (Reuters) - Shares of U.S. regional lenders jumped on Wednesday on growing investor confidence that the worst of the banking crisis was likely over, following news of strong deposit growth at Western Alliance Bancorp (WAL.N). Arthur Hogan, chief market strategist at B. Riley Wealth, said Western Alliance's deposit growth disclosure was good news for worried investors. "Western Alliance, one of the most hard-hit banks, came out with a filing showing deposit increase. Western Alliance shares, which are down 41% year-to-date, surged 10% to $34.81, erasing losses recorded over the last two weeks. Other regional lenders closed higher: PacWest Bancorp (PACW.O), whose stock has lost nearly 76% of its value year-to-date, spiked 22%.

Berkshire acquired 9.92 million shares in Capital One, a stake worth $954 million based on the closing price on March 31, regulatory filings showed on Monday. The bank's shares have shed around 15% since early March as the banking crisis has clobbered shares of U.S. regional lenders. Silicon Valley Bank, Signature Bank, and First Republic Bank are the three banks that have so far collapsed during the current crisis. The KBW Regional Banking Index (.KRX) fell 0.38%. Fed Vice Chair for Supervision Michael Barr said the central bank was "carefully considering" rule changes for larger regional banks, including requiring them to account for unrealized losses on their banks when considering capital levels.

[1/2] A woman checks the arrivals and departures board at Chicago Midway International Airport in Chicago, Illinois, U.S. April 18, 2023. REUTERS/Jim Vondruska/File PhotoNEW YORK, May 10 (Reuters) - A gloomy forecast from vacation rental firm Airbnb (ABNB.O) weighed on travel-related stocks on Wednesday as an expected slowdown in bookings signaled an impending slump in travel demand with consumers seeking cheaper accommodation amid inflation and recession fears. Airbnb's forecast will heighten caution in the travel sector, which encompasses hotels, airlines, and vacation rental firms, according to an investor note by JPMorgan analysts, led by Doug Anmuth. "We also believe Airbnb's commentary will result in increased caution in the travel space, but more specifically around vacation and the U.S.," the analysts said. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Like its peers, private equity firm Apollo was hit by a slump in dealmaking in the quarter that made it challenging to cash out of its private equity holdings for top dollar. Its asset management and retirement businesses, however, helped it cushion the blow. Apollo said its adjusted net income fell to $845 million from $917 million a year earlier. That resulted in adjusted net income per share of $1.42, lower than the average analyst forecast of $1.47, according to Refinitiv data. By contrast, private equity funds of Blackstone, Carlyle and KKR appreciated by 2.8%, 1%, and 2%, respectively.

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