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☆ Futures rise as Nike posts strong quarter, consumer confidence data on tap
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

"We had some better news from the likes of Nike yesterday, which suggested that consumer sentiment and spending was holding up," said Stuart Cole, head macro economist at Equiti Capital. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. ET, Dow e-minis were up 233 points, or 0.7%, S&P 500 e-minis were up 20 points, or 0.52%, and Nasdaq 100 e-minis were up 47 points, or 0.42%. Market volumes are expected to decline this week before the Christmas and New Year holidays. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ VIEW Bank of England raises rates to 3.5%, says inflation has peaked
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +7 min

LONDON, Dec 15 (Reuters) - The Bank of England on Thursday raised interest rates by a widely expected 50 basis points (bps) to 3.50%, in its ninth straight increase - and its eighth this year. UK rates began rising in December 2021, making the BoE the first of the world's major central banks to kick off a monetary policy-tightening cycle. MONEY MARKETS: Interest rate swaps showed investors expected rates to peak at 4.46% by next August, compared with an anticipated terminal rate of 4.53% just before the decision. Their own numbers have been pointing to a recession for a little while, and they've still materially hiked interest rates. EDWARD HUTCHINGS, HEAD OF RATES, AVIVA INVESTORS, LONDON:"The Bank of England duly delivered on financial markets expectations of a 0.50% hike.

☆ Reaction to expert panel report on South Africa's Ramaphosa
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +3 min

[1/2] Nkosazana Dlamini-Zuma, former minister and chairwoman of the African Union Commission, attends the 54th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg, South Africa December 17, 2017. REUTERS/Siphiwe SibekoJOHANNESBURG, Dec 1 (Reuters) - Cyril Ramaphosa's future as South African president was in question on Thursday, a day after a panel report found preliminary evidence he may have committed serious misconduct. "We need to look at the report, study its implications very carefully, follow the parliamentary processes and allow matters to take their course." NKOSAZANA DLAMINI-ZUMA, EX-WIFE OF FORMER PRESIDENT JACOB ZUMA"I think the president has to step aside now and answer to the case." JOHN STEENHUISEN, LEADER OF MAIN OPPOSITION PARTY, THE LIBERAL DEMOCRATIC ALLIANCE (DA)"The report is clear and unambiguous.

☆ FTSE 100 at three-month highs on hopes of China easing COVID curbs
▼ + stars: | 2022-11-29 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) was up 0.6%, hitting its highest since Aug. 26, while the domestically-focused FTSE 250 midcap index (.FTMC) was flat. World markets were rattled on Monday as protests against strict COVID-19 restrictions flared up in major Chinese cities over the weekend. Base metal miners (.FTNMX551020) climbed 2.8%, touching three-month highs, as prices rebounded on support for the property sector in top metals consumer China. Heavyweight energy stocks (.FTNMX601010) rose 1.4% as oil prices climbed on hopes of China easing its COVID controls. Reporting by Shashwat Chauhan in Bengaluru; Editing by Saumyadeb Chakrabarty and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ UK stocks track gains in Europe, Dr. Martens sinks on profit warning
▼ + stars: | 2022-11-24 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.3% in thin trading as U.S. markets were shut for the Thanksgiving holiday. The domestically focused FTSE 250 midcaps (.FTMC) rose 0.7%, also reflecting the upbeat mood in equity markets. A weak spot was Dr. Martens (DOCS.L), which tumbled 20% and looked set for its biggest percentage drop ever, after warning that its annual core profit margin would be lower than last year. UK stock markets have recovered sharply since a botched mini-budget roiled sentiment in October, with investors hoping that measures by the new government will help instil confidence even as Britain faces what is expected to be a lengthy recession. Shares of Vodafone , Imperial Brands (IMB.L) and National Grid (NG.L) slid as they traded without entitlement for dividend payout.

☆ European shares bounce as battered miners rise, ECB loan repayments eyed
▼ + stars: | 2022-11-18 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

The pan-European STOXX 600 index (.STOXX) rose 0.9%, with basic resources stocks (.SXPP) up 1.2% after falling more than 3% in the last two sessions. The European Central Bank gears up to start the biggest withdrawal of cash from the euro zone's banking system in its history, with banks expected to repay about 500 bln euros in TLTRO loans. The STOXX 600 has gained about 4.9% so far this month, driven by better-than-feared earnings and expectations of smaller rate increases by the Fed. Among individual stocks, Austrian hydropower producer Verbund (VERB.VI) jumped 8.2% to top the STOXX 600, while energy and environmental services provider EVN (EVNV.VI) gained 5.2%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Instant View: UK finance minister Jeremy Hunt outlines budget
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +5 min

Much of Hunt's budget had been widely expected, meaning markets offered a muted reaction. Sterling fell against the dollar, while UK government bond prices also eased, but remained clear of the day's lows. FOREX: Sterling fell 0.9% against the dollar to $1.1809 from $1.1845 prior to the budget. MARCUS BROOKES, CHIEF INVESTMENT OFFICER AT QUILTER INVESTORS, LONDON:"Today’s Autumn Statement has painted a bleak picture for the UK... Markets originally reacted well to the steady hand of Jeremy Hunt. SIMON HARVEY, HEAD OF FX ANALYSIS, MONEX EUROPE, LONDON:"The austerity’s going to be welcome (to the Bank of England) purely because there’s going to be less support for UK consumers.

☆ Poland missile relief dents dollar; stocks retreat
▼ + stars: | 2022-11-16 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/IllustrationLONDON, Nov 16 (Reuters) - Global stocks eased from two-month highs on Wednesday while the safe-haven dollar fell, after Poland's president said a missile that hit his country was probably a stray Ukrainian defence projectile, dispelling fears that it originated from Russia. Data on Wednesday showed U.S. retail sales rose by 1.3% in October, compared with expectations for a 1.0% rise, showing consumers were undeterred by high inflation last month. This gave a bump to the dollar, which cut some of the day's losses and weighed heavily on European shares. The dollar, which acts a safe haven in times of geopolitical or market turmoil, rallied overnight, before falling throughout the European session. Gold rose 0.2% on the day to $1,776 an ounce, supported by a slightly weaker dollar, while Brent crude futures fell 0.6% to $93.33 a barrel, having retreated from an overnight high of $94.79.

☆ European shares pulled down by Mercedes, defence stocks up after Poland blast
▼ + stars: | 2022-11-16 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Mercedes slides on report of China EV price slashesEuropean autos sector eyes worst day in nearly 7 weeksBiden says missile that hit Poland may not have come from RussiaNov 16 (Reuters) - European shares fell on Wednesday, with Mercedes Benz Group leading losses in automobiles stocks, while a blast in Poland kept sentiment subdued and pushed up defence stocks. The pan-European STOXX 600 (.STOXX) index fell 0.4% by 0924 GMT. Auto stocks (.SXAP) tumbled 2.8% to lead sectoral declines, and were headed for their biggest one-day percentage fall in almost seven weeks. The European aerospace and defence (.SXPARO) sector climbed 0.9% following news of the blast. Multiple data points signalled a euro zone recession amid the European Central Bank's aggressive monetary tightening cycle to control record-high inflation.

☆ Futures rise as focus shifts to inflation data
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.09%, S&P 0.17%, Nasdaq 0.31%Nov 10 (Reuters) - U.S. stock index futures inched higher on Thursday as investor focus turned to October inflation data for clues on the path of future interest rate hikes. Traders are split on whether a 50 basis points or 75 basis points rate hike by the Fed is likely in December. ET, Dow e-minis were up 29 points, or 0.09%, S&P 500 e-minis were up 6.5 points, or 0.17%, and Nasdaq 100 e-minis were up 33.25 points, or 0.31%. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to 26.56 points, and was close to a weekly high. Reporting by Shubham Batra and Bansari Mayur Kamdar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

House Republican Leader Kevin McCarthy had hoped to celebrate a resounding victory that would propel him into the top job of speaker. But Republican hopes for a "red wave" of victories faded as Democrats showed surprising resilience in several key races. Pelosi said in a statement, "It is clear that House Democratic members and candidates are strongly outperforming expectations around the country." [1/9] Supporters cheer U.S. House Republican Leader Kevin McCarthy (R-CA) at a House Republicans' party held late on the night of the 2022 U.S. midterm elections in Washington, U.S., November 9, 2022. The Georgia Senate race could end up in a Dec. 6 runoff, possibly with Senate control at stake.

By early Wednesday, Republicans had flipped six Democratic House seats, Edison Research projected, one more than the minimum they need to take over the chamber. But Republican hopes for a "red wave" of victories faded as Democrats showed surprising resilience in several key races. Pelosi said in a statement, "It is clear that House Democratic members and candidates are strongly outperforming expectations around the country." But television host and heart surgeon Mehmet Oz failed to win his Pennsylvania Senate race. In Pennsylvania, Republican gubernatorial candidate Doug Mastriano, who sought to overturn the state's election results after Trump lost, was defeated by Democrat Josh Shapiro.

European stock markets were lower (.STOXX), U.S. equity futures , were mixed and Asian shares (.MIAPJ0000PUS) edged up as the U.S. midterm election results rolled in. This all left MSCI's World Stock Index (.MIWD00000PUS) stuck just below Tuesday's seven-week peak. "U.S. stock futures are pushing higher on the idea of political gridlock being favourable for stocks, as it has been historically." Stuart Cole, head macro economist at Equiti Capital said potential political gridlock in Washington likely meant the end of tax rises on corporations and the well-off proposed by President Joe Biden. Reuters GraphicsIn Asia, Japan's blue-chip Nikkei stock index (.N225) retreated from a two-month high as poor results from videogame maker Nintendo weighed.

☆ Futures rise with all eyes on key jobs data
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +3 min

Nonfarm payrolls is expected to have increased by 200,000 jobs last month after rising 263,000 in September, according to a Reuters survey of economists. The U.S. central bank on Wednesday hiked its benchmark rate by 75 basis points as expected while hinting at smaller increases ahead. However, Fed Chair Jerome Powell said the "ultimate level" of policy rate would likely be higher than previously estimated. ET, Dow e-minis were up 197 points, or 0.62%, S&P 500 e-minis were up 29 points, or 0.78%, and Nasdaq 100 e-minis were up 84.5 points, or 0.79%. Reporting by Shubham Batra, Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ European shares rise as China reopening hopes lift luxury, mining stocks
▼ + stars: | 2022-11-04 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) rose 1.1% by 0932 GMT. The European basic resources index (.SXPP) surged 4.6% to a seven-week high and was set for its biggest weekly gain in more than three months. Luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA) climbed between 2.5% and 3.5%. Among other stocks, manufacturer Andritz (ANDR.VI) surged 9.2% to the top of the STOXX 600, as its quarterly sales and profit rose significantly. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ VIEW Bank of England lifts UK rates to 3% in historic hike
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Toby MelvilleLONDON, Nov 3 (Reuters) - The Bank of England raised UK interest rates to 3% on Thursday in its largest rate hike since 1989 and warned of a "very challenging outlook" for the economy. Money markets showed traders now expect UK rates to peak at 4.6% by next September, compared to expectations of 4.8% just two days ago. UK bank stocks (.FTNMX301010) fell 0.8%BONDS: Yields on the two-year gilt were last up 1 basis points at 3.041%, compared with 3.064% before the BoE announced its decision. Rates markets are pricing another 50bps hike at each of the December and February meetings, although still reflect a lower terminal rate than just a week ago. ANDREW ALDRIDGE, PARTNER AT DEEPBRIDGE CAPITAL, LONDON"Quelling rampant inflation and kickstarting a slowing economy left the Bank facing a difficult balancing act, with today's interest rate hike to 3% hardly surprising in this context.

☆ FTSE 100 steady, midcaps fall ahead of key Fed meeting
▼ + stars: | 2022-11-02 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

UK pharmaceuticals stocks (.FTNMX201030) rose 1.2% after GSK (GSK.L) said it expects sales to rise between 8% and 10%, sending its shares up 1.2%. The blue-chip FTSE 100 (.FTSE) was flat, while the mid-cap FTSE 250 (.FTMC) fell 0.4% by 0934 GMT, dragged down by budget airline Wizz Air (WIZZ.L) after it said uncertainty for consumers rose. Third-quarter earnings among companies on the FTSE 100 have so far painted a mixed picture, as some firms performed better than expected as COVID restrictions eased globally, while some battled supply chain snags and surging inflation. British American Tobacco Plc fell 3%, to the bottom of FTSE 100, after Goldman Sachs downgraded its performance rating for the stock to "neutral". Reporting by Johann M Cherian in Bengaluru; Editing by Dhanya Ann Thoppil and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Commodity stocks, Natwest drag FTSE 100 lower
▼ + stars: | 2022-10-28 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.7%, FTSE 250 off 1.2%Natwest falls to bottom of FTSE 100Glencore cuts core earnings guidanceOct 28 (Reuters) - UK's FTSE 100 fell on Friday, as commodity-linked stocks dropped on worries about widening COVID-19 curbs in China, while Natwest slumped after reporting a flat third-quarter profit. The exporter-heavy FTSE 100 (.FTSE) fell 0.7%, with mining (.FTNMX551020) and energy (.FTNMX601010) stocks shedding 2.8% and 0.7%, respectively, as oil and metal prices slid after top consumer China expanded COVID-19 restrictions. "I'm not surprised because the government here is desperate to find sources of revenue," said Stuart Cole, head macro economist at Equiti Capital. "Investors are now concerned about the government taxing the significant sources of revenue that banks and energy companies have been earning." Shares of NatWest (NWG.L) dropped 7.8% to the bottom of FTSE 100 after the company reported a flat quarterly profit, blaming bad loan charges from a worsening economic outlook and the cost of exiting its Irish business.

Kanda, vice finance minister for international affairs, said he will not comment on whether Japan was intervening now or have stepped into the currency market earlier on Thursday. Japanese Finance Minister Shunichi Suzuki also told reporters after the yen's latest slide that he will "take decisive action" against excessive, sharp yen moves. "We cannot tolerate excessive, rapid currency market moves driven by speculative action," Suzuki said. The yen's break of 150 against the dollar took it to its weakest level since August 1990. The BOJ, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying.

The break above the key milestone heightens pressure for Tokyo to step into the currency market again to rein in the yen's relentless decline, which is adding to the country's already swelling import bill. "We cannot tolerate excessive, rapid currency market moves driven by speculative action," Suzuki said. The BOJ, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying. The Ministry of Finance's dollar-selling, yen-buying intervention last month was the first time authorities had acted in the markets to prop up the yen since 1998. The yen's tumble below 150 against the dollar on Thursday took it to its weakest level since August 1990, keeping investors on high alert to the possibility of another Japanese intervention in the currency market.

☆ Sterling weakens as Truss clings to power, markets dial back rate-hike bets
▼ + stars: | 2022-10-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

British Prime Minister Liz Truss battled to retain her grip on power, a day after a second top minister quit and rowing and jostling broke out among her lawmakers in parliament. Analysts said a dialling back of aggressive rate hike bets following comments from the BoE's Ben Broadbent also weighed on sterling. Investors reined in further their bets of a full percentage-point interest rate increase by the BoE next month following the comments. "The dip in sterling is more driven by monetary policy than politics," said Colin Asher, senior economist at Mizuho Bank. "Broadbent noted that the policy rate may not need to go up as much as markets are pricing and short-term gilt yields and sterling both declined."

☆ Sterling rallies as pressure on UK PM Truss mounts
▼ + stars: | 2022-10-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

British Prime Minister Liz Truss is meeting Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. Register now for FREE unlimited access to Reuters.com RegisterAgainst this backdrop, the pound rose 0.5% to $1.1260 , having earlier traded 0.4% down. Analysts said a dialling back of aggressive rate hike bets following comments from the BoE's Ben Broadbent also weighed on sterling. Investors reined in further their bets of a full percentage-point interest rate increase by the BoE next month following the comments. Rating agencies S&P and Moody's review UK sovereign ratings on Friday, another potential headwind for British markets.

☆ British pound and gilts soar after Hunt rolls back tax cuts
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +9 min

Jeremy Hunt on Friday replaced Kwasi Kwarteng, who Prime Minister Liz Truss sacked following the so-called "mini-budget" on Sept. 23 that sent UK assets sliding. Hunt on Monday announced a series of tax changes that he said would raise 32 billion pounds ($36.19 billion) a year in extra revenues. STERLING: The pound rose against the dollar and the euro, gaining 1.1% and 0.7%, respectively , . So the UK is not the outlier when it comes to its monetary policy and its fiscal policy. STUART COLE, HEAD MACRO ECONOMIST, EQUITI CAPITAL, LONDON:"I think it would be a brave person to be buying sterling quite yet.

☆ Volatile sterling surges on reports of potential UK fiscal plan U-turn
▼ + stars: | 2022-10-13 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

However, the central bank later officially reiterated that its programme of temporary gilt purchases will end on Oct. 14. UK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the BoE's Friday deadline. The yen "has lost its safe haven appeal," said Rodrigo Catril, a senior currency strategist at National Australia Bank. Investors were focusing on U.S. core inflation data due later, which is projected at 6.5% year-on-year in September. Minutes from the Federal Reserve's policy meeting last month showed that officials agreed they needed to raise interest rates to a more restrictive level - and then keep them there for some time - to meet their goal of lowering "broad-based and unacceptably high" inflation.

☆ UK bond market moves are dramatic, confusing, and analysts think it may get worse
▼ + stars: | 2022-10-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Monday's sharpest moves were concentrated in the index-linked gilt market — illiquid bonds where payouts to bondholders are benchmarked in line with the U.K. retail price index. The scale of the rise in bond yields — which move inversely to prices — prompted the Bank to expand its emergency bond purchase program on Tuesday to include index-linked gilts until the deadline on Friday. In a statement, the Bank said dysfunction in the index-linked gilt market posed a "material risk to U.K. financial stability." Analysts broadly expect volatility to continue in the coming weeks, at least until Finance Minister Kwasi Kwarteng's make-or-break fiscal policy announcements on Oct. 31. Stuart Cole, head macro economist at brokerage Equiti Capital, said the sequence of announcements from the Bank of England since its initial intervention may suggest that it is starting to "lose control" of the gilt market.

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