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☆ European shares slide on hawkish Fed; more c.bank decisions on tap
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Summary STOXX 600 down 0.6%Sept 21 (Reuters) - European shares fell on Thursday, tracking overnight losses on Wall Street after the U.S. Federal Reserve signalled higher-for-longer interest rates and ahead of rate decisions from the Swiss National Bank, Riksbank, Norges Bank and Bank of England. The pan-European STOXX 600 index (.STOXX) shed 0.6% by 0709 GMT, with rate-sensitive tech stocks (.SX8P) easing 0.8%. The Fed held key interest rates steady on Wednesday, as widely expected, and revised economic projections higher with warnings that the battle against inflation was far from over. The focus is now also on the monetary policy decisions in Switzerland, Sweden, Norway and the UK later in the day after the European Central Bank (ECB) raised its key interest rate last week to a record high of 4%. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bansari Mayur, Savio D'Souza Organizations: U.S . Federal Reserve, Swiss National Bank, Norges Bank and Bank of England, Fed, Nasdaq, European Central Bank, FTSE, Thomson Locations: Riksbank, Switzerland, Sweden, Norway, Bengaluru

☆ BofA lifts S&P 500 2023-end target by 7%, led by "old economy" stocks
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

The S&P 500 is up 15.7% so far this year, largely driven by a rally in a handful of mega-cap growth stocks such as Nvidia (NVDA.O) and Meta (META.O) that have ridden the artificial intelligence (AI) boom. While the rally has been moderating, BofA remains in "neutral" to "positive" territory on U.S. stocks, with a bias towards equal-weighted stocks, strategists led by Savita Subramanian said. An equal-weight index assigns uniform weights to each constituent, unlike a market capitalization-based index, like the S&P 500, where bigger companies tend to have an outsized influence. Equal-weighted stocks have less volatile earnings, smaller differences in analysts' estimates, and are cheaper and less crowded than growth stocks, Subramanian said. While a "fresh wave of bear narratives around equities have emerged", BofA says the "old economy", which includes value stocks - more prevalent in the equal-weighted S&P 500 - could benefit as much as tech and growth.

Persons: Andrew Kelly, Savita Subramanian, Subramanian, BofA, Morgan Stanley, Susan Mathew, Savio D'Souza Organizations: Dow Jones, New York Stock Exchange, REUTERS, Street, Nvidia, Tech, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Energy (.SPNY) was the top S&P 500 sector gainer, up 1.1%, as crude prices firmed near the $95-per-barrel mark on tight supply. Chipmaker Micron Technology (MU.O) rose 1.3%, following Friday's rout, after Deutsche Bank upgraded its stock rating to "buy" from "hold". Declining issues outnumbered advancers by a 1.02-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq. The S&P index recorded five new 52-week highs and 11 new lows, while the Nasdaq recorded 24 new highs and 172 new lows.

Persons: Brendan McDermid, Bernstein, Piper Sandler, Paul Nolte, Goldman Sachs, Janus Henderson, Wells, MoffettNathanson, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Holdings, Micron, L3Harris, Dow, Nasdaq, Energy, VF, Microsoft, U.S, Treasury, Murphy, Sylvest Wealth Management, Traders, Morgan Asset Management, Janus Henderson Investors, Arm Holdings, Dow Jones, Chipmaker Micron Technology, Deutsche Bank, L3Harris Technologies, PayPal Holdings, NYSE, Thomson Locations: New York City, U.S, Bengaluru

A slew of recent hotter-than-expected economic data has eased recession concerns without raising fears of a September rate hike. "Further rate hikes would risk sending the economy into a hard landing," said Thomas Simons, U.S. economist at Jefferies. "Instead, the Fed can look to a strategy of maintaining current policy rates for a long time as the best way to administer restrictive monetary policy to the economy." ET, Dow e-minis were up 31 points, or 0.09%, S&P 500 e-minis were up 5.25 points, or 0.12%, and Nasdaq 100 e-minis were up 23 points, or 0.15%. Asset management firm Blackstone Inc (BX.N) and vacation rentals platform Airbnb (ABNB.O), which are set to join the S&P 500 before the bell on Monday, were down 0.5% and 0.1%, respectively.

Persons: Brendan McDermid, Blackstone, Thomas Simons, Goldman Sachs, Janus Henderson, Wells, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Micron, Deutsche Bank, Airbnb, Dow, Nasdaq, Federal Reserve, Traders, Jefferies, Morgan Asset Management, Janus Henderson Investors, Bank of England, Bank of, Dow e, Micron Technology, Blackstone Inc, L3Harris Technologies, Thomson Locations: New York City, U.S, Bank of Japan, Bengaluru

☆ FTSE 100 slips at open ahead of Fed, BoE monetary policy decisions
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.1%, FTSE 250 off 0.2%Sept 18 (Reuters) - UK's FTSE 100 slipped at open on Monday as investors await interest rate decisions from the U.S. Federal Reserve and the Bank of England (BoE), while Britain's main manufacturing trade body cut its forecast for the sector's growth for this year. The exporter-heavy FTSE 100 (.FTSE) slipped 0.1% by 0712 GMT, while the mid-cap FTSE 250 (.FTMC) was down 0.2%. Britain's main manufacturing trade body cut its forecast for the sector's growth for this year and next, citing a sharp fall in factory output and economic uncertainty. Reporting by Siddarth S in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, BoE, Siddarth, Savio D'Souza Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Federal Reserve, Bank of England, Phoenix Group, Mondi, Sezar, Thomson Locations: City, City of London, Britain, Russia, Moscow, Bengaluru

☆ WhatsApp denies report that the platform is exploring ads
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] A keyboard is placed in front of a displayed WhatsApp logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 15 (Reuters) - WhatsApp's top head on Friday denied a Financial Times report that said the Meta Platforms-owned (META.O) messaging platform was exploring advertisements as it sought to boost revenue. We aren't doing this," WhatsApp head Will Cathcart said in a post on social media platform X, formerly known as Twitter. The report said that teams at Meta were discussing whether to show ads in lists of conversations with contacts on the WhatsApp chat screen, but no final decisions had been made, citing people familiar with the matter. Facebook bought WhatsApp, which has always been a free chat app, in 2014 for $19 billion.

Persons: Dado Ruvic, Will Cathcart, Meta, WhatsApp, it's, Mark Zuckerberg, Kanjyik Ghosh, Shubham, Sonia Cheema, Savio D'Souza Organizations: REUTERS, Times, Twitter, Meta, Facebook, Thomson Locations: Bengaluru

☆ What industry experts, leaders say about the autoworkers' strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +7 min

SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:"This is more of a symbolic strike than an actual damaging one ... DEMOCRATIC U.S. REPRESENTATIVE ELISSA SLOTKIN OF MICHIGAN:"I'm looking forward to joining our auto workers on the picket line this weekend. DONALD TRUMP, FORMER U.S. PRESIDENT:"The all Electric (car) is a disaster for both the United Auto Workers and the American Consumer. The targeted strike is intended to give UAW flexibility strike fund duration." SUZANNE CLARK, CEO OF US CHAMBER OF COMMERCE"The UAW strike and indeed the 'summer of strikes' is the natural result of the Biden administration's 'whole of government' approach to promoting unionization at all costs."

Persons: MARY BARRA, who's, we've, Shawn, Fain, DAN IVES, KOJI ENDO, LEE JAE, ARTHUR WHEATON, It's, ELISSA SLOTKIN, JAY TIMMONS, MONICA BOSIO, Stellantis, MARTINO, AMBROGGI, DONALD TRUMP, CHRIS MCNALLY, COLIN LANGAN, AT WELLS, PATRICK ANDERSON, JOHN MURPHY, Ford, ROBERT STREDA, DBRS, SUZANNE CLARK, Biden, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Heekyong Yang, Daniel Leussink, Giulio Piovaccari, Mehr Bedi, Medha Singh, Anne Marie Roantree, Jamie Freed, Savio D'Souza, Arun Koyyur Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, CNBC, GM, SBI, EUGENE, South, CORNELL SCHOOL, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, American Consumer, ISI, AT, Detroit, Thomson Locations: Chevrolet Colorado, Detroit, United States, ELISSA SLOTKIN OF MICHIGAN, China, Washington, San Francisco, Seoul, Tokyo, Milan, Bengaluru

The S&P 500 climbed 0.12% to end the session at 4,467.44 points. The Nasdaq gained 0.29% to 13,813.59 points, while the Dow Jones Industrial Average declined 0.20% to 34,575.53 points. The S&P 500 consumer discretionary index (.SPLRCD) climbed 0.9%, lifted as Ford Motor (F.N) rallied 1.5% on the vehicle maker's plans to double the production of its hybrid F-150 pickup trucks in 2024. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted 10 new highs and 11 new lows; the Nasdaq recorded 20 new highs and 199 new lows.

Persons: Victoria Fernandez, Raindrops, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Nasdaq, Dow, Federal Reserve, Microsoft, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit Airlines, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

Megacap growth stocks Tesla (TSLA.O), Meta Platforms (META.O), Microsoft (MSFT.O) and Amazon.com (AMZN.O) gained for much of the session. According to preliminary data, the S&P 500 (.SPX) gained 5.87 points, or 0.13%, to end at 4,467.77 points, while the Nasdaq Composite (.IXIC) gained 39.96 points, or 0.29%, to 13,813.59. Data showed consumer prices increased by the most in 14 months in August as gasoline prices surged, but the annual rise in underlying inflation was the smallest in nearly two years. Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Reuters Graphics Reuters GraphicsThe Fed is unlikely to cut rates before the April-June period next year, a Reuters poll showed.

Persons: Victoria Fernandez, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Federal Reserve, Microsoft, Apple, Nasdaq, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File Photo Acquire Licensing RightsSummaryCompanies Spirit Airlines slips on revenue outlook cutFord rises on plans to double production of pickup trucksConsumer prices data due at 8:30 a.m. ETFutures down: Dow 0.12%, S&P 0.12%, Nasdaq 0.15%Sept 13 (Reuters) - U.S. stock index futures inched lower on Wednesday as higher oil prices fuel worries about sticky inflation and stoke interest-rate concerns ahead of CPI data. "All indications are that higher oil costs are going to influence the headline inflation print. Investors will also closely monitor August producer prices and retail sales data on Thursday ahead of the Fed's Sept. 20 policy decision.

Persons: Mike Segar, Tim Waterer, Li Auto, Ankika Biswas, Shristi, Shubham Batra, Savio D'Souza, Vinay Dwivedi Organizations: Wall, New York Stock Exchange, REUTERS, Spirit Airlines, Dow, Nasdaq, stoke, Labor, KCM, Federal Reserve, Dow e, Apple, Li, European Commission, Sprit Airlines, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Xpeng, Bengaluru

☆ Metro Bank shares dip as mortgage risk model change drags
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - Britain's Metro Bank (MTRO.L) said on Tuesday that the Bank of England's Prudential Regulation Authority (PRA) would likely not approve its application to use internal credit risk models in its residential mortgages business this year. Shares in the lender fell 7% in early trading as stock-holders reacted to the news. Without permission to use its own risk models, Metro Bank remains subject to higher capital requirements set by the regulator, which have weighed on returns for its investors. "The board retains conviction in the merits of Metro Bank's customer-centric model and strongly believes that there is a significant opportunity set that the company can capitalise on, subject to renewed balance sheet strength," Metro said. "Larger scale is needed to absorb the high, branch-centric expense base which can be achieved only if current capital constraints ... are resolved," Peel Hunt said.

Persons: Peel Hunt, Radhika Anilkumar, Sinead Cruise, Savio D'Souza, Rashmi Aich, Iain Withers Organizations: Britain's Metro Bank, Bank of England's Prudential, Authority, Metro Bank, Metro, Peel, Thomson Locations: Bengaluru, London

☆ Tesla jumps on prediction supercomputer unit could add $600 bln to mkt value
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Dojo can open up new addressable markets that "extend well beyond selling vehicles at a fixed price," Morgan Stanley analysts led by Adam Jonas said in a note on Sunday. The Wall Street brokerage upgraded Tesla's stock to "overweight" from "equal-weight" and made it their "top pick," replacing Ferrari's U.S.-listed shares . That's about 76% higher than Tesla's market value of about $789 billion, based on the stock's close of $248.5 on Friday. Morgan Stanley raised its revenue estimate from Tesla's network services business to $335 billion in 2040, from $157 billion earlier. Jonas expects the unit to account for more than 60% of Tesla's core earnings by 2040, nearly doubling from 2030.

Persons: Matthew Childs, Morgan Stanley, Tesla, Adam Jonas, Jonas, Roshan Abraham, Susan Mathew, Medha Singh, Savio D'Souza, Sherry Jacob, Phillips, Rashmi Organizations: REUTERS, Dojo, Ferrari's U.S, Ford, Motors, Thomson Locations: London, Britain, Bengaluru

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) said on Monday it will buy Twinkies-maker Hostess Brands (TWNK.O) in a $5.6 billion deal, as major U.S. packaged food companies look to expand their brand portfolios with pandemic-era fortunes dwindling. J. M. Smucker will pay Hostess shareholders $34.25 per share in a cash and stock deal, representing a premium of 54% since the day before the report surfaced. Hostess Brands became an acquisition target after it managed to boost its revenue through price hikes that fueled investor concerns over its prospects with its volume growth consistently declining. Smucker and Hostess deal follows a spree of other deals including that of Campbell Soup's (CPB.N) $2.7 billion deal for Rao's sauce maker Sovos Brands (SOVO.O) and Unilever (ULVR.L) buying premium frozen yogurt brand Yasso in North America.

Persons: Brendan McDermid, Smucker, Campbell Soup's, Hostess, Ding Dongs, Dimpal Gulwani, Ananya Mariam Rajesh, Anirban Sen, Savio D'Souza, Shinjini Organizations: REUTERS, Hostess Brands, Reuters, Hostess, Mills Inc, Mondelez, PepsiCo Inc, Hershey Co, Sovos, Unilever, Hos, Thomson Locations: Manhattan, New York City, U.S, North America, Lenexa , Kansas, Ho, Bengaluru, New York

☆ Tesla supercomputer could boost EV maker's market cap by $600 bln -Morgan Stanley
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Matthew Childs/File Photo Acquire Licensing RightsSept 11 (Reuters) - Tesla's (TSLA.O) supercomputer, Dojo, to train AI models for autonomous cars could give the electric vehicle maker an "asymmetric advantage" and boost its market capitalization by nearly $600 billion, or 76%, Morgan Stanley estimated. Tesla started production of Dojo in July and plans to spend more than $1 billion through next year. Dojo can open up new addressable markets that "extend well beyond selling vehicles at a fixed price," Morgan Stanley analysts, led by Adam Jonas, said in a note published on Sunday. The Wall Street brokerage upgraded its recommendation on Tesla's stock to "overweight" from "equal-weight" and made it their "top pick," replacing Ferrari's U.S.-listed shares . That compares with its current market value of about $789 billion, after the stock closed at $248.5 on Friday.

Persons: Matthew Childs, Morgan Stanley, Tesla, Adam Jonas, Jonas, Roshan Abraham, Susan Mathew, Savio D'Souza Organizations: REUTERS, Dojo, Ferrari's U.S, Thomson Locations: London, Britain, Bengaluru

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) on Monday agreed to buy Twinkies maker Hostess Brands (TWNK.O) for $5.6 billion including debt in a deal that unites two major American snack makers. The deal was worth about $4.6 billion excluding debt, with Jif peanut butter maker Smucker paying Hostess shareholders $34.25 per share. Campbell Soup's (CPB.N) recent acquisition of Rao's sauce maker Sovos Brands (SOVO.O) represented an adjusted EBITDA multiple of 14.6 times, including run rate savings, and 19.8 times excluding those. Based in Lenexa, Kansas, Hostess was founded in 1930 and is behind several iconic household brands, including Ho-Hos, Ding Dongs, Zingers, and Voortman cookies and wafers.

Persons: Brendan McDermid, Smucker, Campbell Soup's, Smucker's, Campbell, Hostess, Ding Dongs, Dean Metropoulos, Alec Gores, Ananya Mariam Rajesh, Anirban Sen, Abigail Summerville, Dimpal, Savio D'Souza, Shinjini Ganguli, Jason Neely Organizations: REUTERS, Hostess Brands, Reuters, Sovos, JPMorgan, Sovos Brands, Hos, Smucker, Apollo Global Management Inc, Hostess, Thomson Locations: Manhattan, New York City, U.S, North America, Lenexa , Kansas, Ho, Bengaluru, New York

☆ Tesla jumps as analyst predicts $600 billion value boost from Dojo
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo Acquire Licensing RightsSept 11 (Reuters) - Tesla rallied 6% on Monday after Morgan Stanley said its Dojo supercomputer could power a near $600 billion surge in the electric-car maker's market value by helping speed up its foray into robotaxis and software services. The Wall Street brokerage upgraded Tesla's stock to "overweight" from "equal-weight" and replaced Ferrari's U.S.-listed shares with it as "top pick". That is about 76% higher than Tesla's market value of about $789 billion, based on the stock's close of $248.5 on Friday. Morgan Stanley raised its revenue estimate for Tesla's network services business to $335 billion in 2040 from $157 billion earlier.

Persons: Matthew Childs, Tesla, Morgan Stanley, Adam Jonas, Jonas, Roshan Abraham, Susan Mathew, Medha Singh, Savio D'Souza, Sherry Jacob, Phillips, Rashmi Aich, Anil D'Silva Organizations: REUTERS, Dojo, Ford, Motors, Thomson Locations: London, Britain, Ferrari's U.S, Bengaluru

☆ Alchemy Copyrights to buy Round Hill Music for about $469 mln
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Sept 8 (Reuters) - Alchemy Copyrights has agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million, the companies said on Friday, giving it access to songs including Backstreet Boys' "I Want It That Way". Shareholders in Round Hill Music will get $1.15 in cash per scheme share, representing a premium of about 67% to the stock's closing price on Thursday. Alchemy Copyrights, trading as Concord, is an acquirer of music rights and companies, with transactions spanning recorded music, music publishing and theatricals. Round Hill Music's portfolio of music rights comprises 51 catalogues with a collection of more than 150,000 songs, including Backstreet Boys' "I Want It That Way" and the Beatles' "She Loves You". Guernsey-based Round Hill Music has seen shares slide this past year due to inflationary pressures and a higher interest rate environment, which have impacted many listed alternative investment companies.

Persons: Yadarisa, Savio D'Souza, Sherry Jacob, Phillips Organizations: Royalty, Backstreet, Thomson Locations: Concord, Guernsey, Bengaluru

☆ Summit Materials to buy Cementos Argos' US unit in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( Ananta Agarwal | ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would buy the U.S. operations of Columbia's Cementos Argos (CCB.CN) for about $3.2 billion in cash and stock, in a deal that would make the combined entity the largest U.S.-based cement producer. Cementos Argos, the core unit of industrial conglomerate Grupo Argos (ARG.CN), will own a 31% stake in Summit and receive $1.2 billion in cash payments, subject to certain conditions. The deal, which is expected to close in the first half of 2024, could lead to annual cost savings of more than $100 million, Summit said. Shares of Summit Materials fell 7.92% in mid-day trading.

Persons: Luisa Gonzalez, Columbia's Cementos, Argos, Summit, Anne Noonan, Morgan Stanley, Ananta Agarwal, Savio D'Souza, Maju Samuel, Shweta Agarwal Organizations: REUTERS, Grupo Argos, Summit, BofA Securities, Thomson Locations: Argos, Bogota, Colombia, U.S, Mid, Atlantic, Texas, Summit

☆ Summit Materials to merge with Cementos Argos's US operations in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would merge with the U.S. operations of Cementos Argos in a cash-and-stock transaction valued at $3.2 billion, creating the fourth-largest cement platform in the United States. Cementos Argos will receive about $1.2 billion in cash, subject to closing adjustments, and 54.7 million shares of Summit based on its closing price on Wednesday. Argos USA has assets comprising four integrated cement plants, 140 ready-mix plants and eight ports, giving Summit a "significantly improved scale" in high-growth markets. Cementos Argos will own about 31% of the combined company on upon the closing of the transaction.

Persons: Luisa Gonzalez, Cementos, Ananta Agarwal, Savio D'Souza, Maju Samuel Organizations: REUTERS, U.S, Summit, Argos USA, Thomson Locations: Argos, Bogota, Colombia, United States

☆ With Indian rupee near record low, cenbank steps up NDF intervention
▼ + stars: | 2023-09-07 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

"The RBI intervened on NDF in the morning (before local over-the-counter, OTC, markets opened) and it did the same yesterday," the head of treasury at a private sector bank said. The banker said the RBI has been intervening in the NDF market via the BIS (Bank of International Settlements) and a large U.S.-based bank. At times, we see (Indian) public sector bank names," the head of proprietary trading at a foreign bank said. By the time local OTC markets opened on Thursday, the contract had retreated to 83.20 and the spot opened at 83.12. Apart from NDF, the central bank has been likely supplying dollars via public sector banks in the local OTC market, traders said.

Persons: Francis Mascarenhas, Nimesh Vora, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Reuters, U.S, BIS, Bank of International, New, Thomson Locations: Mumbai, India, Rights MUMBAI, U.S, Asia, New York

☆ Dollar rises to six-month high after US data; weak yen prompts warning
▼ + stars: | 2023-09-06 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The greenback recovered against most currencies after the data, with the euro and sterling hitting three-month lows and the yen touching session troughs. The euro and sterling fell to three-month lows after the data and were last flat at $1.0726 and down 0.5% at $1.2505 , respectively. Data showed the Institute for Supply Management (ISM)'s non-manufacturing PMI rose to 54.5 last month, the highest since February and up from 52.7 in July. Against the yen, the dollar trimmed losses, last down little changed at 147.69 yen. The dollar showed little reaction to the report.

Persons: Dado Ruvic, Helen, Susan Collins, Christopher Waller, Waller, Masato Kanda, Gertrude Chavez, Dreyfuss, Samuel Indyk, Ankur Banerjee, Savio D'Souza, Alexandra Hudson, Josie Kao Organizations: REUTERS, Institute for Supply Management, Reuters, Monex USA, Federal, Fed, Boston, CNBC, Ministry of Finance, Thomson Locations: Washington, U.S, Kanda, London, Singapore

☆ China bans govt officials from using iPhone for work -WSJ
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. The orders were given by superiors to their staff in recent weeks and it wasn't clear how widely the orders were being distributed, the WSJ said. China has in recent years grown more concerned over data security and has rolled out new laws and compliance requirements for companies. The latest restriction by China mirrors similar bans taken in the United States against Chinese smartphone maker Huawei and short video platform TikTok, owned by China's ByteDance. China is one of Apple's biggest markets and generates nearly one-fifth of its revenue.

Persons: Thomas Peter, Gina Raimondo, China's ByteDance, Baranjot Kaur, Savio D'Souza, Miral Organizations: Apple, REUTERS, Wall Street, China's, Information Office, Washington, planemaker Boeing, Micron Technology, . Commerce, Huawei, Thomson Locations: Beijing, China, Sino, U.S, United States, Bengaluru

☆ LSEG explores blockchain for cross-asset digital 'ecosystem'
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/file photo Acquire Licensing RightsSept 4 (Reuters) - London Stock Exchange Group (LSEG.L) is looking into using blockchain to build what it described on Monday as "an end-to-end digital market ecosystem to raise and transfer capital across asset classes". Blockchain, best known as the technology underpinning cryptocurrencies such as bitcoin and other crypto assets, is a digital ledger which records and verifies transactions. LSEG's move comes as a number of mainstream financial institutions are talking about the potential for blockchain to streamline the process of issuing and trading financial assets. "The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent .

Persons: Toby Melville, Murray Roos, Roos, LSEG, Akanksha, Radhika Anilkumar, Savio D'Souza, Rashmi Aich, Alexander Smith Organizations: London Stock Exchange, REUTERS, Financial Times, Reuters, Treasury, Thomson Reuters, Thomson Locations: Canary Wharf, London, Britain, LSEG, Bengaluru

☆ LSE Group draws up plans for blockchain-based digital assets business - FT
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/file photo Acquire Licensing RightsSept 4 (Reuters) - The London Stock Exchange Group (LSEG.L) has drawn up plans for a new digital markets business to offer extensive trading of traditional financial assets on the blockchain technology known for powering cryptocurrency, the Financial Times reported. LSEG is considering using a separate legal entity for the digital markets business, the report said on Monday, adding that it hoped to have it running within the next year, subject to regulatory approvals. The London Stock Exchange Group did not immediately respond to a Reuters request for comment. The reported move comes at a time when a number of mainstream financial institutions are talking about the potential for blockchain to streamline the process of issuing and trading financial assets.

Persons: Toby Melville, Murray Roos, Blockchain, Roos, Akanksha, Savio D'Souza, Rashmi Organizations: London Stock Exchange, REUTERS, Financial Times, LSE Group, LSE, Treasury, London Stock Exchange Group, Thomson Reuters, Reuters, Thomson Locations: Canary Wharf, London, Britain, LSEG, Bengaluru

☆ Shell to sell home energy business in UK, Germany to Octopus Energy
▼ + stars: | 2023-09-01 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Shell (SHEL.L) said on Friday it would sell its home energy business in the UK and Germany to British energy supplier Octopus Energy Group as part of a deal in which the two companies explore a partnership on EV charging. “This agreement follows the announcement during our Capital Markets Day to divest our home energy retail business in Europe,” said Shell Executive Vice-President Steve Hill. Shell Energy Retail Limited in the UK and Shell Energy Retail GmbH in Germany provide domestic gas, power and broadband services to about two million customers and operate under the Shell Energy brand. Shell and Octopus have also signed a memorandum of understanding to explore a potential international partnership over electric vehicles (EV) charging, including for Shell Recharge subscribers, Shell said.

Persons: Chris Helgren, ”, Steve Hill, Shell, Susanna Twidale, Radhika Anilkumar, Savio D'Souza, Chizu Organizations: Shell, REUTERS, Octopus Energy, EV, Shell Energy Retail Limited, Shell Energy Retail GmbH, Shell Energy, Gas, Shell Energy Retail, Thomson Locations: Vancouver , British Columbia, Canada, Germany, British, Europe, Britain, London, Bengaluru

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