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The corporate logo of software company Adobe is seen in Posa Studio school in Caracas, Venezuela October 9, 2019. The European Commission is readying a statement of objections to send to the companies in the coming days, the people said. Such documents or charge sheets set out the EU competition watchdog's concerns on why deals could be anti-competitive. The Commission and Adobe, which can offer remedies to stave off the EU warning, declined to comment. Some companies prefer to wait for a statement of objections so that they know the precise regulatory worries before they offer concessions.
Persons: Manaure Quintero, Foo Yun Chee, Susan Fenton Organizations: Adobe, REUTERS, Rights, Tech, European, Video Communications, Thomson Locations: Caracas, Venezuela, Rights BRUSSELS, EU, San Francisco
He warned the EU's framework placed banks' activity as a 'crypto-asset service provider' -- such as acting as a custodian for customer wallets, exchanging tokens or managing crypto portfolios -- outside of the ECB's purview as a banking supervisor. "In fact, if crypto-asset service providers controlled by banks are not within the scope of their prudential consolidation, the BCBS standard and especially the exposure limit may become ineffective." He added crypto asset service providers should be added "as a matter of urgency" to the list of financial institutions that the ECB supervises under EU rules. MiCAR entered into force at the end of June and will take full effect by the end of next year. The Basel Committee's global standards on exposures to crypto assets are due to be transposed into EU law by Jan. 1, 2025.
Persons: Dado Ruvic, Andrea Enria, Enria, MiCAR, Jan, Claudia Buch, Francesco Canepa, Susan Fenton Organizations: REUTERS, Rights, Central Bank's, Banking, ECB, prudential, EU, Thomson Locations: EU, Venice, Basel
The Goldman Sachs company logo is on the floor of the New York Stock Exchange in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Nov 14 (Reuters) - Fnality, a blockchain-based wholesale payments firm, said on Tuesday it has raised 77.7 million pounds ($95.09 million) in a second round of funding backed by Goldman Sachs and other blue chip financial firms as it awaits Bank of England approval to start operations. UK-based Fnality seeks to bridge the gap between mainstream and digital finance to cut the time and cost of settling, managing collateral and making payments for financial market transactions. Fnality said the round was led by Goldman Sachs and BNP Paribas, with participation from settlement houses DTCC and Euroclear, as well as Nomura and WisdomTree. Finality raised 55 million pounds in its first whip round in June 2019.
Persons: Goldman Sachs, Brendan McDermid, Fnality, Mathew McDermott, Goldman's, Huw Jones, Susan Fenton Organizations: New York Stock Exchange, REUTERS, of, BNP, Nomura, Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, Street, Sumitomo Mitsui Banking Corporation, UBS, Sterling, Bank of England, Thomson Locations: New York City, U.S, DTCC
Continental plans thousands of job cuts in auto division
  + stars: | 2023-11-13 | by ( ) www.reuters.com   time to read: +2 min
A car wheel with a badge showing the logo of German tyre company Continental, pictured before the company's annual news conference in Hanover, Germany, March 7, 2019. The exact number of job cuts was not immediately clear, but it will amount to the "mid-four-digit range", the company said. The news comes amid ongoing reports that Continental plans a restructuring and potential sell-offs, with CEO Nikolai Setzer saying in September he was considering a change in ownership of the company's ContiTech division. Continental will provide a full strategy update at its capital markets day on Dec. 4, the statement said. Last week the company reported that the automotive business returned to profit in the third quarter and predicted a strong quarter ahead.
Persons: Fabian Bimmer, Nikolai Setzer, Andrey Sychev, Victoria Waldersee, Christina Amann, Miranda Murray, Susan Fenton, Bernadette Baum Organizations: Continental, REUTERS, Rights, Reuters, Smart, Thomson Locations: Hanover, Germany
Indonesia's defence minister and presidential candidate, Prabowo Subianto greets the supporters after registering himself for next year's presidential election, at the election commission headquarters in Jakarta, Indonesia, October 25, 2023. REUTERS/Willy Kurniawan/File Photo Acquire Licensing RightsJAKARTA, Nov 13 (Reuters) - Indonesia's presidential front-runner Prabowo Subianto on Monday criticised the European Union over its ban on palm oil imports and said Europeans during colonial times were also guilty of deforestation. The EU in April passed a law which would ban imports of commodities linked to forest destruction, including palm oil of which Indonesia is the world's biggest producer. Prabowo, who is leading opinion polls ahead of a presidential election next February, said Indonesia maintains "good" relations with Europe "although we have problems sometimes with the European Union". The EU, Indonesia and neighbouring Malaysia, the world's second-largest palm oil producer, have formed a task force to discuss the law.
Persons: Prabowo Subianto, Willy Kurniawan, Prabowo, Mercedes Benz, Stanley Widianto, Susan Fenton Organizations: REUTERS, Rights, European Union, EU, European, Volkswagen, Centre, Strategic, International Studies, Union, Dutch East, Thomson Locations: Jakarta, Indonesia, Rights JAKARTA, European, Europe, EU, Dutch, Dutch East Indies, Malaysia
Orsted pulls out of Norway offshore wind consortium
  + stars: | 2023-11-13 | by ( ) www.reuters.com   time to read: +2 min
Earlier this month the Danish company, the world's largest offshore wind developer, also scrapped two U.S. offshore wind projects, flagging $5.6 billion in related impairments as costs ballooned due to rising interest rates and supply bottlenecks. Olsen Renewables AS, and Norwegian power producer Hafslund formed the Blaavinge consortium in 2021 to take part in planned offshore wind tenders in Norway. Olsen Seawind and Hafslund will not be able to participate in the bottom-fixed wind tender now that Orsted has pulled out of the consortium, Bonheur said. However, they still plan to work on a tender for floating offshore wind turbines. Norway has yet to announce the date for a floating offshore wind tender.
Persons: Tom Little, Orsted, Bonheur's, Olsen, Fred, Hafslund, Olsen Seawind, Bonheur, Nerijus Adomaitis, Susan Fenton Organizations: REUTERS, Rights, Bonheur ASA, Fred, Olsen Seawind ASA, Olsen Renewables AS, Thomson Locations: Nysted, Denmark, Rights OSLO, Norway, Danish, Norwegian
The composite PMI - which includes weak data from the smaller manufacturing sector released on Tuesday - rose to 48.7 from 48.5 in September. "Forward-looking survey indicators suggested that service providers will continue to skirt with recession," Tim Moore, economics director at S&P Global, said. "A shallow downturn in UK service sector activity persisted in October as businesses struggled to make headway against a backdrop of worsening domestic economic conditions and stretched household budgets." The services PMI showed the weakest rise in businesses' input costs since February 2021, as falling raw material costs and discounting by suppliers offset continued upward pressure from rising wage bills and fuel costs. Prices charged by services companies rose by the most in three months, although the increases were smaller than in the first half of the year.
Persons: Hannah McKay, Tim Moore, BoE, David Milliken, Susan Fenton Organizations: REUTERS, P, PMI, P Global, Bank of England, Thomson Locations: London, Britain, September's, United States
Russia currently exports gas to China through the Power of Siberia 1 pipeline, which began operating in 2019 and runs through eastern Siberia into China's northeastern Heilongjiang province. Moscow has not said how much the 2,600 km (1,616 miles) Power of Siberia-2 would cost or how it would be financed. Russia aims to increase supplies via Power of Siberia 1 to 38 bcm annually by 2025. If the plans for Power of Siberia 2 and another link from Russia's far eastern island of Sakhalin come to fruition, Russia's pipeline gas exports to China would rise to almost 100 bcm per year by 2030. "This fact will require CNPC to build on its own all the necessary gas transportation infrastructure in China," Kondratov wrote.
Persons: Maxim, Xi Jinping, Vladimir Putin, Dmitry Kondratov, Kondratov, Sergey Vakulenko, Vakulenko, Viktoria Abramchenko, Andrew Hayley, Chen Aizhu, Oksana Kobzeva, Mark Trevelyan, Susan Fenton Organizations: REUTERS, Russia, East, Power, Gazprom, Economics, Russian Academy of Science, Carnegie Endowment, International, Soyuz, Thomson Locations: Siberia, Svobodny, Amur, Russia, East Power, Turkmenistan, MOSCOW, China, Europe, Yamal, Mongolia, Baltic, Moscow, Ukraine, Beijing, China's, Heilongjiang, Russian, Power, Russia's, Sakhalin, That's, Nord, Turkey, Japan, United States, Qatar, Australia, Singapore
REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsBRUSSELS, Oct 29 (Reuters) - The Group of Seven industrial countries will on Monday agree a code of conduct for companies developing advanced artificial intelligence systems, a G7 document showed, as governments seek to mitigate the risks and potential misuse of the technology. The voluntary code of conduct will set a landmark for how major countries govern AI, amid privacy concerns and security risks, the document seen by Reuters showed. The 11-point code "aims to promote safe, secure, and trustworthy AI worldwide and will provide voluntary guidance for actions by organizations developing the most advanced AI systems, including the most advanced foundation models and generative AI systems", the G7 document said. The code urges companies to take appropriate measures to identify, evaluate and mitigate risks across the AI lifecycle, as well as tackle incidents and patterns of misuse after AI products have been placed on the market. Companies should post public reports on the capabilities, limitations and the use and misuse of AI systems, and also invest in robust security controls.
Persons: Dado Ruvic, Vera Jourova, Foo Yun Chee, Alexander Smith, Susan Fenton Organizations: REUTERS, Rights, Reuters, European Union, Companies, EU, Commission, Thomson Locations: Rights BRUSSELS, Canada, France, Germany, Italy, Japan, Britain, United States, Hiroshima, Southeast Asia, Kyoto
As well as the Israeli military's pictures of tanks, some images online appeared to show Israeli soldiers waving an Israeli flag deep inside Gaza. Hamas said it was firing mortars against Israeli forces in north Gaza and had hit Israeli tanks with missiles, belittling reports of deep advances by its enemy. Medical authorities in the Gaza Strip, which has a population of 2.3 million people, said on Sunday 8,005 people - including 3,324 minors - had been killed. They later said their fighters had clashed with Israeli forces northwest of Gaza and had also set fire to two Israeli tanks. Israel has accused Hamas of locating command centres and other military infrastructure in Gaza hospitals, something the group denies.
Persons: Biden, Netanyahu, Shaban Ahmed, Ahmed, Daniel Hagari, Karim Khan, Elad Goren, Cogat, Khan Younis, Mohammed Salem, Israel, Joe Biden, Benjamin Netanyahu, Crescent, Gaza’s Khan Younis, Rami Al, James Mackenzie, Nidal, Dan Williams, Emily Rose, Riham Alkousaa, Omar Abdel, Razek, Ari Rabinovitch, Adam Makary, Ali Swafta, John Davison, Michelle Nichols, Gareth Jones, Andrew Cawthorne, Alison Williams, Susan Fenton, Lisa Shumaker Organizations: Reuters, Israeli Defence Force, Criminal, Israeli Defence Ministry, Hamas, REUTERS, United Nations, UNIFIL, Lebanese, Sunday, United Nations Palestinian, Palestinian, Brigades, Tel, Crescent, Gaza Shifa, Thomson Locations: Israel, Gaza Gaza, JERUSALEM, GAZA, Gaza's, Palestinian, Iranian, Gaza, Gaza City, Israel's, Rafah, Lebanon, Houla, Israeli, Gaza’s, Al, Tel Aviv, Beirut, Dagestan, Russia, al, Quds
Aurelius in talks to buy The Body Shop, source says
  + stars: | 2023-10-29 | by ( Akanksha Khushi | ) www.reuters.com   time to read: +1 min
The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsOct 29 (Reuters) - Private equity investor Aurelius Group is in talks to buy beauty products chain The Body Shop, which has been put up for sale by its Brazilian owner Natura & Co (NTCO3.SA), a source familiar with the talks told Reuters. If completed, the deal is expected to value The Body Shop at a lower price than the 400 million pounds-500 million pounds ($485.20 million-$606.50 million) suggested in some media reports, the source, who did not wish to be identified, said. Natura bought The Body Shop from L'Oreal (OREP.PA) in 2017. Natura and Aurelius declined to comment while The Body Shop did not immediately respond to requests for comment.
Persons: Leonhard Foeger, Aurelius, Akanksha, Alexander Smith, Susan Fenton Organizations: REUTERS, Natura, Reuters, L'Oreal, Sky News, Thomson Locations: Vienna, Austria, Brazilian, Bengaluru
Mohamed Muizzu, Maldives presidential candidate of the opposition party, People's National Congress speaks with the media personnel during the second round of a presidential election in Male, Maldives September 30, 2023. REUTERS/Dhahau Naseem/File Photo Acquire Licensing RightsCOLOMBO, Oct 29 (Reuters) - Maldives will work to return Indian military personnel from its shores "as soon as possible," President-elect Mohamed Muizzu told Reuters on Sunday, insisting it was the top foreign policy priority for the tiny Indian Ocean island chain. Muizzu won Maldives' presidential election last month, beating incumbent President Ibrahim Solih in a second-round runoff. Solih had followed an "India first" policy but Muizzu in his election campaign promised to remove a small Indian military presence of some 75 personnel in Maldives. "The focus is not on the actual number of military personnel here, it is on not having any at all in the Maldives.
Persons: Mohamed Muizzu, Dhahau Naseem, Muizzu, Ibrahim Solih, Solih, I’m, Uditha, Swati Bhat, Susan Fenton Organizations: People's, REUTERS, Rights, Reuters, Maldives ., Thomson Locations: Maldives, Male, India, China
The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. To make sure it can get the guarantees to fulfil its order backlog, Siemens Energy has turned to the government. Siemens owns a 25.1% stake in Siemens Energy and has not ruled out helping. Siemens still provides around 7 billion euros of performance guarantees to projects Siemens Energy is working on, significantly down from the 40 billion euros at the time of the spin-off around three years ago. Apart from seeking guarantees from the government, banks and Siemens, Siemens Energy said it is "evaluating various measures to strengthen the balance sheet", without elaborating further.
Persons: Chris Helgren, Banks, Roland Busch, hade, Andreas Rinke, Christoph Steitz, Victoria Farr, Andres Gonzalez, Pablo Mayo, Alexander Huebner, Tom Kaeckenhoff, Josephine Mason, Susan Fenton Organizations: Siemens Energy, REUTERS, Siemens, International Chamber of Commerce, German Economy Ministry, SIEMENS, Triton, Pablo Mayo Cerqueiro, Thomson Locations: Vancouver , British Columbia, Canada, downpayments, Berlin, Frankfurt, London, Munich
JERUSALEM, Oct 29 (Reuters) - Israel's Energy Ministry said on Sunday it had awarded 12 licenses to six companies to explore for natural gas off the country's Mediterranean coast, aiming to create more competition and diversify suppliers. It said that one group that includes ENI (ENI.MI), Dana Petroleum and Ratio Energies (RATIp.TA) will explore in an area west of the massive Leviathan field, which supplies Israel with gas and is also used for export. Another group comprised of BP (BP.L) Socar (403550.KS) and NewMed (NWMDp.TA) will explore north of the Leviathan, the ministry said. "The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs," said Energy Minister Israel Katz. Reporting by Ari Rabinovitch and Steven Scheer; Editing by Susan Fenton and Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.
Persons: Israel Katz, Ari Rabinovitch, Steven Scheer, Susan Fenton, Giles Elgood Organizations: Israel's Energy Ministry, ENI, Dana Petroleum, BP, Energy, Thomson Locations: Israel, Europe
A logo of Millennium bank, Polish unit of Portugal's Millennium BCP, is pictured on the flag in front of the bank headquarters in Warsaw, Poland April 28, 2016. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsGDANSK, Oct 27 (Reuters) - Poland's Bank Millennium (MILP.WA) aims to conclude 1,000 settlements every quarter with customers regarding Swiss franc loans, Chief Executive Joao Bras Jorge said on Friday. Last year the Polish government introduced a so-called credit vacation to help borrowers deal with higher interest rates in Poland. Bank Millennium, majority owned by Portugal's Millennium bcp (BCP.LS), said it will not propose a dividend for 2023. Bank Millennium posted a third quarter net profit of 103 million zlotys ($24.40 million), reversing a 1 billion zloty loss a year earlier.
Persons: Kacper, Joao Bras Jorge, Jorge, Fernando Bicho, Bicho, Marta Maciag, Adrianna Ebert, Anna Banacka, Susan Fenton Organizations: REUTERS, Swiss, Bank, Portugal's, Thomson Locations: Warsaw, Poland, GDANSK, Switzerland
REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsOct 26 (Reuters) - Europe's biggest hotel group Accor on Thursday raised its core profit target for 2023 for the second time this year, citing positive business momentum in all of its markets after another strong post-pandemic summer. The sector continues to benefit from the leisure travel boom despite inflation and the resurgence of recession fears in Europe. It was also boosted by the Rugby World Cup, particularly in cities where hotel supply is more limited, such as Lille and Nantes, Accor said. The group now expects core earnings (EBITDA) of between 955 million euros and 985 million euros for 2023, up from a previous forecast of between 930 million euros and 970 million euros, which was already upgraded in July. It also raised its forecast for growth in RevPAR in 2023 and now expects it to slightly exceed 20%.
Persons: Sarah Meyssonnier, Novotel, Accor, Martine Gerow, Diana Mandiá, Susan Fenton, David Holmes, Sharon Singleton Organizations: REUTERS, Rugby, Lille, Thomson Locations: Issy, Paris, France, Europe, That's, Nantes, Jerusalem, Tel Aviv, RevPAR
The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees. Siemens remains an anchor investor in Siemens Energy, retaining a 25.1% stake. The government was ready to help Siemens Energy while stakeholders also will have to play their role, they said. J.P. Morgan said in a note that the energy transition will require substantially higher rates of investments, which will bring commercial opportunities for Siemens Energy and sector peers.
Persons: Chris Helgren, Siemens Gamesa, WirtschaftsWoche, Morgan, Matthias Inverardi, Christian Kraemer, Alexander Huebner, Vera Eckert, Friederike Heine, Miranda Murray, Sabine Wollrab, Rachel More, Jan Harvey, Susan Fenton Organizations: Siemens Energy, REUTERS, Companies Company, Siemens, Siemens AG, Reuters Graphics Reuters, Spiegel, European Commission, Siemens Gamesa, Thomson Locations: Vancouver , British Columbia, Canada, BERLIN, Berlin
A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.
Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London
China to issue $137 bln sovereign debt to support economy
  + stars: | 2023-10-24 | by ( ) www.reuters.com   time to read: +2 min
Reuters reported on Monday that China's parliament was set to approve just over 1 trillion yuan in additional sovereign debt issuance, citing sources. "The additional fiscal support approved today is the intervention we had been expecting and that was needed to prevent an abrupt fiscal tightening in China in the closing weeks of the year," said Mark Williams, chief Asia economist at Capital Economics. China has previously let local governments issue bonds ahead of the annual session of parliament, which approves government budget plans and is usually held in March. Local governments had been told to complete the issuance of the 2023 quota of 3.8 trillion yuan in special local bonds by September to fund infrastructure projects. The government has not disclosed the size of local governments' 2024 frontloaded bond quotas.
Persons: Mark Williams, Williams, Kevin Yao, Ellen Zhang, Ella Cao, Jason Neely, Susan Fenton Organizations: Xinhua, Reuters, National People's Congress, Capital Economics, Thomson Locations: BEIJING, China, Asia, Beijing
LONDON, Oct 24 (Reuters) - Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. So yes, that is right there lurking in the shadows," Banga said, referring to a rise in the benchmark for borrowing costs around the world which further threaten an economic slowdown. Banga said that while everything in the developed world looks better than had been expected some time ago, "I think that we're at a very dangerous juncture." He said private sector investment is needed in developing economies but political risks in some of these countries remain a barrier. There is not enough money in government coffers or even in the multilateral development banks, we need to involve the private sector with their capital," he said.
Persons: Ajay Banga, Banga, Jorgelina, Karin Strohecker, Mike Harrison, Susan Fenton Organizations: World, Treasury, Future Investment Initiative, Thomson Locations: Riyadh, Israel, Gaza, Rosario
LONDON, Oct 24 (Reuters) - A panel of European Union lawmakers on Tuesday voted in favour of easing the bloc's securities rules to encourage more company listings and compete better with capital markets in New York and post-Brexit London. Companies in the EU typically turn to banks for loans to expand, and the reforms are aimed at diversifying corporate funding. Multiple-voting structures are a key part of New York's attraction as a listings destination, particularly for tech companies. Britain is rewriting its securities rules which it inherited when it was a member of the EU and its planned changes are similar to those approved by EU lawmakers on Tuesday. The European Parliament and EU states have joint say on the EU rules and will now start negotiations on a final text that becomes law.
Persons: Alfred Sant, Huw Jones, Susan Fenton Organizations: European Union, London . Companies, European Commission, Lawmakers, EU, Thomson Locations: New York, London, Britain
OSLO, Oct 24 (Reuters) - Shares in Swedish streaming company Viaplay (VPLAYb.ST) fell 18% on Tuesday after the company said it is in talks with three major shareholders as well as lenders and bondholders on a recapitalisation, and is in discussions to sell non-core operations. Viaplay said late on Monday that due to the talks, it would postpone its third-quarter earnings report to no later than Nov. 29, rather than the original plan of reporting on Tuesday. The company's shares hit an all-time low of 22.72 Swedish crowns on Tuesday, down 88% year-to-date. Viaplay did not name the shareholders, lenders and bondholders involved in the talks. Reporting by Terje Solsvik and Marta Frąckowiak Editing by Bill Berkrot and Susan FentonOur Standards: The Thomson Reuters Trust Principles.
Persons: Viaplay, Kepler, Kristoffer Carleskar, Jorgen Madsen Lindemann, Terje Solsvik, Marta Frąckowiak, Bill Berkrot, Susan Fenton Organizations: Thomson Locations: OSLO, Viaplay
Morning Bid: Markets juggle 5% yields and 150 yen
  + stars: | 2023-10-23 | by ( ) www.reuters.com   time to read: +5 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva
ECB chief Christine Lagarde may stick with the high-for-longer mantra that has pushed up long-dated bond yields. A weakening economy meanwhile suggests the need for further tightening is limited but the ECB is likely to push back against rate-cut speculation. ECB chief economist Philip Lane says the ECB will need time, possibly until next spring, before it can be confident that inflation is coming down. The ECB expects headline inflation to ease to 3.2% in 2024 from an average of 5.6% in 2023. Oil price moves, inflation outlook shifts4/ What does the ECB do if things go wrong with Italy?
Persons: Christine Lagarde, Johanna Geron, Francis Yared, Philip Lane, Lagarde, PEPP, Reinhard Cluse, Chris Jeffrey, Cluse, ING's Brzeski, Dhara Ranasinghe, Stefano Rebaudo, Naomi Rovnick, Susan Fenton Organizations: European Central Bank, Parliament's, Economic, Monetary Affairs, REUTERS, ECB, Deutsche Bank, Reuters Graphics Reuters, UBS, Reuters, Legal, General Investment Management, Treasury, Thomson Locations: Brussels, Belgium, Europe, United States, Italy, Germany
Investors arrive to the election looking at an economy in recession as a crippling drought hit the key agricultural sector. The gap to the official rate is above 150%. On the line is the survival of the country's $43 billion program with the International Monetary Fund and the possibility that Argentina defaults on its debt for a 10th time. "Dollarization would not cure the main issue in Argentina, which is a really large fiscal problem." "Debt does not need to be an immediate priority," said Khan, who doesn't expect dollarization to top the near-term list either.
Persons: Patricia Bullrich, Martin Cossarini, Javier Milei, Sergio Massa, Alejandro di Bernardo, Bernardo, Milei, Massa, Gabriel Rubinstein, Elijah Oliveros, Rosen, Zulfi Ali, Shamaila Khan, Khan, Hans Humes, Humes, Rodrigo Campos, Karin Strohecker, Susan Fenton Organizations: el Cambio, REUTERS, NEW, International Monetary Fund, Jupiter Asset, Bullrich, WE, JPMorgan, China, Institute of International Finance, IMF, America, PGIM, Oxford Economics, Reuters, Emerging Markets, Asia Pacific, UBS Asset Management, Massa, Greylock Capital Management, Thomson Locations: Buenos Aires, Argentina, Washington
Total: 25