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MUMBAI, May 17 (Reuters) - The Indian rupee hit a more-than-six-week low against the U.S. dollar on Wednesday, in line with the decline in other Asian currencies that tracked the fall in the Chinese yuan after weak economic data. The rupee hit 82.4425 against the U.S. dollar, its lowest since April 3, during the session, before recovering to close up 0.21% at 82.38. The weak economic print from China has weighed on Asian currencies, said Dilip Parmar, research analyst at HDFC Securities. Parmar doesn't expect the Reserve Bank of India to intervene at the current levels as other Asian currencies have started depreciating and the dollar index is strengthening. Domestic economic data points like easing inflation and improved external currencies have mostly come in support of the local currency.
[1/7] A view of the Coronation Gauntlet glove, which forms part of the Coronation Vestments and will be worn by Britain's King Charles during his coronation at Westminster Abbey, displayed in the Throne Room at Buckingham Palace, London, Britain April 26, 2023. Victoria Jones/Pool via REUTERSLONDON, May 1 (Reuters) - Britain's King Charles, who has spent a lifetime campaigning for sustainability and against a throwaway economy, will wear clothing previously worn by his predecessors, including his mother and grandfather, for his coronation next week. Among the vestments to reappear will be the coronation glove made for his grandfather, George VI. "We've got this wonderful, sustainable, eco-friendly king who's reusing something rather than having a new glove," said Deborah Moore, the chief executive of Dents which made the glove with gold embroidery for George VI's 1937 coronation. Over this he will wear the Imperial Mantle, made of cloth of gold and originally produced for the coronation of George IV in 1821.
Rocks and other debris fly around remote cameras as SpaceX’s Starship lifts off atop its Super Heavy booster for the first time. Starship was too strong for its launchpadA field of debris surrounds Starship's launchpad after the rocket's launch blew up concrete beneath it. Debris litters the Starship launchpad, with damaged fuel tanks visible in the background. PATRICK T. FALLON / Contributor / Getty ImagesThere were no injuries related to the Starship launch, according to the FAA. In addition to the mishap investigation, SpaceX must request a modification to its launch license in order to fly another Starship.
German $13 bln heat pump sale dents EU green hopes
  + stars: | 2023-04-26 | by ( Pamela Barbaglia | ) www.reuters.com   time to read: +4 min
For 106-year-old German heat pump maker Viessmann it looks like an odd move, given its technology is in demand and at the forefront of the energy transition race. Heat pumps may not be the most obvious sector to lead a revival in transatlantic cross-border M&A, down 31% so far this year. The European heat pump market rose by over a third last year, with a record 3 million units sold in 2022 after government support and soaring fossil fuel prices boosted uptake of the technology, according to the European Heat Pump Association. European Union policymakers are betting on heat pumps to reduce CO2 emissions and cut dependence on imported fossil fuels. Germany’s heat pump market grew 53% in 2022, Germany’s heat pump association BWP reported in January.
High Philippine inflation dents Marcos' approval ratings
  + stars: | 2023-04-12 | by ( ) www.reuters.com   time to read: +2 min
[1/2] Philippines President Ferdinand "Bongbong" Marcos Jr. delivers a speech on the 126th founding anniversary of the Philippines army at Fort Bonifacio, in Taguig, Philippines, March 22, 2023. REUTERS/Eloisa Lopez/File PhotoMANILA, April 12 (Reuters) - Philippine President Ferdinand Marcos Jr's approval ratings edged lower due to public dissatisfaction over his government's handling of inflation, but he remains popular, an opinion poll showed on Wednesday. Marcos' approval ratings were slightly lower than the 83% that his vice president, Sara Duterte, got in March. Duterte, daughter of former president Rodrigo Duterte, currently serves as education minister, while Marcos helms the agriculture department. In the same survey, 61% percent of respondents approved of Marcos' government in terms of "defending the integrity of Philippine territory against foreigners", up from 58% in November.
Jeff Bezos' net worth dropped more than anyone else, down $57 billion from March 2022. But he's still the third-richest person in the world, with a $114 billion fortune, per Forbes. Bezos' net worth is down $57 billion from last March but still sits at a cool $114 billion, making him the world's third-richest person, according to Forbes. This year's list included 313 tech billionaires worth a collective $1.9 trillion, down from 332 tech industry titans worth $2.1 trillion last year, per Forbes. In 2021, a red-hot year for the industry, Forbes identified 365 tech billionaires worth a record $2.5 trillion.
Meta, the parent of Facebook, could go through another round of layoffs, according to reports. CEOs often see layoffs as a way to fix a company's problems, but the cuts can do lasting damage. Just a few months ago, Meta conducted its first-ever round of mass layoffs. One bout of layoffs dents morale; a second can be devastatingIt's uncommon for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. One bout of layoffs can leave a dent in employee morale; a second round can be devastating.
It will play out and reverberate for years or decades, Hagen told me. “The pathological normal,” Hagen calls it: a patchwork of homespun, bespoke realities, each one invested in a different story about what exactly happened when Covid ruptured the story of our lives. garb.”More than once, life seemed to be attaining “an uncanny resemblance to normal life,” as one man put it. But because we don’t totally understand where that experience has delivered us, we don’t know the right gloss to give it. “The days are strange,” one public-school teacher told Milstein toward the end of his first interview, in May 2020.
Michael Luzzetti of Deutsche Bank now thinks US interest rates will peak at 5.6% later this year. Luzzetti had the highest rates forecast on Wall Street, and just raised his projection further. He says new data shows that the Fed's huge rate hikes haven't done much to tame inflation so far. The Fed raised interest rates rapidly in 2022, using unusually large rate hikes for much of the year before tapering off to more typical 25-basis point increases. (3) Hanging looseThe Fed is aiming to reduce economic activity by tightening financial conditions, and it's trying to do that with higher interest rates and by letting financial conditions get tighter.
Microsoft said it can add $2 billion in revenue for every 1 percentage point of search share it gains. Microsoft's ad business already grew to $18 billion in the last 12 months. And search advertising is such a lucrative section of the roughly $500 billion digital ad market that it almost doesn't matter if Microsoft barely dents Google's dominance. Even growing its share of search users by a couple of percentage points could grow its revenue by billions of dollars. "The moneymaker for search advertisers is short-tail, transactional terms," Goodwin said.
BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. The bluechip Nifty 50 index (.NSEI) closed down 0.26% at 17,616.30, its biggest slide on budget day since a 2.51% fall in 2020. HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbled between 8.5% to 12.5%. Metal stocks (.NIFTYMET) closed down 4.5%, mostly dragged by the slump in Adani Enterprises. ($1 = 81.8680 Indian rupees)Reporting by Bharath Rajeswaran and Nallur Sethuraman in BengaluruOur Standards: The Thomson Reuters Trust Principles.
Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have large cloud businesses, fell about 1% each. The S&P 500 technology index (.SPLRCT) shed 1.3%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 0.4% and 3%. News Corp (NWSA.O) jumped 6.1%, leading gains on the S&P 500, after Rupert Murdoch withdrew a proposal to reunite News Corp and Fox Corp. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 45 new highs and 25 new lows.
Lower imports by the world's second-biggest consumer of the precious metal could limit gains in global prices trading near their highest in eight months. The drop in imports could help in bringing down India's trade deficit and support the rupee . In value terms, December imports plunged to $1.18 billion from $4.73 billion a year ago, he said. The country's gold imports in 2022 dropped to 706 tonnes from 1,068 tonnes a year ago, another government official said. Local gold prices hit a high of 55,365 rupees ($677.72) per 10 grams in December, not far from the all-time peak of 56,191 rupees hit in August 2020.
Retail investors have sold all of the stock they bought during the COVID-19 trading boom, according to Goldman Sachs. "Selling over the past 11 months has completely reversed all the net buying in single stocks from 2019 to 2021," Goldman said. As for what retail investors are still holding on to, it's technology and consumer discretionary names, according to the note. Meanwhile, retail investors were net sellers of healthcare and utility stocks. Goldman noted that while they believe its data is an accurate representation of retail investors that buy single stocks, it doesn't encapsulate retail buy-and-hold investors that are primarily trading ETFs for their allocation to equities.
I rented a Mercedes GLA and enjoyed driving it, but had trouble unlocking it with the Virtuo app. I called Virtuo customer service several times but they seemed unable to help. No early birdsMy flight arrived earlier than expected in Nice, so I contacted Virtuo customer service via the app to see whether I could collect the car 45 minutes early. For around 20 minutes, we were locked out of the car and Virtuo couldn't help us. I called customer service and again, they were unable to figure out what was wrong.
The region-wide STOXX 600 index (.STOXX) was down 0.5% by 0914 GMT, but came off a one-month low hit earlier in the session. The policy tweak was widely seen as the beginning of a potential end to Japan's ultra-loose monetary policy and comes just as hawkish messages from other major central banks last week doused hopes of an end to monetary policy tightening any time soon. Rate-sensitive real estate (.SX86P) stocks led the losses in the STOXX 600, falling 2.5% to hit their lowest in more than six weeks. The real estate sector was also dragged lower by shares of Aroundtown SA (AT1.DE) and Derwent London (DLN.L), which fell 11.4% and 3.5% respectively, after Berenberg cut their price targets. Among individual stocks, shares of Orange (ORAN.PA) slipped after the French telecoms group said its deputy chief executive and head of finance is leaving the company.
The Most Savory Semiconductor Player is Still a Good Bet
  + stars: | 2022-12-08 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
The global economy is souring, but it turns out a little bit of MSG has been healthy for your portfolio. That could well continue to be the case, even if a global recession dents investors’ appetite for most stocks. Japan’s Ajinomoto—known for inventing the flavor enhancer monosodium glutamate or MSG—has been a surprise winner in the stock market over the past couple of years. Its shares have more than doubled since the end of 2019 and just hit another record high this week. In comparison, the Topix is up just 13% since 2019.
Nov 27 (Reuters) - Top Canadian banks are expected to post a decline in fourth-quarter profits as choppy markets hurt wealth management and a slow deal pipeline dents income from investment banking, offsetting expected gains from business loans. On average, profit for the Big Six banks are expected to drop 4% from last year, hurt by lower investment banking activity. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO), which have the largest capital markets businesses, are expected to see the biggest hit to profits. "Business lending was particularly strong and aided by strength in balances outside of Canada," KBW analysts Mike Rizvanovic and Abhilash Shashidharan said. National Bank of Canada (NA.TO) and Toronto-Dominion Bank (TD.TO), also among the Big Six, will report earnings on Wednesday and Friday, respectively.
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.
Now for the bad news: Home Depot lost customers again. The DIY leader said in its third quarter earnings report that the number of customer transactions fell more than 4% from a year ago. Home Depot noted that the average customer ticket was nearly $90, up about 9% from a year ago. “Home Depot is not immune to a tightening economy,” Neil Saunders, managing director of GlobalData, said in a report. “Moving into 2023, the picture becomes more complicated and much depends on the trajectory of the economy,” Saunders said.
In Germany, the HDE retail association is forecasting the strongest slump in Christmas sales since 2007, with retail sales in the crucial November-December period seen dropping by 4% year on year on a price-adjusted basis. In the United Kingdom, a raft of surveys indicate half or more Britons plan to spend less this Christmas. Should September's sharp drop in retail sales be repeated in December, it would be the worst outcome since comparable annual records began in 1989. Official data showed UK retail sales volumes, excluding fuel, dropped 6.2% year on year in September. Another association Acotex expects retailers to offer slight discounts during the holiday season as consumer demand slows.
MOSCOW, Nov 9 (Reuters) - Consumer prices in Russia rose slightly for the seventh consecutive week at the start of November, data published on Wednesday showed, as the central bank tries to balance competing inflationary pressures across the economy. Russia's consumer price index rose 0.01% in the week to Nov. 7, the Rosstat federal statistics service said. That was down from a 0.07% rise in prices recorded a week earlier, a trend some analysts said was signs of weakening consumer demand. The central bank targets inflation at 4%. "The main reason behind the downward trend of inflation is the weakening of consumer demand," said analysts at Alfa Bank.
SummarySummary Companies Barrick now expects to exceed 2022 cost guidanceQ3 profit down 30% as gold production falls by 9%All-in sustaining costs up 22.7% from last yearNov 3 (Reuters) - Barrick Gold Corp (ABX.TO), shares hit their lowest level since March 2020 on Thursday after the world's second-biggest gold miner reported a 30.1% drop in third-quarter profit due to weak production and higher costs. Toronto-listed shares were down 6.9% to 18.26 Canadian dollars, on track for their biggest one-day drop in two years. The cost increase was largely down to a 9% fall in gold production from 1.09 million ounces to 988,000 ounces, CEO Mark Bristow told Reuters in an interview. Barrick remains on track to achieve its 2022 production guidance, Bristow said in a statement. Gold prices declined 8% during the third quarter as global central banks raised interest rates to battle surging inflation.
The central bank cautioned that expectations of price rises had grown and that Russia's partial mobilisation could stoke longer-term inflation due to a shrinking labour force. The central bank had cut its key rate six times in a row after an emergency hike to 20% in February when Russia's decision to send troops into Ukraine caused inflation to spike. Russia's consumer price index rose 0.07% in the week to Oct. 31, the Rosstat federal statistics service said. The central bank targets inflation at 4%. Falling living standards have lowered consumer demand, hitting retail sales and leading to an extended period of deflation over the summer.
The sharp focus on labor market data overshadowed another report which showed U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October as rising rates cool demand for goods and pricing pressures on manufacturers lessened. People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. That also helped boost U.S.-listed shares of Chinese firms such as JD.Com , up 3.08% and Alibaba Group Holding , which gained 3.59%. Advancing issues outnumbered declining ones on the NYSE by a 1.56-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored advancers. The S&P 500 posted 24 new 52-week highs and eight new lows; the Nasdaq Composite recorded 120 new highs and 110 new lows.
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