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☆ UBS to take over Credit Suisse, central banks act on liquidity
▼ + stars: | 2023-03-19 | by ( Reuters Staff | ) www.reuters.com time to read: +13 min

LONDON/NEW YORK (Reuters) -UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse’s problems by moving them to UBS... The Credit Suisse issues are not new and needed to be resolved years ago. A legal challenge by Credit Suisse shareholders, who will claim that their property has been illegally confiscated, is guaranteed.

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The failure of two U.S. banks and a rout in Credit Suisse shares have sent shock waves through markets over the past week, reviving memories of the 2008 financial crisis. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

☆ Analysis: Investors brace for hard landing as banking woes stoke recession fears
▼ + stars: | 2023-03-16 | by ( David Randall | ) www.reuters.com time to read: +5 min

[1/3] The Charging Bull, or Wall Street Bull, is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. “The no landing scenario has quickly evaporated,” said Emily Roland, co-chief investment strategist at John Hancock Asset Management. A financial accident has happened, and we are going from no landing to a hard landing driven by tighter credit conditions,” he wrote in a Wednesday note. Some investors believe regulators' quick backstop of Silicon Valley Bank, which included guaranteeing the funds of depositors, will prevent a crisis and allow for a soft landing. “The odds of a soft landing have gone down and the likelihood of a hard landing has gone up,” he said.

Wall Street's main indexes recorded steep losses in the previous session after startups-focused lender SVB Financial Group's (SIVB.O) share sale to shore up its balance sheet wiped out more than $80 billion in value from bank shares. The bank is in talks to sell itself, the report added. All three major U.S. indexes were headed towards weekly losses as Fed Chair Jerome Powell earlier this week left open the possibility of a large rate hike at the Fed's March meeting, after the central bank dialed down the size of its rate hike last month. Declining issues outnumbered advancers by a 3.33-to-1 ratio on the NYSE and by a 3.88-to-1 ratio on the Nasdaq. Reporting by Amruta Khandekar and Shristi Achar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ I was the original voice of Siri. Even though Apple used my voice without my knowledge, it's been a fun ride.
▼ + stars: | 2023-02-20 | by ( Dorothy Cucci | ) www.businessinsider.com time to read: +6 min

Susan Bennett is the voice actor behind Apple's first iteration of Siri, released in 2011. This as-told-to essay is based on a conversation with Susan Bennett, a voice actor based in Atlanta, Georgia. One day, while I was there recording, a voice actor for another commercial didn't show up. I unknowingly did the initial Siri recordings in 2005In July 2005, six years before Apple would introduce Siri, I made the recordings that would eventually be used for the famous personal assistant. I also connected with Karen Jacobsen, a voice actor and singer who was the original Australian Siri.

☆ Finance Chiefs, Facing Another Year of Persistent Inflation, Prioritize Cost Savings
▼ + stars: | 2023-02-10 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

Finance chiefs are pushing their companies to do more with less as they face another year of rising costs. Obviously, we’re dealing with a very unique environment right now with the unprecedented level of cost inflation. But we’re not in that environment right now. Ideally, we can grow as the demand environment hopefully normalizes. And that’s going to give us more optionality as we better understand our demand for AI over time.

"Because the consumer is now under more pressure, and Walmart is under pressure, that sets up a dynamic where there's probably not a lot of pricing going forward." The clout Walmart holds over suppliers also means that Walmart would likely get the lowest percentage of any price hikes manufacturers implement, according to investors who track the company. In 2018, Walmart pulled Campbell Soup Co's (CPB.N) products during the key winter season over a dispute over prices and shelf space promotion. At the time, Tesco labeled Heinz's price hikes as "unjustifiable." After raising prices four times in 2022, he said, Clorox doesn't "have any additional plans" to hike prices this year.

☆ Analysis: Rebounding yields could scuttle U.S. stock rally as Powell stays firm on rates
▼ + stars: | 2023-02-08 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

The S&P 500 (.SPX) rose 1.3% along with a 6 basis points rise in the 10-year U.S. benchmark Treasury yield . yields vs stocksHigher bond yields dull the relative appeal of stocks while raising companies’ borrowing costs. Higher Treasury yields can also weaken the valuations of equities in standard valuation models, particularly for tech and other companies that rely on future profits that are discounted at higher rates when yields rise. Meanwhile, some investors are not yet worried about the threat to stocks from yields. Jacobsen is bullish on growth stocks, which were squashed by higher yields last year but have staged a strong rebound in 2023.

Worries of higher rates for longer amplified the downbeat mood set by disappointing results from megacap growth companies. The three main Wall Street indexes were still set for gains this week. Ten of the top 11 S&P 500 sectors fell with only energy stocks (.SPNY) in positive territory as oil prices rose. Nearly 70% of half the S&P 500 firms that reported fourth-quarter earnings have topped Wall Street expectations. Analysts now see earnings of S&P 500 firms declining 2.7% for the quarter, according to Refinitiv.

☆ Wood's ARK Innovation Fund on pace for best month ever as battered stocks surge
▼ + stars: | 2023-01-27 | by ( David Randall | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 27 (Reuters) - Cathie Wood's ARK Innovation Fund is closing in on the best monthly performance in its history as it rides a rebound in many of the high-growth stocks that took a beating last year. The $7.3 billion ARK Innovation (ARKK.P) fund is up slightly more than 25% for the month to date, putting it ahead of the 25% gain it notched in April 2020. Investors are awaiting the Feb. 1 conclusion of the Fed's monetary policy meeting for clues on whether easing inflation is swaying policymakers to a less hawkish view. The central bank is widely expected to increase its key policy rate by another 25 basis points next week. Overall, January's rally has helped ARK Innovation's assets under management grow by approximately $1.2 billion this month, while investors have pulled a net $59 million out of the fund, according to Lipper data.

☆ Instant view: U.S. GDP grows in fourth quarter; weekly jobless claims fall
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +6 min

Gross domestic product increased at a 2.9% annualized rate last quarter, the Commerce Department said in its advance fourth-quarter GDP growth estimate on Thursday. The swing in inventories was the wildcard and that added 1.46 percentage points to GDP growth. "If you look at the GDP data it does seem like we left 2022 with a little bit more momentum than people had thought and with consumption we're also in a pretty good spot. “We have a GDP number that is well above trend, and the previous quarter’s number was well above trend. That suggests higher rates were starting to take a bigger toll, and sets the stage for weaker growth in the first quarter of this year."

☆ A Wall Street Journal reporter was handcuffed by police while standing outside a Chase Bank. The newspaper is demanding answers
▼ + stars: | 2023-01-06 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

The incident between The Journal reporter Dion Rabouin and the Phoenix officer occurred in late November, but just became public his week after ABC affiliate KNXV reported on the matter. In a statement, The Journal said that it is “deeply concerned” with how its reporter was treated and has asked the Phoenix Police Department to conduct an investigation. The video shows Rabouin repeatedly identified himself as a reporter for The Journal, but the officer did not appear to care. A representative for Chase told me Thursday that the bank did apologize to Rabouin over the incident. The Phoenix Police Department can start now.”The Committee to Protect Journalists has also sounded the alarm over the incident.

☆ Analysis: Wood’s ARK slammed by higher interest rates in 2022 along with other growth funds
▼ + stars: | 2022-12-27 | by ( David Randall | ) www.reuters.com time to read: +4 min

The ARK Innovation Fund has lost around 67% year to date, more than tripling the decline of the S&P 500 index (.SPX). With the S&P 500 on pace for its biggest annual decline since the Great Financial Crisis, few funds are likely to escape 2022 unscathed. Wood's fund ranked 3,544 among all 3552 actively-managed U.S. equity mutual funds tracked by Morningstar. The worst performing fund of the year, by comparison, was the Voya Russia fund, which is down 92% for the year to date. CRASH LANDINGOther funds that soared in recent years on the backs of large bets on technology stocks fell on hard times in 2022.

☆ Eni's Vaar Energi makes Arctic gas discovery
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

OSLO, Dec 23 (Reuters) - Norway's Vaar Energi (VAR.OL), majority owned by Italy's Eni (ENI.MI), said on Friday it had made a gas discovery near the Goliat field in the Arctic Barents Sea, supporting the group's long-term plans to expand in the area. "This is the largest discovery on the (Norwegian continental) shelf this year and comes as a Christmas gift," Vaar exploration manager Alessandro Barberis said in a statement. Preliminary estimates place the size of the gas discovery between 57 million and 132 million barrels of recoverable oil equivalents, or 9 million to 21 million standard cubic metres. "The discovery could serve as another step towards realising additional gas infrastructure in the Barents Sea in the future," said Rune Oldervoll, Vaar's head of production and exploration. "We have a long-term growth strategy for the Barents Sea and will continue to chase new opportunities for value creation."

☆ Fed pausing rate hikes would trigger an equity rally, says Allspring's Jacobsen
▼ + stars: | 2022-12-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed pausing rate hikes would trigger an equity rally, says Allspring's JacobsenBrian Jacobsen, Allspring Global Investments, and Jurrien Timmer, Fidelity Investments, join 'Squawk on the Street' to discuss the difference between goods and services, if a rate hike pause would spell good news for equities and more.

☆ Sweden faces recession lasting into 2024, finance minister says
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

"I said in October that Sweden was heading towards an economic winter and what we see now is that the winter looks to be more protracted than we thought," Finance Minister Elisabeth Svantesson told a news conference. The economy is now seen growing by just 1% in 2024, down from 2% seen previously, before recovering to growth of 2.7% in 2025, the ministry predicted. Swedish households have become increasingly gloomy in recent months, hit by rampant inflation, rising mortgage costs and record-high electricity prices. November CPIF, the inflation target measure for the Riksbank, was 9.5% in November, way above the 2% target. Reporting by Stine Jacobsen and Simon Johnson, editing by Terje Solsvik and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Rising rates are weighing on the housing market - and macro headwinds could keep the sector depressed in 2023.
▼ + stars: | 2022-12-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Don't shoot the messenger here, but today I'm breaking down the many troubles plaguing the housing market and homebuyers. The Fed's interest rate maneuvering and the housing market are connected, and mortgage rates often move in lockstep with the central bank's benchmark rate. Brian Jacobsen, a senior strategist for Allspring Global Investments, pointed to a triumvirate of headwinds weighing on the housing sector: labor shortages, rising costs, and soaring mortgages. That means more rate hikes are effectively guaranteed, which raises the odds of a recession and can further squash housing demand. What's your forecast for the housing market next year?

☆ Equinor injects $3.7 bln into its energy trading business
▼ + stars: | 2022-12-21 | by ( Stine Jacobsen | ) www.reuters.com time to read: +2 min

Soaring energy prices and extreme market volatility have forced multiple European utilities and traders to secure extra funds to cover margin call requirements. "When prices go up, so does the size of margin calls on the energy exchanges," Danske Commodities' finance chief Jakob Sorensen said in a statement. Danske Commodities, which posted a six-fold rise in 2021 operating profits to record levels, told Reuters it expected another record year for 2022 and aimed to continue to grow its business. "As such, the capital injection underlines our growth ambitions, the synergies we gain from being part of Equinor and our commitment to contributing to functioning energy markets," it said in a written comment. Equinor's gas and power chief Helge Haugane, who also chairs Danske Commodities, said he was pleased with Danske's performance.

☆ Justin Bieber slams H&M "trash" merchandise featuring his image
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Justin Bieber performs a medley of songs at the 2016 Billboard Awards in Las Vegas, Nevada, U.S., May 22, 2016. REUTERS/Mario Anzuoni/File PhotoCOPENHAGEN, Dec 20 (Reuters) - Pop singer Justin Bieber lashed out at H&M (HMb.ST) over clothes featuring the Canadian artist's image and lyrics, saying the Swedish fashion giant had not obtained his approval. "The H&M merch they made of me is trash and I didn't approve it," Bieber wrote in an Instagram story on Monday, encouraging his 270 million followers not to buy it. "As with all other licensed products and partnerships, H&M followed proper approval procedures," an H&M spokesperson said in a written comment to Reuters. ($1 = 7.0100 Danish crowns)Reporting by Stine Jacobsen, editing by Terje Solsvik and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ The US housing market faces a 'triple whammy' of threats - and stocks may stage a Santa Claus rally, a top strategist says
▼ + stars: | 2022-12-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The US housing market has been hit by labor shortages, rising costs, and soaring mortgage rates. Brian Jacobsen, an Allspring strategist, described those three trends as a "triple whammy." On the other hand, the Allspring strategist suggested US stocks could reverse some of their recent declines before the new year. Its policymakers have responded by raising interest rates from almost zero in March to over 4% today. Higher interest rates encourage people to save rather than spend, and they raise the cost of borrowing, relieving upward pressure on prices.

☆ Fortum agrees final terms for Uniper sale to Germany
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

HELSINKI, Dec 19 (Reuters) - Finland's Fortum (FORTUM.HE) on Monday said it had signed the final terms of an agreement that will allow the company to sell its shares in troubled utility Uniper (UN01.DE) to the German government. The German government in late September agreed to take over Fortum's Uniper subsidiary, effectively nationalising the gas importer to try to cover losses incurred after Russia cut supplies. Fortum on Monday said it would sell its Uniper shares to Germany for 0.5 billion euros ($532 million) and get back a parent loan of 4 billion euros, in line with the earlier agreement. ($1 = 0.9401 euros)Reporting by Essi Lehto, editing by Terje Solsvik and Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine's Zelenskiy asks European leaders for air defence, tanks, weapons
▼ + stars: | 2022-12-19 | by ( Andrius Sytas | ) www.reuters.com time to read: +3 min

"I ask you to increase the possibility of supplying air defence systems to our country, and to help speed up the relevant decisions to be taken by our partners," Zelenskiy said, addressing Sunak. "For our defence operations to be more successful we need armoured vehicles, primarily tanks," said Zelenskiy. "The sooner we restore our border control, the stronger your security will be," Zelenskiy said. "Ukrainian children in their letters to St Nicholas ask for air defence, for weapons, for victory," he said, referring to the name used for Santa Claus in Ukraine. Reporting by Andrius Sytas, editing by Terje Solsvik, Stine Jacobsen and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ H&M shares drop as Sept-Nov sales fail to impress
▼ + stars: | 2022-12-15 | by ( Stine Jacobsen | ) www.reuters.com time to read: +3 min

H&M, which has struggled to keep up with bigger rival Zara, last month became the first big European retailer to lay off staff in response to the cost-of-living crisis as it tries to save 2 billion Swedish crowns ($196 million) a year. Net sales for September-November, H&M's fiscal fourth quarter, rose 10% to 62.5 billion Swedish crowns ($6.1 billion), up from 56.8 billion crowns a year ago. Analysts polled by Refinitiv had on average forecast 62.17 billion crowns. H&M said it had wound up its operations in Russia and Belarus during the quarter with the last stores having closed on Nov. 30. "During the quarter around 25–50 stores in China were temporarily closed due to new COVID outbreaks," it said in a statement.

☆ Fashion retailer H&M's Sept-Nov sales beat forecast
▼ + stars: | 2022-12-15 | by ( Stine Jacobsen | ) www.reuters.com time to read: +1 min

COPENHAGEN, Dec 15 (Reuters) - H&M (HMb.ST), the world's second-biggest fashion retailer, reported on Thursday a 10% increase year-on-year in September-November net sales, slightly exceeding market expectations of a 9.5% rise. Net sales for September-November, H&M's fiscal fourth quarter, stood at 62.5 billion crowns ($6.13 billion), up from 56.8 billion crowns a year ago, while analysts polled by Refinitiv had on average forecast 62.17 billion crowns. "During the quarter around 25–50 stores in China were temporarily closed due to new COVID outbreaks." Measured in local currencies, sales in the quarter were unchanged, it said. ($1 = 10.2119 Swedish crowns)Reporting by Stine Jacobsen; editing by Terje Solsvik and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Fed hikes rates by 50 bp, as expected, keeps hawkish tone
▼ + stars: | 2022-12-14 | by ( Reuters Staff | ) www.reuters.com time to read: +8 min

STORY: STATEMENT TEXT:MARKET REACTION:STOCKS: The S&P 500 turned sharply lower then steadied down 0.11%BONDS: Benchmark 10-year note yields rose then backed off to 3.4847%. CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, INDEPENDENT ADVISOR ALLIANCE, CHARLOTTE“The Fed is taking away the punchbowl just as the party was getting started. They’re reiterating their forecasts but the whisper number was that the Fed was going to stop at a 4.5%-4.75% terminal rate. You know, the biggest thing that is holding the Fed back right now are the jobs numbers. The most dovish participants is looking for an extra 50 bps of hikes.

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