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May 2 (Reuters) - Oil prices fell in thin early Asian trade on Tuesday as the market digests weak economic data from China and expectations of another U.S. interest rate hike. Brent crude fell by 2 cents to $79.29 a barrel by 0021 GMT, while U.S. West Texas Intermediate (WTI) crude fell 2 cents to $75.64. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. Interest rate hikes often reduce demand. A Monday poll suggesting that U.S. crude oil stockpiles are expected to have fallen for a third consecutive week provided some support to the market.

China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China is expected to be the biggest factor driving oil demand growth this year, he added. The U.S. Federal Reserve, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies, making oil more expensive for other currency holders. Oil prices drew some support from U.S. manufacturing activity pulling off a three-year low in April, as new orders improved slightly and employment rebounded.

JPMorgan Chase & Co's (JPM.N) shares rose 3.1% to a near two-month high after the deal was announced earlier in the day. The S&P 500 Banks index (.SPXBK) gained 1.1%, while the KBW Regional Banking index (.KRX) shed 1.5%. Shares of regional banks PNC Financial (PNC.N) and Citizens Financial (CFG.N), that were among the bidders for First Republic, dropped 4.7% and 5.2%, respectively. "But regional banks will face higher cost of doing business for some time until confidence is rebuilt or there is a different regulatory scheme." Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data.

WASHINGTON, May 1 (Reuters) - The White House on Monday estimated that Russia's military has suffered 100,000 casualties in the last five months in fighting against Ukraine in the Bakhmut region. "Russia's attempt at an offensive in the Donbas largely through Bakhmut has failed," Kirby said. He said the Russians have made some incremental gains in Bakhmut but that this has come at a "terrible, terrible cost" and that Ukraine's defenses in the region remain strong. "It's really stunning, these numbers," Kirby added, saying the total is three times the number of American casualties in the Guadalcanal campaign in World War Two. Kirby said another U.S. weapons package for Ukraine would be announced soon.

"Fox has admitted to telling lies about Dominion that caused enormous damage to my company, our employees and our customers," Poulos said in a statement. Fox anchor Neil Cavuto broke into his news show "Your World" about 4:30 p.m. Eastern Time to report the settlement. In February court filings, Dominion cited a trove of internal communications in which Murdoch and other Fox figures privately acknowledged that the vote-rigging claims made about Dominion on-air were false. Dominion said Fox amplified the untrue claims to boost its ratings and prevent its viewers from migrating to other media competitors on the right. ANOTHER LAWSUIT PENDINGAdding to the legal risks for Fox, another U.S. voting technology company, Smartmatic, is pursuing its own defamation lawsuit seeking $2.7 billion in damages in a New York state court.

"Fox has admitted to telling lies about Dominion that caused enormous damage to my company, our employees and our customers," Poulos said in a statement. Shares of Fox Corp closed up slightly at $34 per share, but were down 1% in after-hours trading after the settlement amount was disclosed. Fox Corp CEO Lachlan Murdoch told Wall Street analysts in February that the company had about $4 billion cash on hand. [1/5] Dominion CEO John Poulos and lawyers speak to the media after Dominion Voting Systems and Fox settled a defamation lawsuit for $787.5 million, avoiding trial, over Fox's coverage of debunked election-rigging claims, in Delaware Superior Court, in Wilmington, Delaware, U.S. April 18, 2023. Fox Corp reported nearly $14 billion in annual revenue last year.

☆ Nio says it won't join the 'price war' and slash prices like Tesla
▼ + stars: | 2023-04-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

watch nowSHANGHAI — Chinese electric car company Nio will keep its prices high rather than cut them, CEO William Li told CNBC in an interview. "For us, we will certainly not join the price war," Li said, claiming Nio's products and services are worth the price. Tesla , Elon Musk's car company, this year slashed prices in the U.S. and China. New energy vehicles — which includes hybrid and pure electric — saw penetration of passenger car sales reach 34% in March, according to the China Passenger Car Association. Within that market, Nio said it delivered 31,041 vehicles in the first quarter, up by 20.5% year-on-year.

☆ Oil prices steady as strong China data offsets US rate worries
▼ + stars: | 2023-04-18 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.

☆ European markets are set to open mixed over global economic uncertainty
▼ + stars: | 2023-04-06 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

European markets are expected to open mixed Thursday as investors continue to weigh up an uncertain global economic outlook. U.S. private payrolls rose by 145,000 in March, which showed job growth had slowed significantly more than anticipated. The ISM Purchasing Managers' Index showed a monthly decline, while another U.S. labor report on Wednesday showed job openings dropped to their lowest level in nearly two years. Investors are now looking ahead to non-farm payrolls data on Friday. Asia-Pacific markets largely fell on Thursday as Wall Street digested the latest ADP private payrolls report, which showed slowing job growth in March, while U.S. stock futures were near flat Wednesday night as investors also considered what the latest data would mean for the economy.

☆ The Bank of Japan will probably act 'relatively independently' of the Fed, analyst says
▼ + stars: | 2023-03-29 | 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 EmailThe Bank of Japan will probably act 'relatively independently' of the Fed, analyst saysJeff Ng of MUFG Bank discusses how the Japanese yen might be affected by market volatility in the event of another U.S. Federal Reserve interest rate hike.

☆ Netanyahu sees Israel joining U.S. Visa Waiver Programme in September
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, March 29 (Reuters) - Israel expects to join the U.S. Visa Waiver Programme in September, Prime Minister Benjamin Netanyahu said on Wednesday, after Israeli legislation of measures required by Washington. The embassy said on Jan. 30 that Israel met its requirement of being below the 3% non-immigrant refusal rate - a reference to the number of applicants turned away due to faulty paperwork. Before Netanyahu's announcement, his national security adviser, Tzachi Hanegbi, said on Twitter that parliament was due to ratify the last of four bills "that will advance us toward getting the U.S. visa waiver for the citizens of Israel". It was not immediately clear whether Israel met another U.S. condition for the visa waiver - free passage for Palestinian-Americans at its airports and into the occupied West Bank. Netanyahu's statement said Israel would in the coming months address outstanding requirements, which it did not detail.

☆ Death toll in US strikes on pro-Iran targets in Syria rises to 19 -war monitor
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, March 25 (Reuters) - The death toll in U.S. air strikes on pro-Iran installations in eastern Syria has risen to 19 fighters, a Syrian war monitor said on Saturday, in one of the deadliest exchanges between the U.S. and Iran-aligned forces in years. The U.S. carried out strikes in eastern Syria in response to a drone attack on Thursday that left one American contractor dead, and another one wounded along with five U.S. troops. The war monitor said air raids killed three Syrian troops, 11 Syrian fighters in pro-government militias and five non-Syrian fighters who were aligned with the government. Another U.S. service member was wounded, according to officials, and local sources said suspected U.S. rocket fire hit more locations in eastern Syria. Tehran's growing entrenchment in Syria has drawn regular Israeli air strikes but American aerial raids are more rare.

Fed Chairman Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the management of Silicon Valley Bank "failed badly," but that the bank's collapse did not indicate wider weaknesses in the banking system. "These are not weaknesses that are running broadly through the banking system," he said, adding that the takeover of Credit Suisse seemed to have been a positive outcome. The Federal Open Market Committee policy statement also said the U.S. banking system is "sound and resilient." The much-anticipated rate cut by the Fed, which had delivered eight previous rate hikes in the past year, sought to balance the risk of rampant inflation with the threat of instability in the banking system. The banking sector has been in turmoil after California regulators on March 10 closed Silicon Valley Bank in the largest U.S. bank failure since the 2008 financial crisis.

Two of the Fed's 12 regional bank presidents resigned as a result of that scandal and Powell launched a fast overhaul of the central bank's ethics rules as criticism mounted. Senator Elizabeth Warren, a longtime Powell opponent, saying she had lost confidence as well in San Francisco Fed President Mary Daly, whose bank was responsible for supervising SVB. Still, turbulence in financial markets and the banking system is likely to feature prominently in Powell's post-meeting news conference, which is scheduled to begin at 2:30 p.m. EDT (1830 GMT). The U.S. central bank will release its policy statement and new economic projections from Fed officials at 2 p.m. EDT. Market expectations are tilted heavily towards the Fed approving another quarter-of-a-percentage-point rate increase, which would lift its benchmark overnight interest rate - the federal funds rate - to the 4.75%-5.00% range.

California banking regulators on March 10 closed Silicon Valley Bank in the largest U.S. bank failure since the 2008 financial crisis. Kurt Gwynne, an attorney for the FDIC as receiver for Silicon Valley Bank, disputed at Tuesday's hearing that regulators had done anything improper. Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. Glenn said he was prepared to allow SVB Financial to use up to $100 million for investment activity. Silicon Valley Bank was SVB Financial's largest asset, accounting for more than $15.5 billion of SVB Financial's $19.7 billion in total assets.

☆ Iraqi ambush of Americans made a mockery of 'Mission Accomplished'
▼ + stars: | 2023-03-16 | by ( Michael Georgy | ) www.reuters.com time to read: +9 min

[1/5] FILE PHOTO: A U.S. soldier walks past Iraqi detainees standing behind a wired fence, at Abu Ghraib prison outside Baghdad, Iraq May 17, 2004. Arriving in the city an hour or so after the ambush on March 31, 2004, I was confronted by a crowd kicking the head of an incinerated body. I was taking notes, trying to make sense of the furore, when a boy, who was probably aged about nine, approached. HOTSPOTIn the two decades of turmoil since the invasion, Falluja repeatedly emerged as a hotspot. I saw an Iraqi douse one of the corpses with petrol, sending flames soaring into the air.

Two supervisory sources told Reuters that the European Central Bank (ECB) had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. Credit Suisse had appealed to the Swiss National Bank and Swiss financial watchdog FINMA for a public show of support, the Financial Times reported. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

The drop in Credit Suisse shares led a 7% fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constrains. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said it has benefited from market turmoil and seen money inflows.

March 15 (Reuters) - European bank stocks fell sharply on Wednesday, with embattled Credit Suisse (CSGN.S) tumbling to a new low, on renewed investor concerns about stresses within the sector triggered by Silicon Valley Bank's sudden collapse. A more than 20% drop in Credit Suisse shares led a 6% plus fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. BlackRock (BLK.N) Chief Executive Laurence Fink warned on Wednesday that the U.S. regional banking sector remains at risk, and predicted further high inflation and rate increases. And in an attempt to avert a similar crisis down the line, the U.S. Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to SVB.

☆ Government vows aid for tech firms but Israel stocks slide on SVB collapse
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 4% in afternoon trading, while the index of eight insurers (.TAINS) fell 4.7%. Israel's two largest banks, Leumi (LUMI.TA) and Hapoalim (POLI.TA), said their tech banking arms would issue loans to startups and other tech firms that were without access to credit in the wake of SVB's collapse. Reporting by Steven Scheer; Editing by Hugh Lawson, Frank Jack Daniel and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ China Remains the World’s Pandemic Risk
▼ + stars: | 2023-03-03 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

Oh, good grief, whether Covid-19 emerged naturally or from a laboratory leak is not “beside the point” as even some scientists now argue. This comes as another U.S. intelligence agency—connected with the national labs run by the Energy Department—has joined the FBI in judging a lab leak to be the most likely source of the outbreak. In fact, Covid’s emergence remains so shrouded in mystery that we can’t know what lessons it teaches until we know the mechanism. But how Covid first infected a human being is probably the single most important question for preventing future pandemics given the difficulty of stopping a new respiratory virus once it’s spreading.

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