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☆ Gold ticks up as traders navigate U.S. debt limit hitch, Fed cues
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices edged up on Monday as drawn-out discussions around the U.S. debt ceiling and Federal Reserve Chair Jerome Powell's less-hawkish comments added to the safe-haven bullion's appeal. Spot gold was up 0.1% at $1,978.06 per ounce as of 0347 GMT, while U.S. gold futures eased 0.1% to $1,979.40. Markets are now pricing in a 86.2% chance of the Fed standing pat on rates next month, the CME FedWatch tool showed. Spot silver fell 0.2% to $23.77 per ounce, platinum eased 0.1% to $1,061.68 and palladium dipped 0.3% to $1,508.54.

[1/2] The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The fourth-quarter earnings come after the Vision Fund unit posted four consecutive quarters of investment loss, with investors debating whether the value of privately held stakes have further to fall. Portfolio firms of the Vision Fund unit whose shares climbed during January-March include e-commerce firm Coupang Inc (CPNG.N) and robotics firm AutoStore Holdings Ltd (AUTO.OL). What matters is Arm for SoftBank to demonstrate it can get results as an investment company," said SMBC Nikko Securities analyst Satoru Kikuchi. Still, SoftBank executives are unlikely to offer meaningful new information about the Arm listing on Thursday, Kikuchi said.

Lending standards, which were already at levels consistent with past recessions, according to several indicators in the most recent 'SLOOS' and NFIB surveys, will only tighten further. Although tighter credit conditions will weigh on economic activity, hiring and inflation, recession can still be avoided. A separate NFIB banking survey published this week shows small business owners are not hitting the panic button just yet, but concern is growing. "Small business owners are, not surprisingly, concerned about the stability of the banking system. A strong small business banking system is essential for small business owners to operate and grow their business," Holly Wade, executive director of NFIB's Research Center said.

☆ Instant View: US March PCE price index shows high, but cooling, inflation
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +5 min

The personal consumption expenditures (PCE) price index gained 0.1% in March after rising 0.3% in February. In the 12 months through March, the PCE price index increased 4.2% after climbing 5.1% in February. "Will the Fed raise rates at the May meeting. I don't think it'll influence them one way or another but we expect them to raise rates again. I don’t think it’s going to impact the Fed much if at all.

☆ U.S. dollar firms as inflation data backs Fed hike; yen plunges
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: +3 min

The dollar index, a measure of the greenback's value against six major currencies, rose 0.2% to 101.65. Friday's data showed the personal consumption expenditures (PCE) price index edged 0.1% higher in March after rising 0.3% in February. In the 12 months through March, the PCE price index increased 4.2% after climbing 5.1% in February. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February. Following the inflation data, the rate futures market has priced in a 90% chance of a 25 basis-point hike next week.

☆ Japan's SMFG boosts U.S. presence via bigger stake in Jefferies
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Japan's Sumitomo Mitsui Banking Corp (SMBC) said it will combine its U.S. equity and M&A business with Jefferies Financial Group Inc (JEF.N) as part of a deal in which its parent, Sumitomo Mitsui Financial Group (8316.T), will boost its stake in the U.S firm and its presence in the country. Sumitomo Mitsui Financial Group (SMFG) will raise its stake in Jefferies from 4.5% currently to as much as 15%, giving it the right to nominate a member to the U.S. company's board of directors, the companies said in a joint statement on Thursday. Its SMBC Nikko Securities unit, formerly Citigroup Inc's (C.N) Japanese broker and a key investment banking unit that SMFG bought in 2009, has a limited footprint abroad. SMFG's bigger domestic rival, Mitsubishi UFJ Financial Group Inc (8306.T), has boosted its U.S. presence through a $9 billion investment in Morgan Stanley (MS.N) in 2008, which gave MUFG some 20% ownership of the Wall Street bank. The Financial Times first reported the news on SMBC and Jefferies.

☆ Gold climbs on subdued dollar, U.S. data in spotlight
▼ + stars: | 2023-04-27 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices rose on Thursday as a softer dollar rekindled some of bullion's appeal for overseas buyers, while investors braced for a host of U.S. economic data ahead of a crucial Federal Reserve policy meeting next week. Spot gold rose 0.48% to $1,999.01 per ounce by 448 GMT, while U.S. gold futures climbed 0.6% to $2,008.10. Safe-haven gold scaled an over one-year peak at $2,048.71 in mid-April, as the banking crisis unfolded and weak U.S. economic readings bolstered bets for a pause in interest rate hikes. Brian Lan, managing director at gold dealer GoldSilver Central in Singapore said, a lot is hinged on the Fed's interest rate decision in May, and gold could see more volatility due to the dollar.

☆ Dollar bonds of India's Adani Ports rise as company starts debt buyback
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 24 (Reuters) - The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone (APSE.NS) rose on Monday, after the company commenced a cash tender offer for a buyback of securities. On Monday, Adani Ports and Special Economic Zone (APSE.NS), part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds. The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and StandardChartered Bank to serve as dealer managers for the offer. The dollar bonds of Adani Transmission (ADAI.NS), Adani Green Energy (ADNA.NS) and Adani Electricity Mumbai were trading mixed. However, India's market regulator is looking into Hindenburg's allegations as well as the group's related party dealings following a Supreme Court directive.

☆ Here's why a recession is likely to happen this year
▼ + stars: | 2023-04-20 | 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 EmailHere's why a recession is likely to happen this yearJoe LaVorgna, SMBC Nikko Securities chief economist, and Dana Peterson, chief economist at The Conference Board, join 'Squawk Box' to discuss the Fed's inflation fight, interest rate hikes, and more.

☆ Big Japanese manufacturers remain gloomy as external demand ebbs - survey
▼ + stars: | 2023-04-18 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

"The survey confirmed the economy is on track for a post-coronavirus recovery backed by service-sector firms, although manufacturers are affected by a slowdown in global demand," said Yoshimasa Maruyama, chief economist at SMBC Nikko Securities. The Reuters Tankan, which closely tracks the Bank of Japan's (BOA) quarterly key tankan survey, canvassed 493 big non-financial firms. The sentiment index for big manufacturers in the Reuters Tankan survey stood at minus 3, unchanged from the previous month and posting a fourth straight month of negative readings, according to the survey. The Reuters Tankan manufacturers index is expected to rebound to plus 7 over the next three months. The large service-sector firms' index edged up to plus 24 in April from plus 21 seen in the previous month, hitting the highest level since December.

Deposits have fled small banks at a record pace, the availability of credit for small businesses is deteriorating rapidly, and these firms are increasingly reluctant to hire workers or expand. The relationship between these thousands of banks and millions of small businesses runs deep, and is critical to the health of the economy at large. And so is wider GDP, when you bear in mind that small businesses account for around 40% of all jobs. Small banks will probably tighten credit standards further, limiting a key source of funding for small businesses - many of which are riskier borrowers and key customers for these banks. "Because small banks are likely to tighten credit more aggressively and small businesses disproportionately borrow from them, the hit to lending to small businesses will likely be larger," they wrote on Monday.

☆ Wall Street meanders, dollar gains as Fed rate hike seen in May
▼ + stars: | 2023-04-10 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

"My sense is that the labor market and CPI would favor the Fed raising rates again. However, what has made the market have second thoughts is the extent of the tightening of lending." The dollar index rose 0.52% and the two-year Treasury yield, which typically moves in step with interest rate expectations, added 4.2 basis points to 4.014%. On Wall Street, the Dow Jones Industrial Average (.DJI) rose 0.3%, the S&P 500 (.SPX) gained 0.10% and the Nasdaq Composite (.IXIC) dropped 0.03%. The dollar extended gains against the yen to 133.87 , the highest since March 15, on receding expectations of a near-term tweak to Japan's ultra-loose monetary policy.

☆ Fed needs to see people coming into the labor force, says economist Betsey Stevenson
▼ + stars: | 2023-04-07 | 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 needs to see people coming into the labor force, says economist Betsey StevensonJoseph LaVorgna, SMBC Nikko Securities America chief economist, and Betsey Stevenson, professor of economics at the University of Michigan, join CNBC's "Squawk Box" discuss Friday’s jobs report.

☆ The U.S. corporate sector has a 'strong ability' to raise profits, strategist says
▼ + stars: | 2023-04-04 | 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 U.S. corporate sector has a 'strong ability' to raise profits, strategist saysJohn Vail of Nikko Asset Management says "there's something about the way the U.S. corporate sector can keep hiking earnings."

TOKYO, March 31 (Reuters) - Japanese regional lenders will be well able to weather even "large" losses on their foreign bond portfolios thanks to strong capital buffers, a senior banking regulator official said, rebuffing concerns fuelled by U.S. banking woes. "Overseas media seem to be focusing on Japanese regional banks in association with the SVB collapse, but I'd like to emphasise that they are completely different," he told Reuters in an interview. Analysts at SMBC Nikko Securities calculated unrealized foreign bond losses at over 70 listed Japanese regional banks totalling 1.4 trillion yen ($10.6 billion) at the end of last year, the worst in decades for global bond markets. "It is true that unrealized losses on foreign bond holdings at some regional banks are large, but the banks have enough capital buffers even when such losses are taken into account," Yashiki said. He also said he saw no immediate need to review Japan's regulatory framework as Japanese banks have grown resilient with significantly improved asset quality.

☆ Gold gains as Fed hints at pause in rate hikes
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices advanced on Thursday after the U.S. Federal Reserve hinted it was nearing a pause in its rate-hike cycle, making the safe-haven asset a more attractive bet in a future low interest environment. Spot gold was up 0.4% at $1,976.98 per ounce, as of 0406 GMT. Traditionally considered a hedge against inflation and economic uncertainties, gold prices jumped 2% on Wednesday after the Fed raised interest rates by an expected 25 basis points, and indicated it might pause further increases after the recent collapse of two U.S. banks. Spot silver slipped 0.4% to $22.94 per ounce, platinum added 1.1% at $988.61, while palladium lost 0.5% to $1,443.57.

☆ One year after the first rate hike, the Fed stands at policy crossroads
▼ + stars: | 2023-03-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

"That being said, given the fact the Fed has tightened as aggressively as they have, the economy is still very good." But recent days have shown the Fed has another problem on its hands besides inflation. watch nowBecause prices fall when rates go up, the Fed hikes have cut into the market value of those fixed income holdings. Rate hike expected"If you're waiting for inflation to go back to 2% and that's what's caused you to raise rates, you're making a mistake," said Joseph LaVorgna, chief economist at SMBC Nikko Securities. Since the rate increases started, depositors have pulled $464 billion from banks, according to Fed data.

☆ U.S. FDA approves Acadia's Rett syndrome drug
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. After the FDA declined to approve the expanded use of Nuplazid, Acadia said it would not pursue that indication for Nuplazid further. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

☆ Analysis: Door slams on Japan bank rally as focus turns to bond holdings in wake of SVB
▼ + stars: | 2023-03-14 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Losses in Silicon Valley Bank's bond portfolio have highlighted similar risks for Japanese lenders' gigantic foreign bond holdings, which are carrying over 4 trillion yen ($30 billion) in unrealised losses. Three days of selling has the Tokyo Stock Exchange banks index (.IBNKS.T) down 16% - its sharpest drop since the days after the 2011 earthquake and tsunami struck Japan. Reuters GraphicsBONDS GETTING HITMost of the time, bond losses aren't a problem for banks, which typically hold their investments to maturity. An annual Bank of Japan report published on Tuesday said Japanese financial institutions have sufficient capital buffers. "And maybe some concerns Japanese banks have exposures, and some profit taking," he said.

☆ Here's why the Fed should pause rate hikes
▼ + stars: | 2023-03-14 | 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 EmailHere's why the Fed should pause rate hikesSMBC Nikko Securities America's Joe Lavorgna, Dana Peterson, chief economist at The Conference Board, and Jason Trennert, Strategas Research Partners chairman and CEO, join 'Squawk Box' to discuss the February CPI data and upcoming Fed announcement.

March 13 (Reuters) - France's Sanofi SA (SASY.PA) on Monday agreed to acquire Provention Bio Inc <PRVB.O> for $2.9 billion to bolster its work on a U.S.-approved type 1 diabetes therapy and strengthen its drug pipeline following development setbacks. The deal builds on an existing co-promotion agreement between the two companies, and would give the French drugmaker full ownership of the drug, Tzield, Sanofi said, adding it expects to complete the acquisition in the second quarter of 2023. While growth in asthma and eczema drug Dupixent is boosting Sanofi's sales, investors have criticised its drug development pipeline as weak. Sanofi, the maker of long acting insulin products Toujeo and Lantus for type 2 diabetes, in 2019 quit further type 2 diabetes drug development. Chief Executive Officer Paul Hudson said last month the company saw great promise in type 1 diabetes drug development and reaffirmed his commitment to steer clear of further work on type 2 diabetes and obesity.

☆ U.S. FDA approves Acadia's genetic Rett syndrome drug
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

March 10 (Reuters) - The U.S. Food and Drug Administration approved Acadia Pharmaceuticals Inc's (ACAD.O) drug for the treatment of Rett syndrome, a genetic brain disorder, the company said on Friday, making it the first approved drug for the condition. The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

☆ Salesforce's upbeat revenue forecast, buyback plan boost shares
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Salesforce Inc (CRM.N) on Wednesday forecast first-quarter revenue above analysts' estimates and increased its share repurchase program to $20 billion, sending shares of the cloud-based software provider up 14% in extended trading. May be this takes some of the wind out of the activists' demands," said Steve Koenig, managing director at SMBC Nikko Securities. The company forecast first-quarter revenue between $8.16 billion and $8.18 billion, compared with analysts' average estimate of $8.06 billion, according to Refinitiv IBES data. Revenue for the fourth quarter ended Jan. 31 was $8.38 billion, above analysts' average expectation of $7.99 billion, according to Refinitiv IBES data. On an adjusted basis, the company earned $1.68 per share, compared with estimates of $1.36 per share.

☆ Top economist Joe Lavorgna: Fed is making a classic policy mistake by constantly raising rates
▼ + stars: | 2023-02-28 | 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 EmailTop economist Joe Lavorgna: Fed is making a classic policy mistake by constantly raising ratesSMBC Nikko Securities America's Joe Lavorgna joins 'Squawk Box' to discuss what's ahead for the economy, why the 10-year treasury yield hasn't moved, and more.

☆ India's Adani to hold fixed-income roadshow next week in Asia
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 24 (Reuters) - India's Adani Group will hold a fixed-income roadshow next week in Asia, according to a bank document seen by Reuters, as the beleaguered conglomerate tries to shore up investor confidence in the aftermath of a U.S. short-seller report. Adani group executives, including group Chief Financial Officer Jugeshinder Singh, will attend the roadshows in Singapore on Feb. 27, and Hong Kong on Feb. 28 and March 1, the document showed. Dollar bonds of Adani Group were largely trading lower on Friday. Bonds of Adani Ports (APSE.NS) maturing in February 2031 led the losses, while some notes of Adani Green Energy (ADNA.NS) were marginally higher. Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are the banks organising next week's roadshow, according to the document.

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