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☆ Lyft is second horse in a one-horse town
▼ + stars: | 2023-02-10 | by ( Jennifer Saba | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 10 (Reuters Breakingviews) - Lyft (LYFT.O) shares skidded 35% on Friday morning after the company reported dismal quarterly results. Lyft’s net loss of nearly $600 million in the fourth quarter was twice what it lost a year earlier. Uber dominates ride-sharing because it has five times as many monthly active drivers and couriers as Lyft. The ride-sharing firm recorded a quarterly net loss of $588 million compared to a net loss of $283 million in the fourth quarter of 2021. Lyft rival Uber Technologies reported on Feb. 8 that fourth-quarter revenue increased 49% to $8.6 billion.

☆ Deadly ice storm rages in Texas, causing travel chaos and outages
▼ + stars: | 2023-02-01 | by ( Chantal Da Silva | ) www.cnbc.com time to read: +4 min

Abbott held a meeting and news conference in preparation for the winter storm that is sweeping across portions of Texas. That evening, a 49-year-old woman died after the 1997 Chevrolet Silverado she was driving struck a tree near Eldorado, Texas, according to the Texas Department of Public Safety. Dangerous roads and flight cancellationsThe storm has caused widespread travel chaos both on the roads and at airports this week. Sweeping power outagesResidents across Texas have also faced power outages in the midst of the storm. Public Utility Commission Chairman Peter Lake told Texans to contact their local power providers if winter weather and icing conditions caused local power outages.

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 7, 2022. Trade in European stocks was lacklustre, as signs of an improving economic outlook in the euro zone fed worries about further rate hikes. AUSSIE DOLLAR SURGEThe Australian dollar surged to $0.7123 after the latest inflation data. Germany's Ifo institute said its business climate index rose to 90.2, in line with the consensus, according to a Reuters poll of analysts, and up from 88.6 in December. U.S. crude futures recently rose 1.01% to $80.94 per barrel and Brent was at $86.68, up 0.64% on the day.

☆ Dollar rises on safe haven bids; yen regains footing
▼ + stars: | 2023-01-19 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

FILE PHOTO: A U.S. hundred dollar bill and Japanese 10,000 yen notes are seen in this photo illustration in Tokyo, February 28, 2013. The fresh wave of risk aversion - compounded by news of job cuts by tech giants Microsoft and Amazon - also kept the dollar in bid. The euro was last 0.39% lower at 138.58 yen, while sterling fell 0.23% to 158.27 yen, as markets continued to test the resolve of the BOJ’s ultra-dovish stance. “While there’s still high expectations for a policy shift ... I think that will keep the yen pretty elevated in the near term.”Elsewhere, the kiwi fell 0.31% to $0.6425.

☆ Morning Bid: Japan hesitates
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +4 min

Judging by Wednesday's reaction, world markets reckon Japan will eventually abandon its ultra-loose monetary policy despite a stubborn doubling down this week - and overseas ructions may be less than feared. But after some wild gyrations on the initial announcement, the market reaction was rather muted on balance. Japan's Nikkei (.N225) ended 2.5% higher, but it closed before the yen rebound in European hours. The release of December U.S. producer price, retail sales and industrial production numbers later on Wednesday now takes centre stage. U.S. Treasury auctions 20-year bonds* Bank of Japan policy decision.

☆ Morning Bid: Disinflation elation
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +5 min

Whether the Federal Reserve policymakers will publicly chime with the disinflation narrative or not, many acknowledge their policy stance is now 'data dependent' from here. And unless disavowed of it by hard evidence, markets already assume the inflation battle is as good as won. The dollar and U.S. Treasury yields were slightly lower. China's inflation rate crept back up last month too but it remains below 2% and annual producer price inflation is still in negative territory. Although UK bond yields and sterling skidded lower on Wednesday in mix of recession concerns and energy price disinflation hopes, there was better news on the retail front today.

☆ U.S. pending home sales sag more than expected in November
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: +3 min

The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, fell 4% to 73.9 last month from October's downwardly revised 77.0. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 0.8%. Pending home sales dropped 37.8% in November on a year-on-year basis. The housing market has suffered the most visible effects of aggressive Fed interest rate hikes that are aimed at curbing high inflation by undercutting demand in the economy. Data last week showed the combined annual sales rates of new and existing homes through November had slumped by 35% since January — among the fastest falls on record — to the slowest since late 2011.

☆ Double-digit U.S. home price growth streak skids to an end
▼ + stars: | 2022-12-27 | by ( Dan Burns | ) www.reuters.com time to read: +4 min

The S&P CoreLogic Case Shiller national home price index increased by 9.2% in October, down from 10.7% in September and notching the first single-digit gain since November 2020. On a month-over-month basis, S&P Case Shiller's index fell for a fourth straight month, while FHFA's gauge was unchanged. The housing market has suffered the most visible effects of aggressive Fed interest rate hikes that are aimed at curbing high inflation by undercutting demand in the economy. Unlike then, the supply of homes on the market remains extraordinarily limited and should keep a floor under house prices. "As the Fed tightens financial conditions, the housing market will likely slow further in the coming year," LPL Financial Chief Economist Jeffrey Roach said.

☆ At least 3 dead, 4 missing in Spain after bus plunges off bridge into river
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

MADRID, Dec 25 (Reuters) - At least three people died and four were missing after a passenger bus careened off a bridge and plunged into a river in northwestern Spain, local emergency services said on Sunday. The survivors were taken to nearby hospitals with varying degrees of injury, they added. It skidded off the road on the bridge for reasons that remain unclear and plunged into the water at around 9.30 p.m. local time (2030 GMT) on Saturday. According to preliminary data, the bus carried nine people in total, the driver and eight passengers, said regional official Maica Larriba. "There are no more bodies inside the bus, so we are continuing the search for the four missing people," Larriba added, referring to the findings of police divers who inspected the wreckage.

☆ Six dead after bus plunges off bridge into river in Spain
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +2 min

MADRID, Dec 25 (Reuters) - Six people died and two were injured after a passenger bus careened off a bridge and plunged into an overflowing river in northwestern Spain, emergency services said on Sunday. Two survivors - the vehicle's 63-year-old driver and a female passenger - were pulled out of the river by firefighters with rope and taken to nearby hospitals with varying degrees of injury. The spokesperson added that the search-and-rescue operation around the bridge had now concluded, while engineers attempted to find a way to safely recover the wreckage from the river Lerez. Shortly afterwards, they received a second call from inside the bus as it was filling up with water. The river remained above its overflow threshold throughout the night, forcing emergency rescue workers to suspend the operation for nearly two hours before resuming in the morning.

☆ Morning Bid: Five Alive
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +4 min

And given that investors are overwhelmingly positioning for peak rates by mid year and Fed rate cuts after that, the 'good news is bad news' reactions re-emerged on Monday. Futures markets pushed their implied Fed 'terminal rate' next May back above 5% - from as low as 4.85% shortly after Fed Chair Jerome's peculiarly dovish speech last week. There were further signs that China's COVID restrictions are being lifted gradually - though that's ambiguous for global inflation outlooks more generally. There will also be attention later on the U.S. Senate runoff in Georgia - although Democrats have control of the Senate regardless. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ How High Will CD Rates Go in 2023?
▼ + stars: | 2022-12-01 | by ( ) www.wsj.com time to read: +6 min

Whether or not CD rates will continue to rise in 2023 depends a lot on what the Fed does to fight inflation, with higher inflation likely higher interest rates. Where will CD rates go in 2023? There is no direct relationship between CD rates and those set by the Federal Reserve, since banks can offer whatever interest rates they wish. And that means that CD rates likely have a little room to rise, but not a whole lot. While CD rates continually shift, it’s now possible to find rates of between 4% and 5% from well-known institutions like Capital One, BMO Harris, Synchrony and more.

☆ Morning Bid: Powell clears the decks
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +4 min

LONDON, Dec 1 (Reuters) - A look at the day ahead in U.S. and global markets from Mike Dolan. Intended or not, investors clearly read Wednesday's keynote speech by the Federal Reserve chair as a green light for a yearend relief rally in beaten down assets. On the face of it, Fed chief Jerome Powell merely confirmed what most had already assumed - that the Fed would downshift the size of its interest rate rises to half a point next month. The upshot is that markets have dragged their implied peak Fed rate next year back below 5% and continue to price up to half a point of cuts by the end of 2023. Core PCE inflation numbers are due later and another barrage of Fed speakers to hold Powell's take up to the light.

☆ Morning Bid: China, COVID and Crude
▼ + stars: | 2022-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Rare anti-government unrest across China's cities over the weekend has unnerved world markets, weakening crude oil prices and adding fresh political risks to a fragile year-end. Wary that both the unrest and the COVID crunch compound the economic hit to China and the world, the initial market reaction on Monday was to sell Chinese stocks, the yuan and oil - with crude oil prices falling to close to $80 per barrel, their lowest since January. A U.S. regulatory clampdown on Chinese tech giants, citing national security concerns, also weighed on shares of tech firms. As U.S. markets return after the Thanksgiving weekend, attention will return to Federal Reserve tightening, the labour market and inflation picture. The German banking giant said it expected U.S. output to drop 2% over the whole year, euro zone output to decline 1% and world economic growth to slow to a recessionary 2%.

☆ Elon Musk claims Apple has ‘threatened to withhold’ Twitter from its app store
▼ + stars: | 2022-11-28 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

New York CNN Business —Elon Musk on Monday claimed that Apple has “threatened” to pull Twitter from its iOS app store, a move that could be devastating to the company Musk just acquired for $44 billion. He also criticized Apple’s size, claimed it engages in “censorship,” and called out the 30% transaction fee Apple charges large app developers to be listed in its app store. Parler was returned to Apple’s app store three months later after updating its content moderation practices. “If you’re looking to shock and offend people, the App Store isn’t the right place for your app,” the guidelines state. Roth said the company’s failure to adhere to Google and Apple’s app store rules could be “catastrophic.”And last weekend, the head of Apple’s app store, Phil Schiller, deleted his Twitter account.

☆ Elon Musk is $8 billion poorer after taking control of Twitter, meaning his net worth has fallen by $66 billion this year
▼ + stars: | 2022-10-29 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Elon Musk took an $8 billion hit to his net worth after buying Twitter, per Bloomberg wealth index. The world's richest man finally sealed his $44 billion deal to acquire Twitter on Thursday. Before sealing the $44 billion deal on Thursday, Musk was estimated to be worth about $212 billion, per Bloomberg. He remains the world's richest man, but Musk's net worth has fallen by $66 billion this year, according to Bloomberg. Musk's net worth peaked in November last year at $338 billion when Tesla shares soared.

☆ Weak Amazon outlook another blow to tech-type growth shares
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +7 min

But Apple earnings on Thursday were a bright spot, with higher than expected revenue leaving its shares (AAPL.O) only slightly lower. But then we look at the Apple report and they reported strong growth in a lot of their consumer categories. Going into the holiday season you would expect the consumer to really ramp up so that I see a big divergence between Apple and Amazon." What we saw in the past is that in a period of growth, tech really grew faster than anything else and got multiples that reflected that. There was always concern going into earnings, and quarter after quarter, they surprised to the upside.

☆ Korean Air plane overshoots runway, closing Philippine airport
▼ + stars: | 2022-10-24 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

MANILA, Philippines — A damaged Korean Air plane remained stuck in the grass at a central Philippine airport Monday after it overshot a runway in rainy weather the night before. “We always prioritize safety in all of our operations, and we truly regret the stress and inconvenience brought to our passengers,” Korean Air President Woo Keehong said in a statement. Authorities were also assessing if the other aircraft that are stranded at the airport could be allowed to fly out safely. The Airbus A330 flying from Incheon, South Korea, attempted to land twice before overrunning the runway on the third attempt, Korean Air Lines Co. said in a statement. In 1981, a Korean Air Lines Boeing 747 jetliner overshot the runway while taking off from Manila’s international airport and skidded to a stop at the edge of a major highway.

☆ From 'It's Always Sunny in Philadelphia' to 'Aladdin,' here are 6 celebrities who've had trouble with their Teslas
▼ + stars: | 2022-10-23 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +5 min

"It's Always Sunny in Philadelphia" actor Glenn Howerton is the latest to relate his issues. In August, Vox reported that owners had filed numerous complaints against Tesla's service centers. The actor said he was locked out of his car Tesla after his key fob broke. The car doors wouldn't open, and he had to exit through the trunk after waiting for Tesla service personnel for almost an hour. The "Aladdin" actor filed a lawsuit against Tesla saying the accident occurred because of defects in his car.

☆ GM, Ford set to report earnings to a tough crowd on Wall Street
▼ + stars: | 2022-10-21 | by ( Joseph White | ) www.reuters.com time to read: +3 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Ford follows on Wednesday, having already warned investors that third quarter results will fall short of expectations because of supply chain and logistics snarls. Wall Street investors have not waited to act on wariness that demand for cars is finally entering a long-delayed cyclical downturn. GM shares are down 19% since Sept. 19. So far, neither GM nor Ford has cut full-year profit guidance.

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