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

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. "But the Fed is out there saying that 5.1% is still on the cards … and that rate hikes will continue." BRIAN JACOBSEN, SENIOR INVESTMENT STRATEGIST, ALLSPRING GLOBAL INVESTMENTS, MENOMONEE FALLS, WISCONSIN“The most interesting part of the releases were in the Summary of Economic Projections. And they’re holding it there longer than markets expected.”“In addition, they’re downgrading GDP estimates for this year, and in particular, for next year.

SummarySummary Companies Maersk needed 'new energy' in CEO position - chairmanClerc takes over as shipping boom comes to an endImportant to keep costs down amid high growth - ClercCOPENHAGEN, Dec 12 (Reuters) - A.P. Moller-Maersk (MAERSKb.CO) said on Monday it had appointed company veteran Vincent Clerc as its new chief executive to lead the shipping giant through a period of slowing container demand. "The strong tail winds that benefited the supply chain industries during the pandemic are coming to an end," Maersk Chairman Robert Maersk Uggla told a press conference at the company's headquarters in Copenhagen. Shares in Maersk have roughly doubled since Skou took over as CEO in 2016. Copenhagen-based Maersk is one of the world's biggest shipping and logistics companies, handling supply chains for large customers like Walmart and Nike.

☆ Shipping firm Maersk picks Vincent Clerc as new CEO
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Moller-Maersk (MAERSKb.CO) said on Monday it had appointed Vincent Clerc, who has been with the firm for 25 years, to replace Soren Skou as Chief Executive Officer as of Jan 1. "With an increasingly challenging outlook, the board believes Vincent holds the right experience and capabilities as CEO to pursue and oversee Maersk’s strategic and organizational development in the years to come," he added. Company veteran Clerc currently heads the company's Ocean & Logistics business. Skou, who has been in the job since 2016, oversaw the group's transformation from a conglomerate into an integrated logistics company. Reporting by Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Latvia cancels license of Russian independent television station TV Rain
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

VILNIUS, Dec 6 (Reuters) - The Latvian broadcasting regulator cancelled the license of Russian independent television station TV Rain on Tuesday, the regulator's chairman said. "In connection with the threat to the national security and public order, (the regulator) has made a decision this morning to annul the broadcast license of TV Rain", Ivars Abolins said on Twitter, adding the broadcasts will cease on Thursday. (This story has been refiled to add the dropped word 'of' in paragraph 1)Reporting by Andrius Sytas in Vilnius and Janis Laizans in Riga, editing by Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

☆ Latvia cancels licence of exiled Russian television station TV Rain
▼ + stars: | 2022-12-06 | by ( Andrius Sytas | ) www.reuters.com time to read: +3 min

Summary Russian TV station moved to Latvia after Ukraine invasionLatvian regulator says it poses security threatTV Rain calls accusation "absurd"VILNIUS, Dec 6 (Reuters) - Latvia has cancelled the licence of Russian independent television station TV Rain after the company was branded a threat to national security, the state broadcasting regulator said on Tuesday. TV Rain said it programmes could still be seen on YouTube. Abolins said the regulator was convinced TV Rain did not understand "the essence and gravity" of its alleged violations. TV Rain apologized to its viewers and fired a presenter on Friday after Latvia's State Security Service launched an investigation into comments he made on air. TV Rain editor-in-chief Tikhon Dzyadko called the comments "misleading", tweeting last Friday: "TV Rain did not, does not, and will not act to help supply the Russian army".

☆ S&P 500 ends slightly lower after jobs report
▼ + stars: | 2022-12-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

The Labor Department's jobs report showed nonfarm payrolls rose by 263,000, above expectations of 200,000 and wage growth accelerated even as recession concerns increase. The Dow Jones Industrial Average (.DJI) rose 34.87 points, or 0.1%, to 34,429.88, the S&P 500 (.SPX) lost 4.87 points, or 0.12%, to 4,071.7 and the Nasdaq Composite (.IXIC) dropped 20.95 points, or 0.18%, to 11,461.50. The major averages notched a second straight week of gains, with the S&P 500 climbing 1.13%, the Dow gaining 0.24% and the Nasdaq rising 2.1%. The S&P 500 growth index (.IGX) declined 0.29% while technology shares (.SPLRCT) were among the worst performing among the 11 major S&P 500 sectors with a fall of 0.55%. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 86 new highs and 92 new lows.

☆ Volvo Cars' sales growth accelerates to 12% in November
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Dec 2 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday its sales grew 12% year-on-year in November to 59,154 cars. "Overall underlying demand for the company's cars continues to remain robust, especially for its Recharge range of pure electric and plug-in hybrid cars," it said in a statement. The sales growth accelerated compared with October when it was 7%. Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 20% of sales, up from 15% the previous month. Recharge models, including those not fully electric, accounted for 42%, up from 37%.

☆ The 10 best states to find a job right now, according to new research
▼ + stars: | 2022-12-01 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

In some states, however, jobs are more plentiful and the unemployment rate is much lower than others, offering residents a better chance at landing a secure, high-paying role, according to WalletHub's 2022 Best and Worst States for Jobs report. To determine the best states for employment, WalletHub ranked all 50 states based on 35 metrics including job opportunities, unemployment rate, median annual income, average commute time and residents' self-reported job satisfaction. The state's top industries include tech, construction, real estate and manufacturing, according to data from the U.S. Department of Commerce. Other states in the top five, including New Hampshire and Vermont, ranked high for having ample job opportunities, steady employment growth, low unemployment rates and shorter workweeks. The worst three states to find a job right now are Mississippi, Kentucky and West Virginia, according to the report, which found that these states have fewer job opportunities and lower starting salaries than other states.

☆ Sweden's H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits
▼ + stars: | 2022-11-30 | by ( Stine Jacobsen | ) www.reuters.com time to read: +3 min

The cuts by H&M, which employs roughly 155,000 people, are part of a plan laid out in September to save 2 billion Swedish crowns per year. "Keeping the lights and heating on in vast stores is becoming increasingly unaffordable with energy prices so volatile," she added. In contrast to H&M, Inditex reported in September quarterly sales growth and said it planned to hike prices to offset soaring costs. British fashion retailer Primark has announced plans to add 1,800 jobs in Spain and Britain as it expands. H&M said its savings would start to kick in from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns in the fourth quarter.

☆ Sweden's H&M first big European retailer to cut jobs as inflation hits demand
▼ + stars: | 2022-11-30 | by ( Stine Jacobsen | ) www.reuters.com time to read: +2 min

COPENHAGEN, Nov 30 (Reuters) - Swedish fashion giant H&M (HMb.ST) on Wednesday became the first big European retailer to start layoffs by announcing 1,500 job cuts owing to softening demand as consumers cope with soaring inflation. The move by the world's No.2 fashion retailer comes as surging cost of living and the blow from the Ukraine war hurt consumer spending and pressured companies across Europe and the United States to save cash. The company said the savings would start to kick in from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter. The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. While high-street retailers are struggling due to stiff competition from online-only brands, British fashion retailer Primark has recently announced plans to add 1,800 jobs in Spain and Britain as it benefits from shoppers trading down in price.

☆ Fashion retailer H&M to cut 1,500 jobs in cost saving drive
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

OSLO, Nov 30 (Reuters) - Swedish fashion retailer H&M (HMb.ST) will cut some 1,500 jobs as part of its cost cutting drive and book a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter, it said on Wednesday. In September, H&M, the world's No. 2 fashion retailer, launched a plan to save 2 billion Swedish crowns per year. "We will support our colleagues in finding the best possible solution for their next step," she added. ($1 = 10.5546 Swedish crowns)Reporting by Terje Solsvik, editing by Stine Jacobsen and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Fashion retailer H&M to cut 1,500 jobs in cost-saving drive
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

OSLO, Nov 30 (Reuters) - The world's No.2 fashion retailer H&M (HMb.ST) said on Wednesday it will cut 1,500 jobs to reduce costs amid softening demand as consumers cope with a surge in cost of living. The Swedish company, which employs roughly 155,000 people, had launched a plan to save 2 billion Swedish crowns per year in September. A restructuring charge of 800 million Swedish crowns ($75.80 million) would be booked in the fourth quarter, H&M said in a statement. The benefits would start to kick in from the second half of next year, H&M said. ($1 = 10.5546 Swedish crowns)Reporting by Terje Solsvik, editing by Stine Jacobsen, Louise Heavens and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Airline SAS' losses deepen, warns bankruptcy protection will drag out
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Nov 30 (Reuters) - Crisis-hit Scandinavian airline SAS (SAS.ST) on Wednesday reported a much deeper loss in its August-October quarter than last year and said it will take slightly longer than previously expected to complete its bankruptcy protection process. SAS, whose biggest owners are the Swedish and Danish governments, said in a statement it aimed to complete its bankruptcy protection process during the second half of 2023. SAS hopes to cut costs by 7.5 billion crowns, raise at least 9.5 billion in new equity and convert more than 20 billion of debt into equity as part of its rescue plan. SAS, which formerly earned a large share of its profits from business travel, is refocusing towards leisure. Its full-year pretax loss adjusted for items affecting comparability widened to 7.94 bllion despite full-year sales doubling to 31.8 billion crowns, in line with guidance given in September.

[1/2] Offshore oil and gas platform supply vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. The decision to postpone the so-called 26th licensing round was part of the minority government's budget deal with the opposition Socialist Left Party (SV), Terje Aasland said in an interview. The deal extends an agreement the minority cabinet and SV made last year, when the government won elections, which delayed the 26th licensing round by a year. Aasland said there was "no drama" in the decision as authorities still issue licences to oil companies in a parallel licensing around called the APA round, in so-called mature areas that are already open to oil companies. The 26th licensing round grants the right to oil companies to explore and produce oil and gas in areas not explored previously.

☆ Wall St Week Ahead Stocks typically rally in December, investors have some caution this year
▼ + stars: | 2022-11-25 | by ( David Randall | ) www.reuters.com time to read: +5 min

September, meanwhile, is the worst month of average for stocks, with a 0.7% average decline. Gains would be welcomed by many investors after seeing the S&P 500 Index (.SPX) fall around 16% so far this year. Still, weighing on the market has been the U.S. Federal Reserve's actions to aggressively tighten interest rates to fight inflation. The average Santa rally has boosted the S&P 500 by 1.3% since 1969, according to the Stock Trader's Almanac. The painful double-digit declines in both U.S. stocks and bonds, meanwhile, have made both asset classes more attractive for long-term investors, said Liz Ann Sonders, chief investment strategist at Charles Schwab.

☆ Ukraine's Zelenskiy says Europe must avoid division, set low price for Russia's oil
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

VILNIUS, Nov 25 (Reuters) - Ukraine's President Volodymyr Zelenskiy on Friday called on Europeans to remain united against Russia's war and to severely limit the price for Russian oil. This is our mission number one this year," Zelenskiy said in an address via a live video link to a conference in Lithuania. It's not helping Ukraine to stand against Russia, this is helping Europe to stand against Russian aggression", he added. We hear about (proposals to set the cap per barrel at) $60 or $70. "But I'm very grateful to our Baltic and Polish colleagues for their proposals, quite reasonable ones, to set this camp at $30 per barrel.

☆ EU preparing new Russia sanctions package, von der Leyen says
▼ + stars: | 2022-11-24 | by ( Essi Lehto | ) www.reuters.com time to read: +2 min

HELSINKI, Nov 24 (Reuters) - The European Union is pressing ahead with a ninth sanctions package on Russia in response to Moscow's attack on Ukraine, European Commission chief Ursula von der Leyen said during a visit to Finland on Thursday. "We are working hard to hit Russia where it hurts to blunt even further its capacity to wage war on Ukraine and I can announce today that we are working full speed on a ninth sanctions package," von der Leyen told a news conference. We will not rest until Ukraine has prevailed over Putin and his unlawful and barbaric war," she said. Von der Leyen did not provide details of what measures a new round of EU sanctions could contain. At a joint news conference with the prime ministers of Finland and Estonia, and the deputy prime minister of Sweden, von der Leyen said Russia's attacks on Ukrainian civilian infrastructure such as power supply amounted to war crimes.

"The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited." Still, the implication that policymakers were stepping down from their break-neck pace of rate hikes lifted U.S. stock prices and sent Treasury yields lower. The yield on the 2-year Treasury note , the maturity most sensitive to Fed rate expectations, dropped to 4.49%. Contracts tied to the Fed's policy rate showed investors maintaining bets for a half-percentage-point increase at the Dec. 13-14 policy meeting. "The path forward for monetary policy is a battle between the 'various' and the 'several,'" said Brian Jacobsen, senior investment strategist with Allspring Global Investments in Menomonee Falls, Wisconsin.

☆ Danes won't support Infantino after armband spat, says FA
▼ + stars: | 2022-11-23 | by ( Philip O'Connor | ) www.reuters.com time to read: +1 min

Speaking at a media briefing on Wednesday, DBU president Jesper Moeller said that he was angered by FIFA's actions and that the association had ruled out voting for Infantino in next year's election. Jensen said that the English FA was then expressly told at a meeting that the team captain might receive a yellow card for wearing the armband. "We were told that at the very least we would get a yellow card. It has been discussed whether there was any authority to give us a yellow card at all. We could have got a yellow card, we could have been suspended," he told a news conference at the team's training base.

☆ Drug maker Novo Nordisk invests $744 mln to expand Danish plant
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Nov 22 (Reuters) - Danish drug maker Novo Nordisk (NOVOb.CO) said on Tuesday it plans to invest 5.4 billion Danish crowns ($744.09 million) to expand its existing facilities in Bagsvaerd, Denmark. Novo, the world's biggest producer of diabetes drugs, said the project is expected to be finalised in 2024 and create about 160 new jobs. "This investment in expanding our clinical API capacity in Bagsvaerd is an important step to ensure the continuous progress of our development pipeline," said senior vice president of Chemistry, Manufacturing and Control Development at Novo Nordisk, Jesper Boving. Novo Nordisk currently produces API at two facilities in Denmark and one in Clayton in the United States, a spokesperson told Reuters. ($1 = 7.2572 Danish crowns)Reporting by Rahat Sandhu and Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Norway to fund Ukraine gas procurement with $195 mln aid
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

OSLO, Nov 21 (Reuters) - The Norwegian government on Monday said it had agreed to assist Ukraine with gas procurement for the coming winter, providing funding amounting to 2 billion Norwegian crowns ($195 million). The funds, part of a previously announced aid package of 10 billion crowns, will go via the European Bank for Reconstruction and Development (EBRD). "It is important to channel the support through an established, internationally recognised organisation, which will ensure effective and transparent use of the funding," Norway's Minister of Finance Trygve Slagsvold Vedum said in a statement. ($1 = 10.2652 Norwegian crowns)Reporting by Terje Solsvik, editing by Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

The data showed retail sales rose 1.3% last month led by motor vehicles after remaining flat in September. Economists polled by Reuters had forecast sales accelerating 1%. Among S&P 500 sectors, retail (.SPXRT) and consumer discretionary (.SPLRCD) were down 1.9% and 1.7%, respectively. Declining issues outnumbered advancers for a 2.10-to-1 ratio on the NYSE and for a 2.41-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and two new lows, while the Nasdaq recorded 33 new highs and 56 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. Despite the sales warning from Target, latest data on U.S. retail sales suggested that consumer spending remained stable and could help to underpin the economy in the fourth quarter. The data showed retail sales rose 1.3% last month after remaining flat in September. Economists polled by Reuters had forecast sales accelerating 1%. ET, Dow e-minis were down 57 points, or 0.17%, S&P 500 e-minis were down 14.25 points, or 0.36%, and Nasdaq 100 e-minis were down 71 points, or 0.6%.

☆ Sweden to deliver its biggest military aid package yet to Ukraine
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Nov 16 (Reuters) - Sweden will deliver new military aid worth 3 billion crowns ($287 million) to Ukraine, its biggest package of defence material to date which included an air defence system, Prime Minister Ulf Kristersson said. "It's a bigger military support package than all eight previous packages combined," Kristersson told a news conference. Defence Minister Pal Jonson said the new package of military equipment included an air defence system and ammunition from the stock piles of its armed forces, much needed to defend Ukraine against a fierce onslaught of Russian missiles in recent weeks. Sweden's previous Social Democrat government, which lost to Kristersson's right-wing coalition in elections in September, had agreed several tranches of aid to Ukraine, both military and humanitarian, worth well over 1 billion crowns. ($1 = 10.4538 Swedish crowns)Reporting by Anna Ringstrom, Stine Jacobsen and Niklas PollardOur Standards: The Thomson Reuters Trust Principles.

☆ Instant View: Comfortably cool U.S. CPI suggests aggressive Fed hikes taking hold
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +5 min

read moreMARKET REACTION:STOCKS: S&P 500 futures turned sharply higher and were up 3.1%BONDS: The yield on 10-year Treasury notes tumbled and was down 21.5 basis points at 3.927%; The two-year U.S. Treasury yield was down 26.6 basis points at 4.362%. The dollar index was off 1.3%COMMENTS:BRIAN JACOBSEN, SENIOR INVESTMENT STRATEGIST, ALLSPRING GLOBAL INVESTMENTS, MENOMONEE FALLS, WISCONSIN“Well, that was a relief. And I think the expectation now is the Fed hikes rates 50 basis points in December. ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH, NEW YORK"A softer than expected inflation report is acting as a tailwind for markets. "Given just this data, it would allow the Fed to raise by only 50 basis points rather than 75 at the next meeting.

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