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June 23 (Reuters) - Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. An increase in the value of the dollar, which has risen 0.3% this week, can weigh on oil demand by making the fuel more expensive for holders of other currencies. Federal Reserve Chair Jerome Powell said the central bank would move interest rates at a "careful pace" from here as policymakers edge towards ending their historic round of monetary policy tightening. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. Fears of hikes by major central banks have clouded the fuel demand outlook for the rest of the year.

Persons: Brent, Tina Teng, Jerome Powell, Edward Moya, Arathy Somasekhar, Sonali Paul, Jamie Freed Organizations: U.S, West Texas, CMC, Bank of England, Energy Information Administration, Energy, OANDA, Thomson Locations: Britain, U.S

☆ India's Russian oil buying scales new highs in May
▼ + stars: | 2023-06-21 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

India, the world's third biggest oil consumer and importer, buys more than 80% of its oil from overseas markets. Its refiners have been gorging on Russian oil since the West imposed sanctions over Moscow for its invasion of Ukraine. India imported 801,400 bpd of Iraqi oil in May, down about 13.7% from April, while supply from Saudi fell 15% to 616,100 bpd, the data show. India's overall May oil imports rose marginally from April to 4.8 million bpd, the data showed. India's oil imports from various regionsOPEC's share of India's oil imports in May fell to a record low of 42.6% and averaged 44.3% in the first two months of this fiscal year, the data showed.

Persons: Nidhi Verma, Jason Neely Organizations: Thomson Locations: DELHI, Iraq, Saudi Arabia, India, Moscow, Ukraine, Saudi, Russia

☆ Stocks edge higher, dollar sags eyeing Fed pause
▼ + stars: | 2023-06-14 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

On an annual basis, consumer prices rose 4%, the smallest in more than two years, slowing from April's 4.9%. That has crystallised traders' views that the Fed is unlikely to hike rates later on Wednesday. S&P 500 futures and Nasdaq futures were both up 0.2%, setting Wall Street for further gains after U.S. stocks rallied to 14-month highs overnight. That supported the euro , which was up 0.1% to $1.0850, hovering just below Tuesday's three-week high of $1.08235. German two-year bond yields touched a fresh high since March ahead of Thursday's European Central Bank rates decision.

Persons: Richard McGuire, Jim Reid, Stocks, Yoruk Bahceli, Stella Qiu, Jacqueline Wong, Sharon Singleton, Chizu Organizations: Sterling, U.S . Federal, U.S, CPI, Nasdaq, Rabobank, Deutsche Bank, Bank of, Thursday's European Central Bank, Brent, International Energy Agency, Tokyo's Nikkei, Thomson Locations: London, Asia

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ JPMorgan downgrades this regional bank stock, says earnings power looks challenged over the near term
▼ + stars: | 2023-06-13 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Rising expenses denting earnings growth create a murky near-term setup for shares of First Horizon , according to JPMorgan. Analyst Steven Alexopoulos moved to a neutral rating on the regional bank stock after a non-rating period, saying that the company's recent investor day failed to improve near-term confidence. The Wall Street firm previously held an overweight rating on shares and $20 price target. Shares of First Horizon faced significant pressure this year as the regional banking crisis unraveled and led to the collapse of Silicon Valley Bank and Signature Bank, and takeover of First Republic. Amid this backdrop, the stock's tumbled nearly 52%, with the firm's $13 price target suggesting 10% upside from Monday's close.

Persons: Steven Alexopoulos, Alexopoulos, CNBC's Michael Bloom Organizations: JPMorgan, Street, Horizon, Silicon Valley Bank, Signature Bank, First Locations: Silicon, First Republic

REUTERS/Carlos BarriaJune 9 (Reuters) - The largest U.S. business group on Friday urged President Joe Biden him to intervene immediately and appoint an independent mediator to address a protracted West Coast ports labor dispute. West Coast ports stretching from California to Washington state are critical to U.S. supply chains and the nation's economy. U.S. Chamber of Commerce CEO Suzanne Clark in a letter to Biden cited "continued and potentially expanded service disruptions at these ports heading into peak shipping season." Workers reported for duty on Thursday and Friday at the Port of Los Angeles, officials said. "Operations going into the weekend seem to be the most normal they've been" since labor disruptions started late last week, Los Angeles port spokesman Phillip Sanfield said, adding that the port has limited weekend hours.

Persons: Carlos Barria, Joe Biden, Suzanne Clark, Biden, Phillip Sanfield, David Shepardson, Chizu Nomiyama, Mark Potter Organizations: Shipping, Port, REUTERS, . Chamber of Commerce, Pacific Maritime Association, Warehouse Union, Workers, Retailers, Thomson Locations: Oakland, Oakland , California, U.S, West Coast, California, Washington, Seattle, Tacoma, Los Angeles, Long, Port of Los Angeles, San Francisco, East Coast, Gulf of Mexico, Asia, Panama

The S&P 500 (.SPX) index closed flat but remained near its highest level since August 2022, just above 4,200 points. The S&P 500 and the Nasdaq were still set for monthly gains in May. Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." Only four of the S&P 500's 11 sectors were higher, while declining stocks outweighed advancing shares on both the S&P 500 and Nasdaq.

Persons: Joe Biden, Kevin McCarthy, McCarthy, Sam Stovall, Anthony Saglimbene, Thomas Hayes, FEDWATCH, Elon Musk, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: Dow Jones, Nasdaq, Republican, Republicans, Nvidia Corp, Reuters Graphics Reuters, Digital, Federal, Semiconductor, Nvidia, Great, Capital, Labor, Thomson Locations: New York, Troy , Michigan, Philadelphia, China's, Beijing, Bengaluru

☆ The S&P 500 is up almost 8% in the first 100 trading days of the year. That bodes well for the rest of 2023
▼ + stars: | 2023-05-25 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

When the S & P 500 has risen more than 7% over the first 100 trading days in an average year going back to 1950, the index rallies another 9.4% over the balance of the year, for a total annual return of 23.6%. By comparison, the S & P 500 has gained an average of 9.8% annually since its inception in 1928, according to Investopedia . This year should end no differently than others when the index rose 7% or more during the first 100 trading days, Detrick said, despite concern the economy could tip into a recession, denting corporate profits. The Russell 2000 Index of small-cap stocks has fallen 0.8% so far this year, while the S & P 500 Financial Index has slumped 7.4% year to date. "Stocks lead the economy," Detrick said.

Persons: Ryan Detrick, hasn't, Detrick, Russell Organizations: Carson Group, Fed

☆ Premarket stocks: Will the debt ceiling debate finish the Fed's inflation fight?
▼ + stars: | 2023-05-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Over the last 14 months, the Federal Reserve has taken a deliberate and economically painful approach to combating elevated inflation rates through interest rate hikes. The regional banking crisis and a possible debt-ceiling induced default on US debt could change all of that. What’s happening: There are two policy options that the Fed can use to address elevated inflation. For the first quarter, Lowe’s said overall sales fell 5.5% to $22.3 billion. Home Depot missed on first quarter sales and lowered its outlook for the year after customers slowed their spending.

Persons: shouldn’t, ”, Laurence Ball, Edward Boehne, Jerome Powell, Ben Bernanke, Powell, Ball, there’s, Austan Goolsbee, “, Julian Brigden, Bernanke, ” Bernanke, Olivier Blanchard, Bryan Mena, Blanchard, David Goldman, Parija, Lowe’s Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Johns Hopkins University, ” Former Philadelphia Fed, Fed, Valley Bank, Signature Bank, Federal Reserve Bank of Chicago, Yahoo Finance, Partners, International Monetary Fund, Brookings Institution, Target, Walmart, Home Depot Locations: New York, ”, Washington ,, America, California

☆ Asia is in the middle of a record heatwave, and Russia is reaping the financial rewards of it
▼ + stars: | 2023-05-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Asian countries like India and China have been buying cheap Russian oil despite the sanctions. Now, they are also snapping up huge amounts of Russian coal and natural gas. That's on the back of a record heatwave in the region, which is driving the demand for air-conditioning. The country had imported a record 3.8 million tons of fuel from Russia in July, according to Kpler. Imports of Russian coal into China are high now partly due to the heatwave it's currently facing.

☆ Wall St slips on debt ceiling uncertainty
▼ + stars: | 2023-05-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. For the week, the Dow gained 0.38%, the S&P 500 climbed 1.65% and the Nasdaq advanced 3.04%. The S&P 500 and Nasdaq notched their biggest weekly percentage gains since the final week of March. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 79 new highs and 87 new lows.

☆ Wall St retreats on debt ceiling jitters
▼ + stars: | 2023-05-19 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. The S&P 500 and Nasdaq were poised for their biggest weekly percentage gains since the final week of March. The warning weighed on Dow component Nike Inc (NKE.N), which lost 4.11%, while Under Armour Inc (UAA.N) fell 4.53%. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 72 new highs and 69 new lows.

☆ Column: World can't afford US-style home energy consumption habits
▼ + stars: | 2023-05-19 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

HOMES RULEA key driver behind America's outsized electricity consumption is the preference for single family homes over all other types of residences. For many in the United States, owning your own home is a key part of the so-called American Dream. According to the EIA's latest Residential Energy Consumption Survey 57% of electricity used by detached households is used for space heating, and 64% for air conditioning. OTHER WAYS OF LIVINGThe United States is not alone in facing rising living costs while trying to improve the efficiencies of buildings. Similarly, a vast majority of China's population lives in apartments, and apartments are more popular than individual houses in the cities of India, Japan and Southeast Asia.

☆ Venture-Fund Returns Suffer Amid Lower Startup Values
▼ + stars: | 2023-05-16 | by ( Berber Jin | ) www.wsj.com time to read: 1 min

Venture-capital-fund performance is languishing amid the broader downturn for tech startups, denting returns for university endowments, pensions and other investors that increased their exposure to the sector during the bull market. For the first time in more than a decade, returns for venture funds were negative for three consecutive quarters last year, according to research firm PitchBook Data, as investors finally began to mark down startups that had ballooned in value. Initial data for the fourth quarter also show a negative quarterly return.

☆ Home Depot cuts annual sales forecast on slowing demand
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Shares of the largest U.S. home improvement chain tumbled about 4% in premarket trading after the company also missed first-quarter sales estimates, hit by adverse weather and falling lumber prices. The company now expects comparable sales to decline between 2% and 5% in fiscal 2023, compared to its prior outlook for sales to remain nearly flat. Analysts were expecting comparable sales to decline 0.9% this year, according to Refinitiv IBES data. The company forecast earnings per share to decline between 7% and 13%, compared to prior expectations for a mid-single digits decline. Home Depot's first-quarter comparable sales decreased 4.5%, missing estimates of a 1.74% drop.

The son of a sea captain, Erdogan has faced stiff political headwinds ahead of Sunday's election: he was already facing blame over an economic crisis when a devastating earthquake hit in February. Critics accused his government of a slow response and lax enforcement of building rules, failures they said could have cost lives. Two days before the vote, Erdogan said he came to office through the ballot boxes and if he had to, would leave the same way. A veteran of more than a dozen election victories, the 69-year-old Erdogan has taken aim at his critics in typically combative fashion. "I swear, Erdogan can solve it with a flick of his wrist," she said at a market in central Istanbul.

[1/2] Turkish President Tayyip Erdogan addresses his supporters during a rally ahead of the May 14 presidential and parliamentary elections, in Izmir, Turkey April 29, 2023. As he seeks to shore up his appeal among conservative voters, Erdogan has also spoken against homosexuality, describing LGBT rights as a "deviant" concept he would fight. 'BUILDING TURKEY TOGETHER'Polls suggest voting could go to a second round and some show Erdogan trailing. "I swear, Erdogan can solve it with a flick of his wrist," she said at a market in central Istanbul. The interventions won few allies, however, and faced with a struggling economy the countdown to the election, Erdogan sought rapprochement with rivals across the region.

☆ Adidas shares gain on earnings but CEO warns of ‘bumpy year’ after end of Yeezy deal
▼ + stars: | 2023-05-05 | by ( ) edition.cnn.com time to read: +2 min

Losing the highly profitable Yeezy line hit sales in the quarter by around 400 million euros ($441 million), Adidas said, mainly denting revenue across North America, Greater China and Europe, Middle East and Africa. CEO Bjorn Gulden told reporters Adidas has narrowed down the options for the shoes, and it is getting closer to a decision. Quarterly operating profit of 60 million euros ($66 million) beat analyst expectations of 15 million euros. North America was the worst hit by the loss of Yeezy, with currency-neutral sales down 20% from last year. The “terrace” shoe style is doing well in all markets, and Adidas has started to make more Samba, Gazelle, and Campus shoes, Gulden said.

☆ Oil slips on weak China demand fears, U.S. rate rise forecast
▼ + stars: | 2023-05-02 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"The downside pressure on oil is that China's economic recovery is not really promising, clouding the demand outlook on fuel consumption," said Tina Teng, an analyst at CMC Markets. 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's industrial and economic recovery from the coronavirus pandemic was expected to boost demand this year. Despite China's weak manufacturing data, there are positive signs of recovery based on spending during the five-day Labour Day holiday in the world's largest oil importer, said analysts in an ANZ Research note. Interest rate increases by inflation-fighting central banks could impact oil by slowing economic growth and denting energy demand.

HONG KONG, May 2 (Reuters Breakingviews) - Money flowing into the People's Republic is getting uncomfortably hot. Yet recent reversals in New York, Hong Kong and Shanghai suggest that is driven by fickle short-term funds – exactly what Beijing doesn’t want. Reuters Graphics Reuters GraphicsFollow @mak_robyn on TwitterCONTEXT NEWSChinese spirit maker ZJLD shares closed down 18% lower than their initial public offering price on their trading debut April 27. The KKR-backed company raised $676 million in what was the biggest offering in Hong Kong since October 2022. Separately, the Ontario Teachers' Pension Plan, Canada's third largest pension fund, closed down its China equity investment team based in Hong Kong, Reuters reported on April 25, citing sources.

☆ Futures slip ahead of Fed meet; U.S. debt ceiling jitters dent mood
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The U.S. central bank is expected to deliver a 25 basis-point interest rate increase on Wednesday and then hold rates steady for the rest of 2023, according to economists in a Reuters poll. However, with inflation running well over the central bank's 2% target and a still-strong labor market mean chances of rate cuts seem less likely. Denting sentiment, Australia's central bank raised its cash rate by 25 basis points when traders were expecting an extended pause, citing too high inflation and warning of even higher rates. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 7 points, or 0.17%, and Nasdaq 100 e-minis were down 1 points, or 0.01%. Educational services company Chegg (CHGG.N) slumped 44.7% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT.

Chipmaker Intel Corp (INTC.O) gained 4.6% after it said gross margins will improve in the second half of the year. The benchmark S&P 500 (.SPX) was set for a second consecutive monthly gain on better-than-expected earnings from megacap companies including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O). Analysts expect first-quarter earnings for S&P 500 companies to now fall 1.9% year-over-year compared with a 5.1% fall expected at the start of April, according to latest Refinitiv data. The KBW Regional Banking index and the S&P 500 bank index (.SPXBK) gained over 1% each. The S&P index recorded 21 new 52-week highs and two new lows, while the Nasdaq recorded 42 new highs and 97 new lows.

Jason Connolly/Pool via REUTERS/File PhotoApril 25 (Reuters) - Colorado's governor signed the nation's first right to repair legislation into law on Tuesday, giving the state's farmers and ranchers the autonomy to fix their own equipment. With a Case IH red tractor displayed outside the state Capitol in Denver, Governor Jared Polis, a Democrat, signed The Consumer Right to Repair Agriculture Equipment Act. "This is a common-sense bipartisan bill to help people avoid unnecessary delays from equipment repairs." Right to repair legislation is gaining momentum across the country as lawmakers in 16 states have introduced bills, according to a report by the Public Interest Research Group, an advocacy organization. "Creating more fair market access through right to repair is one of the items that we hope will be included," he said.

☆ Technology’s year of efficiency faces it first major test: overcoming declining earnings expectations
▼ + stars: | 2023-04-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Technology's year of efficiency faces its first major test this week as big technology earnings kick into high gear. Across the information technology sector, earnings are expected to decline 15.1% year over year, according to FactSet data. The setup for technology stocks It's hard to pinpoint one specific problem denting earnings expectations this season. Heading into the second quarter, many technology companies already face lowered earnings expectations, with analysts lowering earnings estimates for the information technology sector in the first quarter by 6.5% in aggregate, according to FactSet data. "We plan on being either not in any of these names or hedged or short some of them going into earnings season," Niles said.

☆ AT&T Sees Signs of Businesses, Consumers Paring Back Spending
▼ + stars: | 2023-04-20 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

AT&T is the first telecom heavyweight to report results for the March quarter. Photo: Rachel Wisniewski for The Wall Street JournalAT&T Inc. executives said the recent rounds of corporate cost cutting and layoffs as well as the return of employees to offices are denting business demand for wireless plans. Chief Executive John Stankey said Thursday that the company is also seeing signs that some Americans, particularly those with lower incomes, are tightening their budgets.

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