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In that instance, S&P Global Ratings credit rating agency downgraded the government from AAA to AA+ credit rating. The federal government maintains a perfect credit rating from Fitch and Moody’s, but that could change as the stalemate drags on. Investors care about stability and predictability, so a credit rating downgrade would send a chill down Wall Street’s spine. The broadest economic impact of a US debt default would be a recession that would encompass the global economy, including sharp job losses. And the housing market would not be spared by the “economic calamity” of a US government default, as Yellen once described it.

☆ Robinhood jumps in extended trade after beating revenue estimates, 24-hour trading announcement
▼ + stars: | 2023-05-10 | by ( Stephen Culp | ) www.reuters.com time to read: +1 min

NEW YORK, May 10 (Reuters) - Shares of Robinhood Markets Inc (HOOD.O) were last up 2.4% in extended trading after the company beat quarterly revenue forecasts and confirmed it would launch 24-hour trading services. The financial services platform, which came to the fore in 2021 amid the retail trading frenzy surrounding so-called meme stocks, also reported an adjusted quarterly loss of 57 cents per share, narrower than the 61-cent loss analysts expected. Of the 14 analysts covering the stock, three recommend "buy," seven say "hold," and the remaining four have "sell" ratings. Robinhood is nearing its second anniversary as a publicly listed company, and the stock closed on Wednesday 76.1% below its offer price of $38 per share. Reporting by Stephen Culp in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Robinhood beats revenue estimates as rate hikes bolster interest income
▼ + stars: | 2023-05-10 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Robinhood Markets Inc (HOOD.O) blew past Wall Street estimates for first-quarter revenue on Wednesday, as the U.S. Federal Reserve's rapid rate hikes boosted the online brokerage's interest income. Net interest revenue came in at $208 million in the first quarter ended March 31, compared with $55 million a year earlier. Meanwhile, monthly active users decreased to 11.8 million, compared with 15.9 million a year earlier. Transaction-based revenue declined 5% in the reported quarter to $207 million from last year. The Menlo Park, California-based company reported revenue of $441 million, compared with $299 million a year earlier.

☆ China's car sales rise 2.1% in April as price war effect fades
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, May 9 (Reuters) - China's passenger vehicle sales rose by 2.1% in April from a month earlier, industry data showed, underscoring a slower pace of growth as the stimulus effect of price cuts and incentives faded. Car sales in April totalled 1.65 million units, 54.5% higher from a year earlier when COVID-19 lockdowns disrupted productions and sales, the China Passenger Car Association (CPCA) said on Tuesday. In the first four months of 2023, vehicle sales were down 1.4% year-on-year to 5.98 million units, it added. Reuters GraphicsChina's crowded auto market is getting even more congested with nearly 300 models displayed at the Shanghai auto show in April, 172 of which were NEVs, according to Ways Consulting. A tepid property market recovery and an unexpected contraction in factory activity is also pointing to a shaky economic outlook, casting clouds over the strength of the post-COVID rebound and potentially dampening consumer spending.

☆ Tala: 2023 CNBC Disruptor 50
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

That's up from $2.7 billion to more than 6 million people the year before, as the popularity of digital financial services continues to grow in the wake of Covid. Tala offers micro-loans between $10 to $500 for consumers and small businesses through its smartphone app. The financial sweet spot for Tala aims to create a more equitable financial system in emerging markets including Kenya, the Philippines, Mexico and India. Last November, Tala launched a new app with digital wallet features that moves beyond lending. Customers receive credit to their Tala wallet to manage money without fees, and eliminating the need to go to a remittance center for their money.

☆ Financials bounce back from Friday's slide to lift Indian shares
▼ + stars: | 2023-05-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 (.NSEI) was up 0.81% at 18,215.75 as of 10:04 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.87%. Nifty Bank (.NSEBANK) and Nifty Private Bank (.NIFPVTBANK) also gained over 1%. On Monday, IndusInd Bank Ltd (INBK.NS) rose nearly 5% and was the top Nifty 50 gainer. Analysts expect the Nifty 50 to witness consolidation in the near-term with resistance seen near 18,200 levels. read more($1 = 81.7330 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Talk of banning short sales is suddenly in the air, but history argues against it
▼ + stars: | 2023-05-05 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

It's just a hop, skip and a jump away from the obvious conclusion: ban short sellers! There are already rules to prevent violation of short selling rules Fortunately, the SEC has not (at least yet) jumped on this bandwagon. Gensler, however, has made it clear he is looking out for bad actors who may be violating existing laws on short selling. For example, there are rules that prohibit naked short selling , the practice of short selling shares that haven't first been borrowed. When short selling is banned, traders who want to buy stock but need to hedge their risk will be hesitant to do so."

☆ Tesla hikes price of high-end Model S and Model X in China by roughly $2,750
▼ + stars: | 2023-05-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Tesla raised the price of its more expensive Model S and Model X cars in China, its website showed Friday, following other hikes to its other vehicles a few days prior. The Model S now costs 808,900 yuan versus 789,900 yuan prior. The Model X now costs 898,900 yuan versus 879,900 yuan before. Tesla appears to be maintaining a higher price of its Model S and Model X in China to play in the premium segment of China's electric car market. However in China, there are not major competitors to Tesla in the price category the Model S and Model X are in.

☆ Berenberg names stocks to play A.I. transformation in the auto industry - including one expected to double
▼ + stars: | 2023-05-04 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

He said the auto industry is in the midst of a transformation that "parallels the evolution of consumer electronics from 1985 to 2010," noting both companies are poised to benefit from innovation propelled by AI and the growth of driving automation systems. Despite a crowded market, Maymon expects both names to "cut through the noise." When combined with Nvidia and Qualcomm, he forecasts all four names will account for at least 90% of the more than $30 billion Tier 2 silicon and software market for driving automation by 2030. Of the group, he views Mobileye as the "best pure-play" silicon and AI algorithm supplier and a driving automation systems "pioneer." MBLY YTD mountain Mobileye shares in 2023 Mobileye shares fell last month after the company slashed its guidance and said it now expects a wider-than-expected operating loss.

☆ Elite investors and fund managers at the legendary Milken conference warn of a recession and credit crunch
▼ + stars: | 2023-05-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Elite money managers overseeing trillions of dollars convened at the 2023 Milken Global Conference in Los Angeles this week. The consensus was clear: they think markets are mispositioned for a scenario where the central bank keeps rates higher for longer. "As our chief economist likes to say," Hunt said, "at higher rates, bodies will continue to float to the top over the course of the summer." And with yet another Fed rate hike officially in the books, financial conditions are only going to get tighter and more companies could be caught off-guard. On Wednesday, West Texas crude dropped more than 4.4%, the steep declines coming the same day as the Fed's rate hike.

Companies Robinhood Markets Inc FollowMay 3 (Reuters) - Massachusetts' highest court on Wednesday heard arguments on whether to revive a state fiduciary duty rule that was central to an enforcement action securities regulators filed against the online brokerage Robinhood. Lawyers for a Robinhood Markets Inc (HOOD.O) subsidiary and Massachusetts Secretary of State Bill Galvin argued before the state's Supreme Judicial Court over the legality of a 2020 state regulation, which Robinhood has said oversteps Galvin's authority. He argued that Robinhood violated the rule he adopted that raised the investment-advice standard for brokers and that its broker-dealer license in the state should be revoked. "Secretary Galvin feels strongly in the need to apply fiduciary duty standards to financial professionals," a spokesperson said. "The Robinhood case is the perfect example of the need for such a rule in Massachusetts."

However, with inflation running well over the central bank's 2% target and a still-strong labor market, chances of rate cuts seem less likely. With Monday's manufacturing data giving the Fed enough room for more near-term tightening, all eyes will be on jobs and factory orders data after the opening bell. ET, Dow e-minis were down 79 points, or 0.23%, S&P 500 e-minis were down 7.5 points, or 0.18%, and Nasdaq 100 e-minis were down 6 points, or 0.05%. Educational services company Chegg (CHGG.N) tanked 45.6% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT. Icahn Enterprises LP (IEP.O) dropped 11% after U.S. short seller Hindenburg Research said it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate.

☆ Jim Cramer breaks down what is weighing on the stock market
▼ + stars: | 2023-05-02 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Jim Cramer breaks down what is weighing on the stock market'Mad Money' host Jim Cramer breaks down what is weighing on the markets including: trouble in the banking sector, oil prices, and the rise of A.I.

☆ Mihoyo's new video game tops download charts as big launches return to China
▼ + stars: | 2023-04-28 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The blockbuster debut bodes well for several other games due to launch this summer in the world's largest video games market. As of Thursday, the Shanghai-based company's strategy game "Honkai: Star Rail", where anime characters battle space monsters, had amassed 20 million downloads across smartphones and personal computers, miHoYo said. 1 on the iOS game download chart in more countries than any prior game," Niko Partners analyst Daniel Ahmad said on Twitter. It is scheduled to test action game "Valorant" in May ahead of its official release this year. Tencent will invest in launching an esports league in China for the game.

☆ EUROPE US recession worries weigh in Asia
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin BucklandEurope wakes up to more weakness in equities after stock markets across Asia took cues from Wednesday's slump on Wall Street. But perhaps reassuringly, financials fared relatively better in markets including Hong Kong and Tokyo, suggesting little fear of widening contagion from First Republic's woes. Technology shares in the region didn't benefit much from Microsoft's earnings boost though, which had buoyed the Nasdaq. Meanwhile, the United States continued to cozy up to long-time regional allies South Korea and Japan. Away from geopolitics, the Bank of Japan began its first policy meeting with new governor Kazuo Ueda at the helm.

☆ Tesla hikes US prices days after sixth price cut this year
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Tesla's Model S Plaid and Model X Plaid- the performance versions of those models - are now priced at $107,490, up from $104,990 earlier, the company's website showed. The price of the Model X is now roughly 2.6% higher at $97,490, while that of the Model S was increased around 2.9% to $87,490. However, the prices of all four models are still both between 16% and 23% cheaper than at the start of the year. Tesla had cut prices on both versions of the Model S and Model X by $5,000 earlier this month, days after reporting deliveries of these vehicles slumped by 38% in January to March. Ford Chief Executive Jim Farley said on Thursday that Tesla was pioneering a more dynamic way of pricing electric vehicles that other manufacturers would have to follow.

Nearly 90% - 94 of 105 - of the economists who participated in the latest Reuters poll, predicted the U.S. central bank would hike its key policy rate by 25 basis points to the 5.00%-5.25% range at a May 2-3 meeting, in line with market pricing. Beyond that, 59 of 100 economists expected the Fed to keep its policy rate unchanged through at least this year. Only 26 respondents with an end-2023 view forecast a cut, similar to market expectations. "We maintain the first rate cut in March 2024. In an exclusive interview with Reuters this week, St. Louis Fed President James Bullard called for a much higher peak policy rate than currently expected, as inflation remains stubbornly high.

☆ Solid first-quarter stock performance fueled 8.7% short interest jump -S3
▼ + stars: | 2023-04-17 | by ( Stephen Culp | ) www.reuters.com time to read: +1 min

NEW YORK, April 17 (Reuters) - The solid first-quarter stock market performance helped prompt an 8.7% rise in short interest in U.S. and Canadian equities markets, according to a note from S3 Partners Research released on Friday. Short interest in U.S. and Canada markets increased by $77.9 billion, or 8.7%, to $977 billion in the first quarter of 2023, S3 Partners data showed. Technology (.SPLRCT), consumer discretionary (.SPLRCD) and industrials (.SPLRCI) reported the largest quarterly increases in short exposure, while short positions in energy (.SPNY) and utilities (.SPLRCU) fell the most, wrote Ihor Dusaniwsky, managing director of Predictive Analytics at S3. Year-to-date, tech shares have surged 19.9%, consumer discretionary has advanced 13.6% and industrials have gained 2.0%. Short interest exposure is concentrated in technology (.SPLRCT), consumer discretionary (.SPLRCD) and financials, which together account for about 47% of the total $976.84 billion in short interest at the end of the quarter, according Reuters analysis of the data.

[1/2] Visitors look at a Tesla Model 3 electric vehicle (EV ) at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. Tesla said on Friday it cut prices in numerous European markets including Germany and France because of a scaling up and improvement in its production capacity. In Germany, Tesla has lowered the price of its Model 3 and Model Y vehicles by between 4.5% and 9.8%, data on its website showed on Friday, marking its second price reduction this year after a price reduction of 1-17% in January. In Singapore, it cut prices of its Model 3 and Model Y vehicles between 4.3% and 5%, its local website showed. Tesla also cut prices in Israel, with the price of the base rear-wheel drive Model 3 slashed by 25% after an initial round of global price cuts in January.

EURNOK and inflationGoldman Sachs and UBS said that the rising cost of borrowing would likely support the Norwegian crown. But those daily sales are well down from the 4.3 billion crowns per day the central bank sold in October. "Any budget surplus that was generated from the commodity exports was basically being neutralized by the Norges bank," said Simon Harvey, head of FX analysis at Monex. Much of the crown's fate could also depend on what the U.S. central bank does. If the Fed stops hiking rates, this would likely boost global equities, which have a strong positive correlation to the Norwegian crown.

☆ Tim Cook says he monitors his Screen Time reports 'pretty religiously' – but doesn't say how long he spends using his iPhone
▼ + stars: | 2023-04-07 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Tim Cook told GQ magazine that Apple created tools to let users monitor time spent on their devices. The Apple CEO told GQ that he looked "pretty religiously" at his own Screen Time reports. "My philosophy is: if you're looking at the phone more than you're looking in somebody's eyes, you're doing the wrong thing," Cook said. Cook told GQ that kids are "born digital," and it was "really important to set some hard rails" around their online activities. Cook has rarely revealed much about his personal life but told GQ his day starts at 5 a.m. looking at customer emails.

☆ Why Brokerage Accounts Are So Generous Right Now
▼ + stars: | 2023-04-06 | by ( Imani Moise | ) www.wsj.com time to read: 1 min

Photo: Go Nakamura for The Wall Street JournalFidelity Investments said customers can have up to $5 million of cash covered by Federal Deposit Insurance Corp. insurance. Some brokerages are beating traditional banks on returns and account protection, just as lots of people are wondering about the best place to keep their money. Robo adviser Betterment LLC has doubled the amount of Federal Deposit Insurance Corp. coverage it offers to customers to $2 million and rival Wealthfront also upped its coverage by $1 million to $3 million. Robinhood Markets Inc. said it could provide customers with up to $1.5 million in insured deposits. They are all also offering returns of at least 4% on certain accounts.

☆ Half a trillion in debt haircuts essential for sustainability - study
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +3 min

The haircuts on debt owed to public and private creditors by 61 of the nations that are already in or are at most risk of debt distress are essential to avoid "cascading defaults," according to calculations from the Boston University Global Development Policy Center and the Debt Relief for a Green and Inclusive Recovery (DRGR) Project. "Without ambitious debt relief, many of the poorest countries don't have a chance," said Kevin P. Gallagher, DRGR project co-chair and director of the Boston University Global Development Policy Center. Reuters GraphicsThe researchers found that some $812 billion in debt across all creditor classes should be in scope for restructuring. To achieve the best outcome, researchers proposed to include instruments that had alleviated previous emerging market debt crises. Ratings agency Fitch said there are currently a record number of sovereign debt defaults, while the International Monetary Fund said 25% of emerging markets and 60% of low-income countries are in or near debt distress.

Companies Robinhood Markets Inc FollowApril 6 (Reuters) - The California Department of Financial Protection and Innovation (DFPI) said on Thursday it has joined a multi-state settlement with Robinhood Financial LLC (HOOD.O), which will pay up to $10.2 million in penalties for operational and technical failures. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

BENGALURU, April 6(Reuters) - The Bank of Canada will keep its key interest rate steady at 4.50% through 2023, according to most economists polled by Reuters, with an even smaller minority now expecting an interest rate cut by year-end than a poll taken a month ago. In March, the BoC was the first major central bank to stop its aggressive hiking cycle and is on what it calls a conditional pause. So all 33 economists polled March 31-April 6 said it will hold its overnight rate at 4.50% on April 12. A majority of forecasters, 23 of 31, said the rate would remain unchanged for the rest of 2023. Only seven expected at least one 25-basis-point rate cut by end-year, down from 13 in a survey taken about a month ago.

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