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☆ Analysis: Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

Since our shareholders are getting Chevron stock, we get to participate in the upside, and also get a higher dividend," he said. He added that Hess shareholders who keep their shares in their combined company will see their dividend rise from $1.75 to $6 per share following the close of the deal. Exxon and Chevron are keen on these deals because they want to avoid the risk of exploring unproven reserves as oil and gas become scarcer. Exxon and Chevron had $29.5 billion and $9.3 billion in cash, respectively, as of the end of June. Keeping dividends and share buybacks strong helps compensate existing Exxon and Chevron shareholders for the dilution incurred in the all-stock acquisitions.

Persons: Hess, John Hess, Andrew Dittmar, David French, Greg Roumeliotis, Marguerita Choy Organizations: Exxon Mobil, Chevron, Exxon, Natural Resources, PDC Energy, Noble Energy, Morningstar, Anadarko, Occidental Petroleum, Thomson Locations: Ukraine, U.S, Guyana, New York

☆ Cloud Growth Powers Microsoft Above Expectations
▼ + stars: | 2023-10-24 | by ( Karen Weise | More About Karen Weise | ) www.nytimes.com time to read: +1 min

The results also showed early signs that the company’s investments in generative artificial intelligence were beginning to bolster sales, most notably reversing what had been slowing growth of the company’s important cloud computing product. The company had $56.5 billion in sales in the three months that ended in September, up 13 percent from a year earlier. wouldn’t start producing meaningful results until after the start of 2024, when more products become widely available. The company and its competitors are racing to put generative A.I. provider, thanks to its partnership with — and $13 billion investment in — the start-up OpenAI, which introduced the chatbot ChatGPT almost a year ago.

Organizations: Microsoft, —

☆ Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

☆ Argentina's Peronists soar in election to seal run-off with radical Milei
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +4 min

Javier Milei, presidential candidate of the Liberty Advances coalition, speaks at his campaign headquarters after polls closed for general elections in Buenos Aires, Argentina, Oct. 22, 2023. Argentina's ruling Peronist coalition smashed expectations to lead the country's general election on Sunday, setting the stage for a polarized run-off vote next month between Economy Minister Sergio Massa and far-right libertarian radical Javier Milei. "We have never had so much polarization," said 72-year-old pensioner Silvia Monto as she voted in Buenos Aires on Sunday. "He is the only one who understands the situation in the country and understands how to save it," said Buenos Aires student Nicolas Mercado, 22. Silvana Dezilio, 37, a housewife in Buenos Aires province, said it was hard to see a positive outcome whoever won.

Persons: Javier Milei, Argentina's, Sergio Massa, Massa, Patricia Bullrich, Milei, Carlos Gutierrez, Bullrich, Silvia Monto, Nicolas Mercado, Silvana Dezilio Organizations: Liberty Advances, Peronist, International Monetary Fund Locations: Buenos Aires, Argentina, Milei, China, Brazil

☆ Apple iPhone maker Foxconn being investigated in China as founder runs for Taiwan presidency
▼ + stars: | 2023-10-23 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Taiwan’s Foxconn, one of Apple’s largest suppliers, is being investigated by authorities in China, according to state media. Foxconn, also known as Hon Hai Precision Industry, has iPhone factories in Guangdong and Henan, including the world’s largest in the city of Zhengzhou. The company’s listed unit in Shanghai, Foxconn Industrial Internet, plummeted by its daily limit of 10% on Monday. Terry Gou, Foxconn founder, announces bid for Taiwan presidency during a press event in Taipei on August 28. The crackdown came despite repeated calls from Chinese leaders to welcome more foreign investment to boost the country’s slowing economy.

Persons: Taiwan’s, Terry Gou, won’t, Foxconn, “, ”, Brock Silvers, Gou, Hai, ” Gou, Ann Wang, Lai Ching, — Hou Yu, Ko Wen, Zhang Wensheng, ” Zhang, Silvers Organizations: Hong Kong CNN, Global Times, CNN, Hai Precision Industry, Foxconn Technology, WPP, drugmaker Astellas Pharma, Kaiyuan, “, Apple, Communist, Taiwan, Democratic People’s Party, ih, Kuomintang, Taiwan People’s Party, Beijing, China’s Xiamen University, Financial Times, Shanghai, Economic Observer Locations: China, Hong Kong, Beijing, Guangdong, Jiangsu, Henan, Hubei, Zhengzhou, Shanghai, Taipei, Taiwan

☆ 1,316 ‘Electric Cowboys’ Turn It On at Lineman’s Rodeo
▼ + stars: | 2023-10-22 | by ( Erin Ailworth | Photographs Elise Kirk For The Wall Street Journal | ) www.wsj.com time to read: 1 min

BONNER SPRINGS, Kan.—The rodeo veteran bustled around the grounds of the National Agriculture Center and Hall of Fame with a nagging case of the jitters. “Every single time, I feel nauseous,” said Ramon Garcia, 50, who was in town as a contender. “Competition butterflies.”

Persons: bustled, ”, Ramon Garcia, “ Organizations: National Agriculture Center, Hall of Fame Locations: BONNER, Kan

☆ Ferragamo sales down in first nine months dragged by Asia and US
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Oct 19 (Reuters) - Sales at Italian luxury goods group Salvatore Ferragamo (SFER.MI) fell by 9.2% at constant exchange rates in the first nine months of the year, in line with market expectations, hit by weak demand in Asia and North America. Revenue in the period totalled 844 million euros ($892.53 million), down from 920.7 million euros a year earlier, the leather goods company said on Thursday. Analysts had expected sales of 845 million euros on average, according to a Refinitiv consensus. Asia-Pacific sales declined by 11.7% at constant currencies in the nine months, while in North America they decreased by 18.2%. Europe and Middle East posted an increase in sales of 3%.

Persons: Salvatore Ferragamo's, Arnd, Salvatore Ferragamo, Analysts, Marco Gobbetti, Audrey Hepburn, Gobbetti, Maximilian Davis, Claudia Cristoferi, Federico Maccioni, Kirsten Donovan Organizations: REUTERS, North America . Revenue, Ferragamo, Burberry, Hollywood, Thomson Locations: Zurich, Switzerland, Asia, North America, China, Europe, United States, Pacific, Middle

☆ European shares drop as dismal earnings add to risk-off mood
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Staff Acquire Licensing RightsOct 19 (Reuters) - European shares tumbled nearly 1% on Thursday as a raft of dismal corporate earnings including from packaged food giant Nestle worsened an already risk-averse mood, driven by jitters around the Middle East war and uncertainty over interest rates. The pan-European STOXX 600 (.STOXX) was down 0.8% by 0705 GMT, hitting an over one-week low. Shares of Nestle (NESN.S) dropped nearly 2% after the Swiss consumer giant posted lower-than-expected nine-month sales growth on Thursday as higher product prices made shoppers balk. French carmaker Renault (RENA.PA) shed 4.6% as the pace of sales growth slowed due to currency depreciations. Nokia (NOKIA.HE) lost 1.8% as the Finnish telecom gear group announced plans to slash jobs after posting a drop in its third-quarter sales.

Persons: jitters, Jerome Powell, French carmaker, Amruta Khandekar, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Nestle, U.S, Treasury, Federal, French carmaker Renault, Nokia, Netflix, Thomson Locations: Frankfurt, Germany, Israel, Swiss, French, Tesla

Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. "Such an escalation could lead to increased oil prices, concerns about oil supply, and the potential for a global economic downturn." In the unlikely event the United States sends troops into the Middle East, Belote expected a $20 jump in oil prices, "if not more". "Israel has better relations with other Arab countries compared to then," JP Morgan private bank strategist Madison Faller said in a note, "and global oil supply is not as concentrated." Reuters Graphics5/ TECH JITTERSWhat's good for oil stocks can be bad for big tech.

Persons: Abdel Hadi Ramahi, Hamza Meddeb, Malcolm H, Brent Belote, Belote, JP, Madison Faller, Nadia Martin Wiggen, Alessia Berardi, Amundi's Berardi, Trevor Greetham, Morgan Stanley, Jeff, London's Greetham, Naomi Rovnick, Nell Mackenzie, Marc Jones, Dhara Ranasinghe, Sharon Singleton Organizations: United Arab Emirates, REUTERS, Kerr Carnegie Middle East Center, Oil, JP Morgan, Svelland, Reuters Graphics Reuters, U.S, Reuters, Swiss, Royal, Aegon, Deutsche Bank, Aerospace, Thomson Locations: Dubai, United Arab, Israel, Gaza, Beirut, IRAN, Iran, U.S, United States, Arab, Turkey, Ukraine, Egypt, Jordan, Iraq, Saudi Arabia, Qatar, Bahrain, Suez, London

That's almost 40% of U.S. solar panel capacity, according to figures from the Solar Energy Industries Association. Political Cartoons View All 1211 ImagesIndustry jitters about a flood of cheap solar panels from overseas show how dependent on federal policy the solar industry remains. Even with that boost, solar industry leaders warn, factories will struggle to compete with a new spike in cheap Asian imports. They're again urging federal officials to investigate whether solar panels are being dumped at unfairly low prices. Politics envelops the solar industry.

Persons: That's, Qcells, “, Scott Moskowitz, Joe Biden’s, Donald Trump, They're, Mike Carr, Carr, Moskowitz, Kamala Harris, Brian Kemp, Democratic U.S . Sen, Jon Ossoff, ” Kemp, Ossoff, Georgia Democratic Sen, Raphael Warnock, ” Ossoff Organizations: Hanwha, Solar Energy Industries Association, Associated Press, Republican, U.S, Solar Energy Manufacturers, America Coalition, Qcells, Republican Gov, Democratic U.S ., Georgia Democratic Locations: Georgia, United States, Dalton, U.S, Asia, Cartersville, Washington, China, Taiwan . U.S, OPEC

☆ Dollar drifts as investors eye Powell speech, yen wobbles near intervention zone
▼ + stars: | 2023-10-17 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The yen was pinned close to the key 150 per dollar level, keeping traders on edge for any signs of intervention by the Japanese authorities. The yen last fetched 149.62 per dollar, having slipped to 150.17 on Oct. 3, the weakest in a year, before getting some relief in a brief rally. The dollar index , which measures the U.S. currency against six rivals, eased 0.038% to 106.20, after dropping 0.36% on Monday. Federal Reserve Bank of Philadelphia President Patrick Harker said on Monday the central bank should not create new pressures in the economy by increasing the cost of borrowing. Christopher Wong, currency strategist at OCBC, said the dollar is likely caught in a range for now.

Persons: Dado Ruvic, Powell, Masato Kanda, Israel's shekel, Charu, Jerome Powell, Patrick Harker, Harker, Christopher Wong, Wong, Ankur Banerjee, Shri Navaratnam Organizations: REUTERS, Rights, U.S ., Swiss, Palestinian, Hamas, Saxo, Federal Reserve Bank of Philadelphia, Reserve Bank of Australia's, News Zealand, Thomson Locations: Rights SINGAPORE, East, Singapore, Australia's

With two wars, a rising price of oil and a shaky bond market, there is plenty of worry for the markets and economists this week, including a slew of corporate earnings reports and data on the state of the housing market and retail spending. Meanwhile, Russia has been pressing its invasion of Ukraine that is now a year and a half old. Last week ended with a surprise increase in consumer’s expectations of inflation in the University of Michigan’s sentiment survey. Where new home construction a few months ago was holding up the housing market, now it has slumped amid mortgage rates that have brushed 8%. The firm published its monthly economic outlook last week and did not include any more Fed rate hikes in the current cycle.

Persons: “, Jerome Powell, Powell, ” Sam Bullard Organizations: Hamas, University of, “, BCA Research, ”, National Association of Home Builders, Federal Reserve Bank of Atlanta, National Association of Realtors, Economic, of New, Wells Locations: East, Ukraine, Gaza, Israel, Palestinian, U.S, Iran, Lebanon, Russia, of New York

☆ Dollar buoyed by safe-haven bids, rate jitters
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +4 min

The yen was last steady at 149.53 per dollar. "Obviously war is inflationary, disrupts growth and threatens risk assets," James Malcolm, head of FX strategy at UBS in London. Elsewhere, the safe-haven dollar stood near a one-week high against a basket of currencies as risk sentiment remained fragile, pinning the euro near a one-week low hit on Friday. The Australian dollar , often used as a proxy for risk appetite, gained 0.19% to $0.6309, after sliding 1.4% last week. "The kiwi dollar jumped this morning following a clear and decisive victory of New Zealand's opposition National Party," said Kyle Rodda, senior financial market analyst at Capital.com.

Persons: Jerome Powell, Benjamin Netanyahu, James Malcolm, David Chao, Christopher Luxon, Chris Hipkins, Kyle Rodda Organizations: Federal, U.S, country's, Bank of Japan, UBS, Sterling, Asia Pacific, Australian, Economic, of New, New Zealand, National Party, ACT, Labor Party, New Zealand First Locations: Chicago, Israeli, Asia, Gaza, London, Friday's, Israel, Japan, of New York

SINGAPORE/LONDON Oct 13 (Reuters) - Global shares slipped on Friday while assets considered to be safer havens such as gold and U.S. Treasuries rose as traders retreated from market risk as conflict in the Middle East intensified. MSCI's broadest index of global equities (.MIWD00000PUS) fell 0.3%, while Europe's Stoxx 600 share index (.STOXX) slid 0.4%. Brent crude oil futures jumped 2.7% on Friday to $88.29 a barrel, on track for a 4.3% advance this week. Spot gold gained 0.8% on Friday to $1,885 an ounce, set for a gain of 2.4% over the week. The risk-off mood also prevailed in the currency market, with the dollar holding on to most overnight gains.

Persons: Trevor Greetham, Treasuries, Ankur Banerjee, Naomi Rovnick, Edwina Gibbs, Susan Fenton, Kim Coghill Organizations: Asset Management, Federal Reserve, Treasury, Bank of Japan, Nikkei, Thomson Locations: SINGAPORE, Middle, Gaza, Hamas, Ashkelon, Israel, Brent, U.S, Baltic, Asia, Japan, MIAPJ0000PUS

New York City Mayor Eric Adams told reporters Thursday that police would do extra patrols in some city neighborhoods and send additional resources to schools and houses of worship. Kathy Hochul stressed that law enforcement wasn't aware of any credible threats against the state or the city. The Secure Community Network, which advises U.S. Jewish institutions on security, has encouraged Jewish communities to be vigilant and bolster their security efforts. Michael Masters, the group’s CEO, warned against letting “fear or clickbait threats cause chaos” in Jewish communities because he said that is part of the objective of those spreading hateful rhetoric online. ____ Associated Press reporters Jake Offenhartz, Deepti Hajela and Karen Matthews in New York City contributed.

Persons: Christopher Wray, Ashley Reyes, ‘, ’ ” Reyes, Rania Mustafa, Mustafa, “ It’s, else’s, Eric Adams, Adams, Kathy Hochul, ” Hochul, “, New York City councilmember, Inna Vernikov, Vernikov, Charles E, Smith, Michael Masters, ”, Jake Offenhartz, Deepti Hajela, Karen Matthews Organizations: BOSTON, — Police, U.S . Capitol, Hamas, Palestinian American Community Center, New, New York City, New York Gov, Republican, Columbia University, Palestinian, Capitol, Charter School, Smith Jewish Day School, Police, Secure Community Network, Associated Locations: New York, Los Angeles, Israel, U.S, Montclair , New Jersey, Clifton , New Jersey, New York City, Gaza, Manhattan, Washington, Rockville , Maryland, Westchester County , New York, Boston

☆ Morning Bid: Rate jitters are back
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] Produce is displayed at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. Thursday's U.S. consumer price data stoked expectations that the Federal Reserve is perhaps not yet done with monetary tightening. Markets are now pricing in about a 40% probability of a rate hike in December, versus a 28% chance before the report. In recent comments, Fed officials have cited rising bond yields as a factor that may allow them to end the rate hike cycle. But the latest data has brought some of the rate jitters back.

Persons: Sarah Silbiger, Ankur Banerjee, Edmund Klamann Organizations: Washington , D.C, REUTERS, Federal, JPMorgan Chase, Thomson Locations: Mount Pleasant, Washington ,, Ankur, Spain, France, Sweden, China, U.S, Asia, Pacific, Japan, Singapore's

☆ Stock futures are little changed Monday evening as Israel-Hamas war raises geopolitical concerns: Live updates
▼ + stars: | 2023-10-09 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were near the flat line on Monday night as Wall Street assessed the impact and risks of a protracted conflict from the Israel-Hamas war. Futures linked to the S&P 500 ticked down 0.01%, while Nasdaq 100 futures added 0.07%. In the wake of the attacks, investors have also raised concerns of how tougher sanctions on Iran could affect global oil supply. Tightened sanctions on Iran and subsequent disruptions to Iran's oil supply "would have more of an impact on oil markets," said BMO Capital Markets chief investment officer Yung-Yu Ma. "I think the oil markets have a little bit of a buffer here.

Persons: Dow, Brent, Meera Pandit, Yung, Yu Ma, Ma Organizations: Dow Jones Industrial, Nasdaq, West, Energy, Israel, West Bank, Asset Management, Capital Markets, Investors Locations: Israel, West Texas, Aqsa, Gaza, Iran

☆ Stock Market Today: Dow Futures Fall, Oil Gains on Israel-Hamas Conflict
▼ + stars: | 2023-10-09 | by ( ) www.wsj.com time to read: +1 min

Stock futures declined and haven assets gained after the worst attack on Israel in decades sent jitters through global markets. Benchmark oil and gas prices jumped , driven by concerns that the conflict could spill over into the broader Middle East region. Oil and gas prices rallied. The most actively traded contract for Brent crude rose more than 3% and a European benchmark for natural gas jumped more than 12%. The safest European bonds rallied.

Persons: Dow Organizations: Street Journal, Nasdaq, Defense, Tel, Brent, Columbus Locations: Israel, Iran, Hamas, Haven, Tel Aviv, Europe, U.S

☆ Asian shares come off 11-month lows as Treasuries rally
▼ + stars: | 2023-10-05 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsSYDNEY, Oct 5 (Reuters) - Asian shares rebounded from 11-month lows on Thursday as a plunge in oil prices and softer U.S. labour data helped pull Treasury yields off 16-year peaks, although a looming U.S. payrolls report could make or break the rally. Tracking overnight gains on Wall Street, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.6%. Ten-year yields eased 2 basis points to 4.7163% on Thursday, continuing their overnight retreat from a fresh 16-year high of 4.8840%. "Given where Treasury yields are at the moment, I think the risks are pretty evenly balanced between them on the downside and on the upside." Brent crude futures rose 0.3% to $86.10 per barrel and U.S. West Texas Intermediate crude futures were also up 0.3% at $84.45.

Persons: Issei Kato, Stephen Miller, Joseph Capurso, Stella Qiu, Edwina Gibbs Organizations: Nikkei, REUTERS, Rights, Japan's Nikkei, Treasury, Fed, U.S ., Nasdaq, Traders, CBA, Brent, . West Texas, Thomson Locations: Tokyo, Japan, U.S, Asia, Pacific, Treasuries, Sydney

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. "The (investigation into Hui) clearly shows that Chinese policymakers prioritise political considerations to economic ones in dealing with Evergrande," he said. Evergrande and China's housing authority did not immediately respond to requests for comment during the week long National Day holiday. Gavekal in its report said that at the very least, an orderly restructuring of Evergrande seemed increasingly hard to achieve. A liquidation petition filed against Evergrande is scheduled for hearing in a Hong Kong court on Oct 30.

Persons: Aly, Hui Ka Yan, Hui, Xin Sun, Evergrande, Christopher Beddor, Sandra Chow, bondholder, Antonio Fatas, Xie Yu, Clare Jim, Kane Wu, Sumeet Chatterjee, Lincoln Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, lurched, East Asian, King's College London, SOE, Evergrande, Thomson Locations: Danzhou, Hainan province, China, HONG KONG, Beijing, homebuyers, Asia, Pacific, Gavekal, Hong Kong, Evergrande

☆ Here's where Wall Street strategists see the stock market headed next after a brutal September
▼ + stars: | 2023-10-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Stocks are coming off a brutal two-month stretch, and Wall Street is divided on what comes next. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe stock market is coming off back-to-back rocky months, and Wall Street is split on what could be coming next for investors. And Jeff Gundlach, the billionaire founder of DoubleLine Capital, said Tuesday that Treasury yields suggest it's time to start worrying about a severe downturn.

Persons: Stocks, Fundstrat, —, Quincy Krosby, Jay Woods, Woods, jitters, Kevin McCarthy, Gene Goldman, Goldman, Tom Lee, Lee, Marko Kolanovic, Jeff Gundlach Organizations: JPMorgan, Service, Dow Jones, Nasdaq, Freedom Capital, Treasury, Cetera Investment Management, CNBC, DoubleLine

☆ Evergrande shares volatile as trade resumes amid chairman probe
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 3 (Reuters) - Shares of China Evergrande (3333.HK) jumped as much as 42% in volatile trade on Tuesday, days after the embattled developer said its billionaire founder was being investigated over unspecified crimes. Evergrande's stock was suspended last Thursday after a report that its chairman and founder had been placed under police surveillance. "There is currently no other inside information in relation to the company that needs to be disclosed," Evergrande said in a statement late on Monday. The clock is ticking for Evergrande to get creditors' approval for restructuring its offshore debt. With the latest setbacks, some analysts say the debt restructuring plan now looks set to falter and that the risks of the company being liquidated are increasing.

Persons: Hui, Evergrande, Donny Kwok, Anne Marie Roantree, Muralikumar Anantharaman Organizations: China, HK, Reuters, Thomson Locations: HONG KONG, China, Lincoln

☆ Bond yields could race through 5% in next couple of weeks, market forecaster Jim Bianco warns
▼ + stars: | 2023-10-03 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Wall Street forecaster Jim Bianco expects Treasury yields to go a lot higher — and possibly overshoot through five percent in the next couple of weeks. "I don't think we're near the end of this move in the bond market," the Bianco Research president told CNBC's "Fast Money" on Tuesday. Yields on the five-year and 10-year Treasury notes, as well as the 30-year Treasury bond , hit their highest levels since 2007. "Most of the year bond investors [and] bond managers have been long. The volatility in the bond market is extending to stocks.

Persons: Jim Bianco, CNBC's, Bianco, They've, they've, Dow, Rick Santelli, Santelli Organizations: Bianco Research, Treasury, Nasdaq, CNBC

☆ Morning Bid: Markets strap in for PMI data dump
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +3 min

A round of purchasing managers index (PMI) data from across the globe continues with Europe on Monday, following Chinese PMI data over the weekend that pointed to mixed levels of services and manufacturing activity last month. Markets have been feeling the pain after stocks, bonds and non-dollar currencies around the world mostly fell in the previous month, as investors adjusted to the idea that U.S. interest rates will stay elevated for longer. Meanwhile, the euro zone has been grappling with recession jitters amid a slew of other indicators, putting a damper on last week's good news that inflation in the area fell to its lowest in two years. Monday's final manufacturing PMI data from the EU will be closely watched after the preliminary report last month painted a mixed picture of the region's economic health; the index showed a rise in September from August's 33-month low, yet still lingered below the mark separating expansion from contraction. Meanwhile, oil prices are up again on Monday, reversing some of Friday's losses.

Persons: Brigid Riley, Luis de Guindos, Michael Barr, John Williams, Patrick Harker, Loretta Mester, Muralikumar Organizations: PMI, August's, Federal, Reuters, ECB, NY, Philly Fed, Cleveland Fed, Thomson Locations: Europe, Germany, France, Italy, Spain, Switzerland, Sweden, Cleveland

☆ Asian stocks inch away from 10-month low, rate jitters linger
▼ + stars: | 2023-09-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.59% higher but not far off the 10-month low it touched on Thursday. The index is set for 5% drop in the July-September period, its worst quarterly performance since a 13.6% drop in the same period last year. In foreign exchange market, the dollar index eased 0.057% to 106.10 but hovered near the 10 month high of 106.84 it touched earlier this week. The index is up 2.4% this month and set for second straight month of gains.

Persons: Issei Kato, Australia's, Jerome, Powell, Ryan Brandham, Thomas Barkin, Brent, Ankur Banerjee, Lincoln Organizations: REUTERS, Rights, Japan's Nikkei, China Evergrande, HK, Validus Risk, Federal, Federal Reserve Bank of Richmond, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, China, U.S, North America, Russia, Saudi Arabia, Singapore

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