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☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

☆ Twitter drops 'government-funded' label on media accounts, including in China
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

April 21 (Reuters) - Twitter dropped the "Government-funded" and "China state-affiliated" labels, which implies government involvement in editorial content, from the accounts of various global media organizations, their profiles showed on Friday. Twitter dropped the "Government-funded Media" label from the accounts of U.S.-based National Public Radio (NPR), British Broadcasting Corp and Canadian Broadcasting Corporation (CBC). It also dropped the "China state-affiliated media" tag on the accounts of Xinhua News as well as of journalists associated with government-backed publications. That led NPR and CBC to stop posting to their Twitter accounts, arguing that the label did not accurately capture their governance structure. Twitter, NPR, CBC and BBC did not immediately respond to a request for comment on the removal of the tag.

☆ Twitter drops 'government-funded media' tag on NPR, other media accounts
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Twitter dropped the "Government-funded Media" tag, which implies government involvement in editorial content, on some accounts like National Public Radio (NPR) and Canadian Broadcasting Corporation (CBC), their accounts showed on Friday. Besides NPR and CBC, the tag, labeled 'state-affiliated media' earlier, was also absent from the British Broadcasting Corp's (BBC) Twitter account. Earlier this month, NPR and CBC paused their activities on the social media platform, arguing that the tag did not accurately capture their governance structure. We're adjusting the label to be 'publicly funded', which I think is perhaps not too objectionable," Musk had said. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Google to use generative AI in its ad business, Financial Times reports
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - Alphabet Inc's (GOOGL.O) Google plans to introduce generative artificial intelligence into its advertising business over the coming months to create "novel" advertisements, the Financial Times reported on Thursday, citing an internal presentation. Generative AI is a type of technology that relies on past data to create rather than identify content. Last month, Google began the public release of its chatbot Bard, seeking users and feedback to gain ground on Microsoft Corp (MSFT.O) in the race to top the market for AI technology. While there have been concerns about the wider impact of AI on issues like disinformation, phishing attempts and cybercrime, Google plans to put in guardrails to address them when it rolls out the new generative AI features, FT reported. Reporting by Urvi Dugar in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Google to deploy generative AI to create sophisticated ad campaigns - FT
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

April 20 (Reuters) - Alphabet Inc's (GOOGL.O) Google plans to introduce generative artificial intelligence into its advertising business over the coming months, Financial Times reported on Thursday, citing an internal presentation. Reporting by Urvi Dugar in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ TSMC seeks up to $15 bln from US but objects to certain conditions- WSJ
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) is pushing back on some of the conditions the United States has attached to chip-factory subsidies as it seeks up to $15 billion from the U.S. government, the Wall Street Journal reported on Wednesday. TSMC, which in December more than tripled its planned investment at its new Arizona plant to $40 billion, is concerned about rules that could require it to share profits from the factories and provide detailed information about operations, WSJ reported, citing people familiar with the matter. TSMC declined to comment when contacted by Reuters. Reporting by Jose Joseph in Bengaluru; Editing by Varun H K and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Indian rupee to strengthen as weak US data pushes dollar to 2-month low
▼ + stars: | 2023-04-05 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 5 (Reuters) - The Indian rupee is expected to rise against the U.S. currency on Wednesday as weak manufacturing and job openings data dented demand for the dollar. The non-deliverable forwards indicate the rupee will open at around 82.08-82.12 to the U.S. dollar, compared with 82.3325 on Monday. The dollar index overnight dropped to its lowest level since Feb. 2. Data overnight showed U.S. job openings dropped to their lowest level in nearly two years in February, indicating that the Fed rate hikes were cooling off the U.S. labour market. The job openings release comes on the back of data that showed that U.S. manufacturing activity slumped in March to the lowest level in nearly three years.

☆ Canada's Teck Resources rejects $22.5 bln buyout offer from Glencore
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Teck Resources Ltd (TECKb.TO) on Monday rejected an unsolicited $22.5 billion bid from Swiss commodity firm Glencore Plc (GLEN.L), sending the U.S.-listed shares of the Canadian copper miner up about 10% in premarket trading. Teck said more value can be achieved with the proposed restructuring announced earlier this year than the sale of the company. "The board is not contemplating a sale of the company at this time," Teck Chair Sheila Murray said. The company had in February said it would spin off its steelmaking coal unit to focus on industrial metals such as copper. After the separation, Teck will re-brand itself as Teck Metals Corp, while the new divested unit will be listed in Toronto as Elk Valley Resources Ltd.

☆ Wall Street jumps with rosy outlooks from companies
▼ + stars: | 2023-03-29 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Micron (MU.O) shares shot up 7.2%, boosting the Nasdaq and S&P 500, and leading gains in the PHLX semiconductor index (.SOX), which closed 3.3% higher. Lululemon surges after strong reoprtThe bulk of S&P 500 companies begin reporting on the first quarter in mid-April. On Monday, regional U.S. lender First Citizens BancShares scooped up the assets of Silicon Valley Bank. Michael Barr, Fed Vice Chair for Supervision, told Congress the scope of blame for Silicon Valley Bank's failure stretches across bank executives. The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 69 new highs and 135 new lows.

☆ Wall Street gains with rosy outlooks from Micron, other companies
▼ + stars: | 2023-03-29 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Micron (MU.O) shares were up 7%, boosting the Nasdaq and S&P 500, and leading gains in the PHLX semiconductor index (.SOX), which was up 2.6%. The memory chip maker late Tuesday forecast a drop in third-quarter revenue in line with Wall Street expectations, while it gave a rosy outlook for 2025 with artificial intelligence boosting sales. Micron is sort of a microcosm of the global economy because their chips go into so many different industries and sectors. The bulk of S&P 500 companies begin reporting on the first quarter after mid-April. The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 57 new highs and 113 new lows.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1%. "Markets are calmer as the tension of the banking situation is lessening. The CBOE volatility index (.VIX), known as Wall Street's fear gauge, fell to its lowest since March 9, reflecting easing investor anxiety. ET, Dow e-minis were up 216 points, or 0.66%, S&P 500 e-minis were up 32.5 points, or 0.81%, and Nasdaq 100 e-minis were up 114.25 points, or 0.9%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. banks fallout will intensify margin headwinds for Aussie lenders, UBS says
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

Australian banks are "well regulated" and carry strong liquidity coverage ratios, UBS said. Regulators and bankers insist the country's banks, bolstered by post-global financial crisis reforms, are well placed to handle the solvency and liquidity shocks that rocked lenders overseas like Silicon Valley Bank in the United States. Competition for mortgages, accounting for anywhere between 45% and 65% of net interest income of banks, "has never been fiercer," with some banks "sub-economically" pricing new business, UBS said. Still, the brokerage expects the bank to report strong first half earnings on sustained operational momentum. Three of the "Big Four" banks barring CBA lost between 1% and 5% from March 10 when the first signs of trouble surfaced at the tech-focused lender Silicon Valley Bank.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1.6% in premarket trade. "Markets are calmer as the tension of the banking situation is lessening. A key inflation reading expected at the end of the week will provide more clues on the Fed's monetary tightening plans. ET, Dow e-minis were up 244 points, or 0.75%, S&P 500 e-minis were up 35.25 points, or 0.88%, and Nasdaq 100 e-minis were up 109.25 points, or 0.86%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

NEW DELHI, March 27 (Reuters) - Indian banks must give defaulters an opportunity to be heard before they classify a loan account as fraud, the Supreme Court ruled on Monday. Banks cannot unilaterally declare an account as fraud without providing the defaulter the right to be heard, a top court bench led by Chief Justice DY Chandrachud said. However, there is no such requirement before registering a first information report (FIR) to declare a loan account as fraud, the bench observed. The apex court was examining judgements by the Telangana High Court and Gujarat High Court on the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select Fls Directions 2016) master circular. Telangana High Court had ruled that not granting the right to be heard infringes on the borrowers' constitutional right.

☆ Barclays raises Bank of England terminal rate forecast to 4.5%
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Barclays raised its terminal rate forecast for the Bank of England's benchmark policy rate by a quarter point to 4.5%, following the central bank's eleventh straight hike last week. Barclays had expected a pause from the BoE in the March meeting, but following a 25 basis points hike to 4.25%, and data last week that showed an unexpected rise in British inflation, the British bank retained its call for another quarter percentage point hike in May. The new forecast implies a "minimal recession", Barclays economists led by Marian Cena said. Following the hikes this year, Barclays projects 100 bps of cuts to the BoE's bank rate in the second half of next year, 50 bps more than its previous prediction. Reporting by Susan Mathew in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Futures edge higher as SVB deal soothes bank fears
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.31%, S&P 0.34%, Nasdaq 0.17%March 27 (Reuters) - U.S. stock index futures edged higher on Monday after a buyout deal for failed Silicon Valley Bank's deposits and loans helped soothe some jitters around severe stress in the banking sector. First Citizens BancShares Inc (FCNCA.O) said on Monday it will acquire parts of Silicon Valley Bank (SIVB.O), the collapse of which earlier this month marked the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector. Other regional banks Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) also climbed 5.4% and 9.2%, respectively. Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 0.8% and 1.4%. While the Silicon Valley Bank deal has helped instill some confidence in the banking sector's stability, concerns about a bigger crisis have not abated completely, analysts said.

☆ Google opens Italy's second cloud region in Turin city
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Alphabet Inc's (GOOGL.O) Google will set up its second cloud region in Italy, the company said on Thursday in a blog, underscoring the country's efforts to turn into a global hub for cloud computing. The second cloud region opens in the northern Italian city of Turin, with an existing one in Milan. Cloud regions refer to clusters of data centers in a location that will allow customers in that area to get faster access to data. Google Cloud regions of Milan and Turin could generate a new market that could be valued around 1.90 billion euros ($2.07 billion) in a three-year period through 2025, Google said in the blog, citing data from an independent study. ($1 = 0.9182 euros)Reporting by Lavanya Ahire in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Fitch says APAC banks resilient to risks highlighted by U.S. bank failures
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Ratings agency Fitch said on Thursday that direct exposures to Silicon Valley Bank <SIVB.O> and Signature Bank (SBNY.O) among its portfolio of rated banks in the Asia-Pacific (APAC) region appear limited. Weaknesses that led to the failure of the two banks are among the factors already considered in the agency's rating assessments for APAC banks, it said. "We generally view securities portfolio valuation risks as manageable for APAC banks," Fitch said, adding that exposures tend to be the highest in India and Japan. The collapse of Silicon Valley Bank has sparked a crisis of confidence in the banking sector, leading to a run on deposits at a host of regional banks despite U.S. authorities rolling out emergency measures to shore up confidence. read moreEarlier on Thursday, S&P said the fallout from Silicon Valley Bank's collapse may not lead to any rating actions on APAC banks as they are well placed to absorb potential contagion effects.

☆ India's TCS, Infosys have highest exposure to U.S. regional banks - J.P.Morgan
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris HelgrenMarch 17 (Reuters) - Top Indian information technology firms Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) have the highest exposure to regional banks in the United States that are gripped by a financial turmoil, analysts at J.P.Morgan said on Friday. All three companies might need to set aside provisions in the fourth quarter due to their exposure to SVB, J.P. Morgan said in a note. Indian IT firms draw the bulk of their revenue from the banking, financial services and insurance (BFSI) sector. Within BFSI, their exposure to the U.S. banks is on average 62% and Europe 23%, J.P. Morgan said.

☆ Indian shares rise on easing global banking concerns
▼ + stars: | 2023-03-17 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, March 17 (Reuters) - Indian shares advanced on Friday, aided by financials, tracking a rebound in global equities after a slew of measures to support the global banking system eased worries about a crisis in the financial sector. While the developments eased immediate concerns of a crisis in the global banking system, some analysts remained cautious. "The Fed needs to manage a delicate balancing act between price stability (inflation) and financial stability (growth) in next week's meeting." Information technology stocks (.NIFTYIT) rose over 1% with all 10 constituents logging gains. ($1 = 82.5870 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street analysts see direct economic growth hit from SVB fallout
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: 1 min

March 16 (Reuters) - The crisis in small and mid-sized banks in the United States after the swift downfall of SVB Financial Group (SIVB.O) could further slow down the struggling economy and raises the probability of a recession this year, according to Wall Street analysts. J.P.Morgan said the slower loan growth at mid-size banks could trim a half to one percentage point off the level of GDP over the next year or more. Goldman Sachs raised its probability of the U.S. economy entering a recession in the next 12 months by 10 percentage points to 35%, citing the stress on the small banks. Reporting by Aniruddha Ghosh in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ S&P says SVB fallout won't lead to rating actions on APAC banks
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Ratings agency S&P on Thursday said the fallout from Silicon Valley Bank's (SIVB.O) collapse may not lead to any rating actions on Asia-Pacific banks as they are well placed to absorb potential contagion effects. The direct exposure of APAC banks to SVB is negligible and secondary impacts are manageable, the agency said, adding that some Japanese banks that have large holdings of U.S. government bonds are the most exposed to weakened market sentiment, but not to the extent of initiating rating actions. "A key rating factor across the region is continuing depositor and stakeholder confidence," S&P said. The collapse of Silicon Valley Bank has sparked a crisis of confidence in the banking sector, leading to a run on deposits at a host of regional banks despite U.S. authorities launching emergency measures to shore up confidence. read more read moreReporting by Juby Babu in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

U.S.-listed shares of Credit Suisse slid 24.3% to hit a record low, after the Swiss bank's largest investor said it could not provide more financial assistance to the lender. Big U.S. banks including JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) fell between 5% and 1%. The KBW regional banking index (.KRX) slid 3.8% while the S&P 500 banking index (.SPXBK) dropped 4.2%%. "Given all the turmoil with Silicon Valley Bank and Signature Bank, expectations have dramatically risen come that the Fed will keep rates unchanged, or maybe raise them (by) 25 basis points." Shares of Charles Schwab Corp (SCHW.N) fell 1.9%, a day after its chief executive said the firm has enough liquidity.

However, regional banks pared early gains in premarket trading on Wednesday, with First Republic Bank (FRC.N) down 0.7%. Big U.S. banks such as JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) fell between 1.2% and 2.3%. ET, which is expected to show a moderation in producer price growth in February both on a monthly and annual basis. ET, Dow e-minis were down 517 points, or 1.61%, S&P 500 e-minis were down 63 points, or 1.61%, and Nasdaq 100 e-minis were down 162 points, or 1.33%. Reporting by Amruta Khandekar and Shubham Batra in Bengaluru; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures fall as caution about banks lingers, economic data awaited
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +3 min

After the recent collapse of SVB Financial (SIVB.O) and Signature Bank (SBNY.O), assurances and emergency measures by U.S. authorities allayed worries about the health of other banks to some extent. Regional banks extended gains to premarket trading on Wednesday after a strong rebound in the previous session. First Republic Bank (FRC.N) jumped nearly 13%, with peers Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) up 8.3% and 6.5%, respectively. Big U.S. banks such as JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) edged lower between 0.2% and 0.8%. ET, Dow e-minis were down 171 points, or 0.53%, S&P 500 e-minis were down 19.25 points, or 0.49%, and Nasdaq 100 e-minis were down 51.75 points, or 0.42%.

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