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Traders drastically increased their bets of a 50-basis-point rate hike in March after Powell's comments, with money market futures pricing a more than 40% chance of such a move, from 23% before the remarks. Meanwhile, Fed fund rates were seen peaking at 5.56% in September compared to 5.47% earlier. Investors are awaiting data later this week that is expected to show nonfarm payrolls increased by 200,000 in February, compared with the much stronger-than-expected 517,000 jobs reported in January. Among individual stocks, Rivian Automotive (RIVN.O) tumbled 10.5% after the electric automaker unveiled plans to sell bonds worth $1.3 billion. The S&P index recorded 10 new 52-week highs and four new lows, while the Nasdaq recorded 30 new highs and 77 new lows.

ET (1500 GMT), with investors awaiting his comments on the Fed's steps aimed at bringing inflation towards its 2% target. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. ET, Dow e-minis were up 25 points, or 0.07%, S&P 500 e-minis were up 6.25 points, or 0.15%, and Nasdaq 100 e-minis were up 32.5 points, or 0.26%. Dick's Sporting Goods (DKS.N) rose 6.1% after the retailer forecast annual earnings above Wall Street estimates and more than doubled its quarterly dividend. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

ET (1500 GMT), with investors awaiting his comments on the Fed's steps aimed at bringing inflation towards its 2% target. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. Traders see Fed fund rates peaking at 5.46% by September, from the current 4.67%. ET, Dow e-minis were up 12 points, or 0.04%, S&P 500 e-minis were up 5.5 points, or 0.14%, and Nasdaq 100 e-minis were up 29.25 points, or 0.24%. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

March 6 (Reuters) - The S&P 500 made little progress on Monday, closing slightly higher than its session low as U.S. Treasury yields pulled higher with investors braced for this week's testimony from Federal Reserve Chair Jerome Powell and the February jobs report. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. "People are worried about the jobs number and the economic data because they're worried about what the Fed will do. According to preliminary data, the S&P 500 (.SPX) gained 2.72 points, or 0.07%, to end at 4,048.36 points, while the Nasdaq Composite (.IXIC) lost 12.59 points, or 0.11%, to 11,676.41. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer.

Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. "People are worried about the jobs number and the economic data because they're worried about what the Fed will do. And with potential Fed rate hikes their key concern, Monday's data had already dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer. The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 85 new highs and 92 new lows.

Shares of iPhone maker Apple Inc (AAPL.O), last up 2%, were the biggest boost for the S&P 500 index (.SPX) after Goldman Sachs initiated coverage with a "buy" rating. Correlation between S&P 500 and 2-year Treasury bond yieldsMonday's data likely dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. Six of 11 major S&P 500 sectors rose. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer. The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 74 new highs and 71 new lows.

The benchmark S&P 500 (.SPX) is up 6.2% so far this year after a 19.4% plunge in 2022. Nine of 11 major S&P 500 sectors advanced in early trading. However, commodity-linked shares of mining (.SPLRCM) and oil (.SPNY) companies fell 1.0% and 0.2%, respectively, after top crude and metals consumer China set a lower-than-expected target for economic growth this year at around 5%. Shares of cryptocurrency-related companies fell after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, after raising doubts about the company's ability to stay in business. The S&P index recorded 19 new 52-week highs and one new low, while the Nasdaq recorded 69 new highs and 45 new lows.

Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. The three main U.S. stock indexes rallied on Friday and notched weekly gains as yields pulled back from their peaks after comments from Fed policymakers calmed jitters around aggressive rate hikes. Traders expect at least three more 25-basis-point hikes this year and see interest rates peaking at 5.44% by September from 4.67% now. ET, to assess the impact of higher rates on the manufacturing sector. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures subdued after strong week on Wall Street
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow off 0.09%, S&P slips 0.04%, Nasdaq up 0.04%March 6 (Reuters) - U.S. stock index futures were subdued on Monday as investors awaited Federal Reserve Chair Jerome Powell's testimony and monthly payrolls report this week for cues on the central bank's interest-rate trajectory. "But it's always possible that a word like 'disinflation' slips out of his mouth, and that we get a boost on risk." Traders expect at least three 25-basis-point rate hikes this year and see rates peaking at 5.44% by September from 4.67% now. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were down 1.75 points, or 0.04%, while Nasdaq 100 e-minis were up 5.25 points, or 0.04%. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ U.S.-listed China shares feel the heat as report fans Sino-U.S. tensions
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Shares of Chinese companies listed in the United States fell in early trading on Friday as reports that Washington was looking to expand the number of troops helping train Taiwanese forces added to rising Sino-U.S. tensions. The iShares China Large-Cap ETF slipped 2.9%, while KraneShares CSI China Internet ETF shed 2.8%. China's blue-chip CSI300 Index (.CSI300) closed 1% lower during Asia hours, while shares of aerospace defense companies jumped. Relations between the world's two largest economies worsened this month over the shooting down of the Chinese spy balloon, weighing on China ADRs after a sharp rally starting late last year. A multitude of factors weighed on China ADRs last year including a risk of delisting from U.S. exchanges over an audit dispute, trade friction and geopolitical worries.

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher ahead of a slew of economic data due later this week. Telecom Italia (TIM) (TLIT.MI) fell 2.7% as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. The EURO STOXX index (.STOXXE), which houses major companies in the eurozone, inched down 0.1%. On the economic front, euro zone consumer confidence rose by 1.7 points in February from January, as expected, figures showed. Forvia, the European car parts maker born from Faurecia's (EPED.PA) takeover of Hella (HLE.DE), forecast stable 2023 sales, sending Faurecia nearly 2.3% higher.

☆ Adani Enterprises swings to Q3 profit; makes no "material" adjustments post Hindenburg
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

The group's seven listed stocks have together lost over $120 billion in market value since Jan. 24. The profit came on the back of boosts from its key coal trading division and its new energy businesses. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled. The coal trading division benefited from a rise in volumes as well as higher coal prices, while Adani New Energy segment saw a surge in the volumes and prices of solar modules, the company said. Global coal prices remained at elevated levels for most of 2022 as European buyers were willing to pay a premium and make up for the absence of cargo from Russia, their main supplier of LNG and coal.

The BOJ’s YCC faces a reckoningThe surprise news left investors and analysts trying to parse Ueda's recent commentary. "There is probably a lack of clarity on Ueda's policy leanings at the moment, but at least it is clear that Amamiya (who is seen as a dove) is out. That removes one of the headwinds for the yen," said Christopher Wong, currency strategist at OCBC in Singapore. "The knee-jerk reaction in yen appreciation is more of a reaction to Amamiya being out of the race." I think the new team means that they will redesign the BOJ's monetary policy, not maintain the current policy," said Takayuki Miyajima, a senior economist at Sony Financial Group in Tokyo.

The government declared a "level 4 alarm", calling for international assistance, and a three-month state of emergency in the most affected provinces. 'BLACK SWAN'Reconstruction costs are likely to run to many billions of dollars, straining an economy already hit by 58% inflation. The six-party opposition said only that the government should work "without discrimination" to address the disaster that hit regions including Kurdish communities and Syrian refugees. But Ugur Poyraz, Secretary General of centre-right nationalist IYI Party, said he had toured severely hit areas and as of Tuesday morning seen no sign of emergency rescue workers. "The response of Erdogan's government to this natural disaster might shape the attitude of the floating voter but the loyalties of most voters are already determined."

☆ Turkey's lira slips to fresh record low, stocks tumble
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 6 (Reuters) - Turkey's lira hit a fresh record low and its stock markets tumbled on Monday as a major earthquake added to pressures from a strong dollar, geopolitical risks and surprise inflation readings out of the country. The lira slipped to 18.85 , in early trade before retracing most of its losses. More than 500 people were killed and thousands injured on Monday, after a major earthquake of magnitude 7.8 struck central Turkey and northwest Syria. But Turkey is feeling additional pressures. "A new window of FX volatility could be around the corner."

☆ Factbox: Adani's $2.5 bln share offer gets investor backing after tumultuous week
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

Jan 31 (Reuters) - The secondary share sale of billionaire Gautam Adani's flagship Adani Enterprises (ADEL.NS) was fully subscribed on Tuesday, after a rough week for the Indian group that saw a sharp sell-off in its shares following a scathing short-seller report. Foreign institutional investors and corporates pumped in funds into the share sale, according to data, while participation by retail investors and Adani Enterprises employees remained low. Adani has called Hindenburg Research's report a "calculated attack". U.S.-based Hindenburg disclosed last week that it holds short positions in Adani companies and accused the conglomerate of improper use of offshore tax havens, and also flagged concerns about its debt levels. Below is what some of the investors who subscribed to the follow-on public offer (FPO) - either as anchor investors earlier this month or after the short-seller report - had to say about their exposure to Adani:Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Instant View: Adani's $2.5 billion offer rides out share storm with investor backing
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +5 min

COMMENTARYAMBAREESH BALIGA, INDEPENDENT MARKET ANALYST, MUMBAI"The FPO did get subscribed, thanks to a few institutional as well as large family offices. DEEPAK JASANI, HEAD OF RETAIL RESEARCH, HDFC SECURITIES, MUMBAI"For Indian markets, one of the concern areas is out of the way for the time being as this was weighing on investor sentiment. Since the current market price is below the offer price, the retail subscription was low as investors can rather buy it from the market." That was their focus area considering the fact that there was a difference between the market price and the floor price of the FPO. It seems that retail investors did not consider the fact that there is more to rates than just the price."

About a quarter of the S&P 500 companies have reported earnings so far, of which 69% have beaten analysts' estimates, according to Refinitiv data as of Thursday. Both companies were among the biggest boosts to the S&P 500 (.SPX) and the Dow Jones Industrial Average (.DJI). Seven of the 11 major S&P 500 sectors edged higher with the consumer discretionary sector (.SPLRCD) surging 1.4%. Advancing issues outnumbered decliners by a 1.32-to-1 ratio on the NYSE and by a 1.37-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and 21 new lows.

The pan-European STOXX 600 (.STOXX) climbed 0.3% at 0936 GMT, boosted by gains in banks (.SX7P) and industrials (.SXNP). European shares were on track to snap a two-week winning streak, thanks to the worst single-day selloff so far this month on Thursday following disappointing earnings reports, weak U.S. economic data and hawkish comments from central bankers. Energy stocks (.SXEP) gained 0.8%, tracking firm crude prices on hopes of demand recovery in the world's second-biggest economy. "Europe has more exposure to China reopening and luxury is a big part of the European market," said Jamie Mills O'Brien, investment manager at Abrdn. "Some of the big players are pure China reopening bets."

The pan-European STOXX 600 (.STOXX) was down 0.8% at 0929 GMT, and on track to snap a six-day winning streak. Energy stocks (.SXEP) fell 1.9%, tracking weakness in crude prices, after U.S. economic data stoked fears of recession in the world's largest economy. "Economic data remains noisy, making it hard to say for certain that the recent encouraging economic trends will continue," said Mark Haefele, chief investment officer at UBS Global Wealth Management. Dutch central bank chief Klaas Knot added to the chorus, saying markets may be underestimating planned rate hikes by the European Central Bank and investors should take more seriously its forecast to raise rates in multiples of 50 basis points. Investors are focussed on minutes from last month's European Central Bank meeting due later in the day, as well as an appearance from ECB President Christine Lagarde at the World Economic Forum in Davos.

The pan-European STOXX 600 (.STOXX) was up 0.1% by 0910 GMT, extending gains for a sixth straight day on boost from rate-sensitive technology stocks (.SX8P) and industrials (.SXNP). Richemont (CFR.S) rose 2% on reporting higher quarterly sales as tourists returned to Europe and Japan. Still, the luxury group missed market estimates after sales in China plunged by almost a quarter. "For luxury, China is quite important with more hopes of rebounding activity in the first half of this year," said Emmanuel Cau, head of European equity strategy at Barclays Investment Bank. Reporting by Bansari Mayur Kamdar and Ankika Biswas in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Jan 17 (Reuters) - Goldman Sachs Group Inc (GS.N) on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Goldman is also curbing its consumer banking ambitions as Chief Executive Officer David Solomon refocuses the bank's resources to strengthen its core businesses such as investment banking and trading. Goldman's investment banking fees fell 48% in the latest quarter, while revenue from its asset and wealth management unit dropped 27% due to lower revenue from equity and debt investments. The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, missing the Street estimate of $5.48, according to Refinitiv IBES data. Fixed income, currency and commodities trading revenue was up 44%, while revenue from equities trading fell 5%.

Goldman Sachs Group Inc (GS.N) fell 3.5% after the bank reported a bigger-than-expected drop in quarterly profit, weighing the most on the Dow Jones Industrial Average (.DJI). "Widely expected to be awful, Goldman Sachs' quarterly results were even more miserable than anticipated," said Octavio Marenzi, chief executive at consultancy Opimas. The S&P 500 energy (.SPNY) and consumer staples (.SPLRCS) sectors were up about 0.6% each, while financial stocks (.SPSY) fell 0.6%. Earnings from Goldman Sachs and Morgan Stanley wrap up a mixed reporting season for big banks, most of which have put aside rainy-day funds to prepare for a looming recession. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.4% for the quarter, according to Refinitiv data.

☆ European shares edge up on pharma boost, UK's FTSE 100 nears record-high
▼ + stars: | 2023-01-16 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) gained 0.1% in early trading, boosted by a 0.8% rise in healthcare stocks (.SXDP). UK's FTSE 100 (.FTSE) rose 0.1% to 7,852.84, inching closer to a record 7,903.50. "Investors appear to have fallen back in love with UK assets, after a difficult period when FTSE 100 was the wallflower among global indices," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. Weakness in luxury heavyweights such as LVMH (LVMH.PA) and Hermes International (HRMS.PA) weighed on Europe's STOXX 600 on Monday. German arms maker Rheinmetall (RHMG.DE) gained 2.9% on acquiring a stake in Dutch IT hardware specialist Incooling B.V.

The Labor Department's report showed U.S. consumer prices grew 6.5% on an annual basis in December, in line with expectations, from a 7.1% rise last month. Markets initially spiked lower after the data, but quickly reversed to edge higher as investors assessed the numbers. Consumer prices unexpectedly fell for the first time in more than 2-1/2 years in December, suggesting that inflation was now on a sustained downward trend. Some Fed policymakers earlier this week signaled the possibility of a 25-basis point hike during the February meeting, if the much-awaited consumer prices data further adds to evidence of a cooling economy. ET, Dow e-minis were up 138 points, or 0.4%, S&P 500 e-minis were up 17.25 points, or 0.43%, and Nasdaq 100 e-minis were up 45 points, or 0.39%.

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