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☆ Moody's downgrades Signature Bank to junk, places six U.S. banks under review
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Ratings agency Moody's on Monday downgraded the debt ratings of collapsed New York-based Signature Bank (SBNY.O) deep into junk territory and placed the ratings of six other U.S. banks under review for a downgrade. Moody's, which rated Signature Bank's subordinate debt 'C', said it was also withdrawing future ratings for the collapsed bank. The banks placed under review for downgrade are First Republic Bank (FRC.N), Zions Bancorporation (ZION.O), Western Alliance Bancorp (WAL.N), Comerica Inc (CMA.N), UMB Financial Corp and Intrust Financial Corporation, Moody's said. State regulators closed Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank (SIVB.O) in a collapse that stranded billions in deposits. Reporting by Nilutpal Timsina in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" Trading in shares of SVB's peer Signature Bank (SBNY.O), which was shut down by regulators on Sunday, was halted. Shares of big U.S. banks including JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) fell between 2.8% and 6.3%. The KBW regional banking index fell 11.2%, while the S&P 500 banks index (.SPXBK) dropped 7.7%. The S&P index recorded no new 52-week highs and 44 new lows, while the Nasdaq recorded 19 new highs and 321 new lows.

Helping futures for the tech-heavy Nasdaq gain nearly 1%, U.S. two-year Treasury yields tumbled to more than a month low, while futures for the cyclicals-heavy Dow Jones edged lower. Big Tech and growth companies such as Meta Platforms (META.O), Amazon (AMZN.O) and Microsoft (MSFT.O) rose between 1% and 2% premarket. Traders' bets are currently equally split between a pause and a 25-basis-point rate hike at the Fed's next meeting in March. The projections of a terminal rate have also receded to just under 5% by June from around 5.5% in September earlier. ET, Dow e-minis were down 48 points, or 0.15%, S&P 500 e-minis were up 5.5 points, or 0.14%, and Nasdaq 100 e-minis were up 99.25 points, or 0.84%.

Futures tracking the tech-heavy Nasdaq led the gains as U.S. Treasury yields dipped to one-month lows, but were off session highs. Money market bets have also changed dramatically, with participants now betting an 80.4% chance of a 25 basis points rate hike in March instead of a 50 bps increase, with the rest expecting a status quo. Goldman Sachs analysts said they no longer expect the Fed to raise rates by 25 basis points at its next policy meeting on March 21-22. SVB's failure followed sharp interest rate hikes that hurt its startup customers and a failed capital raise attempt by the bank, spurring deposit withdrawals. ET, Dow e-minis were up 82 points, or 0.26%, S&P 500 e-minis were up 21.25 points, or 0.55%, and Nasdaq 100 e-minis were up 90 points, or 0.76%.

☆ Futures rise on bets of likely rate hike pause after SVB collapse
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

Futures tracking the tech-heavy Nasdaq rose the most among Wall Street peers as U.S. Treasury yields dipped to one-month lows, with some investors now pricing in a pause in the Fed's rate hikes in March. The bank's closure had followed sharp interest rate hikes that hurt its startup customers and a failed capital raise attempt by the bank, spurring deposit withdrawals. Money market bets have also changed dramatically following SVB's collapse, with the participants now betting an 80.4% chance of a 25 basis points rate hike in March instead of a 50 bps increase, with the rest expecting a status quo. Along with the developments unfolding in the fallout of SVB, investors also await crucial inflation data due later in the week for more clues on Fed's monetary tightening plans. ET, Dow e-minis were up 365 points, or 1.14%, S&P 500 e-minis were up 60.25 points, or 1.56%, and Nasdaq 100 e-minis were up 200.25 points, or 1.69%.

☆ Circle says $3.3 bln USDC reserves to be fully available on Monday
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

March 12 (Reuters) - Cryptocurrency firm Circle said on Sunday all its depositors with the collapsed Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) will be made whole and the $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully available when banks open Monday. Circle said it did not have any Stablecoin USD Coin (USDC) cash reserves at Signature Bank and that the token remained redeemable at 1:1 U.S. dollar peg. Further, the crypto firm announced an automated USDC minting and redemption through Cross River Bank, effective Monday, and said its expanded relationships also include USDC redemptions via BNY Mellon (BK.N). "Circle's USDC operations will open for business, including with new automated settlement via our new partnership with Cross River Bank," Chief Executive Officer Jeremy Allaire said in a tweet. USDC lost its dollar peg and slumped to an all-time low on Saturday before recovering most of its losses when Circle assured investors it would honor the peg despite exposure to failed Silicon Valley Bank.

☆ FTSE 100 hits two-month low as banks stretch losses in SVB aftermath
▼ + stars: | 2023-03-13 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies HSBC falls after taking over SVB's UK armBritish American Tobacco down after JPM downgradeBank sector index hits over two-month lowFTSE 100 down 2.4%, FTSE 250 off 2.9%March 13 (Reuters) - UK's FTSE 100 fell on Monday, with banks extending losses as shock waves continue to reverberate through financial markets after U.S. regulators closed Silicon Valley Bank (SVB). The blue-chip FTSE 100 (.FTSE) lost 2.4%, falling to an over two month low. UK banks (.FTNMX301010) slid 4.3%, hitting an over two-month low and extending last week's declines of over 6%. The focus is now shifting to UK's spring budget due to be unveiled later in the day. Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India's Tata Technologies, a unit of Tata Motors, files for IPO
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 10 (Reuters) - Tata Technologies, a unit of Indian carmaker Tata Motors (TAMO.NS), filed for an initial public offering (IPO) on Thursday, according to draft papers submitted to the market regulator. However, Tata Tech, which provides engineering and product development digital services, said it will not offer any of the 95.7 million shares, representing around 23.6% of its paid-up share capital, to be sold in the IPO. Instead, Tata Motors, which has a 74.69% stake in Tata Tech, will sell up to 81.1 million shares, while Alpha TC Holdings will sell 9.7 million shares and Tata Capital Growth Fund I will sell 4.9 million shares. The spend on digital services in these industries is expected to rise from $1.64 trillion in 2021 to $2.28-2.33 trillion by 2025, Tata Tech said, citing a report by Zinnov Management Consulting. Tata Motors said in December it was exploring the possibility of selling part of its stake in Tata Tech through a public float.

The pan-European STOXX 600 index (.STOXX) fell 1.7% on broad-based losses, with HSBC (HSBA.L), Deutsche Bank (DBKGn.DE), Barclays (BARC.L), Unicredit (CRDI.MI) and Commerzbank (CBKG.DE) down between 2.7% and 7.2%. If it can happen to a U.S. bank, it could potentially happen to a bank in Europe as well." Next week, the focus is likely to be on the European Central Bank which is expected to hike its key lending rate by 50 bps. Daimler Truck (DTGGe.DE) added 3.5% on dividend payment plans after hitting its 2022 targets and forecasting higher earnings and revenue this year. Reporting by Susan Mathew and Medha Singh in Bengaluru; Editing by Subhranshu Sahu and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Silicon Valley Bank to sell stock to cope with cash burn
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Shares in the California-based parent of Silicon Valley Bank dropped nearly 30% in premarket trading on Thursday. Its customers' "cash burn" rose in February and is driving deposits lower than forecast, CEO Greg Becker said in a letter to investors. The company also liquidated most of its securities portfolio, raising $21 billion, which it plans to re-invest in shorter-term debt while doubling its term borrowing to $30 billion. "We are taking these actions because we expect continued higher interest rates, pressured public and private markets, and elevated cash burn levels from our clients," Becker said. "When we see a return to balance between venture investment and cash burn – we will be well positioned to accelerate growth and profitability," he added, noting SVB is "well capitalised".

☆ Britain's FirstGroup to add another 117 electric buses to fleet by 2024
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

Companies FirstGroup PLC FollowMarch 2 (Reuters) - Britain’s FirstGroup (FGP.L) will add another 117 electric buses to its fleet by next year after the public transport operator secured new funding as part of the country's move towards cleaner travel. The group was able to secure 25 million pounds of government co-funding in partnership with local authorities through the Zero Emission Bus Regional Area (ZEBRA) funding programme. Britain is on the road to investing heavily in policies that promote public transport, including buses, providing incentives for operators to convert diesel buses to electric or hydrogen-powered vehicles. The company, which runs First Bus and First Rail, was also awarded funding under the first ZEBRA scheme last March. The new funding will take the total number of electric buses in its fleet to more than 600 by March 2024.

☆ INDIA RUPEE Rupee scales near 3-wk high as Chinese yuan boosts Asian FX
▼ + stars: | 2023-03-01 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, March 1 (Reuters) - The Indian rupee hit a near three-week high against the dollar on Wednesday after a stronger Chinese yuan sparked a rally in Asian currencies. The rupee rose 0.20% to 82.50 per dollar, having strengthened up to 82.37 at one point, near its 55-day moving average of 82.3514 and at its highest level since Feb. 10. There were a "decent" amount of inflows into the market, and the broader sentiment was better, while a pullback in the dollar index helped the rupee, said a dealer at a private bank. Hence, the local unit is likely to stay in the range of 82.60-83.00 in the near term, Krishnamurthy said, noting that technically, only a break of either side on a daily close basis would trigger a directional move. Asian currencies and equities rose in response, while the dollar index fell 0.5%.

☆ Oaktree Capital seeks to raise $10 billion for new fund- FT
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - Oaktree Capital plans to raise $10 billion for a new fund that will help finance large private equity takeovers, the Financial Times reported on Tuesday, citing a letter sent to the U.S. asset manager's clients. The new fund, known as Oaktree Lending Partners, may tap into bank loans to ultimately invest $20 bln in sponsor-backed debt, the report said. The credit investment manager plans to raise and invest the $10 billion within the next two years, FT reported. Oaktree expects to offer loans of about $500 million or more to leveraged buyout groups, the newspaper said. The company and asset management firm Brookfield, which owns a majority stake in the investment firm, will invest $2 billion in the new fund, the report added.

☆ Indian shares struggle for direction ahead of GDP data
▼ + stars: | 2023-02-28 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, Feb 28 (Reuters) - Indian shares swung between gains and losses on Tuesday, as gains in auto and media stocks were mostly offset by a slide in metals, ahead of the domestic GDP data for the December quarter. Eight of the 13 sectoral indexes advanced with auto stocks (.NIFTYAUTO) adding nearly 1% ahead of the monthly sales numbers, due on Wednesday. Foreign portfolio investors have so far offloaded 325.18 billion rupees ($3.93 billion) worth of Indian equities in 2023, according to official data. Investors now await domestic GDP data for the December quarter, due later in the day, which is expected to show year-on-year growth slowing to 4.6%. ($1 = 82.7150 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Upbeat earnings help FTSE 100 rebound from last week's selloff
▼ + stars: | 2023-02-27 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.

☆ European shares kicks off week on solid footing, all sectors rise
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The blue-chip index (.STOXX) added 0.9%. It fell 1.4% last week after hotter-than-expected U.S. inflation data fuelled bets that the Federal Reserve would continue to raise rates. European retailers (.SXRP) rose 1.1%, led by a 3.1% increase in shares of Hennes & Mauritz (HMb.ST). Mould highlighted that consumer spending has been buttressed by gas prices coming down and help from government-support schemes across the single-currency bloc. Dechra Pharmaceuticals (DPH.L) tumbled 15.5%, to the bottom of the STOXX 600, as the veterinary drugs maker warned its full-year operating profit would be at the lower end of analysts' expectations.

☆ Australia's Medibank posts profit, policyholder growth; shares jump
▼ + stars: | 2023-02-23 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

The loss of confidence following the hack led to Medibank losing 13,000 customers between October and December, curbing the growth in policyholders for the July-December period to 0.1%. However, the rate of losses slowed in January and reversed to a net addition of 200 policyholders this month through Feb. 18, Medibank said. Medibank stock recovering Medibank stock recoveringMedibank reported that its net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, which, according to brokerage firm UBS, beat the consensus estimate of A$211 million. The 17% jump in policyholders in that business came as more international students, visitors and workers return to the country as the pandemic waned. Medibank also declared an interim dividend of 6.3 cents per share, up from 6.1 cents last year.

☆ Australia's Medibank beats profit view, says customer losses slow
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

However, Medibank said it still recorded a 0.1% growth in policyholders for the six months that ended on Dec. 31. The rate at which it lost customers slowed in January and it has even recorded a net growth of 200 policyholders this month through Feb. 18, Medibank said. Medibank's net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, beating the consensus estimate of A$211 million, according to brokerage firm UBS. The company's shares were up 6.5% to A$3.28 by 0426 GMT, set for their best session in nearly three years. Since Medibank first reported the cyber incident on Oct. 13, its stock had declined nearly 13% as of last close.

☆ Australia's Medibank profit beats view as foreign students, workers return
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Companies Medibank Private Ltd FollowFeb 23 (Reuters) - Medibank Private Ltd (MPL.AX) on Thursday beat profit estimates for the first half of fiscal 2023, as its international business received a boost from students, workers and visitors returning to the country. Australia's biggest health insurer posted a net profit after tax of A$233.3 million ($159.41 million) for the six months ended Dec. 31, up 5.9% from A$220.2 million a year earlier. Shares in Medibank, which has been in the spotlight since a cyber hack in October compromised the data of millions of customers, rose as much as 6.8% to A$3.29. As of the last close, the stock had declined over 10% since first reporting the cyber incident. ($1 = 1.4635 Australian dollars)Reporting by Harish Sridharan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

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.

☆ India opposes Hindustan Zinc's $2.98 bln deal for Vedanta zinc assets
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Vedanta's sale of its zinc assets in South Africa and Namibia to Hindustan Zinc is critical to ensuring liquidity at parent company Vedanta Resources. The government holds a near 30% stake in Hindustan Zinc, while Vedanta owns almost 65%. "As far as Hindustan Zinc is concerned, we always believe in and operate in perfect manners of corporate governance, so (there is) no deviation on that count," Hindustan Zinc Chief Executive Arun Misra told CNBC-TV18 on Monday. Hindustan Zinc has three months from the deal announcement to hold the shareholders' meeting to seek approval for the deal. Hindustan Zinc and Vedanta did not immediately respond to Reuters requests for comment.

☆ European shares flat as Telecom Italia drags eurozone stocks
▼ + stars: | 2023-02-20 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

The pan-European STOXX 600 index (.STOXX) was flat after opening marginally higher. That also boosted oil prices, lifting European energy stocks (.SXEP) by 0.3%. The EURO STOXX index (.STOXXE), which houses major companies in the eurozone, dipped 0.1%. Telecom Italia (TIM)(TLIT.MI) shares dropped 3% as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. The European autos and auto parts sector index (.SXAP) rose 0.6%.

☆ Musk shuts two Twitter India offices - Bloomberg News
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: 1 min

Feb 16 (Reuters) - Twitter Inc has closed two of its three offices in India, Bloomberg News reported on Friday, citing people familiar with the matter. Twitter, under new owner Elon Musk, fired more than 90% of just over 200 of its staff in India last year, Bloomberg had reported. Last month, the company ordered at least a dozen more job cuts in Dublin and Singapore offices as part of wider cost-cutting measures at Twitter that saw layoffs of about 3,700 employees in early November. Twitter did not immediately respond to Reuters' request for comment. Reporting by Urvi Dugar in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ T-Mobile down for thousands of users in U.S. - Downdetector
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - T-Mobile (TMUS.O) users across the United States reported network outages that prevented several customers from making phone calls or using other cellular services late on Monday, according to outage tracking website Downdetector.com. The website, which tracks outages through a range of sources including user reports, showed there were more than 60,000 incidents reported. Many customers took to Twitter to share updates about the service disruption, with several users saying they saw 'SOS' notifications on their phones. The U.S. wireless carrier has been adding thousands of wireless subscribers lately, thanks to discounts on smartphones, bundled offerings, industry-low plan prices and an edge in 5G. The carrier added 927,000 postpaid phone subscribers in the fourth quarter, the highest among its peers.

☆ European shares up as travel stocks shine, Thyssenkrupp slides
▼ + stars: | 2023-02-14 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The continent-wide STOXX 600 index (.STOXX) rose 0.4%, while European travel & leisure stocks (.SXTP) advanced 0.8%. TUI's German-listed shares (TUIGn.DE) rose 2.5%, with its shares listed in London adding 2.5% after the company reported more bookings and higher first-quarter revenue. In Europe, a flash reading of fourth quarter GDP is also on the radar on growing hopes that the euro zone economy most likely avoided a recession. The STOXX 600 has risen over 9% so far this year led by better-than-expected earnings and a brighter outlook for the euro zone economy. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

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