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☆ Wall Street ends sharply higher on sign of cooling inflation
▼ + stars: | 2022-11-10 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

One-time Wall Street darlings tarnished in 2022's bear market were among Thursday's strongest performers, with Nvidia (NVDA.O) jumping about 14%, Meta Platforms (META.O) climbing 10% and Alphabet (GOOGL.O) rising 7.6%. Growing recession worries have hammered Wall Street this year. The S&P 500 (.SPX) remains down about 17% year to date, and it is on course for its biggest annual decline since 2008. S&P 500's busiest tradesThe S&P 500 climbed 5.54% to end the session at 3,956.31 points. All 11 S&P 500 sector indexes rallied, led by information technology (.SPLRCT), up 8.33%, followed by a 7.74% gain in real estate (.SPLRCR).

"It takes off the table the risk that the Fed will have to overtighten and break the economy." The inflation data prompted traders to adjust their rate hike bets, with odds of a 50-basis point rate hike in December jumping to more than 80% from 52% before the data was released. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, fell to a near two-month low of 23.4 points. Wall Street's main indexes have suffered sharp losses this year as investors feared the U.S. central bank's aggressive rate hikes to tame decades-high inflation will tip the economy into recession. The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 70 new highs and 93 new lows.

☆ China's factory gate prices suffer first drop since Dec 2020 as COVID curbs take toll
▼ + stars: | 2022-11-09 | by ( Anant Chandak | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

The consumer inflation also moderated from a 29-month high in September, and underlying price pressures remained much more modest with core inflation rising 0.6% in October, unchanged from September. "However, the worsening of global growth is denting external demand." Reuters Graphics Reuters GraphicsPOLICY CHALLENGEThe consumer price index climbed 2.1% from a year earlier, easing from a 29-month high of a 2.8% increase in September, mainly driven by falling food prices. Food prices rose 7.0% in annual terms, slowing from 8.8% rise in the previous month, with fresh vegetable prices off 8.1% from a 12.1% rise in September. However, Pork prices - a key driver of the CPI - rose 51.8% year-on-year in October, faster than 36% growth in September.

☆ China's factory gate prices drop for first time since Dec 2020 as COVID curbs take toll
▼ + stars: | 2022-11-09 | by ( Anant Chandak | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

☆ Russian c.bank: No need to ease capital controls further for now
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

The rouble has become the world's best-performing currency this year, boosted by capital controls that include curbs on foreign currency withdrawals. Nabiullina warned against underestimating the impact of sanctions imposed against Russia over its actions in Ukraine, but said Russia's economy and banking sector have stood up well to the challenge. "Sanctions are very powerful and their influence on the Russian and global economy should not be downplayed," Nabiullina said. As the West shuns Russia and Moscow seeks to develop trading routes, potential partners are afraid of secondary sanctions, Nabiullina said. Reporting by Elena Fabrichnaya and Alexander Marrow; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ As yen tumbles, gadget-loving Japan goes for secondhand iPhones
▼ + stars: | 2022-11-08 | by ( Miho Uranaka | ) www.reuters.com time to read: +5 min

Salaryman Kaoru Nagase wanted a new phone but couldn't justify the price of a iPhone 14, which starts at 119,800 yen ($814). Instead, he bought a used iPhone SE 2 in Tokyo's Akihabara electronics district for less than a third of that. "At more than 100,000 yen the iPhone 14 is too expensive and I just can't afford it. But in an annual regulatory filing last month, it said Japan sales fell 9% in the year ended September 24 due to the yen's weakness. With Japan open again to foreign tourists, the secondhand iPhone market is getting another boost.

☆ Gold Fields sticks to its Yamana Gold offer after counter-bid
▼ + stars: | 2022-11-07 | by ( Helen Reid | ) www.reuters.com time to read: +3 min

[1/2] A small toy figure and gold imitation are seen in front of the Gold Fields logo in this illustration taken November 19, 2021. Gold Fields' decision reflects "commitment to capital discipline" and to fairness for shareholders in Gold Fields and Yamana, the South Africa-listed miner said on Monday. Gold Fields shares fell by 20% when it announced the all-stock deal in May, denting the deal's appeal for Yamana shareholders. The Agnico/Pan American offer would only become effective if Yamana shareholders vote against Gold Fields' offer on Nov. 21. The counter-bid for Yamana shows gold miners are keen for new assets to supplement dwindling gold reserves and ensure their long-term growth, but Gold Fields' decision not to raise its bid is a sign of fears about overpaying.

☆ Gold Fields will not make counter-bid for Yamana Gold
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] A small toy figure and gold imitation are seen in front of the Gold Fields logo in this illustration taken November 19, 2021. Gold Fields' decision reflects "commitment to capital discipline" and the "fairness" of its offer for shareholders in both Gold Fields and Yamana, the South Africa-listed miner said on Monday. "Gold Fields believes in the highly complementary fit of Yamana's operating assets," the company said. Shares in Gold Fields shares slumped after it announced the all-stock deal in May, denting the deal's value for Yamana shareholders. Some investors have criticised the proposed acquisition and Gold Fields shares jumped by 11% on Friday as the market adjusted to the possibility that the deal may be off.

☆ Biden’s stock market record so far is the second worst since Jimmy Carter
▼ + stars: | 2022-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —The stock market started the Biden era with a boom. Entering Monday, the S&P 500 advanced just 13.2% since President Joe Biden took office in January 2021. Of course, the stock market is not the economy, nor should it be viewed as a barometer to govern towards. Slammed by the Fed’s all-out war on inflation, the S&P 500 is down 20% this year, on track for its worst year since 2008. The underperformance of the stock market under Biden matters because many Americans have exposure to stocks, either directly or indirectly in their 401(k) and pension plans.

☆ Stocks making the biggest moves premarket: DraftKings, Cinemark, Hershey and more
▼ + stars: | 2022-11-04 | by ( Peter Schacknow | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:DraftKings (DKNG) – DraftKings fell 12.5% in premarket trading despite reporting a smaller-than-expected quarterly loss and revenue that topped Wall Street forecasts. Hershey (HSY) – Hershey rose 1% in the premarket after quarterly results beat estimates and the candy and chocolate maker raised its sales and profit outlook. PayPal (PYPL) – PayPal shares slid 6.9% in the premarket despite better-than-expected quarterly profit and revenue for the payment service operator. Block (SQ) – Block shares surged 14% in premarket action after it reported quarterly revenue and profit that beat Wall Street forecasts. Carvana (CVNA) – Carvana slid 7.4% in premarket trading after the used-car retailer reported worse-than-expected quarterly results.

☆ Premarket stocks: Did Jerome Powell just bust the market rally?
▼ + stars: | 2022-11-03 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

London CNN Business —Federal Reserve Chair Jerome Powell has the power to make or break markets these days. “Essentially, it killed the pivot dreams.”Economic data, particularly for the labor market, still looks relatively strong. “Big advertisers that we traditionally get spend from are not spending this quarter,” Roku (ROKU) CEO Anthony Wood told analysts after the company reported earnings on Wednesday. Ford saw its October US sales slump 10% over the last year as the company continued to battle supply chain difficulties. In March, the company said it would ship some vehicles without some less crucial computer chips and add them later.

☆ NatWest reports flat profit as economic outlook dims
▼ + stars: | 2022-10-28 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

LONDON, Oct 28 (Reuters) - British bank NatWest (NWG.L) reported flat quarterly profits on Friday, as bad loan charges from a worsening economic outlook took the shine off income boosted by rising interest rates. NatWest posted pre-tax profit of 1.1 billion pounds ($1.27 billion) for July-September, slightly below the 1.2 billion pounds average of analyst forecasts compiled by the bank, and unchanged on the prior year. The bank set aside an additional 247 million pounds in the quarter to reflect the deteriorating picture, denting its profits. Britain's economy is facing recession at a time when the Bank of England is hiking interest rates to curb double-digit inflation, squeezing the finances of households and businesses. Lloyds, Barclays and HSBC earlier all reported solid profits but discomfited investors with higher bad loan charges.

"The peak of pricing and commodities will be the second half of this year," he added, saying supply chain cost inflation is starting to come down. Despite those pressures, Reckitt now expects like-for-like sales growth of 6%-8% in 2022, compared with its previous guidance of 5%-8%. "Clearly consumers are buying a little less in more discretionary categories," Carr said, flagging that sales volumes had declined in the supplements, vitamins and air freshener categories. Sales volumes declined 4.6%. Once all these one-offs are excluded, some sell-side analysts believe underlying sales growth is far more modest and close to the bottom end of medium-term sales growth guidance."

☆ Reckitt upbeat on sales outlook as prices rise
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

The higher prices, which are contributing to a global cost-of-living crisis, are denting sales volumes as many people turn to cheaper or private label products. The company's third-quarter like-for-like revenue rose 7.4%, above the 6.1% growth analysts had expected in a company-supplied poll. Sales volumes declined 4.6%. Prices for the company's products rose 12% in the quarter. Reckitt, which has held off on price increases in this category, said it estimated this benefit to have added about 3% to net revenue growth in the third quarter.

"That probably won't be coming until we start to see some weakness in the labor market, which is helping fuel inflation pressures." Apple Inc (AAPL.O) fell 1.3% in premarket trading after a report of iPhone 14 Plus production cut within weeks of starting shipments. Other growth stocks including Tesla Inc (TSLA.O), Amazon.com (AMZN.O), Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O) fell between 0.1% and 0.2%. ET, Dow e-minis were down 134 points, or 0.44%, S&P 500 e-minis were down 21 points, or 0.56%, and Nasdaq 100 e-minis were down 57.25 points, or 0.51%. United Airlines Holdings Inc (UAL.O) jumped 5.8% as the U.S. carrier posted its strongest quarterly earnings in three years.

☆ Lockheed Martin Constrained by Supply Chain
▼ + stars: | 2022-10-18 | by ( Doug Cameron | ) www.wsj.com time to read: 1 min

Demand for Lockheed Martin’s F-35 combat jets increased in the wake of Ukraine-driven tensions but it could take years for that interest to turn into orders and sales. Lockheed Martin said it is still grappling with parts and labor shortages, denting its hopes of increased sales next year and taking advantage of rising demand for its military equipment. The world’s largest defense company by revenue said it now expects sales to remain flat next year compared with 2022 as it awaits more deals driven by Russia’s invasion of Ukraine and China’s military expansion.

☆ London stocks hit over one-week highs on UK policy reversal optimism
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 up 0.8%, FTSE 250 adds 0.7%Oct 18 (Reuters) - UK's blue-chip and mid-cap indexes hit their highest levels in more than a week on Tuesday, lifted by a historic reversal of the government's unfunded tax cut plans and earnings optimism that boosted Wall Street indexes overnight. The blue-chip FTSE 100 (.FTSE) gained 0.8% by 0713 GMT and the mid-cap FTSE 250 (.FTMC) rose 0.7%. The FTSE 100 hit its highest since Oct. 10, while the FTSE 250 rose to a level not seen since Oct. 7. U.S. stock indexes closed sharply higher on Monday after Bank of America posted solid results, spurring earnings optimism. Its shares had hit an eight-year low recently as homebuilders came under pressure from concerns about surging mortgage rates denting affordability.

☆ Hong Kong hopes China Congress could revive economy, reverse IPO slump
▼ + stars: | 2022-10-13 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 13 (Reuters) - Hong Kong dealmakers expect China's 20th Party Congress next week to herald a shift in focus in Beijing back towards business and economic issues that could help revive the city's IPO issuance from nine-year lows. Hong Kong only recently began its own reopening, relaxing its tough virus policies which have tarnished its credentials as a global financial centre. There has been just $9.28 billion worth of IPOs in Hong Kong this year, down from $37.1 billion in the same period in 2021, according to Refinitiv figures. Moreover, more than 80% of the IPOs in Hong Kong this year are trading under water since their debut, according to Dealogic data. Mainland Chinese IPOs have raised $54.12 billion, down 33% from $80.89 billion in the first three quarters of 2022, according to Refinitiv data.

The EU issues joint bonds for an up-to 800 billion euro ($879 bln) post-COVID recovery fund, on top of 92 billion euros sold for its SURE unemployment scheme. 3/ How would joint issuance be funded? EU officials calling for joint borrowing said it could resemble the SURE work programme. Since October 2020, the EU has raised just 260 billion euros for the recovery fund and SURE. That means recovery fund issuance may end up lower than 800 billion euros without changes to that programme, denting the EU's ambitions of becoming a top borrower.

☆ Rising rates, price slump deal double blow to Hong Kong homeowners
▼ + stars: | 2022-09-22 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

An aerial view shows Choi Hung public housing estate and other residential buildings with the Lion Rock peak in the background, in Hong Kong, China June 3, 2021. Home prices in Hong Kong, the world's most unaffordable market by income ratio to house values, are expected to drop around 10% this year, the first fall since 2008. Interest rates in Hong Kong tend to move in lockstep with U.S. rates, as its currency is pegged to the greenback, putting upward pressure on interbank and mortgage rates. Many sellers are those leaving Hong Kong for good or residents forced to cash in to help struggling businesses. ($1 = 7.8488 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Clare Jim; Editing by Anne Marie Roantree and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Rate hikes, Ukraine war, China woes dim Asia growth outlook -ADB
▼ + stars: | 2022-09-21 | by ( Enrico Dela Cruz | ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoMANILA, Sept 21 (Reuters) - The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China. Register now for FREE unlimited access to Reuters.com Register"Since the April Asian Development Outlook, various headwinds have strengthened," said ADB Chief Economist Albert Park. The outlook for the sub-regions this year remained mixed, with Southeast Asia and Central Asia expected to grow faster than previously projected at 5.1% and 3.9%, respectively. The ADB, however, kept its growth forecast for South Asia at 6.5%, despite a lower growth estimate for India and an economic crisis in Sri Lanka. The Manila-based lender has at the same time raised its inflation forecasts in the region, as supply disruptions continue to boost food and fuel prices.

☆ The IPO drought is about to break with Porsche set to raise $9.4 billion in its public debut
▼ + stars: | 2022-09-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Luxury car maker Porsche is set to go public in Europe later this month at a valuation of up to $75 billion. The debut of Porsche will help break a nearly year-long drought in the IPO market as investors remain defensive. The US IPO market has suffered one of its longest stretches of minimal debuts since the unraveling of the dot-com bubble about 20 years ago. According to data from Bloomberg, the global IPO market has raised just $80.5 billion, spread out over 1,617 deals so far in 2022. That's in stark comparison to 2021's global IPO market, which raised more than $700 billion across more than 4,000 deals.

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