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☆ Rouble slumps past 70 vs dollar for first time since May
▼ + stars: | 2022-12-21 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

By 0713 GMT, the rouble was down 2.1% against the dollar at 70.31 , after hitting 70.6775 earlier. The rouble has been catching up with the weakening of Russia's balance of payments, said Rachel Ziemba, founder of Ziemba Insights. BCS World of Investments said the rouble continuing to plunge would likely also see the RTS index fall. The dollar-denominated RTS index (.IRTS) was down 1.3% to 654.6 points, flirting with more than two-month lows. The rouble-based MOEX Russian index (.IMOEX) was 0.5% higher at 2,130.6 points, rebounding from a near eight-week low hit in the previous session.

The region-wide STOXX 600 index (.STOXX) closed 1.7% higher, with consumer discretionary firms such as Adidas (ADSGn.DE) and Puma (PUMG.DE) leading gains after U.S. peer Nike beat quarterly revenue and profit expectations. Shares of Adidas and Puma rose 6.8% and 9.5%, respectively, while London-listed JD Sports (JD.L) jumped 6.1%, lifting the retail index (.SXRP). The euro STOXX 50 volatility index (.V2TX) hit its lowest level since January, reflecting easing anxiety among investors. British retailers also reported a surprise pick-up in demand in December, a Confederation of British Industry survey showed. Reporting by Amruta Khandekar and Bansari Mayur Kamdar; editing by Uttaresh.V, Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

The announcement from the U.S. accounting watchdog removes the risk that around 200 Chinese companies, including Alibaba (BABA.N), could be kicked off U.S. stock exchanges. "This falls into the category of a game changing view of Chinese companies because the threat of their delisting seems to have been eliminated." Washington and Beijing reached a landmark deal in August to settle a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. U.S. lawmakers in 2020 agreed to legislation that would oust Chinese companies from U.S. stock exchanges unless they adhere to American auditing standards.

"This falls into the category of a game changing view of Chinese companies because the threat of their delisting seems to have been eliminated," said Art Hogan, chief market strategist at B. Riley Financial. However, the relief was not seen in Thursday's trading for U.S.-listed shares of Chinese companies, which were higher amid the news, but gave up gains and some ended sharply lower. Washington and Beijing reached a landmark deal in August to settle a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. U.S. lawmakers in 2020 agreed to legislation that would oust Chinese companies from U.S. stock exchanges unless they adhere to American auditing standards.

☆ Crypto winter end in sight as Ethereum looks to shake the chills- analysts
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +6 min

J.P.MORGAN:"We believe that the Ethereum Merge and really the Ethereum Surge could be a big factor in terms of increasing the use-cases for blockchain into new areas, including financial services," analysts said in an early December note. The Ethereum Merge was a major software upgrade to the Ethereum blockchain that went live in September and reduced its energy usage by 99.95%, according to developers. "We continue to see the Ethereum Surge as a catalyst for development in the cryptocurrency markets, which appears at least 6-12 months away." "From the China crackdown to the several price crashes in earlier 2022, crypto mining has shown an approximately 1-to-1 price-power relationship. Norwood expects the crypto market to pick up in about six months.

☆ Analysis: Peru markets take in political drama as investors focus on fundamentals
▼ + stars: | 2022-12-07 | by ( Rodrigo Campos | ) www.reuters.com time to read: +3 min

The Peruvian sol currency and dollar bond prices recovered early losses after President Pedro Castillo was removed in an impeachment trial following his attempt to dissolve Congress. The sol remains one of the few emerging market currencies with gains against the U.S. dollar so far this year. "So much political uncertainty is never welcome, yet the reason why markets have historically shrugged off political developments in Peru has to do with the fact that the country's fundamentals are decently strong." The sol fell over 2% against the dollar at its session low of 3.8898 before recovering slightly to trade down 1.4% at 3.8625 per dollar in early afternoon trading. Vice President Dina Boluarte was sworn as president through 2026 and the first woman to lead the Andean nation.

"Adding to the Fed's problems, monetary conditions have loosened in recent weeks as the dollar and longer-dated Treasury yields have fallen and credit spreads have narrowed. This is undoing the tightening effects of the Fed's recent rate rises." Investors now see an 87% chance that the Fed will increase interest rates by 50 basis points in December, down from 91% before the jobs data was published on Friday. Declining issues outnumbered advancers for a 5.14-to-1 ratio on the NYSE and a 3.09-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and no new low, while the Nasdaq recorded 15 new highs and 40 new lows.

A reading from the Commerce Department showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.8% after an unrevised 0.6% increase in September. The core personal consumption expenditure (PCE) index, excluding volatile items, eased to 0.2%, against expectations of 0.3%. "People are feeling that the worst is behind us," said Sam Stovall, chief investment strategist at CFRA Research in New York. The S&P 500 index (.SPX) closed above its 200-day moving average for the first time since April in the previous session, while the Nasdaq index (.IXIC) ended over 4% higher. FEDWATCHInvestors also await nonfarm payrolls data on Friday, with the ADP report on Wednesday suggesting cooling demand for labor.

☆ Dow dips ahead of Powell speech; Nasdaq kept afloat by growth stocks
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained 17.5% in the last two months, while the Nasdaq index (.IXIC) has added 4.2%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Declining issues outnumbered advancers for a 1.15-to-1 ratio on the NYSE and a 1.09-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and one new low, while the Nasdaq recorded 51 new highs and 120 new lows.

☆ Wall St set to open flat as focus turns to Powell speech
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained nearly 18% in the last two months, while the Nasdaq index (.IXIC) has added about 4%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. The data is expected to show 200,000 job additions in November, compared with 261,000 jobs in the prior month. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Biogen Inc (BIIB.O) jumped 4.3% after its experimental Alzheimer's drug slowed cognitive decline in a closely watched trial.

☆ Dow falls ahead of Powell speech; Tesla shares boost Nasdaq
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +4 min

The Dow Jones Industrial Average (.DJI) has gained 17.5% in the last two months, while the Nasdaq index (.IXIC) has added 4.2%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. China Merchants Bank International said Tesla's sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. The S&P index recorded two new 52-week highs and no new low, while the Nasdaq recorded 35 new highs and 74 new lows.

Several other Fed officials in recent days have also stressed the need to continue raising rates, albeit at a slower pace. "The Fed is trying to make sure the market doesn't get too ahead of itself," said Tim Holland, chief investment officer at Orion Advisor Solutions. "They're trying to walk this rhetorical tightrope where in between meetings and big data points, they're reminding the market that they're still tightening." Traders are now pricing in 89% odds of a 50-basis-point rate hike from the Fed in December and see terminal rate at around 5% in June 2023. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 12 new highs and 101 new lows.

Softer-than-expected inflation data in recent days had boosted expectations of smaller interest rate increases, but strong retail sales figures on Wednesday stoked fears that the Fed could keep tightening the monetary policy further. Several other Fed officials in recent days have also stressed on the need to continue raising interest rates, though at a slower pace. Wall Street closed the previous session lower as a grim outlook from Target Corp (TGT.N) sparked concerns about retailers heading into the crucial holiday season. ET, Dow e-minis were down 384 points, or 1.14%, S&P 500 e-minis were down 52.5 points, or 1.32%, and Nasdaq 100 e-minis were down 177.5 points, or 1.51%. U.S.-listed shares of Alibaba Group Holding Ltd fell 2.1% after the Chinese e-commerce giant posted a smaller-than-expected rise in quarterly revenue.

Shares of Target Corp (TGT.N) tumbled 13.1% after the big-box retailer forecast a surprise drop in holiday-quarter sales. The S&P 500 consumer discretionary sector (.SPLRCD) shed 1.5%. The S&P 500 information technology sector (.SPLRCT) fell 1.4% and the Philadelphia SE Semiconductor index (.SOX) sank 4.3%. Elsewhere in retail, shares of Lowe's (LOW.N) rose 3% after the home improvement company raised its annual profit forecast. The S&P 500 posted 3 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 71 new highs and 133 new lows.

☆ Futures slip as investors assess mixed economic data
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures off: Dow 0.12%, S&P 0.12%, Nasdaq 0.07%Nov 17 (Reuters) - U.S. stock index futures edged lower on Thursday following mixed economic data this week, while chip designer Nvidia rose after reporting better-than-expected quarterly revenue. Peers Advanced Micro Devices Inc (AMD.O) and Intel Corp (INTC.O) added 1.2% and 0.4%, respectively. "Wall Street was rattled by a conflicting retail picture," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. This has added to expectations that higher rates will have to linger for a lot longer to make a difference." ET, Dow e-minis were down 41 points, or 0.12%, S&P 500 e-minis were down 4.75 points, or 0.12%, and Nasdaq 100 e-minis were down 8.75 points, or 0.07%.

Shares of Target Corp (TGT.N) tumbled 12% after the big-box retailer forecast a surprise drop in holiday-quarter sales. Micron Technology (MU.O) shares dropped over 7% after the company said it would reduce memory chip supply and make more cuts to its capital spending plan. The S&P 500 information technology sector (.SPLRCT) dropped 1.3%, while the Philadelphia SE Semiconductor index (.SOX) sank over 4%. Elsewhere in retail, shares of Lowe's (LOW.N) rose over 3% after the home improvement company raised its annual profit forecast. The S&P 500 posted 3 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 54 new highs and 110 new lows.

REUTERS/Brendan McDermid/File PhotoSummarySummary Companies October retail sales rise more than expectedTarget's dull outlook weighs on retailersMicron's supply cut triggers chip selloffIndexes: Dow up 0.05%, S&P down 0.51%, Nasdaq down 1.10%Nov 16 (Reuters) - The S&P 500 and Nasdaq fell on Wednesday as a grim outlook from Target spurred fresh concerns for retailers heading into the crucial holiday season, while Micron's supply cut triggered a selloff in the chip sector. Target Corp (TGT.N) tumbled as much as 17% in early trading as a pullback in consumer spending despite heavy discounting cut its third-quarter profit by half. Despite the sales warning from Target, data showed U.S. retail sales increased more than expected in October, boosted by purchases of motor vehicles and suggesting that consumer spending remained stable. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 2.23-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and two new lows, while the Nasdaq recorded 50 new highs and 104 new lows.

The data showed retail sales rose 1.3% last month led by motor vehicles after remaining flat in September. Economists polled by Reuters had forecast sales accelerating 1%. Among S&P 500 sectors, retail (.SPXRT) and consumer discretionary (.SPLRCD) were down 1.9% and 1.7%, respectively. Declining issues outnumbered advancers for a 2.10-to-1 ratio on the NYSE and for a 2.41-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and two new lows, while the Nasdaq recorded 33 new highs and 56 new lows.

☆ U.S. retailers take a knock after Target's sales warning
▼ + stars: | 2022-11-16 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

But shares in Target's larger competitor Walmart (WMT.N) edged up 1.1%, a day after lifting its annual sales and profit forecast as demand for groceries held up despite higher prices. With annual inflation running at 7.7% in October and high interest rates, shoppers are reining in discretionary spending, bad news for retailers that rely on year-end shopping to boost annual sales. U.S. Commerce Department data showed U.S. retail sales improved more than expected after no growth in September. Bucking the retail trend, home improvement chain Lowe's Cos Inc (LOW.N) added more than 4% after raising its annual profit forecast, while discount store operator TJX Cos Inc (TJX.N) bumped up annual same-store sales forecast, rising almost 1%. Walmart, Target shares recover as CPI peaksReporting by Medha Singh in Bengaluru; Additional reporting by Bansari Mayur KamdarOur Standards: The Thomson Reuters Trust Principles.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. Despite the sales warning from Target, latest data on U.S. retail sales suggested that consumer spending remained stable and could help to underpin the economy in the fourth quarter. The data showed retail sales rose 1.3% last month after remaining flat in September. Economists polled by Reuters had forecast sales accelerating 1%. ET, Dow e-minis were down 57 points, or 0.17%, S&P 500 e-minis were down 14.25 points, or 0.36%, and Nasdaq 100 e-minis were down 71 points, or 0.6%.

☆ U.S. retailers knocked as Target warns on gloomy sales outlook
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Target shares were forecast to open nearly 14% lower, dragging down other retailers. Target's larger competitor Walmart (WMT.N) slipped nearly 2%, a day after lifting its annual sales and profit forecast as demand for groceries held up despite higher prices. With annual inflation running at 7.7% in October and high interest rates, shoppers are skimping on discretionary spending, a gloomy prospect for a sector that relies on year-end shopping for a large portion of its annual sales. Target shares lost 22.7% of their value since the start of the year until Tuesday, while Walmart edged up 1.9%. Walmart, Target shares recover as CPI peaksReporting by Medha Singh in Bengaluru; additional reporting by Bansari Mayur KamdarOur Standards: The Thomson Reuters Trust Principles.

☆ Futures tick higher as investors await retail sales data, earnings
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Wall Street ended Tuesday higher despite geopolitical worries, after slower U.S. producer price growth data added to improved inflation outlook for the world's largest economy. Investors awaited key retail sales figures due at 8:30 am ET on Wednesday for further cues on the strength of the U.S. economy. Retailer Walmart Inc (WMT.N) jumped 6.5% in the previous session on lifting its annual sales and profit forecasts, helped by steady demand for groceries despite higher prices. ET, Dow e-minis were up 65 points, or 0.19%, S&P 500 e-minis were up 8 points, or 0.2%, and Nasdaq 100 e-minis were up 20.25 points, or 0.17%. Other megacap growth and technology companies such as Amazon.com (AMZN.O) gained 0.3%, while Apple (AAPL.O) and Alphabet (GOOGL.O) were subdued.

☆ Futures rise on U.S.-China talks, inflation data in focus
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

U.S.-listed shares of Chinese firms Alibaba Group Holding Ltd , Baidu Inc , Pinduoduo Inc (PDD.O) and JD.Com Inc climbed between 5.7% and 11.2%. Biden and Xi agreed to allow senior officials to renew communication on climate, debt relief and other issues, according to the White House. ET, which is expected to show producer prices rose 8.3% annually in October after advancing 8.5% in September, according to a Reuters poll of economists. Excluding volatile food and energy costs, the producer prices index is expected to have increased 7.2% last month, in line with September's gains. ET, Dow e-minis were up 156 points, or 0.46%, S&P 500 e-minis were up 30.5 points, or 0.77%, and Nasdaq 100 e-minis were up 143.5 points, or 1.22%.

The comments follow a softer-than-expected inflation report last week, which had buoyed hopes that the Fed could scale back its hefty interest rate hikes and helped drive a euphoric market rally. The S&P 500 in the previous session logged its biggest weekly percentage gain in about five months, while the tech-heavy Nasdaq (.IXIC) notched its best week since March. "The market is expecting the Fed to continue its hawkish rhetoric on rates. ET, the S&P 500 (.SPX) was down 17.25 points, or 0.43%, at 3,975.68, and the Nasdaq Composite (.IXIC) was down 115.13 points, or 1.02%, at 11,208.20. The S&P 500 information technology sector (.SPLRCT) was down 1.2% and among the leading sectoral decliners on the benchmark index.

The comments follow a softer-than-expected inflation report last week, which had buoyed hopes that price pressures were easing and the Fed could scale back its hefty interest rate hikes. "The market is expecting the Fed to continue its hawkish rhetoric on rates," said Peter Cardillo, chief market economist at Spartan Capital Securities. Once they (Fed) raise rates at 50 (bps), there's a possibility that they might indicate slower rates." Traders now expect the Fed to hike interest rates in December by a half point, and expect terminal rate in the range of 4.75%-5.0% next year. ET, Dow e-minis were down 50 points, or 0.15%, S&P 500 e-minis were down 11.5 points, or 0.29%, and Nasdaq 100 e-minis were down 62 points, or 0.52%.

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