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"We're going to see our first rise in headline inflation after 12 consecutive months of falling prices," said Ben Laidler, global markets strategist at eToro. The pan-European benchmark STOXX 600 (.STOXX) rose 0.5%, supported by gains in the luxury sector (.STXLUXP) after China lifted a ban on group tours in the United States and other key markets. In currency markets, the dollar index , which measures the U.S. currency against six peers, eased 0.4%. "We've got $1 trillion coming down the pipe over the next three months," eToro's Laidler said. "Any sign that markets are absorbing that well, which we got the first signs of yesterday, will be very well taken."

Persons: Ben Laidler, Laidler, Germany's DAX, Rodrigo Catril, We've, eToro's Laidler, Bond, Brent, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson Organizations: Silicon Valley Bank, Credit Suisse, Reuters, CAC, FTSE, Wall, National Australia Bank, U.S, Treasury, Alexandra Hudson Our, Thomson Locations: Frankfurt, Silicon, China, United States, Europe's, Europe, CHINA, U.S, Asia, Pacific, Japan, Beijing, Saudi Arabia, Russia

Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/IllustrationTOKYO/LONDON, Aug 10 (Reuters) - The dollar slipped against most currencies on Thursday ahead of U.S. inflation data that will shape the Fed's policy direction, although the prospect of higher energy costs pushed it to a one-month high against the yen. "Though you could argue it the other way given the euro zone recession risk if energy stays higher," she added. The impact of higher energy costs were also a factor in the softer yen, as resource-poor Japan is a major oil importer. A break above 145 would open the way potentially to 148 "if we get the U.S. dollar flexing again after the CPI," he said.

Persons: Florence Lo, it's, Jane Foley, We've, Foley, that's, Tony Sycamore, Kevin Buckland, Brigid Riley, Alun John, Kim Coghill, Sharon Singleton, Susan Fenton Organizations: REUTERS, U.S, CPI, Federal Reserve, Rabobank, U.S . Treasury, ECB, IG, People's Bank of China, New, Swiss, Thomson Locations: U.S, Japan, New Zealand, Tokyo, London

[1/2] The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Maksut Shadaev, the head of Russia's ministry of digital affairs, told parliament in December that around 100,000 IT specialists had left Russia in 2022. It is not yet clear whether Volozh's comments may have any bearing on how Russia decides to proceed with the company. One of the sources said "hawks" in state companies believed nothing at all should be paid to foreigners. Two sources said VTB had never been a serious option as a buyer, given sanctions on the state lender.

Persons: Yandex, Maksut Shadaev, Ramzan Kadyrov, Arkady Volozh, Andrei Kostin, VTB, Alexei Kudrin, Alexander Marrow, Polina Devitt, Mike Collett, White, Susan Fenton Organizations: REUTERS, nationalising Nasdaq, Reuters, Yandex NV, Yandex, U.S, Kremlin, Thomson Locations: Moscow, Russia, nationalising, Ukraine, Serbia, Yandex

☆ Finland and Norway ban Yandex from transferring data to Russia
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. REUTERS/Evgenia Novozhenina/File PhotoHELSINKI, Aug 8 (Reuters) - Finnish and Norwegian regulators said on Tuesday they had banned Russian tech group Yandex (YNDX.O) and its Netherlands-based partner Ridetech International from transferring to Russia any personal data of customers of Yandex's Yango ride-hailing app. The Yango ride-hailing service, which operates in 14 countries including Finland and Norway, is one of many services offered by Yandex, often dubbed "Russia's Google". "There is an acute risk to privacy as Russian authorities could potentially monitor the movements of Norwegian citizens via Yango," the Norwegian Data Protection Authority said in a separate statement. It said it processes data in strict compliance with General Data Protection Regulation (GDPR) and EU legislation.

Persons: Evgenia, Yango, Arkadi Volozh, Anne Kauranen, Terje Solsvik, Alexander Marrow, Susan Fenton Organizations: REUTERS, Ridetech, Finnish DPA, Federal Security Service, Russian Federation, Yandex, Norwegian Data Protection Authority, General Data Protection, Nasdaq, EU General Data, Thomson Locations: Moscow, Russia, Russian, Netherlands, Finnish, Finland, Norway, Yango, Yandex's New York, Ukraine, Oslo, London

☆ Exclusive: CEZ plans to bid for Czech gas distribution network GasNet
▼ + stars: | 2023-08-07 | by ( Jan Lopatka | ) www.reuters.com time to read: +3 min

Electricity transmission lines carry power from CEZ's Ledvice coal-fired power plant near the village of Ledvice, Czech Republic, February 9, 2016. REUTERS/David W Cerny/File PhotoPRAGUE, Aug 7 (Reuters) - Czech electricity producer CEZ (CEZP.PR) plans to bid for the country's gas distribution network GasNet if it goes on sale, CEZ's deputy chairman said, as it would complement CEZ's expansion into gas, a transitional fuel in the shift from coal to clean energy. Pavel Cyrani told Reuters that CEZ would bid when a formal sale process is launched for GasNet, adding the unit would also be a good fit for CEZ's electricity distribution business. GasNet, owned through Czech Gas Network Investments by a consortium led by Macquarie Asset Management and including British Columbia Investment Management Corporation and Allianz Capital, covers 80% of the country's gas distribution through a network of 65,000 km of gas pipelines. "Having gas distribution in the hands of a strong local player would clearly help us in this effort," a spokesman said.

Persons: David W Cerny, Pavel Cyrani, Cyrani, Macquarie, GasNet, Jan Lopatka, Jason Hovet, Susan Fenton, Louise Heavens Organizations: REUTERS, Reuters, Czech Gas Network Investments, Macquarie Asset Management, Columbia Investment Management Corporation, Allianz Capital, Thomson Locations: Ledvice, Czech Republic, Czech, Prague, Ukraine

☆ HSBC senior official apologises for saying UK 'weak' over China
▼ + stars: | 2023-08-07 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

LONDON, Aug 7 (Reuters) - HSBC's head of public affairs has apologised after reportedly saying that Britain had been "weak" for going along with U.S. demands to curtail business dealings with China. HSBC (HSBA.L), , which makes the bulk of its profit in Asia, has faced criticism from Western lawmakers over its dealings with China. "I was speaking at a private event under Chatham House Rule and my personal comments don't reflect the views of HSBC or the China-Britain Business Council. I apologise for any offence caused," Cowper-Coles said in a statement provided by HSBC on Monday. The Chatham House Rule, named after a London-based foreign affairs think tank, means participants can use information received but cannot identify the speaker nor their affiliation, according to the Chatham House website.

Persons: Sherard Cowper, Cowper, Coles, Mike Pompeo, Iain Withers, Susan Fenton Organizations: Washington, Bloomberg, HSBC, Coles, China - Britain Business Council, Chatham House, Britain's, Chatham, Thomson Locations: Britain, China, Coles, West, Asia, British, London, Chatham, Hong Kong, Beijing

☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

☆ Rothschild & Co's first-half sales fall 10% amid weak M&A activity
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photoPARIS, Aug 3 (Reuters) - Rothschild & Co (ROTH.PA), the Paris-listed investment bank being taken private by its owners, reported on Thursday a 10% fall in first-half sales, driven by a plunge in dealmaking activity. Rothschild said its first-half net income, group share, nearly halved from a year earlier to 128 million euros. In a call with reporters, Managing Partner Francois Perol confirmed the investment bank expected net income to more than halve this year due to the sharp fall in dealmaking. He said the consortium that seeks to take the company private already owned more than 80% of the shares following the buyout offer valuing Rothschild at 3.7 billion euros. Concordia, the bank's controlling shareholder and holding company of the Rothschild family, was joined by three of France's wealthiest families in the take-private transaction.

Persons: Dado Ruvic, Rothschild, Francois Perol, Mathieu Rosemain, Susan Fenton Organizations: Rothschild, REUTERS, Rothschild & Co, Global, Concordia, Thomson Locations: PARIS, Paris, dealmaking, Rothschild

☆ Gloomy data makes investors more cautious on world economy
▼ + stars: | 2023-08-01 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

[1/3] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. European stocks (.STOXX) fell 0.9%, stepping back from a 2% increase in July, the index's second month of gains. UK stocks (.FTSE) also fell 0.4%, though HSBC (HSBA.L) climbed 1.3% after announcing a $2 billion share buyback and raising its key profitability target. U.S. Treasury yields rose on Tuesday with 30-year paper touching a new year-high as investors expected an increase in government debt issuance and anticipated more signs of economic resilience, despite data showing a slowdown in activity. China's stumbling post-pandemic recovery remained in focus, for instance, after a surprise contraction in manufacturing in a private-sector survey released Tuesday.

Persons: Brendan McDermid, Michael Hewson, Ronald Temple, Brent, Lawrence Delevingne, Tom Wilson, Kevin Buckland, Angus MacSwan, Susan Fenton, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Treasury, Dow Jones, Nasdaq, Merck & Co, Pfizer, Caterpillar Inc, HSBC, . Federal, CMC Markets, U.S, Lazard, Fed, Energy, BP, Bank of, Thomson Locations: New York City, U.S, China, Asia, Boston, London, Tokyo

☆ Apple, Microsoft remain world's top 2 companies by market cap
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoAug 1 (Reuters) - Tech giants Apple (AAPL.O) and Microsoft (MSFT.O) remained the top two global companies by market capitalisation at the end of July after riding this year's rally in technology shares. Strong quarterly earnings from companies such as Alphabet (GOOGL.O), Meta Platforms (META.O), chipmaker Intel (INTC.O) and chip equipment maker Lam Research (LRCX.O) lifted overall market sentiment last month. Facebook-owner Meta's market cap jumped more than 10% in July, thanks to the company's rosy revenue forecast and robust ad revenue growth in the second quarter. Its market cap stood at $2.49 trillion at the end of July. Refinitiv data shows 69% of large- and mid-cap U.S. companies have surpassed analysts' Q2 earnings estimates so far, with the tech sector accounting for 82% of these positive surprises.

Persons: Mike Segar, Rush, Dan Ives, JP Morgan Chase's, Patturaja Murugaboopathy, Gaurav Dogra, Susan Fenton Organizations: Apple, Grand Central, REUTERS, Tech, Microsoft, Intel, Lam Research, Facebook, Reuters Graphics Microsoft, Wall, First Republic Bank, Thomson Locations: New York City, U.S, Bengaluru

☆ Factbox: China's measures to slow yuan depreciation
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +4 min

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. The informal instruction, or the so-called window guidance, was meant to slow the pace of yuan depreciation, the sources said. China's yuan has lost 3.6% against the dollar to 7.16 per dollar, becoming one of the worst performing Asian currencies. ** July 20, 2023China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades, sources with direct knowledge of the matter said. ** June 29, 2023China's major state-owned banks were seen selling dollars for yuan in the onshore spot foreign exchange market, sources with knowledge of the matter said.

Persons: Florence Lo, Winni Zhou, Vidya Ranganathan, Susan Fenton Organizations: REUTERS, People's Bank of China, prudential, Reuters, Thomson Locations: China

☆ Euro zone factory July activity fell at fastest pace since onset of COVID -PMI
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

There was considerable weakness seen in Germany, Europe's largest economy, while France and Italy, the second- and third-largest euro zone economies, also recorded marked deteriorations since June. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 42.7 in July from June's 43.4, its lowest since May 2020 and matching a preliminary reading. "It looks like the manufacturing recession is here to stay in the euro zone," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. Demand fell sharply even though sinking input costs - which fell at the fastest pace since mid-2009 due to increased competition among suppliers - allowed factories to slash their charges. The output prices index was down to a near 14-year low of 45.0 from 47.0.

Persons: Cyrus de la Rubia, Rubia, Jonathan Cable, Susan Fenton Organizations: P Global, Hamburg Commercial Bank, European Central Bank, ECB, Thomson Locations: Germany, Europe's, France, Italy, HCOB's, June's, Hamburg

☆ Burger king: Prince William serves up food to surprised diners
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 30 (Reuters) - Britain's Prince William has served up a surprise to hungry members of the public when he dished out environmentally friendly burgers from a food truck in south London. In a video released on Sunday, the heir to the throne handed out "Earthshot Burgers" to highlight the work of last year's winners of his annual Earthshot Prize, which he set up to help develop solutions to major environmental problems. "Coming right up," the prince said as he served up the burgers to the stunned customers. The object for William, who had teamed up with the founders of YouTube channel Sorted Food which reviews kitchen gadgets and shares recipes, was to raise the profile and work of three previous Earthshot prize winners. Reporting by Michael Holden; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Britain's Prince William, William, they've, Michael Holden, Susan Fenton Organizations: YouTube, Thomson Locations: London, India, Kenya

MOSCOW, July 30 (Reuters) - Former Russian President Dmitry Medvedev, who has sometimes raised the spectre of a nuclear conflict over Ukraine, said on Sunday that Moscow would have to use a nuclear weapon if Kyiv's ongoing counter-offensive was a success. "Imagine if the.. offensive, which is backed by NATO, was a success and they tore off a part of our land then we would be forced to use a nuclear weapon according to the rules of a decree from the president of Russia. They are making sure that a global nuclear fire is not ignited," he said. Medvedev, who has cast himself as one of Moscow's most hawkish voices, appeared to be referring to part of Russia's nuclear doctrine which sets out that nuclear weapons can be used in response to aggression against Russia carried out using conventional weapons which threatens the existence of the Russian state. Kremlin critics have in the past accused Medvedev of making extreme statements in an effort to dissuade Western countries from continuing to supply Ukraine with arms.

Persons: Dmitry Medvedev, Medvedev, Vladimir Putin, Putin, Andrew Osborn, Susan Fenton Organizations: Russia's Security, NATO, Kremlin, Thomson Locations: MOSCOW, Russian, Ukraine, Moscow, Russia

[1/3] A Palestinian, Mustafa Abdou, repairs a fan in his shop amid a heatwave at the Shati refugee camp in Gaza City, July 25, 2023. REUTERS/Mohammed SalemGAZA, July 30 (Reuters) - While soaring temperatures across the Middle East are causing discomfort for many, Gaza electrical appliance repairman Mustafa Abdou is enjoying a boom in business amid surging demand for electric fans. Temperatures have risen above 38 degrees Celsius (104 Fahrenheit) in Gaza and frequent power cuts have pushed more and more people to adapt their fans to work by battery. Despite being surrounded by fans, he was sweating as he spoke because his own fan couldn't work due to a power cut. More than 2.3 million people live in the Gaza Strip, the narrow strip of land squeezed between Egypt and Israel.

Persons: Mustafa Abdou, Mohammed Salem, Abdou, Nidal Almughrabi, Susan Fenton Organizations: REUTERS, Thomson Locations: Gaza City, Mohammed Salem GAZA, Gaza, Gaza Beach, Egypt, Israel

☆ Pope urges Russian 'brothers' to restore Black Sea grain deal
▼ + stars: | 2023-07-30 | by ( Alvise Armellini | ) www.reuters.com time to read: +2 min

VATICAN CITY, July 30 (Reuters) - Pope Francis on Sunday called on Russia to reverse its decision to abandon the Black Sea grain deal, under which it had allowed Ukraine to export grain from its seaports despite the ongoing war. "I appeal to my brothers, the authorities of the Russian Federation, so that the Black Sea initiative may be resumed and grain may be transported safely," Francis said during his weekly Angelus message. Global wheat prices have spiked since Russia on July 17 quit the pact, which was brokered by the United Nations and Turkey in July 2022, and began targeting Ukrainian ports and grain infrastructure on the Black Sea and Danube River. Addressing crowds in St Peter's Square, the pope urged the faithful to continue praying "for martyred Ukraine, where war is destroying everything, even grain," calling this "a grave insult to God." Russia walked out of the Black Sea deal after saying its demands to ease sanctions on its own grain and fertilizer exports had not been met.

Persons: Pope Francis, Francis, Angelus, Vladimir Putin, Azali Assoumani, Cardinal Matteo Zuppi, Zuppi, Alvise Armellini, Angus MacSwan, Susan Fenton Organizations: CITY, Russian Federation, United, African Union, Thomson Locations: Russia, Ukraine, United Nations, Turkey, St Peter's, Moscow, Africa, Kyiv, Washington

SummaryCompanies Plans to file trial data with FDAComments sooth some investor concernsAbsence of "clinically meaningful" in interim trial data worried investorsLONDON, July 28 (Reuters) - AstraZeneca Chief Executive Pascal Soriot said on Friday the company is "very encouraged" by interim data from a key lung cancer drug trial, but he did not explain why the company had not declared results as "clinically meaningful". The drugmaker's (AZN.L) shares fell by as much as 8% earlier this month after the company released interim data from the late-stage clinical trial called TROPION-Lung01 testing an experimental precision drug called datopotamab deruxtecan. Speaking to media on Friday after the company released better-than-expected quarterly results, Soriot said people would understand when full results are released why the company did not use that description, but he did not comment further. The company said on Friday it will continue with its plan to file data from the trial with the U.S. Food and Drug Administration (FDA), soothing some investor concerns. In a briefing with analysts, Susan Galbraith, executive vice president of oncology R&D, said the FDA response to the data so far had been "encouraging".

Persons: Pascal Soriot, Soriot, Susan Galbraith, Maggie Fick, Josephine Mason, David Evans, Susan Fenton Organizations: LONDON, AstraZeneca, U.S . Food, Drug Administration, FDA, U.S, Thomson

☆ Ford recalls 870,000 F-150 trucks over unexpected parking brake activation
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowWASHINGTON, July 28 (Reuters) - Ford Motor (F.N) said Friday it is recalling 870,000 F-150 trucks in the United States because of the risk of an unexpected activation of the electric parking brake due to a potential wiring issue. The recall covers 2021 through 2023 model year F-150 trucks, according to a filing with the National Highway Traffic Safety Administration (NHTSA). It covers trucks equipped with a single exhaust system. Contact with the rear axle housing may damage the wiring harness, causing the electric parking brake to activate unexpectedly, the automaker said. Of those, 299 indicated the electric parking brake had activated unintentionally including 19 while driving.

Persons: Ford, David Shepardson, Nilutpal, Varun, Susan Fenton Organizations: Ford, National, Traffic Safety Administration, Thomson Locations: WASHINGTON, United States, North America, Washington, Bengaluru

SummaryCompanies Q2 profits slump 56% at Shell, 49% at TotalEnergies y/yOil, gas, LNG prices much lower in 2023 vs 2022TotalEnergies sees LNG prices recover somewhat in winterShell slows pace of share buyback programmeLONDON/PARIS, July 27 (Reuters) - Shell (SHEL.L) and TotalEnergies (TTEF.PA) reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges. Reuters GraphicsShell's shares were down 1.9% at 0755 GMT and TotalEnergies' slipped 0.4%, compared with a 1% decline in the European index of oil and gas companies (.SXEP). Prices for liquefied natural gas (LNG), a key product for both groups, dropped to $11.75 per million British thermal units (mmBtu) from around $33. Both Shell and TotalEnergies had flagged shrinking profit from refining crude oil into fuel and chemicals in the quarter.

Persons: TotalEnergies, Shell, Wael Sawan, Patrick Pouyanne, Ron Bousso, Shadia, America Hernandez, Susan Fenton Organizations: Shell, Reuters Graphics, Brent, Thomson Locations: PARIS, Ukraine, TotalEnergies

☆ Sabadell doubles Q2 net profit, lifts guidance for 2023
▼ + stars: | 2023-07-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

Spain's fourth-largest bank by market value reported a net profit of 359 million euros ($398 million) for April-June, compared with 179 million euros in the same period last year. Analysts polled by Reuters had expected a net profit of 287 million euros. TSB's net interest income (NII) - earnings on loans minus deposit costs - grew 9.7% year-on-year in the quarter. Sabadell's NII in the quarter rose 30% year-on-year to 1.17 billion euros. Domestic rival Unicaja (UNI.MC) said its net profit rose by around 6% year-on-year in the second quarter, also supported by higher financial margins.

Persons: Spain's, Leopoldo Alvear, Alvear, Sabadell's, Unicaja, Jesús Aguado, Emma Pinedo, Miral Fahmy, Mark Potter, Susan Fenton Organizations: Bank, Sabadell, Reuters, British, TSB, Barclays, Thomson Locations: MADRID, Sabadell, Spain

SINGAPORE, July 27 (Reuters) - Canada will likely publish the final regulations of a plan to cap and cut greenhouse gases from the oil and gas sector by mid-2024, its environment minister told Reuters on Thursday. Canada, the world's fourth-largest oil producer, lags many global peers in tackling emissions. Prime Minister Justin Trudeau's government sees the cap as a key element to enforce a sharp reduction in pollution from the oil and gas sector, responsible for 27% of the country's emissions. The cap, which envisions limits on emissions or potentially raising the carbon price to incentivise driving down emissions, was first promised in Trudeau's 2021 election campaign. So some CCS probably in the electricity sector," Guilbeault, a former Greenpeace activist, said.

Persons: Steven Guilbeault, Justin Trudeau's, Guilbeault, it's, Sudarshan Varadhan, Susan Fenton, Bernadette Baum Organizations: Reuters, Glasgow Climate, CCS, Greenpeace, Thomson Locations: SINGAPORE, Canada, Trudeau's, Glasgow

The crude benchmarks have already chalked up four weekly gains in a row, with supplies expected to tighten due to output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies. Earlier-loading Brent contracts are selling above later loadings, a price structure known as backwardation indicating traders see tight supply, with the six-month spread near a two-and-a-half month high. In China, the world's second-biggest oil consumer, leaders pledged to step up economic policy support. U.S. industry data on inventories is expected at around 2030 GMT. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Persons: Brent, Sudarshan Varadhan, Jan Harvey, Susan Fenton Organizations: U.S, West Texas, Organization of, Petroleum, ING, Fed, European Central Bank, Reuters, Thomson Locations: China, United States, Baton Rouge

DWS said the resolution of allegations was a top priority but that it couldn't comment on timeframes or outcomes. Under Democratic leadership, the SEC has pledged to crack down on "greenwashing" and the inflating of ESG credentials to attract investors. DWS had earmarked civil litigation provisions of 8 million euros ($8.84 million) by the end of last year. DWS has been in settlement negotiations with Frankfurt prosecutors over a multi-million euro fine, one of the people said. Earlier in July, Reuters and other media reported that German prosecutors were investigating DWS' former CEO Asoka Woehrmann, who in the past has called allegations "unfounded".

Persons: DWS, Goldman Sachs, Asoka Woehrmann, Chris Prentice, Tom Sims, John O'Donnell, Louise Heavens, Susan Fenton Organizations: U.S . Securities, Exchange Commission, U.S, Deutsche Bank, Securities, SEC, Investigations, Democratic, Frankfurt, Reuters, Thomson Locations: FRANKFURT, Germany

July 25 (Reuters) - Further deterioration in demand for glyphosate-based weed killers led Bayer (BAYGn.DE) to cut its full-year earnings outlook and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets. That was lower than a previous 2023 outlook of 12.5 billion euros, or slightly higher. Free cash flow would come in at zero, down from a previous prediction of 3 billion euros, the company said. "Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros," it said. That would result in a second-quarter net loss of 2 billion euros.

Persons: Bayer, Bill Anderson, Roche, Markus Manns, Anderson, Hurricane Ida, Werner Baumann, Thomas Escritt, Ludwig Burger, Jonathan Oatis, Susan Fenton, Kirsten Donovan Organizations: Union Investment, Barclays, FMC, BASF, Bayer, Thomson

Puma is likely to benefit less from the trend than Adidas because its terrace range doesn't have as much name recognition, said Adam Cochrane, analyst at Deutsche Bank. Investors will be pushing Puma and Adidas on broader strategies to navigate weak consumer demand at second-quarter results on July 26 and Aug. 3 respectively. Adidas, however, has got a big boost from selling some of its stock of discontinued Yeezy shoes. On Monday it slashed its expected 2023 operating loss to 450 million euros from 700 million euros, citing unexpectedly strong Yeezy sales. "However, the cost to compete for sportswear brands is very high, and barriers to entry are low, making retailers quite vulnerable to 'boom and bust' cycles as trends change," said Aubin.

Persons: Benoit Tessier, Adam Cochrane, it's, Robert Schramm, Fuchs, Janus Henderson, Bjorn Gulden, Edouard Aubin, Morgan Stanley, Aubin, Helen Reid, Linda Pasquini, Susan Fenton Organizations: Adidas, REUTERS, Puma, Nike U.S, Nike, Google, Deutsche Bank, Investors, Defamation, Thomson Locations: Lafayette, Paris, France, U.S, China, North America, London, Gdansk

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