rebound

Activist investors enjoy strong rebound in ’23, gird for more proxy fights

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By Svea Herbst-Bayliss (Reuters) – Activist investors roared back to double digit returns in 2023 after a year of losses, with a stronger equity market and savvy stock picking fueling their rebound, fund managers and their clients said. More corporate battles appear to be in store as fresh capital is ready to flow into the sector and newcomers flirt with using tools made famous by veteran corporate agitators like Carl Icahn. Activist investors, who push corporations to change leadership, streamline operations or put themselves up for sale, boasted an average 20.2% return last year, Hedge Fund Research data showed. In

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US factory orders rebound in November

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WASHINGTON (Reuters) – New orders for U.S.-made goods increased more than expected in November amid a surge in demand for civilian aircraft, government data showed on Friday Factory orders rose 2.6% after declining by 3.4% in October, the Commerce Department’s Census Bureau said. Economists polled by Reuters had forecast orders would rebound by 2.1%. Orders climbed 0.7% on a year-on-year basis in November. Manufacturing, which accounts for 10.3% of the economy, is being constrained by high interest rates. Civilian aircraft orders soared 80.1% after declining by 43.9% in October, while orders for motor vehicles, parts and trailers were unchanged. There

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U.S. natgas producers seek to balance production cuts, demand rebound

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(Reuters) – The longer natural gas prices stay lower in 2024 and drilling and related activity pulled back, the market could overshoot to both the downside and upside next year as it seeks to find an equilibrium, EQT’s financial head Jeremy Knop said. U.S. natural gas futures ended 2023 with the biggest percentage decline since 2006 due to record production, ample inventories and a mild winter. There is the risk of over-hedging causing the company to miss out on higher prices that would come when demand picks up, Knop told the Goldman Sachs Energy, Clean Tech and Utilities conference in

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Dealmakers see rebound after global M&A volumes hit decade-low

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By Anirban Sen and Anousha Sakoui NEW YORK (Reuters) – Mergers and acquisitions (M&A) activity fell to its lowest level in ten years globally in 2023, as high interest rates and an economic slowdown weighed on companies’ dealmaking confidence, but bankers and lawyers expect a pick-up as conditions improve. Total M&A volumes fell 18% to about $3 trillion, according to the most recent data from Dealogic, the lowest since 2013 when deal volumes were at $2.8 trillion. Dealmakers blamed high interest rates, which made it more expensive for private equity firms and companies with low credit ratings to raise acquisition

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US equity funds rebound with net inflows amid market rally

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(Reuters) – U.S. equity funds attracted net inflows in the week through Dec. 13 amid a rally on Wall Street despite caution ahead of the Federal Reserve’s upcoming monetary policy announcement. Investors accumulated a net $1.98 billion worth of U.S. equity funds during the week, resuming inflows after two successive weeks of net selling. The S&P 500 experienced a breakout last Friday, reaching a 20-month closing high of 4604.37 following a robust U.S. jobs report that bolstered optimism for the economy’s soft landing. The index further climbed to a 23-month high of 4738.57 this week as the Fed kept interest

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Most EM currencies to rebound in 2024, ‘carry trades’ still attractive: Reuters poll

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By Vuyani Ndaba and Devayani Sathyan JOHANNESBURG/BENGALURU (Reuters) – Most emerging market currencies will recover 2023 losses and trade modestly higher against the dollar next year as bets on interest rate cuts from the U.S. Federal Reserve increase, a Reuters poll found. A fall in the U.S. dollar last month after soft U.S. inflation data and dovish remarks from the Fed drove a 2.6% rise in the emerging markets currency index since the start of November – a trend set to continue into next year. However, with risks U.S. interest rates stay higher for longer investors will remain cautious, leading

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Japan Oct factory output rises on circuits, autos rebound

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TOKYO (Reuters) – Japan’s factory output rose for a second straight month in October, government data showed on Thursday, lifted by the production of integrated circuits and autos, although external demand risks loomed. Industrial production rose 1.0% in October from the previous month, data from the Ministry of Economy, Trade and Industry (METI) showed. The reading was roughly in line with a median market forecast for 0.8% growth and followed 0.5% gains in September. Electronic parts and devices production climbed 6.6% in October from the previous month, lifted by metal-oxide-semiconductor integrated circuits and hybrid integrated circuits. Motor vehicle output also

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Ukraine GDP to rebound in 2023, inflation to fall – EU Commission

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BRUSSELS (Reuters) – Ukraine’s economic growth will rebound this year and next after a plunge in 2022 caused by the Russian invasion, and inflation is slowing sharply but even in 2025 its economy will still be about 20% below pre-war levels, the European Commission said. In economic forecasts for the 27-nation European Union and countries, like Ukraine, that want to become members of the bloc, the EU executive arm said on Wednesday that Ukraine’s gross domestic product will grow 4.8% in 2023 after a 29.1% plunge in 2022. Next year, Ukraine’s GDP is to expand 3.7% and then grow 6.1%

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EU exec cuts euro zone 2023 growth forecast, sees rebound in 2024

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By Jan Strupczewski BRUSSELS (Reuters) – The euro zone economy will grow more slowly this year than previously expected, but will avoid a technical recession and growth will rebound next year, the European Commission forecast on Wednesday. The EU executive arm cut the growth forecast for the 20 countries sharing the euro for 2023 to 0.6% from the 0.8% expected in September because high inflation, rising interest rates and weak external demand took a heavier toll than expected. But growth will already start to pick up in the last three months of this year with GDP up by 0.2% quarter-on-quarter

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Pinterest soars on rising Gen Z engagement, ad-market rebound

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(Reuters) – Shares of Pinterest surged 17% in premarket trading on Tuesday after a strong quarterly performance indicated that the image-sharing platform was riding a rebound in the advertising market and making inroads among the lucrative Gen Z. Monthly active user growth surpassed the pandemic surge to hit a record high of 482 million, with the company saying that a lot of that was driven by the younger Gen Z population, seen as a top target for mobile advertisers. “Take the strong engagement trends as a sign that Pinterest may have found product-market fit with younger users which keeps the

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Malteurop sees demand rebound for beer ingredient despite inflation

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(Reuters) – Inflation is curbing short-term demand for malt, but demand looks to rebound soon for the beer ingredient made from barley after brewers depleted stocks, France-based producer Malteurop said on Wednesday. Malteurop is one of three French-owned malt manufacturers, along with Malteries Soufflet and Boortmalt, that are among the largest global suppliers of the product used in beer and whisky. Beer giants like Heineken have reported flagging volumes due to inflation as drinkers balked at price increases.  Malt demand has fallen below the long-term trend of just under 2% annual growth, but sales look to recover soon due to tight

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Analysis-US stock market technicals suggest possible rebound as earnings, CPI loom

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By Lewis Krauskopf NEW YORK (Reuters) – Technical and seasonal indicators that investors use to gauge the U.S. stock market’s health show it may be time to buy, though upcoming inflation data and the third-quarter earnings season could still throw Wall Street a curveball. The S&P 500 has slid about 5% since reaching its late-July high, but so far this month the benchmark index has rebounded. Technical analysts see a case for the rally to continue, pointing to indicators showing stocks may be oversold and historical evidence showing year-end is typically a strong period for equities. There remain plenty of

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Uniqlo owner set for 26% profit surge on China rebound, yen slide

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By Rocky Swift TOKYO (Reuters) – The Japanese operator of global clothing chain Uniqlo is expected to blow past last year’s record profit when it reports results on Thursday, benefiting from a recovery in China and the yen’s slide. Fast Retailing reported record third-quarter earnings in July and raised its full-year forecast as business in China, its largest overseas market with more than 900 stores, recovered from a pandemic-led slowdown. Operating profit for the fiscal year through August is expected to rise 26% to 374.6 billion yen ($2.52 billion), according to the average estimate of 12 analysts collected by LSEG.

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Toronto home prices rebound in September, sales hit 8-month low

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By Fergal Smith TORONTO (Reuters) – Greater Toronto Area (GTA) home prices rose in September for the first time in four months, as the Bank of Canada paused its interest rate hiking campaign, but the level of sales fell to the lowest since January. The average price of a GTA home rose 3.4% in September from August to C$1,119,428 ($816,623.87), the first increase since May, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday. On a year-over-year basis, home prices were up 3%. Still, they have fallen 16.1% from a peak hit in February 2022. The Canadian central bank

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Argentina government expects economic rebound, inflation slowdown in 2024

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BUENOS AIRES (Reuters) – Argentina’s economy is expected to grow 2.7% in 2024 after contracting 2.5% this year, according to a budget proposal sent by the economy ministry to Congress late on Friday. “GDP growth is expected to continue at a rate of 2.0% annually during the period 2025-2026,” the budget proposal showed, adding that 2024 growth would be driven by a “rebound in the agricultural sector, mainly due to the expected recovery in the soybean and corn harvest.” The government also expects the country to have an annual inflation rate of 135.7% in 2023 and 69.5% in 2024. The

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Australia retail sales rebound after fall, annual rate slows further

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SYDNEY (Reuters) – Australian retail sales rebounded in July after a sharp fall the previous month, but the annual rate slowed further, a result that should not upset the outlook for interest rates as high borrowing costs work to slow consumer spending. Data from the Australian Bureau of Statistics (ABS) on Monday showed nominal retail sales rose 0.5% in July from June. Analysts had looked for a rise of 0.3% after a tumble of 0.8% in June. Sales of A$35.4 billion ($22.8 billion) were up 2.1% from a year earlier, the lowest since August 2021, and a world away from

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China’s Meituan swings to profit on food delivery rebound, flags headwinds

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By Casey Hall SHANGHAI (Reuters) -Chinese food delivery giant Meituan on Thursday posted a bigger-than-expected 33.4% rise in second-quarter revenue, defying a slowing Chinese economy, though executives warned of headwinds for its core business in the quarter ahead. Meituan, which offers an app that provides services such as bike-sharing, ticket-booking and maps, reported April-June revenue of 67.9 billion yuan ($9.33 billion), up from 50.9 billion a year earlier. That beat the 66.7 billion expected by 15 analysts in estimates compiled by Refinitiv Eikon. It posted a net profit of 4.7 billion yuan versus a loss of 1.1 billion yuan a

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Marketmind: After the rebound, markets revert to type

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By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. After Monday’s surprising resilience on Wall Street, world markets’ reversion to type on Tuesday should set the tone for Asia on Wednesday – weakness in stocks, a buoyant dollar, elevated bond yields and souring investor sentiment. The regional economic data calendar includes the release of Australian and Japanese purchasing managers index reports that will give the first glimpses into how these economies performed in August, and consumer price inflation from Singapore. There is no obvious catalyst on Wednesday from economic

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Refiners make hay as global profit margins rebound

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By Mohi Narayan, Laura Sanicola and Ahmad Ghaddar NEW DELHI/WASHINGTON/LONDON (Reuters) – Global refiners are raking in hefty gains, fuelled by a rebound from second-quarter lows in margins on making oil products such as diesel, jet fuel and gasoline, a trend that oil companies and experts expect will continue for the rest of 2023. Recovering profit margins may prompt complex refiners to maximise yields of transport fuels, causing excess naphtha output as a byproduct in a tepid petrochemical market and further depressing feedstock margins. Refiners are optimistic about the bull run due to projected sustained strong demand growth and low

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Marketmind: Wall St set for rebound after worst week since March

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A look at the day ahead in U.S. and global markets by Samuel Indyk The second week of August looks set to begin on a slightly brighter note than the first, with U.S. futures signaling a higher open after Wall Street posted its biggest weekly drop since March’s banking turmoil as back-end yields jumped. Reverberations from the prior week’s policy tweak from the Bank of Japan, a U.S. debt downgrade and an announcement by the Treasury that bond issuance was set to surge in the third quarter all sent longer-end bond yields to multi-month highs last week, in turn weighing

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Tenet Healthcare lifts profit forecast, bets on rebound in surgical procedures

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(Reuters) – Tenet Healthcare Corp on Monday raised its annual profit forecast after a strong second quarter, betting on a recovery in surgical procedure volumes, sending its shares up 3% in extended trading. The hospital operator sees its 2023 core earnings in the range of $3.31 million to $3.46 million, compared with its previous forecast of $3.2 million to $3.4 million. It expects to adjusted profit per share in the range of $5.18 to $6.03 in 2023, compared with a prior forecast of $4.92 to $6.09. Hospital operators are expected to see a profit boost as more people opt for

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Loews profit more than doubles as market rebound boosts investment returns

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(Reuters) – Loews Corp said on Monday its second-quarter profit more than doubled as a jump in investment income cushioned a hit from higher catastrophe losses in its insurance unit, CNA Financial. Markets have staged a comeback this year on rising bets that the Federal Reserve was done with the bulk of its tightening cycle that had taken the economy on the edge of a recession. Loews reported a higher return on investments, helped by a broader market rally. Investment income for New York-based Loews jumped to $592 million in the second quarter ended June 30 from $366 million a

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L’Oreal upbeat on China despite market’s softer rebound

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By Mimosa Spencer PARIS (Reuters) – Second-quarter sales at French cosmetics giant L’Oreal slightly beat expectations, as a rebound in China helped offset slower growth in the United States where the rising cost of living is prompting shoppers to tighten their purse strings. The Paris-based group, which owns labels ranging from Maybelline to Lancome said on Thursday that sales in April-June were 10.1 billion euros ($11.1 billion), up 13.7% on a like-for-like basis from a year earlier, outpacing analyst expectations for 11.9% growth, according to a Visible Alpha consensus. The Chinese market is “really picking up,” although “not at the

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Hospital operator HCA raises 2023 profit view as surgery volumes rebound

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(Reuters) -Hospital operator HCA Healthcare Inc on Thursday raised its annual profit forecast, betting on a recovery in non-urgent medical procedures as more patients return to hospitals for surgeries delayed during the COVID-19 pandemic. The volumes of medical procedures are trending upwards after the U.S. government ended the public health emergency status for COVID-19 in May. The demand recovery has also boosted margins for others including medical device makers such as Johnson & Johnson and Abbott Laboratories, which topped second-quarter profit estimates last week. HCA raised its full year profit forecast in the range of $17.70 to $18.90 per share,

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Sharp Chinese rebound powers LVMH sales growth in second quarter

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By Mimosa Spencer PARIS (Reuters) -Sales at the world’s top luxury group LVMH rose by 17% in the second quarter, with a sharp rebound in China helping to offset a decline in the United States, where inflation and economic turbulence have dented demand for high-end goods. The French company, whose 75 brands include fashion labels Louis Vuitton and Dior as well as Hennessy cognac and U.S. jeweller Tiffany, said on Tuesday it made 21.2 billion euros ($23.4 billion) of sales in the three months to the end of June. The 17% increase at constant exchange rates was a touch better

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