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Traders boost bets on Fed rate cuts after producer prices slide

Reuters0

(Reuters) – Traders on Friday priced in a bigger chance that the Federal Reserve will deliver more monetary policy easing this year after a U.S. government report pointed to less inflation in the wholesale pipeline than economists had anticipated.    Futures contracts that settle to the Fed’s target for the overnight lending rate between banks rose after the data, which showed the producer price index fell 0.1% in December from the prior month. Economists had expected a 0.1% rise. Futures contract prices now point to expectations for rates to fall below 3.75% by year end, versus to a 3.75%-4% range

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Exclusive-China’s state banks act to stem yuan slide onshore and offshore -sources

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SHANGHAI/BEIJING (Reuters) – China’s major state-owned banks were active in onshore and offshore foreign exchange markets this week trying to contain the yuan’s slide, four people with direct knowledge of the matter said. The state banks were seen swapping yuan for U.S. dollars in the onshore swap market before quickly selling those dollars in the spot market to support the yuan from Wednesday to Friday, two of the sources said. The big banks were also curtailing their lending in offshore yuan markets on Friday with the aim of keeping liquidity tight, other two sources said, in a move that could

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Marketmind: Oil’s slide bolsters rate-cut wagers

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A look at the day ahead in European and global markets from Tom Westbrook Oil prices defied worries over war in the Middle East and OPEC+ production cuts with a slump to five-month lows overnight, and are headed for their steepest annual drop since the lockdown year of 2020. Brent crude futures have fallen more than 20% from highs in late September and were sold down to their cheapest since late June, after a bigger-than-expected jump in U.S. gasoline inventories indicated dull demand over the Thanksgiving holiday. That overshadowed Wednesday’s meeting between Russian President Vladimir Putin and Saudi Crown Prince

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Factbox-Chinese and other cobalt mines boosting output despite price slide

Reuters0

(Reuters) – A fall in the price of cobalt, a silvery-blue metal used in electric vehicle (EV) batteries, electronics and the defence sector, has yet to deter many Chinese-owned and other mines from expanding or maintaining output. Most of the expansions are in the Democratic Republic of Congo (DRC), the dominant producer with nearly 70% of global supply, but Indonesia is a growth area. Some projects have been delayed because of the weak prices and major producer Glencore has said it may trim output. Below are the status of current and future cobalt operations. DELAYS, POSSIBLE CUTS Glencore’s CEO said

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Julius Baer shares slide another 5% on Signa worries

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ZURICH (Reuters) – Wealth manager Julius Baer’s shares slumped another 5% on Tuesday, bringing its total decline since the start of last week to more than 20%, on fears over its exposure to struggling real estate group Signa. Signa, controlled by an Austrian magnate, has borrowed heavily from banks including Julius Baer, which on Monday disclosed it had an exposure of more than 600 million Swiss francs ($682.6 million) to the conglomerate and its entities. The exposure is the largest in the bank’s private debt loan book, which amounted to 1.5 billion francs at the end of October, it said.

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Marketmind: Oil slide, Walmart stoke disinflation speculation

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By Wayne Cole (Reuters) – A look at the day ahead in European and global markets from Wayne Cole. Asia has been in a contemplative mood so far on Friday after another week of wild swings in bonds, equities and commodities. The oil market was the latest to be visited by volatility as prices slid almost 5% overnight, in part due to concerns about oversupply and diminishing demand. Speculation also played a part as algos, CTAs, and trend following funds took to selling when Brent broke $80 a barrel, with the drop from $80.70 to $78.40 coming in a single

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Global dividends slide in Q3 as miners drag

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MILAN (Reuters) – Global dividends fell 0.9% to $421.9 billion in the third quarter due to lower special dividends and a small number of corporations making large cuts to investor remuneration, a report showed on Wednesday. The figures by fund manager Janus Henderson reflect steep cuts across the mining sector, as well as large reductions from oil producers in Brazil and Taiwan, which were only partly offset by higher payouts from the banking and utilities sectors. Janus said total dividends were slightly better than expected in the quarter despite lower one-off special payouts and exchange rate effects. These factors led

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Palladium’s slide accelerates on prospects for surplus next year

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By Brijesh Patel and Ashitha Shivaprasad (Reuters) – Palladium prices have tumbled to five-year lows below $1,000 an ounce this week, hastening a retreat triggered by expectations of surpluses due to the rapid spread of electric vehicles and automakers choosing cheaper platinum for their autocatalysts. Prices of the metal, used by automakers in engine exhausts to reduce emissions, have slumped 70% from all-time highs of $3,440.76 hit after Russia invaded Ukraine. Spot palladium was last down 4.3% to $948.93 per ounce. Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when

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Beyond Meat struggles to rein in US faux meat demand slide

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(Reuters) -Beyond Meat missed market expectations for quarterly revenue and posted a wider-than-expected loss on Wednesday, hurt by relentless weakness in demand for plant-based meat in the United States. The company has been offering steeper discounts, as consumer sentiment about plant-based meat and its health benefits took a beating. In a post-earnings call, Beyond Meat executives said the percentage of people in the U.S. who believe plant-based meats are healthy is likely to have dropped further this year, after falling 38% in 2022 from 50% in 2020, as per data from trade association Food Marketing Institute. Net revenue for the

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Shares in Visa, Mastercard slide on expected Federal Reserve fee cap proposal

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By Pete Schroeder WASHINGTON (Reuters) – Shares in Visa and Mastercard slid on Wednesday on news the U.S. Federal Reserve is expected to propose lowering the fees banks can charge retailers for processing debit-card transactions. Visa and Mastercard shares dipped about 1% in early trading. A Mastercard spokesperson declined to comment, while Visa did not immediately respond to a request for comment. The Fed said on Tuesday it would meet next Wednesday to discuss changes to the debit interchange fee cap, without providing details. The Wall Street Journal reported on Tuesday that the Fed plans to propose lowering the cap.

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TSMC third-quarter profit to slide 30%, focus on how much growth to come

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By Sarah Wu and Ben Blanchard TAIPEI (Reuters) – Taiwan Semiconductor Manufacturing Co Ltd is expected to report a 30% slump in third-quarter profit on Thursday but analysts predict robust growth next year as the chip industry emerges from its current downturn. The likely decline in profit also reflects a strong performance last year, when the company was still riding high on pent-up post-pandemic demand. The world’s largest contract chipmaker is set to report net profit of T$195.9 billion ($6 billion) for July-September – its second straight quarter of profit decline, according to an LSEG SmartEstimate drawn from 19 analysts.

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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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Retail investors flock to bond ETFs in third quarter as prices slide

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By Bansari Mayur Kamdar (Reuters) – Investors continued piling into exchange-traded funds (ETFs) that track U.S. government debt in the third quarter, with retail investor flows hitting their highest level since the pandemic on bets that the Federal Reserve is done hiking rates. Daily retail investor flows into the benchmark iShares 20+ Year Treasury Bond ETF touched their highest level last week since March 2020, according to data from Vanda Research. The fund saw net retail inflows rise to $1.2 billion so far this quarter, Vanda’s data showed, even as prices slid to their lowest level since 2010 amid a

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Japan warns against post-Fed yen slide

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By Satoshi Sugiyama and Leika Kihara TOKYO (Reuters) – Japan won’t rule out any options in addressing excess volatility in currency markets, the government’s top spokesperson said on Thursday, issuing a fresh warning against the yen’s decline towards the psychologically important 150-mark per dollar. Chief Cabinet Secretary Hirokazu Matsuno also said he hoped the Bank of Japan, holding a two-day policy meeting that ends on Friday, takes “appropriate” policy towards achieving its 2% inflation target. “It’s important for currencies to move stably reflecting fundamentals,” Matsuno told a regular briefing, when asked about the yen’s recent declines. “The government will monitor

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Planet Fitness shares slide after CEO steps down

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By Chibuike Oguh NEW YORK (Reuters) – Shares of Planet Fitness Inc fell as much as 16% to a three-year low on Friday after the gym operator announced that Chief Executive Chris Rondeau had stepped down from his role. Rondeau, who had served as Planet Fitness CEO since 2013, will remain on the company’s board. Craig Benson, a member of the company’s board of directors, will serve as interim CEO until a permanent replacement is named, the company said, adding that the management changes were not tied to any “unexpected financial events.” It gave no reason for Rondeau’s departure as

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Northern Trust shares slide after forecasting bigger drop in net interest income

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By Chibuike Oguh NEW YORK (Reuters) – Shares of Northern Trust Corp fell by more than 9% to their lowest level in nearly a month on Tuesday after the custodian and asset manager forecast a bigger-than-expected drop in net interest income (NII) in the third quarter. Northern Trust’s NII, the difference between what it makes on loans and pays out on deposits, is likely to fall by as much as 10% this quarter, Chief Financial Officer Jason Tyler told the Barclays financial conference on Tuesday. That’s double its prior forecast, made in July, of a 5% drop. Like many financial

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NJ Wind Farm Company Stock Has Been on Slide Long Before This Week’s Crash

Conservative Times0

ATLANTIC CITY, NJ – Orsted, the Danish company building a controversial wind farm project off the cost of New Jersey is having financial problem and its stock is tumbling. This isn’t just due to the recent 25% crash on Wednesday. Orsted’s stock price has been in decline sine 2021 when it reached a peak price of $74.10. Today, the stock was traded at $21.74, a nearly 71% decline. Today, the stock is worth just a few dollars more than when it went live in 2017. Orsted stock (OTCMKTS:DINNGY) fell to $21.74 on Friday, marking a significant decrease from its $63

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US entertainment shares slide as Disney, Charter squabble over cable fees

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By Chibuike Oguh and Bansari Mayur Kamdar NEW YORK (Reuters) – Shares of several U.S. entertainment companies including Fox Corp and Warner Brothers Discovery Inc were dragged down on Friday by a dispute between media heavyweight Disney and cable provider Charter Communications over television distribution fees. Disney on Thursday night blocked its cable channels, including ESPN and ABC, from being shown on Charter’s Spectrum network after the two companies failed to secure a distribution agreement. Spectrum is the second largest U.S. cable provider, serving 14.7 million homes across large markets such as New York and Los Angeles. The dispute soured

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Vietnam August exports slide, but factory output improves

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By Khanh Vu and Phuong Nguyen HANOI (Reuters) -Vietnam’s exports in August fell 7.6% from a year earlier, official data showed on Tuesday, making a sixth straight month of decline as weak global demand weighs on the export-reliant economy. Industrial output rose 2.6% in August, however, a second successive month of growth for Vietnam, an Asian manufacturing centre for major global electronics and clothing brands. Imports for August fell 8.3% from a year earlier to $28.55 billion, resulting in a trade surplus of $3.82 billion, the General Statistics Office (GSO) said in a report. Vietnam is struggling from subdued global

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Hawaiian Electric shares sink on wildfire lawsuit, dividend pause, ratings cut

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(Reuters) -Hawaiian Electric shares on Friday plunged to their lowest level since 1984 as a lawsuit alleging negligence leading to Maui wildfires raised investor worries over the financial health of the utility that has paused dividend payout. Its shares fell as much as 23.6% to $9.06 as S&P Global Ratings downgraded the company’s credit rating deeper into junk territory, citing its likely inconsistent access to capital markets. The Maui county sued the Honolulu-based company, saying it acted negligently by failing to shut down power, leading to wildfires that destroyed the coastal town of Lahaina and killed more than 114 people.

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Codelco’s new CEO Alvarado tasked with finding fixes for copper slide

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By Fabian Cambero SANTIAGO (Reuters) – Chilean state mining giant Codelco’s incoming chief executive Ruben Alvarado has a mammoth task ahead of him: boosting copper output from its lowest level in 25 years, reining in ballooning costs, and spearheading a state push into battery metal lithium. Alvarado, 64, will start as CEO on Sept. 1 after a search to replace the outgoing Andre Sougarret, who abruptly announced in June he would step down, citing personal reasons and “complexities” running the world’s largest copper producer. Alvarado, a chemical engineer, joined Codelco as a graduate in 1984, but for the last two

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UK retail sales slide by most in over two years: CBI

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LONDON (Reuters) – British retail sales fell in August at the fastest rate since March 2021 and most stores are expecting another tough month ahead, an industry survey showed on Thursday. The Confederation of British Industry’s monthly balance of retail sales, which compares volumes with a year ago, fell to -44 in August from -25 in July. Expectations for the month ahead improved to -21 from -32, but were still deeply negative. “Against a backdrop of rising interest rates and weak demand, retailers foresee cuts to investment over the next year, while employment is expected to fall again next month,”

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Dick’s Sporting shares slide as costs, inventory shrink slam annual profit outlook

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(Reuters) – Dick’s Sporting Goods shares slumped as much as 24.5% on Tuesday as the footwear retailer slashed its full-year profit target after missing expectations for the second quarter. The company said its quarterly profit was short of its own expectations due to an increase in inventory shrink, or retail theft, that led to weaker margins. The retailer now expects annual profit per share in the range of $11.33 to $12.13, below the prior forecast of $12.90-$13.80. While Dick’s Sporting did not specify whether the theft was organized retail crime, the company like many other retailers in the United States

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Hawaiian Electric shares slide more on Maui wildfires

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(Reuters) -Shares of Hawaiian Electric Industries extended recent losses on Thursday, briefly hitting their lowest since 1985, as the utility faced questions about the role its equipment might have played in deadly wildfires in Maui. The company’s stock has lost more than half its value since the Aug. 8 wildfires that destroyed the coastal Maui town of Lahaina and killed at least 110 people, while hundreds of people remain unaccounted for. Hawaiian Electric’s shares closed down 15% at $12.03 on Thursday and were down 63% so far this week. While the cause of the wildfires is still under investigation, class-action

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Quotes- U.S. bank stocks slide after Moody’s ratings downgrade

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By Nupur Anand NEW YORK (Reuters) – U.S. bank shares slid on Tuesday after Moody’s downgraded several small to mid-sized banks and said it may revise the credit ratings of some of the nation’s biggest lenders, sparking concerns about the health of the lenders. Here’s what analysts are saying about the downgrade and the risks to the banking sector: BRIAN MULBERRY, PORTFOLIO MANAGER AT ZACKS INVESTMENT MANAGEMENT “The high interest rate environment will persist longer than what the market has priced in, which makes risks for financial firms higher, so the rating downgrade is not a surprise to us, and

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