Today: September 23, 2024
Today: September 23, 2024

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San Francisco moves to center of robotaxi universe after California agency vote

California just supercharged the self-driving car industry. Following a contentious state agency vote, Alphabet Inc’s Waymo and General Motors’ Cruise are allowed to take paying passengers day or night throughout San Francisco, solidifying the tech hub as the center of the autonomous vehicle (AV) industry. It marks a significant step forward for the nascent technology. The California Public Utilities Commission on Thursday sided with the companies in the face of vigorous opposition from some residents and city agencies. Commissioners heard more than six hours of public comment from residents and special interest groups supporting

August 11, 2023
San Francisco moves to center of robotaxi universe after California agency vote
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San Francisco moves to center of robotaxi universe after California agency vote

California just supercharged the self-driving car industry. Following a contentious state agency vote, Alphabet Inc’s Waymo and General Motors’ Cruise are allowed to take paying passengers day or night throughout San Francisco, solidifying the tech hub as the center of the autonomous vehicle (AV) industry. It marks a significant step forward for the nascent technology. The California Public Utilities Commission on Thursday sided with the companies in the face of vigorous opposition from some residents and city agencies. Commissioners heard more than six hours of public comment from residents and special interest groups supporting

August 11, 2023
San Francisco moves to center of robotaxi universe after California agency vote
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Country Garden shares hit record low on loss forecast, restructuring fears

Shares of China’s largest private property developer Country Garden plunged to a record low on Friday after it forecast a first-half loss of up to $7.6 billion and a media report said it was preparing for a debt restructuring. The firm, which had total liabilities of about $194 billion at the end of 2022 and large exposure to lower-tier cities, is expected to kick off a restructuring process soon, Chinese news outlet Yicai said. China International Capital Corporation (CICC) has been hired as a financial adviser to lead the restructuring, the report added. Country

August 11, 2023
Country Garden shares hit record low on loss forecast, restructuring fears
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Oil prices flat as investors weigh China data against OPEC optimism

Oil prices were largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 4 cents to $86.36 a barrel at 0310 GMT, while U.S. West Texas Intermediatecrude futures were down 2 cents at $82.80 a barrel. Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its best price since January. “Oil markets may have been overbought

August 11, 2023
Oil prices flat as investors weigh China data against OPEC optimism
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US investors flag retaliation risks after Biden's China tech curbs

– While the market mostly shrugged off President Joe Biden’s move to prohibit some U.S. technology investments in China, U.S. investors said they were worried Beijing would retaliate or pull back from buying American technology. Aiming to protect national security and prevent U.S. capital and expertise from aiding China’s military modernization, Biden this week issued an executive order barring some new U.S. investments in China in sensitive technologies including computer chips, while regulating others. U.S. investors were unfazed by the initial news, saying that the restrictions, at first blush, were more limited than feared and unlikely to extend to

August 11, 2023
US investors flag retaliation risks after Biden's China tech curbs
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US investors flag retaliation risks after Biden's China tech curbs

– While the market mostly shrugged off President Joe Biden’s move to prohibit some U.S. technology investments in China, U.S. investors said they were worried Beijing would retaliate or pull back from buying American technology. Aiming to protect national security and prevent U.S. capital and expertise from aiding China’s military modernization, Biden this week issued an executive order barring some new U.S. investments in China in sensitive technologies including computer chips, while regulating others. U.S. investors were unfazed by the initial news, saying that the restrictions, at first blush, were more limited than feared and unlikely to extend to

August 11, 2023
US investors flag retaliation risks after Biden's China tech curbs
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Dollar steady after CPI data bolsters Fed pause bets; yen nears 145

– The dollar was steady on Friday as traders wagered that the Federal Reserve’s rate hike cycle could be over after data showed U.S. consumer prices increased moderately in July, though a senior Fed official cautioned against taking a premature view. The stronger dollar put the Japanese yen on course to test a key support level, though liquidity was thin with Japan on holiday on Friday, liquidity was thin. The yen eased 0.10% to 144.89 per dollar in early Asian hours, its lowest since June 30, when it also briefly breached 145 per dollar level,

August 11, 2023
Dollar steady after CPI data bolsters Fed pause bets; yen nears 145
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Court blocks PwC Australia from removing partner over tax leak scandal

– PwC Australia’s attempt to remove a partner after an internal investigation into the leak of confidential government tax plans hit a roadblock on Friday after an Australian court ruled the professional services firm failed to follow due process. The decision complicates PwC Australia’s efforts to move past a national scandal which has cost the firm its local chief executive, forced a fire sale of its lucrative government consulting business and embroiled clients Google, Uber and Facebook. The “big four” firm in July named eight partners and announced publicly they had left or would soon

August 11, 2023
Court blocks PwC Australia from removing partner over tax leak scandal
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Marketmind: Bonds droop as inflation cheer fades

A look at the day ahead in European and global markets from Tom Westbrook How do you put the cork back in a bottle of champagne? Perhaps ask your friendly bond dealer, as traders in the world’s deepest market quickly got over their excitement at steadying inflation, which held at 0.2% month-on-month. Maybe markets were hoping for a surprise on the downside. Maybe a much bigger-than-expected budget deficit frightened prospective buyers, who stayed away at Thursday’s 30-year Treasury auction and left the Street holding the paper. Primary dealers took their largest slice of the sale since February. Yields went up

August 11, 2023
Marketmind: Bonds droop as inflation cheer fades
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UBS terminates loss protection agreement with Swiss government

– UBS will not need to tap the Swiss government’s 9 billion Swiss franc ($10.27 billion) backstop agreed as part of the state-sponsored takeover of Credit Suisse, Switzerland’s biggest bank said on Friday. “UBS Group AG Voluntarily Terminates Loss Protection Agreement and Public Liquidity Backstop Guaranteed by Swiss Government and Credit Suisse AG Fully Repaid ELA+ Loan,” the bank said. ($1 = 0.8760 Swiss francs) (Reporting by Noele Illien; Editing by Miranda Murray)

August 11, 2023
UBS terminates loss protection agreement with Swiss government
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Country Garden restructuring fears deepen concerns about China property sector

Fears that Chinese property giant Country Garden was preparing for a debt restructuring sent its securities to a record low on Friday and deepened concerns about the property sector outlook in the absence of stronger support from Beijing. The country’s top private property developer, which had total liabilities of about $194 billion at the end of 2022 and large exposure to lower-tier cities, is expected to kick off a restructuring process soon, Chinese news outlet Yicai said, citing an unnamed financial source. Country Garden on Thursday warned it could report a loss of up

August 11, 2023
Country Garden restructuring fears deepen concerns about China property sector
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Oil prices fall slightly, investors weigh China data against OPEC optimism

Oil prices fell marginally on Friday as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 15 cents to $86.25 a barrel at 0515 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents at $82.69 a barrel. Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its best price since January. “Oil markets may have been overbought from a multi-week rally, though

August 11, 2023
Oil prices fall slightly, investors weigh China data against OPEC optimism
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Asia stocks drop to month low as US CPI fails to enthuse

– Asian stocks hit a one-month low and logged a weekly loss on Friday while the dollar headed for a month of gains after U.S. inflation came in steady without surprising on the low side. Soft demand at a 30-year Treasury auction and a blowout in the U.S. budget deficit also weighed on bonds, and their higher yields in turn lent the dollar a leg up – particularly against a yen pinned by yield control in Japan. The yen touched a six-week low of 144.89 per dollar in early trade, though volumes were thinned owing

August 11, 2023
Asia stocks drop to month low as US CPI fails to enthuse
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UBS terminates loss protection agreement with Swiss government

– UBS will not need to tap the Swiss government’s 9 billion Swiss franc ($10.27 billion) backstop agreed as part of the state-sponsored takeover of Credit Suisse, Switzerland’s biggest bank said on Friday. “UBS Group AG Voluntarily Terminates Loss Protection Agreement and Public Liquidity Backstop Guaranteed by Swiss Government and Credit Suisse AG Fully Repaid ELA+ Loan,” the bank said. ($1 = 0.8760 Swiss francs) (Reporting by Noele Illien; Editing by Miranda Murray)

August 11, 2023
UBS terminates loss protection agreement with Swiss government
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UK economy grows unexpectedly in Q2 but still lags peers

Britain’s economy eked out unexpected growth in the second quarter, laying the ground for more interest rate hikes from the Bank of England, but it remained the only big advanced economy yet to regain its pre-COVID, late-2019 level. Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The figures sent the pound sharply higher against the U.S. dollar and euro. The performance was helped by monthly growth of 0.5% in June, above all forecasts in

August 11, 2023
UK economy grows unexpectedly in Q2 but still lags peers
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China drugmakers axe IPO plans as they face scrutiny in anti-graft drive

– A growing number of healthcare companies in China are shelving their initial public offering (IPO) plans as its stock exchanges have stepped up scrutiny of the pharmaceutical industry’s business practices amid an escalating anti-corruption drive.     Healthcare stocks have already slumped in China since the government in late July launched a year-long anti-graft campaign, targeting what it said was the rampant practice of bribing of doctors in drug and medical equipment sales. Pharmaceuticals is the latest industry in the cross-hairs of Chinese regulators, and the tighter vetting of the sector’s IPO

August 11, 2023
China drugmakers axe IPO plans as they face scrutiny in anti-graft drive
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China drugmakers axe IPO plans as they face scrutiny in anti-graft drive

– A growing number of healthcare companies in China are shelving their initial public offering (IPO) plans as its stock exchanges have stepped up scrutiny of the pharmaceutical industry’s business practices amid an escalating anti-corruption drive.     Healthcare stocks have already slumped in China since the government in late July launched a year-long anti-graft campaign, targeting what it said was the rampant practice of bribing of doctors in drug and medical equipment sales. Pharmaceuticals is the latest industry in the cross-hairs of Chinese regulators, and the tighter vetting of the sector’s IPO

August 11, 2023
China drugmakers axe IPO plans as they face scrutiny in anti-graft drive
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UK economy grows unexpectedly in Q2 but still lags peers

Britain’s economy eked out unexpected growth in the second quarter, laying the ground for more interest rate hikes from the Bank of England, but it remained the only big advanced economy yet to regain its pre-COVID, late-2019 level. Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The figures sent the pound sharply higher against the U.S. dollar and euro. The performance was helped by monthly growth of 0.5% in June, above all forecasts in

August 11, 2023
UK economy grows unexpectedly in Q2 but still lags peers
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Take Five: Are we there yet?

– As the world’s central banks near the end of what has felt like a relentless string of interest rate rises, investors are taking a close look at how consumers and businesses are dealing with some of the tightest credit conditions in over a decade. China’s post-COVID bounce doesn’t seem to have happened, while, in the West, Britain and the euro zone have skirted recession and the chances of a soft landing in the U.S. appear to be picking up. Here is a look at the week ahead in markets from Kevin Buckland in Tokyo; Ira Iosebashvili in New

August 11, 2023
Take Five: Are we there yet?
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UK economy's surprise strength puts more BoE rate hikes on table

Britain’s economy eked out unexpected growth in the second quarter, laying the ground for more interest rate hikes from the Bank of England, but it remained the only big advanced economy yet to regain its pre-COVID, late-2019 level. Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The figures sent the pound sharply higher against the U.S. dollar and euro. The performance was helped by monthly growth of 0.5% in June, above all forecasts in

August 11, 2023
UK economy's surprise strength puts more BoE rate hikes on table
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Dollar set for fourth week of gains, inflation cements rate outlook

The dollar headed for a fourth weekly gain on Friday after data showed U.S. inflation did not pick up as strongly as expected in July, which helped reinforce the existing view among investors that the Federal Reserve is unlikely to raise rates much more. The stronger dollar put the Japanese yen on course to test a key support level, though liquidity was thin with Japan on holiday on Friday. The yen was flat at 144.72 per dollar in early Asian hours, having earlier traded at 144.89, its weakest since June 30, when it briefly breached

August 11, 2023
Dollar set for fourth week of gains, inflation cements rate outlook
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UBS ends state guarantee granted over Credit Suisse rescue

UBS won’t need the government guarantee it secured to rescue failing rival Credit Suisse and has repaid billions of Swiss francs in emergency loans, freeing it of taxpayer-backed funding, Switzerland’s biggest bank said on Friday. The Swiss government provided 9 billion francs ($10.3 billion) of loss protection guarantees to UBS as part of the state-sponsored takeover of Credit Suisse earlier this year. UBS also said it no longer needed a public liquidity backstop or a liquidity assistance loan of up to 100 billion francs from the Swiss National Bank (SNB) and backed by a federal

August 11, 2023
UBS ends state guarantee granted over Credit Suisse rescue
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UBS ends state guarantee granted over Credit Suisse rescue

UBS won’t need the government guarantee it secured to rescue failing rival Credit Suisse and has repaid billions of Swiss francs in emergency loans, freeing it of taxpayer-backed funding, Switzerland’s biggest bank said on Friday. The Swiss government provided 9 billion francs ($10.3 billion) of loss protection guarantees to UBS as part of the state-sponsored takeover of Credit Suisse earlier this year. UBS also said it no longer needed a public liquidity backstop or a liquidity assistance loan of up to 100 billion francs from the Swiss National Bank (SNB) and backed by a federal

August 11, 2023
UBS ends state guarantee granted over Credit Suisse rescue
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IEA lowers 2024 oil demand growth forecast

The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. Growth is forecast to slow to 1 million barrels per day (bpd) in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast. “The global economic outlook remains challenging in the face of soaring interest rates and tighter bank credit, squeezing businesses that

August 11, 2023
IEA lowers 2024 oil demand growth forecast
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Take Five: Are we there yet?

– As the world’s central banks near the end of what has felt like a relentless string of interest rate rises, investors are taking a close look at how consumers and businesses are dealing with some of the tightest credit conditions in over a decade. China’s post-COVID bounce doesn’t seem to have happened, while, in the West, Britain and the euro zone have skirted recession and the chances of a soft landing in the U.S. appear to be picking up. Here is a look at the week ahead in markets from Kevin Buckland in Tokyo; Ira Iosebashvili in New

August 11, 2023
Take Five: Are we there yet?

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