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Adani Shares Surge After $1.87 Billion GQG Investment; More Road Shows Lined Up

SYDNEY/BENGALURU, March 3 (Reuters) – Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concern about the group’s ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence.

The stake purchases by the U.S. boutique investment firm comprised the first major investment in billionaire Gautam Adani’s conglomerate since a short-seller’s critical report resulted in seven of the Indian group’s listed firms losing more than $130 billion in market value.

Full coverage: REUTERS

Morgan Stanley Forecasts Key ECB Rate To Peak At 4%

PARIS, March 3 (Reuters) – Wall Street bank Morgan Stanley on Friday raised its forecast for the European Central Bank’s (ECB) so-called terminal rate – the level to which it believes the ECB’s key interest rate will rise – to 4% as inflationary pressures weigh on the euro zone.

“Following material revisions to our inflation forecast, we now expect the ECB’s terminal rate at 4%,” the bank wrote in a research note.

The move by Morgan Stanley, which had previously seen the ECB terminal rate at 3.25%, follows similar revisions by other leading investment banks, driven by inflationary pressures within the euro zone.

Full coverage: REUTERS

Oil Prices Head For Weekly Gain On China Growth Hopes

SINGAPORE, March 3 (Reuters) – Oil prices slipped in early trade on Friday but were on track to post gains of nearly 2% for the week as a rebound in China’s factory activity offset growing concerns about rising U.S. crude stocks and potential rate hikes in Europe.

Brent crude futures fell 39 cents, or 0.5%, to $84.36 a barrel at 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.5%, at $77.75 a barrel%.

Full coverage: REUTERS

Asian Stocks Gain As Prospects Of China Recovery, And Fed Caution

HONG KONG, March 3 (Reuters) – Asian shares rose on Friday on prospects for a steady economic recovery in China, and after Wall Street reversed losses overnight following remarks by the Atlanta Federal Reserve chief that signalled a measured approach raising U.S. interest rates.

Global markets have been buffeted by a raft of strong U.S. data over recent weeks, including U.S. jobless claims overnight, that suggested the Fed would need to keep rates higher for longer.

Full coverage: REUTERS

Morning Bid: Feds ‘Slow And Steady’ Lifts Market Mood

A look at the day ahead in European and global markets from Ankur Banerjee.

All it took was a bit of a hint that the Federal Reserve may stick to its moderate monetary tightening path for the market to attempt a risk-on rally to end the week. Futures indicate that the buoyant mood is set to continue in Europe, with the continent-wide STOXX 600 looking to end yet another week with gains. The index has so far this year registered just three weeks of losses.

Full coverage: REUTERS

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Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics