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India’s Adani Shares Nosedive As Investors Fret About Hindenburg Fallout

NEW DELHI, Feb 3 (Reuters) – Shares of Adani Group companies extended declines in Mumbai on Friday, with their market value now more than halved to less than $100 billion after a critical report by a U.S. short-seller last week sparked a market rout.

Hindenburg Research questioned the Indian conglomerate’s debt levels and use of tax havens. Adani called the report baseless and said its financials remain strong, yet the ensuing stock market crisis has sparked broader concerns of possible systemic impact.

Full coverage: REUTERS

China Boosts Imports Of Fuel Oil Blended From Russian Barrels

SINGAPORE, Feb 3 (Reuters) – China’s independent refineries are ramping up imports of discounted fuel oil blended from Russian barrels to use as low-cost feedstock amid a shortage of government crude oil import quotas for some of them, according to trade sources and data.

Western sanctions over Russia’s invasion of Ukraine, including the looming Feb. 5 embargo and price cap on refined products, have been pushing Russian fuel oil barrels eastward into Asia at attractive discounts since last year.

Full coverage: REUTERS

Asian Stocks Pull Back, Dollar Regains Footing Ahead Of U.S. Payrolls Data

SYDNEY, Feb 3 (Reuters) – A global stock rally ran into resistance in Asia on Friday as disappointing earnings from U.S. tech giants undermined sentiment, while the dollar regained some of its footing ahead of a key U.S. non-farm payrolls report.

European markets are set to extend the caution, with pan-region Euro Stoxx 50 futures down 0.1%, German DAX futures falling 0.2%, and FTSE futures mostly flat.

Overnight, markets took a dovish view on rate guidance from the European Central Bank and the Bank of England, hoping that an end of the massive global tightening cycle is in sight, pushing local bonds higher and the currencies lower.

Full coverage: REUTERS

Oil Weakens As Market Awaits Signs Of China Demand Recovery

SINGAPORE, Feb 3 (Reuters) – Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies.

Brent crude futures fell 34 cents, or 0.4%, to $81.83 a barrel by 0740 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.5%, to $75.51.

Both contracts have dropped by more than 5% so far this week, with mixed signals on fuel demand recovery in China, the world’s top oil importer, keeping a lid on prices.

Full coverage: REUTERS

Morning Bid: The Morning After The Night Before

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

After the central bank triple-header (that’s the Fed, ECB and BoE) buoyed risk appetite and emboldened investor hopes of the end of the massive global tightening cycle came the Big Tech triple-header to revive worries over global economic conditions.

Dour fourth-quarter results from Apple (AAPL.O), Google-parent Alphabet (GOOGL.O) and Amazon (AMZN.O) are likely to cast a shadow on the markets on Friday before the crucial non-farms payroll data is released later in the day.

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