Connect with us

Stock Markets

France stocks higher at close of trade; CAC 40 up 0.64%

Published

on


© Reuters. France stocks higher at close of trade; CAC 40 up 0.64%

Investing.com – France stocks were higher after the close on Monday, as gains in the Healthcare, Technology and Consumer Services sectors led shares higher.

At the close in Paris, the CAC 40 gained 0.64%, while the SBF 120 index added 0.66%.

The best performers of the session on the CAC 40 were Renault SA (EPA:RENA), which rose 9.74% or 2.34 points to trade at 26.38 at the close. Meanwhile, Safran SA (EPA:SAF) added 5.69% or 5.19 points to end at 96.33 and WFD Unibail Rodamco NV (AS:URW) was up 4.68% or 2.45 points to 54.76 in late trade.

The worst performers of the session were Compagnie de Saint Gobain SA (EPA:SGOB), which fell 3.99% or 1.83 points to trade at 43.98 at the close. Eurofins Scientific SE (EPA:EUFI) declined 2.12% or 1.56 points to end at 72.08 and Legrand SA (EPA:LEGD) was down 1.91% or 1.38 points to 70.80.

The top performers on the SBF 120 were Valneva (EPA:VLS) which rose 29.31% to 10.27, Renault SA (EPA:RENA) which was up 9.74% to settle at 26.38 and Valeo SA (EPA:VLOF) which gained 8.00% to close at 20.39.

The worst performers were Rexel (EPA:RXL) which was down 5.42% to 16.74 in late trade, Compagnie de Saint Gobain SA (EPA:SGOB) which lost 3.99% to settle at 43.98 and Sartorius Stedim Biotech SA (EPA:STDM) which was down 3.92% to 276.70 at the close.

Rising stocks outnumbered declining ones on the Paris Stock Exchange by 293 to 242 and 98 ended unchanged.

Shares in Compagnie de Saint Gobain SA (EPA:SGOB) fell to 52-week lows; falling 3.99% or 1.83 to 43.98. Shares in Eurofins Scientific SE (EPA:EUFI) fell to 52-week lows; losing 2.12% or 1.56 to 72.08. Shares in Legrand SA (EPA:LEGD) fell to 52-week lows; down 1.91% or 1.38 to 70.80. Shares in Compagnie de Saint Gobain SA (EPA:SGOB) fell to 52-week lows; losing 3.99% or 1.83 to 43.98. Shares in Sartorius Stedim Biotech SA (EPA:STDM) fell to 52-week lows; losing 3.92% or 11.30 to 276.70.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was unchanged 0.00% to 18.96 a new 52-week high.

Gold Futures for August delivery was down 0.16% or 2.90 to $1,837.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 0.85% or 0.92 to hit $108.91 a barrel, while the August Brent oil contract rose 1.00% or 1.13 to trade at $114.25 a barrel.

EUR/USD was unchanged 0.24% to 1.05, while EUR/GBP unchanged 0.01% to 0.86.

The US Dollar Index Futures was down 0.28% at 104.20.

Stock Markets

Russia in historic default as Ukraine sanctions cut off payments

Published

on


© Reuters. FILE PHOTO: The clock on Spasskaya tower showing the time at noon, is pictured next to Moscow?s Kremlin, and St. Basil?s Cathedral, March 31, 2020. REUTERS/Maxim Shemetov

By Karin Strohecker, Andrea Shalal and Emily Chan

LONDON/NEW YORK (Reuters) -Russia defaulted on its international bonds for the first time in more than a century, the White House and Moody’s (NYSE:MCO) credit agency said, as sweeping sanctions have effectively cut the country off from the global financial system, rendering its assets untouchable.

The Kremlin, which has the money to make payments thanks to oil and gas revenues, has rejected the claims, and accused the West of driving it into an artificial default.

Earlier, some bondholders said they had not received overdue interest on Monday following the expiry of a key payment deadline on Sunday.

Moody’s credit agency later on Monday said that the missed coupon payment constituted a default.

“Further defaults on coupon payments are likely,” Moody’s analysts wrote.

Russia has struggled to keep up payments on $40 billion of outstanding bonds since its invasion of Ukraine on Feb. 24.

“This morning’s news around the finding of Russia’s default, for the first time in more than a century, situates just how strong the actions are that the U.S., along with allies and partners, have taken, as well as how dramatic the impact has been on Russia’s economy,” the U.S. official said on the sidelines of a G7 summit in Germany, which U.S. President Joe Biden is attending.

Russia’s efforts to avoid what is its first major default on international bonds since the Bolshevik revolution more than a century ago hit a roadblock in late May when the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) effectively blocked Moscow from making payments.

A formal default would be largely symbolic given Russia cannot borrow internationally at the moment and doesn’t need to thanks to plentiful oil and gas export revenues. But the stigma would probably raise its borrowing costs in future.

“With Russia going into sovereign default the international community has moved into a new, more aggressive phase of its sanctions campaign against Moscow,” said Adam M. Smith, partner at Gibson Dunn in Washington.

The payments in question are $100 million in interest on two bonds, one denominated in U.S. dollars and another in euros, that Russia was due to pay on May 27. The payments had a grace period of 30 days, which expired on Sunday.

“Russia’s default – already determined by the failure to pay interest last month – had been largely priced in and bonds have been in the 10-20 cents area for a long time,” said Gabriele Foa, portfolio manager of the Global Credit Opportunities Fund at Algebris. “I do not expect creditors to organize and hold talks for a restructuring soon, as these talks are likely not possible amid political tensions.”

Russia’s finance ministry said it made the payments to its onshore National Settlement Depository (NSD) in euros and dollars, adding it had fulfilled obligations.

In a call with reporters, Kremlin spokesperson Dmitry Peskov said the fact that payments had been blocked by clearing house Euroclear because of Western sanctions on Russia was “not our problem”.

Euroclear did not respond to a request for comment.

Some Taiwanese holders of the bonds had not received payments on Monday, sources told Reuters.

With no exact deadline specified in the prospectus, lawyers say Russia might have until the end of the following business day to pay these bondholders.

Credit ratings agencies usually formally downgrade a country’s credit rating to reflect default, but this does not apply in the case of Russia as most agencies no longer rate the country.

“I think the market convention will be that it is a default – though the technical issues are rather complex,” said Kaan Nazli, portfolio manager at Neuberger Berman, which has a small exposure to Russian sovereign debt but does not hold the bonds that were due a payment on May 27. “It is a somewhat politically driven default.”

Emerging markets trade group EMTA recommended on Monday that bonds issued by the Russian government should be traded without accrued interest, the way bonds in default are typically traded.

LEGAL TANGLE

The legal situation surrounding the bonds looks complex.

Russia’s bonds have been issued with an unusual variety of terms, and an increasing level of ambiguities for those sold more recently, when Moscow was already facing sanctions over its annexation of Crimea in 2014 and a poisoning incident in Britain in 2018.

Rodrigo Olivares-Caminal, chair in banking and finance law at Queen Mary University in London, said clarity was needed on what constituted a discharge for Russia on its obligation, or the difference between receiving and recovering payments.

“All these issues are subject to interpretation by a court of law,” Olivares-Caminal told Reuters.

Continue Reading

Stock Markets

TSX climbs to 2-week high as resource shares rally

Published

on


© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo

By Fergal Smith

TORONTO (Reuters) – Canada’s main stock index rose on Monday to its highest level in nearly two weeks, aided by gains in resource-linked shares and an upbeat mood in global equities, although Bombardier (OTC:BDRBF) Inc tumbled to its lowest in 15 months.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 195.41 points, or 1%, at 19,258.32, its highest closing level since June 15.

Meanwhile, global markets held on to Friday’s rally as the recent pullback in commodity prices tempered concerns of prolonged inflation.

Investors have worried that aggressive central bank interest rate hikes to cool inflation could derail economic growth.

“Today’s pick up in risk appetite is simply that maybe rates will not be hiked as far as thought previously,” said Stuart Cole, head macro economist at Equiti Capital.

“There is also talk about a rebalancing by large institutional investors taking place as we reach end H1, moving back into stocks on the back of this perceived brighter outlook and reduced worry about recession.”

Canada’s commodity-linked market is on track to fall 12% in the second quarter, which would be its biggest decline since the first quarter of 2020.

The energy sector rallied 4.7% on Monday as oil prices rose. U.S. crude oil futures settled 1.8% higher at $109.57 a barrel as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin’s war chest while actually lowering energy prices.

The materials group, which includes precious and base metals miners and fertilizer companies, added 2%, while heavily-weighted financials ended 0.7% higher.

Shares of business jet company Bombardier tumbled 17.3% to hit their lowest since March 2021.

A former Garuda Indonesia chief convicted of graft is being investigated for alleged irregularities in procuring Bombardier and ATR planes, Indonesia’s attorney general said.

Continue Reading

Stock Markets

Morgan Stanley Announces 11% Dividend Hike and $20B Buyback Following Stress Test

Published

on


© Reuters. Morgan Stanley (MS) Announces 11% Dividend Hike and $20B Buyback Following Stress Test

By Davit Kirakosyan

Following the results of the 2022 stress test, Morgan Stanley (NYSE:MS) announced it will increase the quarterly dividend on its common stock 11% to $0.775 from the current $0.70 per share.

Furthermore, the company’s Board of Directors authorized a new multi-year common equity share repurchase program of up to $20 billion, beginning Q3/22.

CEO James Gorman commented, “We are pleased to continue our robust capital return program, which is driven by our business transformation, especially the durable earnings from our Wealth Management and Investment Management businesses. After doubling our dividend last year, we are raising our dividend 11% and continuing to buy our stock under a new $20 billion multi-year share repurchase authorization. The strength and stability of our franchise and our capital cushion provide us the flexibility to continue to invest for future growth while also returning capital to shareholders.”

The company’s shares were trading 1.50% higher after-hours following the news.

Continue Reading

News

Stock Markets3 mins ago

Russia in historic default as Ukraine sanctions cut off payments

© Reuters. FILE PHOTO: The clock on Spasskaya tower showing the time at noon, is pictured next to Moscow?s Kremlin,...

Stock Markets3 mins ago

TSX climbs to 2-week high as resource shares rally

© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street...

Cryptocurrency3 mins ago

Grayscale reports 99% of SEC comment letters support spot Bitcoin ETF

Grayscale reports 99% of SEC comment letters support spot Bitcoin ETF Digital asset manager Grayscale reported overwhelming support in public...

Sports & General3 mins ago

Amtrak train hits truck, derails in Missouri, injuries reported

(Reuters) – Several cars on an Amtrak train derailed in northern Missouri on Monday after hitting a dump truck at...

Stock Markets3 mins ago

Morgan Stanley Announces 11% Dividend Hike and $20B Buyback Following Stress Test

© Reuters. Morgan Stanley (MS) Announces 11% Dividend Hike and $20B Buyback Following Stress Test By Davit Kirakosyan Following the...

Stock Markets3 mins ago

Nike revenue beats as Europe demand overshadows China sales slump

© Reuters. FILE PHOTO: People walk past a store of the sporting goods retailer Nike Inc at a shopping complex...

Stock Markets33 mins ago

Morgan Stanley will cover U.S. employees’ travel for abortion services -source

© Reuters. The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE)...

World33 mins ago

West pledges support for Ukraine as missiles strike shopping centre

6/6 © Reuters. FILE PHOTO: A smoke rises over remains of a building destroyed by a military strike, as Russia’s...

Stock Markets33 mins ago

Morgan Stanley Has Continued Conviction on Rockwell Automation’s Capex Cycle

© Reuters. Morgan Stanley Has Continued Conviction On Rockwell Automation’s (ROK) Capex Cycle By Sam Boughedda Speaking about Rockwell Automation...

Stock Markets33 mins ago

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.20%

© Reuters U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.20% Investing.com – U.S. stocks were...

Stock Markets33 mins ago

Nike quarterly revenue beats on athletic wear demand

© Reuters. FILE PHOTO: People walk past a store of the sporting goods retailer Nike Inc at a shopping complex...

Economy33 mins ago

Wall Street ends down, pulled lower by growth stocks

© Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York...

Stock Markets33 mins ago

Spero Therapeutics Plummets 15% on FDA’s CRL for Tebipenem HBr New Drug Application

© Reuters. Spero Therapeutics (SPRO) Plummets 15% on FDA’s CRL for Tebipenem HBr New Drug Application By Davit Kirakosyan Spero...

Cryptocurrency33 mins ago

SEC Chair Gary Gensler calls Bitcoin a commodity

© Reuters SEC Chair Gary Gensler calls Bitcoin a commodity In an appearance on CNBC’s Squawk Box on Monday, SEC...

Coronavirus33 mins ago

U.S. appeals court vacates federal vaccine mandate pending additional hearing

© Reuters. FILE PHOTO: A resident over 50 years old and immunocompromised receives a second booster shot of the coronavirus...

World34 mins ago

U.S. abortion ruling ignites legal battles over state bans

2/2 © Reuters. FILE PHOTO: Abortion rights campaigners participate in nationwide demonstrations following the leaked Supreme Court opinion suggesting the...

Economy1 hour ago

Albemarle plans major U.S. lithium processing plant

© Reuters. FILE PHOTO: A sign at the approach road leads to Albemarle’s lithium evaporation ponds at its facility in...

Forex1 hour ago

The ‘Big Package’: How Russia was driven to default

© Reuters. FILE PHOTO: European Commission President Ursula von der Leyen arrives for the European Union leaders summit, as EU’s...

World1 hour ago

U.S. Supreme Court abortion ruling ignites new legal battles over state bans

2/2 © Reuters. FILE PHOTO: Abortion rights campaigners participate in nationwide demonstrations following the leaked Supreme Court opinion suggesting the...

Stock Markets1 hour ago

Bankman-Fried’s FTX internally mulling Robinhood deal – Bloomberg News

© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s...

Economy1 hour ago

Dollar retreats as markets rethink Fed rate bets, eye ECB hikes

© Reuters. FILE PHOTO: U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. REUTERS/Dado Ruvic By Hannah...

Sports & General1 hour ago

Biden swipes at China with memorandum to combat illegal fishing

© Reuters. U.S. President Joe Biden attends a welcoming ceremony on the first day of the G7 summit at Bavaria’s...

Sports & General1 hour ago

Amtrak train derails in Missouri after hitting truck, injuries reported

(Reuters) -Several cars on an Amtrak train derailed in Mendon, Missouri, on Monday after hitting a dump truck at a...

Stock Markets1 hour ago

FTX Said Exploring Potential Robinhood Acquisition, News Seen as ‘Positive’

FTX Said Exploring Potential Robinhood (HOOD) Acquisition, News Seen as ‘Positive’ By Sam Boughedda FTX, the crypto exchange founded by...

World1 hour ago

At least 13 killed in Russian missile strike on shopping mall, Ukraine says

2/2 © Reuters. Ukraine’s President Volodymyr Zelenskiy attends a working session of G7 leaders via video link, as Russia’s attack...

Commodities2 hours ago

Oil up 2% on Bets G7 Move Versus Russia Will Further Tighten Supply 

© Reuters. By Barani Krishnan Investing.com — Crude markets rallied on Monday on speculation that the predominantly-Western Group of Seven...

Stock Markets2 hours ago

Bankman-Fried’s FTX seeking path to buy Robinhood – Bloomberg News

© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s...

Stock Markets2 hours ago

Refining Tightness to Persist, Even in a Recession – Piper Sandler

© Reuters. Refining Tightness to Persist, Even in a Recession – Piper Sandler By Sam Boughedda Piper Sandler Senior analyst...

World2 hours ago

U.S. Supreme Court overturns Roe v. Wade, ends constitutional right to abortion

9/9 © Reuters. Demonstrators gather in front of Planned Parenthood after the United States Supreme Court ruled in the Dobbs...

Cryptocurrency2 hours ago

Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH XCarnival, a liquidity provider for the Ethereum ecosystem, recovered 1,467...

Trending