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TP ICAP launches index to trade pace of climate change

By Simon Jessop

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TP ICAP launches index to trade pace of climate change
© Reuters.

By Simon Jessop

LONDON (Reuters) – TP ICAP (LON:), the world’s largest inter-dealer broker, said on Wednesday it had launched a weather data-backed index that would allow financial risks tied to the pace of climate change to be traded for the first time.

Insurers and bankers already track specific, local weather events such as rainfall near coffee plantations, or hurricane risks in the Gulf of Mexico, but TP ICAP said it believed the index would be the first to track climate change globally.

While scientists have long kept an eye on the data, the creation of an index allows the market to form a view on the rate of temperature change and build financial products to hedge the risks.

Launched in conjunction with environmental data company Speedwell, the ICAP-Speedwell Climate Index would be based on data collected from 50 independent weather stations globally, it said.

Using a dataset that is already 20 years old and which will be updated daily, TP ICAP said it expected a futures curve to be created that would allow counterparties to create financial structures with varied payoffs over specific periods of time.

“Many companies have significant and sometimes unquantified exposure to weather and climate risk,” said Nicholas Ernst, managing director, weather markets, at TP ICAP.

“The introduction of the index has the ability to dramatically change how people calculate the financial impact of global climate change, providing comprehensive data to quantify the impact of future temperature changes for the first time,” Ernst said in a statement.

The launch of the index comes ahead of the next round of global climate talks in Glasgow starting Oct. 31, where governments are being urged to accelerate efforts to reduce planet-warming greenhouse gas emissions.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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S&P 500 Eases From Highs as U.S. Confirms First Case of Omicron

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S&P 500 Eases From Highs as U.S. Confirms First Case of Omicron Variant
© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 eased from highs Wednesday, as investors weighed an upside surprise in monthly private job gains against ongoing concerns about the Omicron strain of Covid-19 after the U.S. reported its first case of the new variant. 

The rose 0.67%, the gained 0.35%, or 20 points, and the Nasdaq added 0.25%.

U.S. health officials confirmed Tuesday that the first case of the Omicron variant of Covid-19 was identified in California, but stressed that there was still a need to wait for further data to determine how transmissible and how effective the new strain is at evading current vaccines.      

grew by 534,000 in November, less than the 570,000 in October, but ahead of expectations for 525,000.

The better-than-expected jobs data comes just days ahead of the monthly nonfarm payrolls due Friday, and strengthened expectations for the Federal Reserve to step up the pace of bond tapering.

In his second day of testimony on Capitol Hill, Fed Chair Jerome Powell continued to reiterate that speeding up the taper of bond purchases would be on the agenda at the September meeting, but added that there was no reason for faster taper to be disruptive to markets.

Despite the rebound in the broader market, investor sentiment still appears to be skittish as the utilities, a typically defensive corner of the market, led the move to the upside.

AES Corporation (NYSE:), Alliant Energy (NASDAQ:), WEC Energy (NYSE:) were among the biggest gainers.

In another boost to utilities, which also serve a bond proxy, treasury yields gave up some gains following their intraday surge, with the 10-year U.S. Treasury yields eased further below 1.5%.

Health care stocks were pushed higher by a more than 7% surge in Vertex Pharmaceuticals (NASDAQ:) after the pharmaceutical company reported a positive update from its mid-stage focal glomerular sclerosis study.

Moderna (NASDAQ:), meanwhile, slumped more than 8% after losing an appeal against a court ruling on patents – used in the making of its Covid-19 vaccine – held by Arbutus Biopharma (NASDAQ:). Arbutus surged 71%.

In energy, Exxon Mobil (NYSE:) was in focus after the oil major forecast a doubling of earnings and cash flow by 2027 amid plans to lower capital expenditure.

In tech, Apple (NASDAQ:) added to gains from a day earlier as some on Wall Street highlighted improving signs of improving supply chain pressures that could help the tech maker roll out its latest line of iPhones.

Citing signs of improved wait times for iPhones, UBS forecasts Apple to sell 80 million iPhones in the December quarter, compared with 82 million last year.

Twitter (NYSE:), meanwhile, was up more than 2% after Cathie Wood revealed that ARK purchased 1.1 million shares of the social media company on Tuesday, amid optimism about the future of the company under the leadership of new Chief Executive Parag Agrawal.

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Nuro, 7-Eleven launch California autonomous delivery service with safety drivers

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Nuro, 7-Eleven launch California autonomous delivery service with safety drivers
© Reuters. FILE PHOTO: A man uses a mobile phone outside a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai

2/2

SAN FRANCISCO (Reuters) – Self-driving tech startup Nuro said on Wednesday it was rolling out California’s first commercial autonomous delivery service in partnership with 7-Eleven, a convenience store operator.

Nuro and rivals such as Waymo are launching or planning to launch autonomous delivery services with regulatory approval in the United States, though the services are limited or not in the form of driverless vehicles.

The service will start with Toyota Priuses converted into autonomous vehicles and include a safety driver to monitor the technology, Nuro said.

“The Priuses are the first step in Nuro’s multi-phase approach to introducing commercial autonomous delivery to select service areas,” Nuro said in a statement, adding that the company and 7-Eleven will make the joint decision to introduce Nuro’s R2 driverless vehicles “as soon as possible.”

The service will be available to customers in Mountain View where Nuro is headquartered. It is already delivering Domino’s Pizza (NYSE:) products in Houston, Texas, using its Prius and R2 vehicles, Nuro said.

7-Eleven is a unit of Japan’s Seven & I Holdings Co.

Nuro was the first autonomous vehicle startup to get a permit to use automated vehicles for business from the California Department of Motor Vehicles last year in December. Two other companies, Cruise and Waymo, received their permits in September.

Nuro said earlier this month that it raised $600 million and brought on Alphabet (NASDAQ:) Inc’s Google as an investor.

Alphabet’s self-driving unit Waymo will deliver groceries ordered from one of the Safeway stores in San Francisco, using its automated vehicles, Tekedra Mawakana, co-CEO of Waymo, told a Forbes event on Tuesday.

Waymo said the service will start in early 2022 and will be available to select Waymo and Safeway employees before being introduced to more customers.

Waymo, which plans to use Jaguar I-PACES automated vehicles with safety drivers, said this marks the first autonomous grocery delivery experience in San Francisco.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Union Pacific cuts 2021 volume, operating ratio growth forecast

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Union Pacific cuts 2021 volume, operating ratio growth forecast
© Reuters. FILE PHOTO: A Union Pacific rail car is parked at a Burlington Northern Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren

(Reuters) – Union Pacific Corp (NYSE:) cut its full-year forecast for volume and operating ratio growth on Wednesday, as supply chain logjams pressure the U.S. railroad operator’s volumes.

The Nebraska-based company, in a regulatory filing, said it expects 2021 volumes to grow about 4% from around 5% growth it had forecast in October. It had expected a volume growth of about 7% earlier in the year.

Union Pacific’s intermodal and automotive shipments, which are key revenue drivers, have been hit by supply chain problems, such as logjams at ports, truck driver and chip shortages.

Operating ratio, a key profitability metric, is expected to rise about 150 basis points, down from the 175 points Union Pacific had forecast earlier.

Shares of Union Pacific, which operates in 23 states and connects East Coast ports to key terminals like Chicago, pared gains to trade about flat in the afternoon session.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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