Failed Wall Street trades rate roughly stable under faster settlement

NEW YORK (Reuters) – The rate of U.S. failed trades stood at 1.90% on Wednesday, a big test day for the recently implemented faster settlement cycle, roughly stable from Friday’s number, Depository Trust & Clearing Corporation (DTCC) showed this morning. Market participants were expecting it to increase to 4.1% after T+1 implementation, from 2.9%, according to research firm ValueExchange. On Friday, before the settlement period was halved to one day in the U.S., the fail … Read more…

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Salesforce plummets as weak forecast sparks concerns of AI competition

By Kanchana Chakravarty and Arsheeya Bajwa (Reuters) -Salesforce shares slumped about 18% on Thursday, after its lowest-ever quarterly revenue growth forecast raised fears that high interest rates and rival AI offerings were hampering demand at the cloud-based software firm. The company could lose more than $48 billion in market value if losses hold, as it also reported quarterly revenue that was below expectations for the first time since 2006. “Weak bookings in Q1 further test … Read more…

Renault to develop Twingos priced under 20,000 euros with Chinese partner

PARIS (Reuters) – Renault said it would link up with a Chinese engineering company to develop future Twingo cars priced below 20,000 euros ($21,676), as European automakers target smaller and cheaper electric vehicles to compete with Chinese peers. “Twingo’s development is moving forward quickly, as we plan to make the development in two years,” said a spokesperson for Renault’s Ampere electric vehicles division. “The development of the car will be done with a Chinese engineering … Read more…

Stocks fall with bond yields after US economic data

By Sinéad Carew NEW YORK/ LONDON (Reuters) -A global equities gauge was lower on Thursday while bond yields turned lower with the dollar after U.S. economic data came in weaker than expected. The U.S. economy grew more slowly than expected in the first quarter after downward revisions to consumer spending, according to a Commerce Department report which showed gross domestic product (GDP) growing at an annualized rate of 1.3% versus estimates for 1.6% and the … Read more…

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Wall Street says shift to faster trade settlement smooth so far

By Carolina Mandl and Davide Barbuscia NEW YORK (Reuters) -The Securities Industry and Financial Markets Association (Sifma) said on Wednesday the transition to faster trade settlement was going smoothly, with some early numbers and market participants pointing to a well-ordered transition so far. On Tuesday, U.S. trading of equities, corporate and municipal bonds and other securities moved to a one-day securities settlement cycle (T+1) from two days (T+2), to comply with a rule change adopted … Read more…

Stocks wilt, bond yields jump as investors focus on rates

By Sinéad Carew and Harry Robertson NEW YORK/LONDON (Reuters) -A global equities gauge fell on Wednesday while benchmark U.S. Treasury yields rose as investors worried about interest rates a day after a weak bond auction and waited for a key U.S. inflation report due on Friday. The dollar held firm, rising against the Japanese yen as placid markets encouraged investors to resume carry trades. MSCI’s gauge of stocks across the globe fell 7.54 points, or … Read more…

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Visa, Mastercard to pay $197 million to settle consumer ATM fee lawsuit

By Mike Scarcella (Reuters) – Visa and Mastercard have agreed to pay $197 million to resolve a class action by millions of consumers accusing the financial payment companies of keeping cash access fees artificially high. The plaintiffs’ lawyers revealed the proposed accord on Wednesday in a filing in Washington, D.C., federal court. The settlement involves consumers who withdrew cash from bank-operated ATMs since 2007. Two other related class actions — one from consumers who used … Read more…

Musk’s $56 billion pay package opposed by CalPERS CEO, CNBC reports

(Reuters) -The California Public Employees Retirement System (CalPERS) CEO Marcie Frost is planning to oppose Tesla CEO Elon Musk’s $56 billion pay package, CNBC reported on Wednesday. “We do not believe that the compensation is commensurate with the performance of the company,” Frost said in an interview to CNBC. Asked if the pension fund was “duped” when it supported the proposal in 2018, Frost said it had not been. “We used the information we had … Read more…

Nasdaq crosses 17,000 mark ahead of inflation test

By Johann M Cherian and Lisa Pauline Mattackal (Reuters) -The Nasdaq breached the 17,000 level for the first time on Tuesday, buoyed as AI darling Nvidia jumped to a record high, even as focus shifted to key inflation data later in the week that could sway expectations for the Federal Reserve’s rate-cut path. Nvidia’s gains lifted its fellow chip stocks, with the Philadelphia Semiconductor Index up 1.7% as traders returned from a holiday-extended weekend. The … Read more…

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Hess shareholders approve merger with Chevron

By Sabrina Valle HOUSTON (Reuters) – Hess Corp on Tuesday approved the company’s $53 billion merger with the No. 2 U.S. oil company Chevron, according to preliminary results of the vote. The merger required a majority vote to approve the deal by a majority of Hess’ 308 million shares outstanding to pass. The company did not immediately provide the vote tally. Chevron offered to acquire Hess last October in a move to gain a foothold … Read more…