2024-11-21 19:25

STOCKHOLM, Nov 21 (Reuters) - Swedish truckmaker Scania said on Thursday it will lend Northvolt $100 million as part of the struggling Swedish battery maker's U.S. Chapter 11 bankruptcy protection deal. Scania is part of the Volkswagen-owned (VOWG_p.DE) , opens new tab Traton Group (8TRA.DE) , opens new tab. Sign up here. https://www.reuters.com/business/autos-transportation/scania-says-it-will-lend-northvolt-100-mln-under-us-chapter-11-bankruptcy-deal-2024-11-21/

2024-11-21 19:23

WASHINGTON, Nov 21 (Reuters) - U.S. President-elect Donald Trump's social media company is considering developing a cryptocurrency payment service, the New York Times reported on Thursday. Trump Media & Technology Group (DJT.O) , opens new tab filed a trademark application on Monday for a service called TruthFi, which it described as a platform for crypto payments and trading in digital assets, the Times reported. Sign up here. https://www.reuters.com/technology/trumps-social-media-company-considering-crypto-payment-service-ny-times-reports-2024-11-21/

2024-11-21 19:11

Canadian dollar gains 0.1% against the greenback Touches its strongest level since Nov. 12 Government unveils C$6.3 billion in new spending 10-year yield touches four-month high at 3.466% TORONTO, Nov 21 (Reuters) - The Canadian dollar edged up to a nine-day high against its U.S. counterpart on Thursday and bond yields climbed as a Canadian government proposal to increase spending reduced prospects for another outsized interest rate cut from the Bank of Canada. Canada's Liberal government, which is trailing badly in the polls ahead of next year's election, unveiled C$6.3 billion ($4.5 billion) in proposed new spending measures to help consumers deal with high prices. The measures could "translate into a noticeable boost to (gross domestic product) growth in the first half of next year," Royce Mendes, managing director and head of macro strategy at Desjardins, said in a note. "The Bank of Canada will take this into account when considering how quickly and how far to cut rates. ... The announcement should all but close the door to a 50-basis-point cut next month." Investors see a roughly 10% chance the BoC will reduce its benchmark rate by half a percentage point at its next policy decision on Dec. 11, down from 38% before hotter-than-expected Canadian inflation data on Tuesday. The central bank eased by 50 basis points in October, the first cut of that magnitude in 15 years outside of the pandemic era. The Canadian dollar was trading 0.1% higher at 1.3960 per U.S. dollar, or 71.63 U.S. cents, after touching its strongest intraday level since Nov. 12 at 1.3928. The price of oil, one of Canada's major exports, rose 1.5% to $69.76 a barrel on rising Russia-Ukraine tensions, while the U.S. dollar (.DXY) , opens new tab extended recent gains against a basket of major currencies as investors assessed the latest data on the American labor market. Canadian bond yields increased across the curve. The 10-year was up 5.8 basis points at 3.445%. Sign up here. https://www.reuters.com/markets/currencies/canadian-dollar-rises-fiscal-spending-clips-rate-cut-bets-2024-11-21/

2024-11-21 18:51

WASHINGTON, Nov 21 (Reuters) - U.S. mortgage rates increased to a four-month high this week, which together with higher home prices could sideline potential buyers from the housing market in the near term. The average rate on the popular 30-year fixed-rate mortgage increased to 6.84%, the highest level since July, from 6.785% last week, mortgage finance agency Freddie Mac said on Thursday. It averaged 7.29% during the same period a year ago. Though the Federal Reserve has cut interest rates twice since September, U.S. Treasury yields have risen on strong economic data and investor fears that President-elect Donald Trump's policies, including higher tariffs on imported goods and mass deportations, could reignite inflation. Mortgage rates track the 10-year Treasury note. Sign up here. https://www.reuters.com/markets/us/us-30-year-fixed-rate-mortgage-approaches-7-2024-11-21/

2024-11-21 18:26

Nov 21 (Reuters) - A federal judge in Texas on Thursday struck down the U.S. Securities and Exchange Commission's overhaul of Treasury dealer rules adopted earlier this year, finding that the agency had overstepped its legal authority in issuing the regulations, according to court records. The decision marked at least the third time in a year that a court had vacated prominent SEC regulations and the latest blow from a conservative-leaning judiciary to policy goals under President Joe Biden, who is due to step down in January. The changed legal environment has hampered the SEC's ability to pursue its regulatory agenda this year. "The Court holds that the Rule is in excess of the Commission's authority based on the text, history, and structure" of the SEC's founding statutes, U.S. District Judge Reed O'Connor of the Northern District of Texas said in an opinion. Adopted in February over Republican officials' objections, the rule required proprietary traders and others who routinely deal in government bonds and other securities to register as broker-dealers. The rule aimed to address liquidity problems in the $26 trillion Treasury market, something market players said was part of the biggest market structure overhaul in decades. An SEC spokesperson said the agency was reviewing the decision before deciding on next steps. The case was brought by the Managed Funds Association and other trade groups representing the investment industry. O'Connor also reached the same outcome on Thursday in a separate case brought by the Blockchain Association and the Crypto Freedom Alliance of Texas, two cryptocurrency organizations. The Alternative Investment Management Association, which had brought suit with MFA, hailed the news, saying the decisions spared hedge fund managers from "severe and adverse consequences" from what it said would have been sweeping and unprecedented changes. Courts in December and June also struck down SEC rules on share buybacks and disclosures by private fund advisers. At least three other rules remain subject to legal challenges. However observers say they expect President-elect Donald Trump's administration may simply settle them in favor of industry after taking office next year. (This story has been refiled to add a missing word in paragraph 2) Sign up here. https://www.reuters.com/markets/us/us-court-vacates-sec-dealer-rule-treasury-markets-2024-11-21/

2024-11-21 17:33

Nov 21 (Reuters) - Citron Research has taken a short position in MicroStrategy (MSTR.O) , opens new tab, the company said in a post on social media platform X on Thursday. Shares of the largest corporate holder of bitcoin were last down more than 8%. They opened sharply higher on a rally in bitcoin prices, which were nearing $100,000 after crypto-friendly Donald Trump's victory in the U.S. presidential election. "Now, with Bitcoin investing easier than ever (ETFs, $COIN, $HOOD), $MSTR's volume has completely detached from BTC fundamentals," Citron wrote while stating it was bullish on bitcoin. "Much respect to (Michael Saylor), but even he must know (MicroStrategy) is overheated." MicroStrategy did not immediately respond to a Reuters request for comment. Under Executive Chairman Saylor, the company has raised capital all through the year to acquire more bitcoin, with a $2.6 billion debt offering on Wednesday the latest. Its shares have surged more than 600% so far this year. Sign up here. https://www.reuters.com/technology/citron-research-discloses-short-position-bitcoin-buyer-microstrategy-2024-11-21/