MARKETS - Page 26

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Hedge funds that use computers to trade equities are expected to start selling to $20 billion to $30 billion in the next two weeks, given retreating stock markets, a UBS (UBSG.S) note seen by Reuters shows. The UBS note said that hedge fund managers using algorithms to follow market trends have turned neutral from bullish on stocks. The bank anticipates as much as $30 billion of outflows will soon hit markets, potentially exacerbating the downward move in shares, as these

The Russian rouble fell past the symbolic threshold of 100 to the dollar before recovering slightly in early trade on Tuesday, weighed down by foreign currency outflows and the country’s shrinking current account surplus. In August, the rouble’s last tumble into triple digits led the Bank of Russia to make an emergency 350-basis-point rate hike to 12%, and authorities discussed reintroducing controls to bolster the currency. The move was meant to curb capital outflows and protect the economy from a

In a move highlighting the increasing focus of technology-based firms in digital entertainment, Singapore Special Purpose Acquisition Companies (SPAC) is acquiring a live-streaming platform for up to $676 million. In its first purchase since being listed on the Singapore Exchange (SGX), the SPAC VTAC will acquire 17LIVE Inc, which operates Asia’s leading live streaming platform with over 50 million registered users. The deal is expected to close by the end of 2023, with the newly merged company set to operate

Wells Fargo said on Friday it had sold about $2 billion of its private equity investments as the bank aims to sharpen focus on its core businesses. The transaction includes selling investments made by Wells Fargo Securities, a company division, in funds managed by Norwest Equity Partners and Norwest Mezzanine Partners. The funds have been sold to buyers, including private equity firm Carlyle Group’s (CG.O) AlpInvest Partners, Atalaya Capital Management, Lexington Partners, and Pantheon Capital Management. The sale of the

Investors are losing faith in the idea that stocks will continue to climb. That could indicate trouble, but this year’s S&P 500 is still up 12 percent. The index is dominated by tech stocks, led by chip maker Nvidia, including Apple, Microsoft, Meta, Amazon and Tesla. Take those companies out of the index, and it’s up only about 1 percent. The S&P 500 ended lower on Friday as investors digested the implications of a U.S. inflation report for the Federal

Private equity firm Carlyle Group Inc. has entered into exclusive talks to acquire a majority stake in two medical device businesses of Medtronic Plc (MDT.N) at a valuation of more than $7 billion, according to people familiar with the matter. Were an agreement to be reached in the coming weeks, it would mark the culmination of Medtronic’s 12-month review of its patient monitoring and respiratory interventions businesses that it also considered a spinoff. The deal could be the latest sign

Volkswagen was hit by a major IT outage on Wednesday, which caused production at the carmaker’s namesake brand in Germany to halt. Volkswagen, Europe’s top carmaker, said the entire group, including the Porsche AG (P911_p.DE) and Audi brands, was affected. A spokesperson for Audi confirmed that production at the division had also been disrupted, adding that the extent of the impact was being analyzed. The company said that the outage was caused by an unspecified “IT malfunction of network components”

Chinas Nio has held exploratory talks with Mercedes-Benz for a tie-up that would see the German automaker invest in the Chinese electric vehicle startup in exchange for technology, two people with direct knowledge of the matter said. The talks were held last month at Nio’s headquarters in Shanghai. One of the people said that Nio’s founder and chief executive, William Li, discussed the potential collaboration with Mercedes CEO Ola Kaellenius. The Mercedes-Nio tie-up would provide an infusion of cash for

The cryptocurrency industry has poured money into Washington recently, hiring top talent from the White House and Congress and spending millions on lobbying. But it’s likely to face an uphill struggle in its push for laws allowing crypto firms more flexibility, a source familiar with the matter said. After the spectacular collapse last year of FTX, once one of the most trusted exchanges in the freewheeling industry, lawmakers are taking notice. But the response so far to the plight of