Stada in talks with two private equity groups over sale, Welt reports
BERLIN, June 3 (Reuters) - German pharmaceutical firm Stada is in talks with two private equity investors about a sale, Germany's Welt newspaper reported on Tuesday.
Its owners Bain Capital and Cinven could seek an initial public offering in October if talks on a sale do not come to fruition, the report cited an unnamed source as saying.
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Reuters
21 minutes ago
- Reuters
Big central banks' forecasting lens gets fogged by US tariffs
LONDON, June 5 (Reuters) - Unpredictable White House tariff rhetoric and its impact on currency markets, oil prices and the inflation outlook have put central banks across the world in a tight spot. The European Central Bank cut interest rates on Thursday and looks set to pause, Switzerland appears to be moving back towards negative rates, Japan's resolve to drop ultra-easy monetary policy is wobbling, and baffling U.S. data could keep the Federal Reserve in wait-and-see mode. Here's a look at where 10 developed-market central banks stand. The Swiss National Bank next meets on June 19, and traders see a one in three chance that it will pull rates back into negative territory from 0.25% currently after consumer prices fell for the first time in four years. The safe-haven Swiss franc has gained 10% against the dollar so far this year on geopolitical and market volatility. That's challenging Switzerland's export-heavy economy and cheapened imports, giving the SNB reasons to be wary about deflation. The Bank of Canada held rates at 2.75% on Wednesday and said another cut might be necessary if the economy weakened in the face of tariffs. The BoC has held rates for a second time in a row after an aggressive cutting cycle which shrunk rates by 225 basis points over nine months. Markets price in a roughly 85% chance of another quarter-point cut by September. Money markets expect the Reserve Bank of New Zealand to hold steady on July 9 after a 25 bps rate cut to 3.25% in May to protect the China-focused economy. The RBNZ also warned that global trade uncertainties made future moves unclear. Sweden's central bank left its key rate unchanged at 2.25% in May but with on-again-off-again U.S. tariffs now having contributed to an economic contraction in the first quarter, the Riksbank has signaled more easing ahead. Its next rate decision is on June 18. The ECB cut rates as expected on Thursday and kept all options on the table, opens new tab for its next meetings even as the case grows for a summer pause in its year-long easing cycle. It has lowered rates eight times in the last year, and markets price in one more rate cut by year-end. The Fed, under consistent fire from President Donald Trump for resisting rate cuts, is expected to hold steady at its next June 18 meeting as tariff uncertainty makes wait-and-see its best option for now. With businesses spooked by Trump's aggressive trade talk, have increased, manufacturing orders have slumped and factory gate prices have surged, indicating stagflation risks that could moderate if the White House softens its stance. The Fed has held rates in the 4.25%-4.5% range since December, following 100 bps of cuts last year. Money markets price roughly 50 bps of further easing by year-end. The Bank of England, which has lowered borrowing costs slowly to accommodate bumpy inflation trends, cut rates by 25 bps to 4.25% last month and revealed an unexpected three-way split among its policymakers that signaled uncertainty ahead. Governor Andrew Bailey says the BoE was staying cautious amid unpredictable global trends. Traders expect no move in June and a 60% chance of a cut by August. Weak growth data and fears of Aussie commodities producers and miners taking big blows from a U.S.-China trade war means the Reserve Bank of Australia stands ready to ride to the rescue with rapid rate cuts. The RBA cut rates by 25 bps to 3.85% in May and traders see borrowing costs dropping to about 3% by year-end. Norway's central bank has ditched plans to ease monetary policy as its oil-linked currency weakens amid global trade uncertainty, posing a fresh inflationary threat. The Norges Bank kept rates on hold at a 17-year high of 4.50% in May, and markets anticipate no change at the June 19 meeting. The Bank of Japan, long expected to pursue rate hikes, faces a challenging mix of economic trends if tariffs hurt exports but inflation keeps rising. After the BoJ held borrowing costs steady at 0.5% in May, Governor Kazuo Ueda steadfastly refused to comment on the possible timing of the next increase.
Reuters
29 minutes ago
- Reuters
Wall Street's potential winners and losers from Trump's tax bill
June 5 (Reuters) - As President Donald Trump's sweeping tax-cut and spending bill heads to the Senate, analysts examine how his broad-ranging policies could turn the fortunes of U.S. companies if the package is enacted as law. What Trump has dubbed a "big, beautiful bill", narrowly passed the Republican-controlled House on May 22. The bill seeks to extend tax breaks, set during Trump's first term in 2017 and on track to expire at the end of 2025, for multinational corporations. It is also expected to fulfill many of Trump's populist campaign pledges, including an immigration crackdown and ending some green energy incentives. The tax breaks are largely expected to be positive for the U.S. stock markets, but some analysts see only a modest upside. "Since the 2025 tax cuts are primarily an extension of the current tax code, we expect changes to provide only marginal benefits to equity performance," Morgan Stanley analysts said in a note last month. Overall, the bill is expected to add about $2.4 trillion to the $36.2 trillion U.S. debt pile, the Congressional Budget Office said on Wednesday. Here is a list of industries and companies that are likely to be affected by the bill: Defense companies could see renewed interest from investors as the new bill looks to step up spending on air and missile defense, munitions and border security. "There should be some benefit there to the defense contractors," said Chris Haverland, global equity strategist at Wells Fargo Investment Institute. "We currently rate industrials at a neutral. There'll be some offsets there, but there should be some benefits to the defense area." Brian Mulberry, client portfolio manager at Zacks Investment Management, named defense contractors RTX (RTX.N), opens new tab and General Dynamics (GD.N), opens new tab as potential beneficiaries. The iShares US Aerospace & Defense ETF is trading at all-time highs. Shares of U.S. solar companies slumped on May 22, as the bill aims to cancel funding for green-energy grant programs, which were established under the Biden administration in the 2022 Inflation Reduction Act. "If the bill passes, that's going to be a huge negative for renewable (energy stocks)," said Dave Grecsek, managing director of investment strategy and research at wealth management firm Aspiriant. "We could have a little bit more downside to the renewable energy space, but a lot of it is already priced in." Companies including First Solar (FSLR.O), opens new tab, Enphase Energy (ENPH.O), opens new tab and Sunrun (RUN.O), opens new tab are all in the red for the year. The bill includes substantial funding cuts for the U.S. Medicaid program, with fiscal hawks pushing for cuts to partly offset the cost of the bill's tax components. "Reductions to Medicaid funding also shift the cost to state and local governments that may be burdened by increased health care costs. This may cause notable revenue losses for hospitals, potentially pressuring (the) credit quality of both state and nonprofit health care municipal bonds," Morgan Stanley said. Shares of major health insurers CVS (CVS.N), opens new tab, Humana (HUM.N), opens new tab, UnitedHealth (UNH.N), opens new tab, Elevance (ELV.N), opens new tab and Cigna (CI.N), opens new tab would be in focus. The S&P 500 managed healthcare index (.SPLRCHMO), opens new tab is down 30.6% year to date. BofA Global Research said it expects interest rates to remain high if the bill does not meaningfully address deficit reduction, and flagged several companies that could be hurt by higher rates. SBA Communications (SBAC.O), opens new tab, Equinix (EQIX.O), opens new tab and Alexandria Real Estate Equities (ARE.N), opens new tab are some of the real estate-linked companies that are at risk, BofA Global Research said. "Homebuilders need to take a margin hit on the house to increase affordability. So that's a very simple translation of how fiscal stimulus is leading to a negative consequence for the stock market," said Viresh Kanabar, macro strategist - asset allocation at Macro Hive. The bill also includes legislation to extend or expand Tax Cuts and Jobs Act (TCJA) provisions that are set to expire at the end of 2025. The provisions include 100% bonus depreciation for equipment investment, immediate deduction of domestic research and development (R&D) expenses and looser business interest expensing through 2029. BofA Global Research named a slew of S&P 500 companies with no overseas sales that could benefit from these items, including utility firms Alliant Energy (LNT.O), opens new tab, Ameren Corp (AEE.N), opens new tab and American Electric Power Company (AEP.O), opens new tab.
Reuters
29 minutes ago
- Reuters
Exclusive: Ukraine hits out at Europe's payout from frozen Russian cash
KYIV/BRUSSELS, June 5 (Reuters) - Ukraine's government has criticised a decision to take billions of euros of Russian wealth frozen in Europe and hand it to Western investors, warning that it weakened Europe's stand against Moscow. The criticism follows a move last month by Belgium's Euroclear to take 3 billion euros ($3.4 billion) of Russian investor cash held at the clearing firm to pay Westerners who lost out when Moscow seized their money held in Russia. Now Ukraine has warned that it sends a wrong signal and threatens to weaken Europe's hand when dealing with Russia, while it debates using the entire $300 billion of Russian wealth stranded in Europe to rebuild and defend the battered country. "If private investors are compensated before the victims of war, it won't be justice," said Iryna Mudra, a senior official in Ukrainian President Volodymyr Zelenskiy's office, in Kyiv's first public comments on the move. "It creates a perception of inconsistency, of Europe wavering in its resolve," Mudra, a deputy head of Ukraine's presidential administration, told Reuters. "International law requires that the aggressor is to make full reparation to the victim and not to investors who ... entered a high-risk jurisdiction," said Mudra, who is in charge of legal affairs in Zelenskiy's administration. The criticism comes at a critical time for the Western alliance backing Kyiv, with U.S. President Donald Trump's administration distancing itself from Europe and casting doubt over its commitment to Ukraine's defence and Russian sanctions. Mudra, one of a small circle of officials that set policy, also stressed the importance of maintaining control of the frozen Russian assets, which chiefly belong to its central bank with the majority held at Euroclear. The central bank assets were frozen at the outset of war in the single most powerful sanction directed at Russia over its full-scale invasion of Ukraine, a penalty that is deeply resented in Moscow. Euroclear in March gained clearance from Belgium, its principal legal authority, to make the payout, people familiar with the matter have told Reuters, after the European Union changed its sanctions regime, opens new tab last year to make this possible. A spokesperson for the Belgian government said: "This is not a Belgian decision but the application of a European regulation decided unanimously by the member states." Euroclear has emphasised that it only implements sanctions and does not take decisions about lifting them. Three Russian sources recently told Reuters that Russian President Vladimir Putin's conditions for ending the war include the resolution of the frozen assets issue. Ukraine, meanwhile, is campaigning fiercely against any return of the money to Moscow. Euroclear alone held 195 billion euros of cash in March, opens new tab - mainly Russian central bank funds, with some belonging to Russian investors. "If it is returned to Russia, it will be converted into tanks, missiles, drones, training of new troops," said Ukraine's Mudra. "The world ... must demonstrate that unlawful war brings irreversible financial consequences." Some see the frozen Russian wealth as a lifeline for Kyiv. In the past, the West has engineered loans and payments to Ukraine, opens new tab from the interest on the stranded Russian stockpile, which Putin denounced as theft. Ukrainian officials fear the Euroclear payout, even though it does not affect the central bank money, could undermine their efforts to secure an agreement on using the wider pool of Russian assets to help their country. Mykola Yurlov, an official at Ukraine's Ministry of Foreign Affairs, said the payout set a bad precedent, while Kira Rudik, a Ukrainian parliamentarian, was also critical. "Western companies were operating in Russia at their own risk. Why are these companies basically asking their societies to compensate for this risk?" Rudik told Reuters. "We need this money to rebuild and defend Ukraine." Last month's move also drew criticism abroad. "It is mind boggling that the priority is to reimburse corporate interests rather than spend the money defending Ukraine," said Jacob Kirkegaard, a sanctions expert with the Peterson Institute for International Economics, a Washington-based think tank. While the payout to investors left frozen Russian central bank reserves untouched, it made a dent in the stockpile of Russian wealth that gives the EU leverage over Moscow. More importantly for critics, it sets a worrying precedent. European Union leaders are expected to renew sanctions, including a freeze of Russian assets, at a summit meeting in June, although they could yet face an attempt by Hungary to derail those efforts.
