Maersk continues to sail through Strait of Hormuz, company says
"We will continuously monitor the security risk to our specific vessels in the region and are ready to take operational actions as needed," the Danish container shipping company said.
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Reuters
12 minutes ago
- Reuters
Wall Street set for higher open following Friday's dramatic selloff
Aug 4 (Reuters) - Wall Street's main indexes were poised for a higher open on Monday after a sharp pullback in the previous session, as markets priced in prospects of deeper rate cuts by the Federal Reserve following a surprisingly soft jobs report. A weaker-than-expected July jobs report sent the S&P 500 (.SPX), opens new tab tumbling to its steepest intraday loss in more than two months on Friday. The bleak data, which showed downward revisions for May and June, suggested a sharp deterioration in the labor market and allowed traders to bet on multiple rate cuts this year. According to the CME FedWatch tool, traders now see an 87.5% chance of a September rate cut, up from just 63.1% a week ago. For the year, markets are betting on at least two quarter-point cuts, about 60 basis points. 0#USDIRPR At 8:19 a.m. ET, S&P 500 E-minis were up 34.5 points, or 0.55%, Nasdaq 100 E-minis were up 171.75 points, or 0.75%, and Dow E-minis were up 205 points, or 0.47%. The central bank's decision to keep rates unchanged last week drew immediate criticism from President Donald Trump, who has repeatedly threatened to fire Chair Jerome Powell, arguing that rates should be much lower than they are. Further underscoring uncertainty, the surprise resignation of Fed Governor Adriana Kugler could allow Trump to reshape the central bank's leadership to better align with his policy views. "If we get to a point where Jerome Powell was pushed out earlier than he's expected to go anywhere, that is going to unsettle markets, and that is possibly the pill that they won't swallow," said Danni Hewson, head of financial analysis at AJ Bell. Meanwhile, sentiment was also strained after Trump signed executive orders slapping fresh import duties on countries like Canada, Brazil, India, and Taiwan despite their efforts to negotiate better terms. In premarket trading, Tesla (TSLA.O), opens new tab rose 2.3% after granting CEO Elon Musk 96 million shares worth about $29 billion. U.S. factory orders data for June is due at 10:00 a.m. ET. Tuesday's business activity report and Thursday's jobless claims figures are the only other key economic indicators in this data-light week. Atlanta Fed President Raphael Bostic will speak later in the week. After a big week for Big Tech earnings, companies from various sectors, including Palantir (PLTR.O), opens new tab, Eli Lilly (LLY.N), opens new tab, and Disney (DIS.N), opens new tab, will report this week. Of the 330 S&P 500 companies that have reported earnings as of Friday, 80.6% have surpassed analyst expectations, the highest beat rate since the third quarter of 2023, according to data compiled by LSEG I/B/E/S. Among early movers, Joby Aviation (JOBY.N), opens new tab rose 5.7% after Bloomberg News reported that the company was exploring the acquisition of helicopter ride-share operator Blade Air Mobility (BLDE.O), opens new tab. Blade Air's shares surged 27.2%. Chemours (CC.N), opens new tab rose 8.2% after reaching an agreement with New Jersey to resolve all environmental claims. Spotify (SPOT.N), opens new tab gained 5.2% as the music streaming platform announced plans to raise the monthly price of its premium individual subscription in select markets from September.
Finextra
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ADIB taps Visa for cross-border remittances
ADIB Visa partnership introduces Remit, a global real-time cross-border transfer service powered by Visa Direct. 0 With access to more than 11 billion cards, wallets, and accounts,this partnership is a significant step in ADIB's expansion of its digital reach and customer-centric innovation. The new service is designed to offer real-time, secure, and convenient cross-border money transfers, allowing individuals to send funds seamlessly for family support, personal needs, or other purposes. The partnership also reflects a broader push by Visa to expand real-time money movement across the Middle East. As consumers increasingly seek digital solutions for sending funds abroad, such collaborations help modernize the region's payments infrastructure and support greater financial inclusion. 'This partnership marks a major milestone for our customers and reaffirms our commitment to digital innovation and customer-centric financial services. We are excited to be the first bank globally to launch such a service, offering our customers a seamless and secure way to send money across the globe', said Amit Malhotra, Global Head of Consumer Banking, ADIB. 'The Middle East is home to one of the world's most active remittance corridors. In the UAE alone, consumers send money abroad an average of 1.4 times per month. This is a clear sign of the demand for fast, secure and reliable transfers. Through our partnership with ADIB, we're extending the reach of Visa Direct to make real-time money movement a reality for more people and businesses across the region,' said Salima Gutieva, Visa's VP and Country Manager for UAE. The launch comes amid rising demand for faster and more transparent cross-border transfers in the Gulf. According to Visa's 2025 remittance study, 95% of surveyed consumers in the UAE send money abroad at least once per year. Among those, 63% prefer to transfer funds digitally from physical locations, and nearly half cite safety, privacy and speed as key reasons for choosing digital methods. Nevertheless, key pain points remain. High fees and the need to travel to a physical location to complete a transfer are among the most frequently reported frustrations. Over a third of UAE consumers surveyed say they have encountered such issues when sending money. Visa Direct is designed to address these concerns. As Visa's global money movement network, it enables real-time, secure transfers to cards, wallets and accounts globally. One such solution, Visa+, allows businesses and financial institutions to send funds using a recipient's mobile number or email, rather than full account details. Already active across key GCC corridors, including the UAE, Qatar, and Bahrain, Visa+ helps streamline a range of use cases, from peer-to-peer payments to business disbursements and cross-border remittances. This ADIB Visa partnership demonstrates how collaboration can reshape global remittances—offering customers faster, safer, and smarter ways to send money abroad.
Reuters
13 minutes ago
- Reuters
NYSE names Bryan Daniel as president of NYSE Texas
Aug 4 (Reuters) - The New York Stock Exchange said on Monday it has named Bryan Daniel, a former staffer of Texas Governor Greg Abbott, as the president of NYSE Texas. The move comes months after Intercontinental Exchange-owned (ICE.N), opens new tab NYSE said it would launch in Texas, as the state emerges as a financial hub and a challenger to New York. Daniel will report to Lynn Martin, president of the NYSE Group.
