Tag Archives: RFOD

China, Indonesia hail ‘win-win’ cooperation after rare Beijing summit

BEIJING, July 26 (Reuters) – The leaders of China and Indonesia pledged to scale up trade and expand cooperation in areas such as agriculture and food security, following a rare visit to COVID-wary China by a foreign head of state.

Indonesian President Joko Widodo met Chinese President Xi Jinping and Premier Li Keqiang in Beijing on Tuesday. China last hosted foreign leaders during the Winter Olympics in February, with Russian President Vladimir Putin among those who visited Beijing.

The commitment by China, Indonesia’s No.1 trading partner, to deepen trade relations and fully back Indonesia’s chairmanship of the Association of Southeast Asian Nations (ASEAN) next year is an economic and political win for Jokowi, as the Indonesian president is widely known.

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China hailed Indonesia as a model strategic partner, in contrast to its sharp words for the United States in recent months over issues from Taiwan and Ukraine to trade practices and the South China Sea.

“(China and Indonesia) have acted proactively and with a strong sense of responsibility to maintain regional peace and stability,” according to the joint statement.

“They have thus set an example of major developing countries seeking strength through unity and win-win cooperation.”

Indonesia is an important source of ferronickel, coal, copper and natural gas for the world’s second-largest economy.

In the first half of 2022, Chinese imports from Indonesia, mostly commodities, surged 34.2% on year, the most after Russia.

China has expressed commitment to import an additional one million tonnes of crude palm oil from Indonesia, said the Indonesian state palace.

Jokowi met Li and Xi at the Diaoyutai State Guesthouse, part of a sprawling complex of villas, lakes and gardens where many foreign leaders, including the late U.S. President Richard Nixon, have been received.

As president of the G20 this year, Jokowi has sought to mend rifts within the group exposed by Russia’s invasion of Ukraine.

Last month he travelled to Ukraine to meet President Volodymyr Zelenskiy and also to Moscow to hold talks with Putin. Jokowi said Indonesia was willing to be a “communication bridge” between the two. read more

China, while not condemning its strategic partner Russia for the invasion, has repeatedly called for a cessation of hostilities and has offered to help promote peace talks.

Both Indonesia and Russia are part of the G20, with the former holding the group’s presidency this year.

Some G20 member-states have threatened to boycott this year’s leaders summit, on the island of Bali on Nov. 15-16, if Putin attends.

Jokowi invited Xi to Indonesia to attend the November summit, according to their joint statement.

“President Xi expressed his gratitude and wished the summit a complete success,” it said.

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Reporting by Ryan Woo; Additional reporting by Stanley Widianto in Jakarta and Stella Qiu in Beijing; Editing by Michael Perry, William Maclean and Nick Macfie

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S&P 500 ends choppy session nearly flat; investors eye Fed, earnings

  • Apple, Amazon.com among companies to report earnings this week
  • FOMC to kick off two-day policy meeting from Tuesday
  • Miner Newmont falls after raising annual cost forecast
  • Indexes: Dow up 0.3%, S&P 500 up 0.1%, Nasdaq down 0.4%

NEW YORK, July 25 (Reuters) – The S&P 500 see-sawed on Monday and ended close to unchanged as investors girded for an expected rate hike at a Federal Reserve meeting this week and earnings from several large-cap growth companies.

The Nasdaq ended lower, and S&P 500 technology (.SPLRCT) and consumer discretionary (.SPLRCD) led declines among major S&P sectors. The energy sector (.SPNY) gained along with oil prices.

“Right now we’re just in a holding pattern waiting for all those developments to play out,” said Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut.

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The Fed is expected to announce a 75 basis-point rate hike at the end of its two-day monetary policy meeting on Wednesday, effectively ending pandemic-era support for the U.S. economy.

Comments by Fed Chairman Jerome Powell following the announcement will be key, as some investors worry that aggressive rate hikes could tip the U.S. economy into recession. read more

This week is expected to be the busiest in the second-quarter reporting period, with results from about 170 S&P 500 companies due. Microsoft Corp (MSFT.O) and Google-parent Alphabet (GOOGL.O) are due to report Tuesday. Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) are set for Thursday.

“It’s a crucial earnings season for the market, especially given the (recent) attempt by Nasdaq to climb higher,” said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

The Nasdaq, which has led declines among major sectors this year, gained more than 3% last week.

The Dow Jones Industrial Average (.DJI) rose 90.75 points, or 0.28%, to 31,990.04, the S&P 500 (.SPX) gained 5.21 points, or 0.13%, to 3,966.84 and the Nasdaq Composite (.IXIC) dropped 51.45 points, or 0.43%, to 11,782.67.

After the closing bell, shares of Walmart (WMT.N) were down more than 8% after the retailer said it was cutting its forecast for full-year profit and blamed food and fuel inflation. read more

S&P 500 earnings are expected to have climbed 6.1% for the second quarter from the year-ago period, according to IBES data from Refinitiv. Along with inflation and rising interest rates, investors have been concerned about the impact of currency headwinds and lingering supply chain issues for companies this earnings season.

Tuesday brings reports on two housing indicators – the S&P Case-Shiller’s 20-city composite (USSHPQ=ECI) and the Commerce Department’s new home sales number.

Recent housing data has suggested the sector may be a harbinger of a cooling economy. read more

Newmont Corp (NEM.N)fell 13.2% after the miner raised its annual cost forecast and missed its second-quarter profit, hurt by lower gold prices and inflationary pressures. read more

Volume on U.S. exchanges was 9.34 billion shares, compared with the 11.0 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored decliners.

The S&P 500 posted 1 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 50 new highs and 105 new lows.

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Reporting by Caroline Valetkevitch; additional reporting by Shreyashi Sanyal and Aniruddha Ghosh in Bengaluru and Sinead Carew in New York; Editing by Sriraj Kalluvila, Anil D’Silva and David Gregorio

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Biden administration throws support behind potential F-16 sale to Turkey

A U.S. Air Force F-16 fighter taking part in the U.S.-led Saber Strike exercise flies over Estonia June 6, 2018. REUTERS/Ints Kalnins

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MADRID, June 29 (Reuters) – The Biden administration threw its support on Wednesday behind the potential sale of U.S. F-16 fighter jets to Turkey, a day after Ankara lifted a veto of NATO membership for Finland and Sweden.

Celeste Wallander, Assistant Secretary for Defense for International Security Affairs at Pentagon, told reporters on a call that strong Turkish defense capabilities would reinforce NATO’s defenses.

“The United States supports Turkey’s modernization of its fighter fleet because that is a contribution to NATO security and therefore American security,” she said.

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“These plans are in the works. And, they need to be worked through our contracting processes,” she added.

Turkey made a request in October to the United States to buy 40 Lockheed Martin-made F-16 fighters and nearly 80 modernization kits for its existing warplanes.

Washington had not previously openly expressed any opinion on the sale aside from saying all weapons sales would have to go through the necessary legal process.

In March, the State Department wrote a letter to some members of the U.S. Congress who had opposed the sale, saying “appropriate” U.S. defense trade ties with Turkey would serve U.S. interests. read more

Wallander’s comments come on the heels of an 11th hour deal struck on Tuesday between Turkey, Finland and Sweden after four hours of talks, averting an embarrassing impasse at the gathering of 30 NATO leaders that aims to show resolve in the face of Russia’s invasion of Ukraine. read more

U.S. President Joe Biden, speaking before his meeting with Turkish President Tayyip Erdogan on the sidelines of the NATO summit in Madrid praised Erdogan’s efforts to help strike a deal with the Nordic countries. “I want to particularly thank you for what you did,” Biden said.

The three nations signed a deal under which Ankara lifted its block on Finnish and Swedish membership, while the candidates pledged not to support the Kurdish militant PKK and YPG groups, or the network of U.S.-based cleric Fethullah Gulen, which Turkey blames for a failed 2016 coup attempt.

U.S. officials pushed back against any suggestion that Washington was backing the warplane request to remove Turkish objections to the entry of Sweden and Finland into NATO.

“The U.S. did not offer anything to Turkey and was not asked for anything by Turkey” as part of its agreement with Finland and Sweden, a senior administration official said.

The official said U.S. officials were engaged in ongoing technical talks about Turkey’s request to buy U.S. F-16 fighter jets. Congress would have the final say about any such sales.

Erdogan, before departing for Madrid on Tuesday but after a phone call with Biden, criticised the United States over the F-16 sale, saying it was stalling Ankara.

In his brief remarks before his meeting with Biden, Erdogan did not bring up the F-16 issue but expressed his pleasure to meet Biden “after a long while.” Their meeting lasted about an hour.

The two leaders had last met in person in October 2021 and spoke on the phone earlier this year.

The sale of U.S. weapons to NATO ally Turkey became contentious after Ankara acquired Russian-made defense missile systems, triggering U.S. sanctions as well as Turkey’s removal from the F-35 fighter jet program.

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Reporting by Humeyra Pamuk
Editing by Peter Graff and Alistair Bell

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Tasty name but no Big Mac as rebranded McDonald’s restaurants open in Russia

June 12 (Reuters) – It might look and smell like McDonald’s but now it’s Vkusno & tochka. The golden arches are gone, the filet-of-fish is simply a fish burger. The Big Mac has left Russia.

A new era for Russia’s fast-food and economic scene dawned on Sunday as McDonald’s (MCD.N) restaurants flung open their doors in Moscow under new Russian ownership and with the new name, which translates as “Tasty and that’s it”.

The rebranding of the outlets, three decades after the U.S. burger giant first opened in Moscow in a symbolic thaw between East and West, is once again a stark sign of a new world order.

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The fortunes of the revamped chain, which McDonald’s sold when it exited the country over the conflict in Ukraine, could provide a test of how successfully Russia’s economy can become more self-sufficient and withstand Western sanctions.

On Sunday, scores of people queued outside what was once McDonald’s flagship restaurant in central Moscow. The outlet sported a new logo – a stylised burger with two fries – plus a slogan reading: “The name changes, love stays”.

The queue was significantly smaller than the thousands of people who thronged to the original McDonald’s opening there in 1990 during the Soviet era.

Vkusno & tochka’s menu was smaller and did not offer the Big Mac and some other burgers. A double cheeseburger was going for 129 roubles ($2.31) compared with roughly 160 under McDonald’s and a fish burger for 169 roubles, compared with about 190 previously.

The composition of burgers has not changed and the equipment from McDonald’s has remained, said Alexander Merkulov, quality manager at the new company.

Sergei, a 15-year-old customer, saw little difference.

“The taste has stayed the same,” he said as tucked into a chicken burger and fries. “The cola is different, but there really is no change to the burger.”

MUCH DIFFERENCE?

The flagship Moscow restaurant is among 15 rebranded outlets that will initially open in and around the capital on Sunday. Oleg Paroev, chief executive of Vkusno & tochka, said the company was planning to reopen 200 restaurants in Russia by the end of June and all 850 by the end of the summer.

The chain will keep its old McDonald’s interior but will expunge any references to its former name, said Paroev, who was appointed Russia McDonald’s CEO weeks before Moscow sent tens of thousands of troops into Ukraine on Feb. 24.

“Our goal is that our guests do not notice a difference either in quality or ambience,” Paroev told a media conference in the restaurant. He said the chain would keep “affordable prices” but did not rule out slight rises in the near term.

McDonald’s closed its restaurants in Russia on March 14 and said in mid-May it decided to leave the market.

“For three months we did not work,” said Ruzanna, manager of a Moscow branch that will open in July. “Everyone is very pleased.”

Alexander Govor, the new owner of the chain, said up to 7 billion roubles ($125.56 million) would be invested this year in the business, which employs 51,000 people.

“The corporation asked me to, first of all, keep the headcount, to provide people with work. That’s what I’m going to do,” he added.

Govor said the company was looking for new suppliers of soft drinks as Coca Cola (KO.N), which has said it was suspending its business in Russia.

Moments after the press conference finished a man stood up in front of the cameras holding a sign that read “Bring back the Big Mac”. He was swiftly escorted out by restaurant staff.

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Reporting by Reuters; Editing by Pravin Char

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Target warns of more margin squeeze as excess inventory weighs

June 7 (Reuters) – Target Corp (TGT.N) on Tuesday cut its quarterly profit margin forecast issued just weeks earlier, and said it would have to offer deeper discounts to clear inventory as decades-high inflation takes a toll on demand.

The surprise outlook revision sent shares of Target down nearly 7% in early trading and weighed on the retail sector and broader markets.

The retailer said it would mark down prices in the second quarter, cancel orders with suppliers, strengthen parts of its supply chain and prioritize categories such as food and household essentials.

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Soaring inflation is forcing consumers to change their shopping habits, catching many retailers off guard and forcing them to offer more discounts.

Target, along with Walmart (WMT.N), had reported a much steeper-than-expected drop in quarterly profit in May, sending shockwaves through the retail industry. read more

At the time, Target said its inventory rose 43%, compared with a year earlier, as demand for high-margin discretionary items such as kitchen appliances and televisions waned.

A shopping cart is seen in a Target store in the Brooklyn borough of New York, U.S., November 14, 2017. REUTERS/Brendan McDermid

“Target was a retailer that had done exceptionally well at managing inventory challenges, but now when consumers … are pausing to see where they’re spending, what was once an advantage may come back to bite,” Jane Hali & Associates analyst Jessica Ramirez said.

Target’s strategy to keep most of its products affordable compared with its rivals is proving to be costly, with the company now saying it would raise prices on some items to offset the unusually high transportation and fuel costs.

Reuters Graphics

The company now expects second-quarter operating margin to be about 2%, compared with its prior estimate of 5.3%. It also expects margins to be around 6% for the second half of the year.

Still, Target maintained its sales goals for the year, prompting some Wall Street analysts to say the company’s aggressive measures could help it come out on top later in the year.

“While this is a painful period for Target, taking their medicine (again) in Q1 and Q2 does set up for a better second half with cleaner inventories … (and) set up for a better second half for the stock as well,” D.A. Davidson analyst Michael Baker said.

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Reporting by Aishwarya Venugopal, Susan Mathew and Uday Sampath in Bengaluru; Editing by Anil D’Silva

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GameStop quarterly revenue beats estimates on higher demand for video games

People walk by a GameStop in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly

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June 1 (Reuters) – GameStop Corp (GME.N) reported first-quarter revenue that exceeded market expectations on Wednesday, as the video game retailer pivots toward a more online-focused model amid increasing competition from large retailers such as Walmart Inc (WMT.N) and Amazon.com Inc (AMZN.O).

Store closures during the COVID-19 pandemic affected GameStop’s physical retail business, for which it is primarily known. The company has been bolstering its online sales capabilities as shopping trends towards e-commerce accelerated during the pandemic.

The company’s shares soared 687% last year as it was at the center of a battle between retail investors coordinating on online forums and Wall Street hedge funds that had taken short positions in GameStop, in what is called a “short-squeeze”.

Net sales were $1.38 billion in the quarter ended April 30, above analysts’ average estimate of $1.32 billion, according to Refinitiv data.

Net loss widened to $157.9 million, or $2.08 per share, for the first quarter, from $66.8 million, or $1.01 per share, a year earlier.

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Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri

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Wall Street ends mixed after punishing week

  • Ross Stores plunges after cutting 2022 forecast
  • S&P 500 +0.01%, Nasdaq -0.30%, Dow +0.03%

May 20 (Reuters) – Wall Street ended mixed on Friday after a volatile session that saw Tesla slump and other growth stocks also lose ground.

The S&P 500 and the Nasdaq logged their seventh straight week of losses, their longest losing streak since the end of the dotcom bubble in 2001.

The Dow (.DJI) suffered its eighth consecutive weekly decline, its longest since 1932 during the Great Depression.

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Worries about surging inflation and rising interest rates have pummeled the U.S. stock market this year, with danger signals from Walmart Inc (WMT.N) and other retailers this week adding to fears about the economy.

The S&P 500 spent most of the session in negative territory and at one point was down just over 20% from its Jan. 3 record high close before ending down 18% from that level and flat for the day.

Closing down 20% from that record level would confirm the S&P 500 has been in a bear market since reaching that January high, according to a common definition.

The tech-heavy Nasdaq (.IXIC) was last down about 27% from its record close in November 2021.

S&P 500 bear markets

Weighing heavily on the S&P 500, Tesla (TSLA.O) tumbled 6.4% after Chief Executive Elon Musk denounced as “utterly untrue” claims in a news report that he sexually harassed a flight attendant on a private jet in 2016. read more

Other megacap stocks also fell, with Apple Google-owner Alphabet Inc (GOOGL.O) down 1.3% and Nvidia (NVDA.O) losing 2.5%.

Shares of Deere & Co (DE.N) dropped 14% after the heavy equipment maker posted downbeat quarterly revenue. read more

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 19, 2022. REUTERS/Andrew Kelly

Pfizer (PFE.N) rose 3.6%, helping the S&P 500 avoid a loss for the day.

Recent disappointing forecasts from big retailers Walmart, Kohl’s Corp (KSS.N) and Target Inc (TGT.N) have rattled market sentiment, adding to evidence that rising prices have started to hurt the purchasing power of U.S. consumers.

On Friday, Ross Stores (ROST.O) plunged 22.5% after the discount apparel retailer cut its 2022 forecasts for sales and profit, while Vans brand owner VF Corp (VFC.N) gained 6.1% on strong 2023 revenue outlook.

Traders are pricing in 50-basis point rate hikes by the U.S. central bank in June and July.

The S&P 500 edged up 0.01% to end the session at 3,901.36 points.

The Nasdaq declined 0.30% to 11,354.62 points, while the Dow Jones Industrial Average rose 0.03% to 31,261.90 points.

S&P 500’s busiest trades

For the week, the S&P 500 fell 3.0%, the Dow lost 2.9% and the Nasdaq declined 3.8%.

About two thirds of S&P 500 stocks are down 20% or more from their 52-week highs.

Volume on U.S. exchanges was 13.0 billion shares, compared with a 13.5 billion average over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.

The S&P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 11 new highs and 353 new lows.

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Reporting by Amruta Khandekar and Devik Jain in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta, Arun Koyyur and Grant McCool

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Shares slide as global growth fears mount

FILE PHOTO – An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. REUTERS/Thomas Peter

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BEIJING/HONG KONG, May 19 (Reuters) – Asian stocks slid on Thursday, tracking a steep Wall Street selloff, as investors worried about global inflation, China’s zero-COVID policy and the Ukraine war, while the safe-haven dollar eased.

European equity markets also looked set for another rough day.The pan-region Euro Stoxx 50 futures fell 0.52%, German DAX futures were down 0.63% while FTSE futures were 0.51% lower.

Nasdaq futures eased 0.15%, although S&P500 futures reversed earlier losses to be 0.05% higher.

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Overnight on Wall Street, retail giant Target Corp (TGT.N) warned of a bigger margin hit due to rising costs as it reported its quarterly profit had halved. Its shares plunged 24.88%. The Nasdaq fell almost 5% while the S&P 500 lost 4%.

“The bounce on Tuesday was proven to have been ‘too optimistic’, thus the self-doubt stemming from the misjudgement only makes traders click the sell button even harder,” said Hebe Chen, market analyst at IG.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) snapped four days of gains and slumped 1.8%, dragged down by a 1.5% loss for Australia’s resource-heavy index (.AXJO), a 2.1% drop in Hong Kong stocks (.HSI) and a 0.3% retreat in mainland China’s bluechips (.CSI300).

Japan’s Nikkei (.N225) shed 1.7%.

Tech giants listed in Hong Kong (.HSTECH) were hit particularly hard, with the index falling more than 3%. Tencent (0700.HK) sank more than 6% after it reported no revenue growth in the first quarter, its worst performance since going public in 2004. read more

China’s technology sector is still reeling from a year-long government crackdown and slowing economic prospects stemming from Beijing’s strict zero-COVID policy, even though soothing comments from Vice Premier Liu He to tech executives had buoyed sentiment on Wednesday. read more

Two U.S. central bankers say they expect the Federal Reserve to downshift to a more measured pace of policy tightening after July as it seeks to quell inflation without lifting borrowing costs so high that they send the economy into recession. read more

“It must be said that the concern for inflation has never gone away since we stepped into 2022. However, while things haven’t reached the point of no return, they are seemingly heading in the direction of ‘out of control’. That is probably the most worrying part for the market,” IG’s Chen said.

The U.S. dollar , which had rallied on falling risk appetite, eased 0.15% against a basket of major currencies, after a 0.55% jump overnight that ended a three-day losing streak.

The Aussie gained 0.8%,while New Zealand’s kiwi bounced 0.6% to, as an easing in Shanghai’s COVID lockdown helped sentiment.

Data on Wednesday showed that British inflation surged to its highest annual rate since 1982 as energy bills soared, while Canadian inflation rose to 6.8% last month, largely driven by rising food and shelter prices.

Bilal Hafeez, CEO of London-based research firm MacroHive, said there was a strong bias toward safe-haven assets right now, particularly cash.

“There may be short-term bounces in equities like the last few days, but the big picture is that the era of low yields is over, and we are transitioning to a higher rates environment,” Hafeez told the Reuters Global Markets Forum.

“This will pressure all the markets that benefited from low yields – especially equities.”

U.S. Treasuries rallied overnight and were largely steady in Asia, leaving the yield on benchmark 10-year Treasury notes at 2.9076%.

The two-year yield , which rises with traders’ expectations of higher Fed fund rates, touched 2.6800% compared with a U.S. close of 2.667%.

Oil prices recovered from early losses, as lingering fears over tight global supplies outweighed fears over slower economic growth.

Brent crude rose 1.2% to $110.41 per barrel, while U.S. crude was up 0.8% to $110.48 a barrel.

Gold was slightly lower. Spot gold was traded at $1814.88 per ounce.

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Additional reporting by Divya Chowdhury; Editing by Sam Holmes, Kenneth Maxwell and Kim Coghill

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Suspect in Buffalo supermarket massacre visited city in March, police say

BUFFALO, N.Y., May 16 (Reuters) – The 18-year-old man accused of the deadly mass shooting in Buffalo, New York, visited the city in March and the day before the rampage, police said on Monday, as public figures decried the suspect’s racist ideology and the spread of white supremacy.

The FBI said Payton Gendron, 18, who is white, committed an act of “racially motivated violent extremism” when he opened fire with a semi-automatic rifle on Saturday at the Tops Friendly Market in a predominantly African-American neighborhood of Buffalo. Eleven of the 13 people struck by gunfire were Black.

Ten of the victims – nine shoppers and a retired police officer working as a store security guard who exchanged gunfire with the assailant – were killed in the rampage, part of which the gunman live-streamed on a social media platform.

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Gendron, who police said surrendered to officers confronting him inside the store after he held the gun barrel to his own chin, has been jailed without bail on a charge of first-degree murder. He pleaded not guilty.

Investigators have said they are searching through phone records, computers and online postings, as well as physical evidence, as new details about Gendron’s past and meticulous planning emerged.

The Washington Post reported on Monday that Gendron, a resident of Conklin, New York, near the Pennsylvania border, roughly 200 miles from Buffalo, made an “apparent reconnaissance” trip to the Tops store in March to map out its layout and location in preparation for the attack.

He was confronted there by a store security guard, who thought he looked suspicious, according to the Post, citing an account of the visit that the newspaper said was posted online by an individual identifying himself as Gendron.

Buffalo Police Commissioner Joseph Gramaglia said at a news briefing on Monday the suspect had visited Buffalo in early March, but he declined to confirm other details of the probe reported by the Washington Post or other news media.

Authorities said the suspect returned to Buffalo on Friday to undertake a final “reconnaissance” of the area.

Gendron came to the attention of local law enforcement last June, when police detained him after he made a threat at his high school, Gramaglia told reporters said. He was given a mental health evaluation and released after 1-1/2 days.

‘ADVANCE SURVEILLANCE?’

The Post said the trip to Buffalo in March was detailed in messages compiled in a 589-page document posted on an internet messaging platform but since removed.

The document referred to the Tops store as “attack area 1” and described two other nearby locations as targets to “shoot all blacks,” the Post reported. The writer said he counted 53 Black people in the Tops at the time of his visit, according to the account.

Police confirmed that they are investigating Gendron’s online postings, including a 180-page manifesto he is believed to have written outlining the “Great Replacement Theory,” a racist conspiracy notion that white people are being replaced by minorities in the United States and elsewhere. read more

Experts say the trend of mostly young white men being inspired by previous racist gun massacres is on the rise, citing such incidents as the 2015 attack at a Black church in Charleston, South Carolina, a 2018 shooting at a synagogue in Pittsburgh, and a 2019 rampage at a Walmart in a Hispanic neighborhood of El Paso. read more

U.S. Representative Liz Cheney took to Twitter on Monday to call on fellow Republicans to reject white supremacy, saying the political rhetoric of her party’s leaders in the House of Representatives has “enabled white nationalism, white supremacy, and anti-Semitism.” read more

Federal, state and local authorities said on Monday they were redoubling efforts to watch for threats of additional racially motivated violence propagating on social media.

Erie County District Attorney John Flynn announced that a 52-year-old Buffalo man had been charged on Monday with making a terroristic threat after placing menacing telephone calls on Sunday to a both a local pizzeria and a brewery in which he made reference to the Tops grocery shooting.

President Joe Biden and his wife, Jill, plan to visit Buffalo on Tuesday.

ANOTHER TARGET

At a separate news conference on Monday, civil rights attorney Ben Crump called on officials to define Saturday’s attack as an “act of domestic terrorism.”

“We can’t sugarcoat it, we can’t try to explain it away talking about mental illness,” Crump said, surrounded by the weeping family of Ruth Whitfield, an 86-year-old woman who was among those slain at the Tops supermarket.

Other victims included a pharmacist, a church deacon, and a young man who pushed grocery carts and did other jobs.

If the suspect had not been stopped, authorities said he planned to continue the killings, possibly targeting another large store nearby.

Authorities said that Gendron on Saturday, wearing body armor, arrived at the Tops store and began his assault with the semi-automatic rifle, which he had bought legally but then modified. Law enforcement found an additional rifle and a shotgun in his car.

The gunman broadcast the attack in real time on the social media platform Twitch, a live video service owned by Amazon.com Inc (AMZN.O). The video service said it removed the broadcast within minutes.

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Reporting by Jenna Zucker in Buffalo, New York; Additional reporting by Brendan O’Brien, Kanishka Singh, Doina Chiacu, Sarah N. Lynch, Gabriella Borter, Ken Li and Tyler Clifford; Editing by Jonathan Oatis, Rosalba O’Brien, Leslie Adler and Gerry Doyle

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EXCLUSIVE Maker of Walmart, Amazon store-brand infant formulas expects shortages through rest of 2022

Empty shelves show a shortage of baby formula at a Target store in San Antonio, Texas, U.S. May 10, 2022. REUTERS/Kaylee Greenlee Beal

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NEW YORK, May 13 (Reuters) – Perrigo Company PLC (PRGO.N), which makes store-brand baby formulas for retailers including Walmart Inc (WMT.N) and Amazon.com Inc (AMZN.O) expects shortages and heightened demand to last for the “balance of the year,” said CEO Murray Kessler in an interview with Reuters.

Perrigo’s formula manufacturing facilities in Ohio and Vermont are now running at 115% of capacity, Kessler said. At the request of the U.S. Food and Drug Administration, the company is making only four items, the store-brand versions of Similac Pro Sensitive and Pro Advance and Enfamil Gentle Ease and Infant, Kessler said. Perrigo also has a smaller business making some national formula brands including Bobbie.

The closure of Abbott Laboratories’ (ABT.N)infant-formula plant in Sturgis, Michigan, exacerbated national pandemic-related shortages, leading to empty shelves in big box stores and supermarkets and panicked parents. Abbott’s brands include Similac formulas.

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Perrigo is working with retailers including Walmart and Target Corp (TGT.N) so they “get something each week,” Kessler said. Retailers’ allocations are based on an average of what the retailers received prior to “this crisis,” he said.

“We have stepped up and are killing ourselves to do everything we can,” Kessler said.

Some retailers including CVS Health Corp (CVS.N) and Target are rationing baby formula.

The White House on Thursday announced steps taking to alleviate the shortage, including permitting more imports.

French food and beverage company Danone SA(DANO.PA), which also makes infant formulas,said the “unexpected Abbott Nutrition recall in February has led to a surge in demand in the U.S. market.

“We are in discussions with the U.S. authorities to see how we can support them in addressing their shortages.”

Of the total U.S. baby formula market, Perrigo makes up roughly 8%, Kessler said, adding that it has gained share as it has worked to satisfy the soaring demand.

Due to “massive inflation,” Perrigo raised prices by about 3% in the first quarter, Kessler said.

The company has ordered materials to meet the heightened level of demand throughout the year, he said.

Bobbie, a European-style infant formula new to the market, saw its customer count double the first week after the recall of Abbott formulas, and it has continued to climb, CEO Laura Modi told Reuters. Perrigo manufacturers Bobbie’s formula, but can only meet about 50% of the company’s demand, Modi said, leading it to stop taking new customers. Perrigo can meet 100% of Bobbie’s current customer needs, she said.

Bobbie has about 70,000 customers.

Abbott closed its manufacturing facility in Michigan after complaints of bacterial contamination.

The FDA later cited five bacterial infections reported in babies given the company’s formula, including two deaths. Abbott has said its plants are “not likely the source of infection” and is planning on re-opening the facility in the next two weeks.

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Reporting by Jessica DiNapoli in New York and Richa Naidu in London
Editing by Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

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