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BNP Paribas

The merger of Banque Nationale de Paris and Paribas created BNP Paribas in 2000, making it the largest publicly traded bank in France. Although BNP Paribas has operations in about 80 countries, it considers France, Italy, and Belgium to be its home markets.

The <a href="https://europeancapitalinsights.substack.com/p/french-government-collapse-challenges?r=3nmatg">French government collapsed</a> for the first time since 1962 after factions within parliament could not agree on efforts to reduce the country's debt crisis. 
Prime Minister Michel Barnier was ousted in a no-confidence vote on December 4. Backed by 331 members of the National Assembly, the ousting <a href="https://europeancapitalinsights.substack.com/p/french-budget-sparks-anger-from-left?r=3nmatg">came just three months</a> after President Emmanuel Macron appointed him following <a href="https://europeancapitalinsights.substack.com/p/french-election-casts-shadow-over">snap elections</a> and the resignation of former Prime Minister Gabriel Attal in June and July.&nbsp;
The government's collapse followed months of contentious debate over Barnier's budget proposals to curb France's mounting debt through tax hikes and spending cuts. However, the bill faced staunch opposition from left-wing alliances and the populist far-right National Rally leader, Marine Le Pen.
Amid mounting pressure to name a new prime minister, Macron held talks with political parties willing to compromise on forming a government on Tuesday, resulting in Macron claiming to find a new <a href="https://www.reuters.com/world/europe/french-socialists-repeat-call-left-wing-pm-macron-seeks-coalition-talks-2024-12-10/">Prime Minister by Thursday.</a>&nbsp; He has also announced his plan to serve the remainder of his term until 2027.&nbsp;
<h2 class="wp-block-heading">Macron's Rule Threatened by French Government Collapse</h2>
The instability has raised doubts about Macron's grip on power. Members of the far-left France Unbowed party (LFI), led by Jean-Luc Mélenchon, have demanded Macron's resignation. <a href="https://www.lemonde.fr/en/france/article/2024/12/04/french-government-toppled-in-historic-no-confidence-vote_6735189_7.html">LFI MP Eric Coquerel called Barnier's</a> censure the "death knell of Emmanual Macron's mandate."&nbsp;
Le Pen said that she wasn't pushing for Macron's resignation. "The pressure on the president will get greater and greater," she <a href="https://www.reuters.com/world/europe/french-lawmakers-set-vote-ousting-prime-minister-barnier-2024-12-04/">said</a>. "Only he will make that decision."&nbsp;
"The leaders of the two main parties on the far right and on the far left didn't have any interest in playing this game," <a href="https://www.atlanticcouncil.org/expert/gerard-araud/">Gérard Araud</a>, a distinguished fellow at the Atlantic Council's Europe Center and a former French ambassador to the US, said. "Both wanted to go to a crisis in the hope of obliging Macron to resign."&nbsp;
Macron dismissed demands for his resignation as <a href="https://www.politico.eu/article/emmanuel-macron-michel-barnier-pm-national-rally-marine-le-pen-france-nfp-parliament/">"political fiction."</a> He aims to avoid calling fresh legislative elections before the end of <a href="https://abcnews.go.com/International/wireStory/frances-macron-address-nation-day-after-confidence-vote-116477692">his term in 2027</a>, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-10/macron-aims-to-avoid-new-french-parliament-election-before-2027?srnd=homepage-americas">reported</a>, citing an official close to Macron.&nbsp;
<h2 class="wp-block-heading">French Government Collapses Sparks Fiscal Stability Fears</h2>
The government&#8217;s collapse, however, has raised concerns about France's fiscal stability as the country grapples with a deficit projected to hit 6.2% of GDP this year, more than double the 3% deficit ratio limit required by the European Union.&nbsp;
French GDP growth is projected to slow from <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">1.1% in 2024 to 0.8% in 2025</a>, weighed down by fiscal adjustments but offset by easing monetary policy.
Public debt is expected to reach 112.7% of GDP in 2024, driven by high primary deficits and rising interest payments, according to European Commission <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">projections</a>. The government's plan to reduce this ratio by 5.1% next year is considered unachievable.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdWUxjnnRpNYQljxpcrau9GeC2lpvU1DUrnvdISxcKmkMQO-YoqeKNKcZ1Cck4qFUdsMSj4QwTNc5CV1TmceyEzlL5L3jhtb-kMIZlyBpreHWhJnG6C39hVx4isXrCiRUonk2inXw?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
Economic forecast for France, Indicators 2024-2026, Source: <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">European Commission</a>&nbsp;&nbsp;
"All this plunges France into an exceptional crisis as the country faces stark challenges, with a public debt that has increased by more than half in seven years," <a href="https://www.atlanticcouncil.org/expert/rama-yade/">Rama Yade</a>, a senior fellow with the Atlantic Council's&nbsp; Europe Center, said.&nbsp;
France has witnessed "an increase in factory closures, and a foreign trade deficit of around one hundred billion euros in 2023—a sign of an accelerated deindustrialisation of the French economy," Yade added.&nbsp;
<h2 class="wp-block-heading">French Government Collapse Sparks Market Volatility</h2>
Concerns over France's political and financial stability weighed heavily on French markets in the days leading up to the no-confidence vote. The French stock market suffered losses on November 27, with the CAC 40 index sliding 1.3% and hitting its lowest since August.&nbsp;
Shares of BNP Paribas SA <a href="https://www.benzinga.com/quote/BNPQF">(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTC">BNPQF</a>)</a>&nbsp; fell as much as 3% to a six-month low and down more than 11% year to date. Meanwhile, on the same day, the insurance company AXA<a href="https://www.benzinga.com/quote/AXAHY"> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AXAHY#OTC">AXAHY</a>)</a>'s shares slid 4.3%, and Credit Agricole <a href="https://www.benzinga.com/quote/CRARF">(OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRARF#OTC">CRARF</a>)</a> fell 1.3%.
In bond markets, concerns over France's political and financial stability have pushed the spread between French and German 10-year government bond yields, a key risk indicator, to 86 basis points, the widest spread since the eurozone sovereign debt crisis of the early 2010s. The rising spread underscores investor caution over France's fiscal trajectory.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe_uf1Kjg21u_sxYTmQM7wX7PawQQm1WvKD0I5ZjVlGWnRT5Doqzwe9l8Rk7UHsdSXu0Wp9evwL8Ob3QvXyAQ48NX5NMqE6d2qwXfugxGJq4bBYoutCYWxgyUgcj9WeLkZQVFfq_w?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
Spread France 10Y vs. Germany 10Y, Source: <a href="https://www.marketwatch.com/story/french-bond-yields-rise-as-traders-await-no-confidence-vote-on-government-a6efb5b0">Market Watch</a>&nbsp;
The collapse of Barnier's government "after just three months highlights the extent to which France's highly fragmented political landscape can paralyze budget policy implementation," Fitch Ratings <a href="https://www.fitchratings.com/research/sovereigns/french-government-collapse-deepens-political-budgetary-uncertainty-06-12-2024">said</a>. "Continued deadlock in the National Assembly and prolonged policy uncertainty could also weigh on consumer and business sentiment."
France will release its business confidence data on December 19. It is forecast to fall to 89 from 97, according to <a href="https://tradingeconomics.com/france/calendar">data</a> on Trading Economics.&nbsp;
<h2 class="wp-block-heading">French Markets Rebound, Showing Modest Response&nbsp;</h2>
Despite Michel Barnier&#8217;s government&#8217;s fall, French markets rebounded, with CAC closing at 7,480 on December 9.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfnN1sCu89deNvAJUchYArWeJb4NNttLToyl2lo7dLQhX6ul4qrRDnkWT22vXqBkx3uxhOyFeOvfDom-z73ty-LdpXzhcxGbb7PjlXc5dFchOpwQtQlxNbLJlWbbfGv4mRPctf0XQ?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
CAC 40 Index, June 2024 &#8211; December 2024, Source: <a href="https://www.marketwatch.com/investing/index/px1?countrycode=fr">Market Watch</a>&nbsp;
Since the vote of no confidence, BNP Paribas gained 6.9%, Credit Agricole rose 5.52%, and Societe Generale climbed as much as 10.4%.
Analysts suggest the modest market reaction indicates that investors had largely priced in the vote's outcome earlier in the week. Still, the ongoing political uncertainty has elevated borrowing costs, with French borrowing costs rising above Greece&#8217;s for the first time.
<h2 class="wp-block-heading">French Government Collapse Impacts Eurozone</h2>
France's instability adds to mounting pressures across the eurozone, including Germany's struggling auto sector and heightened trade tensions with the United States, adding to the eurozone's uncertain <a href="https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/autumn-2024-economic-forecast-gradual-rebound-adverse-environment_en#:~:text=Growth%20in%20the%20EU%20is,of%20continued%20expansion%20of%20demand">economic outlook</a>.
The euro has weakened amid the uncertainty, with EUR/USD slipping to a one-year low, trading around 1.05 on December 10. Following the U.S. election, the EUR/USD slid to a one-year low on November 22 at 1.0412.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcbGfRgr6BEWE8cWM1c_YEnEXAhajccEYADB7MrZDoXzHwWuE29kKubcqCAquKnM1D9xp0Rw1YbeCNno6ewGcDjeag_7bqS6IzuiDExER3553hPi670MDC_yWsHX6uYy8hT-ysKuQ?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
EUR vs. USD, 5 December 2024, Source: <a href="https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html">European Central Bank</a>&nbsp;
Monex Europe senior exchange market analyst Nick Rees <a href="https://www.reuters.com/world/europe/french-lawmakers-set-vote-ousting-prime-minister-barnier-2024-12-04/">said</a> he was "amazed the euro hasn't moved much."&nbsp;
"There are two major powers in Europe, France and Germany, both of which right now are emasculated," Rees said.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content&nbsp;or&nbsp;accuracy.

Macro Economic Events

Eurozone

Economics

AXAHY

BNPQF

CRARF

French Government Collapse Challenges Macron's Grip on Power

Ten major banks, including Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and BNP Paribas SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTC">BNPQF</a>), have agreed to pay a combined $46 million to resolve a long-standing lawsuit. The banks have been accused of conspiring to stifle competition in interest-rate swaps trading.
What Happened: The banks have denied any wrongdoing but have chosen to settle the antitrust lawsuit filed by investors over eight years ago. The settlement was submitted to a New York federal court on Thursday. The plaintiffs have requested that U.S. District Judge Paul Oetken grant preliminary approval, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-27/big-banks-to-pay-46-million-to-settle-swaps-collusion-claims">reported</a> on Thursday.
Other banks involved in the settlement include Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Credit Suisse Group AG which is now owned by UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), Barclays Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Deutsche Bank AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), and NatWest Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NWG#NYSE">NWG</a>).
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39493817/cathie-wood-led-ark-invest-dumps-4-3m-worth-of-nvidia-shares-amid-rebound-swoops-into-buy-stock-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood-Led Ark Invest Dumps $4.3M Worth Of Nvidia Shares Amid Rebound — Swoops Into Buy Stock Of This Netflix Rival</a>
The lawsuit, which is part of a series of litigations brought by public pension plans against major banks, alleges collusion across various markets, including interbank rates, currencies, and credit default swaps. The banks are accused of blocking electronic trading platforms from entering these markets to control prices and increase profits.
"The settlement represents an excellent recovery for the class given the challenges and uncertainties of further litigation," the plaintiffs&#8217; attorneys stated in their filing on Thursday.
Why It Matters: The settlement comes after the judge in December denied class-action status to the claims, which significantly weakened the case. Despite the denial, the settlement represents a significant recovery for the plaintiffs given the challenges and uncertainties of further litigation, according to Bloomberg Intelligence analyst.
The banks contended that investors suffered no harm, citing data indicating that many trades did not yield profits or resulted in losses. The plaintiffs disputed the occurrence of any trades with negative returns. 
However, the judge declined to approve class-action status, stating that the plaintiffs did not effectively counter the defendants&#8217; argument that there were numerous trades with zero or negative returns during the period in question.
Recently, the Federal Reserve's annual stress tests revealed that major banks, including JPMorgan and Bank of America, faced higher-than-expected <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39536951/bank-stress-tests-much-bigger-surprise-than-expected-will-delay-future-investment-p">stress capital buffers</a>, leading to increased capital requirements. 
This development follows a recent report on the <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39141521/goldman-sachs-jpmorgan-and-wells-fargo-lead-bank-stocks-surge-as-investors-bet-on-soft-landin">surge in large bank stocks</a>, including Goldman Sachs and JPMorgan, amid expectations of interest rate policy and optimism for an economic &#8220;soft landing.&#8221; 
Moreover, the 2024 Fed stress tests indicated that while large banks <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">might face greater losses</a> in a severe recession, they still maintain strong capital positions. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39493523/rivian-lucid-micron-technology-novo-nordisk-tesla-why-these-5-stocks-are-on-investors-radars-tod?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">RIVN, LCID, MU, NVO, TSLA: Top 5 Trending Stocks Today</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Goldman Sachs, JPMorgan, BNP Paribas And Other Big Banks To Pay $46M To Settle Swaps Collusion Case

Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) has declared <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38865898/you-are-still-early-bitcoins-global-adoption-rate-hits-4-7-echoes-internets-early-growth-p">a substantial $269.9 million investment</a> in spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETFs through Grayscale's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>) in their first quarter 13F filing.
What Happened: This significant move positions Morgan Stanley as one of the top holders of GBTC, trailing only behind Susquehanna International Group, which leads with a $1.0 billion investment according to Fintel data, Cryptoslate <a href="https://cryptoslate.com/morgan-stanley-reports-270-million/">reported</a>.
Morgan Stanley is among several Global Systemically Important Banks (G-SIBs) that have ventured into Bitcoin ETFs. 
Other prominent banks making similar disclosures include the Royal Bank of Canada, JP Morgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), BNP Paribas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTC">BNPQF</a>), and UBS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), highlighting a growing trend of institutional interest in the cryptocurrency market.
<h3 class="wp-block-heading">Broader Institutional Participation</h3>
The investment wave doesn&#8217;t stop there. 
On May 14, Pine Ridge Advisers, a New York advisory firm, reported a $205.8 million investment in spot Bitcoin ETFs, allocated across BlackRock's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) ($83.2 million), Fidelity's (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) ($93.4 million), and Bitwise's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITB#NYSE">BITB</a>) ($29.3 million).
Boothbay Fund Management, a hedge fund manager also based in New York, disclosed a substantial $377 million exposure to spot Bitcoin ETFs.
Their investments include $149.8 million in IBIT, $105.5 million in FBTC, $69.5 million in GBTC, and $52.3 million in BITB.
Additional disclosures came from Aristeia Capital, which invested $163.4 million in IBIT on May 15. 
Connecticut-based Graham Capital Management reported $98.8 million in IBIT and $3.8 million in FBTC. 
Hedge fund manager CRCM LP disclosed a $96.6 million stake in IBIT. 
Furthermore, Fortress Investment Group LLC revealed a $53.6 million investment in IBIT.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38853012/crypto-traders-as-socially-valuable-as-escorts-to-brits-study-finds">Crypto Traders As Socially Valuable As Escorts To Brits, Study Finds</a>
<h3 class="wp-block-heading">A Historical Scale Of Investment</h3>
These filings arrive just as the deadline for first-quarter 13F reports passes, marking a pivotal moment as this was the first quarter investors could broadly purchase spot Bitcoin ETFs.
Matt Hougan, CIO of Bitwise, commented on the surge of institutional filings, estimating that nearly 700 professional firms would have invested almost $5 billion by the May 15 deadline. 
Hougan described this trend as reaching a &#8220;historical scale of professional investor ownership,&#8221; likening it to the launch of gold ETFs in 2004, which was previously considered the most successful ETF launch.
Despite this influx of institutional money, Hougan noted that retail investments still constitute the majority of the $50 billion in assets under management (AUM) in spot Bitcoin ETFs. 
&#8220;Retail investors remain the largest contributors, demonstrating the widespread interest and confidence in Bitcoin ETFs,&#8221; Hougan observed.
Additionally, Millennium Management <a href="https://twitter.com/tier10k/status/1790841156403687645">disclosed </a>a significant ~$2 billion holding in Bitcoin ETFs as of Q1, which represents 3% of their $64 billion fund. 
This inclusion underscores the substantial scale at which institutional investors are committing to digital assets.
The ongoing developments in the crypto space are set to be a major focus at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19. 
This event will delve into the evolving digital asset landscape and the growing role of institutional investments, providing insights into what lies <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38840285/spot-bitcoin-etfs-see-100m-inflows-on-wednesday-amid-institutional-adoption">ahead for the cryptocurrency market.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38849692/how-you-can-make-serious-money-in-bitcoin-this-year-10x-research">How You Can Make &#8216;Serious&#8217; Money In Bitcoin This Year: 10x Research</a>
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Morgan Stanley Declares $270M Investment Into Bitcoin ETFs In Q1, Leads Institutional Inflow Of 'Historical Scale'

French startup Mistral AI raised $415 million, or €385 million, as part of a <a href="https://www.benzinga.com/topic/venture-capital">series A funding round</a>. 
Lightspeed Venture Partners and Andreessen Horowitz were among the main investors. Salesforce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>), BNP Paribas (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTCQX">BNPQF</a>), CMA-CGM, General Catalyst, Mixer Labs co-founder Elad Gil, and venture firm Conviction also joined the effort.
Bloomberg <a href="https://techcrunch.com/2023/12/11/mistral-ai-a-paris-based-openai-rival-closed-its-415-million-funding-round/">estimates</a> that this amounts to a $2 billion valuation <a href="https://www.benzinga.com//node/36077517">for the company</a>.
Less than six months ago, Mistral AI—a European competitor to OpenAI—raised a $112 million seed round led by former employees of Google&#8217;s DeepMind and Meta. The company is developing foundational models and a business platform with an open technology focus.
Also Read: <a href="https://www.benzinga.com/news/23/12/36129936/european-union-inches-closer-to-regulating-ai-technologies-like-chatgpt-google-bard">European Union Inches Closer To Regulating AI Technologies Like ChatGPT, Google Bard</a>
Mistral AI also had a significant influence on the direction of the EU&#8217;s AI Act debate. The company advocates for a complete exemption for foundational models, arguing that businesses developing products directly used by end users and use cases should be subject to regulation.
One company was noticeably absent from Mistral AI&#8217;s lineup of big-name investors: Microsoft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
Sam Altman has referred to OpenAI and Redmond, Washington-based Microsoft as having &#8220;the best bromance in tech.&#8221; 
Microsoft has invested around $13 billion in OpenAI. Since 2019, the companies have collaborated to develop cutting-edge artificial intelligence systems that they think could be the most significant technological advancements in a generation.
Read Next: <a href="https://www.benzinga.com/news/23/12/36176008/its-not-just-you-chatgpt-has-indeed-become-lazier-openai-says-a-fix-is-coming" target="_blank" rel="noreferrer noopener">It&#8217;s Not Just You, ChatGPT Has Indeed Become Lazier &#8211; OpenAI Says A Fix Is Coming</a>

Tech

MSFT

OpenAI Rival Mistral AI Closes $415M Funding Round Led By Andreessen Horowitz

Hong Kong property developer Hysan Development Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hysny#OTC">HYSNY</a>) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1009/2023100900201.pdf" style="color:#0563c1">issued</a> a prospectus for up to $4 billion of medium-term bonds Monday, more than 10 times its average medium-term debt tranche.
The new debt dwarfs the company&rsquo;s previous borrowing amounts. Prior to the multi-billion-dollar debt issue, the company&rsquo;s current average debt tranche for its 5-year or sooner debt was around HK$300 million ($38.5 million) with by far its largest a $400 million 2027 2.85% note maturing in 2027. &nbsp;
The bonds are being issued in the form of zero-coupon notes that are heavily discounted to institutional purchasers, and are priced at a floating rate of forward interest. That means that purchasers of the notes are bullish about Federal Reserve easing now, since if interest rates fall then the bonds will go up in value as the discounted price becomes comparably more attractive to lenders.
The company plans to list the bonds on the Hong Kong exchanges at some point within the next 12 months.
Hysan said that it was issuing the medium-term debt for general corporate purposes. The bonds are unsecured and reliant on a guarantee by Hysan to repay. The notes were <a href="https://www.fitchratings.com/research/corporate-finance/fitch-revises-hysan-outlook-to-negative-affirms-rating-at-a-04-01-2023#:~:text=Liquidity%20and%20Debt%20Structure&amp;text=5%20billion%20in%20short%2Dterm,liquidity%20sources%20and%20financial%20flexibility." style="color:#0563c1">rated</a> A- by Fitch Ratings earlier in the year. According to Fitch, the developer had HK$6.7 billion in cash and HK$4.6 billion in undrawn credit at the start of this year, which was enough to meet its short-term debt repayments. &nbsp;
Fitch said that while it thinks Hysan is more liquid than most developers in Hong Kong right now, it forecasts the company&rsquo;s average borrowing cost will spike to 3.3% in 2023 vs 2.2% last year. The ratings agency also noted that Hysan&rsquo;s leverage had increased to 24.6% by the start of 2023 from 17.9% the year before.
&ldquo;We think Hysan&#39;s liquidity position is solid and it has the resources and ability to reduce debt and improve interest cover via asset monetisation. However, there is uncertainty over the execution of its plans,&rdquo; the ratings agency wrote.
In the note offering, the company indicated that its current repayments were set to peak in 2025 by three times from their current level and again in 2027 by nearly 8 times as its bank debt and other bonds become repayable.
In interim 2023 financials Hysan released in August, the company reported that its revenue and profit were down 9.3% and 12.2% respectively, in 2023. It also said that office rentals were at 89% capacity, quite a bit lower than Fitch&#39;s expectations of 94%.&nbsp;
Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) and UBS Group AG (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>) are handling the debt issuance while Bank of China Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachf#OTC">BACHF</a>), Credit Agricole SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crarf#OTC">CRARF</a>), JP Morgan Chase &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>), Mitsubishi UFJ Financial Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mufg#NYSE">MUFG</a>) BNP Paribas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>), Citigroup Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>), DBS Bank Limited, HSBC plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>), Mizuho Financial Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mfg#NYSE">MFG</a>) and Standard Chartered plc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>) are acting as dealers of the notes alongside the lead issuers.
Shares of Hysan Development were off 1.4% in Hong Kong morning trading.
The financing <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35128718/is-there-a-real-estate-bubble-in-hong-kong-thats-about-to-burst">comes at a hairy time for real estate developers and borrowers in Hong Kong</a>, increasing numbers of whom have defaulted on prior years US dollar debt issuances. At the end of last month, China Evergrande Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/egrnf#OTC">EGRNF</a>) defaulted on its US dollar bonds and some investors fear that Country Garden Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryy#OTC">CTRYY</a>) may follow suit.
There have been some bright spots lately though. Last week, Sunac China Holdings Limited (NYSE: SNCNF) <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35113705/hong-kong-stocks-gain-some-steam-back-after-citigroup-declares-chinas-cyclical-bottom-is-her" style="color:#0563c1">became the first property developer to successfully restructure its offshore debt</a> when a Hong Kong court granted it permission to reissue $10.2 billion in new debt.

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Property Giant Hysan's Borrowing Surges With Fresh $4 Billion Bond Issuance

The Bank of England caught markets off guard by enacting an unexpected 50-basis-point hike in its policy interest rate to 5% Thursday, marking the 13th consecutive increase and bringing the cost of borrowing to <a href="https://www.benzinga.com/economics/macro-economic-events/23/06/32946521/surging-uk-inflation-signals-to-fed-watchers-that-battle-against-price-hikes-isnt" target="_blank" rel="noreferrer noopener">the highest since 2008. </a>
The BoE noted that second-round effects on domestic wages and prices are likely to take longer to unwind than they did to emerge, and also stated the full impact of bank rate rises will take some time due to the large share of fixed-rate mortgages. 
The BoE signaled a hawkish posture by implying future rate hikes if inflationary pressures remain and stoking concerns about a new wave of synchronized rate hikes by major central banks. Traders now price in the terminal rate at 6.05% in February 2024, compared to 5.9% before the BoE meeting.
The Fed meets in a little more than a month, and traders now assess a 72% probability of a 25-basis-point increase in interest rates in July. 
<h2 class="wp-block-heading">Chart: UK Interest Rates Jump To The Highest Since 2008</h2>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/22082837/GBINTR_2023-06-22_14-28-26_16d46-1024x683.png" alt="" class="wp-image-56152" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/22082837/GBINTR_2023-06-22_14-28-26_16d46-1024x683.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/22082837/GBINTR_2023-06-22_14-28-26_16d46-300x200.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/22082837/GBINTR_2023-06-22_14-28-26_16d46-768x512.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/22082837/GBINTR_2023-06-22_14-28-26_16d46-1536x1025.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/22082837/GBINTR_2023-06-22_14-28-26_16d46.png 1844w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Market Reactions: European Stock Market Tumbles </h2>
Thursday saw European shares suffering losses, with major indices trading in negative territory. On the other hand, the both the pound and the euro were steady against the dollar. 
<ul>
<li>The UK FTSE 100 fell nearly 1% to 7,482 levels.</li>
<li>U.K. banks trended lower, with Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), HSBC Holdings PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>) and Lloyds Banking Group PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYG#NYSE">LYG</a>) down 2.8%, 1.8% and 1.6%, respectively. </li>
<li>U.K. energy stocks were also weaker, with BP PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) and Shell PLC(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) down 1.2% and 1%, respectively.</li>
<li>The Euro Stoxx 50 Index, which includes the 50 largest European companies, declined 0.7%, with banks being the weakest link. BNP Paribas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTC">BNPQF</a>) and ING Groep NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ING#NYSE">ING</a>) both fell 2%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/23/06/32962595/us-stock-futures-signal-slippery-slope-ahead-as-traders-brace-for-powells-senate-testimony-analy" target="_blank" rel="noreferrer noopener">US Stock Futures Signal Slippery Slope Ahead As Traders Brace For Powell&#8217;s Senate Testimony: Analyst Says &#8216;Don&#8217;t Fight The Fed&#8217;</a>
Photo via Shutterstock.

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SHEL

Bank of England's Aggressive Rate Hike Triggers Turbulence In European Stocks: Will The Fed Follow Suit In July?

Negative&nbsp;news flows&nbsp;are trickling out of Europe ahead of <a href="https://www.benzinga.com/premarket/" target="_blank">Wall Street&#39;s opening bell on Wednesday.</a>
All European stock indices traded deeply in the red, as investors panicked after a fresh acceleration of inflation in the U.K. and a deadlock in U.S. debt limit discussions.
What Happened: U.K. inflation came in at 8.7% annually in April. That&#39;s down from 10.1% in March, but well above the 8.2% expected.
Inflation accelerated 1.2% on the month, more than the 0.8% expected.
The U.K. core inflation rate, which excludes food and energy and provides a more accurate picture of the root causes of inflation, increased by a more alarming 6.8% yearly &mdash; much above the 6.2% forecast and the highest level since March 1992.
Core inflation soared by 1.3% on a monthly basis, far more than the predicted 0.7%.
Traders revised upward their estimates for rate increases from the Bank of England and now fully factor in an additional 100 basis points of hikes&nbsp;in 2023, with rates predicted to peak at 5.5%.
On Tuesday, European Central Bank speakers delivered hawkish comments, with Governor Christine Lagarde stating that &quot;rates are to stay restrictive for as long as necessary.&quot;
In Germany, the Ifo Business Climate indicator for May, dropped from 93.4&nbsp;to 91.7,&nbsp;falling short of forecasts of 93.0. This is the first monthly decrease in Germany&#39;s business conditions since October, as the outlook worsened due to recent hikes in interest rates and persistently high inflation.&nbsp;
Elsewhere, stocks in China, tracked by the Shangai Shenzen CSI 300 index,&nbsp;pulled back to levels unseen since mid-December 2022,&nbsp;erasing all gains made in the year.&nbsp;
<h3>Chart of The Day</h3>
U.K. core inflation climbs to 30-year highs, but Bank of England rates remain well behind.
<img alt="" src="https://www.benzinga.com/files/u1363475/gbcir_2023-05-24_12-05-43_4e9bf.png" style="height:500px; width:100%" />
<h3>European Stock&nbsp;Reactions</h3>
<ul>
<li>All major averages fell more than 1% during the day, with the Euro Stoxx 50 index down 1.2%.</li>
<li>The SPDR DJ Euro STOXX 50 Etf (ARCA: FEZ), which tracks the index of the 50 largest capitalized European firms, is down 0.8% in the pre-market.</li>
<li>LVMH Moet Hennessy Louis Vuitton (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lvmhf#OTC">LVMHF</a>), the biggest European company by market cap, fell 1.8%, after plunging 5.5% on Tuesday.</li>
<li>L&#39;Oreal SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lrlcy#OTC">LRLCY</a>) dropped 1.9%. Banks were also weaker across the board.</li>
<li>Both&nbsp;Allianz SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/alizf#OTC">ALIZF</a>) and Banco Santander, S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/san#NYSE">SAN</a>)&nbsp;slipped 2.4%</li>
<li>BNP Paribas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>)&nbsp;declined 1.8%.</li>
<li>The carmaker Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlkaf#OTC">VLKAF</a>) fell 2.2%.</li>
</ul>
Stock Heatmap for the Euro Stoxx 50 Index On May 24 08:30 AM ET &ndash; Chart: Tradingview
<img alt="" src="https://www.benzinga.com/files/u1363475/tradingview-stock-market-heatmap-2023-05-24_12.30.16_32e7c.png" style="height:500px; width:100%" />
Next:&nbsp;<a href="https://www.benzinga.com/news/earnings/23/05/32546830/stock-futures-signal-weak-open-ahead-of-fomc-minutes-yellen-speech-analyst-sees-2-factors-providing" target="_blank">Stock Futures Signal Weak Open Ahead Of FOMC Minutes, Yellen Speech - Analyst Sees 2 Factors Providing &#39;Spark To Lift&#39; Markets</a>
<ul>
</ul>

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European Stocks Slip As UK Inflation Accelerates, Central Bankers Remain Hawkish

Credit Suisse Group Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cs#NYSE">CS</a>) has requested the&nbsp;Swiss National Bank&nbsp;to show support towards the battered bank after losing almost 30% of its stock value, sparking a broader sell-off in European and U.S. bank stocks.
Credit Suisse also asked for a similar response from Finma, the Swiss regulator.
Saudi National Bank&nbsp;stated that it would not buy additional shares in Credit Suisse, citing that regulatory guidelines do&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31357630/credit-suisse-plunges-hard-putting-market-rally-at-risk-whats-going-on-with-the-swiss-bank" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">not allow it to invest over 10% of an entity</a>.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/03/31347293/rich-dad-poor-dad-author-has-chilling-bank-prediction-i-called-lehman-brothers-years-ago-a" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Rich Dad, Poor Dad Author Has Chilling Bank Prediction: &#39;I Called Lehman Brothers Years Ago And I Think The Next Bank To Go Is&hellip;&#39;</a>
Saudi National Bank is already one of the top shareholders, with a&nbsp;<a class="editor-rtfLink" href="https://www.credit-suisse.com/about-us/en/investor-relations/shareholders/significant-shareholders.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">9.9%</a>&nbsp;stake in the beleaguered Swiss bank. According to Credit Suisse&#39;s website,&nbsp;BlackRock Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/blk#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BLK</a>) has 4.1% ownership in the bank.
&quot;It is looking inevitable that the Swiss National Bank will have to intervene and provide a lifeline,&quot; said Octavio Marenzi, Financial Times reported&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/0324c5a6-cecd-4fb3-85b3-7cdc99a33e4e" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">citing</a>&nbsp;an analyst at Opimas. &quot;The [Swiss National Bank] and the Swiss government are fully aware that the failure of Credit Suisse or even any losses by deposit holders would destroy Switzerland&#39;s reputation as a financial center.&quot;&nbsp;
Separately, the European Central Bank has asked EU lenders to disclose their exposures to the Swiss lender, a person familiar with the matter told the Financial Times.
BNP Paribas&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bnpqy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BNPQY</a>)(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bnpqf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BNPQF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bnpzy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BNPZY</a>)shares dropped 9%, and&nbsp;Soci&eacute;t&eacute; G&eacute;n&eacute;rale SA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/scglf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCGLF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/scgly#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCGLY</a>) fell 11%.&nbsp;Deutsche Bank AG&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/db#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">DB</a>) and&nbsp;Barclays Plc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bcs#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BCS</a>) lost 7%, while&nbsp;ING Group NV&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ing#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ING</a>) fell 10%.
Wider equity markets were dragged lower, with the Europe-wide Stoxx 600 dropping 2.4% and the S&amp;P 500 down 1.8% in early trade led by banks.
Tuesday, Credit Suisse released its delayed FY22 annual report identifying &quot;material weaknesses&quot; in its internal controls&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/03/31335453/credit-suisse-warns-material-weaknesses-in-financial-reporting" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">over financial reporting</a>.
Price Action:&nbsp;CS shares are down 24.3% at $1.91 on the last check Wednesday.
Photo Via Wikimedia Commons

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Credit Suisse Seeks Help From Real SNB (Swiss National Bank) After Saudi National Bank Rules Out Additional Assistance

<ul>
<li>A Belgian government-owned investment company,&nbsp;SFPI-FPIM, plans to sell about &euro;2.17 billion worth of shares in&nbsp;BNP Paribas&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTC">BNPQY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>), cutting its holding from around 7.8% to 5.1%.</li>
<li>SFPI said it had successfully placed 33 million shares with investors following an accelerated sale.</li>
<li>SFPI said it has been looking to reduce its exposure to the financial services sector but would continue to support the French bank.</li>
<li>It has agreed not to sell further shares for 90 days.</li>
<li>&quot;Following the transaction, SFPI-FPIM confirms its continued support of BNP Paribas and belief in the company&#39;s long-term strategy,&quot; the Belgian state participation agency said.</li>
<li>Belgium&#39;s government-owned agency became a shareholder of BNP Paribas in 2008/2009, following the bailout of Fortis, which the French lender took over as part of a state-backed rescue.</li>
<li>Belgian state was BNP Paribas&#39; largest investor, with Amundi and&nbsp;BlackRock Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/blk#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BLK</a>), with 7% and 6% holdings, respectively, in the company,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/finance/belgium-prepare-operation-sale-stake-bnp-paribas-sfpi-2023-02-28/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters&nbsp;</a>reported.</li>
<li>SFPI-FPIM will receive its expected dividend for 2022 of &euro;3.90 per share, subject to approval by BNP Paribas shareholders at their May annual meeting, the terms show,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-02-28/belgium-plans-to-sell-2-3-billion-of-bnp-paribas-shares?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg</a>&nbsp;reported.</li>
</ul>

Financing

Hedge Funds

Offerings

BNP Paribas' Largest Investor, Belgium Government, Cuts Holding Ownership

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30088072/elon-musk-dumps-another-3-6-billion-of-tesla-stock-heres-a-look-at-recent-price-target-changes-by-th" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Elon Musk Dumps Another $3.6 Billion Of Tesla Stock</a>
<ul>
<li>Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) CEO&nbsp;Elon Musk&nbsp;sold nearly $3.6 billion shares in the electric vehicle maker.</li>
<li>The billionaire sold 22 million shares of Tesla, according to the filing. The latest sale means that Musk has sold almost $40 billion worth of the automaker&#39;s stock over the past year.</li>
<li>Tesla is looking forward to drilling for new water sources to supply an expansion of its electric vehicle plant near Berlin.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30087766/facebook-parents-jobs-feature-to-disappear-in-february-did-it-lose-steam-due-to-linkedins-popularity" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Facebook Parent&#39;s &#39;Jobs&#39; Feature To Disappear In February: Did It Lose Steam Due To LinkedIn&#39;s Popularity?</a>
<ul>
<li>Meta Platforms Inc.&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>)&nbsp;Facebook&nbsp;launched the&nbsp;Jobs Feature&nbsp;in 2017, but in just five years, the social media giant has reportedly decided to bid farewell to it.&nbsp;</li>
<li>Social media commentator&nbsp;Matt Navarra&nbsp;tweeted a report by Adweek saying Facebook&#39;s Jobs Feature will be shut down on February 23.&nbsp;</li>
<li>The report cited a few users who have begun seeing notifications that Jobs on Facebook will cease to exist from next year.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30087834/ericsson-sells-of-russian-customer-support-business-agrees-to-regulatory-extension-of-monitoring-for" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ericsson Sells Of Russian Customer Support Business; Agrees To Regulatory Extension Of Monitoring For FCPA Violations</a>
<ul>
<li>Ericsson&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/eric#NASDAQ">ERIC</a>) Russian subsidiary agreed to divest its local customer support business in Russia to a Russian company owned by former operational managers of its Russian subsidiary.</li>
<li>The transaction includes transferring 40 Ericsson employees and certain assets and contracts related to the business.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30088006/mercedes-benz-inks-low-carbon-aluminum-supply-agreement-with-hydro" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Mercedes Benz Inks Low Carbon Aluminum Supply Agreement With Hydro</a>
<ul>
<li>Mercedes Benz Group ADR&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgyy#OTC">MBGYY</a>) has partnered with Norwegian aluminum and renewable energy company&nbsp;Norsk Hydro ASA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nhydy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NHYDY</a>) on a joint technology roadmap from 2023 to 2030.</li>
<li>The parties aim&nbsp;to develop aluminum solutions approved for automotive applications with a CO2 footprint below 3.0 kgCO2/kgAl.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/12/30089845/west-africa-based-studies-show-jnj-mercks-ebola-vaccines-provide-lasting-antibodies" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">West Africa-Based Studies Show JNJ, Merck&#39;s Ebola Vaccines Provide Lasting Antibodies</a>
<ul>
<li>Ebola vaccines developed by&nbsp;Johnson &amp; Johnson&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/jnj#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JNJ</a>) and&nbsp;Merck &amp; Co Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mrk#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MRK</a>) produced virus-fighting antibodies and appeared to be safe in children and adults, two studies conducted in West Africa show.</li>
<li>Both companies&#39; vaccines produced antibodies 14 days after the first of two shots and were detectable at varying levels in both children and adults for one year.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30089318/lockheed-martin-boeing-among-us-defense-companies-in-potential-talks-for-military-gear-for-vietnam" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lockheed Martin, Boeing Among US Defense Companies In Potential Talks For Military Gear For Vietnam</a>
<ul>
<li>In a bid to reduce its dependence on Russian arms, some Vietnam government officials and U.S. defense firms are reportedly discussing the supply of military gear.</li>
<li>The talks are preliminary and may not lead to any deals.</li>
<li>The companies offered a range of military gear and had &quot;promising&quot; discussions about non-lethal equipment, including helicopters for internal security, drones, radars, and other systems.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/12/30088408/five-banks-including-jpmorgan-citi-invest-in-risk-management-provider" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Five Banks, Including JPMorgan, Citi Invest In Risk Management Provider</a>
<ul>
<li>JPMorgan Chase &amp; Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>),&nbsp;Citigroup Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>),&nbsp;BNP Paribas&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bnpqy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BNPQY</a>),&nbsp;Barclays Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) and&nbsp;Lloyds Banking Group PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lyg#NYSE">LYG</a>) have backed an overall $24 million fundraising for Acin, risk control specialist.</li>
<li>The investment will help Acin accelerate its strategic product development.</li>
<li>&quot;We have been working with Acin for the past three years, during which they have supported our established operational risk management and assessment practices,&quot; said Julian Liau, Chief Controls Manager at JPMorgan.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30088070/microsoft-cloud-introduces-eu-data-boundary-for-users-in-phased-manner" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Microsoft Cloud Introduces EU Data Boundary For Users In A Step-By-Step Manner</a>
<ul>
<li>Microsoft Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) launched a phased rollout of its EU Data Boundary solution to public sector and commercial customers in the European Union (EU) and the European Free Trade Association (EFTA) on January 1.</li>
<li>Microsoft&#39;s Chief Privacy Officer Julie Brill said the first phase would be customer data. And then, Microsoft moved into the subsequent phases. It will move logging data, service data, and other kinds of data into the boundary.</li>
<li>The second phase will be completed at the end of 2023, and phase three will be completed in 2024.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30087416/grab-becomes-latest-ride-hailing-and-food-delivery-company-engulfed-macro-headwinds-embraces-frugali" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Grab Becomes the Latest Ride Hailing And Food Delivery Company Engulfed Macro Headwinds, Embraces Frugality</a>
<ul>
<li>Southeast Asia&#39;s biggest ride-hailing and food delivery firm&nbsp;Grab Holdings Limited&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/grab#NASDAQ">GRAB</a>), introduced cost-cutting measures to beat the macro headwinds.</li>
<li>Grab&#39;s measures included a freeze on most hirings, salary freezes for senior managers, and cuts in travel and expense budgets.</li>
<li>CEO Anthony Tan said, &quot;More so than ever, all Grabbers need to adopt a frugal and prudent mindset as we prepare for 2023.&quot;</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/22/12/30087362/microsoft-bets-on-this-ev-battery-startup-as-backbone-of-energy-transition" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Microsoft Bets On This EV Battery Startup As Backbone Of Energy Transition</a>
<ul>
<li>Group14 Technologies, a global manufacturer and supplier of advanced silicon battery technology, raised $214 million in additional financing from a consortium including&nbsp;Microsoft Corp&#39;s&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/msft#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MSFT</a>)&nbsp;Climate Innovation Fund,&nbsp;Lightrock Climate Impact Fund,&nbsp;Moore Strategic Ventures,&nbsp;Oman Investment Authority, and Molicel.&nbsp;</li>
<li>The latest financing brings Group14&#39;s Series C round to $614 million.</li>
<li>The battery startup, valued at over $3 billion, won a $100 million grant from the U.S. Energy Department through the 2021 infrastructure bill.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30086321/elon-musks-twitter-ordered-by-judge-to-inform-sacked-workers-about-severance-lawsuit" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Elon Musk&#39;s Twitter Ordered By Judge To Inform Sacked Workers About Severance Lawsuit</a>
<ul>
<li>Twitter&nbsp;must tell terminated employees that there&#39;s an active lawsuit against the&nbsp;Elon Musk-led company regarding severance pay and benefits, a judge reportedly ruled.</li>
<li>U.S. District Judge&nbsp;James Donato&nbsp;said, &quot;Twitter is directed to provide notice of the pendency of this case before asking an employee to release his or her legal claims,&quot;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/12/30088404/siemens-healthineers-ge-healthcare-studying-potential-deals-with-medtronics-spun-off-units" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Siemens Healthineers, GE Healthcare Studying Potential Deals With Medtronic&#39;s Spun-Off Units</a>
<ul>
<li>Siemens Healthineers AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/smmny#OTC">SMMNY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/semhf#OTC">SEMHF</a>) and&nbsp;General Electric Company&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ge#NYSE">GE</a>) healthcare arm are reportedly weighing the potential acquisition of&nbsp;Medtronic Plc&#39;s&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mdt#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MDT</a>) two businesses being spun-off.</li>
<li>Medtronic announced in October its intention to spin off the Patient Monitoring and Respiratory Interventions units within the next year to 18 months.&nbsp;</li>
<li>The businesses could be valued at more than $7 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30086816/crucial-apple-iphone-supplier-relaxes-covid-restrictions-in-china-factory" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Crucial Apple iPhone Supplier Relaxes Covid Restrictions In China Factory</a>
<ul>
<li>Key&nbsp;Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) iPhone assembler&nbsp;Hon Hai Precision Industry Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnhpf#OTC">HNHPF</a>), operating as&nbsp;Foxconn Technology Group, relaxed most anti-Covid restrictions at its factory in Zhengzhou, China.</li>
<li>Foxconn ended its &quot;point-to-point&quot; system, relaxing employees&#39; daily movements between their dormitories and the campus.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30088962/ford-catl-plan-new-us-battery-plant-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ford, CATL Plan New US Battery Plant</a>
<ul>
<li>Ford Motor Company&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/f#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">F</a>) and China&#39;s&nbsp;Contemporary Amperex Technology Co Ltd&nbsp;(CATL) are planning to build a battery production plant in Michigan.</li>
<li>Michigan and Virginia have emerged as potential spots for the multibillion-dollar facility.</li>
<li>The new facility will likely supply lithium iron phosphate batteries for Ford&#39;s electric models.</li>
</ul>
&nbsp;
Techcrunch
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30088843/lucid-eyes-share-of-chinas-fragmented-ev-market" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lucid Eyes Share Of China&#39;s Fragmented EV Market</a>
<ul>
<li>Electric vehicle maker&nbsp;Lucid Group, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lcid#NASDAQ">LCID</a>) braced to enter China as it started hiring in the largest EV market.</li>
<li>Lucid recruited a dozen positions in Shanghai.</li>
<li>The roles range from product management, marketing, sales, public policy, design, and supply chain management, to software development.&nbsp;&nbsp;</li>
</ul>
Photo: Fernandi Putra and Vitaliy Karimov on Shutterstock and Courtesy Photo on Wikimedia Commons

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TSLA

Elon Musk Dumps Another $3.6B Tesla Stock, Facebook's Jobs' Feature To Disappear Next Year, Foxconn Relaxes Covid Restrictions In China Factory: Today's Top Stories

<ul>
<li>JPMorgan Chase &amp; Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>),&nbsp;Citigroup Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>),&nbsp;BNP Paribas&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTC">BNPQY</a>),&nbsp;Barclays Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) and&nbsp;Lloyds Banking Group PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lyg#NYSE">LYG</a>) have backed an overall $24 million fundraising for Acin, risk control specialist.</li>
<li>The investment will help Acin accelerate its strategic product development.</li>
<li>&quot;We have been working with Acin for the past three years, during which they have supported our established operational risk management and assessment practices,&quot; said Julian Liau, Chief Controls Manager at JPMorgan, in a&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/finance/jpmorgan-citi-bnp-invest-risk-management-provider-acin-2022-12-15/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters</a>&nbsp;report.</li>
<li>Acin helps financial institutions digitize their operational and non-financial risk analysis using its data analytic capabilities.</li>
<li>The company was founded in 2017. It raised $12 million in 2020 in a round led by Notion Capital with participation from Fitch Ventures and other individual investors.</li>
</ul>

Five Banks Including JPMorgan, Citi Invest In Risk Management Provider

<ul>
<li>ING Groep NV&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ing#NYSE">ING</a>) energy chief said that the bank will no longer finance new oil and gas projects, becoming the biggest bank yet to commit to such a step in the fight against climate change.</li>
<li><a class="editor-rtfLink" href="https://www.reuters.com/business/sustainable-business/exclusive-dutch-bank-ing-ends-financing-new-oil-gas-projects-2022-03-23/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">According to the Reuters report</a>, the move raises pressure on peers to heed a call by the International Energy Agency (IEA) to halt funding for new fossil fuel projects to help cap global warming.</li>
<li>Michiel de Haan told Reuters that ING would not finance projects approved after December 31, 2021, but would still fund existing oil and gas projects.&nbsp;</li>
<li>However, ING is already reducing financing to the oil and gas industry and scaling up lending for renewables, targeting a 50% increase in lending for renewable energy by 2025.</li>
<li>ING&#39;s plan to reduce funding for existing oil and gas clients and projects is more gradual, aiming to cut by 12% to&nbsp;about &euro;3.5 billion by 2025.</li>
<li>ShareAction, an organization pushing for responsible investment, said in a February report that 25 European banks had provided&nbsp;$55 billion in funding in 2021&nbsp;for energy companies planning to expand oil and gas production.</li>
<li>HSBC Holdings plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>),&nbsp;Barclays plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>), and&nbsp;BNP Paribas SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTC">BNPQY</a>) were among the biggest funders of oil and gas projects in 2021.</li>
<li>Price Action:&nbsp;ING shares are down 0.84% at $10.60 during the premarket session on the last check Wednesday.</li>
<li>Photo by Charlie Hang via Unsplash</li>
</ul>

Commodities

ING Groep Becomes Biggest Bank To Phase Down Funding Of New Oil & Gas Projects: Reuters

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
The COVID-19 pandemic brought about unprecedented macroeconomic challenges and greatly impacted the business operations and financial performance of domestic and international companies.
During Q1 2020, increased market volatility resulted in an immediate decline in global markets which was soon followed by a rebound in performance during the latter half of the year.
Companies quickly learned to adapt their investor relations strategies to reinvent the way in which they conducted business &mdash; exploring alternative communication channels and seeking more efficient ways to maintain shareholder value in the wake of uncertainty and market volatility.
<h3>Adding Value To Shareholders</h3>
Increasing shareholder value is a universal goal and top priority for investor relations teams.
In the paper, &ldquo;<a href="https://www.otcmarkets.com/files/OTCQX_Investor_Relations_Key_in_a_Pandemic.pdf" target="_blank">OTCQX: Investor Relations Key In a Pandemic</a>,&rdquo; OTC Markets and Oxford Metrica studied the quantifiable impact of an international company&rsquo;s shareholder value after joining the OTCQX Market. Data showed that, on average, 128 basis points of value were created for shareholders 80 days after joining OTCQX.&nbsp;
It was hypothesized that the rise in value may be a result of the increased transparency, disclosure requirements, and corporate governance practices required by OTCQX. Combined, these factors signal a positive response in the issuer&rsquo;s home market, thus leading to an increase in shareholder value.
Home to 450 international and U.S. companies, OTCQX, the premium trading tier, can provide the tools issuers need to maintain, if not, increase shareholder value during a market crisis. The OTCQX Market provides international companies with a cost-effective platform for investor relations teams to more easily and effectively communicate with U.S. shareholders.&nbsp;
Notable companies traded on OTCQX include Roche Holdings (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhbf#OTCQX">RHHBF</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhvf#OTCQX">RHHVF</a>), Adidas (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTCQX">ADDDF</a>), Danone (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTCQX">DANOY</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gpdnf#OTCQX">GPDNF</a>), Repsol (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/repyy#OTCQX">REPYY</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/repyf#OTCQX">REPYF</a>), and BNP Paribas (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTCQX">BNPQY</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTCQX">BNPQF</a>).
<h3>Effective Communication With Shareholders</h3>
As a general rule, communication is a key component of any financial relationship. And this rule is just as prevalent when discussing the relationship between management and shareholders, especially during times of economic uncertainty.
The transparency and disclosure inherent in the OTCQX Market gives international companies the ability to provide U.S. shareholders with comprehensive financial and market information on the company. Additionally, through OTC Markets Group&rsquo;s Virtual Investor Conferences, international companies trading on OTCQX have an opportunity to utilize an interactive intermediary online platform to engage with U.S. investors.&nbsp;
Occurring 1-3 times per month, these remote conferences provide international companies with an additional forum and communications channel to address a larger number of U.S. investors.
<h3>Providing An Efficient &amp; Cost-Effective Solution</h3>
OTCQX offers companies a less complex, more efficient, and cost-effective market for an international corporations&rsquo; shares to be traded in the U.S. In comparison to a full listing on a U.S. national exchange, OTCQX offers an annual reduction ranging from $1-$2 million per annum.
Companies are also able to avoid the complex, onerous, and costly U.S. regulatory and exchange requirements of the national exchanges. In comparison, the OTCQX offers an alternative ‒ a premium SEC-recognized established public market that is the right fit to help international companies maintain their U.S. trading position during a crisis.&nbsp;
Photo by <a href="https://unsplash.com/@dylandgillis?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Dylan Gillis</a> on <a href="https://unsplash.com/s/photos/office-meeting?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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OTC Markets Group On The Importance Of Investor Relations During A Pandemic

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
The universe of public companies open to U.S. investors is a lot larger than most people realize.&nbsp;
There are nearly 18,000 securities available in the U.S. Over 11,000 of these trade on OTC Markets, while the rest trade on national exchanges like NYSE and Nasdaq.&nbsp;
For many retail investors, the experience of using their brokerage to trade an exchange-listed security may not be all that different than trading a security on OTC Markets but there are some key differences in how the markets function.&nbsp;
<h3>The Structure Of OTC Markets</h3>
OTC Markets is divided into three main markets&mdash; OTCQX, OTCQB, and Pink&mdash;with each tier having different standards. The goal, according to OTC Markets Group, is to create more efficient markets by organizing securities &ldquo;based on the quality and quantity of information companies disclose.&rdquo;
OTCQX, the highest tier, is home to the largest companies like Meritage Hospitality Group, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/mhgu#OTCQX">MHGU</a>). Many of these companies also have a primary market in another country (such as Roche Holdings (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) and Adidas (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>)). It&rsquo;s also where a lot of community banks trade, like Coastal Carolina Bancshares Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ccnb#OTCQX">CCNB</a>) and Lyons Bancorp, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/lybc#OTCQX">LYBC</a>).&nbsp;
OTCQB, the middle tier, is where smaller, emerging companies trade, such as Nextech AR Solutions (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nexcf#OTCQB">NEXCF</a>).&nbsp;
The Pink Market is an &ldquo;Open Market,&rdquo; where any company, from large-caps like Nestle (Pink: <a class="ticker" href="https://www.benzinga.com/stock/nsrgy#Pink">NSRGY</a>). to a reorganizing JC Penney (Pink: <a class="ticker" href="https://www.benzinga.com/stock/jcpnq#Pink">JCPNQ</a>), can trade.&nbsp;
<h3>Who Participates In The OTC Markets?</h3>
Securities on OTC Markets can be bought and sold by any investor, from large institutions to individual retail investors through a registered broker-dealer. Investors and broker-dealers are amongst a few key groups that are a part of the market.
COMPANIES
There are over 11,000 securities traded on the various tiers of OTC Markets.&nbsp;
Many of these securities are ADRs for major international institutions like BNP Paribas (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTCQX">BNPQF</a>) and AXA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTCQX">AXAHY</a>). These companies are primarily traded in their home countries, but have ADRs that trade on OTC Markets to give U.S. investors better access and diversify their shareholder base.&nbsp;
Many companies with securities on OTC Markets fall into a number of common industries. This includes community banks like&nbsp;Bank of San Francisco (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bsfo#OTCQX">BSFO</a>), and metals and mining companies like Standard Lithium (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/stlhf#OTCQX">STLHF</a>) and Impala Platinum (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/impuy#OTCQX">IMPUY</a>).&nbsp;
OTC Markets also serves as a home for many innovative industries that fall outside the established guidelines of a national exchange. This includes the cannabis industry which is well-represented. Because U.S. cannabis operators are unable to list on an exchange while cannabis is classified as a Schedule I drug, many have their securities traded on OTC Markets. Other innovative industries like crypto can be found as well. Grayscale&rsquo;s portfolio of products, including the Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>) and Grayscale Ethereum Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTCQX">ETHE</a>) trade on the OTCQX Market.&nbsp;
BROKER-DEALERS
Unlike exchanges, which match buyers and sellers through a number of centralized locations, OTC Markets consists of a network of over 90 broker-dealers who trade directly with one another. These are the same broker-dealers that also trade exchange listed securities.
Investors can place orders through these broker-dealers, who can either fill the order themselves or connect with other broker-dealers through an alternative trading system such as OTC Link. This system allows broker-dealers to communicate, negotiate trades on behalf of clients, and post quotes to the public. Orders can also be placed through OTC Link ECN, which combines the Broker-Dealer network model with the anonymity of traditional markets.&nbsp;
The aggregate bids and asks posted by different broker-dealers for a given security are then consolidated to define the market for that security.&nbsp;
REGULATORS
In addition to the qualifying standards placed by OTC Markets for the OTCQX and OTCQB markets, there is also federal regulation of OTC Market participants.&nbsp;
All broker-dealers are regulated by FINRA. These regulations include rules that, among other things, require a broker-dealer to get the best possible price for a customer when executing an order and prohibit them from front-running customer orders.&nbsp;
Some securities that trade on OTC Markets are also &ldquo;SEC reporting&rdquo; meaning they are registered with and regulated by the SEC. Both organizations also regulate the OTC Link trading system.&nbsp;
When trading a security on OTC Markets, it&rsquo;s important to understand how the market&rsquo;s different players interact with each other. Each participant contributes to the liquidity and efficiency of the market and can affect how, when, or if your buy or sell order gets executed.&nbsp;
Photo by <a href="https://unsplash.com/@m_b_m?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">M. B. M.</a> on <a href="https://unsplash.com/s/photos/stocks?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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How Is OTC Markets Different From Exchanges?

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Stocks That Hit 52-Week Highs On Tuesday

This article is from Benzinga&rsquo;s Partner Content team
The U.S. equities universe is a lot larger than most people realize. While there are over 6,000 stocks that trade on the NYSE and Nasdaq&mdash;the two largest U.S. exchanges&mdash;U.S. investors actually have access to over 10,000 securities via OTC Markets.&nbsp;
A little under half of those securities represent international companies. Within the top tier of OTC Markets specifically&mdash;the OTCQX Best Market, which requires the most financial disclosures&mdash;there are over 470 securities. And while there are<a href="https://www.benzinga.com/markets/cannabis/19/02/13168160/6-indexes-that-can-help-you-track-the-otc-markets"> indexes that help track</a> the market, it&rsquo;s also worth knowing which industries are most represented.&nbsp;
These are the industries that OTC Markets Groups&rsquo; OTCQX Market tier provides the most exposure:
<h3>1) Banks and Financial Institutions</h3>
Of the over 470 securities on OTCQX, 103 are in the financial sector. This 21% weighting is above the 12% that the S&amp;P 500 devotes to the sector.&nbsp;
The majority of these securities represent regional and community banks, such as Revere Bank (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/revb#OTCQX">REVB</a>) and High Country Bancorp (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/hcbc#OTCQX">HCBC</a>), but major international institutions like BNP Paribas (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTCQX">BNPQF</a>) and Zurich Insurance Group (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/zurvy#OTCQX">ZURVY</a>) also trade on this market.&nbsp;
The OTCQX Banks Index tracks 65 of these securities and is one of the top-performing OTC Markets&rsquo; indices of the year.&nbsp;
<h3>2) Metals &amp; Mining</h3>
There are 96 material companies on OTCQX, making it the second most heavily weighted sector. The 20% weighting of materials on OTCQX is about 5x the exposure that the S&amp;P 500 provides to this sector.&nbsp;
Most of these companies are involved with the mining and production of precious metals (including gold, silver, and copper) and have operations in foreign countries, such as Canada&rsquo;s Fortescue Metals Group Ltd (OTCQX: FSUGY; FSUMF) and Impala Platinum Holdings Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/impuy#OTCQX">IMPUY</a>).
<h3>3) &nbsp;Cannabis</h3>
Though there are 29 securities on the new OTCQX Cannabis Index, there are actually 41 securities on the market that have exposure to cannabis (compared to only 15 that list on an exchange).&nbsp;
This group includes any company with operations along the supply chain of cannabis-related products, from the cultivation of hemp to the development of cannabis-based pharmaceuticals.&nbsp;
Curaleaf Holdings (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTCQX">CURLF</a>), Cresco Labs (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTCQX">CRLBF</a>), and Acreage Holdings Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/acrgf#OTCQX">ACRGF</a>) are three of the more actively traded securities among the group.&nbsp;
<h3>4) Oil &amp; Gas</h3>
With 33 securities, oil &amp; gas is the fourth most heavily weighted industry on the OTCQX Market. The 6% weighting is closely in-line with energy&rsquo;s weighting in the S&amp;P 500, which has fallen below 5% due to the sector&rsquo;s underperformance in 2019.
The dominant industry here is oil and gas exploration services, represented by companies such as Corning Natural Gas Holdings (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/cnig#OTCQX">CNIG</a>) and Russia&rsquo;s state-owned Gazprom (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gzpfy#OTCQX">GZPFY</a>).&nbsp;
<h3>5) Healthcare and Pharmaceuticals</h3>
There are 22 securities on OTCQX specific to the healthcare sector (not including cannabis-related companies). This 4% weighting is below the S&amp;P 500&rsquo;s 14% weighting of the sector.&nbsp;
Most of these companies are either in the pharmaceuticals space, such as Roche Holdings (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>), or categorized as diagnostics like Avita Medical (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/avmxy#OTCQX">AVMXY</a>).&nbsp;
OTC Markets is a content partner of Benzinga 
&nbsp;

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