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(Reuters) -Corporate travel and expense company Navan said on Friday it is targeting a valuation of up to $6.45 billion in its U.S. initial public offering. The Palo Alto, California-based firm plans to raise $960 million by offering 36.92 million shares priced between $24 and $26 apiece. Navan plans to list its shares on the Nasdaq under the symbol "NAVN". U.S. IPO activity has rebounded in recent months amid easing trade policy uncertainty and reduced market volatility, reflecting improved investor confidence. The strong debuts of Alliance Laundry and Phoenix Education Partners on Thursday underscore a renewed appetite for risk. However, a U.S. government shutdown threatens to stall the recovery, with the Securities and Exchange Commission suspending IPO reviews as it operates with limited staff. Reuters reported in May that Navan's IPO could value the company at over $8 billion. The firm was valued at $9.2 billion in 2022 after raising $300 million in a Series G funding round. Founded in 2015 as TripActions by Ariel Cohen and Ilan Twig, Navan initially focused on corporate travel management, aiming to modernize services traditionally provided by companies such as American Express and SAP Concur. Over the years, Navan has expanded into corporate payments and expense management, and spread its tentacles across the world. Its clients include Zoom Communications and Lyft, according to its website. Goldman Sachs, Citigroup, Jefferies, Mizuho and Morgan Stanley are among the underwriters for the offering. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Alan Barona)

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By Steve Holland and Michael Erman WASHINGTON (Reuters) -President Donald Trump unveiled a deal with UK-based drugmaker AstraZeneca on Friday under which the company will sell some medicines at a discount to the government's Medicaid health plan, similar to a drug pricing pact reached last week with Pfizer. The deals suggest a framework the White House will use to try to reach its goal of lowering U.S. prescription medicine prices. The president sent letters to 17 leading drugmakers in July telling them to slash prices. Pfizer and Astra are the first two companies to reach a deal with the administration. AstraZeneca will also offer some of its drugs at a discount from their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere or face stiff tariffs. Last month, Trump threatened 100% tariffs, ratcheting up pressure on the pharmaceutical industry to agree to price cuts and shift manufacturing to the U.S., after negotiations broke down earlier this year, lobbyists and executives told Reuters following the Pfizer deal. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw in Washington, Maggie Fick in London, Patrick Wingrove in New York and Mariam E Sunny in Bengaluru; Editing by Caroline Humer and Bill Berkrot)

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By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump on Friday said he was raising tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. "Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying," Trump posted on his Truth Social platform. "Also on November 1st, we will impose Export Controls on any and all critical software." An earlier post from Trump on Friday signaled new levies against Chinese goods were in the offing, and threatened to cancel a meeting with President Xi Jinping. That broadside against Beijing sent markets and relations between the world's largest economies into a spiral. Trump, due to meet Xi in about three weeks in South Korea, complained on social media about what he characterized as China's plans to hold the global economy hostage. On Thursday, China dramatically expanded its rare earth element export controls. China dominates the market for such elements, which are essential to tech manufacturing. Trump said there was no reason to hold the previously announced meeting with Xi, which Beijing had never confirmed. The actions signaled the biggest rupture in relations in four months between Beijing and Washington – the world's biggest factory and its biggest consumer. Many questioned whether an uneasy economic detente reached over the summer can survive. It was a swift and dramatic response by Trump, a Republican who has wielded tariffs paid by U.S. importers against friends and foes. It could escalate a trade war that Washington and Beijing paused earlier this year after painstaking diplomacy. Beijing has long called for Washington to abandon unilateral trade restrictions it says undermine global commerce. MARKETS TUMBLE ON TARIFF THREATS China produces over 90% of the world's processed rare earths and rare earth magnets. Many are vital materials in products ranging from electric vehicles to aircraft engines and military radars. Trump's unexpected broadside shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2%, its biggest one-day drop since April when a steady barrage of tariff announcements by Trump stoked market volatility. Investors fled into the safe haven of gold and U.S. Treasury securities, and the U.S. dollar weakened against a basket of foreign currencies. "Trump's post could mark the beginning of the end of the tariff truce," said Craig Singleton, a China expert at the Foundation for Defense of Democracies. Singleton said Washington viewed China's export control steps as a betrayal. "Beijing appears to have overplayed its hand." In his first social media post on Friday, Trump said China has been sending letters to countries worldwide saying it planned to impose export controls on every element of production related to rare earths. He said he had been contacted by unnamed countries incensed over Beijing's steps and said he was surprised because of the "very good" recent relationship with China. TRUMP CONDEMNS BEIJING'S 'HOSTILE ORDER' Terming China's actions a "hostile order," Trump said he had been forced "to financially counter their move" "For every Element that they have been able to monopolize, we have two," Trump said. His follow-up post announcing the levies made no mention of whether he would meet Xi in coming weeks. But earlier on Friday Trump had said: "I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so." Previously, Trump had said he would meet Xi on the sidelines of the Asia-Pacific Economic Cooperation forum being held in Gyeongju, South Korea, starting October 31. The White House and the Chinese embassy in Washington did not immediately respond to a request for comment. A spokesperson for the U.S. Trade Representative declined comment on what countermeasures Trump was contemplating while a spokesperson for the U.S. Treasury did not immediately respond to a request for comment. The two offices have led talks with Beijing on trade. Economic tensions had been rising in recent days. On Thursday, the Trump administration proposed banning Chinese airlines from flying over Russia on routes to and from the U.S. On Friday, the U.S. Federal Communications Commission said on major U.S. online retail websites have removed millions of listings for prohibited Chinese electronics. China's move on Thursday included adding five new elements as well as dozens of pieces of refining technology to its export-restricting control list. It also required foreign rare earth producers that use Chinese materials to comply with its rules. "Beijing must have concluded that the U.S. was not prepared to make significant concessions on tariffs, export controls or Taiwan," said Scott Kennedy, a China business and economics expert at Washington's Center for Strategic and International Studies think tank. China calculated, he said, that if Trump retaliates, "China will be in a better position to weather the storm, and that the U.S. will be the first to back down." (Reporting by Trevor Hunnicutt; additional reporting by David Brunnstrom, David Lawder and Maiya Keidan; Editing by Caitlin Webber, Deepa Babington and David Gregorio)

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By Steve Holland and Michael Erman WASHINGTON (Reuters) -President Donald Trump unveiled a deal with UK-based drugmaker AstraZeneca on Friday under which the company will sell some medicines at a discount to the government's Medicaid health plan, similar to a drug pricing pact reached last week with Pfizer. The deals suggest a framework the White House will use to try to reach its goal of lowering U.S. prescription medicine prices. The president sent letters to 17 leading drugmakers in July telling them to slash prices. Pfizer and Astra are the first two companies to reach a deal with the administration. AstraZeneca will also offer some of its drugs at a discount from their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere or face stiff tariffs. Last month, Trump threatened 100% tariffs, ratcheting up pressure on the pharmaceutical industry to agree to price cuts and shift manufacturing to the U.S., after negotiations broke down earlier this year, lobbyists and executives told Reuters following the Pfizer deal. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw in Washington, Maggie Fick in London, Patrick Wingrove in New York and Mariam E Sunny in Bengaluru; Editing by Caroline Humer and Bill Berkrot)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Steve Holland and Michael Erman WASHINGTON (Reuters) -President Donald Trump unveiled a deal with UK-based drugmaker AstraZeneca on Friday under which the company will sell some medicines at a discount to the government's Medicaid health plan, similar to a drug pricing pact reached last week with Pfizer. The deals suggest a framework the White House will use to try to reach its goal of lowering U.S. prescription medicine prices. The president sent letters to 17 leading drugmakers in July telling them to slash prices. Pfizer and Astra are the first two companies to reach a deal with the administration. AstraZeneca will also offer some of its drugs at a discount from their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere or face stiff tariffs. Last month, Trump threatened 100% tariffs, ratcheting up pressure on the pharmaceutical industry to agree to price cuts and shift manufacturing to the U.S., after negotiations broke down earlier this year, lobbyists and executives told Reuters following the Pfizer deal. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw in Washington, Maggie Fick in London, Patrick Wingrove in New York and Mariam E Sunny in Bengaluru; Editing by Caroline Humer and Bill Berkrot)

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NEW YORK (Reuters) -Morgan Stanley's asset management unit asked investment bank Jefferies to return some money it invested in the latter bank's Point Bonita Capital fund, according to a person familiar with the situation. Point Bonita had a large exposure to bankrupt U.S. auto-parts supplier First Brands. BlackRock and Texas Treasury Safekeeping Trust are among the other investors that have made partial redemption requests, said the source, who declined to be identified discussing private talks. Morgan Stanley declined to comment, while BlackRock and Texas Treasury Safekeeping Trust did not immediately respond to requests for comment. Shares of Jefferies were down 8% in after hours trading. The redemption request was reported earlier by Bloomberg News. (Reporting by Lananh Nguyen and Saeed Azhar in New York; Editing by Chris Reese)

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(Reuters) -Bank holding firm Central Bancompany on Friday filed for an initial public offering in the United States. U.S. IPO momentum has strengthened in recent months as investors return to riskier assets following a lull tied to trade tension-related market volatility. Central Bancompany will list on the Nasdaq under the ticker symbol "CBC". Morgan Stanley and Keefe, Bruyette & Woods are the lead underwriters for the offering. Jefferson City, Missouri-based Central Bancompany offers consumer, commercial and wealth management services across Missouri, Kansas, Oklahoma and Colorado through its unit, The Central Trust Bank. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber and Alan Barona)

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NEW YORK (Reuters) -U.S. President Donald Trump on Friday said he was increasing tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. Earlier, he said there was no reason to meet with President Xi JinPing in two weeks as planned, triggering a sell-off in the dollar, U.S. stocks, and a flight to safe-havens like Treasuries. China this week has tightened restrictions on exports of key rare earth materials and, separately, on Friday said it would impose extra port fees on U.S. ships from October 14.     COMMENTS: BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN: "Here we go again. Trade negotiation via social media can be very disruptive to markets, but a lot can change quickly. By setting a November 1st implementation date for tariffs, that leaves enough room to have people actually talk with each other about the issues instead of just lobbing press statements back and forth. Downside risks to growth and upside risks to inflation are now higher than they were just 12 hours ago, but those risks don’t have to become reality." CLAYTON TRIICK, HEAD OF PORTFOLIO MANAGEMENT FOR PUBLIC STRATEGIES AT ANGEL OAK CAPITAL, ATLANTA: "I think it's a little early on the bubble side. Volatility has been really low with the government shut down and no data, and I feel like vol should be higher. It needed a catalyst, and so this was the catalyst to repricing here." "You still have labor concerns, inflation concerns, and the idea that we've had no vol and just automatic buying of equities last week, I've actually thought when we get clarity of the government maybe reopening in the U.S. today, it may actually cause a sell-off because now you have data coming to the market and everyone waking up again. But we got it early. We got the Trump news on China. "So, I view that this vol needed to happen. I wouldn't say it's the start of the beginning of a much larger sell-off. Because I still feel that there's so much cash on the sidelines to buy the dip that I don't think it would sustain that much lower. But I wouldn't be surprised if equities traded in a sideways range for a while here. I don't see the market ripping higher right now." ANSHUL SHARMA, CHIEF INVESTMENT OFFICER, SAVVY WEALTH, NEW YORK: "Today’s sharp sell-off reflects renewed fears that the U.S. is escalating trade tensions with China, particularly the threat of a large hike in tariffs and the cancellation of the meeting with President Xi. These moves inject real risk into global supply chains, corporate margins, and investor sentiment." "We think this is less about valuations and more about sentiment. Fundamentally, corporate earnings and balance sheets remain healthy, but when policy uncertainty spikes, as it did with today’s tariff headlines, investors tend to de-risk quickly. In our view, this is a sentiment-driven pullback within an otherwise resilient market backdrop." "That said, if trade tensions persist and start to filter into earnings guidance or capital-spending plans, we think the market could see a more drawn-out adjustment. It’s unlikely to ‘pop’ a bubble overnight, but it may reset expectations and reintroduce volatility around policy risk. On the flip side, any sign of de-escalation or renewed dialogue could just as quickly revive risk appetite. "On balance, we think this episode serves as a reminder that policy shifts can still rattle markets, much like we saw in late March and early April, even when underlying fundamentals remain sound." MALCOLM POLLEY, DIRECTOR STRATEGIC MARKET ANALYSIS, STRATOS WEALTH MANAGEMENT, SEWICKLEY, PENNSYLVANIA: "I think it's weird that the market is still getting all bent out of shape over tariffs, when there is a lawsuit that the Supreme Court will hear next month about the constitutionality of all these. It would be beyond shocking to me if Trump wins. If that’s true, then all these tariff issues become moot, because Congress would have to approve them. So it’s surprising to me that this is the mountain that the market is choosing to die on. There have been a lot of murmurings about how expensive the markets have become, though, and there’s a feeling we should probably dial back risk as we probably were bound to have some kind of correction. Some of this is probably because it's Friday, and banks aren’t open on Monday. There are people that just don't want to own things that long because absolutely anything could happen over the weekend." JAMES ST. AUBIN, CHIEF INVESTMENT OFFICER, OCEAN PARK ASSET MANAGEMENT, SANTA MONICA, CALIFORNIA: "This is just an escalation of the trade war that has been somewhat subdued for the last several months. The market hasn't been putting a lot of worry into this trade war as things have settled down after Liberation Day. The main players here – China and the U.S. – were working it out if you will. But that seems to be in jeopardy in terms of where China and the U.S. may find reasons to re-engage and re-escalate this conflict. It certainly is concerning for markets that have been clearly pricing in very little risk and very little concern over whether it be the trade war or any other potential government shut down things like that for something to go wrong. Here, we have some potential for an escalation in a very important trade relationship and that rightfully creates a little fear in the market, which we haven't seen much of since Liberation Day.” JAMIE COX MANAGING PARTNER, HARRIS FINANCIAL GROUP, RICHMOND, VIRGINIA:"All the smart money is scooping up chip stocks on weakness today.  Markets were rife for a little sell off, given such outsized gains since April, but, as with tariff month, it's yet another buying opportunity.  The bull market is intact." TIM HOLLAND, CHIEF INVESTMENT OFFICER, ORION, OMAHA: "After months of more good news than bad and more certainty than uncertainty around trade – think the UK, EU and Japan deals and ongoing negotiations with China – today’s developments are a reminder that trade is not fully solved for, and macro and geo-political uncertainty persists. We are hopeful that US/China negotiations will continue and recent moves by both sides will prove to be more about tactics and positioning than not." "We don't think US stocks are in a bubble. That said, stocks have done quite well year to date and trade at elevated multiples. While we are not rooting for a meaningful pullback, any drop should put equities in a more constructive position from a valuation and a sentiment point of view. We would note that it seems to us the Administration has often gotten most aggressive on the trade front after the market has had a strong run, which it has had these past few months." MICHAEL ROSEN, CHIEF INVESTMENT OFFICER, ANGELES INVESTMENTS, SANTA MONICA, CALIFORNIA: "The threat of more tariffs is a reminder that market volatility will remain elevated while Trump is in the White House." "The actual tariff rate has been significantly below what was feared, and companies are adjusting to this new era in trade policy. We should expect to see markets back on track after this momentary bout of volatility." TOM BRUNI, HEAD OF MARKETS AND RETAIL INVESTOR INSIGHTS, STOCKTWITS, NEW YORK" "Trump's actions against China this morning were the excuse the market needed to begin correcting. Over the last week or so, we've seen momentum at the index level wane, with bitcoin, the S&P 500, and many leading stocks making marginally new all-time highs before falling back into their ranges. This, combined with the 'euphoric' feeling of almost any risk asset investors bought immediately going up, showed that sentiment was due for a reset; the market just needed a catalyst to begin that process." MATTHEW MISKIN, CO-CHIEF INVESTMENT STRATEGIST, MANULIFE JOHN HANCOCK INVESTMENTS, BOSTON: "Th…

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By Steve Holland and Michael Erman WASHINGTON (Reuters) -President Donald Trump unveiled a deal with UK-based drugmaker AstraZeneca on Friday under which the company will sell some medicines at a discount to the government's Medicaid health plan, similar to a drug pricing pact reached last week with Pfizer. The deals suggest a framework the White House will use to try to reach its goal of lowering U.S. prescription medicine prices. The president sent letters to 17 leading drugmakers in July telling them to slash prices. Pfizer and Astra are the first two companies to reach a deal with the administration. AstraZeneca will also offer some of its drugs at a discount from their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere or face stiff tariffs. Last month, Trump threatened 100% tariffs, ratcheting up pressure on the pharmaceutical industry to agree to price cuts and shift manufacturing to the U.S., after negotiations broke down earlier this year, lobbyists and executives told Reuters following the Pfizer deal. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw in Washington, Maggie Fick in London, Patrick Wingrove in New York and Mariam E Sunny in Bengaluru; Editing by Caroline Humer and Bill Berkrot)

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(Reuters) -Bitcoin, the world's largest cryptocurrency by market value, extended declines on Friday after U.S. President Donald Trump escalated his trade conflict with China. Trump on Friday said he was raising tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. The spat shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2%. Bitcoin was last down 8.4% at $104,782 as of 17:20 ET (2120 GMT). Ethereum, the world's second-largest cryptocurrency, fell 5.8% to $3637 at 17:21 ET. (Reporting by Ruchika Khanna in Bengaluru; editing by Diane Craft)

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