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(Reuters) -Spirit Airlines has negotiated funding of up to $475 million with existing bondholders to support normal business operations during its Chapter 11 restructuring, its parent company said on Tuesday. Spirit expects $200 million of the debtor-in-possession financing to be available immediately if the court approves. The next hearing is scheduled for October 10. The company has also got interim access to $120 million of liquidity, it said. In August, the U.S. no-frills pioneer filed for bankruptcy protection for the second time in a year after a previous reorganization failed to put it on firmer financial footing. Spirit said on Tuesday that it has agreed with aircraft lessor AerCap Holdings to reject leases on 27 aircraft. AerCap will pay Spirit $150 million as part of the deal. The agreement resolves their dispute over a deal covering 36 Airbus planes due for delivery between 2027 and 2028. The company also said it has got the U.S. Bankruptcy Court for the Southern District of New York's approval to reject 12 airport leases and 19 ground handling agreements. Last week, Sprit had said it's halting 40 routes. (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Sahal Muhammed)

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By Suzanne McGee (Reuters) -The TXSE said on Tuesday that the SEC has approved its application to launch a new stock exchange, clearing the way for the Dallas-based Texas Stock Exchange to begin trading stocks and exchange-traded products by early 2026. The venture, backed by investment industry heavyweights including BlackRock, Citadel Securities and Charles Schwab, aims to chip away at the dominance of the two existing national stock exchanges which, in addition to trading, offer listing services to companies seeking to tap into public markets in the U.S. TXSE said it aimed to reduce the burden of going public and remaining publicly traded. According to data from the SEC, the number of publicly traded companies on U.S. exchanges has fallen to about 4,400 from a peak of more than 8,000 in the 1990s. To reverse this, the Texas Stock Exchange said it plans to attract listings from high-growth sectors including energy, technology and manufacturing. It also will seek to take advantage of perceptions that Texas is business friendly, with lower taxes and lighter regulations. A number of companies have moved their corporate headquarters to Texas in recent years, including Tesla. BlackRock rolled out an ETF in May to invest in this theme, the iShares Texas Equity ETF, although it has attracted only $15 million in assets. "(Texas) has a long-term vision for driving economic growth, streamlining regulations, and building financial infrastructure," James Lee, the new exchange's founder and CEO, said in a press release. The TXSE first announced its plans in June 2024, including details of financial backing from BlackRock and Citadel. It submitted its formal request for SEC approval in January. Since then, it has recruited talent from other exchanges, including two veteran ETF executives from rivals Cboe Global Markets and Nasdaq. But those rivals are not sitting idly by. On March 31, the NYSE opened its own Texas outpost, disclosing that Trump Media & Technology would be the first company to list there. Nasdaq also plans to vie for Texas business by opening a new regional headquarters in the state. (Reporting by Suzanne McGee; Editing by Edmund Klamann)

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By Sinéad Carew and Niket Nishant NEW YORK (Reuters) -Wall Street's three major indexes managed to close Tuesday's choppy session higher, also marking quarterly and monthly gains, even as investors braced for a U.S. government shutdown, which would delay key economic reports and muddy the  Federal Reserve's interest rate policy outlook. While Tuesday's gains were modest, the benchmark S&P 500 and the tech-heavy Nasdaq and the Dow all gained for the second quarter in a row.  For the S&P 500 and the Dow, it also marked their fifth straight monthly gain while the Nasdaq registered its sixth straight monthly gain.  U.S. President Donald Trump warned congressional Democrats on Tuesday that allowing the federal government to shut down at midnight would allow his administration to take "irreversible" actions including shutting down programs important to them. While previous shutdowns have had a limited impact on markets, some analysts warned that this time could be more disruptive, given the delicate economic backdrop. Meanwhile, a Labor Department report on Tuesday showed job openings increased marginally in August, while hiring and layoffs declined. Another data point showed U.S. consumer confidence declined more than expected in September. The latest jobs data did not suggest significant job losses, but Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, said, "it's a very balanced market that could be tipped either way very quickly." He said the market's leadership mix of defensive sectors such as healthcare and consumer staples along with more cyclical sectors such as industrials showed a lack of "significant conviction directionally."  "Maybe there's some position-squaring in advance of the prospect of a government shutdown," Luschini said. "Were that to occur, and last beyond Friday, we'll start to accumulate significant economic data such as the jobs report on Friday that won't be released. That leaves investors a little bit in the shadows with regard to what's going on on the ground." According to preliminary data, the S&P 500 gained 26.61 points, or 0.40%, to end at 6,687.82 points, while the Nasdaq Composite gained 64.58 points, or 0.29%, to 22,655.74. The Dow Jones Industrial Average rose 89.74 points, or 0.19%, to 46,405.81. Healthcare sector gainers included Pfizer, which rallied after Trump said it will cut the price of all prescription drugs in the Medicaid program for low-income Americans and sell new prescription drugs at a "most favored nation" price in exchange for tariff relief. Helping other healthcare stocks to rally, Trump also said he expects other drugmakers to follow suit. The Dow Jones Transport Average Index fell, with airlines leading declines due to the government shutdown threat. A group representing major U.S. airlines had warned on Monday that a partial federal government shutdown could strain American aviation and slow flights, as air traffic controllers and security officers would be forced to work without pay and other functions would be halted. Southwest Airlines and United Airlines were among the decliners. Meanwhile, Fed Vice Chair Philip Jefferson warned that the job market could face stress without central bank support, while Boston Fed President Susan Collins said she was open to additional rate cuts. In individual stocks, chipmaker Wolfspeed surged a day after exiting bankruptcy. Firefly Aerospace shares sank following a testing mishap that destroyed the core booster for its centerpiece Alpha rocket. Lamb Weston shares rose after the frozen-potato products maker beat analysts' estimates for first-quarter revenue and profit. (Reporting by Sinéad Carew in New York, Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Anil D'Silva, Pooja Desai and Matthew Lewis)

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By Giuseppe Fonte, Giulio Piovaccari and Elvira Pollina ROME (Reuters) -China's Sinochem is open to bids for its Pirelli stake – if the offer comes with a premium – after Italy's government said this week that the Chinese group was not breaching rules meant to protect the tyre maker's autonomy, sources close to the matter told Reuters. A possible move would be part of Rome's efforts aimed at ending a governance dispute that has weighed on Pirelli in recent years, with Sinochem, Pirelli's largest shareholder, at odds with fellow investor, Italy's Camfin. Pirelli and Camfin have complained that having a Chinese group as its main shareholder was hindering the tyre maker's U.S. expansion plans, as Washington tightens restrictions on Chinese technology in the automotive sector. Camfin is the vehicle of Marco Tronchetti Provera, an Italian businessman who has led Pirelli since 1992 and is now its executive vice-chairman. It holds a 27.4% stake. On Monday, the Italian government offered Sinochem an olive branch, ruling the group did not breach special "golden power" measures it imposed in 2023 to protect the independence of a company seen as being of strategic importance. The government was maintaining a "constant and constructive dialogue" with the company and its shareholders, to adapt "its instruments to the new regulatory requirements of its reference markets in a timely manner and ensuring its full competitiveness in all the areas in which it operates," the government said in a statement.  After Sinochem and Camfin failed for over a year to find an accommodation, the Chinese group was now ready to focus its efforts on talks with the government and work with it to explore arrangements in the interest of Pirelli, including a sale of its 37% stake, one of the sources added. The source said Sinochem, despite seeing itself as a long-term investor, would assess the market premium offered by potential bidders. But several other options, not necessarily involving a full stake sale, could be worked out, the source added. Pirelli is now informally working with banking advisers over a potential deal which would see Sinochem reducing its stake, one of the sources and a third person said. The process is still at an initial stage, and it could take time before there is any concrete development. Pirelli and Sinochem declined to comment. Selling its full shareholding in Pirelli would not be an easy task for Sinochem, banking sources have told Reuters, with industrial investors possibly reluctant to put money into a company which is led by its local shareholder. The government of Prime Minister Giorgia Meloni intervened two years ago to limit the Chinese influence at Pirelli and protect the autonomy of its management, through the so-called golden power rules aimed at protecting strategic assets. As part of that ruling, Pirelli's Italian shareholder has the right to appoint the group's top management and to steer its wider strategic choices. (Reporting by Giuseppe Fonte in Rome and Giulio Piovaccari in Milan; additional reporting by Elvira Pollina in Milan; writing by Giulio PiovaccariEditing by Keith Weir)

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SINGAPORE (Reuters) -A top U.S. securities regulator known for her supportive stance on the cryptocurrency industry said on Tuesday that the Securities and Exchange Commission is open to working with industry participants on tokenising products. "We are willing to work with people who want to tokenise, we urge them to come talk to us," said Hester Peirce, a Republican commissioner on the U.S. Securities and Exchange Commission (SEC), who was speaking virtually at the Digital Assets Summit in Singapore. (Reporting by Rae Wee; Editing by Christian Schmollinger)

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By Michael S. Derby and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -Federal Reserve liquidity facilities saw much less interest from Wall Street than expected on Tuesday as the third quarter came to a surprisingly quiet close. On Tuesday, money market funds and other eligible firms parked $49.1 billion at the central bank’s overnight reverse repo facility.  Meanwhile, the Standing Repo Facility, or SRF, lent $6 billion to eligible firms. Both of those tallies were much less than the admittedly uncertain estimates some analysts offered ahead of Tuesday. Quarter ends generally see challenging money market conditions as some firms pull back from the market and managing liquidity becomes challenging amid volatile interest rate movements. This quarter end was expected to be particularly choppy because overall liquidity levels have been declining as the Fed shrinks its holdings of bonds in a process known as quantitative tightening, or QT. QT is designed to pull liquidity from the financial system and has aimed to remove the excess cash the Fed injected into the system during the COVID-19 pandemic. With reverse repo usage recently at negligible levels, QT is now eating away at underlying liquidity levels, increasing the risk of unexpected friction in markets.  The challenge for the Fed and others is knowing when enough money has been taken out. The last time the Fed engaged in QT, it saw an unexpected liquidity shortfall in September 2019 that caused money market rates to spike, forcing the end of that chapter of drawdown. Ahead of Tuesday, some market participants had estimated that the SRF, started in 2021 and thus far little used, could see as much as $50 billion in usage, before being quickly unwound. Instead, the Tuesday SRF borrowing was even short of the $11 billion seen as the second quarter ended.  The SRF is intended to serve as a shock absorber for temporary market liquidity shortfalls but there have been long-standing questions about its ability to fulfill that role. Some have worried that some firms would not use the SRF for fear of signaling to others they’re in some form of trouble. By law those who use the facility will be revealed with a two-year lag. But it appears that economics might have been the main force warding off usage on Tuesday. One trader noted rates for borrowing cash were higher on Monday than they were Tuesday, suggesting less urgency to tap Fed cash. The general collateral or repo rate opened at 4.45% earlier on Tuesday and rose as high as 4.60%, ending the session at 4.35%, according to Curvature Securities. Ahead of the bids for the Fed's standing repo facility, the repo rate hit 4.43%, or about 18 basis points higher than what is being offered at the SRF. The latest Senior Financial Officer Survey released in March showed that banks would actively consider placing a bid at the SRF, rather than borrow from the repo market, once rates at the latter rise 37.5 basis points over the SRF level, currently at 4.25%. "The rise in repo rates at quarter end is in line with expectations," said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities. "I think what we'll have to see is where the majority of the transactions actually averaged. I do think that based on what happened so far, it seems to be a little bit less extreme, perhaps than initially anticipated." Meanwhile, Joseph Abate, head of rates at SMBC Nikko Securities in New York, said “the reluctance to use the SRF is kind of diminishing and so we should see more willingness to use the program.” (Reporting by Michael S. Derby; Editing by Chizu Nomiyama and Andrea Ricci)

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(Reuters) -Wolfspeed shares surged 33% on Tuesday, after the chipmaker successfully emerged from Chapter 11 bankruptcy with a substantially reduced debt load. The move has restored investor confidence in the company's prospects to become a leading provider of silicon carbide semiconductors, known for their energy efficiency, to electric-vehicle makers amid growing electrification and increasing chip content in automobiles. "Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era," CEO Robert Feurle had said on Monday. "We are well positioned to capture rising demand in end-markets, such as AI, EVs, industrial and energy, that are rapidly growing and recognizing silicon carbide's potential," Feurle said. Wolfspeed had filed for bankruptcy protection in June due to deepening economic uncertainty stemming from changing U.S. trade policies and weakening demand. Since then, it has restructured, worked toward extending debt maturities and made significant leadership changes, including naming industry veteran Van Issum as its chief financial officer. The company said on Monday it had achieved its goal of reducing overall debt by about 70%. Wolfspeed, however, has canceled all legacy shares in its bankruptcy restructuring, issuing just 1.3 million new shares to existing investors at a steep exchange ratio of less than 1% per old share. This reduces prior shareholders' stake since the bulk of the new equity goes to creditors and backstop investors, leaving legacy holders with only a sliver of ownership. Owing to analysts' expectations of continued losses at Wolfspeed, the company carries a negative multiple. That compares with the 12-month-forward price-to-earnings ratio of 17.9 for Onsemi and 16.7 for NXP, according to data compiled by LSEG. (Reporting by Arsheeya Bajwa and Akash Sriram in Bengaluru; Editing by Shilpi Majumdar)

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(Reuters) -The U.S. Federal Trade Commission said on Tuesday it sued real estate and rental listing websites Zillow and Redfin over what the regulatory agency called an illegal agreement to suppress rental advertising competition. (Reporting by Christian Martinez)

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By Lucia Mutikani WASHINGTON (Reuters) -U.S. job openings increased marginally in August while hiring declined, consistent with lackluster labor market conditions that could allow the Federal Reserve to cut interest rates again next month despite resilient consumer spending. Households are also growing pessimistic about the labor market. A survey from the Conference Board on Tuesday showed the share of consumers viewing jobs as "plentiful" fell this month to the lowest level since early 2021. There were 0.98 job openings for every unemployed person in August compared to 1.0 in July.  The labor market has almost stagnated amid slowing demand for workers, with economists blaming a lagging drag from uncertainty stemming from tariffs on imports as well as the rise of artificial intelligence. An immigration crackdown has also reduced labor supply, creating what Fed Chair Jerome Powell has described as a "curious balance." "The labor market remains lethargic but is not getting rapidly sicker," said Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics. Job openings, a measure of labor demand, rose 19,000 to 7.227 million by the last day of August, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report. Economists polled by Reuters had forecast 7.185 million unfilled jobs. With the government likely to shut down when funding runs out at midnight on Tuesday, the report could be the last key economic data for a while. The Labor and Commerce departments said on Monday all data releases, including September's employment report due on Friday, would be suspended. Job openings decreased 115,000 in the construction sector but were partly offset by a 106,000 increase in unfilled positions in the accommodation and food services industry. There were also more vacancies at retailers as well as in state and local government, excluding education. But federal government job openings fell 61,000 amid spending cuts. The job openings rate was unchanged at 4.3%. Hiring decreased 114,000 to 5.126 million in August, concentrated in the trade, transportation and utilities industry. Accommodation and food services hiring also declined, likely the result of immigration raids that have led to deportations and kept fearful workers at home. EMPLOYERS HOLDING ON TO WORKERS The hires rate fell to 3.2% from 3.3%. Employers continued to hold on to their workers, with layoffs dropping 62,000 to 1.725 million. There were fewer layoffs in the trade, transportation and utilities industry. The layoffs rate was unchanged at 1.1% for a third straight month. Weak hiring, however, means people who lose their jobs will have a tough time finding new opportunities. The Conference Board survey showed the share of consumers viewing jobs as plentiful dropped to 26.9% this month, the lowest level since February 2021, from 30.2% in August. There was no change in the proportion perceiving jobs as "hard" to get. The survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, narrowed to a more than 4-1/2-year low of 7.8 from 11.1 last month. This measure correlates to the unemployment rate in the Labor Department's monthly employment report. Economists said this suggested the jobless rate could rise further after climbing to 4.3% in August. The U.S. central bank resumed easing policy this month, cutting its benchmark overnight interest rate by 25 basis points to the 4.00%-4.25% range, to aid the labor market. Nonfarm payroll gains averaged only 29,000 jobs per month in the three months to August compared to 82,000 during the same period last year. But a raft of fairly strong reports, including second-quarter gross domestic product and August consumer spending, raised questions about whether more rate reductions were warranted this year.  Economists expect the Fed to put more emphasis on the labor market, though a government shutdown would leave policymakers without key data ahead of their October 28-29 meeting. "The Fed has a bias to cut unless the labor market shows signs of improvement, but the fog the central bank sets monetary policy in may get thicker because the partial federal government shutdown could delay the release of the September employment report," said Ryan Sweet, chief U.S. economist at Oxford Economics. Workers are remaining in their jobs, with resignations declining for the third straight month to a nine-month low. The quits rate, a gauge of labor market confidence, fell to an eight-month low of 1.9% having held at 2.0% for three consecutive months. That also suggested slower wage growth, which could undercut consumer spending, the economy's engine. Indeed, the Conference Board survey showed consumers less inclined to make big-ticket purchases like motor vehicles and major appliances like refrigerators and washing machines over the next six months. Fewer planned to spend on travel-related services. Overall consumer confidence hit a five-month low. "Consumer confidence is a factor in determining consumer spending, but it is not the dominant factor," said Carl Weinberg, chief economist at High Frequency Economics. "Rattled consumers spend less than confident consumers." (Reporting by Lucia Mutikani; Editing by Andrea Ricci)

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SAO PAULO (Reuters) -Brazilian digital lender Nubank said on Tuesday it had applied for a national bank charter to operate in the United States, in its most concrete step so far toward an expansion outside Latin America. The decision "is aligned with the company's intention to explore future international opportunities by evolving its regional platform into a global model," Nubank said in a statement. Chief Executive Officer David Velez said that the lender's core focus remains on delivering growth in its existing markets, Brazil, Mexico and Colombia. Velez said that the application could help Nubank to serve customers already based in the U.S. and, "in the future, connect with those who share similar financial needs and could benefit from our products and services." Executives at Nubank had said the firm was preparing to unveil an expansion to a new market. Nubank, which is listed in the U.S. through Nu Holdings, said former Brazilian central bank chief Roberto Campos Neto will chair the board of directors of its U.S. business. (Reporting by Andre Romani, Alberto Alerigi Jr. and Paula Arend Laier; Editing by Kylie Madry)

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