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By Stephen Culp NEW YORK (Reuters) -Wall Street headed higher and gold resumed its ascent on Wednesday as earnings season hit its stride and dovish comments from U.S. Federal Reserve Chair Jerome Powell helped investors look past trade tensions between the United States and China. All three major U.S. stock indexes gained ground in a broad rally driven by rate cut hopes and solid corporate earnings results, while crude prices rebounded and gold hit new heights as Washington and Beijing ramped up the rhetoric in their ongoing tariff dispute. President Donald Trump said he was considering cutting some trade ties with Beijing in response to China not buying U.S. soybeans. This followed China's ramped-up restrictions on crucial rare earth exports. U.S. Trade Representative Jamieson Greer described those restrictions as a complete repudiation of U.S.-Chinese trade agreements over the past six months, while Treasury Secretary Scott Bessent said he does not believe Beijing wants to be an "agent of chaos." EARNINGS OVERSHADOW TRADE TENSIONS "The escalation of trade tensions with China don't seem to be getting the market as worried as you might expect," said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. "And in the meantime, so far, earnings are coming in OK with the financial companies reporting." Upbeat third-quarter results from Morgan Stanley and Bank of America lifted investor sentiment. Those sentiments got a boost from Powell's commentary on Tuesday, which provided assurances that the U.S. economy is on firm footing, but warned that the labor market remained weak, seeming to affirm the market's near certainty that the central bank will cut interest rates at the conclusion of its October meeting. Powell’s comments had “no surprises,” Martin said. “We’re still going to have some rate cuts. I don't think (Powell’s remarks) were dovish or hawkish, but I think that by not being hawkish, they might be considered dovish." The Dow Jones Industrial Average rose 287.60 points, or 0.62%, to 46,556.15, the S&P 500 gained 65.66 points, or 0.99%, to 6,709.97 and the Nasdaq Composite rose 289.88 points, or 1.29%, to 22,811.34.  European stocks rose as upbeat results from France's LVMH sparked a rally in luxury goods, soothing worries that slowing global economic growth and ongoing tariff wars are dampening corporate health. MSCI's gauge of stocks across the globe  rose 11.21 points, or 1.15%, to 989.53. The pan-European STOXX 600 index rose 0.62%, while Europe's broad FTSEurofirst 300 index added 14.36 points, or 0.64%. Emerging market stocks  rose 26.58 points, or 1.99%, to 1,365.56. MSCI's broadest index of Asia-Pacific shares outside Japan closed higher by 2.04%,  to 708.93, while Japan's Nikkei  rose 825.35 points, or 1.76%, to 47,672.67. The dollar slipped against its peers as Powell's comments boosted rate cut bets and a stronger risk appetite robbed the greenback of some of its luster. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.21% to 98.86, with the euro up 0.15% at $1.1622. Against the Japanese yen, the dollar weakened 0.32% to 151.32. U.S. Treasury yields softened as investors digested the latest development in the U.S.-China trade dispute. The yield on benchmark U.S. 10-year notes fell 1.3 basis points to 4.009%, from 4.022% late on Tuesday. The 30-year bond yield fell 2.6 basis points to 4.5977% from 4.624% late on Tuesday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 0.6 basis points to 3.485%, from 3.479% late on Tuesday. Oil prices advanced as investors weighed the International Energy Agency's projected 2025 supply surplus against the ongoing trade dispute between the world's two largest economies.  U.S. crude rose 0.26% to $58.84 a barrel and Brent rose to $62.45 per barrel, up 0.1% on the day. Gold extended its record run, breached the $4,200 per oz level for the first time as the safe haven metal continued to benefit from geopolitical tensions. Spot gold rose 1.3% to $4,195.50 an ounce. U.S. gold futures rose 1.48% to $4,200.00 an ounce. (Reporting by Stephen Culp; Additional by Tom Wilson in London and Rae Wee in SingaporeEditing by Rod Nickel)

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WASHINGTON (Reuters) -U.S. retail sales excluding motor vehicles and parts likely posted further gains in September, data from the Chicago Federal Reserve showed on Wednesday, though part of the rise probably reflected higher prices. The Chicago Fed Advance Retail Trade Summary estimated that retail sales excluding autos and parts increased by a seasonally adjusted 0.5% last month after advancing 0.7% in August.  CARTS is meant to offer an early read for the official monthly retail sales data, excluding automobiles, produced by the Commerce Department's Census Bureau. The comprehensive retail sales report, scheduled for release on Thursday, has been delayed by the government shutdown, now in its third week. When adjusted for inflation, retail sales excluding autos are projected to have risen only 0.2% last month after increasing 0.3% in August. CARTS' projections are broadly in line with most estimates from independent economists. Retail sales growth continues to be driven by higher-income households amid robust financial and real estate wealth gains. Their wage growth has remained solid. Economists say many middle-income consumers are being financially squeezed, though lower-income households are being impacted the most by labor market sluggishness, which is curbing wage growth. This income group has also borne the brunt of higher prices from tariffs on imports. "Consumers are increasingly fatigued by high price levels and navigating an economy that feels less favorable," said Will Auchincloss, Americas retail sector leader at EY-Parthenon. "We expect to see more intentional spending, with households prioritizing value and necessity over discretionary purchases." A Bank of America Institute survey showed spending by the lowest-income households grew 0.6% year-on-year in September. In contrast middle- and higher-income household spending increased 1.6% and 2.6%, respectively. "Middle- and higher-income households have stronger wage growth but higher-income spending is likely also benefiting from wealth effects," Bank of America Institute said. "The discretionary spending of the top 5% of households by income tends to widen compared to the middle-income cohort when the S&P 500 is rising." (Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci)

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WASHINGTON (Reuters) -U.S. retail sales excluding motor vehicles and parts likely posted further gains in September, data from the Chicago Federal Reserve showed on Wednesday, though part of the rise probably reflected higher prices. The Chicago Fed Advance Retail Trade Summary estimated that retail sales excluding autos and parts increased by a seasonally adjusted 0.5% last month after advancing 0.7% in August.  CARTS is meant to offer an early read for the official monthly retail sales data, excluding automobiles, produced by the Commerce Department's Census Bureau. The comprehensive retail sales report, scheduled for release on Thursday, has been delayed by the government shutdown, now in its third week. When adjusted for inflation, retail sales excluding autos are projected to have risen only 0.2% last month after increasing 0.3% in August. CARTS' projections are broadly in line with most estimates from independent economists. Retail sales growth continues to be driven by higher-income households amid robust financial and real estate wealth gains. Their wage growth has remained solid. Economists say many middle-income consumers are being financially squeezed, though lower-income households are being impacted the most by labor market sluggishness, which is curbing wage growth. This income group has also borne the brunt of higher prices from tariffs on imports. "Consumers are increasingly fatigued by high price levels and navigating an economy that feels less favorable," said Will Auchincloss, Americas retail sector leader at EY-Parthenon. "We expect to see more intentional spending, with households prioritizing value and necessity over discretionary purchases." A Bank of America Institute survey showed spending by the lowest-income households grew 0.6% year-on-year in September. In contrast middle- and higher-income household spending increased 1.6% and 2.6%, respectively. "Middle- and higher-income households have stronger wage growth but higher-income spending is likely also benefiting from wealth effects," Bank of America Institute said. "The discretionary spending of the top 5% of households by income tends to widen compared to the middle-income cohort when the S&P 500 is rising." (Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci)

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(Reuters) -Stellantis is recalling 298,439 vehicles in the U.S. due to a shifter cable defect that could disable the park function and allow the vehicle to roll away, the U.S. National Highway Traffic Safety Administration said on Wednesday. The shifter cable may detach from the transmission, preventing the vehicle from shifting into the park position, the NHTSA said. The recall covers certain 2013-2016 Dodge Dart vehicles, the auto safety regulator said, adding that a remedy is currently under development. Stellantis had to recall over 123,000 Jeep vehicles last month due to the risk posed by detached trim pieces. (Reporting by Ananya Palyekar and Nandan Mandayam in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman)

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(Reuters) -Air taxi firm Archer Aviation on Wednesday said that it has won a bid to acquire rival Lilium's portfolio of about 300 advanced air mobility patent assets for 18 million euros ($20.91 million), expanding its own portfolio to over 1,000 patent assets. Shares of San Jose, California-based company rose by about 8.5% in morning trade. The Lilium portfolio spans high‑voltage systems, battery management, advanced aircraft design, flight controls, electric engines, propellers, and ducted‑fan technologies, which it said could unlock future advances in light‑sport aircraft and regional air mobility. Founded in 2015, German air‑taxi maker Lilium invested more than $1.5 billion in electric vertical takeoff and landing aircraft (eVTOL) technology before filing for insolvency last year amid unresolved financial challenges. With commercial launches still years away, the eVTOL industry is rapidly burning through cash as companies continue to seek fresh investments to sustain operations. Industry experts say further consolidation may be inevitable as firms race to secure regulatory approvals, bolster supplier networks and bring aircraft to market, driven by demand for faster, cleaner urban transport. U.S. air taxi firms are expected to benefit from Washington's push to speed deployment through executive orders and a pilot program announced last month. ($1 = 0.8607 euros) (Reporting by Anshuman Tripathy in Bengaluru; Editing by Tasim Zahid)

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By Sukriti Gupta and Twesha Dikshit (Reuters) – Wall Street's main indexes rose on Wednesday after solid results from Bank of America and Morgan Stanley, while chipmakers climbed as ASML reported strong quarterly results. Morgan Stanley's shares hit a record high and were last up 7.2%, while Bank of America rose 4.4% after the top lenders beat Wall Street estimates for third-quarter profit on dealmaking strength. Bank of America also raised the low end of its interest income forecast range. "We've seen really good results from the big banks that have reported thus far, some impressive beats there, so I would expect that we'd see positive sentiment and a good market reaction," said Kristina Hooper, chief market strategist at Man Group. Meanwhile, U.S. Treasury Secretary Scott Bessent said at a CNBC event that the wave of investment into the U.S. economy is sustainable and is only getting started. A day earlier, lenders including Goldman Sachs and JPMorgan Chase reported solid performance in investment banking and predicted that the business would continue to boom. The results indicate early strength in the third‑quarter earnings season in corporate America, providing a proxy for the economy while government reports are on hold. U.S. chipmakers rose after ASML reported third-quarter orders and operating income above market expectations. U.S.-listed shares of ASML advanced 3%. Micron Technology added 1.4% and Advanced Micro Devices rose 6.5%. Intel and Nvidia added 1.5% and 1.2% respectively. At 10:03 a.m. ET, the Dow Jones Industrial Average rose 358.55 points, or 0.77%, to 46,627.33, the S&P 500 gained 65.39 points, or 0.98%, to 6,709.70 and the Nasdaq Composite gained 261.64 points, or 1.16%, to 22,783.34. The S&P 500 tech and financials sectors led the broader gains, rising 1.3% and 0.8%, respectively. The S&P 500 banking index rose 2.1% on the day. A slate of Fed officials are set to speak later in the day. Fed's Beige Book of economic condition, due at 2:00 p.m. ET, is also on radar. Fed Governor Stephen Miran at a CNBC event said "two more cuts this year sounds realistic", noting that the labor market has clearly weakened. Federal Reserve Chair Jerome Powell left the door open to rate cuts on Tuesday by saying the U.S. labor market remained mired in low-hiring, low-firing doldrums. Bessent also told CNBC he plans to present three or four Fed chief candidates to President Donald Trump for him to interview sometime after Thanksgiving. Meanwhile, Trump on Tuesday said Washington was considering cutting some trade ties with China, including in relation to cooking oil. That came after the two countries began imposing tit-for-tat port fees, adding to concerns about the China-U.S. trade war. Bessent said officials from both countries are working to set up a meeting. Among other stocks, Abbott declined 2.7% on downbeat quarterly revenue. Progressive Corp lost 7.8% after the insurer reported third-quarter results. Bunge rose 10.9% despite the company lowering its 2025 earnings forecast following its merger with Viterra. On the Nasdaq, 3,097 stocks rose and 1,016 fell as advancing issues outnumbered decliners by a 3.05-to-1 ratio. The S&P 500 posted 29 new 52-week highs and two new lows, while the Nasdaq Composite recorded 103 new highs and 15 new lows. (Reporting by Sukriti Gupta and Twesha Dikshit in Bengaluru; Editing by Maju Samuel)

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By Alun John, Dhara Ranasinghe and Stefano Rebaudo LONDON (Reuters) -France's financial markets are riding a roller-coaster as the country grapples with one of its worst political crises in decades, and while sentiment is improving, the bumpy ride is not over.  French Prime Minister Sebastien Lecornu has promised to suspend a landmark pension reform until after the 2027 election, sacrificing one of President Emmanuel Macron's achievements to ensure the government's survival. Here's a look at where markets stand, and what comes next.  BOND VIGILANTES IN HIDING? The gap between 10-year French and German bond yields, the premium investors require to lend to France, is around 78 basis points, down from almost 90 bps last week.  It could tighten towards 75 bps, said Citi's senior rate strategist Aman Bansal.   It narrowed as investors focused on political stability over long-term fiscal worries. Lecornu's plan to suspend pension reform means he'll likely stay in his job, avoiding snap elections, even if some parties have called a no-confidence vote for Thursday. RBC BlueBay Asset Management senior portfolio manager Kaspar Hense said the firm had closed out of its short position – a bet on price falls – in French bonds last week on expectations a political compromise would be found.  "Demand for OATs (French bonds) remains strong at these levels of real and nominal yields," said Reinout De Bock, head of European rate strategy at UBS.  RATINGS WATCH  French borrowing costs remain among the highest in the euro zone, and because suspending the key pension reforms keeps pressure on public finances, France is vulnerable to further ratings downgrades. Lecornu says the suspension would cost 400 million euros ($463 million) in 2026 and 1.8 billion euros in 2027. Without offsetting measures, France's debt-to-GDP ratio would fail to stabilise, analysts say. Goldman Sachs reckons permanent suspension of the pension reform would add 0.5% of GDP to the deficit by 2035, so debt as a share of GDP over the next decade stabilises closer to 130% compared to around 113% now.  Moody's, which rates France at Aa3 with a stable outlook, reviews France on October 24.  "We expect some downgrade pressure but this is priced in by markets," said BlueBay's Hense. STOCKS SOAR  France's blue chip share index rose 2.6% on Wednesday, set for its best day since April's tariff bounceback, but that's not much to do with politics — luxury giant LVMH surged 14% after results. French midcaps are up around 1% but have underperformed longer term, up nearly 10% in the past two years, compared to 15% for the blue chip index, and 26% for the overall European benchmark.  And that could continue.  Claudia Panseri, chief investment officer at UBS Wealth Management France, said that even if politics stabilises, fiscal and political challenges would still hang over domestic stocks. "European investors may prefer to focus on more internationally diversified companies within the CAC 40, which are less exposed to domestic risks," she said. BANKS BOUNCE BACK  But politics does matter for French banks.  "Banks have been the most sensitive sector to the political situation in France, and the most (bond) spread sensitive as well," said Barclays head of European equities strategy Emmanuel Cau.  Higher spreads typically mean higher wholesale funding costs for banks, hurting profits.  Societe Generale, BNP Paribas and Credit Agricole shares jumped over 2% each on Wednesday, having underperformed other European banks and broader French stocks last week when Lecornu stepped down.  Societe Generale's share price has doubled this year and any underperformance in banks may present a buying opportunity.  EURO RECOVERS FROM A COLD  A stellar euro rally has been dented by the political turmoil and it too is expected to benefit from stability.  ING currency strategist Francesco Pesole said the euro was looking less "fragile" with the French/German bond spread below 80 bps, adding he was watching no-confidence motions. "If Lecornu survives the no-confidence vote, euro/dollar could edge higher and potentially build strong support around $1.160," he said. It's trading around $1.1627, up 12% this year. ​ (Reporting by Alun John, Dhara Ranasinghe and Stefano Rebaudo; additional reporting by Lucy Raitano; Editing by Toby Chopra)

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(Reuters) -Danish drugmaker Novo Nordisk and Omeros have signed a licensing deal worth up to $2.1 billion for the U.S.-based company's experimental drug, which is being developed for rare blood and kidney disorders, they said on Wednesday. Omeros shares jumped threefold to $12.32 in premarket trading. As part of the agreement, Novo gains exclusive global rights to develop and commercialize Omeros' drug zaltenibart, designed to inhibit MASP-3 — a protein that acts as a key activator of the alternative pathway of complement. The complement pathway is a system of proteins in the blood that enhances the immune system's ability to fight infections. Omeros is eligible to receive up to a total of $2.1 billion, including $340 million upfront and near-term milestone payments. The company had said in March it began enrollment for late-stage trials studying the drug for paroxysmal nocturnal hemoglobinuria (PNH), a rare blood disorder in which part of the immune system attacks and damages the red blood cells and platelets. Zaltenibart has shown several potential advantages over other alternative pathway inhibitors currently in development or on the market, the companies said. The drug was safe and well tolerated in the trials. After the deal closes, expected in the fourth quarter of 2025, Novo aims to start a global program for zaltenibart in PNH and explore development in a range of other rare blood and kidney disorders. Omeros remains focused on securing approval for its other experimental drug, narsoplimab, this quarter. The company is pursuing approval for narsoplimab in the U.S. and in Europe to treat transplant-associated thrombotic microangiopathy, a complication that can arise after hematopoietic cell transplantation. Omeros also retains certain rights to its preclinical MASP-3 programs unrelated to zaltenibart, including the ability to develop and commercialize small-molecule MASP-3 inhibitors with limited indication restrictions. (Reporting by Sriparna Roy in Bengaluru; Editing by Shilpi Majumdar)

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(Reuters) -Nscale will deploy around 200,000 Nvidia AI chips under an expanded agreement with Microsoft across its data centers in Europe and the U.S., the British artificial intelligence group said on Wednesday. The Nvidia-backed company did not disclose the financial terms, but the Financial Times reported it could generate up to $14 billion in revenue for the startup, based on a comparable contract. The agreement will be executed in collaboration with Dell Technologies. Microsoft did not immediately respond to a Reuters request for comment. Nscale also said its joint venture with Norway's Aker will supply Microsoft with around 52,000 Nvidia GPUs from its hyperscale AI campus in Narvik, Norway. AI-related infrastructure spending is expected to surpass $2.8 trillion through 2029, according to a Citigroup estimate, as the so-called hyperscalers including Microsoft, Meta and Alphabet make multi-billion-dollar investments to ease capacity constraints.  Nscale will begin supplying Nvidia graphics processing units to Microsoft via its data centers in Texas and Portugal starting next year, it said on Wednesday. The company also plans to expand its Texas operations over the coming years. The company in September raised $1.1 billion from investors, including Aker and Finland's Nokia, to help accelerate its data center buildout. (Reporting by Disha Mishra in Bengaluru; Additional reporting by Deborah Sophia; Editing by Harikrishnan Nair and Sriraj Kalluvila)

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(Reuters) – Wall Street's main indexes opened higher on Wednesday, boosted by solid results from major banks, while chipmakers rallied after positive quarterly results from ASML. The Dow Jones Industrial Average rose 104.7 points, or 0.23%, at the open to 46,375.17. The S&P 500 rose 44.0 points, or 0.66%, to 6,688.27​, while the Nasdaq Composite rose 216.8 points, or 0.96%, to 22,738.496. (Reporting by Twesha Dikshit; Editing by Maju Samuel)

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