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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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By Caroline Valetkevitch NEW YORK (Reuters) -Stocks fell sharply on Friday, with the S&P 500 and Nasdaq suffering their biggest one-day percentage declines since April 10, while Treasury yields dropped and the U.S. dollar weakened as comments by President Donald Trump reignited worries over a U.S.-China trade war. After markets closed on Friday, Trump 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 against recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. The announcement followed an earlier Trump social media post on Friday that signaled new levies against Chinese goods were in the offing, while threatening to cancel a meeting with President Xi Jinping. The news sent markets into turmoil, stirring concerns over how the trade war will affect the U.S. economy. Trump's April 2 "Liberation Day" tariff announcement set off some of the most severe market volatility in years. Technology-related shares led the day's tumble on Wall Street, with the S&P 500 technology index falling 4% on the day and an index of semiconductors declining 6.3%. U.S.-listed shares of Chinese firms also dropped. E-commerce firm Alibaba Group Holding finished 8.4% lower and JD.com Inc declined 6.2%. Shares added to losses after the bell. Oil prices fell more than $2 a barrel as trade worries cast a shadow over the demand outlook, while spot gold rallied back above the $4,000 an ounce milestone. "He's caught the market off guard again and thrown more question marks into a market that is being questioned about a very high degree of enthusiasm and being sort of scrutinized for having too much fluff built into it," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. At the close, the Dow Jones Industrial Average was down 878.82 points, or 1.90%, at 45,479.60, the S&P 500 was down 182.60 points, or 2.71%, at 6,552.51 and the Nasdaq Composite was down 820.20 points, or 3.56%, at 22,204.43. U.S. stock indexes had hit record highs earlier this week, lifted in part by expectations of further interest rate cuts from the Federal Reserve and optimism about artificial intelligence-related deals. The three major U.S. stock indexes posted losses for the week, with the S&P 500 registering its biggest weekly percentage decline since May. MSCI's gauge of stocks across the globe fell 20.96 points, or 2.11%, to 972.51. European shares ended 1.25% lower, erasing weekly gains in a last-minute slide tied to the comments from Trump. U.S. Treasury yields fell to multi-week lows as investors moved to safe havens following Trump's early comments. Movement in U.S. sovereign debt yields had been in a holding pattern in recent days as a U.S. federal government shutdown, which began October 1, has halted the production of key economic indicators. In afternoon trading, the yield on the benchmark U.S. 10-year Treasury note  fell to a more than one-month low and was last down 9.1 basis points (bps) at 4.057%. The U.S. dollar dropped after Trump's remarks, which lifted the euro and the yen against the greenback, while currencies linked to commodities and raw materials, including the Australian dollar, fell. The dollar index was last down 0.4% at 98.99. It is still set for a weekly gain of 1.66%, the largest since September 2024, after the Japanese yen and euro this week were hurt by fiscal concerns in their regions. The yen was last up 0.86% against the greenback at 151.73 per dollar on the day, while the euro was up 0.38% on the day at $1.1607. The Japanese currency has dropped on concerns that the Bank of Japan may not hike interest rates again this year after fiscal dove Sanae Takaichi's surprise victory to lead the ruling party. Japanese Finance Minister Katsunobu Kato said on Friday that the government was concerned about excessive volatility in the foreign exchange market. In France, President Emmanuel Macron late on Friday named Sebastien Lecornu as prime minister, reappointing him to a job he had quit earlier this week. Markets were rocked on Monday after Lecornu tendered his resignation. French blue chip stocks dropped 2% this week. U.S. crude fell  $2.61 to settle at $58.90 and Brent fell $2.49 to settle at $62.73. Spot gold rose 0.85% to $4,008.74 an ounce.  (Additional reporting by Marc Jones in London and Purvi Agarwal; Editing by Susan Fenton, Nick Zieminski and Edmund Klamann)

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(Reuters) -Bank holding firm Central Bancompany on Friday revealed an about 6% rise in revenue in the first half of the year as it filed for a U.S. initial public offering, becoming the latest financial firm to seek a buoyant listing market. U.S. IPO activity has picked up in recent months after a lull caused by market volatility and trade policy uncertainty, with strong debuts from Alliance Laundry and Phoenix Education Partners on Thursday underscoring renewed investor appetite for risk. Last month, another bank holding firm Commercial Bancgroup and automated digital wealth management company Wealthfront had said they plan to list in the U.S. Since the 2008 financial crisis, U.S. bank IPOs have been rare, as tighter regulations, rising compliance costs and market volatility reduced the appeal of public listings. Central Bancompany had net income of $186.2 million on total revenue of $493.2 million for the six months ended June 30, compared with net income of $171.3 million on revenue of $466.1 million a year earlier, according to a filing. The Jefferson City, Missouri-based Central Bancompany had $19.1 billion in total assets and $14.2 billion in wealth assets under advice as of June 30. Through its unit, the Central Trust Bank, it offers consumer, commercial and wealth management services across Missouri, Kansas, Oklahoma and Colorado. 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. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber, Alan Barona and Sahal Muhammed)

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By Chibuike Oguh NEW YORK (Reuters) -Investor worries that Wall Street's record stock rally would soon fizzle loomed large on Friday after tariffs re-emerged as a market risk.  U.S. equity markets, fresh off midweek record highs, performed an about-face during the trading session after President Donald Trump revived threats to hike tariffs against China. Investors worried that a possible tit-for-tat trade drama between the world's two biggest economies could mark the end of a record-breaking rise in U.S. equities.  Trump, who was due to meet Chinese President Xi Jinping in about three weeks in South Korea, questioned whether there was a reason to take the meeting and complained on social media about what he called China's plans to hold the global economy hostage after it dramatically expanded its rare earths export controls on Thursday. Late on Friday, after Wall Street's official trading session had ended, Trump said he would impose an additional 100% tariff on imports from China on November 1, as well as export controls on critical U.S.-made software. The Republican President said he had not canceled the meeting with Xi but his tariff threats sent market heavyweight shares tumbling. Nvidia, Tesla , Amazon.com and Advanced Micro Devices all fell more than 2% after the bell.  TARIFF TALK DRIVES DOWN MARKET During the regular trading session, Wall Street stocks had already sold off sharply. The Dow Jones Industrial Average had closed down 1.90% while the S&P 500 finished down 2.71%, and the Nasdaq Composite lost 3.56% on the day. The S&P 500 and the Nasdaq recorded their largest single-day percentage drops since April 10. The selloff raises concerns that high stock market valuations propelled by enthusiasm over artificial intelligence might lead to a significant downturn. The S&P 500 and the Nasdaq hit record highs on Thursday and are up about 11% and 15%, respectively, in 2025. The Dow has gained about 7% year-to-date. Sky-high valuations have rekindled memories of the late 1990s dotcom bubble that burst in 2000. JPMorgan Chase CEO Jamie Dimon, in a BBC interview on Wednesday, warned of a heightened risk of a significant Wall Street correction within the next six months to two years. "With equities at high valuations, this selloff is a sign of jitters," said Gene Goldman, chief investment officer at Cetera Investment Management. "Everything is priced for perfection, so the uncertainty increases market jitters. All of this adds uncertainty to economic growth." In April, Trump's announcement of what he called Liberation Day tariffs stunned markets and sent investors scrambling, causing S&P 500 companies to shed a combined $2.4 trillion in market value. But some investors say the latest U.S.-China trade tensions are unlikely to significantly change the market trajectory, with AI remaining the driving factor. "This is definitely a significant issue, and it could warrant a pullback but I don't necessarily see it derailing the AI theme that's been driving the market," said James St. Aubin, chief investment officer at Ocean Park Asset Management. (Reporting by Chibuike Oguh in New York; additional reporting by Noel Randewich in San Francisco, Sinead Carew in New York; Editing by Alden Bentley, Rod Nickel 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 in exchange for tariff relief, similar to a drug pricing pact reached last week with Pfizer. The deals set 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 up to 80% off their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. He said the company will receive a three-year tariff exemption "to localize the remainder of our products." HIGHEST PRESCRIPTION DRUG PRICES 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. More than 70 million people are covered by Medicaid, the state and federal government program for low-income people. Drug spending in that program is dwarfed by that of Medicare, which covers people aged 65 and older or those with disabilities and is not included in Friday's announcement. Medicare's drug spending reached $216 billion in 2021, while Medicaid's gross spending was around $80 billion. The Medicaid program already receives the lowest drug prices in the U.S., so the additional savings may be modest, said Craig Garthwaite, a professor at Northwestern University's Kellogg School of Management. "If you look at AstraZeneca's portfolio, I don't think there are a bunch of drugs that exist where that's going to involve them giving a very big discount to Medicaid," Garthwaite said. AstraZeneca's Pfizer‑like deal may spare it tariffs, but will not move the needle on U.S. rising health insurance premiums and out‑of‑pocket drug costs, said Rena Conti, an associate professor at Boston University. "It's good for the companies, and has very uncertain if any benefit for Americans struggling with the affordability of prescription drugs," Conti said. ASTRAZENECA ALREADY PLEDGED MANUFACTURING MOVE Soriot has worked to keep his company close to Washington while pursuing its growth strategy. AstraZeneca in July announced it will invest $50 billion in U.S. manufacturing and research and development by 2030. It will build its biggest site worldwide in Virginia, and expand facilities in five other U.S. states. In September, the company announced it will sell its diabetes and asthma drugs direct to cash-paying U.S. patients at a discount of up to 70% off list prices, another move in response to Trump's pressure campaign. Soriot this year has played up the company's U.S. credentials. He described the Anglo-Swedish firm as a "very American company," highlighting its identity shift toward its largest market. AstraZeneca will list its shares in the United States as well as its current markets in the UK and Europe. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw and Ahmed Aboulenein 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 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 in exchange for tariff relief, similar to a drug pricing pact reached last week with Pfizer. The deals set 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 up to 80% off their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. He said the company will receive a three-year tariff exemption "to localize the remainder of our products." HIGHEST PRESCRIPTION DRUG PRICES 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. More than 70 million people are covered by Medicaid, the state and federal government program for low-income people. Drug spending in that program is dwarfed by that of Medicare, which covers people aged 65 and older or those with disabilities and is not included in Friday's announcement. Medicare's drug spending reached $216 billion in 2021, while Medicaid's gross spending was around $80 billion. The Medicaid program already receives the lowest drug prices in the U.S., so the additional savings may be modest, said Craig Garthwaite, a professor at Northwestern University's Kellogg School of Management. "If you look at AstraZeneca's portfolio, I don't think there are a bunch of drugs that exist where that's going to involve them giving a very big discount to Medicaid," Garthwaite said. AstraZeneca's Pfizer‑like deal may spare it tariffs, but will not move the needle on U.S. rising health insurance premiums and out‑of‑pocket drug costs, said Rena Conti, an associate professor at Boston University. "It's good for the companies, and has very uncertain if any benefit for Americans struggling with the affordability of prescription drugs," Conti said. ASTRAZENECA ALREADY PLEDGED MANUFACTURING MOVE Soriot has worked to keep his company close to Washington while pursuing its growth strategy. AstraZeneca in July announced it will invest $50 billion in U.S. manufacturing and research and development by 2030. It will build its biggest site worldwide in Virginia, and expand facilities in five other U.S. states. In September, the company announced it will sell its diabetes and asthma drugs direct to cash-paying U.S. patients at a discount of up to 70% off list prices, another move in response to Trump's pressure campaign. Soriot this year has played up the company's U.S. credentials. He described the Anglo-Swedish firm as a "very American company," highlighting its identity shift toward its largest market. AstraZeneca will list its shares in the United States as well as its current markets in the UK and Europe. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw and Ahmed Aboulenein 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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