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Treasury yields are flat ahead of Fed meeting

Barclays CEO Jes Staley to step down after Epstein probe

LONDON — Barclays CEO Jes Staley will stand down following an investigation into his relationship with Jeffrey Epstein, the bank said in a statement Monday.

"Barclays and Mr Jes Staley, Group Chief Executive, were made aware on Friday evening of the preliminary conclusions from the FCA and the PRA of their investigation into Mr Staley's characterisation to Barclays of his relationship with the late Mr Jeffrey Epstein and the subsequent description of that relationship in Barclays' response to the FCA," the statement said.

"In view of those conclusions, and Mr Staley's intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays."

The bank said the investigation had not found that Staley "saw, or was aware of, any of Mr Epstein's alleged crimes."

Billionaire financier Epstein was arrested in July 2019 on child sex-trafficking charges but hanged himself a month later in a Manhattan federal jail.

This is a developing story and will be updated shortly.

IndiGo starts six new flights connecting Kanpur

“Kanpur is the 71st domestic city to be connected by IndiGo flights,” the statement noted.

“IndiGo on Monday started six new flights connecting Kanpur with Mumbai, Bengaluru, and Hyderabad,” a statement said.

The airline said that these flights will operate on all days except Sundays.

Aviation Minister Jyotiraditya Scindia virtually flagged off the flights on Monday.

“Kanpur is the 71st domestic city to be connected by IndiGo flights,” the statement noted.

Sanjay Kumar, Chief Strategy and Revenue Officer, IndiGo, said, “These new routes will connect Kanpur, a major financial and industrial centre in north, to the rest of the country through key hubs in western and southern India while augmenting trade and commerce within these regions.”

Fresenius Medical Care Q3 Adj. Profit Declines; Confirms Outlook At Lower End Of Range

Fresenius Medical Care AG & Co. KGaA (FMS) said the continued and increasing presence of COVID-19 has led to a significant increase in excess mortality in the third quarter which was not included in the company’s 2021 outlook. As a result, the company now expects to reach the lower end of its guidance ranges for both revenue and net income.

Third quarter net income excluding special items declined by 22% to 277 million euros, or down 21% at constant currency. Earnings per share excluding special items declined by 22% to 0.94 euros, or down 21% at constant currency.

Net income attributable to shareholders of FMC-AG & Co. KGaA was 273 million euros compared to 354 million euros, last year. Basic earnings per share was 0.93 euros compared to 1.21 euros. Basic earnings per ADS was 0.47 euros compared to 0.60 euros.

Total revenue was 4.44 billion euros, compared to 4.41 billion euros, prior year, an increase of 1% at constant currency, up 1% organic.

Based on current projections, the company confirmed its outlook for revenue to grow at a low- to mid-single digit percentage rate and net income to decline at a high-teens to mid-twenties percentage rate against the 2020 base and now projects to be at the lower end of these guidance ranges.

Rogers Q3 Results Rise, Adj. EPS, Sales Miss Estimates; To Be Bought By DuPont In $5.2 Bln Cash Deal

Rogers Corp. (ROG), a provider of engineered materials and components, reported Tuesday higher profit in its third quarter with strong growth in sales. Adjusted earnings and top line, meanwhile, missed market estimates.

Separately, Rogers announced its agreement to be acquired by chemicals company DuPont De Nemours & Co. (DD) for $277 per share in cash, implying a purchase price of approximately $5.2 billion.

In pre-market activity on the NYSE, Rogers’ shares were gaining around 29.5 percent to trade at $269.70.

For the third quarter, Rogers’ net income surged to $25.13 million or $1.33 per share from $7.01 million or $0.37 per share a year ago.

Adjusted earnings were $1.64 per share, compared to $1.45 per share last year.

Net sales for the quarter climbed to $238.26 million from last year’s $201.94 million.

On average, four analysts polled by Thomson Reuters expected earnings of $1.78 per share for the quarter on sales of $240.01 million. Analysts’ estimates typically exclude special items.

Further, Rogers said the transaction with DuPont is expected to close in the second quarter of 2022, subject to customary closing conditions, including approval by Rogers shareholders and receipt of applicable regulatory approvals.

Treasury yields are flat ahead of Fed meeting

U.S. Treasury yields were steady on Tuesday morning, with the Federal Reserve's latest policy meeting due to kick off later in the day.

The yield on the benchmark 10-year Treasury note fell 1 basis point to 1.5611% at around 7:15 a.m. ET. The yield on the 30-year Treasury bond rose less than a basis point to 1.9770%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Treasurys

The Fed's two-day meeting will conclude on Wednesday afternoon, followed by a press conference, in which Chairman Jerome Powell will give more detail on the central bank's plans for monetary policy.

The Fed is expected to announce that it will begin winding down its $120 billion monthly bond buying program, as part of a normalization of monetary policy.

Meanwhile, key jobs data is also due out this week, with the latest ADP employment change report set to be released on Wednesday and the nonfarm payrolls reported slated to come out on Friday.

An auction is scheduled to be held on Tuesday for $34 billion of 52-week bills.