Biden promises ‘whatever needed’ for U.S. bank system as SVB shock hammers stocks
Bank stocks around the world plunged on Monday even as President Joe Biden vowed to take whatever action was needed to ensure the safety of the U.S. banking system, after the sudden collapse of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). Biden’s efforts to reassure markets and depositors came after emergency measures by the United States to guarantee […]
British lawmakers further pressure banks over savings rates, exec pay
An influential group of British lawmakers have questioned whether banks are making excessive profits without passing the benefit of central bank interest rate hikes on to savers, in a series of letters to bank bosses sent on Wednesday. The Treasury Select Committee said profit margins at the four biggest British banks – Lloyds Banking Group (LLOY.L), […]
South African rand weakens; c.bank seen raising rates next week
The South African rand weakened on Thursday, as a Reuters poll predicted the central bank would deliver another interest rate hike next week. At 1532 GMT, the rand traded at 17.3400 against the U.S. dollar, 1.14% weaker than its previous close. Eleven of the 20 economists polled by Reuters predicted the South African Reserve Bank would raise […]
Cryptoverse: Bitcoin digs in for a bumpy new year
Reuters Bitcoin’s looking steady in 2023. But it’s only been a week. Cryptocurrencies have crept into the new year, licking their wounds after the carnage of 2022. The overall global crypto market cap has risen 5% to $871 billion since Jan. 1, but it’s still down over 57% from this time last year. Bitcoin itself […]
Global equity funds post biggest weekly outflow in six weeks
Reuters Global equity funds recorded enormous outflows in the week ended on Nov. 30 as investors booked profits – after a rally in the last month – amid concerns about global economic growth due to China’s strict zero-COVID curbs. According to Refinitiv Lipper data, investors withdrew a net $5.44 billion out of global equity funds, […]
TSX stocks fall on inflation data, oil price decline
Reuters Canada’s commodity-inclined stock index fell at open as oil prices declined and data showed Canada’s annual inflation reading remained unchanged. The Toronto Stock Exchange’s blue-chip composite index (.GSPTSE) fell 65.81 points, or 0.33%, to 19,928.97 at open, after closing higher in the previous session.
Australia inflation races to 32-year high, sounds rates alarm
Reuters Australian inflation raced to a 32-year high last quarter as the cost of home building and gas surged, a shock result that stoked pressure for a return to more aggressive rate hikes by the country’s central bank. Data from the Australian Bureau of Statistics (ABS) on Wednesday showed the consumer price index (CPI) jumped […]
U.S. banks’ Q3 profits set to shrink on economic risks, deal slump
Reuters The biggest U.S. banks are expected to report weaker third-quarter profits as the economy slowed and volatile markets put the brakes on deal-making. Four of the nation’s largest lenders – JPMorgan Chase & Co (JPM.N), Wells Fargo & Co (WFC.N), Citigroup Inc (C.N) and Morgan Stanley (MS.N) – will report third-quarter earnings on Friday of next week. The results are […]
Energy, inflation crises risk pushing big economies into recession, OECD says
Reuters Global economic growth is slowing more than was forecast a few months ago in the wake of Russia’s invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said on Monday. While global growth this year was still expected at 3.0%, it is now projected to slow […]
What crisis? High-stakes crypto lending looks here to stay
Reuters On May 11, Scott Odell, an analyst at British crypto lender Blockchain.com, instant messaged Edward Zhao of Three Arrows Capital asking that the Singapore hedge fund repay at least part of a $270 million loan. Three Arrows had just taken a hit from the collapse of cryptocurrency Terra, raising doubts about its ability to […]
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