- — U.S. Bank Earnings Pressured by Higher Deposit Costs, Reserve Building
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at 2/3/23 3:00pmU.S. bank earnings for 4Q22 declined YoY as banks continued to build loan loss reserves, driven by strong loan growth, normalizing credit losses and a weaker economic outlook that reflects higher levels of unemployment, according to Fitch Ratings. Partially offsetting higher loss provisions in 4Q22 was exceptionally strong net interest income growth and net interest ...- — ECB terminal rate could be above current market pricing: Wunsch
- at 2/3/23 3:00pmThe European Central Bank will continue to raise rates beyond March and hikes could even exceed market expectations unless stubborn underlying inflation turns around, Belgian policymaker Pierre Wunsch said on Friday. The ECB raised rates by a half a percentage point on Thursday and promised a similar move for March but markets still pared rate ...
- — Strong India services growth dipped slightly in January
- at 2/3/23 3:00pmRobust growth in Indias services industry eased last month after touching a six-month high in December, with softening orders spurring caution in companies business outlooks for the year, a private business survey showed on Friday. The South Asian nations economy is expected to grow 6.0% to 6.8% next fiscal year, the government said this week, ...
- — BoE’s Pill says important not to raise interest rates too high
- at 2/3/23 3:00pmBank of England Chief Economist Huw Pill said on Friday it was important not to raise interest rates too high, noting they had already increased by a large amount and the full effects of that had yet to register on the economy. Its also important that we enguard against the possibility of doing too much, ...
- — China to consolidate and expand economic recovery, premier says
- at 2/3/23 3:00pmChinas economy is picking up and the government will work to consolidate and expand the recovery momentum, state media quoted Premier Li Keqiang as saying on Friday. The economy still faces difficulties and challenges, Li was quoted as saying at a cabinet meeting discussing the annual government work report that will be released at the ...
- — Top trade officials of China, Australia to meet virtually next week: MOFCOM
- at 2/3/23 3:00pmThe Chinese Ministry of Commerce (MOFCOM) confirmed on Thursday that top trade officials from China and Australia will meet online next week, marking a significant turning point in bilateral trade ties, as more positive signs point to improving relations between Beijing and Canberra. Chinese Commerce Minister Wang Wentao and Australian Trade Minister Don Farrell will ...
- — Lower gas prices point to a more modest recession in the UK
- at 2/3/23 3:00pmLower gas prices are good news for UK consumers Lower gas prices are as much of a boon for the UK as they are for the rest of Europe. It’s true that Britain has considerably less gas storage than its peers, making it more vulnerable on days of low temperatures and wind. But in general, ...
- — Brazil records strongest trade surplus for January in 17 years
- at 2/3/23 3:00pmBrazil posted its strongest trade surplus for January in 17 years, according to data from the Development, Industry, Trade and Services Ministry on Wednesday, leveraged by increased exports. The countrys trade surplus reached $2.717 billion in January from a deficit of $58.7 million in the same month last year. This was the best result for ...
- — ECB set to raise rates again in May, policymakers say
- at 2/3/23 3:00pmThe European Central Bank is likely to raise interest rates again in May after an already signalled hike in March, two policymakers said on Friday, with one arguing that the peak or terminal rate is at least starting to appear on the horizon. The ECB raised rates by a half a percentage point to 2.5% ...
- — U.S. job growth accelerates in January, wage gains moderate
- at 2/3/23 3:00pmU.S. job growth accelerated sharply in January amid a persistently resilient labor market, but a further moderation in wage gains should give the Federal Reserve some comfort in its fight against inflation. The Labor Departments closely watched employment reports survey of establishments on Friday showed that nonfarm payrolls surged 517,000 jobs last month. Data for ...
- — Strong India services growth dipped slightly in January
- at 2/3/23 3:00pmRobust growth in Indias services industry eased last month after touching a six-month high in December, with softening orders spurring caution in companies business outlooks for the year, a private business survey showed on Friday. The South Asian nations economy is expected to grow 6.0% to 6.8% next fiscal year, the government said this week, ...
- — UK services sector has worst month in two years, PMI shows
- at 2/3/23 3:00pmBritains services sector kicked off 2023 with its weakest performance in two years hit by cutbacks to business and consumer spending, according to a survey published on Friday that echoed the Bank of Englands recession warnings. But there were signs of an improvement for some firms. The final version of the SP/CIPS UK Services Purchasing ...
- — U.S. service sector rebounds in January – ISM survey
- at 2/3/23 11:00amU.S. services industry activity rebounded strongly in January, with new orders recovering and prices paid by businesses for materials continuing to rise at a moderate pace, hopeful signs for the economy as it braces for a possible recession this year. The Institute for Supply Management (ISM) said on Friday its non-manufacturing PMI increased to 55.2 ...
- — Euro zone producer prices rise more than expected in December
- at 2/3/23 11:00amEuro zone producer prices decelerated year-on-year in December, but were still higher than expected, data showed on Friday, partially because of more expensive durable consumer goods. Prices at factory gates in the 19 countries sharing the euro in December rose 1.1% month-on-month for a 24.6% year-on-year increase, slowing down from 27.0% year-on-year in November. Economists ...
- — Euro zone business activity returned to growth in Jan -PMI
- at 2/3/23 11:00amBusiness activity in the euro zone bounced back to growth in January, according to a survey which suggested the blocs economy might again escape a contraction this quarter and that the upturn may accelerate. SP Globals Composite Purchasing Managers Index (PMI), seen as a good gauge of overall economic health, climbed to a seven-month high ...
- — Euro zone inflation seen just above ECB’s target in 2025, poll shows
- at 2/3/23 11:00amEuro zone inflation is set to decline to 2.1% in 2025, just a shade above the European Central Banks target, an ECB poll of economists forecast on Friday. Its Survey of Professional Forecasters, which ECB policymakers use as a key gauge of market expectations, showed economists were expecting the euro zone central bank to eventually ...
- — China Jan services activity expands for first time in five months – Caixin PMI
- at 2/3/23 11:00amChinas services activity in January expanded for the first time in five months as spending and travel got a boost from the lifting of stringent COVID-19 curbs, sending business confidence to near 12-year highs, a private sector survey showed on Friday. The Caixin/SP Global services purchasing managers index (PMI) rose to 52.9 in January from ...
- — Fed feeds Wall Street’s soft landing hopes, though recession fears still loom
- at 2/3/23 7:00amA more dovish-than-expected message from Federal Reserve Chairman Jerome Powell stands to further boost hopes of slowing rate hikes and a so-called economic soft landing that have fueled a powerful rebound in U.S. stocks. For weeks, hopes that easing inflation and cooling growth will allow the Fed to pull back from its hawkish monetary policy ...
- — PIMCO: ECB Reaction
- at 2/3/23 7:00amOverall, yesterday’s ECB monetary policy decisions have been broadly in line with expectations. The dovish market reaction is not entirely intuitive, and probably also influenced by the Fed and Bank of England meetings. The ECB hiked policy rates by 50 basis points, and indicated there is more to come as underlying inflation remains at record ...
- — Why the U.S. Inflation Reduction Act has rattled Europe
- at 2/3/23 7:00amThe European Commission presented its Green Deal Industrial Plan on Wednesday in response to the U.S. Inflation Reduction Act (IRA), with increased levels of state aid to help Europe compete as a manufacturing hub for clean tech products. While EU countries welcome the U.S. commitment to energy transition, they fear the IRAs $369 billion of ...
- — The Fed opts for a 25bp rate rise, with at least one more hike to come
- at 2/3/23 7:00amFed keeps hiking despite positive signs on inflation No surprises from the Federal Reserve with them opting for a 25bp hike with no dissenters. They do acknowledge that inflation has eased somewhat, but they cant claim victory yet since inflation remains elevated in an environment where job gains have been robust. As a result, they ...
As of 2/5/23 5:58am. Last new 2/3/23 6:30pm.
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