- — PBoC cuts key ratio to support recovery, buffer external risks
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at 3/22/23 4:00amThe People’s Bank of China (PBoC) made a surprise announcement late last week to cut banks’ required reserve ratio (RRR) by 25bps from 27 March. The move, which will take the weighted average RRR to 7.6%, is the first reduction for the year and should release an estimated CNY 500 billion into the banking system. ...- — ECB tells banks to watch their cash amid turmoil
- at 3/22/23 4:00amEuro zone banks should watch their sources of funding or they risk being caught off guard by rising interest rates, the European Central Banks top banking supervisor Andrea Enria said on Tuesday. Introducing the ECBs annual report on banking supervision, Enria said euro zone banks were solid but warned that a sharp rise in borrowing ...
- — US home sales surge; house prices post year-on-year drop
- at 3/21/23 4:00pmU.S. existing home sales rebounded more than expected in February as the first year-on-year decrease in prices in 11 years pulled buyers back into the market, further evidence that the housing market was stabilizing at low levels. The jump in sales of previously owned homes, which was reported by the National Association of Realtors on ...
- — Energy bill support pushes UK budget deficit to February record
- at 3/21/23 4:00pmBritains government borrowed more than expected in February, official data showed on Tuesday, but finance minister Jeremy Hunt may still hope that falling energy costs and inflation will offer leeway later this year for a pre-election tax cut. The Office for National Statistics said public sector net borrowing, excluding state-owned banks, was 16.7 billion pounds ...
- — Experts see macro policy shield for economy
- at 3/21/23 4:00pmContinuous policy measures to protect Chinas economic recovery from external uncertainties can be expected after the countrys central bank strengthened policy support with a cut in financial institutions required reserves, experts said on Monday. The decision to cut the reserve requirement ratio, which determines the amount of cash that banks must hold as reserves, has ...
- — China-Russia Bilateral trade expected to maintain long-term growth
- at 3/21/23 4:00pmChina-Russia trade is expected to grow at a rapid pace in the years ahead, as both countries are actively reinforcing business ties in commodity trade, regional connectivity and other emerging fields, according to government officials and experts. Recent data from the General Administration of Customs showed that in the first two months of 2023, trade ...
- — South Korea’s weak exports, easing prices may keep rates on hold
- at 3/21/23 4:00pmSouth Korean exports tumbled for the first 20 days of March and producer inflation eased last month, data showed on Tuesday, reinforcing expectations the central bank will not raise interest rates further amid current market turbulence. Asias fourth-largest economy contracted last quarter for the first time in 2-1/2 years hurt by a slowdown in global ...
- — SNB to follow ECB and hike policy rate by 50 bps on March 23
- at 3/21/23 4:00pmThe Swiss National Bank will hike its key policy rate by 50 basis points on Thursday, matching the European Central Banks move last week, as tackling inflation trumps concerns over financial market turmoil, a Reuters poll of economists showed. But markets are currently pricing just over a 50% chance of a smaller 25 basis point ...
- — Aftermath of Credit Suisse rescue: What you need to know
- at 3/21/23 4:00pmInvestors stepped cautiously into bank stocks on Tuesday, emboldened by the rescue of Credit Suisse, with share prices inching tentatively higher amid continuing concerns about smaller U.S. lenders and further financial market ructions. DEVELOPMENTS Attention now on this weeks meeting of the U.S. Federal Reserve, with traders wondering whether the central banks relentless rate hikes ...
- — German exporters’ dip in China trade dampens post-lockdown hopes
- at 3/21/23 4:00pmGerman exports to China declined significantly in February, dampening hopes of a trade revival following the end of strict coronavirus measures at the end of last year, the federal statistics office said on Tuesday. Exports to China, Germanys most important trade partner, decreased by 12.4% to 7.9 billion euros ($8.46 billion) compared with February last ...
- — India has proven its resilience as a trading nation in recent times
- at 3/21/23 4:00pmRecently, India released its trade statistics for the month of February. We have data for the first 11 months of the financial year 2022-23 (FY23). The combined value of our exports of goods and services is a little over $700 billion. Based on current trends, the number will cross $750 billion or three-quarters of a ...
- — Total factor productivity to improve
- at 3/21/23 4:00pmChina is expected to improve its total factor productivity (TFP) — a main gauge of productive efficiency — as the country advances Chinese-style modernization and nurtures new drivers of high-quality development, experts told a seminar in Beijing on Monday. Measures adding to such growth impetus include increasing investment in science and technology, improving resource allocation ...
- — US Treasury considering how to further strengthen financial stability, Adeyemo says
- at 3/21/23 4:00pmThe U.S. Treasury is continuing to monitor the health of mid-sized and regional banks and is considering what steps can be taken to further strengthen Americas financial stability, Deputy Treasury Secretary Wally Adeyemo said on Tuesday. Adeyemo said decisive action taken by the Treasury, Federal Reserve and the Federal Deposit Insurance Corporation to protect depositors ...
- — Officials see trade growing this year
- at 3/21/23 4:00pmChinas foreign trade is set to grow steadily this year, senior government officials reiterated on Monday. They attributed their positive outlook to the countrys strengthened economic conditions, flourishing cross-border e-commerce sector and ongoing industrial upgrade. Despite facing challenges such as waning global goods demand and high inflation rates in many countries, the number of Chinese ...
- — PIMCO lost $340 million with Credit Suisse AT1 bonds write-off – source
- at 3/21/23 12:00pmBond giant PIMCO lost about $340 million on a category of Credit Suisse bonds that were wiped out by the takeover by UBS, with the American investment managers overall exposure to the Swiss lender running into billions, a source familiar with the situation said. Swiss authorities on Sunday decided to wipe out some $17 billion ...
- — Yellen vows to safeguard U.S. bank deposits, may need more interventions
- at 3/21/23 12:00pmThe U.S. banking system is stabilizing after strong actions from regulators, but further steps to protect bank depositors may be needed if smaller institutions suffer deposit runs that threaten more contagion, U.S. Treasury Secretary Janet Yellen told bankers on Tuesday. In prepared remarks to an American Bankers Association conference, Yellen said government steps taken in ...
- — ECB’s Holzmann waters down call for three more rate hikes
- at 3/21/23 12:00pmEuropean Central Bank (ECB) policymaker Robert Holzmann on Monday watered down his recent call for three further interest-rate increases of 50 basis points in quick succession. Holzmann, who heads the Austrian National Bank, told German business daily Handelsblatt two weeks ago the ECB should raise rates by 50 basis points at each of its next ...
- — Global banking turbulence prompts Wall Street banks to trim hawkish Fed bets
- at 3/21/23 8:00amGoldman Sachs is expecting a pause this week from the U.S. Federal Reserve after a year-long rate increase campaign as Wall Street banks scale back their hawkish expectations in the aftermath of the ongoing global banking turmoil. Bets of a 50 basis points rate hike at the start of the month following evidence of sticky ...
- — Financial or price stability? Fed faces calls to pause
- at 3/21/23 8:00amWith the U.S. and European banking crisis wreaking havoc in global markets, some financial industry executives are calling on the Federal Reserve to pause its monetary policy tightening for now but be ready to resume raising rates later. Investors are currently pricing a 60% probability that the Fed will raise rates by 25 basis points ...
- — Why markets are in uproar over a risky bank bond known as AT1
- at 3/21/23 8:00amJust over $17 billion worth of Credit Suisse bonds, known as Additional Tier 1 or AT1, debt will be written down to zero on the orders of the Swiss regulator as part of a rescue merger with UBS. Under the deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who usually rank ...
- — Ex-Goldman CEO Blankfein says bank rout may depress growth, even with robust capital
- at 3/21/23 4:00amTurmoil in the banking sector will probably weigh on economic growth as lenders become more conservative, former Goldman Sachs Group Inc (NYSE:GS) CEO Lloyd Blankfein said on Sunday. The greater risk environment for financials leads to husbanding of capital and risk-taking, less and more conservative investing and lending, and inevitably, lower growth, said Blankfein, who ...
As of 3/22/23 6:24am. Last new 3/22/23 5:48am.
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