(Reuters) – Inflation in the euro zone is proving tougher to crack than expected and the European Central Bank will likely need to raise interest rates further, possibly above 4%, Austrian central bank chief Robert Holzmann said on Saturday. “Inflation is proving much tougher than thought,” Holzmann, a member of the ECB’s policymaking Governing Council,…
LONDON (Reuters) – Goldman Sachs has cut its recommendation on exposure to European bank debt to neutral from overweight, saying a lack of clarity on Credit Suisse’s future path would put pressure on the broader sector in the region. Credit Suisse was thrown a $54 billion lifeline by the Swiss central bank on Thursday to…
By Stefania Spezzati, Oliver Hirt and Tom Sims (Reuters) – Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings…
By Tetsushi Kajimoto TOKYO (Reuters) – Japan and Germany agreed on Saturday to coordinate closely on financial jitters stemming from problems among Western banks while carefully monitoring global markets and economy, a Japanese finance ministry official told Reuters. The agreement came in a 45-minute meeting between Japanese Finance Minister Shunichi Suzuki and German Finance Minister…
(Reuters) – A senior official at the People’s Bank of China said on Saturday the collapse of Silicon Valley Bank (SVB) showed how rapid monetary policy shifts were having spillover effects, state-owned newspaper Shanghai Securities News reported. Xuan Changneng, a deputy governor at the People’s Bank of China told the Global Asset Management Forum in…
By Stefania Spezzati and Oliver Hirt (Reuters) – Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the…
