BEIJING (Reuters) -The slump in Chinese industrial firms’ profits deepened in the first two months of 2023, weighed by lacklustre demand and stubbornly high costs as the world’s second-largest economy struggled to fully shake the long-term effects of COVID. The sharp 22.9% contraction followed a 4.0% fall in industrial profits for the whole of 2022,…
By Ankur Banerjee SINGAPORE (Reuters) – The dollar was firm on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. The dollar index, which measures the currency against six rivals, was up 0.078% at 103.060, having gained…
By Florence Tan SINGAPORE (Reuters) – Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures gained 33 cents, or 0.4%, to $75.32 a barrel at 0040 GMT. U.S….
(Reuters) -First Citizens BancShares Inc was in advanced talks to acquire Silicon Valley Bank, a person familiar with the matter told Reuters on Sunday. First Citizens could reach a deal as soon as Sunday to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp (FDIC), according to Bloomberg News, which first reported the development….
STOCKHOLM (Reuters) – The Swedish central bank might have underestimated inflationary pressure and will likely have to stick to its forecasts of another interest rate hike in April, Riksbank Governor Erik Thedeen said on Sunday. The central bank has raised rates to 3% from 0% a year ago and has yet to curb 9.4% inflation,…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Asia’s economic data and policy calendar this week is light, which is perhaps just as well because investors’ focus is firmly fixed elsewhere – the global banking crisis and what it means for growth, markets, and policy. Some…
ZURICH (Reuters) – Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS. FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the…
By Davide Barbuscia NEW YORK (Reuters) – Some investors and analysts are calling for more coordinated interventions from central banks to restore financial stability, as they fear that tumult in the global banking sector will continue amid rising interest rates. After the collapse of two U.S. lenders this month and last weekend’s Swiss-government-orchestrated takeover of…
By Howard Schneider and Tom Sims WASHINGTON/FRANKFURT (Reuters) -Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. Authorities around the world are on high alert for…
WASHINGTON (Reuters) – Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the U.S. closer to recession, Minneapolis Fed president Neel Kashkari said Sunday in comments to CBS show Face the Nation. “It definitely brings us closer,” Kashkari said. “What’s unclear for us is how much of these banking…
