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☆ Shift underway to more headwinds for European banks, analyst says
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShift underway to more headwinds for European banks, analyst saysChristian Edelmann, managing partner for Europe at Oliver Wyman, tells CNBC's Joumanna Bercetche that there is a shift from tailwinds to headwinds for European banks when it comes to net interest income, and this will be key to watch in earnings over the next few days.

Persons: Christian Edelmann, Oliver Wyman, CNBC's Organizations: Europe Locations: headwinds

☆ European Central Bank holds rates and trims its inflation forecast
▼ + stars: | 2023-12-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

BRUSSELS, BELGIUM - NOVEMBER 27: Christine Lagarde, President of the European Central Bank speaks during the European Parliament's Committee on Economic and Monetary Affairs (ECON) meeting in Brussels, Belgium on Nevember 27, 2023. (Photo by Dursun Aydemir/Anadolu via Getty Images)The European Central Bank on Thursday held interest rates steady for the second meeting in a row, as it revised its growth forecasts lower and announced plans to speed up the shrinking of its balance sheet. The latest staff macroeconomic projections see average real GDP expanding 0.6% in 2023, from a prior forecast of 0.7%. Headline inflation is meanwhile seen averaging 5.4% in 2023, 2.7% in 2024 and 2.1% in 2025. Members see core inflation, excluding energy and food, averaging 5% this year and 2.7% in 2024, 2.3% in 2025, and 2.1% in 2026.

Persons: Christine Lagarde, Dursun Aydemir, James Smith, CNBC's Joumanna Bercetche Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, Getty, ECB, ING Locations: BRUSSELS, BELGIUM, Brussels, Belgium, Anadolu

Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized. Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. With assets of more than $65 billion on the platform, Binance remains the world's largest crypto exchange globally. watch nowBoth Coinbase and Binance still face legal battles with the Securities and Exchange Commission, which was noticeably absent from the Binance settlement. Regulatory approval would open up many more avenues for people to buy bitcoin.

Persons: Brian Armstrong, Carlos Jasso, Coinbase, Sam Bankman, FTX, Changpeng Zhao, Zhao Changpeng, Binance, Zhao, CoinGecko, Mizuho, it's, CNBC's Joumanna, Armstrong, Bittrex, JPMorgan Chase, Franklin Templeton Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Tech, Reuters, Justice Department, CNBC, Mizuho, Securities and Exchange Commission, U.S, SEC, JPMorgan, WisdomTree Locations: U.S, Binance, Needham, BlackRock, WisdomTree

☆ Coinbase CEO says crypto industry can turn the page after historic Binance settlement
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023. The crypto industry can finally close the chapter on a litany of scandals and problems after Binance was hit with a historic settlement by the U.S. Department of Justice, Coinbase CEO Brian Armstrong said Monday. "There are many crypto companies that are helping build the crypto economy and change our financial system globally. Binance was hit by the U.S. Department of Justice with a $4 billion settlement last week, which saw its founder and CEO Changpeng Zhao step down and plead guilty to charges of money laundering violations. "It's true that there have been some small amount of illicit activity in crypto but it's actually less than 1% from what we've seen.

Persons: Brian Armstrong, Binance, Armstrong, CNBC's Joumanna, Changpeng Zhao, we've Organizations: Coinbase Global Inc, U.S . Department of Justice, U.S, Bank, CNBC Locations: New York, Iran

☆ We're not headed for another global financial crisis, top UBS economist says after recession warning
▼ + stars: | 2023-11-15 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

U.S. credit card debt soared to $1.08 trillion in the third quarter of 2023, data from the Federal Reserve Bank of New York showed earlier this month. "I don't think we're facing the next GFC [global financial crisis]," he said on the sidelines of the UBS European Conference. Credit tightening does play a role when it comes to the lag of Federal Reserve monetary policy filtering through to the economy, Pingle suggested. The Federal Reserve began hiking interest rates in March 2022 in an effort to ease inflation and cool the economy. "It's great news for the Federal Reserve in their quest to restore price stability," Pingle told CNBC on Wednesday.

Persons: Jonathan Pingle, Pingle, CNBC's Joumanna Bercetche, It's Organizations: UBS, Federal Reserve Bank of New York, UBS European Conference, Silicon Valley Bank, Federal Reserve, CNBC, Wednesday, Fed Locations: Silicon

☆ UBS sees a raft of Fed rate cuts next year on the back of a U.S. recession
▼ + stars: | 2023-11-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Meanwhile, the bank's economists suggested that "fewer of the supports for growth that enabled 2023 to overcome those obstacles will continue in 2024." Between March 2022 and July 2023, the FOMC enacted a run of 11 rate hikes to take the Fed funds rate from a target range of 0.25-0.5% to 5.25-5.5%. The bank believes this has renewed growth concerns and shows the economy is "not out of the woods yet." watch now"In our view, the private sector looks less insulated from the FOMC's rate hikes next year. Looking ahead, we expect substantially slower growth in 2024, a rising unemployment rate, and meaningful reductions in the federal funds rate, with the target range ending the year between 2.50% and 2.75%."

Persons: Jerome Powell, Evelyn Hockstein, Arend, You've, CNBC's Joumanna Organizations: Federal, Federal Reserve, Reuters UBS, U.S . Federal Reserve, UBS, Labor, CNBC, UBS European Conference Locations: Washington , U.S, U.S, Swiss, Europe

☆ Bank of England governor says Israel-Hamas conflict poses risks to inflation fight
▼ + stars: | 2023-11-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Bank of England Governor Andrew Bailey said Thursday that the ongoing Israel-Hamas war poses a potential risk to the bank's efforts to bring down inflation. "So far, I would say, we haven't seen a marked increase in energy prices, and that's obviously good," Bailey told CNBC's Joumanna Bercetche. The World Bank warned in a quarterly update Monday that crude oil prices could rise to more than $150 a barrel if the conflict escalates. On Thursday, the bank held interest rates steady once again but said that monetary policy would need to remain tight for an "extended period of time." U.K. inflation came in at 6.7% in September, slightly ahead of expectations and unchanged from the previous month.

Persons: Andrew Bailey, Bailey, CNBC's Joumanna, Brent, It's Organizations: England, CNBC, World Bank, Bank of England, Bank Locations: Israel, London

☆ Top economists unanimous on 'higher for longer' rates as inflation threats linger
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. Mandel Ngan | Afp | Getty ImagesTop economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets. Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank's 2% target. The European Central Bank last month issued a 10th consecutive interest rate hike to take its main deposit facility to a record 4% despite signs of a weakening euro zone economy. "We may have more shocks that may drive inflation up, and that's why of course we have to remain very cautious about inflation developments."

Persons: Mandel Ngan, Ajay Banga, Greg Guyett, Guyett, Boris Vujčić, Vujčić, Mārtiņš Kazāks, CNBC's Joumanna Bercetche, Silvia Amaro, Austrian National Bank Governor Robert Holzmann Organizations: World Bank Group, International Monetary Fund, Washington DC, Afp, Getty, U.S . Federal Reserve, World Bank, IMF, Bank, Labor Department, U.S ., HSBC, CNBC, European Central Bank, Council, Croatian National Bank, U.S, Bank of Latvia, ECB, Governing Council, Austrian National Bank Governor Locations: Washington, Central, U.S, Marrakech, Morocco, ECB's, Europe, Marrakech ., Israel

☆ Watch: IMF's Georgieva and other leaders discuss debt relief and reforms on CNBC panel
▼ + stars: | 2023-10-12 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 10:45 a.m. Please refresh the page if you do not see a player above at that time.] CNBC's Joumanna Bercetche is moderating a panel at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco. Titled, "Reform Priorities for Tackling Debt," the seminar will include Kristalina Georgieva, the managing director of the IMF, Ajay Banga, the president of the World Bank Group, Mohammad Al-Jadaan, the minister of finance for Saudi Arabia, Situmbeko Musokotwane, minister of finance for Zambia, and Anna Gelpern, professor of law and international finance at Georgetown LawSubscribe to CNBC on YouTube.

Persons: Kristalina, Ajay Banga, Mohammad Al, Situmbeko Musokotwane, Anna Gelpern Organizations: International Monetary Fund, World Bank, World Bank Group, Georgetown Law, CNBC, YouTube Locations: Marrakech, Morocco, Saudi Arabia, Zambia

☆ Oil price shock could spur another rate hike, European Central Bank member says
▼ + stars: | 2023-10-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The latest euro zone inflation figures are "comforting" — but oil prices still pose a risk that could push the European Central Bank into another rate hike, Belgium's central bank governor said Thursday. "It is one of the factors that, you know, could push inflation higher ... inflation would be higher in a way that we will not meet our target in [2025], then I think would have to do more," Pierre Wunsch told CNBC's Joumanna Bercetche, referring to a persistent shock in the price of oil. "If inflation would be higher than our forecast, no more than marginally, then I think we have to do more," he also said. When asked whether this marked a change in approach for the ECB, many members of which in 2021 described inflation driven by energy markets as transitory, Wunsch said: "I think it's just our reading of the impact of a succession of shocks has changed." The last 23 years of observing and modeling inflation had led policymakers to believe "sustained inflation was becoming close to impossible," Wunsch said in an interview at the International Monetary Fund's annual meetings in Marrakech, Morocco.

Persons: Pierre Wunsch, CNBC's Joumanna, Wunsch Organizations: European Central Bank, ECB, International Monetary Locations: Marrakech, Morocco

☆ Standard Chartered chair: Not subjected to any direct political pressure in China
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStandard Chartered chair: Not subjected to any direct political pressure in ChinaJose Viñals, group chairman at Standard Chartered, speaks to CNBC's Joumanna Bercetche at the IMF Annual Meetings in Marrakech, Morocco.

Persons: China Jose Viñals, CNBC's, Bercetche Organizations: Standard Chartered, IMF Locations: China, Marrakech, Morocco

☆ Ukraine war live updates: Ukraine urges the West to remain united behind it as Israel distracts global attention
▼ + stars: | 2023-10-10 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Deputy Governor Sergiy Nikolaychuk told CNBC that international aid is a very important factor in Ukraine's economic resistance as the war continues and that Kyiv was concerned about future aid. "We have a lot of concerns regarding the future outlook, the future international national support," he told CNBC's Joumanna Bercetche at International Monetary Fund meetings in Morocco. "That is important, both in order to maintain the global geopolitical order and also global security order. "So we are very glad to hear this assurances that the U.S. is ready to support Ukraine as long as as needed. And definitely that is an important an important factor for both for financial stability in Ukraine, and also the its resilience.

Persons: Sergiy Nikolaychuk, CNBC's Joumanna, Nikolaychuk, — Holly Ellyatt Organizations: CNBC, International Monetary Fund, Eastern, U.S, Ukraine, Congress Locations: Ukraine, Morocco, Europe, Eastern Europe, American

☆ German structural reforms 'are a must,' IMF chief insists
▼ + stars: | 2023-10-05 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), speaks to the media following talks at the Chancellery on November 29, 2022 in Berlin, Germany. "If you look at the policy decisions Germany is taking, they are around stimulating structural change. And of course, like any other country, structural reforms are a must in this more uncertain world with low gross growth prospects," Georgieva said Wednesday. The auto industry should be a particular focus for reform in Germany if the country wants to increase productivity, according to Georgieva. "For Germany, this is very visible in the need to restructure the automobile sector for this economy of tomorrow," she said.

Persons: Kristalina Georgieva, Carsten Koall, CNBC's Joumanna, Georgieva, Hans, Werner Sinn, Joachim Nagel Organizations: International Monetary Fund, Getty, Ifo Institute, CNBC Locations: Berlin, Germany, Europe, Italy, Ukraine

☆ Robotics giant ABB 'pretty pessimistic' on China: 'It will be challenging for the rest of the year'
▼ + stars: | 2023-09-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The CEO of Swedish-Swiss multinational robotics firm ABB said he has been "disappointed" by the state of the Chinese market, adding he expects conditions will prove challenging for the rest of the year. "We are pretty pessimistic at the moment" on China, said Rosengren. With its machines embedded in so many major global companies' factories, the company's performance serves as something of a barometer for the health of the manufacturing sector — and the broader economy. ABB says it's the leading robotics player in the Chinese market, accounting for more than 90% of sales from locally-made products, solutions and services there. In the second quarter of 2023, ABB reported a 2% increase in orders on a comparable basis, to $8.7 billion.

Persons: Bjorn Rosengren, CNBC's Joumanna Bercetche, Rosengren, it's, It's, we'd Organizations: ABB Locations: Swiss, China, China's

☆ UBS shares jump to 2008 highs after profit beat, job cuts announcement
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

UBS posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March. "Credit Suisse has excellent people, clients, and product capabilities, but the business model was not sustainable any longer and needs to be restructured." UBS delayed reporting its second-quarter results — initially scheduled for July 25 — until after completing the Credit Suisse takeover on June 12.

Persons: Eduardo Munoz Alvarez, Ermotti, CNBC's, CNBC's Joumanna, — Organizations: UBS, View Press, Getty, Credit Suisse, Analysts, Suisse, Suisse's, Credit, The Credit Suisse, Swiss Locations: Manhattan, New York City, Zurich, Swiss, Switzerland

☆ CNBC Pro Talks: This analyst is betting on 'high quality' stocks instead of chasing trends
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +2 min

They will discuss companies outside the U.S. showing growth prospects that are "far larger over time" than that of some mega-caps, historically. That includes being able to avoid chasing trends, not overpaying for quality companies, and much more. She will discuss the firm's $5 billion-plus Global High Quality Fund, which invests in global stocks with a "high quality bias." Join CNBC Pro Talks on Wednesday, August 23, at 12 p.m. BST / 7:00 p.m. SGT / 7:00 a.m. Here's where he's investing Related coverage from Pro: Here are 7 beaten-up global stocks that analysts expect will double Annuities, stocks or Treasurys?

Persons: Hannah Gooch, Peters, Gooch, Guy Spier, Buffett Organizations: Sanlam Investments, Quality Fund, Yum Brands, Nvidia, Bank of America Locations: U.S, Downside

☆ Bank of England governor says cautious approach needed after ‘unwelcome surprises’ in inflation data
▼ + stars: | 2023-08-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Bank of England Governor Andrew Bailey said Thursday that the central bank remains cautious in its battle to tame stubbornly high inflation as U.K. data continues to offer "unwelcome surprises." Bailey told CNBC that he was encouraged by recent inflation figures, which prompted policymakers to raise rates by a widely anticipated 25 basis points earlier Thursday, putting the main rate at 5.25%. But he added that the central bank had no intention of pausing rate hikes as has been signaled by the U.S. Federal Reserve and European Central Bank. "I'm being more cautious because, frankly, we are still seeing some surprises in the news, and I think we need to get ourselves onto a more settled path," Bailey told CNBC's Joumanna Bercetche. "We've seen some quite big surprises in recent months," Bailey said, citing "frankly unwelcome surprises" in June.

Persons: Andrew Bailey, Bailey, CNBC's Joumanna, We've Organizations: England, CNBC, U.S . Federal Reserve, European Central Bank, Monetary

☆ Why Pegasus Airlines is doubling down on the Airbus A321neo
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Pegasus Airlines is doubling down on the Airbus A321neoThe CEO of low-cost airline Pegasus, Güliz Öztürk, speaks to CNBC's Joumanna Bercetche about its decision to order a further 36 Airbus A321neo aircraft, adding to an existing order of 114, and how the carrier will navigate potential air travel disruptions in Europe this summer.

Persons: Güliz Öztürk, CNBC's Organizations: Pegasus Airlines, Airbus, Pegasus Locations: Europe

☆ Bank of England facing a huge credibility test
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of England facing a huge credibility testCNBC's Joumanna Bercetche reports from the Bank of England ahead of its interest rate decision.

Organizations: Email Bank of England, Bank of England

☆ Bank of England surprises as it hikes rates to 5%
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of England surprises as it hikes rates to 5%Neil Shearing, chief economist at Capital Economics, speaks to CNBC's Joumanna Bercetche about the Bank of England's rate rise to 5%

Persons: Neil Shearing, CNBC's Organizations: Email Bank, England, Capital Economics, Bank of

☆ Global gender gap could take 131 years to close after a generation of progress was lost to Covid, WEF says
▼ + stars: | 2023-06-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

At the current rate, it will take 131 years to close the global gender gap, according to the World Economic Forum. Sopa Images | Lightrocket | Getty ImagesIt could now take 131 years to close the global gender gap after an "entire generation" of progress was lost to Covid-19, according to the World Economic Forum. European countries lead on gender equalityThe Global Gender Gap Report, now in its 17th year, benchmarks gender-based gaps in fours areas: economic participation and opportunity; educational attainment; health and survival; and political empowerment. While no country has yet achieved full gender parity, the top nine ranking countries have closed at least 80% of their gap. watch nowOn a regional level, Europe has the highest gender parity at 76.3%, overtaking North America, where 75% of the gap is closed.

Persons: WEF, Saadia Zahidi, Zahidi, CNBC's Joumanna, there's Organizations: Economic, U.S, Pacific, Getty Locations: Iceland, Norway, Finland, New Zealand, Sweden, Germany, Nicaragua, Namibia, Lithuania, Belgium, Europe, North America, United States, Latin America, Caribbean, Eurasia, Central Asia, East Asia, Saharan Africa, Southern Asia, East, North Africa

☆ Bank of England chief Bailey defends record growth upgrade, admits communication error
▼ + stars: | 2023-05-11 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — Bank of England Governor Andrew Bailey on Thursday defended an about-turn in the bank's U.K. growth forecast, saying its "biggest upgrade" ever reflected the rapidly shifting economic landscape. At its policy meeting earlier Thursday, the central bank said it no longer expects the U.K. to enter into recession this year. "They are conditional on financial market prices, they're conditional on commodity prices, they're conditional on government policies. So, as those conditions change, we change our forecasts," he said. "We have deal with all these things, which is why our forecasts do change and do evolve," he said.

☆ Top banking CEO warns of further volatility and predicts more U.S. rescues
▼ + stars: | 2023-05-03 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

A top banking executive highlighted a possible divergence in fortunes for the finance sector in both Europe and the U.S., suggesting that more rescues of American regional lenders are likely. "In the U.S., it is about distressed banks being rescued, I don't see any distressed bank being rescued in Europe," Andrea Orcel, the CEO of UniCredit, told CNBC's Joumanna Bercetche Wednesday. JPMorgan on Monday acquired a substantial majority of assets of First Republic, which included about $92 billion of deposits. Leading economists have told CNBC that further rate increases could expose more fragilities in the U.S. banking sector. But banking authorities in the European Union, where Italy's UniCredit is headquartered, have repeatedly said they do not see the same level of risk in the region, arguing European banks are well-capitalized and face stronger regulation.

☆ Standard Chartered CEO warns of risks in the banking sector that haven't 'come home to roost'
▼ + stars: | 2023-04-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Standard Chartered 's chief executive warned Monday that the banking sector may face fresh issues, even as the immediate risks from last month's market turmoil have subsided. Bill Winters said other issues could "come home to roost in some form of a crisis" as imbalances in some banks are exposed. I don't think we can put the issue behind us," Winters told CNBC's Joumanna Bercetche. Swift intervention by regulators last month prevented the collapse of Silicon Valley Bank — and later, Credit Suisse — from escalating into a wider banking crisis. "That exposed some underlying flaws in business models, or exacerbated flaws that we knew were there but maybe didn't appreciate how serious they were," he said.

☆ A recession is coming — and stock markets won't come through it unscathed, strategist says
▼ + stars: | 2023-04-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The latest U.S. economic data suggests a recession is coming, according to the chief executive of financial advisory firm Longview Economics, and investors may need to prepare for some pain in the stock market. Speaking to CNBC's "Squawk Box Europe" on Friday, Chris Watling said he believed a recession was on its way, citing what he described as "pretty compelling" and "brutally bad" leading economic indicators. The Conference Board on Thursday said its Leading Economic Index for the U.S. fell by 1.2% in March, slipping to its lowest level since November 2020. The data appeared to indicate that economic weakness could soon intensify and spread throughout the U.S. economy. "Every time you've had that in the U.S., you've had a recession.

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