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☆ BoE leads central bank chorus on need for restrictive policy
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Deputy Governor for Markets and Banking of the Bank of England Dave Ramsden attends a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023. Speaking at a central bank conference in Hong Kong, Bank of England (BoE) Deputy Governor Dave Ramsden also said he saw no financial stability grounds to lower interest rates, which are currently up at 5.25%. “We think that monetary policy is likely to need to be restrictive for an extended period of time," he said. Even with all that tightening, Ramsden said inflation was not expected to return to 2% until the end of 2025. Markets have started to position for the first rate cut, with a move seen as soon as April or June.

Persons: Bank of England Dave Ramsden, HENRY NICHOLLS, BoE, Dave Ramsden, Ramsden, Michele Bullock, Bullock, Pablo Hernández de Cos, Cos, Wayne Cole, Selena Li, Xie Yu, Jamie Freed, Simon Cameron, Moore Organizations: Markets, Banking, Bank of England, Reserve Bank of Australia, Bank of Spain, European Central Bank, ECB, Thomson Locations: London, Britain, HONG KONG, Australia, Spain, Hong Kong

☆ Morning Bid: Giving thanks you're not in China stocks
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. A four-day ceasefire between Israel and Hamas appeared to be holding shakily on Friday with no major reports of attacks, although both sides were accused of violations. The decline marked yet another investor shrug at reports of further official moves to shore up China's ailing property sector. In Europe, data showed Germany's economy shrank slightly in the third quarter, confirming an initial estimate of a 0.1% fall. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, shrug, didn't, Christian Lindner, Geert Wilders, Luis de Guindos, Pablo Hernandez de Cos, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Stock, Mainland Properties, Bloomberg, Nvidia, Finance, Britain's Barclays, Central Bank, Bank of Spain, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Wall, Israel, OPEC, United States, Friday's, Beijing, Taiwan, China, Europe, British

☆ Portugal's Attorney General Says She's Not Responsible for PM Costa's Downfall
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Sergio GoncalvesLISBON (Reuters) - Portugal's Attorney General Lucilia Gago on Thursday rejected criticism from the ruling Socialist Party (PS) that she was responsible for Prime Minister Antonio Costa's resignation because of her probe into alleged irregularities in his administration. Costa stepped down on Nov. 7 over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects. Prosecutors said Costa was also the target of a related probe, but he has denied wrongdoing. Santos Silva said some in the judicial system viewed political activity as "by nature suspicious and tend to criminalize political and governmental action." He demanded the justice system decide Costa's case before the snap election.

Persons: Sergio Goncalves LISBON, Lucilia Gago, Antonio Costa's, Gago, Costa, illegalities, Marcelo Rebelo de Sousa, Augusto Santos Silva, Santos Silva, Sergio Goncalves, Charlie Devereux, Jonathan Oatis Organizations: Portugal's, Socialist Party, Prosecutors Locations: Costa

☆ Morning Bid: Thanksgiving starters of AI and oil
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike Dolan. Thanksgiving may make for a clipped U.S. markets week, but there's plenty to chew on around the world before then - and a feast of intrigue in the artificial intelligence space. His plans include shutting the central bank, ditching the peso and dollarizing the economy and slashing spending with potentially painful reforms. The risk premium between German and Italian 10-year yields tightened to 170 bps - the lowest since Sept. 21.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, That's, thrall, Javier Milei, Milei, Jeremy Hunt, Andrew Bailey ,, Francois Villeroy de, Pablo Hernandez de Cos, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Microsoft, Big Tech, Nvidia, Treasury, Federal Reserve, Bank, Bayer, Federal Reserve Bank of England, Andrew Bailey , Bank of France, Bank of Spain, Technologies, Keysight Technologies, Holdings Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, OPEC, Tokyo, Europe, Canada, Francois Villeroy de Galhau

☆ Morning Bid: Japanese stocks party like it's 1990
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +4 min

A man walks past an electronic board displaying Japan's 10-year government bonds level, the current Japanese Yen exchange rate against the U.S. dollar and Nikkei share average, outside a brokerage in Tokyo, Japan, October 31, 2023. It's been a mixed start for most of Asia in this holiday-truncated week, though Japanese shares extended their bull streak to hit highs not seen since 1990. The Nikkei is up more than 8% so far this month, and almost 29% for the year so far. The entire market capitalisation of the Topix is 454 trillion yen ($3.03 trillion), yet Japanese companies held 555 trillion yen in internal reserves at the end of the financial year. Recent surveys show inflation expectations are finally picking up which may prompt households to invest some of the 1,000 trillion yen they currently keep in cash and deposits into equities and bonds.

Persons: Kim Kyung, It's, financials, de, de Cos, Bank of England Governor Bailey, Fed's Barkin, Wayne Cole, Christopher Cushing Organizations: U.S ., Nikkei, REUTERS, Nasdaq, Bank of Japan's, Hamas, Tech, Nvidia, Futures, PPI, Bank of France, Bank of Spain, Bank of England, Thomson Locations: Tokyo, Japan, Asia, Israel, United States, Gaza, de Galhau

☆ Morning Bid: Oil slide, Walmart stoke disinflation speculation
▼ + stars: | 2023-11-17 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 17 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Asia has been in a contemplative mood so far on Friday after another week of wild swings in bonds, equities and commodities. The market now implies 98 basis points of cuts next year, compared with 73 basis points a week ago. U.S. data on housing starts for OctBy Wayne Cole; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Wayne Cole, Brent, Christine Lagarde, De Cos, BoE's Greene, Ramsden, Barr, Daly, Collins, Muralikumar Organizations: REUTERS, Walmart, Federal Reserve, Westpac, EU, Thomson Locations: Wayne, Asia, Ukraine, Goolsbee .

☆ ECB backs global rules for bonds wiped out in Credit Suisse rescue
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker//File Photo Acquire Licensing RightsFRANKFURT, Nov 16 (Reuters) - The European Central Bank's chief supervisor on Thursday supported creating global standards for convertible bonds that were wiped out as part of Credit Suisse's rescue by rival UBS (UBSG.S) earlier this year. The Basel Committee said in a report last month it would review the features of AT1 bonds, including the "loss-absorbing hierarchy". But Credit Suisse's bonds contained a clause allowing authorities the write down those bonds without winding down the bank. This clause is not a feature in bonds issued by European Union banks and the ECB has made clear that it would impose losses on shareholders first.

Persons: Heiko Becker, Andrea Enria, Enria, Pablo Hernández de Cos, Francesco Canepa, Balazs Koranyi, Toby Chopra Organizations: European Central Bank, REUTERS, Rights, Central Bank's, UBS, ECB, Banking Supervision, Basel, Committee, European Union, Thomson Locations: Frankfurt, Germany, Swiss, Basel

☆ Cuba blames US sanctions for fomenting irregular migration amid exodus
▼ + stars: | 2023-11-15 | by ( Nelson Acosta | ) www.reuters.com time to read: +2 min

The United States - the top destination for Cuban migrants -in 2022 renewed talks with Cuba and has since increased legal pathways to migration for Cubans, including visa access in Havana, family reunification and humanitarian parole programs aimed at stemming illegal migration. But the problem won't go away, said Cuban vice foreign minister Carlos Fernandez de Cossio, until the United States eases sanctions on the island, which Cuba blames for devastating its already-ailing state-run economy. "For the United States, the priority of destabilizing Cuba continues to take precedence over its interest in protecting its borders in terms of migration," de Cossio told reporters following the talks. The U.S. says the sanctions are necessary to promote human rights and fundamental liberties in Cuba and that it makes exceptions for humanitarian purposes. Reporting by Nelson Acosta; editing by Dave Sherwood and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Yireht, Yanara, Adrees Latif, Carlos Fernandez de Cossio, de Cossio, Nelson Acosta, Dave Sherwood, Leslie Adler Organizations: REUTERS, Rights, Cuban, U.S . State Department, Thomson Locations: Cuba, Rio, United States, Mexico, Eagle Pass , Texas, U.S, Rights HAVANA, Havana, Cuban, Caribbean

☆ Morning Bid: Waiting for word from the Fed chief
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Federal Reserve Board Chair Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Last week's surprisingly soft jobs data heightened expectations that interest rates had peaked, but Fed commentary since then has warned against complacency in the fight against inflation. For now, investors have dialled up wagers on near-term rate cuts, with the Fed funds rate showing better than 50/50 odds for one as early as May. In Asia time, long-term Treasury yields are stuck around 4.58% and the dollar is biding its time around $1.07 per euro. While the Fed outlook dominates investors' attention, there is plenty of central bank speak in store from Europe as well.

Persons: Jerome Powell, Kevin Lamarque, Kevin Buckland, Jay Powell, Christine Lagarde, Philip Lane, Joachim Nagel, Pablo Hernandez de Cos, Andrew Bailey, Fed's Powell, Lagarde, BoE's Bailey, Edmund Klamann Organizations: Federal, Committee, Federal Reserve, REUTERS, Kevin, Kevin Buckland Markets, Reuters Graphics, Bank of Spain, Bank of England, Adidas, Airbus, Bayer, Continental, Credit Agricole, Federal Reserve Division of Research, Statistics, Thomson Locations: Washington , U.S, Asia, Europe, Germany, Brussels, Irish

☆ Morning Bid: Stocks ease in nervous Gaza wait
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +3 min

Israeli soldiers gather on and around a tank near Israel's border with the Gaza Strip, in southern Israel October 15, 2023. ECB speakers are out in force this week, including Bank of Spain Governor Pablo Hernández de Cos on Monday, when the euro zone also releases trade data. It will be a busy week for BoE rhetoric as well, starting with the central bank's chief economist, Huw Pill, on Monday. There's lots of important British data, with house prices later today, jobs and wage figures on Tuesday, and CPI on Wednesday. Fed Chair Jerome Powell's speech at the Economic Club of New York this Thursday, just before the start of the central bank's blackout period, is probably the most anticipated bit of central bank speak for the week.

Persons: Ronen, Kevin Buckland, Brent, Antony Blinken, Joe Biden, Pablo Hernández de Cos, BoE, Huw Pill, Jerome Powell's, Goldman Sachs, Morgan Stanley, Cos, Edmund Klamann Organizations: REUTERS, Japan's Nikkei, Bank of Spain, U.S . Federal Reserve, Economic, of New, Netflix, Thomson Locations: Gaza, Israel, Iran, Asia, Europe, of New York, U.S

☆ Morning Bid: Oil jumps as Middle East strife shakes markets
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +3 min

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Wayne Cole. With one war already raging in Europe, a new conflict in the Middle East was bound to rattle the markets. If the U.S. tightens enforcement of sanctions, CBA analysts estimate around 0.5-1.0% of world oil supplies could be affected, which would push Brent atop $100 a barrel. A sustained rise in oil prices would be an unwelcome blow to inflation but also a tax on consumers, so the implication for interest rates isn't straightforward.

Persons: Agustin Marcarian, Wayne Cole, Brent, Luis de Guindos, Pablo Hernández, Cos, Andrea Enria, Fed's Logan, Edmund Klamann Organizations: REUTERS, Oil, Brent, Treasury, Nikkei, Hamas, Street Journal, United Nations, JPMorgan, Citi, Wells, Bank of Spain, Jefferson, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Wayne, Israel, Europe, U.S, Asia, Tokyo, Iran, Tehran, Washington, Strait, Hormuz, Wells Fargo, Germany, Barr

☆ Turmoil showed top level failures at banks, global watchdog says
▼ + stars: | 2023-09-14 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Brittany Hosea-Small/File Photo Acquire Licensing RightsLONDON, Sept 14 (Reuters) - This year's bank turmoil showed some boards and senior management failed in their most basic responsibilities and more regulatory guidance may be needed, a global watchdog said. Pablo Hernandez de Cos, chair of the Basel Committee, said on Thursday that the turmoil highlighted many shortcomings. The Basel Committee writes capital rules for banks, determining how much they need to set aside in case they get into difficulty. Most of the banks that failed during the turmoil were not subject to Basel's standards, said de Cos, who is also governor of the Bank of Spain. Basel may also consider how national regulators decide to exempt a bank with cross-border features from the committee's standards, de Cos said.

Persons: Brittany Hosea, Pablo Hernandez de Cos, de Cos, Cos, Huw Jones, Alexander Smith Organizations: Bank, REUTERS, Credit Suisse, Silicon Valley Bank, Basel Committee, Committee, Bank of Spain, Banking, Thomson Locations: Santa Clara , California, U.S, Basel

☆ Americans aren't spending like they used to
▼ + stars: | 2023-06-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

You can also download the app to get notifications about our biggest markets stories. Spending has remained elevated even through the Fed's 10 straight rate hikes, but warning signs of a change have started to surface. That's going to further take the wind out of Americans' brisk spending over the last few years. From David Rosenberg to Rob Arnott, experts are sharing what the disruptive technology can mean for the economy, jobs, and stock market. The biggest companies and banks can't agree on where the stock market is heading next.

Persons: I'm Phil Rosen, You'll, let's, Derek Davis, Patek Pilippe, Audemars, Jerome Powell, Brian Moynihan, Morgan Stanley, Andy Ryan, Pablo Hernández de Cos, David Rosenberg, Rob Arnott, Stocks, Russell, Goldman Sachs, Phil Rosen, Max Adams, Hallam Bullock Organizations: Big Apple, Portland Portland Press, Getty, Rolex, Bloomberg, Bank of America, Bank of Spain, Fed, Wall Street, Royal, Nvidia, Tesla, Morningstar Locations: Madrid, Phoenix, Miami, Royal Caribbean, New York, London

[1/2] Manufacturing equipment is seen during a tour of Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. The Domestic Manufacturing Conversion Grants for EVs program will provide cost-shared grants for making efficient hybrid, plug-in electric hybrid, fully electric, and fuel cell vehicles. The Department of Energy's Vehicle Technologies Office said the program will prioritize projects that refurbish or retool manufacturing plants that have recently stopped operations or were expected to close soon. The Biden administration, as part of its goal of decarbonizing the economy by 2050, is pushing the U.S. auto industry to accelerate a transition to EVs. The Alliance for Automotive Innovation, which represents General Motors (GM.N), Stellantis NV (STLAM.MI), Toyota Motor (7203.T) and others, on Wednesday called the EPA proposal a "de facto battery electric vehicle mandate" that was "neither reasonable nor achievable."

Persons: Quinn Glabicki, Joe Biden's, Biden, Shawn Fain, Stellantis, Timothy Gardner, Joe White, David Shepardson, David Gregorio, Grant McCool Organizations: REUTERS, WASHINGTON, United Auto Workers, UAW, Energy's Vehicle Technologies, Lordstown, Environmental Protection Agency, Alliance, Automotive Innovation, General Motors, Stellantis, Toyota, Energy Department, Thomson Locations: Lordstown , Ohio, U.S, DETROIT, Ohio, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington, Detroit

☆ Stock futures rise slightly as the market nears the end of quarter and first half: Live updates
▼ + stars: | 2023-06-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Stock futures rose slightly in overnight trading Wednesday as the market approaches the end of the second quarter and the first half of 2023 with solid gains. S&P 500 futures rose 0.2% and Nasdaq 100 futures climbed 0.3%. On Wednesday, the S&P 500 closed near the flatline as investors digested Federal Reserve Chair Jerome Powell's latest comments about the tightening cycle. For the month of June, the S&P 500 is up 4.7%, on pace for its best monthly performance since January. In the second quarter, the equity benchmark has gained 6.5%, on track for its third positive quarter in a row.

Persons: Dow, Jason Draho, Jerome Powell's, Powell, Pablo Hernández de Cos Organizations: Dow Jones Industrial, Nasdaq, Micron Technology, JPMorgan, Bank of America, Federal, UBS Global Wealth Management, European Central Bank, Bank of Spain, Traders Locations: Madrid

☆ ECB's De Cos sees another 25 bps rate hike in July, no certainty afterwards
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

MADRID, June 22 (Reuters) - The European Central Bank will need to raise interest rates by another 25 basis points in July to combat inflation but the path afterwards remains unclear, ECB policymaker Pablo Hernandez de Cos said on Friday. De Cos added that given the "high uncertainty ... we will continue to take our decisions depending on the data and, in particular, on the aggregate assessment of the inflation outlook, the dynamics of underlying inflation." Euro zone inflation has been moderating for months, courtesy of lower energy prices and the steepest increase in rates in the ECB's 25-year history. But it remains unacceptably high for the ECB at 6.1% in May, with underlying price growth only just starting to slow despite signs economic growth is stagnating. Reporting by Jesús Aguado; additional reporting by Emma Pinedo; editing by David Latona and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: policymaker Pablo Hernandez de Cos, Christine Lagarde, De Cos, Jesús Aguado, Emma Pinedo, David Latona, Conor Humphries Organizations: European Central Bank, policymaker, ECB, Thomson Locations: MADRID, Spanish, Santander

☆ Spain's watchdog lacks tools to prove collusion on deposits for savers, chair says
▼ + stars: | 2023-06-23 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, June 23 (Reuters) - Spain's competition watchdog urged political parties to give this institution better tools to look into potential anticompetitive practices between banks when setting deposit rates for savers, its chair Cani Fernandez said on Friday. Spanish banks offer the lowest household deposit rates among the euro zone's large economies, igniting demands from the government, supervisors and clients to pass on higher interest rates for savers. "A tacit collusion is a hole in our system of tools to tackle (this issue) in markets with little competition," Fernandez said. She added that other European countries, such as Germany and the UK, had better tools to look into these commercial practices. On Friday, the Bank of Spain Governor Pablo Hernandez de Cos said it was up to the CNMC to look into that matter.

Persons: Cani Fernandez, Fernandez, smartly, Pablo Hernandez de Cos, Jesús Aguado, Emma Pinedo, Kirsten Donovan, Louise Heavens Organizations: Bank of Spain, Thomson Locations: MADRID, Spanish, Santander, Germany

☆ Morning Bid: Still seeking decisive stimulus in China
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Sonali DesaiDisappointment has been the prevailing sentiment so far this week as investors grow impatient with the wait for more decisive Chinese stimulus measures. China delivered the expected 10 basis-point reduction to its lending benchmarks, but disappointed those looking for a bigger cut to the mortgage-linked five-year loan prime rate. Chinese property stocks took a hit and the yuan came under further pressure, reversing much of its bounce against the U.S. dollar late last week when stimulus expectations were driving price action. Still, that helped Australian shares build on recent gains to reach a seven-week high, bucking declines across Asian bourses where rising Treasury yields and souring anticipation of Chinese stimulus efforts spurred broad declines. The wary investor mood is likely to spill into Europe, where the data calendar is confined to German producer prices for May.

Persons: Sonali Desai, Antony Blinken's, Luis de, Pablo Hernandez de Cos, Olli Rehn, Elizabeth McCaul, Luis de Guindos, St Louis, James Bullard, Christopher Cushing Organizations: Sonali, U.S ., Reuters, Bank of Australia's, European Central Bank, Bank of Spain, Bank of Finland, St, Barcelona School of, Thomson Locations: Asia, China, Europe, Luis de Guindos, Hungary

☆ Morning Bid: China steals the show before US inflation
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Sonali DesaiThe People's Bank of China (PBOC) managed to liven up the wait for Tuesday's highly anticipated U.S. consumer price inflation (CPI) data by lowering a short-term lending rate for the first time in 10 months. Several analysts had been expecting a cut to the one-year medium-term lending facility rate on Thursday, when the PBOC is widely expected to roll over maturing loans. The move had little broader impact on markets in the run-up to tonight's U.S. CPI release and this week's major central bank decisions. Europe's calendar highlights include UK employment data, Germany's ZEW survey for June and final May inflation data, and Bank of (BoE) Governor Andrew Bailey's parliamentary testimony. In the U.S., CPI data is likely to dominate market interest and factor into the Federal Open Market Committee's (FOMC) deliberations as it begins a two-day meeting.

Persons: Sonali Desai, Tuesday's, SoftBank Group's, BoE, Andrew Bailey's, BoE policymaker Catherine Mann, Bailey, CPI BoE Governor Bailey, ECB's Pablo Hernandez de Cos, Andrea Enria, FOMC, Christopher Cushing Organizations: People's Bank of China, U.S, CPI, U.S ., Intel, Reuters, Bank of, bps, Federal, Reuters Graphics Reuters, Economic, Thomson Locations: Asia, U.S . Federal, U.S

☆ China says allegations of Chinese spying in Cuba are false
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - China said on Monday that allegations that it was using Cuba as a spying base are false and it denounced the U.S. government and media for releasing what it called inconsistent information. A Biden administration official said on Saturday China had been spying from Cuba for some time and it had upgraded its intelligence collection facilities there in 2019. Last week, the Wall Street Journal reported that a new spying effort was underway on the island, citing U.S. officials. "On the alleged spy activities of China in Cuba, this is a piece of false information," a Chinese foreign ministry spokesperson, Wang Wenbin, told a regular press conference. The allegation about Cuba comes as U.S. Secretary of State Antony Blinken prepares to visit China this week.

Persons: Biden, Wang Wenbin, Wang, Antony Blinken, Carlos Fernandez de Cossio, Washington, Andrew Hayley, Bernard Orr, Ryan Woo, Philippa Fletcher, Robert Birsel Organizations: U.S, China, Wall Street Journal, White House National Security, Thomson Locations: BEIJING, China, Cuba, Beijing, United States, U.S, America, Caribbean

☆ China has been spying from Cuba for some time, U.S. official says
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, June 9 (Reuters) - China has been spying from Cuba for some time and upgraded its intelligence collection facilities there in 2019, a Biden administration official said on Saturday, following a report about a new spying effort underway on the island. The official said the issue predated Joe Biden's presidency, as had Beijing's efforts to strengthen its intelligence collection infrastructure worldwide. "The PRC (People's Republic of China) conducted an upgrade of its intelligence collection facilities in Cuba in 2019. That includes a trip to China that U.S. officials say Secretary of State Antony Blinken is planning for June 18. The official said U.S. diplomats had engaged governments that were considering hosting Chinese bases and had exchanged information with them.

Persons: Biden, Joe Biden's, Carlos Fernandez de Cossio, Antony Blinken, Washington's, Donald Trump, Andrea Shalal, Phil Stewart, Dave Sherwood, Daniel Wallis Organizations: Biden, People's, Cuban, Foreign, Thomson Locations: China, Cuba, Florida, U.S, People's Republic of China, Washington, Cuban, America, Beijing, United States, Coast, Havana

☆ China: 'Hacker empire' US is 'spreading rumours' with talk of Cuba spy station
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 9 (Reuters) - China's foreign ministry on Friday said "spreading rumours and slander" is a common tactic of "hacker empire" the United States, after a media report that China has reached a deal with Cuba to set up an electronic eavesdropping facility on the island. Cuba and China have reached an agreement in principle, the U.S. officials said, with China to pay Cuba "several billion dollars" for the eavesdropping station, according to the Journal. "As we all know, spreading rumours and slander is a common tactic of the United States," said Wang Wenbin, spokesperson at the Chinese foreign ministry. "The United States is also the most powerful hacker empire in the world, and also veritably a major monitoring nation." The reported deal could raise questions about a near-term visit to China that U.S. officials say Secretary of State Antony Blinken is planning.

Persons: John Kirby, Wang Wenbin, Antony Blinken, Blinken, Carlos Fernandez de Cossio, Liz Lee, Ryan Woo, Christopher Cushing Organizations: Wall Street Journal, White House National Security Council, Reuters, Cuban, Foreign, Thomson Locations: BEIJING, United States, China, Cuba, Beijing, U.S, Washington, America, Caribbean

In March, depositors fled Silicon Valley Bank (SIVB.O), withdrawing $42 billion in 24 hours, some via their mobile phones. Information about the bank's difficulties spread fast online, creating a social media-driven bank run. Officials said the bank turbulence added urgency to discussions of a European Commission proposal to broaden the EU's bank resolution framework, now applied to just over 100 of the biggest European banks, to smaller and medium-sized lenders. The proposal, called Crisis Management and Deposit Insurance (CMDI) was requested by EU finance ministers in mid-2022. It would ensure that the resolution of smaller banks could be paid for from the EU's resolution fund, financed by banks, rather than by taxpayers.

☆ Morning Bid: Oil price relapse
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

Although oil prices have not yet reversed all their gains from OPEC move, Brent is down more than 5% over the past week and the year-on-year deflation in oil prices is running at 24%. And there's also signs oil loading from Russia's western ports this month is rising to the highest since 2019 -= despite Moscow's pledge to cut output. Tesla (TSLA.O) shares dropped 2% after the electric-vehicle maker's sixth U.S. price cut this year. Helped by the oil price retreat, 2-year U.S. Treasury yields fell back almost 10 basis points to 4.19%. VIX and bear marketsShare price performance, earnings and sales for TeslaReuters GraphicsReuters GraphicsBy Mike Dolan, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Morning Bid: Sterling's inflation test
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookTraders are scaling back bets on U.S. rate cuts, but dialling up expectations for British hikes. On Tuesday, it was bigger-than-expected pay rises that strengthened expectations for the Bank of England to lift rates next month and to continue doing so thereafter. On Wednesday, British inflation data is in focus. On balance, the sheer size of the Bank of England's task of reining in inflation has been supportive for sterling, which hit a 10-month high last week. Implied volatility in the options market suggests traders don't expect sudden changes in the currency's slow grind higher.

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