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☆ Bank of England holds interest rates steady, but signals a cut is coming
▼ + stars: | 2024-05-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — The Bank of England on Thursday announced a widely-expected hold on interest rates following its May meeting, as it said restrictive monetary policy was working to bring down inflation. Members of the central bank's Monetary Policy Committee voted 7-2 to hold, with the latter favoring a cut. In the prior meeting only one member voted for a cut. It keeps the BOE's key Bank Rate at 5.25%. Some economists see a cut as soon as the next meeting in June, and three or more cuts in 2024.

Persons: Matthew Swannell, CNBC's Organizations: Bank of England, Monetary, MPC, BNP

☆ Massive surge in the buying of Israel Bonds from the United States
▼ + stars: | 2023-11-08 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +4 min

It also makes 2023 a record year for Israel Bonds. Two counties in Florida, Broward and Palm Beach, also bought Israel Bonds in the last four weeks, as did Ohio's Franklin County. A spokesperson for the bank called the sales part of "a more than 35 year relationship with Israel Bonds." Celal Gunes | Anadolu Agency | Getty ImagesExecutives at Israel Bonds said about $250 million of the total raised in the last month came from individual investors, large and small, throughout the United States, who purchased the bonds directly. Naveh, the CEO of Israel Bonds, lives in the town of Savyon, just east of Tel Aviv.

Persons: Jack Guez, Israel Bonds, Celal, Dani Naveh, Nir Elias, Thomas DiNapoli, Ilan Rosenberg Organizations: Development Corporation, Israel, Palestinian, Afp, Getty, Finance, Bonds, Israel Bond, Bank, Cleveland, Key Bank, of American University, Washington , D.C, Anadolu Agency, CNBC, Gaza, Reuters, Hamas, Gaza Ministry, Health, New York State, New York Locations: United States, Palestinian, Tel Aviv, Israel, Florida , New York , Alabama, Arizona , Ohio , Illinois , Texas, Georgia , Oklahoma , Nevada , Louisiana, South Carolina , Indiana, Pennsylvania, Florida , Broward, Palm, Franklin County, New Jersey, Gaza, Washington ,, Petah Tikva, Savyon, Kibbutz Be'eri

☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

☆ Stock Market Today: Dow Futures Rise; Tesla Stock Gains Premarket
▼ + stars: | 2023-08-21 | by ( ) www.wsj.com time to read: +1 min

The robust U.S. economy has raised expectations of higher-for-longer borrowing costs, and Treasury yields have hit decade-plus highs in recent days. Treasury yields gained. The benchmark CSI 300 lost 1.4% and Hong Kong’s Hang Seng Index fell deeper into a bear market. European natural gas prices jumped again. Labor disputes in Australia’s energy industry have driven up gas prices in Europe more than 30% in August.

Persons: Dow industrials, Brent, Jerome Powell, Jackson Organizations: Treasury, Nasdaq, CSI, Labor Locations: Europe

☆ Stock Market News Today: Dow Slips 150 Points; Tesla and Zoom Stocks in Focus
▼ + stars: | 2023-08-21 | by ( ) www.wsj.com time to read: +2 min

Yields on longer-term U.S. Treasurys are rising again, putting renewed pressure on stocks. Stocks opened broadly higher but retraced some of those gains as yields climbed. Volatility in stocks this month has some traders turning to one-day options . The benchmark CSI 300 lost 1.4% and Hong Kong’s Hang Seng Index fell deeper into a bear market. China’s faltering economy remains in focus for investors, after key bank lending rates weren't cut as much as the market was expecting.

Persons: –, Stocks, Ben Eisen, Rachel Louise Ensign, Jerome Powell, Jackson Organizations: Nasdaq, Dow, . Tech, Nvidia, Microsoft, Treasury, CSI, Labor Locations: U.S, Europe

☆ U.S. bank stocks fall on Fitch downgrade warning, tougher oversight worries
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. The warning followed rival Moody's downgrading 10 mid-sized lenders earlier this month, citing funding risks and weaker profitability. Among the mid-sized lenders, Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) fell 8.4% and 1.6%, respectively. The S&P 500 banks index (.SPXBK) was down 2.1%, hitting its lowest in a month. Separately, Discover Financial Services (DFS.N) shares fell 8.3% to $94.10, a day after its CEO stepped down.

Persons: Andrew Kelly, Banks, Wells, JPMorgan Chase, Goldman, Morgan Stanley, MS.N, Michael Burry's, Niket, Arun Koyyur Organizations: Financial, of, REUTERS, CNBC, Federal Deposit Insurance Corp, Bank of America, JPMorgan, Goldman Sachs, Citigroup, Western Alliance Bancorp, PacWest Bancorp, Michael Burry's Scion Asset Management, Comerica, Discover Financial Services, Thomson Locations: of Manhattan , New York City, U.S, Bengaluru

REUTERS/Dado Ruvic/IllustrationLONDON, Aug 3 (Reuters) - The dollar touched a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling remained lower after the Bank of England downshifted to a smaller 25 basis point hike. The dollar index , which measures the currency against six major peers, rose as high as 102.84, its highest level in four weeks. Earlier, the currency fell to a four-week low of 143.89 per dollar. The New Zealand dollar similarly earlier slid to its lowest since end-June at $0.6063, having tumbled more than 1% on Wednesday. "The U.S. dollar actually strengthened against most other currencies (and) there were risk-aversion trades across all the asset classes."

Persons: Dado Ruvic, Lefteris Farmakis, nonfarm, Fitch, Sterling meanwhile, BOE, John Leiper, Tina Teng, Samuel Indyk, Rae Wee, Shri Navaratnam, Nick Macfie, Andrew Heavens, Giles Elgood Organizations: REUTERS, Bank of England, U.S . Treasury, Treasury, Barclays, Titan Asset Management, Bank of Japan, New Zealand, CMC Markets, U.S, Thomson Locations: U.S, Asia, Beijing

☆ A key bank stock soars, but Cramer sticks to his discipline
▼ + stars: | 2023-07-18 | by ( Paulina Likos | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Watch Morgan Stanley Bank stocks climbed higher Tuesday, as Club holding Morgan Stanley (MS) delivered an earnings beat. "My conviction is that Morgan Stanley stock goes higher," Jim Cramer said Tuesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Morgan Stanley, Eli Lilly, David Ricks, Jim, Jim Cramer's Organizations: CNBC, Morgan Stanley Bank, Club, Nasdaq, Ford Our automaker, Ford Locations: U.S

May enroll in U.S. Bank Smart Rewards if you meet certain requirements Cons Dash icon A dash. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 Start savingSantander® Bank, N.A. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 View Full Details Start saving On Santander Bank's site. Low APY Dash icon A dash. $5 maintenance fee per quarter if you don't have at least $5 in your account Dash icon A dash.

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☆ Exclusive: India refiners start yuan payments for Russian oil imports -sources
▼ + stars: | 2023-07-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

It could not immediately be determined how much Russian oil Indian refiners have bought with yuan, although Indian Oil has paid in yuan for multiple cargoes, sources said. The rise in yuan payments has given a boost to Beijing's efforts to internationalise its currency, with Chinese banks promoting its use specifically for Russian oil trade. Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates' dirham, sources have said. One private refiner has also been using the same mechanism for payments for Russian oil, one of the sources said. Another state refiner, Bharat Petroleum Corp Ltd (BPCL.NS), is also exploring yuan payment for Russian oil, a separate source said.

Persons: IOC's, Rosneft, Nidhi Verma, Tony Munroe, Tom Hogue Organizations: U.S, Indian Oil Corp, Reliance Industries Ltd, Nayara Energy, HPCL Mittal Energy Ltd, Oil, Gazprom Neft, Reuters, United Arab, State Bank of India, NS Bora, Sun Ship Management, European Union, IOC, ICICI Bank, Bank of China, Bharat Petroleum Corp Ltd, Thomson Locations: DELHI, Russia, Moscow, Ukraine, India, China, Saudi Arabia, Indian, Dubai, United Arab Emirates, Iraq, United Kingdom, Bank, Rosneft, ICICI

☆ Lawmakers praise First Republic sale, but efforts to pass new bank rules are fizzling
▼ + stars: | 2023-05-01 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

WASHINGTON — Lawmakers who sit atop key banking committees praised the federal takeover of First Republic Bank on Monday, and held up the sale of its assets to JP Morgan Chase as a successful public-private collaboration to protect the U.S. financial system. His statement contrasted from the reaction of the Senate banking committee's chairman, Democratic Sen. Sherrod Brown of Ohio. He did not directly respond to the federal intervention, choosing instead to direct his ire at the failed bank. "First Republic Bank's risky behavior, unique business model, and management failures led to significant problems, and it's clear we need stronger guardrails in place," Brown said in a statement. "We must make large banks more resilient against failure so that we protect financial stability and ensure competition in the long run."

☆ Exclusive: US regulators worried about uninsured deposits before March crisis
▼ + stars: | 2023-04-27 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

Officials had yet to do the same for regional banks, some of which had grown to considerable size and complexity, said Gruenberg. One member, Timothy Mayopoulos, who within months would quickly be named chief executive of Silicon Valley Bank after it failed in March, queried regulators about dealing with regional banks' high proportion of uninsured deposits. Banking regulators have come under criticism since March for failing to stave off the crisis triggered by a run on Silicon Valley Bank, most of whose deposit base was uninsured. The Fed and FDIC are expected to release reports on Friday on their supervision of Silicon Valley and Signature Bank. The meeting was the first since the creation of the panel more than a decade ago to consider policy responses to failures in the middle-tier of large financial institutions.

☆ Watch CNBC's full interview with CIC Wealth's Malcolm Ethridge and Contrast Capital's Ron Insana
▼ + stars: | 2023-04-13 | 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 EmailWatch CNBC's full interview with CIC Wealth's Malcolm Ethridge and Contrast Capital's Ron InsanaMalcom Ethridge, CIC Wealth executive vice president, and Ron Insana, Contrast Capital Partners, join 'Power Lunch' to discuss market vulnerability to pull back, bank earnings expectations, and key bank stocks to look out for.

The crackdown on crypto banking is squeezing digital-asset businesses. The U.S. affiliate of global crypto exchange Binance has struggled to find a bank for its customers’ cash after the failure of Signature Bank left it without a key banking partner, people familiar with the matter said. Users’ dollar deposits were previously sent to either Signature Bank or Silvergate Capital Corp., according to Binance.US’s website. The failures of Signature and Silvergate, both seen as friendly to crypto companies, left many crypto firms rushing to find new banking partners.

With estimates pushing higher, we think the rally in META still has more room to run, prompting us to raise our price target. Bullpen The newest addition to our bullpen is Foot Locker (FL). Foot Locker has also been a victim of the shift to shopping on ecommerce platforms, given its large presence in malls. But if she can do for Foot Locker what she achieved at Ulta Beauty, Footlocker's shares can go much higher. An employee arranges a sneaker display at a Foot Locker Inc. store inside the South Park Mall in Strongsville, Ohio.

☆ Derivatives that track bonds at the heart of Credit Suisse rescue slide
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 20 (Reuters) - Derivatives that track the value of key bank debt fell sharply on Monday, after UBS (UBSG.S) agreed to rescue rival Credit Suisse (CSGN.S), forcing a massive writedown of the latter's additional tier-one debt as part of the deal. Invesco's AT1 Capital Bond exchange-traded fund (INAT1.L), which tracks the value of AT1 debt, dropped 14% in early trading, while WisdomnTree's AT1 CoCo bond ETF was indicated 3% lower. Additional tier-one bonds, known as AT1s, are a type of contingent convertible debt that make up part of the capital buffers that regulators require banks to hold to protect themselves in times of market turmoil. If a bank's capital levels fall below a set threshold, AT1s can either be converted into equity or are written off, as they were in the case of Credit Suisse, which had to write off around $16 billion worth. Reporting by Amanda Cooper; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ Key banking crisis lesson: 'The first line of defense should always be cash,' advisor says
▼ + stars: | 2023-03-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

People wait outside the Silicon Valley Bank headquarters in Santa Clara, California, to withdraw funds after the federal government intervened upon the bank's collapse, on March 13, 2023. watch now"The first line of defense should always be cash," said Braxton, who is a member of CNBC's Financial Advisor Council. Without liquidity, SVB couldn't "absorb the shock of the cash run," and had to sell its assets at the wrong time, she said. It's a valuable lesson for investors who may someday face their own cash crunch due to a job loss or another financial emergency, Braxton said. The first line of defense should always be cash.

Bitcoin jumped as much as 9.6% to $26,533, its highest since June 2022, in its fourth straight days of gains. Major cryptocurrencies have been buoyed in recent days by U.S. authorities announcing plans to limit the fallout from the collapse of Silicon Valley Bank (SVB). U.S. authorities' action helped stabilise the major USDC stablecoin, whose issuer Circle had deposits of $3.3 billion at SVB. The widely anticipated reading may lead the Federal Reserve to slow or even pause hiking interest rates next week. Reporting by Elizabeth Howcroft and Tom Wilson, editing by Sinead Cruise and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Moody's cuts outlook on U.S. banking system to negative, citing 'rapidly deteriorating operating environment'
▼ + stars: | 2023-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

In a harsh blow to an already-reeling sector, Moody's Investors Service on Monday cut its view on the entire banking system to negative from stable. "We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY," Moody's said in a report. But it said other institutions with unrealized losses or uninsured depositors still could be at risk. Moody's on Monday downgraded Signature Bank and said it would remove all ratings. SVB, for instance, found itself with some $16 billion in unrealized losses from long-dated Treasurys it held.

☆ Bill Ackman says U.S. did the 'right thing' in protecting SVB depositors. Not everyone agrees
▼ + stars: | 2023-03-13 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Billionaire investor Bill Ackman said the U.S. government's action to protect depositors after the implosion of Silicon Valley Bank is "not a bailout" and helps restore confidence in the banking system. In his latest tweet on SVB's collapse, the hedge fund investor said the U.S. government did the "right thing." "Importantly, our gov't has sent a message that depositors can trust the banking system." Ackman's comments came after banking regulators announced plans over the weekend to backstop depositors with money at Silicon Valley Bank, which was shut down on Friday after a bank run. He explained in another tweet: "The bailout means depositors will put their money in the riskiest banks and get paid higher interest, as there's no downside risk."

☆ Here's what could happen next for Silicon Valley Bank customers
▼ + stars: | 2023-03-12 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Many investors on Wall Street and in Silicon Valley are anticipating additional information to be announced at some point on Sunday. Evelyn Hockstein | ReutersOne potential option could be to use the FDIC's systemic risk exception tool to backstop the uninsured deposits at SVB. Bloomberg News reported on Saturday night that between 30% and 50% of the uninsured deposits could be returned as soon as Monday. That process could take several weeks or more and end with uninsured deposits being restored at less than 100%.

LONDON, March 9 (Reuters) - Bitcoin steadied on Thursday near its lowest since mid-February, after U.S. crypto-focused bank Silvergate said it would voluntarily liquidate, the latest in a series of high-profile crypto collapses triggered by the collapse of the FTX exchange. Silvergate Capital Corp (SI.N) said on Wednesday it planned to close and voluntarily liquidate, after warning last week that it was evaluating its ability to operate as a going concern. Bitcoin was last down 0.4% at $21,624 , having fallen 2.2% on Wednesday to a 3-1/2 week low of $21,590. Multiple partners of the bank, including major crypto exchange Coinbase Global Inc (COIN.O), severed ties with Silvergate last week. Others, including Binance, said they did not have any asset losses at Silvergate.

☆ Some of Wall Street's top commentators fear a recession is at hand as rates set to go higher for longer
▼ + stars: | 2023-03-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Yesterday on Capitol Hill, Jerome Powell reiterated his warning that the Fed's more than ready to keep jacking up rates if necessary. Inflation hasn't gone away as easily as policymakers want, and Powell thinks that may just warrant a steeper policy path. That's not the most reassuring assessment of the situation as some of the biggest commentators in markets are saying a recession is right around the corner. The exec also broke down how to use the strategy in today's stock market to make extremely cheap bets that garner "through the roof" returns. Fannie Mae's Home Purchasing Sentiment Index dropped this week while mortgage rates moved higher.

☆ Higher expenses weigh down U.S. bank profits in 2022 - FDIC
▼ + stars: | 2023-02-28 | by ( Pete Schroeder | ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 28 (Reuters) - U.S. banks reported a 5.8% decline in profits in 2022 as firms spent more on noninterest items and provision expenses against future losses, the Federal Deposit Insurance Corporation reported Tuesday. Bank profits dropped 4.6% in the last quarter of 2022, but overall profits remain above average profits seen by the sector before the pandemic, the bank regulator said. "Key banking industry metrics remain favorable at this time," said FDIC Chairman Martin Gruenberg in a statement. The FDIC said the higher spending on noninterest items and provision expenses, particularly at larger firms, were behind the slowdown in industry profits. But the sector overall appeared strong, as the FDIC's "problem bank list" fell to 39 firms, the lowest level the agency had ever recorded.

☆ Europe’s now dealing with an oversupply of natural gas after hoarding it for months before winter
▼ + stars: | 2023-02-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The benchmark price for natural gas futures has cratered about 28% this year, and it's trading roughly 85% cheaper than record highs reached in August. At that time, natural gas was costing buyers about 10 times more than usual ahead of the winter months. As a key energy supplier to Europe, many feared that Russia would cut off natural gas flows in retaliation to Western sanctions. Europe enjoyed its third hottest January ever last month, meaning people used less heating and thus less natural gas. A former Gazprom official told Reuters this week that all the years of work to build up Russia's natural gas exports have become moot.

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