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☆ Take Five: Roll on Q4!
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +5 min

A possible shutdown would be further evidence of how political polarization in Washington is weakening fiscal policymaking, Moody's says. Economists polled by Reuters expect the U.S. economy created 150,000 jobs in September versus 187,000 in August. 2/ NEW CHIEF IN TOWNThe Reserve Bank of Australia's new governor Michele Bullock, the first woman to head the bank, chairs her first meeting on Tuesday. Meanwhile, New Zealand's Reserve Bank meets on Wednesday. With the cost of living a key election battleground, the drastic cut brings relief to those struggling with mortgage repayments.

Persons: Andrew Kelly, Ira Iosebashvili, Kevin Buckland, Harry Robertson, Karin Strohecker, Marc Jones, Joe Biden, Moody's, Michele Bullock, Bullock, Adam Glapinski, Dhara Ranasinghe, Sonali Paul Organizations: REUTERS, ., China, Democratic, Reuters, Reserve Bank of, New, Reserve Bank, Reuters Graphics Reuters, Equity, Treasury, Reserve, ING reckons, Thomson Locations: Manhattan , New York City, U.S, there's, Australia, Poland, Ira, New York, Tokyo, London, Washington, China, Beijing, Poland's

☆ Jittery markets may tie Dutch insurers' hands
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters Breakingviews) - Dutch insurers NN (NN.AS) and ASR (ASRNL.AS) have lost 3 billion euros of combined market value after court rulings in the Netherlands raised the prospect of large compensation claims. The respective 22% and 16% stock price collapse will put pressure on the two groups to reach a speedy resolution. But customers argue that the insurers marketing these policies failed to disclose how much of their premiums went to actual investments, and how much covered the sellers’ costs. Take Hague-based NN: it has 315,000 active woekerpolissen policies and 581,000 inactive ones, ING reckons. Its 2.1 billion euro market value loss is equivalent to a claim of 2,300 euros per policy.

Persons: Pamela Barbaglia, ’, quagmire, Neil Unmack, Streisand Neto Organizations: Reuters, ING reckons, JPMorgan reckons, Dutch, X, Thomson Locations: Netherlands, Ukraine

☆ Banks’ profit picnic will attract ant invasion
▼ + stars: | 2023-01-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

JPMorgan (JPM.N), Bank of America (BAC.N), Wells Fargo (WFC.N) and Citigroup (C.N) all report fourth-quarter earnings on Friday. The good news is that for the year ahead, rising interest rates twinned with growing loan books should more than make up for sliding investment banking fees. The CFPB squeezed a $3.7 billion settlement from serial miscreant Wells Fargo in December for wrongly levying charges on customers. CONTEXT NEWSJPMorgan, Bank of America, Citigroup and Wells Fargo will report fourth-quarter 2022 earnings on Jan. 13. The CFPB said that Wells Fargo will also allocate over $2 billion in redress to customers.

The ECB, which bought 5 trillion euros of bonds ($4.9 trillion) over the past decade to lift low inflation, now finds itself battling record high inflation at 10%. "This consideration also makes the practical implementation of ECB QT significantly harder," BofA said. That would reduce its balance sheet by a "manageable" 155 billion euros in 2023 and 300 billion euros in 2024, ING reckons. An eventual wind-down of PEPP holdings could add to balance sheet reductions in 2025 worth a total 388 billion euros, ING said. AllianceBernstein portfolio manager Nick Sanders said he was "sceptical" how the ECB could achieve QT with those protections in place.

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