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☆ HSBC CEO on Farage-Coutts spat: 'We do not exit clients based on their lawful personal views'
▼ + stars: | 2023-08-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

HSBC's U.K. headquarters are seen at the Canary Wharf financial district of London on July 31, 2018. Although refusing to discuss details of other banks and their clients, HSBC boss Quinn told CNBC on Tuesday that "our policy is not to de-bank or exit a client based on their lawful personal views." "We also have a responsibility as an institution to look at any areas of financial crime compliance or we have an obligation to collect information on KYC (Know Your Customer), so we have those competing obligations but to reiterate, as a policy we do not exit clients based on their lawful personal views." The closure of Farage's account triggered a heated debate in the U.K. and rocked the domestic banking industry. NatWest CEO Alison Rose was forced to resign, after she admitted discussing details of Farage's Coutts account with a BBC reporter in the wake of his allegations.

Persons: Tolga Akmen, Noel Quinn, Coutts, Nigel Farage's, Farage, Coutts —, —, Quinn, Alison Rose, Farage's Coutts, Peter Flavel, Rishi Sunak, Jonathan Bachman Organizations: AFP, Getty, LONDON, HSBC, Trump, NatWest Group, CNBC, NatWest, BBC, Brexit Party, UKIP Locations: London, U.K

☆ The Fitch analyst behind the U.S. downgrade breaks down the decision—and how the country can regain the top rating
▼ + stars: | 2023-08-02 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London, Britain. It's not a growing jobs market, strong U.S. dollar or a resilient economy that will help the U.S. regain the top rating from Fitch. Fitch Ratings cut the United States' long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, sending global stock markets down on Wednesday. "This is a steady deterioration we've seen in the key metrics for the United States for a number of years. That has hindered the U.S. government from coming up with meaningful solutions to deal with growing fiscal issues, particularly around entitlement programs such as Social Security and Medicare, he said.

Persons: It's, Richard Francis, Fitch's, Francis Organizations: Canary, U.S, Fitch, AAA, Democrats, Social Security Locations: London, Britain, United States, Americas

LONDON, Aug 2 (Reuters) - The economic picture may not have to change much for the surprise element to disappear for markets - underlining the significance of this summer's sometimes grudging admissions of investment strategy missteps. SURPRISE, SURPRISEExceptional U.S. economic surprisesU.S. surprise gaps the widest in decades, excluding pandemicAlong with market moves themselves and skewed positioning monitors, the simplest take on the unpreparedness of investors can be seen in economic surprise indices. The global surprise index is close to zero, suggesting expectations for the world economy in aggregate are actually coming in on cue. And if that happens, it may just suck the oxygen from the stellar equity outperformance over bonds to date. If true, markets may find the going harder without that element of surprise.

Persons: What's, Schroders, Johanna Kyrklund, hasn't, Kyrklund, Chris Iggo, Mike Dolan Organizations: Federal, Nasdaq, Japan's Nikkei, U.S, Graphics, AXA IM Investment, Reuters, Twitter, Thomson Locations: Europe, Japan, China, U.S

☆ Insurer AIG profit beats estimates on gains in life and retirement unit
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoAug 1 (Reuters) - American International Group (AIG.N) exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry. AIG, one of the world's biggest commercial insurers, said net premiums written in its general insurance arm for the quarter ended June grew 10% to $7.5 billion. AIG's life and retirement unit saw a 42% jump in premiums and deposits, partly helped by record sales in fixed index annuities. AIG's general insurance accident year combined ratio was 88%, compared with 88.5%, a year earlier. The metric excludes catastrophe losses and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims.

Persons: Brendan McDermid, Mawar, Gallagher, Noor Zainab Hussain Organizations: AIG, REUTERS, American International, Companies, Thomson Locations: New, New York, Guam, United States, Bengaluru

☆ Girl and her mother killed in Russian strikes as Ukraine reports frontline progress
▼ + stars: | 2023-07-31 | by ( Pavel Polityuk | ) www.reuters.com time to read: +5 min

Two more civilians were reported killed in the southern Ukrainian city of Kherson, now on the front line after being recaptured from Russian forces in November. [1/5]A firefighter works at a site of an apartment building heavily damaged by a Russian missile strike, amid Russia's attack on Ukraine, in Kryvyi Rih, Ukraine July 31, 2023. ANTI-DRONE DEFENCESRussian forces have levelled residential areas across eastern and southern Ukraine since they invaded more than 17 months ago. Ukraine rarely comments on strikes on Russian territory, which have recently begun to include drone attacks on Moscow. Russia's military said it had halted Ukrainian forces in the region.

Persons: Volodymyr Zelenskiy's, Hanna Maliar, Sergei Shoigu, Zelenskiy, Serhiy Lysak, Oleksandr Vilkul, Oleksandr Prokudin, Ukraine's, Dmitry Peskov, Anna Pruchnicka, Ron Popeski, Nick Starkov, Tom Balmforth, Philippa Fletcher, Kevin Liffey Organizations: Telegram, Russian, Press, State Emergency Service of, REUTERS, European Union, NATO, Kremlin, Ukrainian, Thomson Locations: Ukraine, KYIV, Russian, Kryvyi Rih, Kryvyi, Ukrainian, Kherson, State Emergency Service of Ukraine, Handout, Donetsk, Donetsk city, Russia, Moscow, denazify, Sunday

July 31 (Reuters) - Economic sanctions have been the biggest headache for Russia's business elite since the start of the war in Ukraine, but a drone strike in the heart of Moscow's financial district is forcing companies to think about their employees' safety. Tech giant Yandex (YNDX.O), which has offices dotted around the Russian capital including in Moskva-Citi, asked staff to vacate offices at night, when strikes on the Russian capital have tended to occur. One financial services professional said he did not think the attack would deter people from going to Moskva-Citi. A Telegram channel run by the Russian online media group Mash broadcast photos of the damage done to the digital ministry's headquarters. For one employee at a large Russian company, the attack was a "really scary" warning.

Persons: Nobody, Yandex, Dmitry Peskov, Volodymyr Zelenskiy, Gareth Jones, Mark Potter Organizations: Sunday, Citi, Kremlin, Tech, Reuters, Telegram, Thomson Locations: Ukraine, Moskva, Ukrainian, Russia, Moscow, Kyiv, Russian

☆ Britain's banks told to justify low savings rates by end of August
▼ + stars: | 2023-07-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File PhotoLONDON, July 31 (Reuters) - Britain's banks and building societies have until the end of August to justify to regulators why some of their savings rates are low or face sanctions, the markets watchdog said on Monday, as Bank of England rates look set to rise to their highest since 2008. Smaller lenders offer higher savings rates than their bigger rivals, the FCA added. "Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value, according to the consumer duty that enters into force today," the FCA said in a statement. Banks and building societies offering the lowest rates have to complete a "fair value" assessment for the regulator by the end of August. The FCA will also review the timing of changes to savings rates each time BoE rates move, publish an analysis every six months of easy-access rates, analyse how savings products contribute to profitability and, by the end of March 2024, review how firms engage with customers.

Persons: Henry Nicholls, Banks, BoE, Huw Jones, Kevin Liffey Organizations: REUTERS, Bank of, Financial Conduct Authority, Lloyds, HSBC, NatWest, Santander UK, Barclays, Nationwide Building Society, TSB Bank, Virgin Money, Bank, FCA, Thomson Locations: London, Britain

☆ Video shows a fireball erupting next to Moscow's glitzy skyscrapers as the capital's finance district is struck by drone attacks
▼ + stars: | 2023-07-31 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Footage shows a drone strike in Moscow causing a huge explosion in the capital's business district. The capital's mayor, Sergey Sobyanin, said on Sunday that two office buildings in Moscow were damaged by drone attacks, accusing Kyiv of carrying out the strikes. Russia's Ministry of Defense said Moscow's air defense systems destroyed one drone on Sunday, while jamming another two drones that lost control and crashed into a building. But Ukrainian President Volodymyr Zelenskyy referenced the drone attacks in his daily address on Sunday. Footage of the aftermath posted on Telegram and social media showed one of Moscow's skyscrapers clearly damaged from the strike.

Persons: Sergey Sobyanin, Sobyanin, Volodymyr Zelenskyy Organizations: Service, Storyful, Street Journal, RT, Russia's Ministry of Defense, TASS, ASTRA, Kremlin, United Nations Locations: Moscow, Russia, Wall, Silicon, Russian, Ukraine, Kyiv, State

☆ The Dow has been on a roll not seen in decades. Here's how our 8 stocks in the index have fared
▼ + stars: | 2023-07-27 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

Over its 1987 streak, the Dow climbed to 2,104.47, from roughly 1,895.95 — a gain of 11%. If the Dow were to finish higher Thursday, it would tie the stock benchmark's longest winning streak ever, which was in June 1897. Jim Cramer's Charitable Trust, the portfolio the Club uses for investing, owns just over a quarter of the stocks in the Dow. Honeywell 's (HON) 2.5% gain amid the Dow's 13-session winning streak is being wiped away by the stock's post-earnings slide Thursday. Microsoft 's (MSFT) roughly flat overall performance during the Dow's streak, squeaking out a just 0.2% gain, is due in large part to the stock's 3.8% decline Wednesday.

Persons: Warren Buffett hadn't, Paul Volcker, Dow, Jim Cramer's, Johnson, —, We'll, Walt Disney, Jim Cramer, Disney, Jim, Spencer Platt Organizations: Dow Jones, Dow, Federal Reserve, Woolworth Company, Jim Cramer's Charitable Trust, Johnson, Enterprise, Industrial Caterpillar, Caterpillar, Procter & Gamble, Honeywell, Club, Wall Street, Vision, Microsoft, MSFT, CNBC, Street Bull, Financial, Getty Locations: New York City

☆ We tried out Sam Altman's eyeball-scanning Worldcoin orbs. It all felt too low-key to be truly dystopian.
▼ + stars: | 2023-07-27 | by ( Beatrice Nolan | George Glover | ) www.businessinsider.com time to read: +4 min

Sam Altman's Worldcoin verifies that people are humans using eyeball-scanning orbs. We headed to a shared working space in London to check out the dystopian-sounding tech. If you want to be part of Sam Altman's new crypto project, you'll have to let a shiny silver sphere scan your eyeballs. InsiderWorldcoin was scanning people's eyes out of a shared working space, which gave the dystopian-sounding enterprise a surprisingly low-key feel. We headed to a shared working space in London to check out the dystopian-sounding tech.

Persons: Sam Altman's Worldcoin, Sam Altman's, Altman, Christian Meloni, He's Organizations: Universal Locations: London

☆ Deutsche Bank beats expectations despite 27% drop in profit, jump in costs
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty ImagesDeutsche Bank on Wednesday reported a net profit of 763 million euros ($842 million) for the second quarter of 2023, narrowly beating expectations despite a 27% year-on-year decline. related investing news Citi downgrades Goldman Sachs, says targets will take time to be reached We're selling some shares of this health-care company and changing our rating However, second-quarter non-interest expenses rose 15% year-on-year to 5.6 billion euros, with adjusted costs up 4% to 4.9 billion euros. Nonoperating costs includes 395 million euros in litigation charges and 260 million euros in "restructuring and severance related to execution of strategy." In its first-quarter report, the bank flagged job cuts for its non-client facing staff and reported a sharper-than-expected year-on-year fall in investment bank revenues.

Persons: Alex Kraus, Citi downgrades Goldman Sachs, James von Moltke, CNBC's Silvia Amaro, von Moltke, we've Organizations: Deutsche Bank AG, Bloomberg, Getty Images Deutsche Bank, Citi, Deutsche Bank, CNBC Locations: Frankfurt, Germany

The euro slipped 0.25% against the dollar, government bond yields across the bloc edged lower while European stock markets dipped, with Spain's benchmark index down 0.65% in a clear underperformance. Meanwhile, U.S. stock futures , rose 0.2% and 0.3%, respectively, pointing to a positive open for Wall Street. With the Federal Reserve, European Central Bank and Bank of Japan meeting this week, a note of caution underpinned the mood across global markets. The benchmarks continued their fourth straight of week of gains last week, as supply is expected to tighten following OPEC+ cuts. HOST OF EARNINGSOn top of central bank meetings and economic data, investors also braced for a slew of earnings from both sides of the Atlantic.

Persons: Kai Pfaffenbach, Bruno Schneller, Schneller, Eddie Cheng, Allspring's Cheng, SPAIN UNDERPERFORMS, Fiona Cincotta, Nell Mackenzie, Dhara, Wayne Cole, Amanda Cooper, Peter Graff Organizations: REUTERS, Nasdaq, Fed, ECB London, Wall, Federal Reserve, European Central Bank and Bank of Japan, ECB, INVICO Asset Management, Bank of Japan, Japan's Nikkei, Allspring Global Investments, Brent, . West Texas, Intel, Microsoft, GE, Boeing, Exxon Mobil, Coca Cola, Ford, GM, U.S, Thomson Locations: Frankfurt, Germany, Spain, U.S, Spain's, Asia, Pacific, Japan, Ukraine, Russia, China, SPAIN, SPAIN UNDERPERFORMS Spain, Sunday's, Basque, Catalan, Coca, London, SYDNEY

☆ How much should you tip on food delivery? Drivers say it should be based on distance and time, not just the total bill.
▼ + stars: | 2023-07-23 | by ( Will Gendron | Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Delivery drivers are weighing in on a contentious debate over what constitutes a good tip. Some drivers say a good tip is roughly 15% to 20% gratuity on the total cost of a delivery order. The drivers Insider interviewed generally agreed that the baseline for a good tip is between 15% to 20% of the total bill — including taxes and fees. Percentage-based tips don't always account for the time and effort it takes to deliver an order, drivers said. Consider delivery time and distance when tipping, drivers sayWhether a $5 tip on a $20 order is good (or bad) can depend on the circumstances of the delivery.

Persons: DoorDash, Uber, Vong, Heaven Leigh, Leigh, Dashers, Patrick Schoonover Organizations: Service, nab Locations: Wall, Silicon, New York City, Manhattan, Phoenix, Arizona

☆ UK inflation rate slides to 7.9% in June, below expectations
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — U.K. inflation cooled significantly in June, coming in below consensus expectations at 7.9% annually. On a monthly basis, headline CPI increased by 0.1%, below a consensus forecast of 0.4%. Falling prices for motor fuel made the largest downward contributions to the monthly change in the CPI annual rate, the Office for National Statistics said Wednesday. Food prices rose in June, but by less than in the same period of last year. Chief Secretary to the Treasury John Glen told CNBC on Wednesday that the larger-than-expected decline in the inflation rate was "very encouraging."

Persons: Sterling, John Glen Organizations: Reuters, Bank of England's, National Statistics, CNBC, Treasury, Bank of England Locations: London, lockstep

☆ Charles Schwab stock pops 12% after second-quarter results beat expectations
▼ + stars: | 2023-07-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

A man passes by a location of financial broker Charles Schwab in the financial district in New York, March 20, 2023. Schwab generated 75 cents in adjusted earnings per share on $4.66 billion in revenue. CFO Peter Crawford said in the release that revenue — which fell 9% year over year — was hurt by customers reallocating their cash with higher rates. However, Crawford stated that "we observed a continued and substantial deceleration in the daily pace of cash outflows" in June and that the company expected client cash to start growing again by the end of the year. CEO Walt Bettinger said on "Squawk on the Street" that "client cash realigning" is now down more than 80% from the first quarter.

Persons: Charles Schwab, Schwab, Peter Crawford, —, Crawford, Walt Bettinger, Bettinger Locations: New York

☆ British pay awards still lag inflation, but hold at record 6%: XpertHR
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

Britain's households have been grappling with the highest rate of consumer price inflation among the major rich economies. The latest inflation data is due to be published later on Wednesday. XpertHR said median pay deals for the public sector stood at 4.5% in the year to June. Prime Minister Rishi Sunak last week offered wage increases of between 5% and 7% to several groups of public sector workers, to help settle months of public sector strikes. However, the pay rises were below Britain's inflation rate, and industrial action is still scheduled to take place over the coming weeks, with airport and public transport workers among others planning to walk out.

Persons: Kevin Coombs, Sheila Attwood, XpertHR, Rishi Sunak, Suban Abdulla, Andy Bruce Organizations: REUTERS, Kevin Coombs LONDON, Reuters, Bank of England, Thomson Locations: Canary Wharf, London, Britain, XpertHR

☆ Asia markets set to fall ahead of key economic data from China
▼ + stars: | 2023-07-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

SHANGHAI, CHINA - MARCH 01: Skyscrapers stand at the Pudong Lujiazui Financial District on March 1, 2022 in Shanghai, China. Asia-Pacific markets are set to fall on Monday as investors look ahead to key economic data out of China, including gross domestic product figures for the second quarter and industrial output numbers for June. In Australia, futures for the S&P/ASX 200 were at 7,264, lower than the index's last close of 7,303.1. The country will release unemployment figures later this week, which will give clues to the Reserve Bank of Australia's rate decisions. Elsewhere, Japan's markets are closed for a holiday, but more trade data will be released from South Korea, Singapore, and Indonesia.

Organizations: Pudong Lujiazui Financial, Beijing, Reserve Bank Locations: SHANGHAI, CHINA, Shanghai, China, Asia, Pacific, Australia, South Korea, Singapore, Indonesia

☆ The value of office buildings is sinking – but turning 'zombie' offices into apartments is harder than you think. Here's why.
▼ + stars: | 2023-07-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

About $800 billion may be wiped off the value of offices in major cities this decade, per McKinsey. Converting New York offices into residences is possible but has its challenges, Bloomberg reported. Buildings in the financial district are only eligible if they were built before 1977, while it's 1961 for Midtown structures, Chilelli told Bloomberg. Structural issues must also be considered, Chilelli told Bloomberg. Repurposing a structure can as much as double the price per square foot for a building, Chilelli said.

Persons: Joey Chilelli, Chilelli, Eric Adams —, Maria Torres, Springer, Michael Cohen, Jeff Bezos, Mukesh Ambani, Mukesh Ambani's, Danish Siddiqui, Lilla Smith, Macklowe Organizations: McKinsey, Bloomberg, Service, Vanbarton Group, Williams, Flatiron, Danish, Irving Trust Company, Sixth Locations: New York, Wall, Silicon, Midtown, Manhattan, Mumbai, Lower Manhattan, York

☆ Hybrid work is the new normal, as companies rethink work habits and office and retail space
▼ + stars: | 2023-07-13 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

Virojt Changyencham | Moment | Getty ImagesOffice demand declinesThat flexibility is helping drive down demand for office space. By 2030, McKinsey predicts, demand for office space will be as much as 20% lower than it was in 2019, depending on the city. While remote and hybrid work is the big reason, the trend toward more desks in less space and shifts to automation were also factored into its analysis. Lower office space demand has companies rethinking how to make their real estate jibe with new work habits. Working in teams and increasing productivity are the top reasons office workers with flexibility give for being on-site.

Persons: Virojt, Jordan Goldstein, Goldstein Organizations: McKinsey, York's Financial, Financial Locations: San Francisco, Houston, Manhattan, New York, Lower

REUTERS/Aly Song/File PhotoJuly 13 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The one percentage point fall in June headline consumer price inflation to 3.0% strengthened hopes that the U.S. economy is heading for a 'soft landing', boosting risk appetite and, more importantly for emerging markets, slamming the dollar. The yen has risen five days in a row, its longest winning streak against the dollar since November. That would be the biggest fall in exports since January - economists at SocGen are penciling in a 15.7% crash. Here are key developments that could provide more direction to markets on Thursday:- South Korea interest rate decision- China trade (June)- Thailand parliament elects new prime ministerBy Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jamie McGeever, BOK, Josie Kao Organizations: Shanghai Stock Exchange, REUTERS, Asia FX, South Korean, Bank of, Thomson, Reuters Locations: Pudong, Shanghai, China, U.S, Asia, Pacific, Zealand, SocGen, Korea, Thailand

[1/3] Pedestrians are reflected on a window of a commercial building at closing hour at a financial district in Tokyo, Japan, November 22, 2017. The number of activist funds has trebled over the last five years to 69, according to data from IR Japan. Joining a hedge fund where you might lose your job tomorrow because you lost money or didn't raise funds is a very foreign world for such workers." "Many global hedge funds are opening up Tokyo offices and hiring talent" to support a growing investment focus, said Masa Yanagisawa, head of prime services Japan at Goldman Sachs in Tokyo. Hong Kong-headquartered activist hedge fund Oasis Management has hired people in Japan this year, including a former senior regulatory official it appointed to its advisory council.

Persons: Kim Kyung, Warren Buffett, Stefan Nilsson, Masa Yanagisawa, Goldman Sachs, Seth Fischer, FinCity.Tokyo, Keiichi Aritomo, Toby Bartlett, Goldman's Yanagisawa, UBP, Cedric Le Berre, Xie Yu, Makiko Yamazaki, Scott Murdoch, David Dolan, Lincoln Organizations: REUTERS, Global, Nikkei, Funds, Oasis Management, Oasis, Citadel, Citadel Securities, Nasdaq, May, Angel, Asset Management, Thomson Locations: Tokyo, Japan, HONG KONG, TOKYO, Hong Kong, Singapore, Swiss, China, Taiwan, Sydney

☆ Stress test shows top 8 UK banks have enough capital, says Bank of England
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/3] A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain July 8, 2019. The test also measured how well the lenders would cope with a global rise in interest rates. "Major UK banks’ capital and liquidity positions remain robust and profitability has increased, which enables them both to improve their capital positions and to support their customers." The Bank said it had decided to maintain its counter-cyclical capital buffer (CCyB) for banks unchanged. Given its successful completion of the stress test, Virgin Money said it anticipated resuming its share buyback programme during this year, sending its shares 3% higher in early trading.

Persons: Simon Dawson, BoE, Virgin Money, Huw Jones, Sinead Cruise, Mark Potter Organizations: Barclays, REUTERS, Bank of England, Lloyds, HSBC, NatWest, Santander UK, Standard Chartered, Nationwide Building Society, Virgin Money, The Bank, Bank, Virgin, Britain's, Nationwide, Standard, Silicon Valley Bank, Thomson Locations: London, Britain, United States, Silicon Valley, U.S

[1/2] People walk outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry Nicholls//File PhotoLONDON, July 12 (Reuters) - Britain's economy is so far proving resilient to a surge in interest rates over the past year and a half, but it will take time for the full impact to feed through, the Bank of England said on Wednesday. "The UK economy has so far been resilient to interest rate risk, though it will take time for the full impact of higher interest rates to come through," it said. It said British banks were less exposed than households to the adverse effects of higher interest rates, especially compared with financial institutions in other countries, while the corporate sector remained "broadly resilient". "Nevertheless, higher financing costs are likely to put pressure on some smaller or highly leveraged firms," it added.

Persons: Henry Nicholls, BoE, BoE Governor Andrew Bailey, David Milliken, Huw Jones, William Schomberg, Kevin Liffey Organizations: Bank of England, REUTERS, The Bank, Bank, Silicon Valley Bank, Thomson Locations: City, London, Britain, Silicon

☆ CNBC Daily Open: Monetary policy divergence
▼ + stars: | 2023-07-11 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Vcg | Visual China Group | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The United States and China, the world's largest economies, are on divergent monetary policy paths that are spelling some headaches. Beijing has so far cut rates in June and pledged "targeted and coordinated policy, which would be implemented in a timely manner." Complicating the macro watch for everybody, Nomura said other central banks in Asia could start cutting rates even earlier than the Fed.

Persons: Kokou Agbo, Nomura Organizations: Pudong Lujiazui Financial, Visual China, Getty, CNBC, PPI, Societe Generale Locations: Shanghai, China, United States, Beijing, U.S, Asia

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

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