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☆ Slowing Australia Q2 inflation lessens rate hike pressure
▼ + stars: | 2023-07-26 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

In the first quarter, inflation was at 1.4%. That was balanced by a sharp fall in goods inflation, which slowed to an annual rate of 5.8% from 7.6% the quarter before. Adelaide Timbrell, senior economist at ANZ, said both headline and trimmed mean inflation are tracking below the RBA's forecast for the second quarter. "(The data) highlight that a 4.1% cash rate may be restrictive enough to bring inflation down. The RBA has warned that some further tightening may be required to bring inflation to heel.

Persons: Robert Carnell, Carnell, Adelaide Timbrell, Stella Qiu, Wayne Cole, Jacqueline Wong Organizations: Reserve Bank of Australia, Australian Bureau, Statistics, Wednesday, ING, ANZ, Thomson Locations: SYDNEY, Asia, Pacific

☆ Aussie competition regulator delays decision on ANZ's $3.3 bln Suncorp Bank buy
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Australia's competition regulator on Monday said it has delayed its decision on ANZ Group Holdings' (ANZ.AX) proposed A$4.9 billion ($3.30 billion) acquisition of Suncorp Bank (SUN.AX) by a week to August 4, and has requested a further extension of one week. "It is important that the ACCC has the opportunity to meaningfully consider the new information provided by ANZ and take it into account in its decision making," the regulator said. ANZ, the country's fourth-largest bank, in its response on Friday consented to an extension till August 4. This is the second time the regulator has sought an extension to its decision after the original deadline of mid-June was extended to late July. ($1 = 1.4865 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Sameer Manekar, Varun Organizations: ANZ Group Holdings, Suncorp Bank, Australian Competition, Consumer Commission, ANZ, ACCC, Reuters, Thomson Locations: Bengaluru

☆ Oil prices up on China economic support pledge, tighter supply
▼ + stars: | 2023-07-19 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

TOKYO, July 19 (Reuters) - Global oil prices rose on Wednesday, boosted by China's pledge to support economic growth, tighter supply from Russia and on lower weekly U.S. crude oil inventories. "Crude oil gained amid signs of further tightening across the market. Russia appears to be making good on its promise to reduce supply," ANZ Research said in a client note on Wednesday. U.S. crude oil, gasoline and distillate inventories all fell last week, according to market sources citing figures by American Petroleum Institute, an industry group, on Tuesday, with crude stocks down by about 800,000 barrels. The market is expecting the weekly inventory report by the U.S. Energy Information Administration later on Wednesday which is expected to show further a drawdown in U.S. crude oil inventories, providing some more support to prices, ANZ's note added.

Persons: China's, Brent, Katya Golubkova, Lincoln Organizations: U.S, West Texas, ANZ Research, American Petroleum Institute, U.S . Energy Information Administration, Thomson Locations: TOKYO, Russia, .

☆ America's inflation headache is gone, top economist Steve Hanke says. Paul Krugman and Mohamed El-Erian aren't so sure.
▼ + stars: | 2023-07-13 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

US inflation fell to a two-year low of 3% in June, dividing experts on whether the threat is over. Top economist Steve Hanke said the headache is gone and the Fed has things under control. Paul Krugman was less convinced, while Mohamed El-Erian noted a recession could still hit. Even if inflation is on the retreat, interest rates may need to remain high to prevent a resurgence, Krugman continued. El-Erian's comment raises the prospect that inflation could rear its head again, forcing the Fed to keep hiking rates and trigger a recession.

Persons: Steve Hanke, Paul Krugman, Mohamed El, Erian, stoked, aren't, Johns Hopkins, Ronald Reagan, Hanke, Krugman Organizations: Service, Reserve, CNBC, Princeton, MIT, Phillips, Fed Locations: Wall, Silicon

☆ Australian bank ANZ breaks from rivals by backing loan buffer
▼ + stars: | 2023-07-12 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

ANZ's three larger rivals have started considering lending without applying the 3% buffer, saying it is disadvantaging some borrowers. "Of course we should build in buffers," ANZ CEO Shayne Elliott told parliament in a regular hearing the country's main bank bosses are required to attend. Even first home buyers who bought soon before the rate hikes, the category most exposed to higher repayments, "are performing remarkably well", Elliott said. People coming off low fixed-rate mortgages, facing far higher variable rates, were "less stressed than the average customer," he added. ($1 = 1.4939 Australian dollars)Reporting by Byron Kaye; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Shayne Elliott, Elliott, They're, it's, Byron Kaye, Stephen Coates Organizations: SYDNEY, ANZ Group, Prudential Regulation Authority, APRA, ANZ, Thomson

☆ Saudi and Russia's oil production cuts not really impacting physical markets, says ANZ
▼ + stars: | 2023-07-04 | 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 EmailSaudi and Russia's oil production cuts not really impacting physical markets, says ANZANZ's Senior Commodity Strategist Daniel Hynes says Saudi Arabia and Russia's recent oil production cuts are not really impacting physical markets now.

Persons: Daniel Hynes Organizations: Saudi, ANZ, Senior Locations: Saudi Arabia

☆ Powell's message to markets was 'confused and confusing': Allianz's Mohamed El-Erian
▼ + stars: | 2023-06-20 | 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 EmailPowell's message to markets was 'confused and confusing': Allianz's Mohamed El-ErianMohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins 'Squawk Box' to discuss his problem with Jerome Powell's message to the markets, the Federal Reserve's data dependence, and more.

Persons: Allianz's Mohamed El, Erian Mohamed El, Jerome Powell's Organizations: Erian, Allianz, Gramercy, Queens ' College , Cambridge

☆ Australia's ANZ looks to expand lending to critical minerals sector
▼ + stars: | 2023-06-14 | by ( Melanie Burton | ) www.reuters.com time to read: +2 min

MELBOURNE, June 14 (Reuters) - Australian lender ANZ Group (ANZ.AX) is looking at opportunities to invest more in the critical minerals sector as part of its efforts to support decarbonisation and has recently backed its first stand-alone lithium deal, an executive said on Wednesday. ANZ has traditionally supported long-life, low-risk mine projects for Australia's staple resources including iron ore, gold, aluminium, copper and nickel, said Simon Arduca, ANZ's executive director of resources, energy and infrastructure. We have a goal to be a leader in environmental sustainability and that then feeds into critical minerals." ANZ, however, has just financed a stand-alone lithium mine, Arduca told a panel at a mining conference in Melbourne, declining to provide further details. Green finance, where companies that meet certain sustainability milestones can get access to lower lending rates has not really yet entered the mining sector, but will in time, he added.

Persons: Simon Arduca, Arduca, Melanie Burton, Jamie Freed Organizations: MELBOURNE, ANZ Group, Wednesday, ANZ, Thomson Locations: decarbonisation, Australia, Melbourne, Green

☆ The best response to a debt issue is economic growth, says Allianz's Mohamed El-Erian
▼ + stars: | 2023-05-30 | 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 EmailThe best response to a debt issue is economic growth, says Allianz's Mohamed El-ErianMohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins 'Squawk Box' to discuss the latest on debt ceiling deal, the Fed's rate hike campaign, and more.

Persons: Allianz's Mohamed El, Erian Mohamed El Organizations: Erian, Allianz, Gramercy, Queens ' College , Cambridge

☆ Allianz sells controlling stake in Russian business to local firm
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, May 18 (Reuters) - Insurance company Allianz (ALVG.DE) has finalised a deal to sell a majority stake in its Russian operations to local firm Interholding, which owns Russia's Zetta Insurance, Allianz Russia said on Thursday. After a lengthy approval process, Allianz will transfer full control of its Russian portfolio to Zetta Insurance Group, Allianz Russia said. Zetta Insurance, Allianz and Allianz Life will be merged into one company following the deal, it added. The partial sale would result in a 400 million euro ($440.32 million) hit to Allianz's net profit, the company has said. ($1 = 0.9084 euros)Reporting by Reuters; Writing by Caleb Davis; Editing by Alexander Marrow and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ ANZ's half-year profit tops estimates but outlook downbeat
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Competition in retail banking is as intense as it has ever been, both in Australia and New Zealand," Chief Executive Officer Shayne Elliott said. 2 lender National Australia bank (NAB.AX) said its margins had peaked during the last half and warned of uncertainties amid a tougher credit environment ahead. ANZ's net interest margin, a key gauge of profitability, was at 1.75% at the end of March, compared with 1.58% last year. Margins at the Australian lender have swelled from a series of interest rate hikes by the central bank since May last year, but analysts have warned margins could plateau going forward. ($1 = 1.4945 Australian dollars)Reporting by Navya Mittal and Savyata Mishra in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices dip on U.S. rate hike expectations, weak China PMI
▼ + stars: | 2023-05-01 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

U.S. consumer spending was flat in March as an increase in outlays on services was offset by a decline in goods, but persistent strength in underlying inflation pressures could see the Federal Reserve raising interest rates again. The Fed is expected to increase interest rates by another 25 basis points this week. On Friday, oil prices mostly rose over 2% after energy firms posted positive earnings, and U.S. data showed crude output was declining while fuel demand was growing. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA). EIA data last week showed U.S. crude oil and gasoline inventories fell more than expected as demand for the motor fuel picked up ahead of the peak summer driving season.

☆ Oil prices slide on Fed rate hike expectations, weaker China manufacturing data
▼ + stars: | 2023-05-01 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

An acceleration in consumer spending was offset by businesses liquidating inventories in anticipation of weaker demand later this year amid higher borrowing costs. Meanwhile China's manufacturing purchasing managers' index (PMI) declined to 49.2 from 51.9 in March, official data showed on Sunday, slipping below the 50-point mark that separates expansion and contraction in activity on a monthly basis. Brent crude has been tracking broader markets in recent sessions, with a slew of economic data creating more uncertainty about the outlook," ANZ's note said. On Friday, oil prices mostly rose over 2% after energy firms posted positive earnings, and U.S. data showed crude output was declining while fuel demand was growing. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA).

☆ The bond market recognizes that there is a lot of uncertainty: Allianz's Mohamed El-Erian
▼ + stars: | 2023-04-24 | 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 EmailThe bond market recognizes that there is a lot of uncertainty: Allianz's Mohamed El-ErianMohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins 'Squawk Box' to discuss the upcoming earnings results this week and more.

☆ ANZ's CEO says banking turmoil has potential to trigger financial crisis
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 27 (Reuters) - Australia and New Zealand Banking Group's (ANZ.AX) CEO said on Monday the latest turmoil in the global banking system had the potential to trigger a financial crisis though it was early to predict it could bring one similar to that in 2008. "It's a crisis for some obviously, but is it a financial crisis, who knows? Yes, it does have the potential to be one," CEO Shayne Elliott said in an interview on the bank's website. But he said it was premature to assume the current condition could result in "another GFC", referring to the global financial crisis around 15 years ago that plunged the world's major advanced economies into their worst recession since the Great Depression in the 1930s. I don't think you can sit here and say, 'Well, that's all done, Silicon Valley Bank and Credit Suisse and, you know, life will go back to normal'.

Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.

☆ Our bank deposits are safe, that is really important: Allianz's Mohamed El-Erian
▼ + stars: | 2023-03-15 | 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 EmailOur bank deposits are safe, that is really important: Allianz's Mohamed El-ErianMohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins 'Squawk Box' to discuss if we're starting a full-blown banking crisis, what the Federal Reserve should do at upcoming meetings, and more.

☆ Watch CNBC's full interview with Allianz's Mohamed El-Erian
▼ + stars: | 2023-03-08 | 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 Allianz's Mohamed El-ErianMohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins 'Squawk Box' to discuss whether the Federal Reserve is still data-dependent, what the yield curve inversion means for the economy, and more.

☆ Oil steadies as investors await U.S. Fed Reserve comments
▼ + stars: | 2023-02-22 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures for April delivery were up 2 cents to $83.07 a barrel by 0242 GMT after falling 1.2% on Tuesday. read moreOther economic reports from the U.S., the world's biggest oil consumer, showed some troubling signs however. "Further rate hikes could dampen oil demand." Higher interest rates tend to lift dollar prices, making dollar-denominated oil more expensive for holders of other currencies. Expectations of tighter global supplies and rising demand from China have recently lent support to oil prices.

☆ Trump's criminal lawyer slams ex-Manhattan prosecutor Mark Pomerantz's Trump probe book as 'inaccurate'
▼ + stars: | 2023-02-17 | by ( Laura Italiano | ) www.businessinsider.com time to read: +7 min

Trump criminal lawyer Ron Fischetti criticized a tell-all by his former law partner, Mark Pomerantz. Pomerantz is a former lead prosecutor in the DA's probe and author of "People vs. Donald Trump." "I don't think he should have written this book at all," Fischetti told Insider of former prosecutor Mark Pomerantz, whose book, "People vs. Donald Trump," was published this month. "This is a terrible, terrible book," Fischetti said, taking Pomerantz to task for criticizing Bragg's caution and for speaking publicly about a confidential probe that's still in progress. Pomerantz also should have known better than to publicly question Bragg's decision to slow the probe, Fischetti said.

They stressed that the reallocation would be gradual and not result in fire sales, with new money going largely into fixed income rather than alternative investments. Goldman Sachs' asset management arm is planning to significantly reduce its $59 billion of alternative investments. Credit rating agencies Moody's and S&P, which both give Allianz high marks, have pointed to the greater risk posed by comparatively illiquid alternative investments in Allianz's portfolio. Alternative investments come at a price, requiring Allianz and other insurers to set aside more capital to own them because they are less liquid than bonds. In its wake, Allianz has had to close down Allianz Global Investors in the United States in a serious blow to the company.

Travel insurance weekly rates at a glance:Average premium: $333.10Average trip cost: $6,608.57Average trip length: 15 daysWhat is travel insurance? See Insider's picks for the best travel insurance »Some credit cards offer a limited amount of travel insurance annually. Insider's Featured Travel Insurance Companies World Nomads Travel InsuranceAllianz Travel InsuranceTravelex travel insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency. Travel Insurance Rates FAQsHow much does travel insurance cost?

Medical travel insurance can cover international medical expenses. Medical travel insurance can be a standalone product or part of a travel insurance package. Like other types of insurance, medical travel insurance rates are calculated based on various factors. A word to the wise: Travel medical insurance is either primary (you can submit claims directly to your travel medical insurance provider) or secondary (you must first submit claims to your primary insurance provider). Insider's Featured Travel Insurance Companies World Nomads Travel InsuranceAllianz Travel InsuranceTravelex travel insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Travel insurance weekly rates at a glance:Average premium: $323.24Average trip cost: $6,795.88Average trip length: 15 daysWhat is travel insurance? See Insider's picks for the best travel insurance »Some credit cards offer a limited amount of travel insurance annually. Insider's Featured Travel Insurance Companies World Nomads Travel InsuranceAllianz Travel InsuranceTravelex travel insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency. Insider's Featured Travel Insurance Companies World Nomads Travel InsuranceAllianz Travel InsuranceTravelex travel insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

President Joko Widodo has pulled out all the stops to convince CEO Elon Musk to manufacture electric vehicles or batteries in the sprawling Southeast Asian archipelago. "The Indonesian government is building a whole value chain for servicing electric vehicle factories," said Victor Chin, principal consultant at metal consultancy firm CRU. Musk's goal is to sell 20 million electric vehicles in 2030, more than a 15-fold increase over the 1.3 million vehicles Tesla sold in 2022. Jokowi did not give a timeline for the exports growth but said Indonesia was aiming to establish an integrated supply chain for electric vehicle batteries by 2027. In other moves, Indonesia will also ban exports of copper ore and bauxite in June, both of which are used in electric vehicle production.

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