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☆ Yellen expects US regulators to be open to mergers among midsize banks
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

... Read moreNIIGATA, Japan, May 13 (Reuters) - The current banking environment and pressures on earnings of some U.S. regional banks may lead to some concentration in the sector, and regulators will likely be open to such mergers, Treasury Secretary Janet Yellen said on Saturday. Yellen told Reuters she was not seeing evidence of pressure on smaller community banks, which had a large percentage of insured deposits. She expressed confidence that nearly all banks had access to sufficient liquidity to guard against unexpected deposit outflows from uninsured depositors. However, she said a certain degree of consolidation in the regional and midsize banking sector could occur. Yellen noted that pressure on a bank's stock could unsettle uninsured depositors.

☆ G7 central banks see need to weigh effects of past rate hikes -BOJ's Ueda
▼ + stars: | 2023-05-13 | by ( Leika Kihara | ) www.reuters.com time to read: +1 min

NIIGATA, Japan, May 13 (Reuters) - Many central bank governors from the Group of Seven (G7) rich nations appeared to feel the impact of past interest rate hikes has yet to show fully as they look to guide future monetary policy, Bank of Japan Governor Kazuo Ueda said on Saturday. "Participants seemed to share the understanding that the effect of past interest rate hikes has yet to fully show on their economies and inflation, and could begin to appear more ahead," Ueda told a news conference after the gathering. "Many said they wanted to guide monetary policy, taking that point in mind," he added. "I told the G7 meeting that Japan is maintaining ultra-loose monetary policy to sustainably and stably achieve the BOJ's 2% inflation target," he said. Ueda and Finance Minister Shunichi Suzuki spoke at the news conference as Japan is the chair of this year's G7 finance leaders' gathering in Niigata, which concluded on Saturday.

☆ G-7 finance chiefs warn of global uncertainty as US debt crisis looms
▼ + stars: | 2023-05-13 | by ( ) www.cnbc.com time to read: +2 min

Janet Yellen, US Treasury secretary, right, and Jeremy Hunt, UK finance minister, left, during a bilateral meeting on the sidelines of the Group of Seven (G-7) finance ministers and central bank governors meeting in Niigata, Japan, on Saturday, May 13, 2023. Finance leaders of the Group of Seven (G-7) rich nations warned of heightening global economic uncertainty on Saturday as they wrapped up a three-day meeting overshadowed by a U.S. debt ceiling stalemate and fallout from Russia's invasion of Ukraine. G-7 central bank chiefs also vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook." Japanese Finance Minister Shunichi Suzuki told a press conference after chairing the meeting that the debt ceiling showdown was discussed at Thursday's dinner session on the global economy.

☆ G7 agreed global financial system resilient but needs vigilance, Japan finmin says
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] Japan's Finance Minister Shunichi Suzuki, Germany's Finance Minister Christian Lindner, Britain's Chancellor of the Exchequer Jeremy Hunt, Joachim Nagel, President of Germany's federal reserve... Read moreNIIGATA, Japan, May 13 (Reuters) - Finance ministers and central banks from the Group of Seven rich nations agreed the global financial system is resilient but the need for vigilance remains, Japan's finance minister Shunichi Suzuki said on Saturday. "We reaffirm that our financial system is resilient, supported by the financial regulatory reforms implemented after the 2008 global financial crisis, including considerable increases in the levels of bank capital and liquidity, an international framework for effectively resolving failing institutions, and strengthened cross-border regulatory and supervisory cooperation," it said. British finance minister Jeremy Hunt told reporters at a separate event that G7 finance chiefs in Japan had "very frank and open discussions" about the challenges they face, including banking regulation. The ministers have wrapped up a three-day meeting in the Japanese city of Niigata. Reporting by Tetsushi Kajimoto and Leika Kihara; Writing by David Dolan Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ G-7 central banks see need to weigh effects of past rate hikes, BOJ's Ueda says
▼ + stars: | 2023-05-13 | by ( ) www.cnbc.com time to read: +1 min

Governor of the Bank of Japan Kazuo Ueda speaks during the presidency press conference at the G7 Finance Ministers and Central Bank Governors' Meeting in Niigata on May 13, 2023. Many central bank governors from the Group of Seven (G-7) rich nations appeared to feel the impact of past interest rate hikes has yet to show fully as they look to guide future monetary policy, Bank of Japan Governor Kazuo Ueda said on Saturday. "Many said they wanted to guide monetary policy, taking that point in mind," he added. "I told the G7 meeting that Japan is maintaining ultra-loose monetary policy to sustainably and stably achieve the BOJ's 2% inflation target," he said. Ueda and Finance Minister Shunichi Suzuki spoke at the news conference as Japan is the chair of this year's G7 finance leaders' gathering in Niigata, which concluded on Saturday.

☆ Debt ceiling worries deepen as early June U.S. default reinforced
▼ + stars: | 2023-05-12 | by ( Richard Cowan | ) www.reuters.com time to read: +6 min

The U.S. Congressional Budget Office report, issued Friday morning, confirms Treasury Secretary Janet Yellen's earlier warnings that a default could come as early as June 1. Congress' budget scorekeeper also noted that the federal government's debt payments "will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June." She also said she remained optimistic that the debt limit problem would be resolved. A senior Treasury official told Reuters she would do that with board members of the Bank Policy Institute lobby group. Democratic Representative Abigail Spanberger said members of the U.S. Congress ought to have their paychecks withheld until the debt limit problem is resolved.

☆ G7 to vow diversifying of supply chains, filling bank regulatory gaps -draft
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +4 min

In the draft communique, the G7 central banks said they remained "strongly committed" to achieving price stability and ensuring inflation expectations stayed well-anchored. "Diversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability," the draft communique said. But it said G7 countries will work to ensure foreign investment in critical infrastructure "does not undermine the economic sovereignty of host countries." On banking-system woes, the draft communique said the financial system was resilient due to regulatory reforms implemented after the 2008 global financial crisis. "We will address data, supervisory, and regulatory gaps in the banking system," the draft communique said.

☆ UK economy grows by 0.1% in the first quarter but inflation continues to weigh
▼ + stars: | 2023-05-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. economy grew by 0.1% in the first quarter, following an unexpected contraction in March, official figures showed on Friday. The construction sector expanded by 0.7%, while manufacturing performance went up by 0.5% in the first quarter, with 0.1% growth logged in services and production. The national statistics agency said there was no growth in real household expenditure, as incomes remained under the squeeze of higher prices. We still have inflation that is too high, growth is still not as high as we would like it to be, and when I talk to my fellow finance ministers we all talk about the same thing. Labor supply, productivity, how we are going to increase our long-term growth rates so that we can pay for the increasing number of things that tax payers want governments to do," Hunt continued.

☆ Morning Bid: US debt drama crashes Japan's G7 party
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin Buckland. But almost everyone also wants to hear from her that the United States can sort out its own debt ceiling conundrum and avoid a potentially disastrous default. The United States isn't the only concern either. Chinese inflation data showed consumer prices almost flat-lining in April, while factory gate deflation deepened. Ten-year Treasury yields continued to tick lower in Tokyo, putting the U.S. dollar under pressure against the yen.

Summary Biden warns of U.S. recession unless ceiling raised quicklyChina's slowing inflation adds to global recession fearsG7 finance leaders kick off meeting in Niigata, JapanNIIGATA, Japan, May 11 (Reuters) - A standoff over raising the U.S. debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders set to begin on Thursday, heightening U.S. recession fears as central banks seek a soft landing for the global economy. The U.S. debt crisis is a headache for Japan, which is this year's G7 chair and the world's biggest holder of U.S. debt. Japan's top financial diplomat, Masato Kanda, said on Tuesday the G7 finance leaders might discuss the U.S. debt ceiling but likely would not explicitly mention it in a joint statement at the end of the meeting on Saturday. Past U.S. debt ceiling fights have typically ended with a hastily arranged agreement in the final hours of negotiations, avoiding an unprecedented default. Back then, the G7 finance leaders said in a statement that they were "committed to addressing the tensions stemming from the current challenges on our fiscal deficits, debt and growth."

☆ Yellen, at G7, to underscore U.S. commitment to Ukraine for 'as long as it takes'
▼ + stars: | 2023-05-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Issei KatoNIIGATA, Japan, May 11 (Reuters) - Treasury Secretary Janet Yellen on Thursday will underscore the United States' commitment to continue supporting Ukraine for as long as needed, while working with other rich nations to degrade Russia's ability to wage war against its neighbor. "I look forward to coordinating with other G7 members to support Ukraine and degrade Russia’s ability to wage war," she said in the remarks released by Treasury as the war approaches its 450th day. "Since Day One, our countries have stood united to support the Ukrainian people as they have mounted a fierce resistance," she said. Yellen also said caps on the price of Russian oil and oil products, discussed by G7 finance ministers for the first time just a year ago, were clearly working just a few months after its implementation in December and February, respectively. While the price cap coalition was moving to phase out all imports of Russian oil, officials were urging developing countries "to save on their oil costs by taking advantage of the price cap to negotiate steep bargains on Russian oil," she said.

☆ Debt ceiling: Janet Yellen warns US default would threaten the global economy
▼ + stars: | 2023-05-11 | by ( Emiko Jozuka | ) edition.cnn.com time to read: +3 min

Tokyo CNN —US Treasury Secretary Janet Yellen urged Congress on Thursday to raise its debt ceiling, warning that a US default would produce an “economic and financial catastrophe” that would trigger a global economic downturn and risk undermining the country’s ability to provide global leadership. “It would also risk undermining US global economic leadership and raise questions about our ability to defend our national security interests,” she added. He suggested Republicans should refuse to raise the debt limit if the White House does not agree to “massive” spending cuts. The report estimated the impact under three scenarios: brinksmanship, a short default and a protracted default. A White House spokesperson said the protracted default scenario envisions a three-month long impasse.

☆ Yellen says it should be 'unthinkable' for the U.S. to default on its debt
▼ + stars: | 2023-05-11 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Treasury Secretary Janet Yellen said the idea of U.S. lawmakers letting the nation default on its debt should be "unthinkable." Speaking to reporters ahead of the G-7 finance ministers and central bank governors meetings in Niigata, Japan, Yellen said she was aware of former President Donald Trump's suggestion for Republican lawmakers to let the nation default. "The notion of defaulting on our debt is something that would so badly undermine the U.S. and global economy that I think it should be regarded by everyone as unthinkable," she told reporters. When asked about steps the Biden administration could take in the wake of a default, Yellen emphasized that lawmakers must raise the debt ceiling. The U.S. Congress has raised or suspended the debt limit almost 80 times since 1960.

Persons: Janet Yellen, Yellen, Donald Trump's, Biden Organizations: U.S, Congress Locations: Niigata, Japan, U.S, America

The U.S. debt crisis is a headache for Japan, which is this year's G7 chair and the world's biggest holder of U.S. debt. Five more countries were invited to the outreach including Brazil, India and Indonesia - but not China - although emerging nations' debt problems will feature high on the agenda. On the other hand, Tokyo is courting China to join a creditor nations' meeting it initiated to resolve Sri Lanka's debt. "The agenda of talks show how G7 is becoming increasingly politicized in nature, with an emphasis on countering China." The International Monetary Fund last month trimmed its 2023 global growth outlook and warned a severe flare-up of financial system turmoil could slash output to near recessionary levels.

She will warn about "the global impact of this standoff and highlight the need to avoid default," a senior Treasury official said. It will lead to a freeze in global financial markets," said Muehleisen, now a fellow with the Atlantic Council. G7 counterparts will question Yellen "about the financial stability risks in the U.S., the regional banks' exposure to commercial real estate. Real risks that are not manufactured for political posturing," said Stephanie Segal, a former U.S. Treasury official who is a senior fellow at the Center for Strategic and International Studies in Washington. The far more complicated "Pillar 1" plan to allow countries to tax global technology giants and other highly profitable corporations on their local sales is still under negotiation.

"Responding to such changes have become a common challenge for countries across the world, including Japan," he said, adding that the topic will be among many issues to be discussed at this week's G7 meeting. "We're watching the situation with a strong sense of alarm, as markets and economies are globally intertwined," he said, adding that Japan's banking system was stable as a whole. Japan would aim to issue a G7 joint communique after the finance leaders' meeting, which may stress the need for authorities to remain vigilant to banking-sector woes, two government sources with direct knowledge of the matter said. The Nikkei newspaper reported on Tuesday the G7 finance leaders will discuss setting up individual emergency plans in case they face digital bank runs. U.S. Treasury Secretary Janet Yellen, who will travel to Japan, will tell her G7 counterparts that the U.S. banking system remains sound, a senior Treasury official said on Friday.

☆ Morning Bid: Markets await US banks' take on credit squeeze
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Wayne Cole. In the meantime, everyone is waiting for the Federal Reserve's Senior Loan Officer Opinion Survey, or 'SLOOS', to see just how much lending has tightened given the strife in U.S. regional banks. The last survey out in January showed a combined 44.8% of respondents saw a tightening of standards for large and middle-market firms. It would also be consistent with levels reached before or during the last four recessions - 1990-91, 2001, 2007-09 and early 2020. This week also sees Chinese data on inflation and trade, while G7 finance ministers meet in Niigata, Japan, from Thursday through Saturday.

☆ Yellen is calling CEOs personally to warn on US debt ceiling, sources say
▼ + stars: | 2023-05-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

The Treasury secretary is having one-on-one conversations with individual CEOs to warn them about the "dangerous consequences of the current brinkmanship," one of the sources said. While the sources did not spell out her purpose, Biden administration officials have been speaking to business owners about pressuring Republicans to raise the debt ceiling without conditions. Yellen is now slated to leave for Japan this week and will hold a news conference in Niigata, Japan, on Thursday before the G7 meeting. President Joe Biden insists that Congress has a constitutional duty to raise the debt ceiling, which reflects previously spent federal money, without conditions. Because the government spends more than it takes in, lawmakers must periodically raise the debt ceiling.

May 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The regional economic data calendar on Monday is light, with the final reading of Japanese purchasing managers index and Taiwanese trade for April the main releases. Federal Reserve Chair Jerome Powell, for one, is very optimistic: "It's possible that this time is really different. Technology giant JD.com (9618.HK) and China's largest chip foundry Semiconductor Manufacturing International Corp (0981.HK) both release first-quarter earnings on Thursday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Japan earthquake of magnitude 6.5 injures some, damages buildings
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - An earthquake with a magnitude of 6.5 struck on Friday off Japan's western prefecture of Ishikawa, authorities said, as media reported some buildings had collapsed while people were injured. No abnormalities were reported at the Shika nuclear power plant in the area, or at the Kashiwazaki-Kariwa plant in the neighbouring prefecture of Niigata, Matsuno added. Japan's weather authorities revised the quake's magnitude to 6.5 from a preliminary 6.3, and warned against aftershocks, although it had triggered no tsunami warning. The government has set up an earthquake response centre headed by Prime Minister Fumio Kishida, Matsuno said. "Prime Minister Kishida instructed us to do everything in our power for relief and rescue," he added.

☆ Take Five: Sell in May?
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +5 min

The services component of the price data can gauge demand, but consumer and producer price data broadly paint a picture of deflation. April inflation data is out Thursday. At 10.1%, UK inflation is the highest in Western Europe. Reuters Graphics Reuters Graphics4/ SELL IN MAYConventional wisdom has it that May is the ideal point to take profit on equities and lay low until later in the year. "Sell in May and go away" is based on the premise that the best six-month period of the year for stock market returns is November to April, while the leanest is May to October.

☆ US Treasury's top international official heads to Europe, Asia for talks on economy
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 4 (Reuters) - The U.S. Treasury Department's top international official is heading to Europe and Asia this week for talks on current macroeconomic trends and events, and a G7 finance officials meeting, Treasury said in a statement on Thursday. Treasury Undersecretary for International Affairs Jay Shambaugh will attend meetings of the Organization for Economic Cooperation and Development in Paris on Friday, before traveling on to Singapore and Japan, Treasury said. The meeting takes place a month after the International Monetary Fund trimmed its 2023 global growth outlook slightly and warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. Shambaugh will join U.S. Treasury Secretary Janet Yellen at the G7 meeting in Niigata, Treasury said. Reporting by Andrea Shalal; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: List of squads for the 2022 World Cup
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +5 min

Midfielders: Aaron Mooy (Celtic), Jackson Irvine (FC St. Pauli), Ajdin Hrustic (Hellas Verona), Cameron Devlin (Heart of Midlothian), Riley McGree (Middlesbrough), Keanu Baccus (St Mirren). Goalkeepers: Alisson (Liverpool), Ederson (Manchester City), Weverton (Palmeiras). Midfielders: Bruno Guimaraes (Newcastle United), Casemiro (Manchester United), Everton Ribeiro (Flamengo), Fabinho (Liverpool), Fred (Manchester United), Lucas Paqueta (West Ham United). Midfielders: Thomas Delaney (Sevilla), Mathias Jensen (Brentford), Christian Eriksen (Manchester United), Pierre-Emile Hojbjerg (Tottenham Hotspur). JAPANDefender Yuta Nakayama was called up but will miss the World Cup after suffering an Achilles injury.

North Korea has escalated its weapons tests and fiery rhetoric as the U.S. and South Korea continue large-scale joint military exercises this week. An hour later, North Korea fired two suspected short-range ballistic missiles toward the sea from the Gaechon area of South Pyongan province. North Korea last tested an intercontinental ballistic missile in March, its first such test since 2017. Early last month, North Korea sent an intermediate-range ballistic missile soaring over Japan in its longest-ever weapons test. Tensions had already risen Wednesday when South Korea responded to North Korea’s barrage by firing three air-to-surface missiles of its own.

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