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☆ Bank SEB's Q3 operating profit jumps 42%, beats expectations
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The Nordic bank SEB group logo is seen outside a branch in central Stockholm, Sweden, July 18, 2023. REUTERS/Tom Little Acquire Licensing RightsSTOCKHOLM, Oct 25 (Reuters) - Swedish bank SEB (SEBa.ST) reported a 42% rise in third-quarter operating profit on Wednesday, topping market expectations, but said the positive effect from higher interest rates had come down compared to previous quarters. Sweden's biggest corporate bank said operating profit was 13.0 billion crowns ($1.17 billion) against a year-ago 9.12 billion, beating a mean forecast of 11.0 billion in an LSEG poll of analysts. Banks have seen their income boosted by higher interest rates as central banks scrambled to bring down stubbornly high inflation. The bank, whose main rivals include Handelsbanken, Swedbank and Nordea, said its net interest income rose to 12.3 billion crowns from 7.7 billion crowns, above the 12.0 billion crowns expected by analysts.

Persons: Tom Little, SEBa.ST, Banks, SEB, Johan Ahlander, Anna Ringstrom, Eileen Soreng Organizations: REUTERS, Rights, Thomson Locations: Stockholm, Sweden, Rights STOCKHOLM, Swedish

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. "They almost certainly have to hike again this year because today's inflation data shows there's still more work to do." INFLATION WATCHGovernment bond yields in the euro zone rose broadly after inflation data suggested the ECB may still have to hike rates again. Germany's two-year bond yields rose 7 bps to 3.09% . Spanish inflation rose 2.6% in August, as economists polled by Reuters had expected.

Persons: Issei Kato, Patrick Armstrong, there's, SEB, Elisabet Kopelman, Jerome Powell's, Naomi Rovnick, Shashwat Chauhan, Mark Potter, Chizu Organizations: REUTERS, European Central Bank, ECB, Nasdaq, Wall, SEB Group, Fed, Reuters, Bank's, U.S, Treasury, Brent, Thomson Locations: Tokyo, Japan, Asia, Spain, North Rhine Westphalia, Germany's, United States, Gulf, Mexico, Bengaluru

On Wednesday, European shares nudged higher (.STOXX), while a gauge of Asian shares gained 0.35% (.MIAPJ0000PUS) and Japan's blue-chip Nikkei touched its highest in over two weeks (.N225). Spanish inflation rose 2.6% in August, as economists polled by Reuters had expected. Economists polled by Reuters expect the headline euro zone inflation rate to have moderated to 5.1% in August from 5.3% in July, still far above the European Central Bank's (ECB) 2% goal. Euro zone inflation has exceeded the target level for two years. Germany's two-year yield rose 7 bps to 3.099% after regional Germany inflation data.

Persons: Issei Kato, SEB, Elisabet Kopelman, Jerome Powell's, Europe's, Sylvia Ardagna, Ardagna, Germany's, Brent, Ankur Banerjee, Naomi Rovnick, Dhara Ranasinghe, Mark Potter Organizations: REUTERS, Nikkei, SEB Group, Fed, Reuters, Bank's, Barclays, ECB, Treasury, Thomson Locations: Tokyo, Japan, SINGAPORE, Asia, Spain, Germany, North Rhine Westphalia, Germany's

☆ Wagner Insurrection to Pile Pressure on Russia's Struggling Economy
▼ + stars: | 2023-06-24 | by ( ) www.wsj.com time to read: 1 min

The confrontation with the paramilitary Wagner Group is likely to erode confidence in Russian President Vladimir Putin's government and pile more pressure on an economy already strained by Western sanctions, said Erik Meyersson, chief emerging market strategist at SEB Group. “There’s only one direction for Russian financial assets in the short term,” said Meyersson. “Even if you think this is a failed attempted coup...there’s clearly going to be a weakening of the Russian regime and that should put a sizable risk premium on Russian assets.”

Persons: Wagner, Vladimir Putin's, Erik Meyersson, SEB, “, ”, there’s Organizations: Wagner Group, SEB Group

☆ Beyoncé shows blamed for fueling inflation in Sweden
▼ + stars: | 2023-06-16 | by ( Patrick Smith | ) www.cnbc.com time to read: +5 min

Beyoncé performs onstage during the opening night of the “RENAISSANCE WORLD TOUR” at Friends Arena on May 10, 2023 in Stockholm, Sweden. Beyoncé has won a record number of Grammys, has become one of the best-selling musical artists in the world and is on a sold-out, record-breaking world tour. "So whilst Beyoncé may have caused a shock to one month's data, she's not the reason for inflation in Sweden that's well above the central bank's target," he said. As in many European countries, Sweden has faced sharp inflation and higher household costs since Russia's invasion of Ukraine disrupted the wholesale energy market and distribution networks. And as for Grahn, he is not expecting to remain of interest to either Beyoncé fans or the world's media.

Persons: Beyoncé, Queen Bey, Sweden's, Michael Grahn, It's, Grahn, hadn't, Bruce Springsteen, James Pomeroy, she's, Marcus Widén, I'm Organizations: Friends Arena, National, Denmark's Danske Bank, NBC, HSBC, Sweden that's, Entertainment, Nordic, European Union Locations: Stockholm, Sweden, United States, North Carolina, Europe, Swedish, Gothenburg, Ukraine

☆ Turkey stocks rally, lira slips to record low after Erdogan victory
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +7 min

The nation is grappling with a cost of living crisis, a plunging currency and depleted foreign reserves. MARKET REACTION:LIRA: The Turkish currency touched a fresh record low of 20.105 on Monday. "In a scenario where Turkey ran out of foreign currency, lira’s value would likely collapse, inflation would explode and goods shortages could occur. A painful crisis affecting all assets is on the way, with very high inflation, very low interest rates and no net foreign reserves. Only the most optimistic would hope that Erdogan now feels sufficiently secure politically to revert to orthodox economic policy."

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