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☆ China-exposed European stocks rise after report of new stimulus
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - China-exposed European stocks rose on Tuesday after Bloomberg reported China is looking to increase its budget deficit for 2023, part of a new round of stimulus to help the economy. Miners Anglo American , Antofagasta (ANTO.L) and Glencore (GLEN.L), and financial services companies Standard Chartered (STAN.L), (2888.HK) and Prudential (PRU.L) all rose 3-5%. Stephane Ekolo, global equity strategist at TFS Derivatives, said the news was "absolutely" driving price action in European assets. "When China sneezes, the world catches a cold, so a new potential stimulus is seen as a positive catalyst," Ekolo said.

Persons: Peter Nicholls, Stephane Ekolo, China sneezes, Ekolo, Alun John, Amanda Cooper Organizations: Chartered, REUTERS, Bloomberg, Miners, HK, Prudential, TFS, Thomson Locations: London, Britain, China, American, Antofagasta

☆ Dollar rises on robust U.S. economy, yuan sinks to 16-year low
▼ + stars: | 2023-09-07 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. China's onshore yuan slid to a 16-year low, under pressure from a property slump, weak consumer spending and shrinking credit growth in the world's second-largest economy. ONSHORE YUAN HIT 2007 LEVELSThe onshore yuan sank to 7.3296 per dollar, its weakest since December 2007. The Australian dollar was about flat at $0.6384, while the New Zealand dollar rose 0.3% at $0.5885, with both languishing near their recent 10-month lows. “We see yuan staying under pressure (against the dollar) in the near term," said Becky Liu, head of China macro strategy at Standard Chartered Bank.

Persons: Florence Lo, Kirstine Kundby, Joseph Capurso, Becky Liu, BoE, Andrew Bailey, Joice Alves, Rae Wee, Zhou, Sharon Singleton, Chizu Organizations: U.S, REUTERS, U.S ., Nielsen, Danske Bank, Federal Reserve, Commonwealth Bank of Australia, New Zealand, Standard Chartered Bank, People's Bank of China, European Central Bank, Bank of England, Thomson Locations: U.S, China, Beijing, China's, Japan, Asia, Bank

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The change in CFO will not likely impact Winters' departure timing greatly, Britzman said, with the StanChart CEO more focused on hitting the lender's key performance goals. De Giorgi previously held senior roles at Bank of America Merrill Lynch, including head of global investment banking. Before then, he worked in equity capital markets and financial institutions at Goldman Sachs (GS.N), rising to become chief operating officer for the investment bank by the time of his departure in 2012. That long period of underperformance has seen the bank's shares fall nearly 30% since Winters took over as CEO in June 2015.

Persons: Peter Nicholls, Diego De Giorgi, Andy Halford, De Giorgi, Halford, Matt Britzman, Hargreaves, Bill Winters, Frederic Oudea's, Winters, Britzman, We've, Bank of America Merrill Lynch, Goldman Sachs, Joe Dickerson, StanChart, underperformance, Iain Withers, Lawrence White, Radhika Anilkumar, Bernadette Baum, David Holmes Organizations: Chartered, REUTERS, Bank of America, Pegasus, British, Societe Generale, Goldman, Jefferies, Thomson Locations: London, Britain, Pegasus Europe, Asia, Africa, Bengaluru

Legal experts say that if California wins, it could embolden other states to take action against lenders that make high-interest loans to low-income borrowers using what critics call "rent a bank" partnerships. Several nonbank lenders have already exited California, said Saunders, whose group tracks high-interest lenders. In California, OppFi took the unusual step of preemptively suing to try to block the state from taking action. Federal law allows state-chartered banks to lend across state lines at the interest rate legal in their home state. California has urged Dillon to recognize that OppFi decides who to lend to and has a deal with the bank to purchase the loans.

Persons: Lee Jae, Timothy Dillon, Lauren Saunders, California's, OppFi, Saunders, Dillon, Allard Chu, That's, Ron Vaske, Ballard Spahr, Jody Godoy, Andy Sullivan Organizations: REUTERS, California Department of Financial Protection, Los Angeles Superior, California, Federal Reserve, National Consumer Law Center, EasyPay Finance, FinWise Bank, FinWise, Thomson Locations: Seoul, California, Chicago, Utah, U.S, In California, Colorado, New York

Participants march with a banner with rainbow colours during the annual pride parade in Hong Kong, China, November 7, 2015. "Hong Kong has a real opportunity to take the lead here and give a clear message," said Gigi Chao, the vice chair of listed Hong Kong property firm Cheuk Nang Holdings and a prominent gay rights advocate in Asia. "WAKE UP"Business groups in Hong Kong, Singapore and Japan have become increasingly vocal in making the case that Asia's leading economies must do more to encourage diversity. A poll this year by Kyodo news agency of just over 1,500 people showed that nearly 70 percent supported same-sex marriage. While corporates rarely lobby Asian governments directly on LGBTQ rights, activists say they show their support through sponsorship of LGBTQ events and Pride-themed marketing.

Persons: Bobby Yip, Janet Ledger, Jimmy Sham, Asia's, Gigi Chao, Chao, Kida, Kiyong Shim, Dyson, Nomura, Kathy Teo, Singapore's, they're, Teo, Revolut, Jessie Pang, Justin Fung, Xinghui, Hyonhee Shin, Hyunsu Yim, Miral Organizations: REUTERS, Kong's, Community Business, Gay Games, Nang Holdings, Reuters, American Chamber of Commerce, Fortune, Kyodo, Liberal Democratic Party, EY, FINANCE, Rights Watch, Gallup, WeWork, Standard Chartered Bank ., Google, IBM, Thomson Locations: Hong Kong, China, HONG KONG, TOKYO, Tokyo, Singapore, Asia, Taiwan, Nepal, India, South Korea, York, Japan, EY Japan, Korea, Seoul, Standard Chartered Bank . Singapore, Xinghui Kok

☆ Exclusive: Chinese exporters using currency swaps to retain dollars as yuan sags
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +5 min

The swaps allow exporters to place their dollars with banks and get yuan instead, but through a contract that will eventually reverse the flows and give them back their dollars. However, while they remove a much-needed source of dollar supplies into spot yuan markets, analysts reckon Chinese monetary authorities can't really force exporters to convert dollars. When exporters swap higher-yielding dollars for the cheaper yuan for even 3 months, they get local currency for business needs and also earn a pick-up of an annualised 3.5% on the swap deal. "By trading FX swaps, exporters can postpone their settlements while meeting their yuan demand," said Becky Liu, head of China macro strategy at Standard Chartered Bank. Exporters' swaps, meanwhile, give state banks a pile of dollars to use in their yuan operations, in which they can undertake swaps to acquire the dollars from the onshore forwards market and sell them in the spot market to stem fast yuan declines.

Persons: Dado Ruvic, Ding, Gary Ng, Becky Liu, Jindong Zhang, Winni Zhou, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, U.S, Federal Reserve, Asia Pacific, Traders, Administration of Foreign Exchange, Standard Chartered Bank, China Merchants Bank, Thomson Locations: Rights SHANGHAI, SINGAPORE, U.S, Shanghai, China, Natixis, Singapore

A record 38 QDII funds had been launched this year until August 17, outpacing the 31 funds launched in 2022, Morningstar data shows. Tianhong, which is planning new QDII products, obtained a $120 million fresh QDII quota in July, less than it had hoped for. Rather than foreign capital selling China equities, this time it's Chinese investors’ outbound investment,” Liu said. HUGE DEMANDThe QDII program, launched in 2006, remains a key outbound investment channel for mainland Chinese investors, alongside the Qualified Domestic Limited Partnership (QDLP) programme. Tracy Liu, an individual investor working in the information technology industry, invested in an India-focused QDII fund in March.

Persons: Aly, Ivan Shi, Liu Dong, Becky Liu, Liu, ” Liu, Desiree Wang, Tracy Liu, Summer Zhen, Samuel Shen, Jason Xue, Vidya Ranganathan Organizations: REUTERS, Morningstar, Domestic Institutional, Nasdaq, Ben Advisors, Connect, Bond, U.S, Dow Jones, State Administration of Foreign Exchange, Tianhong, Management, Ant Financial, Standard Chartered Bank, Reuters, Qualified Domestic Limited, Asset Management Association of China, Guangfa NASDAQ, Technology, Morgan Asset Management, Morgan Asset Management China, Thomson Locations: Shanghai, Shenzhen, China, U.S, HONG KONG, SHANGHAI, Hong Kong, Vietnam, India, outflows, Japan, Russia

☆ StanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 bln
▼ + stars: | 2023-08-28 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. Riyadh-headquartered AviLease, also known as Aircraft Leasing Co, is a jet lessor owned by Saudi Arabia's sovereign wealth fund. StanChart said in January it was exploring options for its global aviation finance business. Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes. PIF is setting up startup carrier Riyadh Air to predominantly serve the kingdom’s capital, which has ambitions to become a global business hub.

Persons: Peter Nicholls, StanChart, Simon Cooper, Airfinance, Fahad Al, Saif, AviLease, Rishav Chatterjee, Shounak Dasgupta, Mark Potter Organizations: Chartered, REUTERS, Aircraft Leasing Co, Chartered Aviation Finance, Aviation Finance, Corporate, Institutional Banking, Standard Chartered, Saudi Public Investment Fund, Riyadh Air, Thomson Locations: London, Britain, Saudi Arabia, Riyadh, Saudi, Dublin, Europe, Bengaluru

☆ Bank of Korea will probably cut rates next year, says Standard Chartered Bank Korea
▼ + stars: | 2023-08-24 | 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 EmailBank of Korea will probably cut rates next year, says Standard Chartered Bank KoreaPark Chong Hoon, head of Korea economic research at Standard Chartered Bank Korea, says he expects the country's central bank will be more hawkish in light of rising household debt, among other factors.

Persons: Chong Hoon Organizations: Email Bank, Standard Chartered Bank Korea Locations: Korea

LONDON, Aug 11 (Reuters) - U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal. Founded by former Salomon Brothers trader Andrea Pignataro, ION Group provides services of trading, analytics, treasury and risk management for capital and commodity markets. In 2021 in Italy alone, ION bought banking software provider Cedacri for $1.8 billion and acquired Cerved in a deal that valued the credit data and management group at nearly 2 billion euros.

Persons: Salomon, Andrea Pignataro, UniCredit, Intesa, DK, Lazard, Prelios, Mediobanca, Goldman Sachs, Morgan Stanley, Riccardo Serrini, Valentina Za, Pablo Mayo, David Goodman, Susan Fenton Organizations: Davidson, Capital Management, ION Group, ION ., ION, Reuters, BNP, Banco, Standard Chartered Bank, Mediobanca, UBS, X3, DK, Thomson Locations: ION . Dublin, Italy

☆ StanChart lifts annual profit outlook, sets new $1 billion share buyback
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +3 min

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of the year surged 20% to $3.32 billion, beating the $3.18 billion average of 16 analyst estimates compiled by the bank. Standard Chartered upgraded its annual profit forecast on Friday and set a new $1 billion share buyback after a strong first-half performance, as rising rates and a record financial markets business propelled the lender's margins. An illuminated Standard Chartered Plc logo is displayed on the Standard Chartered Bank building. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment.

Persons: Bill Winters, StanChart, Goldman Sachs Organizations: Chartered, Standard Chartered Bank, Jefferies, Hong, Citigroup, Deutsche Bank Locations: Asia, Hong Kong, London

☆ BOJ is likely to move 'incrementally' on yield curve control in H2
▼ + stars: | 2023-07-28 | 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 EmailBank of Japan likely to move 'incrementally' on yield curve control later this year, but not in JulyEric Robertsen of Standard Chartered Bank says there's a chance that the Bank of Japan will shift the maturity control of its yield curve control to 5 years from 10 years.

Persons: Eric Robertsen, there's Organizations: Email Bank of, Standard Chartered Bank, Bank of Japan Locations: Email Bank of Japan

THE REVIEWUnder the terms of the $44 billion program agreed in 2022, the funds are released in tranches based on regular reviews of steps Argentina takes to shore up its economy. The IMF did not respond to a request for comment on the likelihood of a board meeting soon to discuss the Argentina program. Argentina made the last IMF payment due end-June partially with its holdings of IMF special-drawing rights (SDRs), but analysts calculated that this has wiped out the country's $1.65 billion in IMF reserve assets. Argentina used $1.1 billion in yuan from a recently extended and expanded swap line with China to complete the June payment to the IMF. Reuters GraphicsFALLING INTO ARREARSMissing payments would automatically put Argentina in default with the IMF because there is no grace period with the multilateral lender.

Persons: Goldman Sachs, Sergio Massa, Gordian Kemen, Kemen, Gross, Jorgelina, Rosario, Rodrigo Campos, Karin Strohecker, Tomasz Janowski Organizations: International Monetary Fund, IMF, Standard Chartered Bank, Reuters, Thomson Locations: Argentina, Buenos Aires, Beijing, China

☆ Japan's Sumitomo Mitsui launches US digital bank
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 12 (Reuters) - Sumitomo Mitsui Financial Group (8316.T) has launched a digital banking service in the United States, as Japan's number two lender aims to tap growth in the U.S. consumer banking market, a bank executive said on Wednesday. Sumitomo Mitsui is providing personal loans through a newly created online banking division of Manufacturers Bank, a California state-chartered bank wholly owned by the Japanese group. Starting with a 270-strong workforce, the digital banking service targets some tens of billions of yen (hundreds of millions of dollars) in net profit within 10 years, said Daisuke Tanaka, an executive at the bank's corporate development group. "But we eventually want to have a solid presence in the United States." ($1 = 139.5100 yen)Reporting by Makiko Yamazaki; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Daisuke Tanaka, Tanaka, Makiko Yamazaki, Robert Birsel Organizations: Sumitomo Mitsui Financial Group, Sumitomo Mitsui, Manufacturers Bank, Thomson Locations: TOKYO, United States, U.S, California

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

☆ Dollar dips ahead of US inflation data, central bank meetings
▼ + stars: | 2023-06-13 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Those expectations kept risk sentiment buoyant, pinning the U.S. dollar near multi-week lows against the risk-sensitive Australia and New Zealand dollars. The euro gained 0.04% to $1.0760, with traders also focused on Thursday's interest rate decision from the European Central Bank, following its policy meeting. The U.S. dollar index edged marginally higher to 103.59, after falling to 103.24 on Monday, its lowest since May 23. "The central bank will likely continue to send a dovish message or one of no intention of policy change until it changes direction." In Asia, China's central bank cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, sending the yuan falling in the offshore market .

Persons: Joseph Capurso, Jane Foley, Chong, Rae Wee, Edmund Klamann Organizations: Federal Reserve, U.S, Labor Department's CPI, Commonwealth Bank of Australia, Bank of England, European Central Bank, ECB, Rabobank, Bank of Japan, Standard Chartered Bank Korea, Thomson Locations: SINGAPORE, Australia, New Zealand, Korea, Japan, Asia

☆ China makes surprise rate cut as economic recovery loses steam
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The rate will drop to 1.9% from 2%, according to the People’s Bank of China. The rate cut reveals “growing concerns among policymakers” about the health of China’s recovery, Capital Economics analysts said on Tuesday. “The … rate cut came earlier and sharper than our and market expectations, highlighting the sense of urgency to alleviate economic momentum and business confidence,” said Becky Liu, head of China macro strategy for Standard Chartered Bank. That rate cut also came as a surprise and followed a week of turmoil in global financial markets triggered by the failure of some regional US banks. In the language of China’s policymakers, that implies a bias towards easing monetary policy, said Larry Hu, chief China economist for Macquarie Group.

Persons: ”, Becky Liu, Zhaopeng Xing, Betty Wang, Yi Gang, Larry Hu, “ Governor Yi Organizations: Hong Kong CNN, People’s Bank of China, Capital, Standard Chartered Bank, PMI, ANZ Research, Macquarie Group, “ Locations: Hong Kong, China

☆ Dollar dips ahead of U.S. inflation data, central bank meetings
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +3 min

Persons: Joseph Capurso, Jane Foley, Chong Organizations: Federal Reserve, U.S, Labor Department's CPI, Commonwealth Bank of Australia, Bank of England, European Central Bank, ECB, Rabobank, Bank of Japan, Standard Chartered Bank Korea Locations: Australia, New Zealand, Korea, Japan, Asia

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

As doubts grow about the strength of its economic recovery, foreign money has left China's markets and the currency has fallen 4% against the dollar since late January. Analysts at Nomura and Societe Generale say the yuan could soon head for 7.3, which as last plumbed in November. Reflecting that, the trade-weighted CFETS basket against which the People's Bank of China (PBOC) manages the currency, has dropped to 99 from 100 in February. THE CHEAP CURRENCYBecky Liu, head of China macro strategy at Standard Chartered Bank, expects the yuan will continue to depreciate. "The interest rate gap remains wide, so many hedge funds continue to use yuan as a funding currency," Liu said.

☆ Standard Chartered CEO says big U.S. recession unlikely
▼ + stars: | 2023-05-08 | by ( Yousef Saba | ) www.reuters.com time to read: +3 min

[1/2] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter NichollsDUBAI, May 8 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Monday he sees a big recession in the United States as unlikely, although a period of negative growth was possible. "I think it's less the question of a massive decline in the U.S. - I think that's very, very unlikely," Winters said at conference in Dubai, adding the economy was "extremely strong". I think unlikely. First Abu Dhabi Bank, the UAE's biggest lender, earlier this year had considered a bid to take over Standard Chartered, but later said it was no longer doing so.

☆ Fed will 'definitely' pause hikes, but the cycle is not yet done, Standard Chartered CEO says
▼ + stars: | 2023-05-08 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Bill Winters, chief executive officer of Standard Chartered, said the U.S. Federal Reserve looks set to pause its interest rate cycle in June get a better read on the latest inflation data. Bill Winters told CNBC that the central bank's decision last week to raise interest rates by 25 basis points signaled its plans to hold steady at its next meeting in June. watch nowTo avoid that, policymakers want to see that job and wage growth is cooling before ending the hiking cycle entirely, Winters said. "The fact is, job growth is still pretty strong, wage growth is still pretty strong. "So, if we can get the regular wage growth cycle back under control, then I think the Fed can stop here.

Disruptions may hit mine output, leading analysts to trim a forecast surplus for this year to 133,000 tonnes from 165,000 tonnes of oversupply in the previous poll. Analysts have marked up their estimates for an aluminium market surplus this year to 113,500 tonnes from 80,535 tonnes forecast in January. "Due to relentless mined nickel supply growth in Indonesia, and its broad-based nickel-bearing exports, we remain longer-term bears on the global nickel price," said Tom Price at Liberum. Analysts expect LME cash nickel prices to average $22,273 a tonne in the third quarter, down 11% from current levels. They also expect the global nickel market to see a surplus of 112,000 tonnes this year and an oversupply of 89,500 tonnes in 2024.

☆ Dollar dips as job openings fall, Fed meeting in focus
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell Tuesday after data showed that U.S. job openings fell in March, a day before the Federal Reserve is expected to hike interest rates by an additional 25 basis points. The dollar index fell 0.22% to 101.93 after earlier reaching 102.40, the highest since April 11. The single currency has risen since mid-March on expectations that the interest rate differential with the U.S. dollar will continue to shrink. The Aussie dollar rose 0.51% to $0.6664, after earlier getting to $0.6717, the highest since April 21. The dollar fell 0.56% to 136.67 yen, after earlier hitting 137.78, the highest since March 8.

☆ Standard Chartered's first-quarter profit rises 21% as interest rates soar
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: +1 min

Standard Chartered on Wednesday said first-quarter pretax profit jumped 21%, beating analyst estimates, as rising interest rates buoyed cash management income and retail product sales of the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for January-March reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. It was the bank's largest single-quarter profit since the start of 2014, as rising interest rates boosted lending income while its financial markets trading division saw frenzied trading from customers amid volatile markets. The earnings update from StanChart showed how rising central bank rates have boosted revenue, as it charged borrowers more interest while not passing through all of the increase to depositors.

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