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☆ U.S. mid-tier lenders shares rise in Frankfurt after SVB deal
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 27 (Reuters) - The Frankfurt-listed shares of several mid-tier U.S. lenders rose sharply on Monday, after a buyer emerged for large chunks of embattled Silicon Valley Bank's deposits and loans, which helped inject some much-needed calm into fragile markets. Shares in Pacific West Bancorp surged 16% in thin volumes in Frankfurt, while those in First Republic rose 7%. Frankfurt-listed shares of First Citizens were indicated 7.4% higher. Shares in Keycorp (KEY.N), , Western Alliance (WAL.N), and Zions (ZION.O) were indicated between 3.6% and 8% higher, although no trading volume had gone through by 0700 GMT, according to Refinitiv data. Reporting by Joice Alves; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

A source with knowledge of the matter said that Swiss regulators are encouraging UBS and Credit Suisse to merge, but that both banks do not want to do so. Credit Suisse shares jumped 9% in after-market trading following the FT report. Credit Suisse and UBS declined to comment on the report. "Credit Suisse is a very special case," said Frédérique Carrier, head of investment strategy at RBC Wealth Management. The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters.

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) lost almost 33% on Friday, totaling a loss of around 80% in the last 10 sessions, despite a rescue package with $30 billion in deposits injected by large U.S. banks. Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year, according to its annual report. The rescue package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. The ratings agency had downgraded its outlook on the U.S. banking system to negative earlier this week.

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) extended losses to 32% in afternoon trading on Friday after being briefly halted as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender. First Republic suspended its dividend and disclosed it has $34 billion in cash excluding the new deposit injection. Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year, according to its annual report. The ratings agency had downgraded its outlook on the U.S. banking system to negative earlier this week.

☆ First Republic tumbles as $30 billion rescue fails to reassure investors
▼ + stars: | 2023-03-17 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 17% in early trading on Friday after being briefly halted as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender. Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year, according to its annual report. "Judging by the market's reaction, it appears that maybe the damage has been done to the brand reputation of First Republic. First Republic said it borrowed up to $109 billion from the U.S. Federal Reserve between March 10 and March 15.

☆ First Republic Bank shares drop as $30 bln rescue fails to reassure investors
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 13% in premarket trading on Friday as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender. Shares of other U.S. mid-size banks including Western Alliance Bancorp shares (WAL.N) and PacWest Bancorp (PACW.O) dropped 2% and 5%, respectively. First Republic was caught up in a widening banking crisis triggered by the collapse of two other mid-size U.S. lenders over the past week. The rescue package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity.

Credit Suisse saw more than $200 million net outflows from its U.S. and European managed funds after March 13, Morningstar Direct said on Friday. DBRS Morningstar on Thursday became the first global rating agency to cut the bank's credit score, with a downgrade to "BBB", which still qualifies Credit Suisse as investment grade. Credit Suisse shares are down about 26% this week and poised for their biggest week drop since October 2008 and the global financial crisis. U.S. shareholders of Credit Suisse sued the bank on Thursday, claiming it defrauded them by concealing problems with its finances. Credit Suisse declined to comment on the lawsuit.

☆ Credit Suisse shares fall again, sentiment remains fragile
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +3 min

"While markets are relieved that the Swiss central bank stepped in, sentiment is bound to remain very fragile, particularly as investors will likely worry about the eventual economic impact of aggressive monetary policy tightening by the European Central Bank (ECB)," she added. DBRS Morningstar on Thursday became the first global rating agency to cut the bank's credit score, with a downgrade to "BBB", which still qualifies Credit Suisse as investment grade. Credit Suisse shares are down about 22% this week and poised for their biggest week drop since March 2020 when the COVID-19 crisis wreaked turmoil across world markets. U.S. shareholders of Credit Suisse sued the bank on Thursday, claiming it defrauded them by concealing problems with its finances. Credit Suisse declined to comment on the lawsuit.

☆ First Republic Bank Frankfurt-listed shares rise after rescue
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarLONDON, March 17 (Reuters) - The Frankfurt-listed shares of First Republic Bank (FRC.N) rose as much as 5% in in early trading on Friday after large U.S. banks injected $30 billion in deposits into the beleaguered lender on Thursday. Frankfurt-listed shares in other U.S. banks including Zions Bancorp (ZION.O) and Fifth Third (FITB.O) were indicated up around 3%. First Republic was caught up in a widening banking crisis triggered by the collapse of two other mid-size U.S. lenders over the past week. The rescue package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity.

☆ Euro, bonds nudge higher after ECB hikes rates by 50 bps
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

The ECB raised its benchmark interest rate by half a percentage point to 3.50%, as expected by a Reuters poll. European bond yields were little changed on pre-decision levels. Germany's 2-year bond yield rose after the central bank decision, up 11.8 basis points at 2.503%. The ECB has raised interest rates since July at its fastest pace on record to curb inflation. It had effectively promised another 50 bps increase for Thursday and signalled further moves in the months ahead.

☆ Credit Suisse woes knock euro, sterling, Swiss Franc
▼ + stars: | 2023-03-15 | by ( Joice Alves | ) www.reuters.com time to read: +2 min

Credit Suisse (CSGN.S) shares fell around 20% after its biggest investors said it could not provide more backing. The Swiss lender woes led the wider European banking index (.SX7P) to its lowest level since early January and triggered sharp sell off in the currency markets. The euro fell 1.2% to $1.0605, sterling dropped 0.8% to $1.2065 and the Swiss franc slid 1.2% to 0.9251 per dollar. "This morning’s Credit Suisse news is doing all of the damage in FX markets as European bank stocks take another beating today," said Simon Harvey, Head of FX Analysis at Monex. Money markets have changed their bets for the ECB rate hikes amid the European bank turmoil.

LONDON, March 15 (Reuters) - Finance minister Jeremy Hunt presented less gloomy forecasts for Britain's economy at his Spring Budget on Wednesday. Reuters Graphics Reuters GraphicsROSIER OUTLOOKA rout in global banking stocks on Wednesday overshadowed many UK-specific moves. Investments announced by Hunt such as a corporate spending tax break, a boost for defence and extra childcare support were not viewed as particularly inflationary. Unlike in the last budget, noise around windfall taxes on oil and gas companies was muted in the run-up to the budget since energy prices have fallen dramatically since then. "In general, the budget is not the big story for gilts right now, global drivers are in the driving seat," said James Smith, economist at ING.

The ECB has contacted banks on its watch to quiz them on their exposure to the struggling Swiss lender, two supervisory sources told Reuters. Money market pricing suggested traders now saw less than a 20% chance of a 50 basis point rate hike at Thursday's scheduled ECB meeting. That's down from as high as 90% at the start of the session , when a source-based story saying ECB policymakers were leaning towards a half-percentage-point rate hike was published. While rapidly rising interest rates across major economies have raised concern about potential pressure points, many analysts still expected a large ECB hike given high inflation. Pictet's Ducrozet said the ECB could also ease collateral rules for banks, though not as much as the Federal Reserve.

Meanwhile, extremely wide forecasts for new public borrowing requirements make the outlook for government bonds uncertain. Here are the main budget predictions for UK stocks, gilts and the pound. However NatWest analysts flagged that the OBR will likely revise down growth forecasts for the next five years, making the outlook for interest rates finely balanced. Hunt will likely keep the budget "reasonably dull" after Truss's "mini-budget" sent sterling to its lowest on record, she added. Investors in UK stocks are already grappling with a wide valuation gap with U.S. equities.

☆ A man's world: gender parity will take more than five generations
▼ + stars: | 2023-03-08 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

The analyses of the data in the WEF's Global Gender Gap report takes into consideration gender disparity in economic opportunities, education, political empowerment, health and safety. The BofA data shows that U.S. companies with greater gender diversity have offered a median 20% higher return on equity since 2005 than those who lack it. According to consultancy firm EY, almost half of European financial services investors state that gender diversity in the boardroom significantly influences their decision to invest in a company. For senior executive roles, gender parity still looks out of reach. U.S. companies focused on gender diversity on boards and senior executive level have achieved 43% lower earnings risk in subsequent three years than those who lack such diversity, BofA said, citing its own analysis.

☆ Sterling slips after BoE's Mann warns of risks for the pound
▼ + stars: | 2023-03-07 | by ( Joice Alves | ) www.reuters.com time to read: +2 min

LONDON, March 7 (Reuters) - Sterling slipped against the U.S. dollar on Tuesday, after a Bank of England (BoE) rate-setter warned that the pound could be vulnerable to Federal Reserve and European Central Bank (ECB) outlooks. The pound could depreciate if investors have not yet fully priced in hawkish messages from central bank peers, Catherine Mann told Bloomberg Television in an interview. "The important question for me with regard to the pound is how much of that existing hawkish tone is already priced into the pound," she said. Traders are also attaching a 93% chance of a 25-basis-point rate increase when the central bank meets to decide policy on March 23. There's no probability priced in that the bank could raise rates by more than that.

☆ Asian shares edge higher, dollar rally takes a breather
▼ + stars: | 2023-02-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, Feb 28 (Reuters) - Asian shares nudged higher on Tuesday, tracking small gains on Wall Street, while the U.S. dollar paused after a sharp rally as month-end flows lift sentiment and investors adjust to expectations of more interest rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.25% higher but was set to end the month down about 6%. China shares (.SSEC) was up 0.4% while Hong Kong's Hang Seng index (.HSI) was 1% higher but was on track to end its three month winning streak as the China reopening rally loses steam. China shares have also been weighed down by rising geopolitical tension, with U.S.-China relations the dominant uncertainty at the forefront of investor minds. The dollar index , which measures U.S. currency against six other peers, rose 0.048% and was set to snap a four month losing streak.

☆ Hopes for Northern Ireland deal send sterling higher
▼ + stars: | 2023-02-27 | by ( Joice Alves | ) www.reuters.com time to read: +2 min

LONDON, Feb 27 (Reuters) - Sterling rose on Monday amid renewed speculation Britain and the European Union will finalise a Northern Ireland deal, which could resolve post-Brexit tensions. The deal is aimed at solving tensions caused by 2020 post-Brexit arrangements governing the British province and its open border with EU member Ireland. Sterling rose 0.36% against the U.S. dollar to $1.1982, after slipping to an almost two month low against the greenback. ING strategists agreed, saying the key focus for sterling would remain interest rate hike expectations. On the other hand, a strengthening dollar could send sterling to $1.1850 this week, ING said in a note.

☆ Analysis: Boom in European bank earnings hints at a rally with legs
▼ + stars: | 2023-02-23 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

The euro zone is expected to stagnate rather than contract, while cost of borrowing is still rising. The European Central Bank's campaign to raise interest rates as it fights to bring inflation back to its 2% target has been a boon for euro zone lenders. In the meantime, euro zone lenders' earnings per share (EPS) have surged to their highest since the global financial crisis in 2008. In the United State, where the rate cycle is more advanced, there's less potential for earnings upgrades at this point, she said. Earnings euro zone banks($1 = 0.9408 euros)Reporting by Joice Alves and additional reporting by Samuel Indyk in London; editing by Amanda Cooper and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ ATP roundup: Andrey Rublev escapes for win in Doha
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

February 23 - Top-seeded Andrey Rublev of Russia staved off three match points while rallying for a 1-6, 6-1, 7-6 (6) win over the Netherlands' Tallon Griekspoor in the second round of the Qatar ExxonMobil Open on Wednesday in Doha. Rublev knocked off three match points and broke serve. In the decisive tiebreaker, Rublev needed three match points of his own to advance to the quarterfinals. Third-seeded Russian Daniil Medvedev topped British qualifier Liam Broady 6-4, 6-3. In the tournament's final two first-round matches, French wild-card entrant Arthur Fils topped Russia's Roman Safiullin 6-4, 6-3, and Sweden's Mikael Ymer handled Moldova's Radu Albot 6-3, 7-6 (5).

☆ ATP roundup: Daniel Evans falls in Doha
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

February 22 - Finland's Emil Ruusuvuori took down sixth seed Daniel Evans of Great Britain 7-5, 6-4 in their first-round match at the Qatar ExxonMobil Open on Tuesday in Doha. Ruusuvuori fired seven aces and won 29 of 38 first-service points (76.3 percent), holding on for the victory even as Evans saved six of 10 break points and converted both his opportunities to break Ruusuvuori. 7 seed Richard Gasquet of France battled past countryman Laurent Lokoli 7-6 (5), 2-6, 7-6 (5). 556 Alves, who had five aces and saved five of nine break points in his tour-level debut before the suspension. Daniel Elahi Galan of Colombia and Juan Pablo Varillas of Peru were also winners Tuesday before the rain arrived.

☆ Asian shares slip, dollar rally on hold as Fed cues eyed
▼ + stars: | 2023-02-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.7% to 529.97, hovering around six-week lows of 529.30 touched last week. European stock futures indicated stocks were set to decline, with Eurostoxx 50 futures down 0.14%, German DAX futures 0.07% lower and FTSE futures down 0.13%. The yield on 10-year Treasury notes was up 2.3 basis points to 3.852%., after touching a three-month high of 3.929% on Friday. Investor focus is firmly on the release on Wednesday of the minutes of the Fed's latest meeting earlier this month when it raised interest rates by 25 basis points. The yen weakened 0.11% to 134.38 per dollar, while sterling was last trading at $1.2026, down 0.10%.

SAO PAULO, Feb 10 (Reuters) - Shares in Brazil's Banco Bradesco SA (BBDC4.SA) fell to their lowest level in almost two years on Friday after the bank reported fourth-quarter net income equivalent to less than half that of analysts' estimates. Bradesco reported a 75% drop in net income and sharply increased its provisions for loan losses to around $3 billion. The bank's preferred shares were down 6.6% in early trading in Sao Paulo to 12.89 reais, paring losses that reached 8.7% after the open. Bradesco set aside 4.9 billion reais in provisions in the fourth quarter to cover its loans to retailer Americanas SA (AMER3.SA), which has asked for bankruptcy protection. Reporting by Aluisio Alves, writing by Tatiana Bautzer; editing by Jason Neely and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

If they start to reverse, then you'll see things reversing for next year, but we have to wait and see," he said. Slashing prices also reflects stiffening competition in some markets as companies struggle with waning consumer demand and households tighten budgets. Kraftliner prices, up 60 euros per tonne in the first half, have since fallen by 120 euros a tonne. Europe's gas rollercoasterWAGES AND BORROWING COSTSSome companies won't make cuts though, as they protect margins or face higher wages and borrowing costs. "It does signal a retreat in operating margins for firms like Smurfit, hence the negative reaction in the share price this morning," he said.

☆ Americanas accounting scandal was a 'fraud,' says CEO of Brazil's Itau
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, Feb 8 (Reuters) - The chief executive of Brazil's biggest private lender Itau Unibanco (ITUB4.SA) said on Wednesday that the accounting inconsistencies that led retailer Americanas SA (AMER3.SA) to request bankruptcy protection represent a case of 'fraud'. Milton Maluhy Filho's remarks came after Itau, which had a multi-million-dollar exposure to Americanas, had to set aside more cash for bad loans in the fourth quarter. Maluhy added that Itau has not identified any case similar to that of Americanas, which reported around $8 billion in debt after disclosing "inconsistencies" in its accounting. Reporting by Aluisio Alves; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

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