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☆ OPEC excludes some WSJ, Reuters and Bloomberg reporters from meeting
▼ + stars: | 2023-06-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

OPEC reporters from three large news organizations have not been invited to the oil producing alliance's meetings this weekend, sources told CNBC. The OPEC Secretariat, which oversees media accreditation, on Tuesday issued invitations to some journalists to cover the June 3-4 meetings on-site. Two Wall Street Journal reporters who do not regularly cover OPEC received invitations. Spokespeople for the OPEC Secretariat and Wall Street Journal did not immediately respond to a request for comment. OPEC+ ministerial meetings often see news agencies such as Reuters, Bloomberg and the Wall Street Journal compete to break the results of the meetings before they have been concluded.

Persons: —, Russia —, Prince Abdulaziz bin Salman, Alexander Novak Organizations: CNBC, OPEC Secretariat, Reuters, Bloomberg, Wall Street, Street, CNBC —, Financial Times, OPEC, Wall Locations: OPEC, Russia, China, Saudi Arabia, Saudi

☆ Boss of Goldman-backed digital bank Starling to step down next month
▼ + stars: | 2023-05-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The co-founder of Starling, one of the U.K.'s largest digital banks, is set to step down as CEO next month, the company said Thursday. Anne Boden is to step down on June 30, according to a press release. She will hand the reins to Starling's chief operating officer, John Mountain, who has been with the bank since 2015. "I have spent nearly a decade here as both the founder and CEO, a dual role which is unique in U.K. banking," Boden said in a statement Thursday. As Starling continues to evolve and grow, separating my two roles is in the bank's best interests."

Persons: Starling, Goldman Sachs, Anne Boden, John Mountain, Boden, It's, I've Locations: U.S

☆ Gold slips as dollar advances with US debt talks dragging on
▼ + stars: | 2023-05-24 | by ( ) www.cnbc.com time to read: +2 min

Gold slipped as the dollar firmed, cutting some safe- haven flows into bullion from the looming risk of a U.S. debt default as talks entered a critical stretch. "Overwhelmingly, the debt ceiling headlines are at play.... Gold gained in the previous session "despite headwinds from a rising broad dollar, which reveals notable demand behind the scenes." Wall Street's main indexes opened lower as the debt ceiling impasse kept investors on edge. If regional U.S. banking troubles were to subside and agreement reached over the debt ceiling, gold could fall further, said Edward Gardner, commodities economist at Capital Economics.

Persons: Gold, Joe Biden, Kevin McCarthy, Daniel Ghali, TD Securities . Gold, Edward Gardner, Bullion Organizations: Democratic, TD Securities ., Capital Economics Locations: Moscow, U.S

☆ JPMorgan finds jewels in US banking ashes
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 22 (Reuters Breakingviews) - JPMorgan (JPM.N) boss Jamie Dimon didn’t buy First Republic Bank in a crisis-hewn weekend deal just for the fuzzy glow from helping to stabilize the U.S. banking system. The giant lender laid out some of the impact of acquiring First Republic out of receivership in its investor day on Monday. There’s the $3 billion of contribution to net interest income from the deal, boosting this year’s expected total to $84 billion. More enticing, perhaps, is the $200 billion in wealth-management money the bank has taken from its defunct rival, along with roughly 200 advisers. JPMorgan is so big, with nearly $4 trillion of assets, it’s hard to move the needle in regular banking.

☆ Analysis: US debt ceiling deal could stall safety flight fueling megacap rally
▼ + stars: | 2023-05-19 | by ( David Randall | ) www.reuters.com time to read: +5 min

Their rally has been responsible for all of the 8.3% year-to-date gain in the S&P 500 (.SPX) through Wednesday's close, a Deutsche Bank report showed. A recent survey of global fund managers from BofA Global Research showed that 71% believe a deal to raise the debt ceiling will be reached before the X-date. Excitement over artificial intelligence, which has boosted some megacap names this year, is another factor that could support the category. At the same time, the debt ceiling has been only one of of several worries weighing on the market. Paul Christopher, head of global market strategy at Wells Fargo Investment Institute, expects lawmakers will reach an agreement to extend the debt ceiling through September.

WASHINGTON, May 19 (Reuters) - U.S. Treasury Secretary Janet Yellen told bank CEOs on Thursday that more mergers may be necessary after a series of bank failures, CNN reported on Friday, citing two people familiar with the matter. The Treasury readout did not mention bank mergers, but CNN quoted sources as saying that consolidation was discussed. Yellen told Reuters in an interview in Japan last week that pressures on U.S. regional bank earnings may lead to more concentration in the sector and regulators will likely be open to such mergers. But the report that she gave a similar message directly to bank CEOs, alongside news that talks over the U.S. debt ceiling were at an impasse, had a significant impact on markets on Friday. Two-year Treasury yields initially dropped by some 11 basis points on Friday after the report, while benchmark 10-year yields fell by about five basis points.

☆ Our conviction in Morgan Stanley remains solid, despite the CEO's planned departure
▼ + stars: | 2023-05-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.

☆ US regional bank shares jump on Western Alliance deposits growth
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Shares of U.S. regional lenders climbed premarket on Wednesday, looking to break out of range-bound trading as an update on Western Alliance Bancorp's (WAL.N) deposit levels soothed concerns that the U.S. banking crisis was getting worse. Western Alliance shares shot up 11% to $35.18, on course to erase losses recorded over the last two weeks if gains hold. Western Alliance and other regional lenders have seen their stock valuations battered by worries around a broader crisis and funding costs, with consumers moving money into bigger banks after three mid-sized U.S. lenders collapsed in the last two months. The bank's shares have seesawed in the last few sessions, rallying nearly 18% on Monday only to give back those gains a day later. Shares of Comerica Inc (CMA.N), Zions Bancorp (ZION.O) and KeyCorp (KEY.N) were also up between 1.3% and 3.5%.

Foreign holdings of Italian government paper increased in February after 10 consecutive monthly declines, according to Bank of Italy data. "This is a magic moment for Italian bonds," he told Reuters. The share of Italian government debt held by foreign investors fell to below 20% at the end of 2022 from around 50% before the 2008 financial crisis, Bank of Italy data shows. The Italian Treasury has already taken steps to shore up demand for its bonds as the ECB retreats, by boosting purchases among domestic households and companies. Together, Italian families and firms now hold around 215 billion euros, or 9%, of Rome's debt, UniCredit's Cazzulani said, the highest level since mid-2015.

☆ Jamie Dimon says it's ‘unlikely’ that JPMorgan Chase will acquire another struggling bank
▼ + stars: | 2023-05-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Sept. 22, 2022. JPMorgan Chase CEO Jamie Dimon said Tuesday that it's not likely his bank would acquire another struggling lender after its government-brokered acquisition of First Republic. "Unlikely," was Dimon's curt response to a shareholder who asked about acquisitions during the New York-based bank's annual shareholder meeting. The turmoil in mid-sized banks sparked by the Silicon Valley Bank collapse in March shows that merely meeting regulatory requirements isn't enough, Dimon added. Dimon spoke on the same day that former Silicon Valley Bank CEO Gregory Becker and two ex-Signature Bank executives testified before the Senate.

☆ It’s been a month since the big Shapella upgrade. Here’s how Ethereum has changed since then
▼ + stars: | 2023-05-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

A little over a month ago, Ethereum underwent a major technology upgrade that allowed investors to withdraw their "staked," or locked up, coins on the network for the first time ever. The change, known as Shanghai or Shapella, was meant to bring more liquidity to the network by allowing investors to withdraw their staked assets. The total value of ether staked has risen, while the supply has fallen dramatically. Here's what else has happened in the month since Shapella: 1. So far, however, ETH fees have outpaced the growth in the amount of ether staked, leading to higher yields, he said.

WASHINGTON, May 15 (Reuters) - Top U.S. banking regulators plan to tell lawmakers the government will be open to future bank mergers, but are committed to establishing tougher rules after recent turmoil. Barr maintained his commitment to overhauling bank rules to ensure firms do not escape stricter oversight because they are smaller or viewed as less risky. "The prudential regulation and supervision of these institutions merits additional attention, particularly with respect to capital, liquidity, and interest rate risk," he said in prepared testimony. While vowing to draft tougher rules, the agencies have also been criticized for not identifying and preventing weaknesses before the lenders failed. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

WASHINGTON, May 15 (Reuters) - A U.S. banking regulator plans to tell lawmakers his agency is "open-minded" when it comes to potential bank mergers and would act on any proposed deal in a timely fashion. Recent turmoil has added "urgency" to the OCC's work on updating bank merger guidelines, Hsu said. Tuesday's hearing will be the first for regulators since the FDIC agreed to sell failed First Republic Bank to JPMorgan Chase & Co (JPM.N) this month. Watchdogs have been under intense scrutiny after the collapses of SVB and Signature set off fears of contagion. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

☆ Bridgewater dumps bank stocks amid turmoil in first quarter -filings
▼ + stars: | 2023-05-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

REUTERS/Brendan... Read moreSAO PAULO, May 15 (Reuters) - Bridgewater Associates, one of the world's largest hedge funds, sold off U.S. bank stocks in the first quarter as the industry was roiled by the collapse of three lenders, according to regulatory filings. Global hedge funds cut their exposure to U.S. banking stocks to a near 10-year low in March and fled lending-sensitive shares amid turmoil in the industry following the collapse of Silicon Valley Bank and Signature Bank. The firm also slashed its positions in smaller banks such as Bank of Hawaii Corp (BOH.N), Pacwest Bancorp (PACW.O), PNC Financial Services Group (PNC.N), Citizens Financial Group (CFG.N) and Capital One Financial Corp (COF.N). Bridgewater was also bearish on European banks in March, after the collapse of Silicon Valley Bank sparked contagion fears across global banks, a Reuters report showed. Following SVB, Signature Bank was also placed into receivership in March, while JPMorgan bought First Republic Bank's assets earlier this month.

SINGAPORE, May 15 (Reuters) - Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, said its oil minister, Hayan Abdel-Ghani. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Oil falls as economic concerns offset prospect of tighter supplies
▼ + stars: | 2023-05-15 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, May 15 (Reuters) - Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%. Investors will scour China's slew of economic data on industrial output, fixed assets investment, and retail sales in the week ahead for signs of oil demand improvement, she added. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ I quit Goldman Sachs after only a year. Here's how I knew leaving for a tech startup was the right career move.
▼ + stars: | 2023-05-15 | by ( Chris Hladczuk | ) www.businessinsider.com time to read: +8 min

Chris Hladczuk leads growth at Meow, a fintech startup, after quitting Goldman Sachs. I picked a weird day to quit — it was my 24th birthday and I called my boss to tell her I was leaving Goldman Sachs. The power of Goldman SachsI love Goldman because it taught me how to win. With my future career in mind, is my pace of learning higher at Goldman in investment banking or at an early-stage startup? Chris Hladczuk currently leads growth at fintech startup Meow.

☆ Basic rules of banking seem to be forgotten in the U.S. banking system, says illimity Bank CEO
▼ + stars: | 2023-05-15 | 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 EmailBasic rules of banking seem to be forgotten in the U.S. banking system, says illimity Bank CEOCorrado Passera, CEO of illimity Bank, discusses the contrast between the U.S. and European banking systems.

Major economic data from China and Japan, and a central bank rate decision from the Philippines could be the main regional drivers for Asian markets this week, with investors growing increasingly nervous about the U.S. and global macro outlook. These were some of the issues discussed at the three-day meeting of G7 finance leaders that concluded on Saturday. The MSCI World index fell 0.5% - not a big deal, perhaps, but the second weekly decline in a row and the steepest since the U.S. banking crisis blow-up two months ago. Japan's first-quarter GDP figures will be released on Wednesday, and perhaps more importantly, the latest inflation numbers are out on Friday. Core inflation is far higher than the Bank of Japan would like and is expected to have re-accelerated to 3.4% in April.

☆ How a U.S. Debt Default Could Bring Down the Dollar - The New York Times
▼ + stars: | 2023-05-10 | by ( Mike Lofgren | ) www.nytimes.com time to read: +2 min

So they might also consider another potential scenario: Ever since President Richard Nixon de-linked the dollar from gold, doomsayers have predicted the imminent demise of the dollar as the world reserve currency. Having the world reserve currency has allowed the United States to run very large budget, merchandise trade and current account deficits for decades. Nations with dollar surpluses can’t sit on them; they recycle them as investments in the United States. That is why New York has the most liquid financial markets in the world. These strong markets in turn encourage many foreign central banks to hold their assets in New York as well.

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.

☆ Dollar edges up as markets await debt-ceiling talks, inflation data
▼ + stars: | 2023-05-09 | by ( Laura Matthews | ) www.reuters.com time to read: +2 min

"So I don't think that we're going to have a breakthrough today. And that might be why the dollar is a bit stronger." The release of closely watched U.S. inflation data on Wednesday is likely to set the tone for markets, after stronger-than-expected jobs data last week. "It's widely expected that we're going to get that quarter-basis-point hike, and then we'll see where they go from there," Doyle said. ========================================================Currency bid prices at 4:03PM (2003 GMT)Reporting by Rae Wee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

SINGAPORE, May 9 (Reuters) - The dollar clung to modest gains against major currencies on Tuesday but remained rangebound as traders awaited U.S. debt ceiling talks and tried to digest how a host of conflicting economic data will influence monetary policy and global growth. Closely-watched U.S. inflation data due on Wednesday is likely to set the tone for markets, after stronger-than-expected jobs data last week. Against a basket of currencies, the U.S. dollar index edged up 0.25% to 101.68, but remained near recent lows as traders eye a peak in U.S. rates. Sterling was broadly flat and bought $1.2599, ahead of Thursday's central bank policy meeting. ========================================================Currency bid prices at 10:18AM (1418 GMT)Reporting by Rae Wee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar edges up as market looks to U.S. debt ceiling talks, inflation data
▼ + stars: | 2023-05-09 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

SINGAPORE, May 9 (Reuters) - The dollar edged up against major currencies on Tuesday as traders awaited clarity on U.S. debt ceiling talks and new inflation data for a clearer picture of the economic outlook and the Federal Reserve's likely rate-hiking path. Closely-watched U.S. inflation data due on Wednesday is likely to help set the tone for markets, after stronger-than-expected jobs data last week as the Fed considers how quickly to tighten rates as prices rise. Any Fed policy tweaks will have to be weighed against a backdrop of recent turmoil in the U.S. banking sector and a political impasse in Washington over resolving the country's debt ceiling and avoiding a default, analysts said. Elsewhere, sterling last bought $1.25975, down 0.1%, ahead of Thursday's central bank policy meeting. The Bank of England looks set to raise interest rates to 4.5%, as it tries to fight the highest inflation rate in Western Europe.

☆ Asian stocks edge lower amid gloomy China data as US CPI looms
▼ + stars: | 2023-05-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

TOKYO, May 9 (Reuters) - Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, while gloomy Chinese trade data also kept risk sentiment in check. Mainland Chinese blue chips (.CSI300) turned lower after early gains, with the benchmark CSI 300 dropping 0.8%. "So when you have some trend data which is not as good as people expect, it raises doubts," he said. "The surprise lies on the downside" for the inflation data, particularly the risk of a drop below 5%, said Tony Sycamore, a market analyst at IG markets. Brent crude was down 30 cents at $76.71 and U.S. West Texas Intermediate (WTI) crude fell 26 cents to $72.90.

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