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☆ Girard: We're seeing some relief on inflation, and the market is hoping that will set the stage for the Fed to be less aggressive
▼ + stars: | 2023-01-12 | 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 EmailGirard: We're seeing some relief on inflation, and the market is hoping that will set the stage for the Fed to be less aggressiveMichelle Girard, head of U.S. at NatWest Markets, discusses whether today's CPI data will offer enough positive signals that the Fed can move towards pausing its rate hike campaign sometime this spring.

☆ Asia shares up on Fed rate wagers, China reopening lifts yuan
▼ + stars: | 2023-01-09 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 2.0% to a five-month top, with South Korean shares (.KS11) gaining 2.2%. Japan's Nikkei (.N225) was closed for a holiday but futures were trading at 26,215, compared with a cash close on Friday of 25,973. Earnings season kicks off this week with the major U.S. banks, with the Street fearing no year-on-year growth at all in overall earnings. "China reopening is one upside risk to 2023 EPS, but margin pressures, taxes, and recession present greater downside risks." Fed fund futures now imply around a 25% chance of a half-point hike in February, down from around 50% a month ago.

☆ Asia shares rise on U.S. rate bets, China reopening
▼ + stars: | 2023-01-09 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.5% to a five-month top, with South Korean shares (.KS11) gaining 2.1%. S&P 500 futures added 0.2% and Nasdaq futures 0.3%. EUROSTOXX 50 futures added 0.5%, while FTSE futures firmed 0.4%. "China reopening is one upside risk to 2023 EPS, but margin pressures, taxes, and recession present greater downside risks." The market scaled back bets on rate hikes for the Federal Reserve.

☆ Morning Bid: New year, same ol' Fed
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Much has happened since that Fed meeting in December, with China taking further steps to dismantle its "zero-COVID" policy and the Bank of Japan shocking the market by widening the range for its 10-year bond yield cap. What has not changed is the market's desire (hope, even) for the Fed to pivot away from its monetary tightening path. When the Fed raised interest rates by 50 bps last month, after four straight 75-bps hikes, it stressed that rates may need to remain higher for longer to tame sticky inflation. Markets, though, are pricing in rate cuts for late 2023. The U.S. dollar is swaying after spiking 1% overnight, while oil slid some more after diving 4% on Tuesday.

☆ Yuan to strengthen once zero-Covid headwinds are gone: Strategist
▼ + stars: | 2023-01-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese yuan will probably strengthen once headwinds from zero-Covid policy are gone: StrategistGalvin Chia of NatWest Markets discusses the outlook for the Chinese economy and currency.

☆ Asia shares skid on China woes, yen hits 6-month high
▼ + stars: | 2023-01-03 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell another 1.3%, having lost a fifth of its value last year. The cautious mood spread to Wall Street, with S&P 500 futures off 0.4% and Nasdaq futures 0.6% lower. EUROSTOXX 50 futures fell 1.4% and FTSE futures 0.8%. The policy shift boosted the yen across the board, with the dollar losing 5% in December and the euro 2.3%. Brent lost 74 cents to $85.17 a barrel, while U.S. crude fell 62 cents to $79.64 per barrel.

☆ Asia shares weigh China risks, yen hits 6-month high
▼ + stars: | 2023-01-03 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.5%, having been down more than 1.0% in choppy early trading. Nikkei futures were trading at 25,750 compared with the last close for the cash index (.N225) of 26,094. Wall Street was in a guarded mood, with S&P 500 futures and Nasdaq futures up 0.1%. Such a move at its next policy meeting on Jan. 17-18 would only add to speculation of an end to ultra-loose policy, which has essentially acted as a floor for bond yields globally. The policy shift boosted the yen across the board, with the dollar losing 5% in December and the euro 2.3%.

☆ Queen guitarist Brian May, Lionesses top king's U.K. New Year's honors list
▼ + stars: | 2022-12-31 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Those at the forefront of the U.K.’s response to Russia’s war in Ukraine joined Queen guitarist Brian May and a fashion designer dubbed “the mother of the miniskirt” on the country’s New Year’s Honors list on Friday. May, who is also an animal welfare campaigner, was appointed a knight bachelor for his services to music and charity. England captain Leah Williamson received an OBE, while teammates Lucy Bronze, Beth Mead and Ellen White were all made MBEs. U.K. monarchs have awarded honors as part of orders of chivalry since the Middle Ages. Britain’s chief rabbi, Ephraim Mirvis, who received a knighthood, was among several Jewish community leaders to be recognized.

☆ Queen guitarist May, soccer Lionesses named in king's New Year honours
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

Denis Pellerin/Handout via REUTERSLONDON, Dec 30 (Reuters) - Britain recognised Queen guitarist Brian May, several English "Lionesses" who won the European women's soccer championship and diplomats involved in the response to Russia's invasion of Ukraine in King Charles' first New Year's honours list. Four members of the England women's soccer team received honours, with captain Leah Williamson awarded an OBE, while the tournament's golden boot winner Beth Mead, defender Lucy Bronze and all-time top scorer Ellen White received MBEs. The team's coach, Dutch national Sarina Wiegman, received an honorary CBE - a type of award given to foreign nationals. Queen Elizabeth died in September, making the New Year's honours the first to be awarded by King Charles since he came to the throne. The list is drawn up by independent committees, before it is approved by the prime minister and the monarch.

Last year, the industry handed out the biggest awards since 2006 as the economy roared back from the pandemic. It's a head-spinning reversal for dealmakers who racked up record profits for their firms last year and clinched eye-watering payouts for themselves. Compensation for FICC traders will probably rise slightly or stay flat, said Bell at Sheffield Haworth, while stock traders could see a small drop. Worsening economic conditions have already prompted firms including Morgan Stanley (MS.N) and Citigroup Inc (C.N), to trim their workforces. In the United Kingdom, most big firms are discussing and allocating bonuses now, with decisions not usually announced until early next year.

☆ Bank floats $10 bln Brazilian bond plan to halt Amazon deforestation
▼ + stars: | 2022-12-19 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

LONDON, Dec 19 (Reuters) - Strategists at a UK bank have proposed the idea of a super-sized $10 billion Brazilian government bond that would be specifically designed to help halt the destruction of the Amazon rainforest. Stopping deforestation of the Amazon, which absorbs vast amounts of planet-warming greenhouse gas, is part of Brazilian President-elect Luiz Inacio Lula da Silva's sweeping plan to reclaim leadership on climate change measures. Money raised via sustainability-linked debt can be used for almost any purpose. "As a reference, a 2034 Brazilian bond is currently yielding around 6.35%, making the step up/down feature potentially financially material for Brazil," Vivanco's initial outline of the plan last week said. "If Lula goes around the world selling this bond, you would have to have a reason not to be part of it," Vivanco said.

☆ Asian shares slump, dollar firms ahead of central bank rate hikes
▼ + stars: | 2022-12-12 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Both the S&P 500 futures and Nasdaq futures dipped 0.1%. On Friday, Wall Street dropped, Treasury yields advanced and the dollar pared earlier losses. A U.S. consumer price index (CPI) report on Tuesday will set the tone for markets for the week. Economists expect core annual inflation to ease to 6.1% in November, compared with a rise of 6.3% seen in the previous month. Risk could be on the upside, after data on Friday showed producer prices had increased faster than expected, fuelling concerns the CPI report may indicate inflation is sticky and interest rates may have to stay higher for longer.

☆ Asian shares fall, dollar firms ahead of central bank rate hikes
▼ + stars: | 2022-12-12 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

On Friday, Wall Street dropped, Treasury yields advanced and the dollar pared earlier losses. A U.S. consumer price index (CPI) report on Tuesday will set the tone for markets for the week. In addition to the Fed, the European Central Bank and the Bank of England are also set to announce interest rate hikes, as policymakers continue to put the brakes on growth to curb inflation. In the oil market, prices rose after falling on Friday to the lowest level this year on global recession fears. U.S. West Texas Intermediate (WTI) crude futures increased 0.9% to $71.71 per barrel, while Brent crude settled at $76.64 a barrel, 0.7% higher.

LONDON, Dec 9 (Reuters) - Britain's Financial Conduct Authority said it had fined Santander (SAN.MC) 107.7 million pounds ($132 million) for "serious and persistent" gaps in the Spanish bank's anti-money laundering controls for more than 560,000 business customers. The FCA said on Friday that between Dec. 31 2012 and Oct. 18 2017, Santander's UK arm failed to properly oversee and manage its anti-money laundering systems. Santander UK said it accepted the FCA's civil regulatory findings in relation to anti-money laundering controls in its business banking division. The FCA has stepped up action against failings in bank money laundering controls in recent years. The FCA has also fined Standard Chartered and HSBC in the last three years for anti-money laundering breaches.

☆ Critical inflation report could be the key to the week ahead, as the Fed meets
▼ + stars: | 2022-12-09 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Inflation and a hawkish Fed "I think the data can influence his press conference and how hawkish he is," said NatWest Markets' John Briggs. "If you get a higher CPI report on the back of that, it could create some significant market instability ahead of the Fed meeting." Recession fears "If you're more worried about recession than inflation, that means you bring in more bond buyers than sellers," he said. Retail sales, industrial production, and the Philadelphia Fed manufacturing survey as well as the Empire State manufacturing survey are released Thursday. Import prices 2:00 p.m. Fed statement and projections 2:30 p.m. Fed Chairman Jerome Powell briefing Thursday Earnings: Adobe, Jabil 8:30 a.m.

☆ Banks face 6% capital hike from remaining Basel rules, says Bank of England
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - Applying the remaining set of global bank capital rules in Britain will increase capital requirements by about 6% by the end of the decade, the Bank of England said on Wednesday. The initial batch of Basel III rules from the Basel Committee of banking regulators from the world's main financial centres, were rolled out in the aftermath of the global financial crisis over a decade ago when taxpayers had to bail out undercapitalised lenders. The final batch, which the BoE calls Basel 3.1, will be implemented from January 2025, after a public consultation now underway, affecting lenders like HSBC, Barclays, Lloyds and NatWest. BoE director Phil Evans said given Brexit allows Britain to write its own financial rules, the consultation is a landmark event that will take account of Britain's competitiveness while aligning with strong international standards. Evans said Basel 3.1 will increase capital requirements for banks by about 6%.

[1/2] British Chancellor of the Exchequer Jeremy Hunt talks to a television crew outside the BBC headquarters in London, Britain November 18, 2022. REUTERS/Henry Nicholls/File PhotoLONDON, Dec 7 (Reuters) - Britain's financial watchdog laid out options on Wednesday it said banks should offer customers finding it difficult to make payments on mortgages during the cost of living crisis. Prices slid last month by the most since the global financial crisis, mortgage lender Halifax said on Wednesday. In its draft guidance, the FCA also said firms may offer payment concessions where they agree to accept less than the contractual monthly instalment - resulting in a payment shortfall. "We will consider if there are further steps we can take to help firms to support their borrowers, including at scale."

☆ NatWest lifts staff pay after cost of living backlash
▼ + stars: | 2022-12-01 | by ( Iain Withers | ) www.reuters.com time to read: +3 min

[1/3] The logo of NatWest Bank, part of the Royal Bank of Scotland group is seen outside a branch in Enfield, London Britain November 15, 2017. Britain's biggest domestic bank Lloyds offered a similar deal of a minimum 2,000 pound pay rise earlier this month. NatWest's shares plunged as much as 10% when it warned of rising costs next year in its third-quarter results on Oct 28, which Rose put down to the need to pay staff more. Pay offers for staff on higher pay bands in Britain were not included in the negotiations with unions. NatWest staff based overseas will be offered the local cash equivalent of the 1,000 pounds lump sum planned in Britain, the memo added.

☆ Ireland picks cheeky moment to lift bank bonus cap
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 30 (Reuters Breakingviews) - Ireland’s plan to lift a cap on bankers’ bonuses looks ill-timed. On Tuesday, Finance Minister Paschal Donohoe said Dublin will lift a 500,000 euro crisis-era cap on annual executive salaries and allow bonuses of up to 20,000 euros for bank workers. However, Irish bank bosses have long argued salary constraints made it difficult to retain top talent. The remaining big bank duopoly of AIB (AIBG.I) and Bank of Ireland (BIRG.I) means a customer backlash is unlikely as there is little alternative. Still, championing higher pay for bankers is a gutsy move in the middle of a cost-of-living crisis.

☆ UK banks’ Big Bang thankfully looks like big flop
▼ + stars: | 2022-11-30 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Yet, the mooted changes would probably only benefit middling lenders like Santander UK, Virgin Money (VMUK.L) and Banco Sabadell’s (SABE.MC) TSB Bank, according to the FT. And on Wednesday, the BoE’s supervisory body said it planned largely to stick to international bank-capital rules, dubbed Basel 3.1. But the big flop might not be such a bad thing for the country’s financial sector. Separately, the government’s City minister Andrew Griffith said on Nov. 29 that he wanted to relax the so-called ringfencing regime that forces large British lenders to separate their retail and investment banking arms. According to the Financial Times, the ringfencing regime would still apply to the biggest UK banks but there could be exemptions for lenders with limited trading operations including Santander UK, Virgin Money and TSB Bank.

The Euro STOXX 600 (.STOXX) gained 0.4%, recovering from its worst session in almost two weeks a day earlier. Shares in London (.FTSE) were up 0.8% and markets in Paris (.FCHI) and Frankfurt (.GDAXI) gained around 0.2%-0.3%. Hopes of faster easing of China's strict restrictions rose after an official said they will continue to fine-tune policy to reduce the impact of its "Zero COVID" on society. The sudden bout of optimism on China combined with talk of possible output cuts by OPEC+ to help oil prices rally. Shares of Chinese property companies surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms.

☆ Asia shares take comfort in China property rally
▼ + stars: | 2022-11-29 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Shares of Chinese property companies surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms. read moreThat helped Chinese blue chips (.CSI300) bounce 1.1%, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.7%. Markets were still nervous that the widening web of restrictions in China would lead to more public unrest and further undermine growth. read more"The zero China COVID policy has been an absolute gut punch to Apple's supply chain," said Daniel Ives, an analyst at Wedbush. The dollar index rallied to 106.57 , having been as low as 105.31 overnight.

☆ Banker with cancer claims $5 million from NatWest over dismissal
▼ + stars: | 2022-11-28 | by ( Kirstin Ridley | ) www.reuters.com time to read: +2 min

Cancer is listed as a disability under the UK Equality Act 2010, protecting sufferers from discrimination. Lawyers for NatWest and the 44-year-old risk and compliance officer clashed on Monday at the Central London Employment Tribunal over document disclosures relating to her income since she left the bank. The case is unusual because most employment claims are settled out of court. Charles Crow, a lawyer for NatWest, conceded Willis's team could have been told earlier how many experts the bank was now calling. "We recognise the extremely difficult personal circumstances in this case and that there were things the bank did not get right," a NatWest spokesperson said.

☆ Banker with cancer claims $5 million from NatWest for unfair dismissal
▼ + stars: | 2022-11-28 | by ( Kirstin Ridley | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - A former senior banker is suing NatWest (NWG.L) for around 4.3 million pounds ($5.2 million) after a London judge ruled that she was unfairly dismissed only days after cancer surgery. Cancer is listed as a disability under the UK Equality Act 2010, protecting sufferers from discrimination. There's not a cat in hell's chance of dealing with this case in two days," Gilroy said. Charles Crow, a lawyer for NatWest, conceded Willis's team could have been told earlier how many experts the bank was now calling. But both sides should have realised that a two-day hearing would not be enough to deal with disagreements, he said.

The SEC's whistleblower program was created as part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, a law passed in response to the 2008 financial crisis. Under the law, eligible whistleblowers can receive a cash award of between 10% and 30% of any monetary sanctions collected above $1 million. Hong provided further documentary evidence, helping FHFA and the U.S. Justice Department secure settlements with RBS for $5.5 billion and $4.9 billion, respectively. Hong sought an award under the SEC's whistleblower program but the commission declared him ineligible because the action against RBS was not taken by the commission itself. Hong's lawyers appealed to the Supreme Court, contending that the SEC is undermining the aim of Congress to incentivize and award whistleblowers by "coordinating enforcement efforts with other agencies and then refusing to pay an award."

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