Bloomberg Indian stocks rose in a volatile trading session, as investors mulled the outlook for company earnings after software services provider Wipro Ltd. declined to provide guidance for the first time since 2009. The S&P BSE Sensex advanced 0.8% to 30,618.57 as of 12:56 pm in Mumbai, after swinging between a loss of as much as 1.2% and a gain ...

Bloomberg Investors are pouring money into exchange-traded funds tracking gold amid expectations of a global recession and massive stimulus from central banks and governments. BlackRock’s iShares Gold Trust, ticker IAU, took in $486 million, its largest one-day inflow on record, according to data compiled by Bloomberg. At the same time, State Street’s SPDR Gold Shares, or GLD, has seen 10 ...

Bloomberg Bank of America Corp. (BofA) followed two big rivals in setting aside billions of dollars for loans likely to sour amid an almost total US economic shutdown. Profit plunged 45% as the company allocated $4.76 billion for loan losses, the most since 2010, as businesses and households reel from the coronavirus pandemic. The bank joins competitors JPMorgan Chase & ...

Bloomberg Default risks for India’s banks have declined from six-year highs on expectations that recent policy support will help the lenders avoid worse damage from the coronavirus pandemic. Average credit-default swaps on five Indian lenders, including State Bank of India, have dropped sharply since the Reserve Bank of India unleashed a 3.74 trillion rupee ($49 billion) stimulus package on March ...

Bloomberg A disappearing spread between money-market rates and expected policy equivalents indicates the Reserve Bank of Australia’s (RBA) official cash rate may no longer serve as the floor for borrowing costs. The three-month bank-bill swap rate — a gauge of Australian borrowing costs — has continued to slide, with its spread over a similar-tenor overnight index now poised to fall ...

Bloomberg Citigroup Inc.’s bond traders just posted their best quarter in eight years — a feat that was no match for the tidal wave of souring loans that walloped the bank’s profits. The deadly pandemic that sent global markets swooning helped the firm’s fixed-income, currencies and commodities traders generate $4.79 billion, trouncing analysts’ estimates by more than $1 billion. But ...

Bloomberg Investor demand for Switzerland’s currency, already trading at a five-year high, will increase as the country’s economy will outperform others during the recession, strategists at UBS Group AG predict. “Switzerland enters this recession with excellent credit quality, and its pandemic health situation is under control,” UBS strategists Thomas Flury and Gaetan Peroux wrote in a note to clients. “Hence ...

Bloomberg The yen’s advance this week may be a sign of things to come, with strategists in Tokyo saying the currency could climb towards 100 against the dollar in the next few months. Citigroup Global Markets Japan Inc. says the yen stands to gain as the Federal Reserve’s massive monetary stimulus weighs on the greenback. MUFG Bank Ltd. sees the ...

Bloomberg China’s central bank has given the green light for some commercial lenders to run trials of its digital currency, according to people familiar with the matter, bringing it a step closer to becoming the world’s first major monetary authority to issue its own digital tender. State-owned Chinese banks are conducting internal, hypothetical-use tests of a People’s Bank of China ...

Bloomberg EasyJet Plc boosted its cash reserves to ride out the coronavirus pandemic, saying it now has sufficient resources to see it through the end of the year. The shares rose after Britain’s biggest discount airline said it had borrowed 400 million pounds ($500 million) against its jet fleet, and may raise 550 million pounds more from selling planes to ...