Banking

  Bloomberg JPMorgan Chase & Co reported credit costs of $1.1 billion, with Chief Executive Officer Jamie Dimon describing mounting economic uncertainty even as he emphasized the bank is prepared for “whatever happens.” The $1.1 billion in provisions for credit losses included a $428 million build in reserves for loans that go sour and $657 million in net charge-offs, the ...

  Bloomberg Liquidity in China’s interbank market is more than “reasonably ample,” a senior central bank official said, an indication that further interest rate cuts are unlikely. The 7-day reverse repurchase rate is around 1.6%, lower than the cost of short-term policy loans the People’s Bank of China (PBOC) provides via its daily open market operations, Zou Lan, the head ...

Bloomberg Europe’s common currency edged closer toward parity with the US dollar on Tuesday as energy concerns and the risk of recession weighed on the outlook for the euro area, while risk aversion fuelled a broad rally in the greenback. The euro dropped as much as 1.3% to $1.0005, eclipsing its low from last week. The last time it was ...

  Bloomberg Chinese authorities will start repaying most of the victims in the nation’s biggest bank scam after hundreds of angry customers took to the streets again over the weekend to ratchet up pressure on the government. Clients from the four rural banks in the central province of Henan and one in Anhui will be repaid “in advance” starting Friday, ...

Bloomberg The yen falls to a fresh 24-year low after Japan’s ruling coalition expanded its majority in the upper house election, with investors interpreting the result as a quasi-referendum on the country’s super-easy monetary policy. The currency falls as much as 0.9% against the dollar, breaching the closely-watched 137 level. Bank of Japan Governor Haruhiko Kuroda reiterated that he won’t ...

Bloomberg SCB X Pcl is considering options including a sale of its asset management unit, people familiar with the matter said, amid growing industry consolidation in Southeast Asia’s second-largest economy. SCB X, formerly known as Siam Commercial Bank Pcl, has been speaking with financial advisers to explore a potential transaction for SCB Asset Management Co., the people said, asking not ...

  Bloomberg The company that built India’s digital payments backbone plans to make it cheaper and easier for the nation’s 32 million expatriates to bring their money home. Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank. The remittances market, where it costs $13 on average to send $200 across borders, ...

Bloomberg Wall Street expects the cryptocurrency’s crash to get a whole lot worse. The token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey. Fourty percent saw it going the other way. Bitcoin ...

Bloomberg Risks are skewed towards the Australian dollar declining even further in 2022 after touching a two-year low this month amid concerns over slowing economic growth. Commonwealth Bank of Australia sees the currency declining to 65 cents versus the greenback by December, from about 68.6 cents last week. Leveraged funds, which were betting on gains as recently as May, are ...

  Bloomberg European Central Bank (ECB) Governing Council member Yannis Stournaras said a new tool to keep debt-market turmoil at bay as interest rates rise may not need to be used if it’s powerful enough to persuade investors not to test it. In a Bloomberg Television interview in Aix-en-Provence, France, Stournaras said there’s a “very good debate” under way on ...