Banking

  Bloomberg European Central Bank (ECB) policy makers gather on a Portuguese hillside on Monday with the sinking feeling that their rush to tackle the inflation shock they failed to forecast risks both a recession and echoes of the euro area’s sovereign debt crisis. As President Christine Lagarde and colleagues meet in the resort of Sintra for their version of ...

Bloomberg There’s a narrow path for the world’s central banks to stem rising inflation without tipping their economies into a recession, according to the head of the Bank for International Settlements (BIS). “There is a possibility that it can be pulled off without a major impact — with an impact on GDP but not going all the way to a ...

  Bloomberg Effects related to the Covid-19 pandemic in recent months will make it challenging for China to meet its 5.5% annual growth target, a central bank adviser said, adding that pro-economy policies including special bond issuance could be on the way. China’s economy could see a strong rebound in the second half, “but difficulties remain for the 5.5% target,” ...

  Bloomberg Wells Fargo & Co. is launching another credit card, the latest in third-biggest US lender’s push to build out new offerings under Chief Executive Officer Charlie Scharf. The Wells Fargo Autograph card is the first in a group of rewards cards the firm plans to introduce, according to a statement on Monday. The card, which launches throughout the ...

  Bloomberg Mexico’s central bank is expected to speed the pace of interest rate increases, hiking borrowing costs by the most in recent times, with inflation stuck near a two-decade high. Banco de Mexico, known as Banxico, is seen raising its key interest rate by 75 basis points to 7.75%, the highest in almost three years, according to all 27 ...

  Bloomberg The slump that’s taken the baht to its weakest in more than five years may be near an end as Thailand entices back tourists and the central bank edges towards hiking rates. The currency’s 6% drop versus the dollar this quarter — its worst three-month performance since Covid-19 devastated sentiment in early 2020 — has coincided with the ...

Bloomberg Zimbabwe’s central bank plans to more than double the benchmark interest rate — already the highest in the world — to 190%, a member of its monetary policymaking committee (MPC) said, as it seeks to put a brake on soaring inflation. Persistence Gwanyanya, from the bank’s MPC, said the intention was to achieve a positive real interest rate to ...

  Bloomberg Canadian banks fall about 20% from their record high set in early February as recession fears send investors fleeing. The S&P/TSX Commercial Banks Index, which tracks the country’s eight largest lenders, dropped, adding to another day of losses after inflation in Canada surged to a four-decade high and US data pointed to rising unemployment and slumping manufacturing and ...

  Bloomberg Barclays Plc has agreed to buy Kensington Mortgage Company Ltd, expanding the reach of its offering in Britain’s housing market. The lender’s UK unit will pay about £2.3 billion ($2.8 billion) for the specialist mortgage lender that is owned by Blackstone Inc. and Sixth Street, according to a statement. Kensington, which is based in Maidenhead, England, and has ...

  Bloomberg The first hints that consumer belt-tightening is passing through to corporate earnings are coming in, posing a bigger risk to US equities than stock-selling by American households, according to Goldman Sachs Group Inc. High inflation and declining asset prices have started to strain household finances, Goldman strategists led by David Kostin wrote. They cited the 0.3% drop in ...