Banking

Swiss National Bank can’t exclude further tightening, says Jordan

BLOOMBERG The Swiss National Bank (SNB) may need to raise borrowing costs more, according to President Thomas Jordan. “We can’t exclude that we might have to tighten monetary policy again,” Jordan told reporters in Washington, where he’s attending meetings of the International Monetary Fund (IMF) and World Bank. The SNB has increased interest rates by 225 basis points in the ...

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‘ECB should slow and pause interest rate hikes in May’

BLOOMBERG A quarter-point increase in interest rates is the most the European Central Bank (ECB) has to deliver at its next meeting, Governing Council member Mario Centeno said, playing down concerns over the strength of underlying inflation. Either a pause, or a slowdown in the pace of hikes is possible as headline price gains in the euro zone retreat and ...

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RBC becomes world’s biggest fossil-fuel bank

BLOOMBERG  Royal Bank of Canada (RBC) topped JPMorgan Chase & Co last year to become the world’s largest backer of fossil-fuel companies, providing more fodder to critics who say the lender isn’t living up to its climate commitments. Royal Bank provided $42.1 billion of funding to the industry, up 4.2% from a year earlier, surpassing the $39.2 billion provided by ...

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JPMorgan surges most in almost 11 months on higher NII outlook

BLOOMBERG  JPMorgan Chase & Co surged the most in almost 11 months after boosting its guidance for net interest income (NII) and reporting an unexpected increase in deposits. NII soared 49% in the first quarter, a bigger jump than analysts expected, and the bank said it now expects the figure to clock in at about $81 billion for this year. ...

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Euro now a harbinger for an emerging currency rally: Citi

BLOOMBERG  Strength in the euro is emboldening Citigroup Inc strategists to boost their bullish call on emerging-market currencies. The euro area’s brightening outlook and the likelihood of a shallow US recession suggest a “lack of catalysts” for a stronger dollar, the Citigroup team including Dirk Willer and Luis Costa said in a report. The euro climbed to its highest level ...

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ECB ‘certainly’ isn’t done with interest-rate hikes: Knot

BLOOMBERG The European Central Bank (ECB) has to continue to raise borrowing costs, according to Governing Council member Klaas Knot, conceding that a slower pace of tightening could be warranted. “We are certainly not done with interest-rate hikes,” the Dutch central bank chief told the NRC newspaper in an interview. “Core inflation in the euro zone is now almost 6%, ...

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BOJ’s Ueda highlights risk of inflation falling below target

BLOOMBERG  New Bank of Japan (BOJ) Governor Kazuo Ueda struck a dovish tone once again by highlighting the risk of inflation slowing below the central bank’s target. Comparing the risk of inflation overshooting and falling below 2%, “it’s appropriate to conduct monetary policy by focusing on the latter risk” considering economic conditions, Ueda told reporters in Washington. Coming three days ...

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HSBC plans to recruit 30 private bankers in fresh India wealth push

BLOOMBERG  HSBC Holdings Plc plans to recruit about 30 bankers to service India’s ultra-rich through its private bank that the lender will launch in the country in the next few months, according to people with knowledge of the matter. The bank is seeking to fill the roles internally from staff in the country, as well as to hire wealth managers ...

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UK banks to curb mortgage supply as loan defaults rise

BLOOMBERG  British banks expect to put the squeeze on the mortgage market in the coming months after signs emerged of business and household loan defaults picking up. The Bank of England’s (BOE) quarterly credit conditions survey showed that the availability of home loans will be curtailed in the second quarter (Q2). Lenders said that default rates on mortgages, unsecured credit ...

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