Banking

Bloomberg Morgan Stanley is optimistic on emerging-market bonds looking ahead to 2019. Some of its clients less so. “We’ve spent the last two weeks discussing our year-ahead outlook with investors. We received pushback on our constructive view on EM fixed income,” Morgan Stanley strategists including James Lord wrote in a note. “Chief among concerns is the global growth outlook and ...

Bloomberg Urjit Patel’s shock exit as governor of the Reserve Bank of India has roiled financial markets. The rupee dropped as much as 1.6 percent against the dollar in early trading on Tuesday, reacting to Patel’s decision to quit nine months before the end of his three-year term for “personal reasons.” Patel’s RBI had been at loggerheads with the government ...

Bloomberg Jerome Powell is ramping up Federal Reserve communication to build public trust and help insulate it from political attack. In recent weeks, the Fed has announced a series of initiatives, including a monetary-policy review roadshow, a semi-annual assessment of financial stability, and its inaugural Supervision and Regulation Report. These follow Powell’s early promise of “plain-English’’ explanations and a doubling ...

Bloomberg As market odds increase that the Federal Reserve will pause its rate-hike path, Goldman Sachs says its prediction for a weaker dollar could come sooner rather than later. Over the past week, worsening US economic data — including a tepid jobs report — have led some to consider the chance of a Fed pause in 2019. Goldman Sachs joined ...

Bloomberg Wall Street’s biggest banks are scouring US data for signals of an impending recession. On balance, they’ve been finding that a 2019 downturn still isn’t likely — though it’s becoming slightly more so. The current expansion is eight months away from becoming longest in postwar history. Most indicators remain solid enough to suggest it’ll get there. But sell-off in ...

Bloomberg Urjit Patel resigned as governor of India’s central bank amid growing differences with the government on addressing issues ranging from problems at the country’s lenders to utilisation of capital reserves. “On account of personal reasons, I have decided to step down from my current position effective immediately,” Patel said in a statement posted on the central bank’s website. Patel, ...

Bloomberg Commerzbank AG is replacing two top executives as progress in Chief Executive Officer Martin Zielke’s turnaround plan remains uneven. Michael Reuther, who heads the corporate clients unit, will leave when his term expires next September, while Chief Operating Officer Frank Annus-cheit is stepping down at end of the year for health reasons. The changes touch on two key pieces ...

Bloomberg Optimism over prospects for growth at US firms has begun to fade even as a majority of Federal Reserve districts continued to report modest to moderate economic expansion in recent weeks. “Most districts reported that firms remained positive,” according to a Federal Reserve report. “However, optimism has waned in some as contacts cited increased uncertainty from impacts of tariffs, ...

Bloomberg Credit Suisse Group AG will announce a share-buyback program worth “billions” and increase its dividend at an investor day this week, newspaper SonntagsZeitung reported, without saying where it got the information. There’s pressure on Chief Executive Officer Tidjane Thiam to follow in the footsteps of Sergio Ermotti, head of rival UBS Group AG, and use his own money to ...

Bloomberg Federal Reserve Governor Lael Brainard said US economic momentum is strong and a gradual approach to interest-rate increases remains appropriate for now. “The gradual path of increases in the federal funds rate has served us well by giving us time to assess the effects of policy as we have proceeded,’’ Brainard said at a conference at the Peterson Institute ...