Banking

Bloomberg Deutsche Bank AG had the credit rating of a class of debt cut to the lowest-investment grade level by Moody’s Investors Service after a change in German law last month paved the way for a more senior kind of borrowing. Moody’s downgraded the bank’s senior debt to Baa3 from Baa2 and reclassified the bonds as “junior senior” debt. The ...

Bloomberg Canada’s economy is gaining strength instead of buckling amid a trade fight with the US. Exports rose to a record high in June even as President Donald Trump slapped tariffs on steel and aluminum, and gross domestic product expanded in May at its fastest clip in a year, according to data released this week by Statistics Canada. That has ...

Bloomberg The Bank of England’s latest interest-rate increase has become another battleground in the vitriolic Brexit debate — yet many of the arguments overlook Governor Mark Carney’s reasoning. Despite Carney’s press conference and media interviews, some politicians and economists have been quick to call the move a mistake ahead of Britain’s departure from the European Union, while others said it ...

Bloomberg Argentina’s central bank is said to be discussing a repo loan of as much as $5 billion with foreign banks, according to people with knowledge of the matter. The talks with banks including HSBC Holdings Plc, UBS Group AG and Nomura Holdings Inc. are expected to continue into next week as the central bank considers its options to secure ...

Bloomberg The newest large bank trade group has hired a longtime JPMorgan Chase & Co. lobbyist to run its advocacy and communications efforts. Kate Childress, who helped lead JPMorgan’s lobbying and regulatory efforts on the 2010 Dodd-Frank law, will join the Bank Policy Institute in September, the association announced. The hiring is a do-over for the policy institute, which had ...

Bloomberg Banca Monte dei Paschi di Siena SpA rode lower costs and an asset sale to a second straight quarter of profit, even though a sharp drop in the value of Italian state debt hit revenue and eroded capital. Second-quarter net income totalled $117 million, the Siena, Italy based bank said in a statement, confirming progress toward a turnaround after ...

Bloomberg Bond-market strategists interested in Bank of America Corp.’s latest opening probably shouldn’t apply if they can’t speak French or don’t want to live in Paris. “Although not certain as yet, the role is very likely to be based in Paris as part of the firm’s Brexit transition,” the US lender said in a job advert for a credit strategist ...

Bloomberg The day after Haruhiko Kuroda pledged to allow greater swings in Japan’s giant bond market while pushing back against rapid increases, traders are putting him to the test. Moves in 10-year government debt futures were so extreme — a drop of as much as 0.5 percent, the most in almost two years — that they triggered an emergency margin ...

Bloomberg China’s central bank has started actively encouraging banks to extend more credit by taking a softer stance on loan quotas, people familiar with the matter said, as authorities ratchet up efforts to bolster a cooling economy. The People’s Bank of China (PBOC) has delivered the message via so-called window guidance, said the people, who asked not to be named ...

Bloomberg India’s central bank raised its benchmark interest rate to the highest in two years as it stepped up efforts to curb inflation and stem capital outflows. Five of the six members of the monetary policy committee voted to raise the repurchase rate by 25 basis points to 6.5 percent, with Ravindra Dholakia the only one opposing it, the Reserve ...