Bloomberg President Joe Biden denied that relations with Beijing have suffered a serious blow after the US downed an alleged Chinese spy balloon that flew across the continental US. Biden said that the US is currently recovering “major pieces” of the aircraft to analyze the equipment. But he maintained that the incident hasn’t further exacerbated tensions with the country. “No. …

  Bloomberg Indian Prime Minister Narendra Modi continued to deflect opposition pressure over his said links with billionaire Gautam Adani who’s battling allegations of fraud and market manipulation from a US short seller. Modi spoke in the upper house of parliament, his second speech in the legislature in as many days, amid chants of “Modi-Adani are brothers” from the opposition …

Bloomberg Credit Suisse group AG posted a bigger-than-expected loss for the fourth quarter and unprecedented client outflows, exacerbating the difficulty for Chief Executive Officer Ulrich Koerner in returning to profitability by next year. Shares in the Swiss bank slid 10% on Thursday after it posted a fifth-straight quarterly loss, of 1.39 billion Swiss francs ($1.5 billion). While outflows were concentrated …

  Bloomberg The Riksbank raised borrowing costs by half a percentage point, pledged to start bond sales and declared it wants a stronger krona, as its new governor set out his inflation fighting credentials. The krona jumped after the decision on Thursday to lift the Swedish central bank’s interest rate to 3% and accelerate the unwind of quantitative easing, in …

  Bloomberg Visa Inc. is opening a new office in Atlanta as the payments giant proceeds with plans to triple its workforce in the city even as rivals cut back on their staffing. The company has almost doubled its presence in Atlanta in recent years, increasing employees in the Southeastern city to about 350. With the new office, Visa plans …

  Bloomberg Deutsche Bank AG’s asset management arm is in talks to invest in two German cryptocurrency firms as part of efforts to revive growth. DWS group, led by Chief Executive Officer Stefan Hoops, has held talks about buying a minority stake in Deutsche Digital Assets, a Frankfurt-based provider of crypto exchange-traded products. Another potential target is Tradias, the market-making …

  Bloomberg The European Central Bank (ECB) won’t need to return to ultra-low interest rates as inflation will settle in a new regime close to its 2% medium-term target, according to Governing Council member Francois Villeroy de Galhau. “I personally believe that once we will have fought inflation and come back to 2% we will be in a new inflation …

Bloomberg Expect more defaults in the $4 trillion municipal-bond market this year, Bank of America Corp. (BofA) strategists said. Most of the distress will be concentrated in riskier sectors like nursing homes and hospitals. Muni-bond defaults are forecast to total between $1.7 billion and $2.1 billion in 2023, according to a research note of the bank. First-time payment defaults in …

Bloomberg Adani group stocks fell, ending a two-day rally, after MSCI Inc. said it was reviewing the amount of shares linked to the group that were freely tradable in public markets. Any decision by MSCI to cut its assessment of the number of Adani shares considered freely tradable or remove the stocks from its indexes will likely trigger more selling. …

  Bloomberg Stocks advanced with US futures as investors digested a slew of earnings reports and awaited data on US jobless claims. Contracts on US gauges signalled a rebound from Wednesday’s equity losses. Walt Disney Co. surged in premarket trading following better-than-expected results and a restructuring plan that includes job cuts and cost savings. Robinhood Markets Inc. rose on an …