January, 2023

• 19 January

  BOJ jolts financial markets but risk of a bigger shock remains

  

    Bloomberg An unchanged decision from the Bank of Japan (BOJ) gave global investors a modest jolt Wednesday, leaving the bigger shock of a future policy shift hanging over markets from the yen to Treasuries. Standing pat caught some traders by surprise but is unlikely to douse speculation that the BOJ will normalize policy as inflation in Japan accelerates and ...

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• 19 January

  Morgan Stanley, BofA sell $9b of new bonds

  

  Bloomberg Morgan Stanley and Bank of America Corp (BofA) were the first of the big six Wall Street banks to announce bond sales, combining to sell $9 billion of new bonds, as the market gears up for the usual deluge of debt from the US lenders following their respective earnings reports. Morgan Stanley sold $6 billion of new debt in ...

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• 19 January

  Fed approves BMO’s $16.3b takeover of Bank of the West

  

  Bloomberg Bank of Montreal (BMO) has received approval from the Federal Reserve to acquire San Francisco-based Bank of the West, a combination that will create the 15th-largest US lender. After the transaction, Bank of Montreal US subsidiary BMO Financial Corp. will have consolidated assets of $286.8 billion, representing about 1% of those held by insured depository institutions in the US, ...

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• 19 January

  Coinbase Global stops its operations in Japan

  

  Bloomberg Coinbase Global Inc. is halting operations in Japan, less than a month after another major digital asset exchange Kraken announced its withdrawal from the country. Customers will have until February 16 to withdraw their fiat and crypto holdings, Coinbase said in a blog post on Wednesday. Any remaining crypto held at Coinbase on or after February 17 will be ...

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• 19 January

  BNY Mellon plans to cut 3% of staff

    Bloomberg Bank of New York Mellon Corp. is planning to lay off about 1,500 staff this year as the US lender says costs will be a top priority for 2023. The reductions account for about 3% of the firm’s 51,700 workforce at year end. The bank reported revenue of $3.92 billion in its fourth-quarter results, missing analyst estimates. BNY ...

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• 19 January

  Digital Currency Group halts dividend payment

    Bloomberg Digital Currency Group, the struggling crypto empire whose Genesis Global Capital lending unit is trying to stave off bankruptcy, said it’s suspending quarterly dividends to preserve cash. The move comes as the group focuses on “strengthening our balance sheet by reducing operating expenses and preserving liquidity,” according to a letter to shareholders.

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• 19 January

  JPMorgan’s Kolanovic cuts equity allocation again on growth risk

    Bloomberg JPMorgan Chase & Co. strategist Marko Kolanovic reiterated that he sees downside risk for the stock market in the first quarter, with the bank reducing its recommended equity allocation once again due to fears of a recession and central bank overtightening. The bank strengthened its underweight call for equities broadly and in the euro area specifically, given the ...

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• 19 January

  Chinese stocks to outperform global peers in first half of ’23

  

    Bloomberg Chinese equities will outperform global peers in the first half of this year, according to Carrhae Capital LLP, which is betting on the nation’s reopening after its emerging-market hedge fund beat peers last year. “We have entered the year with a very bullish stance on China and on the margin we have been taking profits,” Ali Akay, Carrhae ...

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• 19 January

  US index futures drift higher amid choppy earnings

  

    Bloomberg US equity-index futures posted modest gains as investors remained on the edge over the direction of monetary policy and corporate earnings. The yen slid against the dollar after the Bank of Japan kept monetary settings unchanged. Contracts on the S&P 500 and Nasdaq 100 indexes were 0.2% higher each after a choppy session in New York amid diverging ...

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• 18 January

  Adnoc, Thyssenkrupp sign pact to create new markets for hydrogen

  

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc), a responsible provider of reliable, lower-carbon intensity energy, announced on Tuesday that it has signed a memorandum of understanding (MoU) with Thyssenkrupp Uhde, a Germany-based subsidiary of thyssenkrupp group that specialises in chemical engineering, to explore a long-term partnership to create new markets for hydrogen and promote global clean energy ...

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