September, 2022

• 17 September

  Miles of mourners form orderly queue to say goodbye to Queen

  

  Bloomberg In the oldest part of Parliament, Queen Elizabeth II’s coffin lies guarded by iconic ‘Beefeaters’ and other members of Britain’s military elite —the silence in cavernous Westminster Hall broken only by the sound of metal and boot on stone when the watch changes at 20-minute intervals. On either side, people in T-shirts and jeans, or work suits, or shorts ...

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• 17 September

  Credit Suisse’s SPG unit draws interest from both Apollo, BNP

  

  Bloomberg Apollo Global Management Inc and BNP Paribas SA are among investors showing interest in acquiring at least part of Credit Suisse Group AG securitised products group, people with knowledge of the matter said. The Zurich-based firm is exploring deals to sell the entire business, while potential investors may pitch to acquire specific portfolios or risk classes, the people said, ...

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• 17 September

  RBA: Hiking pace will slow ‘at some point’ as rate rises

  

    Bloomberg Australia’s central bank chief Philip Lowe said the case for outsized interest-rate increases has “diminished” now that the cash rate is approaching “more normal settings,” suggesting smaller moves ahead. The Reserve Bank’s board will debate the merits of hiking by a quarter-percentage point or a half-point at its October 4 meeting, Governor Lowe said in response to Australian ...

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• 17 September

  Dollar only place to hide in 2022 as risk assets sink: Citi strategists

  

  Bloomberg An overvalued dollar is now the only possible hedge for what’s turning into the biggest destruction of shareholder value since the global financial crisis, according to macro strategists at Citigroup Inc. With global equities already down $23 trillion in 2022, the greenback’s inverse relationship to risk assets makes it the only game in town for at least the rest ...

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• 17 September

  BofA offers six weeks paid sabbatical for longtime staff

  

  Bloomberg Bank of America Corp (BofA) is starting a paid sabbatical program to reward its long-term employees, starting with four weeks off for those who have spent 15 years with the company. Beginning next year, the bank will offer time off to let employees “reinvest in their priorities in life,” according to a memo seen by Bloomberg News. The move ...

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• 17 September

  China’s swap markets signal near-term easing bets fading

    Bloomberg China’s bond traders are growing less optimistic about the prospects for more monetary easing, if the derivatives markets are anything to go by. The nation’s one-year interest rate swaps, which show investor expectations of funding costs in the future, climbed for the seventh straight day on Friday in their longest rising streak since August 2019. That’s because China’s ...

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• 17 September

  Russia signals interest rate cuts may be over

  Bloomberg Russia’s central bank signalled it’s close to taking a pause from easing monetary policy after delivering the smallest interest-rate cut of the current cycle, as renewed risks of inflation prompt more caution. Governor Elvira Nabiullina said “we are close to the conclusion of the easing cycle,” with the central bank describing current monetary conditions as “overall neutral.” Policy makers ...

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• 17 September

  Goldman faces Fed scrutiny of money-losing Marcus unit

  

  Bloomberg Goldman Sachs Group Inc’s six-year foray into consumer banking — the unit dubbed Marcus — is the focus of a new review at the Federal Reserve. Fed officials have been looking into the Wall Street giant’s online-banking platform aimed at retail customers, according to people with knowledge of the matter. For at least several weeks, they’ve been peppering Goldman ...

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• 17 September

  US futures extend slide as dollar keeps climbing

  

  Bloomberg Equities extended declines on Friday, with an index of global stocks on track for the worst week since June, while a gauge of the dollar continued its ascent, reflecting bets for outsize Federal Reserve interest rate hikes. US futures dropped, suggesting the selloff that drove the S&P 500 index to its lowest close in about two months isn’t over ...

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• 17 September

  Pound hits lowest since 1985 over cost-of-living crisis

  

    Bloomberg The pound slid to its weakest level in almost four decades as mounting evidence of a UK recession combines with an ascendant dollar. Sterling fell as much as 1% to $1.1351, the lowest since 1985. The latest hit was data showing UK retail sales fell at the sharpest pace in eight months in August, as a worsening cost-of-living ...

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