June, 2018

• 25 June

  Commonwealth bank CEO overhauls ‘lender’

  

  Bloomberg The Commonwealth Bank of Australia’s new Chief Executive Officer Matt Comyn has embarked on a massive overhaul of the scandal-plagued lender, announcing plans to spin off its wealth management and mortgage-broking businesses. The asset management, wealth advisory and Aussie Home Loans units will be placed into a new company known as CFS Group to be listed on the Australian …

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• 25 June

  PBOC: Reserve cut not aimed at helping housing market

  

  Bloomberg When China allowed banks to use 700 billion yuan ($108 billion) more of their deposits, they were very clear on where the money should go. One sector not mentioned was the overheating property market. Money freed up from previous cuts may have ended up flowing into the housing market, and the design of this new policy seems aimed at …

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• 25 June

  Central banks told not to be afraid of shaking markets a little

  

  Bloomberg Central banks should accept that reversing crisis-era monetary policy will be “bumpy” and shouldn’t delay doing so just for fear of upsetting financial markets, according to the Bank for International Settlements. Claudio Borio, who heads the institution’s economics department, urged policy makers to press ahead, both to address financial stability risks and to insulate their economies against the next …

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• 24 June

  Saudi vows decisive oil supply boost to comfort consumers

  

  Bloomberg Saudi Arabia promised to act decisively to keep oil prices under control, signalling a real supply boost approaching 1 million barrels a day is on the way to global markets. “We will do whatever is necessary to keep the market in balance,” Saudi Energy Minister Khalid Al-Falih told reporters, while sitting alongside his Russian counterpart Alexander Novak at OPEC …

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• 24 June

  Egypt sets stage to end LNG tenders, resume exports

  

  Bloomberg Egypt may have just issued its last LNG tender, setting the stage to resume exports next year. Imports of liquefied natural gas may stop in the fourth quarter, allowing for exports to start early next year as Eni SpA’s Zohr and other gas fields boost production in the country and help to draw more foreign investment, Petroleum and Mineral …

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• 24 June

  Chinese province aims for another clean power milestone

  

  Bloomberg A sparsely populated Chinese province that is home to the headwaters of the Yellow and Yangtze rivers is poised for another clean energy milestone. The northwest Chinese province of Qinghai is aiming to use only electricity generated from renewable sources, including hydroelectric pow-er, to supply its population of nearly 6 million over a nine-day period that started June 20, …

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• 24 June

  Property market in China seen at risk

  

  Bloomberg A mad scramble by Chinese property developers to build up their land banks is taking its toll on the industry’s creditworthiness, with builders singled out as having the highest risk of default as channels of credit tighten. The Bloomberg Default risk model, which tracks metrics including share performance, liabilities and cash flow, shows a 0.87 percent average probability that …

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• 24 June

  Trade is an afterthought in stock market still glued to earnings

  

  Bloomberg Of all the forces swaying equity prices, earnings expectations are the hardest to see. They don’t make headlines, are difficult to quantify and get lost in the din around trade wars and politics. Yet ignoring them is to miss the biggest part of what influences the market — the force that keeps the peace in a week like this. …

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• 24 June

  Bitcoin approaches year low as Japan cracks down on venues

  

  Bloomberg Bitcoin extended losses as it approached the lowest price for the year after Japanese regulators hit six of the country’s biggest cryptocurrency trading venues with business-improvement orders. The biggest virtual currency fell as much as 10 percent to $6,045.31, testing the low for the year of $5,922 that was set on February 6, according to prices compiled by Bloomberg. …

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• 24 June

  Goldman, Morgan Stanley say test scores may not curb payouts

  

  Bloomberg Goldman Sachs Group Inc and Morgan Stanley are imploring investors not to get spooked. The investment banks had the two lowest capital levels by one key measure in stress test results released by the Federal Reserve, threatening to limit how much cash they’ll be able to return to shareholders through dividends and stock buybacks. But both firms say they …

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