June, 2018

• 20 June

  Tech rally drives US stock gains, Treasury yields edge higher

  

  Bloomberg US stocks were lifted by a rally in tech shares as concerns about a potential global trade war eased. Treasury yields edged higher and oil rallied. The S&P 500 was slightly higher after paring an early advance, while the Dow Jones Industrial Average slipped a seventh straight day. The Nasdaq Composite Index added to an all-time high, buoyed by …

  Read More »
• 20 June

  Crude advances as US stockpile drop presages OPEC meet

  

  Bloomberg Crude clung to gains after a larger-than-expected decline in US crude stockpiles heightened the importance of a key OPEC meeting later this week. Futures rose as much as 1.9 percent in New York on Wednesday. American oil inventories plunged by 5.91 million barrels last week, a bigger withdrawal than any of the 12 analysts in a Bloomberg survey expected. …

  Read More »
• 20 June

  US existing-home sales unexpectedly fall on inventory woes

  

  Bloomberg Sales of previously owned US homes unexpectedly fell in May for a second month as a lack of inventory and elevated asking prices weighed on demand, National Association of Realtors (NAR) data showed. The drop in sales was led by declines in purchases of single-family homes and cheaper properties, according to NAR, indicating that the market is being driven by …

  Read More »
• 20 June

  Banks in EU win battle to soften new crisis rules

  

  Bloomberg Banks in the European Union won a battle to soften new rules on how failing firms are restructured, as the bloc’s parliament staked out its position on a sweeping overhaul of rules for the financial industry. Lawmakers backed a cap on the loss-absorbing liabilities that regulator can force troubled banks to hold. The ceiling could help to hold down …

  Read More »
• 20 June

  Norway firming up plans for first interest rate hike in 7 years

  

  Bloomberg Norway’s central bank is seen firming up plans to lift interest rates “after summer” as the richest Scandinavians leave their oil shock behind them. As Norway moves from a recovery to an outright expansion, policy makers in Oslo are becoming less focussed on the krone and are preparing to tighten ahead of colleagues in Frankfurt and Stockholm. “Norges Bank …

  Read More »
• 20 June

  PBOC to use tools ‘comprehensively’ as trade war with US sparks sell-off

  

  Bloomberg China’s central bank called for investors to remain calm and pledged to use monetary policy “comprehensively,” after an escalation of the stand-off with US sent the nation’s benchmark stock index plunging. The People’s Bank of China Governor, Yi Gang, said in an interview with the Shanghai Securities News published on the central bank’s website that policy makers are prepared …

  Read More »
• 20 June

  Bank of England could target UK productivity goal

  Bloomberg The Bank of England’s remit should be overhauled to include a 3 percent target for productivity growth, according to a report commissioned by the UK’s opposition Labour Party. The central bank should also have its toolkit expanded to include credit guidance and greater use of macro-prudential policy, said the study, led by GFC Economics’ Graham Turner. The proposals, for …

  Read More »
• 20 June

  Morocco central bank holds rates, citing inflation prospects

  

  Bloomberg Morocco’s central bank kept its benchmark interest rate unchanged despite rising inflation that’s prompted a damaging product boycott. The central bank kept the key rate at 2.25 percent, citing medium-term inflation and growth prospects. Last month the general affairs minister said the economy could withstand annual price growth of as much as 3 percent, above the 2.7 percent reached …

  Read More »
• 20 June

  StanChart sees bigger revenues from Africa

  Bloomberg Standard Chartered Plc expects Africa to account for a bigger slice of revenue if the region is able to put in place policies that will further spur economic growth, Chairman Jose Vinals said. “If they do the right thing, they’ll grow faster than other countries which are more advanced,” he said in an interview in Lagos, Nigeria’s commercial capital. …

  Read More »
• 20 June

  Taiwan poised to keep benchmark interest rate unchanged

  

  Bloomberg Taiwan’s central bank will keep its benchmark interest rate unchanged on Thursday as a brewing trade war adds to risks facing the export-oriented economy, according to a Bloomberg survey. A majority of 33 economists said Taiwan will hold the discount rate for banks at an eight-year low of 1.375 percent, while only three predicted an increase of 12.5 basis …

  Read More »