September, 2019

• 11 September

  US futures drift as stocks in Europe, Asia advance

  

  Bloomberg US stock-index futures drifted, failing to pick up momentum from a broad advance in equities in Europe and Asia after more signs emerged that China will move to lessen the trade war’s repercussions. Oil futures rose with the dollar. Gains in the Stoxx Europe 600 Index came in part from the strong rotation into cyclical sectors that had lagged ...

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• 11 September

  India stocks climb on stimulus plan

  

  Bloomberg Indian stocks rose as investors anticipated more government steps to revive consumer sentiment ahead of the festival season that accounts for a bulk of the nation’s sales. The S&P BSE Sensex gained 0.3 percent to 37,270.82 at the close in Mumbai, advancing for a third consecutive session. The NSE Nifty 50 Index also climbed 0.3 percent. The nation’s financial ...

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• 11 September

  Libra needs license: Swiss

  Bloomberg Switzerland said Facebook Inc’s planned Libra cryptocurrency would need an official green light, with granting of a license contingent on the risks of reserve management being borne by the organisation and not by stable-coin holders. Swiss financial regulator Finma said the project would need a payment system license and would be subject to additional rules to take “bank-like” risks ...

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• 11 September

  Nordea wholesale banking unit in need of ‘thorough review’

  

  Bloomberg Nordea Bank Abp’s activist investor Cevian Capital wants management to conduct an in-depth review of its wholesale banking activities after years of underperformance. Christer Gardell, managing partner at Stockholm-based Cevian, said that “it’s obvious that the segment is not performing,” in emailed comments to Bloomberg. That’s why Cevian thinks Nordea needs to do “a thorough review of the size ...

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• 11 September

  Indian lender bounces on stake plan report

  

  Bloomberg The Indian lender that’s been most hurt by a yearlong shadow banking crisis in the nation is getting a reprieve after a local media report that it’s in early talks to sell a stake to an Alibaba Group Holding Ltd-backed company. Shares of Yes Bank jumped as much as 8.5 percent on Wednesday. While the lender is the worst ...

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• 11 September

  Ghana bolsters capacity to avoid ‘banking cleanup’

  Bloomberg The Bank of Ghana is strengthening its capacity to regulate lenders and avoid a repeat of a sector cleanup which cost the West African nation more than 14 billion cedis ($2.5 billion). The central bank’s supervision unit is employing more staff and acquired a new IT system to monitor compliance, Osei Gyasi, head of the division, told a conference ...

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• 11 September

  Brexit-hit pound looks like EM currency: BOE

  

  Bloomberg Pound volatility is at emerging-market (EM) levels and UK assets are set for a substantial repricing once the Brexit outcome becomes known, according to Bank of England (BOE) Governor Mark Carney. Carney made the comparison, which echoes a long-standing quip on trading desks, at an event at the Council on Foreign Relations in New York. When asked to comment ...

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• 11 September

  JPMorgan joins rivals in cutting targets

  

  Bloomberg The pain from the Fed’s rate cuts is a little worse than the biggest US banks expected. JPMorgan Chase & Co reduced the annual net interest income target it set two months ago, joining Citigroup Inc and Wells Fargo & Co in lowering the bar. Longer-term rates have continued to fall as investors expect the Federal Reserve to continue ...

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• 11 September

  SocGen is looking to save $660m at Paris headquarters

  

  Bloomberg Societe Generale (SocGen) SA is studying ways to save 600 million euros ($662 million) in annual costs tied to its operations in Paris, part of an effort to win back investor confidence and improve returns. The review, known internally as “Ithaque,” started in June, according to a person familiar with the matter. No decision has been made and the ...

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• 11 September

  Cathay passenger traffic drops most in decade amid protests

  

  Bloomberg Embattled Cathay Pacific Airways Ltd reported its biggest drop in passenger traffic in more than a decade after facing heavy backlash from China in the wake of its employees joining protests in Hong Kong. Hong Kong’s flag carrier and its Cathay Dragon unit carried 2.9 million passengers in August, down 11 percent from a year earlier, the company said ...

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