May, 2019

• 29 May

  Stocks slump as warning by bond-market rings louder

  

  Bloomberg Stocks extended their global retreat on Wednesday as investors fled to bonds, driving yields down to multi-year lows in a fresh wave of risk aversion. Gold advanced. US futures slumped for the S&P 500 and Nasdaq 100 indexes, signalling an opening drop in New York. Declines in miners and tech companies pulled the Stoxx Europe 600 Index lower, after ...

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• 29 May

  South Korea’s stock loses 2019 gains as trade war continues

  

  Bloomberg South Korea’s $1.3 trillion stock market became the latest victim of the US-China trade war, with its benchmark index losing all of this year’s advance on Wednesday. The Kospi index fell 1.3 percent to 2,023.32 at the close in Seoul, its lowest since January 4. Foreign investors sold a net 360 billion won ($301 million) of Kospi shares in ...

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• 29 May

  Mispricing climate change may hurt financial stability, says ECB

  

  Bloomberg Climate change could hit bank balance sheets with a knock-on effect on financial stability, the European Central Bank (ECB) warned on Wednesday. In a special feature for its semi-annual Financial Stability Review on Wednesday, the ECB said problems will materialise if markets aren’t correctly pricing the risks stemming from extreme weather events and the transition to a low-carbon emission ...

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• 29 May

  Irish government reaps central bank payment of $2.4b

  

  Bloomberg The Irish government sna-gged a payment of about 2.1 billion euros ($2.4 billion) from the country’s central bank, according to a person familiar with the matter. The transfer flowed from the bank’s 2018 earnings, said the person, who asked not to be named as the information is private. Details will be published with the regulator’s annual report on Wednesday ...

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• 29 May

  RBA signals it expects to lower rates this year

  Bloomberg The Reserve Bank of Australia (RBA) signalled it expects to lower interest rates this year. It is setting off fresh round of forecasts for deeper policy cuts as economists ponder where the lower bound is Down Under. JPMorgan Chase & Co. on Wednesday said it expects the central bank will have to cut its 1.5 percent benchmark 1 percentage ...

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• 29 May

  Sweden’s dirty money case has only begun: Browder

  

  Bloomberg Bill Browder, the co-founder of Hermitage Capital Management, says the fallout of a money laundering saga involving the biggest mortgage bank in Sweden is “just starting.” During a tour of the Nordic region this week, Browder said he won’t drop his accusations against Swedbank AB even after the Swedish prosecutor declined to take up his complaint, citing a statute ...

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• 29 May

  Scotiabank’s earnings miss estimates as provisions for loan losses increase

  

  Bloomberg Bank of Nova Scotia reported earnings that missed analysts’ estimates as higher provisions for loan losses tied mainly to takeovers hurt results in the fiscal second quarter. Canada’s third-largest lender by assets set aside more money for soured loans in its Canadian banking and international divisions, leading to a 63 percent jump in provisions across the bank. Provisions for ...

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• 29 May

  Hungary maintains policy despite uptick in inflation

  

  Bloomberg Hungary’s central bank kept its monetary policy unchanged despite an uptick in inflation and a weakening forint, pledging to review its setup in June when its updated forecasts are due. Central bankers, who held the benchmark rate at 0.9 percent and the overnight deposit rate at minus 0.05 percent, said financing costs would remain favourable but a cautious approach ...

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• 29 May

  EU cautions on Max return with no FAA stamp

  

  Bloomberg European regulators assessing changes to Boeing Co’s grounded 737 Max will scrutinise the jet’s entire flight-control system before a return to the skies can be approved. The review by the European Union Aviation Safety Agency (EASA) will include the plane’s displays, alerts and air-data systems, as well as the aircraft’s autopilot function, EASA Director Patrick Ky wrote in a ...

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• 29 May

  Walmart appoints Google, Amazon veteran as CTO

  

  Bloomberg Walmart Inc hired an executive who has held senior roles at Google, Microsoft Corp and Amazon.com Inc as its new technology chief, while expanding and elevating the role. Suresh Kumar will join Walmart on July 8 as the retailer’s chief technology officer and chief development officer, reporting to chief executive officer Doug McMillon. He’ll be based out of the ...

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