February, 2019

• 6 February

  Brexit is leaving UK assets stranded in purgatory

  

  In some theologies, purgatory is where the souls of the dead undergo purification of their sins before rising to heaven or descending into hell. As the deadline for Britain’s exit from the European Union (EU) approaches, UK assets face a similarly binary outcome — making investors justifiably unwilling to take big bets on the endgame. As things stand, it remains ...

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• 6 February

  Stocks edge up as dollar advances; iron ore rises

  

  Bloomberg US equity futures and European stocks edged up on Wednesday as investors digested the latest earnings from corporate heavyweights. The dollar stayed higher as delayed data showed America’s trade deficit narrowed, while Treasury yields ticked lower. Contracts on the Nasdaq index advanced and those on the Dow Jones and S&P 500 gauges eked out small gains after General Motors ...

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• 6 February

  India stocks gain on optimism RBI may change ‘rate view’

  

  Bloomberg India stocks gained on optimism that the nation’s central bank may abandon its hawkish view on interest rates, in a decision due on Thursday. The S&P BSE Sensex advanced for a fifth session, climbing 1 percent to 36,975.23 in Mumbai, its highest level since September. The NSE Nifty 50 Index also added 1.2 percent to reclaim the 11,000 mark, ...

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• 6 February

  Philippine stock market just 154 points from a bull run

  Bloomberg The Philippine stock market flirted with a bull market run on Wednesday, before ending the day lower. Still, the benchmark recovered a remarkable 18% in just three months, and investors say positive earnings results will further spur gains. The Philippine Stock Exchange Index climbed as much as 1.8 percent in Manila, before it fizzled, dipping below the 8,212.59 level ...

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• 6 February

  US banks reap $21bn from tax bills

  

  Bloomberg Major US banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul. By year-end, most of the nation’s largest lenders met or exceeded their initial predictions for tax savings. On average, the banks saw their effective tax ...

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• 6 February

  UBS gets nod to move $36.5 billion of assets to Germany over Brexit

  

  Bloomberg The impact of Brexit on London’s financial sector came into stark relief as a judge approved plans by a UBS Group AG unit to shift some of its UK business — involving assets valued at more than 32 billion euros ($36.5 billion) — to Germany. The Swiss bank’s plans are a response to the “external shock” of Britain’s exit ...

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• 6 February

  Nordea Bank bonuses slumped 31% in 2018

  

  Bloomberg Casper von Koskull, the chief executive officer of Nordea Bank Abp, says he has no intention of becoming a market leader when it comes to offering the fattest pay packages to entice talent. The comments come as the biggest Nordic lender revealed that the amount of money it set aside to pay bonuses to its employees slumped 31 percent ...

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• 6 February

  BNP Paribas lowers targets after derivatives loss jolts trading arm

  

  Bloomberg BNP Paribas SA cut revenue and profitability targets after the French bank was among the hardest hit by a stock market rout at the end of last year. France’s biggest lender is planning 600 million euros ($684 million) in additional cost cuts, focussing on the investment bank that Chief Executive Officer Jean-Laurent Bonnafe had targeted as a growth driver. ...

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• 6 February

  Iceland central bank keeps rate unchanged

  Bloomberg Iceland’s central bank kept its benchmark rate unchanged for a second meeting as policy makers face slowing economic growth while inflation remains far above target. The Central Bank of Iceland kept its key interest rate at 4.5 percent, according to a statement. The bank predicted that growth in the smallest Nordic economy will cool to 1.8 percent this year, ...

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• 6 February

  Apple taps first insider to lead retail for a post-iPhone era

  

  Bloomberg Apple Inc. named its third retail chief in seven years, seeking to shake up store operations while casting about for the next big hit as the iPhone era wanes. Apple said company veteran Deirdre O’Brien will replace Angela Ahrendts, who served in the role for about five years. O’Brien is the first insider tapped to run the Apple division ...

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