May, 2023

• 9 May

  European stocks, US futures struggle

  

  BLOOMBERG European stocks struggled to build on the strong rebound as traders assessed hawkish comments from policy makers and disappointing data from the region’s biggest economy. Bond yields across Europe rose. The Stoxx Europe 600 index edged higher, with energy stocks outperforming as crude oil gained. With UK markets closed for a a holiday in honour of King Charles III, ...

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• 9 May

  Chinese bank stocks soar, add $166 billion in trading frenzy

  

  BLOOMBERG Chinese banking stocks are surfing a tide of optimism not seen since the nation’s 2015 equity bubble, as traders look to state lenders to galvanise a long-awaited market rally. The CSI 300 Financials Index jumped for a fifth session to reach its highest level since April 2022, adding $166 billion in market value in the process. The gains were ...

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• 8 May

  As part of ongoing humanitarian efforts, UAE evacuates 178 people from Sudan

  

  ABU DHABI / WAM An evacuation plane carrying 178 nationals from seven countries arrived in the UAE this afternoon from Sudan, which has experienced clashes since mid-April. The plane carried the most vulnerable groups of the sick, children, the elderly, and women, as the UAE has placed them at the top of its priorities. Among those evacuated onboard the flight ...

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• 8 May

  UK depositors pull $13.8bn out of banks after SVB crisis

  

  BLOOMBERG British households and businesses pulled almost £11 billion ($13.8 billion) out from banks in March as panic spread from the collapse of Silicon Valley Bank (SVB) and the takeover of Credit Suisse Group AG. Households took out almost $6.32 billion (£5 billion) from bank accounts in the first decline in deposits in almost five years, Bank of England (BOE) ...

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• 8 May

  More Chinese banks cut deposit rates as their margins shrink

  

  BLOOMBERG At least three nationwide Chinese banks lowered deposit rates, following a similar move by their smaller rivals in April as lenders battle shrinking margins. Mid-sized national banks including China Zheshang Bank Co, Hengfeng Bank Co and China Bohai Bank Co said they lowered deposit rates as much as 30 basis points on some tenors. After the adjustment, these lenders ...

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• 8 May

  TD Bank, First Horizon agree to terminate $13 billion merger

  

  BLOOMBERG Toronto-Dominion Bank (TD Bank) and First Horizon Corp have agreed to terminate their previously announced merger amid uncertainty about the possibility of regulatory approvals. The lenders said in a statement that they “entered into a mutual agreement” to terminate their 2022 merger. TD will make a $200 million cash payment to Memphis-based First Horizon, on top of a $25 ...

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• 8 May

  National Bank of Australia chief says profit getting harder to make

  

  BLOOMBERG Australian bank margins have hit the peak and earnings are going to become harder to eke out, National Australia Bank Ltd (NAB) Chief Executive Officer (CEO) Ross McEwan warned. Speaking to Bloomberg Television after a record half-year profit failed to ease investor nerves about the bank’s outlook, McEwan said a decline in the share price was “somewhat expected.” “The ...

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• 8 May

  Morgan Stanley in talks to resolve US block trading probes

  

  BLOOMBERG Morgan Stanley said it’s in talks with US prosecutors and regulators to resolve a probe into its block trading practices. “The firm is currently engaged in discussions regarding potential resolution of the investigations by the enforcement division of the US Securities and Exchange Commission (SEC) and the US Attorney’s Office for the Southern District of New York into various ...

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• 8 May

  Global forum spotlights actions to make trade more sustainable

  

  GENEVA / WAM The United Nations Conference on Trade and Development (UNCTAD) will host the third UN Trade Forum on May 8-9 to identify trade policies that can help countries grow their economies while tackling pressing global challenges and accelerating progress towards achieving the UN’s Sustainable Development Goals. The forum will give particular attention to developing countries, which have been ...

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• 8 May

  Seha’s Corniche Hospital takes pride in dedication to motherhood in Abu Dhabi

  

  ABU DHABI / WAM Corniche Hospital, part of the Abu Dhabi Health Services Company (Seha) — a subsidiary of the PureHealth Group — the UAE’s largest integrated healthcare platform, has launched a new, exciting model of care in its outpatient obstetric clinics — Al Heba Clinics — to commemorate the International Day of the Midwife. Part of the vision of ...

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