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Bloomberg At the start of a week stuffed with central-bank activity, US equities fell and European stocks drifted following steep share declines in Asia. Treasuries advanced as investors greeted on Monday in a cautious mood. The S&P 500 fell for a second day after the blow-out jobs report altered market calculus for Federal Reserve rate cuts, though equities came off ...

Bloomberg The status of the world’s least favourite asset has its benefits. Morgan Stanley, which just slashed global equities to underweight on growth concerns, believes that European stocks can outperform weaker markets. Although European equities have over the past 30 years tended to decline more than global markets during corrections, that relationship is changing, strategists led by Graham Secker said ...

Bloomberg Deutsche Bank AG unveiled a radical overhaul that will see the lender exit its equities business, post a $3.1 billion second-quarter loss and cut the workforce by a fifth to reverse a slide in profitability. Chief Executive Officer Christian Sewing will shelve the dividend this year and then take restructuring charges of 7.4 billion euros through 2022 to pay ...

Bloomberg One of Japan’s biggest regional banks is resuming an expansion overseas, 20 years after the country’s financial crisis forced it to retreat. Concordia Financial Group Ltd plans to expand in Asia to offer cash management services to its Japanese corporate clients and infrastructure loans to local entities, president Kenichi Kawamura said. It aims to hire specialists and double overseas ...

Bloomberg Back-to-back interest-rate cuts — and the possibility of more to come — have Credit Suisse AG feeling gloomy about Australia’s banking sector. With interest rates at a record low of 1 percent, banks are reaching the limit on how much they can reduce rates on deposits, which they rely on to fund their loan books. Australia & New Zealand ...

Bloomberg Central banks are going after gold in 2019, boosting holdings as economic growth slows, trade and geopolitical tensions rise, and some authorities seek to diversify their reserves away from the dollar. The People’s Bank of China said on Monday it raised reserves for a seventh month in June, adding 10.3 tons, following the inflow of almost 74 tons in ...

Bloomberg In the US, Wall Street’s biggest investment banks have been known to reject about 95 percent of job applicants. In China, it’s often the other way around. Although international securities firms are stepping up efforts to expand in Asia’s largest economy, experienced local recruits tend to prefer state-backed companies such as China International Capital Corp and Citic Securities Co. ...

Bloomberg Amazon.com warehouse workers in Minnesota plan to strike during the online retailer’s summer sales extravaganza, a sign that labour unrest persists even after the company committed to paying all employees at least $15 an hour last year. Workers at a Shakopee, Minnesota, fulfillment centre plan a six-hour work stoppage from July 15, the first day of Prime Day. Amazon ...

Bloomberg A rise of more than 55 percent in Ocado Group Plc’s shares this year, and increased competition, has put the UK online grocer and technology provider back in the sights of bearish speculators. Short interest in Ocado climbed above 5 percent of shares outstanding for the first time since July 2018 last month, after touching a multiyear low in ...

Bloomberg The UK plans to fine British Airways 183.4 million pounds ($230 million) over computer attacks that exposed customer data, marking the first major application of far-reaching European Union rules requiring companies to tighten anti-hacking measures. The proposed penalty relates to data theft affecting about 500,000 customers between June and September last year, the UK Information Commissioner’s Office (ICO), which ...