Asian stocks rally as bank jitters calm, Alibaba lifts mood
By Ankur Banerjee SINGAPORE (Reuters) – Asian shares surged on Wednesday as easing concerns over the banking sector revived risk..
Headlines
All Posts
Ride-hailing app Cabify raises $110 million for expansion in LatAm, Spain
BOGOTA (Reuters) – Spanish ride-hailing app Cabify has raised $110 million in financing aimed at accelerating its growth in Lati..
Headlines
UK broadcasters to stay prominent on smart TVs and speakers
LONDON (Reuters) – On-demand services from Britain’s BBC, ITV and other public service broadcasters must remain easy to fi..
Headlines
Explainer-What are credit default swaps and why are they causing trouble for Europe’s banks?
By Amanda Cooper LONDON (Reuters) – Turbulence in Europe’s banks following the implosion of 167-year-old Credit Suisse and..
News
EU approves law to end sales of new CO2-emitting cars by 2035
BRUSSELS (Reuters) – European Union countries’ energy ministers gave final approval on Tuesday to a law ending sales of ne..
Headlines
Home battery sales in Germany may surge 59% this year -study
FRANKFURT (Reuters) – German sales of batteries to store solar energy at home may jump 59% this year as more residents seek a ch..
Headlines
UK’s Bellway to buy back shares, hike social housing output
By Aby Jose Koilparambil (Reuters) -UK’s Bellway will build a bigger share of homes in its social housing programme this fiscal ..
Headlines
Stocks rise after bank sale fuels investor risk appetite
By Amanda Cooper LONDON (Reuters) -Global stocks rose and the dollar eased on Tuesday, after a deal backed by the U.S. regulator for F..
Headlines
Euro 7 emissions proposals, the sequel Europe’s carmakers don’t want to see
By Christina Amann and Marie Mannes BERLIN/STOCKHOLM (Reuters) – European carmakers are fighting back against proposed emission ..
Headlines
Nvidia shows new research on using AI to improve chip designs
By Stephen Nellis (Reuters) – Nvidia Corp, the world’s leading designer of computer chips used in creating artificial inte..
Headlines
OneWeb-Eutelsat set for secondary London listing – The Times
(Reuters) – A combined company of London’s OneWeb and French satellite firm Eutelsat Communications SA is set to list on t..
Headlines
Amazon loses bid to throw out case by UK drivers seeking worker rights
LONDON (Reuters) -Amazon.com Inc has lost a bid to throw out three sample lawsuits brought by British delivery drivers seeking employm..
Headlines
ExtraHop expands CrowdStrike partnership with CrowdStrike Falcon® LogScale Integration
New integration gives security teams valuable insights to improve threat detection and response ExtraHop, the leader in cloud-..
Business
EU seeks clarification on Italy post-COVID plan, freezes 19 billion euros
By Giuseppe Fonte and Gavin Jones ROME (Reuters) – The European Commission has frozen an overdue 19-billion-euro ($20.50 billion..
Headlines
BoE’s Bailey says rate-setters can put inflation before bank worries
By William Schomberg and Andy Bruce LONDON/MANCHESTER (Reuters) -Bank of England Governor Andrew Bailey signalled on Monday that inter..
Headlines
In renewed push, Spain to tender EU funds for EVs, batteries in July
By Joan Faus BARCELONA (Reuters) – Spain plans to launch two tenders simultaneously around July to pick the recipients of 2 bill..
Technology
UK oil, gas firms to leave year’s worth of output in ground with tax hikes-report
LONDON (Reuters) – Windfall taxes mean oil and gas producers in the British North Sea will likely leave 500 million barrels of o..
Headlines
UK retailers turn positive on sales hopes after bleak winter
LONDON (Reuters) – British retailers reported their first positive sales expectations in seven months, according to a survey pub..
Headlines
Li-Cycle to build French battery processing facility
By Ernest Scheyder (Reuters) – Li-Cycle Holdings Corp said on Monday it will build a French facility to break down batteries fro..
Headlines
Hungary’s booming wedding market doused by soaring inflation
By Gergely Szakacs and Krisztina Fenyo BUDAPEST (Reuters) – Soaring inflation is taking the steam out of Hungary’s wedding..
Headlines
Credit Agricole launches China M&A and investment banking business
HONG KONG (Reuters) – Credit Agricole, France’s second-biggest listed bank, has become the latest foreign lender to boost ..
Headlines
U.S. mid-tier lenders shares rise in Frankfurt after SVB deal
LONDON (Reuters) – The Frankfurt-listed shares of several mid-tier U.S. lenders rose sharply on Monday, after a buyer emerged fo..
News
UK’s competition watchdog to examine EDF buying GE’s nuclear turbine unit
(Reuters) – UK’s anti-trust regulator said on Monday it was looking into whether FDF’s proposed acquisition of Gener..
Headlines
In inflation-hit Germany, massive strike over pay to cripple transport
By Klaus Lauer and Tom Sims BERLIN/FRANKFURT (Reuters) – A massive strike in Germany was set to begin early Monday, crippling ma..
Headlines
Marketmind: Banks are leaking money
A look at the day ahead in European and global markets from Wayne Cole It’s been a quiet Monday so far with Asian share markets ..
Headlines
Oil markets steady as investors weigh banking crisis, Russia
By Mohi Narayan and Florence Tan (Reuters) -Oil prices stabilised in Asian trade on Monday as investors sought cues from broader finan..
Headlines
How the 2023 banking crisis unfolded
(Reuters) – Global banks are staring at the biggest crisis since 2008 after two U.S. lenders collapsed, Switzerland’s Cred..
Headlines
Dollar outshines euro, sterling amid European bank jitters
By Hannah Lang WASHINGTON (Reuters) – The euro and sterling fell sharply against a strengthening dollar on Friday amid lingering..
Finance
Amazon, other retailers revamp ‘free’ shipping as costs soar
By Lisa Baertlein LOS ANGELES (Reuters) – There is no such thing as free shipping. Even so, Amazon.com Inc and other online reta..
News
S&P Global fined 1.1 million euros for premature credit rating publications
By Marc Jones LONDON (Reuters) -The European Union’s securities watchdog has fined S&P Global Ratings 1.1 million euros ($1...
Headlines
UK’s J D Wetherspoon returns to profit as supply issues ease
(Reuters) -British pub group J D Wetherspoon Plc on Friday posted a return to half-year profit and said sales in recent weeks have top..
Headlines
Swiss franc grapples with safe-haven identity crisis after Credit SuisseBy Samuel Indyk LONDON (Reuters) – The Swiss franc hasn’t lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland’s bullion vaults than to its currency. Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse by UBS. The Swissie, often used as a refuge in times of market stress or volatility, lost 0.9% against the dollar in the week after the Swiss finance department said regulators were closely monitoring the situation at Credit Suisse on March 13. In that same time, Japan’s yen, which is also seen as a refuge in times of tumult, rose 2.6% against the dollar. Gold, another traditional safe haven, rose over 5% in the week after March 13 to above $2,000 an ounce, its highest in over a year, while government bonds saw some of their biggest inflows in decades. “It definitely is to do with developments in the banking sector,” said Kirstine Kundby-Nielsen, FX analyst at Danske Bank, on why the franc wasn’t stronger. “You still have some of the safe-haven hedging properties in the Swiss franc but it can only take so much when the risk ends up being so concentrated in the Swiss economy and the Swiss financial sector,” Kundby-Nielsen added. Speculators added over $800 million to their bearish positions on the Swiss franc in the week to March 21, according to data from the Commodities Futures Trading Commission, the most in one week since early March 2021. Graphic: Franc, yen, gold, https://fingfx.thomsonreuters.com/gfx/mkt/dwvkdkjxgpm/Pasted%20image%201679581765182.png On Sunday, the Swiss National Bank (SNB) orchestrated a $3 billion deal for UBS to buy rival Credit Suisse, backed by a massive guarantee of up to $260 billion, a third of the country’s national output, in state and central bank support. “If it hadn’t been Credit Suisse, but any other European bank getting into trouble, you would have seen the Swiss franc rising sharply because it would have been the safe haven for European risk,” said Francesco Pesole, FX strategist at ING. Research from the SNB in 2016 found that in previous crises, flows into Switzerland and the franc were driven by weaknesses elsewhere. Futures data shows speculators poured money into bullish bets on the Swissie after the dot-com bubble burst in early 2000, after the 9/11 attacks in 2001, and again in 2008 and 2011-2012, during the euro zone debt crisis and once more during the COVID crisis. During the collapse of Lehman Brothers in 2008, net inflows were driven by a “substantial retrenchment” into the domestic market by Swiss banks, while in the euro area banking crisis from mid-2011, the SNB found that moves away from the euro and into the franc were driven by foreign banks moving assets from the euro area branches into their Swiss branches. “The current setup doesn’t argue for either of those things. U.S. bank stresses have been contained in regional banks and euro area banks have so far been relatively unscathed,” said Michael Cahill, senior FX strategist at Goldman Sachs. “The franc is not an ‘all-weather’ safe haven and so far we’ve not had the type of market pressures that would typically lead to franc appreciation,” he said. SWISS It’s one thing for the franc to have lost some favour among investors during a Swiss-centric crisis, but quite another to suggest its days as a safe haven are numbered. For the Swiss franc to lose its status as a safe haven, FX strategists at Barclays say “fundamental changes” in the country’s balance sheet would be required, with the share of Swiss-issued assets in external liabilities required to fall via “large and sustained” outflows. “This would lead to an increase in domestic interest rates, thereby increasing the yield Switzerland’s external liabilities pay and further weighing on the country’s yield differential,” Barclays FX strategists, led by Lefteris Farmakis, said. “In such a scenario, the SNB would likely attempt to smooth out the transition by cushioning capital outflows,” Farmakis said. Barclays said the odds of a “sudden stop” episode are extremely low despite the current banking turmoil, but a more difficult question to answer is whether confidence in the financial system has been eroded to a degree that a “slow burn” episode may have started. “Fortunately,” Barclays says, “this scenario has limited repercussions for the franc over the foreseeable future.” (Reporting by Samuel Indyk, additional reporting by Lucy Raitano; Editing by Amanda Cooper, William Maclean)
By Samuel Indyk LONDON (Reuters) – The Swiss franc hasn’t lived up to its safe-haven reputation during the Credit Suisse c..
Headlines
StanChart CEO says AT1 bond wipeout has profound impact
By Selena Li HONG KONG (Reuters) -Standard Chartered Chief Executive Bill Winters said on Friday Credit Suisse AG’s $17 billion ..
Headlines
UK consumer mood hits one-year high, but financial gloom persists
(Reuters) – British consumer confidence rose this month to its highest level in a year, helped by improving sentiment around the..
Headlines
Tourists to get chance to walk in King Charles’ coronation footsteps
LONDON (Reuters) – London’s Westminster Abbey said visitors will get the chance this summer to follow King Charles’ ..
Headlines
Denmark invites Nord Stream operator to help salvage unidentified object
By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) – Denmark on Thursday invited the Russian-controlled operator of the Nord Stream..
Headlines
Finnish businessman Zilliacus ready to pay premium for Manchester United
By Akash Sriram (Reuters) – Finnish entrepreneur Thomas Zilliacus has placed a bid for Manchester United and is willing to pay a..
Headlines