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Financial

UK regulator censures Premier FX for 'seriously misleading' customers
Financial

UK regulator censures Premier FX for 'seriously misleading' customers

  • The Financial Conduct Authority (FCA) said it would have imposed a substantial fine on the company if it had not already been in liquidation or owed its 136 creditors - most of which are consumers - roughly 9.2 million pounds ($13 million).
  • We may never understand Peter Rexstrew's motivation for operating Premier FX in this way, using new customers' funds to pay existing customers or business expenses.
Published 25 Feb, 2021 07:03pm
Traders push yields higher as inflation concerns linger
Financial

Traders push yields higher as inflation concerns linger

  • The benchmark 10-year yield was up 4.1 basis points at 1.4046% in morning trading, its first time above 1.4% since a year ago, and reached as high as 1.435%
  • Patrick Leary, chief market strategist and senior trader at Incapital, said the trading could also be a sign of investor skepticism about Powell's reassurance.
Published 24 Feb, 2021 09:09pm
Germany's profit from public debt may reach 600 million euros by 2029: document
Financial

Germany's profit from public debt may reach 600 million euros by 2029: document

  • The calculations are likely to fuel a debate in Germany about when Berlin should end massive deficit-spending triggered by the COVID-19 pandemic, and return to the fiscal rules of a debt brake that parliament suspended for 2020 and 2021.
  • Deputy Finance Minister Bettina Hagedorn said the calculations were only estimates and fraught with uncertainty due to the long time period.
Published 24 Feb, 2021 07:56pm
Lloyds profits fall as it targets wealth push
Financial

Lloyds profits fall as it targets wealth push

  • Horta-Osório is leaving Lloyds after a decade running the bank to stand for election as chairman of Credit Suisse in April, with HSBC executive Charlie Nunn set to replace him on August 16.
Published 24 Feb, 2021 12:10pm
Sovereign wealth funds pull $16.3 billion from market strategies in Q4
Financial

Sovereign wealth funds pull $16.3 billion from market strategies in Q4

  • Net outflows from equity strategies managed by third-party fund managers reached $18.5 billion in the final three months of 2020, eVestment data showed.
  • Across all asset classes, net outflows from long-only managers handling sovereign wealth investments were $16.3 billion, the largest amount since the first quarter of 2017, the data showed.
Published 23 Feb, 2021 05:11pm
European government bond yields ignore Lagarde's verbal intervention; focus on Fed
Financial

European government bond yields ignore Lagarde's verbal intervention; focus on Fed

  • ECB President Christine Lagarde said on Monday the central bank was "closely monitoring" rising borrowing costs - a comment that knocked Germany's 10-year Bund yield off its eight-month high.
  • The ECB's strategy "is not to burn too much cash trying to lean against the wind - rather to intervene verbally", he said, citing lower levels of ECB bond-buying last week.
Published 23 Feb, 2021 09:11pm
Croatia T-bill auction surpasses target, yield unchanged
Financial

Croatia T-bill auction surpasses target, yield unchanged

  • After the auction, Croatia's short-term local currency debt rose to 14.66 billion kuna from 14.57 billion.
  • In March Croatia also plans to tap the international markets to refinance the 10-year bond maturing on March 24 and worth $1.5 billion.
Published 23 Feb, 2021 06:24pm
Mortgage vendor IPO woes reflect US housing market peak
Financial

Mortgage vendor IPO woes reflect US housing market peak

  • Five mortgage vendors have scaled back or canceled plans to go public in the last four months, as investors flinched at their frothy valuations.
  • Investors don't like buying into a company at the start of a down cycle, and mortgage originations are an extremely cyclical business.
Published 22 Feb, 2021 06:54pm
US money markets bringing forward Fed rate hike bets to end-2022
Financial

US money markets bringing forward Fed rate hike bets to end-2022

  • Eurodollar futures contracts maturing in December 2022, were pricing in roughly 18 basis points worth of rate hikes by the end of next year.
  • Current pricing implies an almost 70% chance of such a move by end-2022, analysts said, up from the 52% chance priced a week ago.
Published 22 Feb, 2021 05:53pm