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US Federal Reserve

Wells Fargo profit beats estimates as credit costs stabilize
Business & Finance

Wells Fargo profit beats estimates as credit costs stabilize

  • The fourth-largest US lender said profit rose to $4.74 billion, or $1.05 per share, in the three months ended March, from $653 million, or 1 penny per share, a year earlier.
  • Since then, an ultra-loose monetary policy, trillions in stimulus support and an accelerated vaccination program have largely put the world's largest economy on a more solid footing.
Published 14 Apr, 2021 05:13pm
Gold slips in European trade
Markets

Gold slips in European trade

LONDON: Gold slipped more than 1% on Friday, weighed down by a jump in US Treasury yields and a rebound in the...
Published 10 Apr, 2021 04:34am
UK appoints former Bank of Canada deputy Wilkins to BoE role
Business & Finance

UK appoints former Bank of Canada deputy Wilkins to BoE role

  • "Carolyn has a respected track record built over 20 years at the Bank of Canada and her extensive experience in international financial regulation will be a real asset to the FPC," British finance minister Rishi Sunak said.
  • The FPC sets capital ratios for British banks and insurers and regulates aspects of mortgage lending, as well as broader financial risks. Its remit does not extend to monetary policy or financial misconduct.
Published 08 Apr, 2021 06:59pm
US Fed to let leverage exemption expire on March 31, will review rule
World

US Fed to let leverage exemption expire on March 31, will review rule

  • Friday's decision means banks will have to resume holding an extra layer of loss-absorbing capital against those assets.
  • On Friday, Fed officials said they were confident that allowing the exemption to expire would not impair Treasury market liquidity or cause market disruption because the Treasury market had stabilized and big banks have high levels of capital.
Published 19 Mar, 2021 06:29pm
China stocks surge
Markets

China stocks surge

SHANGHAI: China stocks rose on Thursday, driven by gains in consumer and healthcare firms, after the US Federal...
Published 19 Mar, 2021 05:32am
Bonds crash stock market rally
Markets

Bonds crash stock market rally

  • Wall Street rallied on the news, with the Dow ending above 33,000 points for the first time, while the S&P 500 also chalked up a record.
Published 18 Mar, 2021 08:08pm
South Africa's central bank to hold repo at record low through 2021
Business & Finance

South Africa's central bank to hold repo at record low through 2021

  • The economy contracted 7.0% last year despite the Reserve Bank cutting interest rates by a cumulative 300 basis points to counteract the damage caused by pandemic-led lockdowns.
  • All but one economist out of 25 polled in the past week said the Reserve Bank would hold interest rates at 3.5%. The lone voice predicted a 25 basis points cut next week.
Published 18 Mar, 2021 06:06pm
European stocks rise
Markets

European stocks rise

ROTTERDAM/LONDON: European stocks rose on Tuesday as German carmaker Volkswagen and online fashion retailer Zalando...
Published 17 Mar, 2021 04:45am
Dollar slips, lacking direction before Fed meeting
Markets

Dollar slips, lacking direction before Fed meeting

  • The dollar index held steady overnight then rose as European markets opened, before slipping to 91.807 at 1237 GMT, down by less than 0.1%.
  • Markets are in this flux period where they're gripping on to marginal bits of information, but there's nothing to define a new broad dollar trend until we get some more colour from the Federal Reserve tomorrow.
Published 16 Mar, 2021 08:09pm