US stocks are starting to bounced back on market
US markets ended the week higher after the August jobs report showed a cooling labor market, which the Federal Reserve needs to see for interest rate hikes and inflation return. Fed futures predict a 93% chance of interest rates remaining unchanged at the policy meeting and in the 5.25%-5.50% range through the end of the…
Foreign banks can’t leave Russia quietly
Deputy Finance Minister Alexei Moiseev emphasized the government’s stance against letting international banks leave Russia, stating that the decision to unfreeze Russian assets will determine their departure. Austria’s Raiffeisen Bank has not requested asset sales, but one is under consideration.
The financial technology stop taking a risk after FED warn
Goldman Sachs’ transaction banking unit, TxB, has stopped accepting riskier financial technology clients due to concerns from the Federal Reserve about risk and compliance. The regulator targeted a team providing financial infrastructure to fintech firms, including Stripe and Wise. TxB’s cash payments operation was not questioned.
US oil stocks got their lowest level this year
Analysts predict record demand, producer supply cuts, weaker futures, and higher storage costs will reduce U.S. crude oil stocks to their lowest level this year. A tight crude market into 2024 will raise global oil prices. U.S. inventories fell 10.6 million barrels to its lowest level since December 2022. The International Energy Agency predicted a…
UK banks offering more saving interest rates to gain income
The Financial Conduct Authority (FCA) has ordered nine banks and building societies to explain their savings rates under the harsher “consumer duty” that took effect in July. The FCA is analyzing the information provided and will publish an update later this autumn. The watchdog has reported increased interest rates in term limited and easy access…
US inflation remain high, despite recent gains
Federal Reserve Bank of Cleveland President Loretta Mester emphasized that US inflation remains too high, despite recent gains. She emphasized the importance of regularly monitoring markets and economic data to inform future policy decisions. Mester emphasized the need for policymakers to balance the labor market and employment while maintaining a tightening monetary policy. The Fed…
Oil prices drop because of decreasing production
Saudi Arabia’s OPEC+ efforts to cut output and boost oil prices in August led to a drop in crude exports, with flows dropping to 5.6 million barrels a day. Shipments to major destinations, including China and the US, hit multiyear lows. The Organization of Petroleum Exporting Countries and allies, including Russia, are limiting supplies to…
The Bank of China’s face lower lending rates
China’s top banks, ICBC and BoC, reported weak profit growth in the first half of the year due to the recovery from pandemic restrictions. ICBC’s largest lender reported a 1.2% increase in first-half profit, while BoC reported a 0.78% increase. The banks face lower lending rates, government pressure to boost the economy, and bad debts…