US stocks muted as Powell moves to temper inflation fears July 14, 2021 US stocks were broadly flat on Wednesday morning after Fed Chair Jay Powell suggested that inflation could run hot in the coming months. The blue-chip S&P 500 edged up 0.08 per cent, while the Dow Jones added 0.01 per cent. The tech-heavy Nasdaq gained 0.02 per cent during the morning session. Read more: Powell: US [...]
US producer inflation surges to decade high July 14, 2021 US producer prices rose at their fastest pace in over a decade, fuelling concerns that inflation in the American economy could prove to be much stickier than first thought. The producer price index jumped 7.3 per cent annually in June, the biggest annual increase since November 2010, according to figures published by the US Labour [...]
Powell: US inflation likely to run hot in coming months July 14, 2021 US inflation is likely to continue to run hot in the coming months, according to the Chairman of the Federal Reserve. US Federal Reserve Chair Jay Powell said in remarks prepared for the US House of Representatives Financial Services Committee that price rises “will likely remain elevated in coming months”, but will “moderate”. Read more: [...]
Opec+ end deadlock over oil supply policy, says source July 14, 2021 The United Arab Emirates and Saudi Arabia have ended an impasse over Opec+ oil supply policy, sources said today. A deal was reached after the UAE’s baseline was increased to 3.65 million barrels per day from April 2022, the date when the current pact had been scheduled to end. The news was first reported by [...]
Citigroup profits smash estimates as bank unlocks loan loss reserves July 14, 2021 US bank Citigroup smashed analysts’ estimates for second-quarter profits as the sharp American economic rebound allowed the bank to unlock a deluge of loan loss reserves. Net income surged to $6.19bn in the second quarter of this year, up sharply from $1.06bn in the same period last year. The banking giant’s profits were lifted by [...]
Bank of America revenue slides as rock-bottom rates squeeze income July 14, 2021 Revenues at Bank of America slid four per cent in the second quarter of this year, driven by rock bottom interest rates to ease the economic fallout from Covid eating in the banking giant’s net interest income. Overall revenue, net of interest expense, fell to $21.5bn, much lower than analysts’ estimates of $21.8bn. Read more: [...]
World’s first Islamic international digital bank to launch in UK July 14, 2021 The world’s first Islamic international digital bank will be launched in the UK, Boubyan Bank Group announced today. Nomo, part of the Boubyan Bank Group, will offer bank accounts and financial management services for clients in Kuwait and the Middle East region. Read more: Watchdog warns Monzo and NatWest over banking transaction history breaches Nomo [...]
UK lenders urged to maintain support for businesses and households July 13, 2021 The watchdog of Britain’s financial system urged the UK’s largest lenders to maintain support for businesses and households today. The Financial Policy Committee said in a report published on Tuesday that it “continues to judge that it is in the collective interest of banks to support viable, productive businesses, rather than to seek to defend [...]
Brexit: EU unlikely to throw doors open to UK financial services, says Bailey July 13, 2021 Andrew Bailey, Governor of the Bank of England, said on Tuesday he does not expect the EU to open the doors to UK financial services exports following Brexit. “On equivalence, I think it’s fair to say that nothing really has moved forwards” Bailey told a news conference today. Brussels has yet to decide whether rules governing the [...]
Cloud computing providers pose risk to financial stability – BoE July 13, 2021 Cloud computing providers could become a threat to financial stability and regulators need to crackdown on them to strengthen banks’ resiliency, the Bank of England warned on Tuesday. The Bank said some cloud computing providers can be secretive and could disrupt the normal functioning of the UK financial system. Read more: British SMEs exposed to [...]