UK to slash bond issuance
Helped by a faster-than-expected economic recovery and borrowing that has undershot forecasts, Britain’s government will slash its planned bond sales. This is for the current financial year. The median forecast from 12 primary dealers showed the Debt Management Office will plan to sell 218.8 billion pounds of gilts. There is also a 33.8 billion-pound reduction […]
Stocks gain as upbeat wall St earnings lift outlook
Global stocks rose and Treasury yields dipped with major Wall Street benchmarks hitting fresh records. It is buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook. A large proportion of S&P 500 companies are due to report. This includes technology heavyweights Facebook, Apple Inc, Amazon, Microsoft, and Alphabet. […]
European stocks end flat
European stocks closed flat. This is because of the gains in banks and commodity-linked sectors were offset by losses in industrial stocks on rising bond yields. The pan-European STOXX 600 closed largely unchanged at 472.21 points. This is with concerns over rising inflation and slowing economic growth also weighing on sentiment. Mining and energy stocks rose […]
Traders look to cenbanks for guidance
The dollar has bounced off recent lows and was firm in choppy trade. It is ahead of a handful of data releases and central bank meetings which investors expect to guide the rates outlook. The euro fell 0.3% overnight. There are still expectations that the European Central Bank (ECB) will stay dovish. The euro last bought $1.1598. Other moves […]
BNP beats Q3 expectations
France’s biggest listed lender BNP Paribas posted a better-than-expected third-quarter profit. This is on lower provisions for pandemic-related loan losses. BNP Paribas thrived on the economic rebound. This is to release cash set aside for pandemic losses. BNP Paribas reported a 32.2% rise in net income from a year ago to 2.50 billion euros. This […]
Commodity currencies at multi month highs, sterling firm on BoE
Commodity currencies stood near multi-month highs on strong raw material prices. This is while the improved mood chipped away at demand for the safe-haven U.S. dollar. This has been supported by expectations of Federal Reserve tapering. Sterling was also riding high on firming perceptions the Bank of England (BoE) will raise interest rates. Yukio Ishizuki, senior strategist […]
German tax takes surges, ministry optimistic growth
The German Finance Ministry said that the tax take has risen dramatically this year. adding that there were signs that strong growth would resume next year, when inflationary pressures would also moderate. Tax income rose 23.1% to 78.2 billion euros. This is good rate when compared to the pandemic’s devastating impact on Europe’s largest economy, over the […]
US drops tariff threat in digital tax transition deal
The United States withdrew its threat of tariffs against five European countries over their digital services taxes. This is as a part of a deal to manage the transition to a new global tax regime for large highly profitable corporations. Austria, Britain, France, Italy, Spain will get to keep their digital taxes in place until […]
Lawmakers probe timeline of NatWest money laundering investigation
British lawmakers have asked the Financial Conduct Authority why it took five years to prosecute NatWest for failing to prevent the laundering of nearly 400 million pounds. This took place after the lender pled guilty. The bank admitted three criminal charges of not adequately monitoring customer accounts. This is the first time a bank in […]
Italy faces capital demand of more than $8 BLN to offload Monte dei Paschi
Italy has been asked to provide more than 7 billion euros in capital to UniCredit to strike a deal over Monte dei Paschi and offload as much as possible of the state-owned bank to the stronger rival. UniCredit agreed to discuss buying selected parts of Monte dei Paschi (MPS) from Italy’s Treasury. Under the terms […]