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December 11, 2019
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Deutsche paints gloomy picture at investor gathering

Reuters
FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) pared back its revenue growth target on Tuesday, highlighting the tough task facing Germany’s biggest lender to revive its fortunes against a gloomy economic backdrop. Deutsche’s management gave a presentation to investors on its restructuring which aims to shift the bank away from Wall...
Reuters - Business

World stocks sink as tariff deadline approaches

Reuters
LONDON (Reuters) – Global stock markets fell for a second day on Tuesday, as caution over a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports weakened risk appetite and limited outsized market moves. FILE PHOTO: The London Stock Exchange Group offices are seen in the...
Reuters - Business

U.S. consumer inflation expectations rebound from five-year low: NY Fed

Reuters
FILE PHOTO: A boy and his father walk through the toy section of Walmart on Black Friday, a day that kicks off the holiday shopping season, in King of Prussia, Pennsylvania, U.S., on November 29, 2019. REUTERS/Sarah Silbiger/File Photo (Reuters) – U.S. consumers’ inflation expectations rose slightly in November, bringing...
Reuters - Business

Global financial watchdogs take aim at Big Tech’s data dominance

Reuters
LONDON (Reuters) – Google, Alibaba and other “Big Tech” companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition. FILE PHOTO: The Google logo is displayed outside the company offices in New York, U.S., June 4, 2019. REUTERS/Brendan McDermid/File...
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As Fed reiterates rate pause, forecasts likely to be blown off course

Reuters
WASHINGTON (Reuters) – Friday’s booming U.S. jobs report should give the Federal Reserve all it needs to stick to its plan not to cut interest rates further in the near future, so when U.S. central bankers meet this week, most of the focus will be on their outlook for next...
Reuters - Business

U.S. banks’ reluctance to lend cash may have caused repo shock: BIS

Reuters
LONDON (Reuters) – The unwillingness of the top four U.S. banks to lend cash combined with a burst of demand from hedge funds for secured funding could explain a recent spike in U.S. money market rates, the Bank for International Settlements said. FILE PHOTO: Bundles of banknotes of U.S. Dollar...
Reuters - Business

Instant View: U.S. Nov payrolls up by most in 10 months

Reuters
(Reuters) – U.S. job growth increased by the most in 10 months in November as former striking workers returned to General Motors’ (GM.N) payrolls and the healthcare industry stepped up hiring, confirming that the economy remained on a moderate expansion path despite a prolonged manufacturing slump. FILE PHOTO: Work crews...
Reuters - Business

Japan launches $122 billion stimulus to fight trade risks, post-Olympic slump

Reuters
TOKYO (Reuters) – Japan’s cabinet approved a $122 billion fiscal package on Thursday to support stalling growth in the world’s third-largest economy amid offshore risks and as policymakers look to sustain activity beyond the 2020 Tokyo Olympics. FILE PHOTO: Japan’s Prime Minister Shinzo Abe speaks at the ASEAN-Japan Summit in...
Reuters - Business

Graphic: Gazing into the recession crystal ball

Reuters
NEW YORK (Reuters) – The protracted trade war between China and the United States and a deteriorating global growth outlook have left investors nervous that the longest expansion in American history is at risk of ending. FILE PHOTO: Shipping containers are loaded onto a ship at Yusen Terminals (YTI) on...
Reuters - Business

Exclusive: U.S. digs deeper into Deutsche role in Danske money laundering scandal – sources

Reuters
FRANKFURT/NEW YORK (Reuters) – The U.S. Department of Justice has in recent weeks stepped up its investigation into Deutsche Bank’s role in the 200 billion euro ($220 billion) Danske Bank money laundering scandal, four people familiar with the inquiry told Reuters. One source said the DoJ’s new line of inquiry...
Reuters - Business

Exclusive: Facing U.S. sanctions, Venezuela offers suppliers payment in Chinese yuan – sources

Reuters
CARACAS (Reuters) – Venezuela’s government and its oil company PDVSA have offered to pay suppliers and contractors into accounts in China using the yuan currency, five people familiar with the matter said. FILE PHOTO: A man walks past a closed gas station of the state oil company PDVSA in San...
Reuters - Business

Fed’s Brainard calls for ‘flexible’ average inflation target

Reuters
NEW YORK (Reuters) – The Federal Reserve should move from a strict 2% inflation target to a broad, “flexible” promise that inflation would average that level over time, a key member of the U.S. central bank’s board of governors said on Tuesday in one of the most explicit endorsements yet...
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Fed’s Powell: Monetary policy well positioned to support strong labor market

Reuters
PROVIDENCE (Reuters) – Monetary policy is “well positioned” to support the strong labor market, which is just now starting to benefit workers on the margins, Federal Reserve Chair Jerome Powell said Monday. FILE PHOTO: U.S. Federal Reserve Chair Jerome Powell attends a presentation by the East Hartford CONNects, a Working...
Reuters - Business

Saudi central bank says Aramco IPO not causing liquidity issues for banks

Reuters
RIYADH (Reuters) – Saudi Arabia’s central bank is monitoring banking indicators on a daily basis and is not seeing any impact on liquidity from oil giant Aramco’s initial public offering (IPO), its governor said on Sunday. Saudi Arabian Monetary Authority governor Ahmed al-Kholifey told Reuters on the sidelines of a...
Reuters - Business

Italy could use ESM talks to push Italian candidate to head fund: Panetta

Reuters
FILE PHOTO: Senior Deputy Governor of the Bank of Italy, Fabio Panetta is seen standing in a corridor of the Bank of Italy ahead of his appointment to the European Central Bank’s executive committee, in Rome, Italy. September 26, 2019. REUTERS/Remo Casilli MILAN (Reuters) – Italy should use ongoing talks...
Reuters - Business

Take Five: A spanner in the global economic works

Reuters
(Reuters) – FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 11, 2019. REUTERS/Brendan McDermid 1/TRADE WINDS BUFFET GROWTH Can we have it both ways? For two decades, trade expansion has fueled rapid global economic growth. But with trade volumes...
Reuters - Business

U.S. banks cram for Fed risk test, with ripple effects in repo

Reuters
NEW YORK (Reuters) – New quarterly data from the biggest U.S. banks suggest that some will need to back away from short-term lending markets by year-end to avoid triggering requirements that they hold more capital. FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S.,...
Reuters - Business

Fed minutes show rates on hold, little hurry to change course

Reuters
WASHINGTON (Reuters) – A divided Federal Reserve that decided to hit pause in its easing cycle following a rate cut in October signaled in minutes of last month’s meeting it was in no hurry to reassess the path of interest rates. FILE PHOTO: The Federal Reserve Board building on Constitution...
Reuters - Business

Swedbank CEO vows to ‘get to the bottom’ of sanctions breach allegation

Reuters
STOCKHOLM (Reuters) – Swedbank (SWEDa.ST) CEO Jens Henriksson pledged to “get to the bottom” of an alleged transfer of funds from a Russian arms company which Swedish broadcaster SVT on Wednesday said may have violated U.S sanctions against Russia. FILE PHOTO: A view of the Swedbank in Tallinn, Estonia October...
Reuters - Business

Swedbank pledges prompt release of money laundering probe

Reuters
STOCKHOLM (Reuters) – Swedbank (SWEDa.ST) pledged on Wednesday to conclude an internal probe into alleged money laundering at the Swedish lender by early next year, and said it was unaware of any breaches of U.S. sanctions after a broadcaster alleged such a lapse. FILE PHOTO: A view of the Swedbank...

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