FRANKFURT—In the midst of a major overhaul, Germany’s Commerzbank on Thursday posted better-than-expected third-quarter net earnings and forecast a profit for the full year, defying analysts’ predictions for a 2021 loss. The quarterly results were supported by a decrease in provisions set aside to cushion the fallout from the pandemic, as well as lower costs….
Commerzbank Forecasts 2021 Profit as European Banks Post Strong Third Quarter
Fed Sees Timing of Supply Chain Crisis Fix ‘Highly Uncertain’
Federal Reserve Chair Jerome Powell said Wednesday that he expects a normalization of the supply chain snarl that has led to shortages of key production materials and helped push inflation up to a 30-year high, but the timing of the fix remains “highly uncertain.” Powell made the remarks in a speech (pdf) following the conclusion…
Credit Suisse Third Quarter Net Profit Falls 21 Percent, Sees Fourth Quarter Loss
ZURICH—Credit Suisse posted a 21 percent fall in third-quarter net profit to 434 million Swiss francs ($476 million), hit by a higher tax rate and a 214 million Swiss franc charge to settle allegations of corruption surrounding loans to Mozambique it helped arrange. It said it expected an impairment in the fourth quarter of around…
BoE Faces Decision Day, Caught Between Inflation and Slowdown Risks
LONDON—The Bank of England will deliver its most hotly awaited policy decision in years on Thursday, when it will either raise borrowing costs from an all-time low or say it is waiting to ensure the post-lockdown economy is ready for a rate hike. The British central bank is due to make its announcement at 1200…
Oil Prices Rise Ahead of OPEC+ Meeting
November 4, 2021
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LONDON—Oil prices rose on Thursday, lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool prices. Brent crude was up 94 cents, or 1.2 percent, at $82.93 a barrel by 0940 GMT and U.S. West Texas Intermediate…
Stocks Rise as Fed Tapers Without Tantrums, BoE Takes the Stage
November 4, 2021
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SYDNEY—Share markets firmed on Thursday after the U.S. Federal Reserve engineered an orderly start to unwinding its massive stimulus programme, though doubts about the inflation outlook did push up longer-dated bond yields. “Remember that tapering is not tightening,” said Kerry Craig, global market strategist at J.P. Morgan Asset Management, noting the Fed’s balance sheet would…
Fed’s Powell: Could Reach Maximum Employment by Mid-2022
Federal Reserve Chair Jerome Powell on Wednesday said it is possible the U.S. job market may have improved enough by the middle of next year to be considered at “maximum employment,” a key hurdle to clear for the central bank to consider increasing interest rates. Powell, speaking at a press conference after the Fed’s latest…
Fed’s Powell: Will Take Some Time to Assess Nature of Post-COVID-19 Job Market
Gaining a full understanding of how job market dynamics have been affected by the COVID-19 pandemic will take some time, Federal Reserve Chair Jerome Powell said on Wednesday. Powell, speaking at a press conference after the Fed’s latest policy meeting, said this summer’s wave of infections from the Delta variant disrupted what had been a…
North Korea May Resume Trading With China and Russia Amid Economic Crisis
Since the start of COVID-19, North Korea has adopted the most stringent lockdown globally, further intensifying its economic difficulties. Reports suggest an increased number of army deserters, an inability to print money, and a lack of food and medical supplies. North Korea’s worsened living conditions may force it to open its borders to China and…
Fed Rolls out Bond-Buying ‘Taper,’ Holds to ‘Transitory’ Inflation Belief
WASHINGTON—The Federal Reserve on Wednesday said it will begin trimming its monthly bond purchases in November with plans to end them in 2022, but held to its belief that high inflation would prove “transitory” and likely not require a fast rise in interest rates. However, the U.S. central bank nodded to global supply difficulties as…
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