TOKYO—Japan’s biggest lenders on Wednesday all sounded alarmed about the risk the Omicron variant could have on their earnings, reviving concerns that a resurgent pandemic could trigger more bad loans. It was a sobering assessment from Japan’s three top banks—some of the world’s biggest lenders by assets—and underscored how the latest coronavirus variant could put…
Japanese Banks Sound Caution for Earnings as Omicron Highlights Bad Loan Risks
Wall Street Climbs at Open on Energy, Banks Boost
Wall Street’s main indexes opened higher on Thursday on gains in economy-sensitive energy and financial stocks, a day after hawkish comments from the Federal Reserve weighed on markets. The Dow Jones Industrial Average rose 93.66 points, or 0.27 percent, at the open to 34,261.75. The S&P 500 opened higher by 30.65 points, or 0.70 percent,…
Banks Say They Are Paying up for Talent as Hiring Is Competitive
Banks are facing cutthroat competition to hire and are being forced to pay more to recruit and keep talent, with both Citigroup Inc and JPMorgan Chase & Co. saying they are having to pay competitively for top people. Global banks have had to come up with perks like higher pay and bonuses to attract and…
Wall Street Slides at Open After Mixed Results From Big Banks
Wall Street’s main indexes opened down on Friday as banking heavyweights JPMorgan, Wells Fargo, and Citigroup kicked off the fourth-quarter earnings season with mixed results, while big technology companies extended losses after a bruising selloff. The Dow Jones Industrial Average fell 117.19 points, or 0.32 percent, at the open to 35,996.43. The S&P 500 opened…
Wall Street Opens Mixed as Tech Stocks Weakens, Banks Rally
Wall Street’s main indexes opened mixed on Thursday, with banking and energy shares leading gains, while interest rate-sensitive growth names remained under pressure from the Federal Reserve’s hawkish signals. The Dow Jones Industrial Average rose 1.94 points, or 0.01 percent, at the open to 36,409.05. The S&P 500 opened lower by 7.19 points, or 0.15…
Cryptocurrency Now in the Sights of Australian Regulators
December 16, 2021
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The Australian government has given an ear to the cryptocurrency industry and appointed a new committee that will oversee the development of long called for regulation in the sector which is worth trillions of dollars globally. More than 800,000 Australians have already made crypto transactions over the last three years—a figure growing at an accelerated…
Stocks Wobble as Wall Street Focuses on Central Banks
December 16, 2021
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Stocks wobbled in morning trading on Wall Street Thursday as investors study moves by central banks to fight rising inflation. The S&P 500 rose 0.1 percent as of 10:20 a.m. Eastern and is hovering around the record high it reached last Friday. The Dow Jones Industrial Average rose 178 points, or 0.5 percent, to 36,102…
US Banks Reconsider Policies on Overdraft Fees Due to Public Pressure
The U.S. banking industry may slowly end the practice of collecting overdraft fees, after decades of raking in billions of dollars from financially struggling customers, due to public pressure. All of this comes on the heels of a Dec. 1 report from the Consumer Financial Protection Bureau (CFPB), which may lead to more government scrutiny. “The…
Investors Raise Cash on Hawkish Central Banks Worries
December 14, 2021
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Investors raised cash allocations to 5.1 percent on growing concerns over central bank hawkishness, BofA Securities’ monthly fund manager survey showed before key policy decisions this week by the U.S. Federal Reserve and other big central banks. The U.S. investment bank said “hawkish central banks” was the biggest tail risk and that has sparked a…
Euro Slips, Dollar Rises With Central Banks in Focus; Yuan Drops
December 9, 2021
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London—The euro, pound, and dollar stabilised on Thursday as China’s yuan fell from a 3–1/2-year high and was set for its biggest drop in more than four months. With the U.S. Federal Reserve, European Central Bank, and Bank of England among those meeting to discuss monetary policy next week, investors will be keenly watching for forward…
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