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The number of billionaires in the world dipped in 2022 due to Russia's war in Ukraine, monetary policy tightening, stock market falls and the Chinese economic slowdown, UBS said Thursday.
German Economy Ministry Calls for Joint EU Response to U.S. Inflation ActDec 9, 2022 - 08:54:28 PST
Germany wants a joint European response to the U.S. Inflation Reduction Act that would involve simplifying rules on state support and expanding funding opportunities, according to a German economy ministry document seen by Reuters on Friday.
Dec 9, 2022 - 08:29:43 PST
The Federal Reserve is removing the massive punch bowl from the US economy and markets. And with the rising US mortgage rates, we got crashing buying conditions for housing. The UMich consumer survey for buying conditions for house rose slightly in December to 36, well below 100 (the baseline).
Now starting to (but just a little).
Two forces are in play. A reduction in reserves lowers the free money. Rate hikes by the Fed increase the amount of free money. QT takes away about $95 billion a month from the total amount the Fed pays interest on. Next week the Fed will hike 50 basis points to a range of 4.25 percent to 4.50 percent. I expect the new interest rate will stairstep to 4.40 percent (3.90 + 0.50).
Dec 9, 2022 - 07:18:03 PST
A greater concern, in our estimation, is this line from the report: “For banks headquartered outside the United States, dollar debt from these instruments is estimated at $39 trillion, more than double their on-balance sheet dollar debt and more than 10 times their capital.” Their on-balance sheet dollar debt is $15 trillion.
Dec 9, 2022 - 07:15:02 PST
If you’re Jamie Dimon, Chairman and CEO of the largest bank in the U.S. with 5,023 bank branches across the country taking in cash each day that represents the life savings of moms and pops and pension funds, announcing that 10 percent of last year’s new hires had criminal backgrounds is not exactly a confidence builder...
Former Wells Fargo Execs Ordered to Pay $18.5M Over Fake Accounts ScandalDec 9, 2022 - 07:07:25 PST
Three former Wells Fargo executives face hefty fines over the mega-bank's fake accounts scandal after a judge recommended they be forced to pay $18.5 million in collective penalties for failing to stop the years-long scheme.
The mortgage payment for the median new home sold in the U.S. during October 2022 would now consume nearly half the monthly income of an American household earning the median income. The following chart illustrates that development.
Deutsche Bank AG has applied to re-join the London Bullion Market Association — the world’s foremost standard setter for gold trading — as the German lender seeks to expand its trading unit.
Deutsche Bank AG has applied to re-join the London Bullion Market Association — the world’s foremost standard setter for gold trading — as the German lender seeks to expand its trading unit.
Gold prices rose on Friday due to a pullback in the dollar, while investors looked ahead to U.S. inflation data and a slew of central bank meetings with key focus on the Federal Reserve.
Having fallen for four straight months, the year-over-year change in Producer Prices was expected to continue to slow in November to +7.2% (from +8.0% in October) with a 0.2% increase MoM. However,m the headline printed hotter than expected (+0.3% MoM) - the highest since June. This left the YoY PPI at +7.4%, the lowest since May 2021...
Stock futures dropped after data signaling persistently high inflation bolstered speculation the Federal Reserve will keep its monetary policy tighter for longer.
Investment portfolios belonging to retail traders suffered a $350 billion blow this year as big bets on risky stocks and former high-fliers like Tesla Inc. backfired for the mom-and-pop set.
U.S. equity funds posted enormous outflows in the week to December 7 as investors fretted over the Federal Reserve's rate hikes, with data showing a rebound in employment and a pick up in the services sector.
Outflows from global equity funds in the week ended Dec. 7 hit a three-month high on fears that interest rates could stay higher for longer than expected amid mounting worries about a recession next year.
China's factory-gate prices showed an annual fall for a second month in November while consumer inflation slowed, indicating weak activity and soft demand in an economy that has been held back by tough pandemic controls.
Euro-area banks are returning another €447.5 billion ($472 billion) in cheap loans to the European Central Bank after officials toughened the terms of the program to help fight double-digit inflation.
Generally, 35% of central banks were more inclined to issue a CBDC despite recent events in crypto and none were less inclined a report by the Official Monetary and Financial Institutions showed.