Author: Press Room
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.France’s biggest mortgage lender Crédit Agricole has warned of a deepening slowdown in demand, rejecting criticism that banks are refusing to make loans to prospective homebuyers.The country’s banks came under fire earlier this year for turning down mortgage requests, with brokers saying that restrictions on how quickly lenders can pass higher interest rates on to borrowers was putting them off making loans.Xavier Musca, Crédit Agricole’s deputy chief executive, said there was no “attitude of refusal”, pointing instead to weaker demand.At Crédit Agricole’s…
2/2 © Reuters. German Gref, CEO and Chairman of the Executive Board of Sberbank, delivers a speech during Sber Business Breakfast at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov/File photo 2/2 By Elena Fabrichnaya MOSCOW (Reuters) – Russia’s biggest bank Sberbank expects a sharp cooling of the mortgage market following an expected 80% rise in mortgage lending this year, CEO German Gref said on Wednesday. Gref said the bank’s mortgage issuance for the whole of 2023 was expected to reach 4.6 trillion roubles ($50.1 billion). “Despite the fact that we will…
© Reuters. FILE PHOTO: Customers exit an Under Armour store in New York City, U.S., November 4, 2019. REUTERS/Brendan McDermid/File Photo By Aatrayee Chatterjee and Ananya Mariam Rajesh (Reuters) -Under Armour on Wednesday raised its annual gross margin expectations as the sportswear maker benefits from abating cost pressures even as it struggles with tepid demand in its biggest market of North America. The company’s shares, down about 29% so far this year, were last up 5% in early trading as second-quarter profit topped analysts’ estimates. Freight and raw material costs are moderating for global companies from the spikes caused by…
© Reuters. Gold prices have been on a downward trend, with the pair dropping to $1,956.65 per troy ounce on Tuesday, following concerns about the potential continuation of monetary tightening by the Federal Reserve. Despite this, Wall Street managed to hold onto intraday gains as US Treasury yields remained subdued after Monday’s rise. This downward trend was influenced by anticipated changes in the Federal Reserve’s rate hikes, higher US Treasury yields, and easing consumer inflation. These factors led XAU/USD to a ten-day low of $1956.81. The demand for safe-haven assets like gold has been curtailed due to positive market sentiment…
SmileStudioAP/iStock via Getty Images As 2023 heads into its last month and a half, UBS outlined where its attention is focused as 2024 comes into view. The list of the company’s equity ideas includes Chinese tech and a bet on equity volatility. See below the top ten equity ideas UBS highlighted for 2024: No. 10: Long Japan equity calls. No. 9: Long EU miners equities calls. No. 8: Long U.S. small cap calls (NYSEARCA:IWM). No. 7: Long U.S. equity volatility versus U.S. bond volatility. No. 6: Long Korea (EWY) versus India (INDA). No. 5: Long China tech (NYSEARCA:KWEB). No. 4:…
Voters elected two women for the first time to lead Philadelphia and Pennsylvania’s second-largest county, installing Democrat Cherelle Parker as the 100th mayor of the state’s largest city and Democrat Sara Innamorato as executive of the county that includes Pittsburgh.Parker, 51, who has held office at the state and local level after first becoming involved in politics as a teenager, emerged from a crowded field in the May party primary as the only leading Black candidate and was heavily favored over Republican David Oh in the Democratic stronghold city. She will replace Democrat Jim Kenney, who was ineligible for reelection…
Jeffrey Sherman touted bonds over stocks and flagged signs of weakness in the US economy. DoubleLine’s deputy chief investor told Insider the Federal Reserve is an “enemy to everything.” Sherman sees sticky inflation, and the Fed’s interest-rate hikes gradually cooling the US economy. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Bonds are more enticing than stocks, the US economy is showing cracks, and the Federal Reserve is an enemy to investors, according to Jeffrey Sherman.The deputy chief investor of DoubleLine, “Bond King” Jeffrey…
Stay informed with free updatesSimply sign up to the Hedge funds myFT Digest — delivered directly to your inbox.The rise of multi-manager hedge funds has led to a “merry-go-round” of portfolio managers being offered “silly” amounts of money, according to the co-founder of Europe’s largest hedge fund.Sir Paul Marshall, co-founder of Marshall Wace, told an investment conference in Hong Kong on Wednesday the dominance of multi-manager platforms had reshaped the industry because they were “paying incredible amounts of money to target people”. “Everybody wants that Cristiano Ronaldo on their team, but there aren’t very many Cristiano Ronaldos,” said Marshall, who…
© Reuters. The exterior of the Warner Bros. Discovery Atlanta campus is pictured after the Writers Guild of America began their strike against the Alliance of Motion Pictures and Television Producers, in Atlanta, Georgia, U.S. May 2, 2023. REUTERS/Alyssa Pointer/ By Helen Coster and Samrhitha A (Reuters) -Box office smash “Barbie” helped Warner Bros Discovery (NASDAQ:) top third-quarter profit estimates, but the company said on Wednesday the effect of two Hollywood strikes and a weak advertising market could continue to hamper the company’s earnings into next year. Although Hollywood’s film and television writers ratified a new, three-year contract in September,…
© Reuters. The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren (Reuters) – Citigroup Inc (NYSE:) has agreed to pay $25.9 million to settle U.S. Consumer Financial Protection Bureau charges it intentionally discriminated against credit card applications who the bank identified as Armenian-American. The payment includes a $24.5 million fine as well as $1.4 million to harmed customers, the regulator said on Wednesday.