The world’s oldest bank is also Europe’s riskiest. Italy’s Banca Monte dei Paschi di Siena SpA was the only one of 51 lenders tested by European regulators to have its capital wiped out in the exam’s toughest scenario. The bank, which has been bailed out twice by the government since 2009, said it plans to sell as much as 5 billion euros ($5.6 billion) of stock if it can offload a bad-loan portfolio.
U.K. manufacturing shrank more than initially forecast in July, suffering its biggest drop in more than three years.
The Swiss National Bank has room to intervene in the foreign exchange market, with the Swiss franc considered overvalued to the euro, the bank’s chairman said on Monday.
Citi’s former global head of FX trading, Jeff Feig, is reportedly seeking to establish a macro hedge fund and is talking to investors.
Activity in euro-area manufacturing slowed in July as uncertainty following the U.K.’s vote to leave the European Union damped new orders.
Brexit. The largest influx of refugees since World War II. A spate of terrorist attacks. A populist insurgency. Another banking meltdown.
Alongside last week’s publication of an update on the Fair and Effective Markets Review (FEMR), the UK’s Financial Conduct Authority (FCA) has separately published a progress report on its own FX remediation programme.
Kweku Adoboli, the ex-UBS trader jailed four years ago for the biggest fraud in British history, has said his crimes could be repeated as those working in the banking industry still faced the same pressure to make profits “no matter what”.
Debt investors’ irrepressible appetite for Apple Inc. turned the company into the biggest corporate-bond issuer in the world as it raised more than $80 billion in just four years. Now, some analysts are asking whether that’s too much, too fast.
The first batch of trading venues to provide turnover data indicates that trading volumes in July, perhaps inevitably, retreated from the Brexit-inspired heights of June.
Uber Technologies Inc. will sell its China business to Didi Chuxing, the dominant ride-hailing service in the country, according to people familiar with the matter, ending a costly battle between the two companies for customers and drivers.
Heineken, the world’s third-largest brewer, forecast a bigger blow from declining currencies this year after a first half when strength in Asia and Europe helped to offset declining sales in Africa.
British finance minister Philip Hammond welcomed the issuance on Monday of the first offshore rupee-denominated bond from a private company, saying it highlighted London’s status as a leading global finance centre.
Global stocks mostly inched higher Monday after closing out July with solid gains.
Forget September, or even December. Bond traders are betting the Federal Reserve won’t be able to pull off another interest-rate increase until September next year.
- Fed’s Dudley Warns It Is Premature to Rule Out an Interest-Rate Increase This Year – WSJ (subscription)
Iran is expected to approve a new model for oil contracts on Wednesday, paving the way for billions of dollars of foreign investment to help rebuild its energy industry.