The Japanese yen and Swiss franc remain relatively safe bets, Morgan Stanley said Tuesday, but the investment bank picked the U.S. dollar as the best safe-haven currency in what’s left of turbulent 2020. The greenback fell to a 27-month low on Tuesday against a basket of its peers, where the dollar index reached 92.477 — a level not seen since […] Read more
British financial technology firm Revolut said its losses more than tripled in 2019, despite a surge in revenues and customer numbers. The London-based start-up, which offers banking and trading services through an app, posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018. That […] Read more
The euro zone’s business activity rebounded in July, according to preliminary data, as strict coronavirus lockdowns were further eased and more people returned to work. In June, the region had already shown signs of a recovery with flash PMIs (Purchasing Managers’ Index) hitting 47.5 — up from 31.9 in May. A reading below 50 indicates an economic contraction. However, the […] Read more
U.K. Finance Minister Rishi Sunak will deliver a fresh set of policy initiatives on Wednesday as Britain looks to spark an economic recovery from the coronavirus pandemic. The “Summer Economic Update,” a de-facto mini-budget, is expected to include tax cuts and new spending pledges in a bid to stimulate demand as the U.K. economy begins […] Read more
U.S. policymakers could “change the world” by devaluing the dollar, one analyst has claimed. Speaking to“Squawk Box Europe” on Monday, independent macro advisor Hugh Hendry said quantitative easing programs — where central banks buy assets like government bonds to inject liquidity into the economy — were not working. Instead of targeting bonds as a form […] Read more
Christine Lagarde, the president of the European Central Bank, believes the world may be past the worst of the coronavirus crisis but said a return to the status quo is unlikely. Speaking during the online Northern Light Summit on Friday, she said: “We probably have passed the lowest point and I say that with some trepidation […] Read more
The United States is studying the possibility of slapping $3.1 billion in additional tariffs on goods from the United Kingdom, France, Germany and Spain — in another step that’s likely to exacerbate tensions between both sides of the Atlantic. In a document issued Tuesday evening, which was first reported by Bloomberg, the Office of the […] Read more
India is one of the world’s worst hit countries in the coronavirus pandemic, with reported cases spiking in recent weeks as the country emerged from a strict nationwide lockdown. Cumulatively, India has reported more than 400,000 cases of infections since January. Though, relative to its population size, the percentage of infected individuals is still low. India […] Read more
The 27 European governments are negotiating for the first time Friday a proposal for 750 billion euros ($841 billion) to tackle the Covid-19 crisis. However, the new stimulus plan has sparked division among EU countries and it is unclear when they will manage to bridge their differences. “It is a necessary step,” a Brussels-based European official, […] Read more
Customer deposits in the banking sector dropped by $25.3 billion, or 15 percent, from the end of August 2019, when they first started declining, to the end of April 2020. Deposits, which stood at $148 billion at the end of April, were declining as a result of the bank run that was triggered by concerns […] Read more
