Around 5% of banks globally are vulnerable to stress if central bank interest rates remain higher for longer, despite the easing of turmoil in the sector in recent months, the International Monetary Fund (IMF) said on Tuesday.
Britain’s banking system is well capitalised to withstand shocks the Bank of England said on Tuesday, adding that next year’s annual health check of major lenders will dispense with bank-by-bank results while a “stocktake” of stress testing takes place.
Strategists at Deutsche Bank have recommended an overweight in equities into 2024, as risks are now well reflected in the market and those are about to turn into opportunities.
Profits at the biggest U.S. consumer lenders are likely to rise in the third quarter, in contrast with investment banks still facing a dealmaking slump, analysts said.
The Bank of England said on Tuesday that money market funds should hold “significantly” higher amounts of liquid assets to cope with market volatility after the sector struggled with a “dash for cash” during the COVID-19 pandemic.
The Bank of England said on Tuesday that valuations for some financial assets may be too high, particularly for U.S. tech stocks and dollar-denominated corporate bonds.
A global body with banking oversight has played down the rescue of Credit Suisse, saying there was no need for an overhaul of international rules written after the global financial crash 15 years ago to prevent such a debacle.
Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) said it was optimistic on public equities for 2023 after last year’s market rout, driven by high inflation and rising interest rates, weighed on stocks’ valuations, making them more attractive.
Accounting giant Deloitte is acquiring some of rival PricewaterhouseCoopers’ (PwC) Maldives and Sri Lanka network firms, according to a Deloitte memo seen by Reuters, strengthening the company’s presence in the South Asia region.
Moelis & Co has hired a banker from Saudi National Bank’s investment banking arm to head its business in Saudi Arabia, a company spokesperson said in an email on Monday.
