Friday 23rd February 2018
February 23rd 2018: John Hardy, head of FX Strategy at Saxo Bank says in today’s client note that: “The latest European Central Bank minutes showed a debate on leaving the door open to QE resumption if conditions warranted, ultimately leading to the dropping of this language in the forward guidance. The headlines have seized on the discussion of the volatility of the euro in the minutes and the phrase that this provided “a source of uncertainty that required monitoring". ECB president Draghi offered a stern rebuttal at the most recent ECB meeting to a (likely offhand) statement by US Treasury Secretary Mnuchin that a weak dollar is a benefit to the US economy. The expectations for ECB policy unwinding have gone into neutral over the last couple of weeks, even with the recent recovery in risk appetite, and this kind of language from the ECB, heavy EUR long speculative positioning, and a rather sharp deceleration in the most recent PMIs are making it tough sailing for EUR bulls. Speaking of positioning, the JPY short is shrinking but still very large. Often, when the JPY is on the move, it is directly traceable to something else afloat in the markets, whether from direct signals from the central bank, or large swings in risk appetite or bond yields. But this recent move feels qualitatively different and rather significant, as if the market is changing its mind about its underlying assumptions (that the BoJ will forever be the policy laggard and as long as we aren’t seeing a market meltdown, carry trades versus the JPY are a no-brainer) and this could lead to a broad-based repricing of the G10’s cheapest currency” -

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Transaction Banking

Multinational companies moving into Africa are looking for supply chain efficiencies that provide market leading solutions which can optimise balance sheets and the use of working capital, says Standard Bank. According to Kent Marais, head of transactional products & services product management at Standard Bank there is still interest from multinational companies to expand into Africa due to the higher growth rates on offer than elsewhere in the world, but expectations around more sophisticated solutions are much higher than they were in the past.

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Tuesday, 15 March 2016

Natixis reorganises CIB arm

Following implementation of its New Frontier strategic plan which has refocused the bank’s clients, broadened the international footprint of its business lines and made significant strides towards its goal of becoming an asset light bank, Natixis is now re-structuring its organisation to include two new business lines, Global Finance and Investment Banking.

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Venture capital investment, accelerator programmes and a proactive focus on the deployment of new technologies through allegiances with fintech companies should be priorities for banks as a multiplicity of new payment capabilities come to the fore, according to a new report by BNY Mellon.

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Middle East banks are set to increase their share of global transaction banking revenues by at least 25%, according to a survey conducted by iGTB, the world’s first complete transaction banking platform. Why does the segment believe it has a lot to offer the transaction banking service set?

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Following the launch of Investor Services within the Institutional Cash & Securities Services business of its Global Transaction Banking division, Deutsche Bank says it has appointed Elizabeth Nolan as head of Custody & Clearing, effective January next year.

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Societe Generale Securities Services (SGSS) has launched a fully integrated wealth and investment management outsourcing solution for the UK. 

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Last year Shell said that it intended to sell some of its Italian downstream assets, including its retail, aviation and supply and distribution businesses (Shell Italia SpA and Shell Italia Aviazone Srl). Now Kuwait Petroleum International has signed a loan agreement to help fund its purchase of the Italian assets of Royal Dutch Shell; the acquisition could shake up Italy's inefficient petrol distribution network. Italy has about 24,000 petrol stations dotted across the country, twice the number that are in France and almost three times that are in Britain. Successive Italian governments have called for a reduction in the number of petrol stations and the introduction of more self-service pumps to make the sector more competitive but have met with stiff resistance from operators. No price indication was given for the deal with Kuwait, but Italian press reports say it is more than €500m  (around $650m). Law firm Clifford Chance  has advised Shell in the deal and National Bank of Kuwait was loan arranger, along with a group of international banks.

 

 

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BlackRock has asked BNY Mellon to provide it with custody, fund administration and trustee services for its Tax Transparent Fund (TTF). The BlackRock ACS US Equity Tracker Fund will initially be offered to those UK pension fund clients of BlackRock that are investing in US equities, with the expectation that this will be extended to other asset classes in the future.

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