Shares in Deutsche Bank, Germany’s largest lender, fell by as much as 14% on Friday, with other banks across Europe also seeing significant losses. Commerzbank in Germany fell by 5%, Societe Generale in France dropped by 6%, and Standard Chartered in the UK was down over 6%. Deutsche Bank did recover somewhat but still closed …
The Chancellor of Germany has launched efforts to reassure investors about the financial stability of Deutsche Bank, the country’s largest bank. The bank’s share price has plummeted in both Europe and the United States, following the surge in Credit Default Swap (CDS) and the sell-off of financial instruments classified as Tier 1 capital. In response, …
Chancellor of Germany seeks to build confidence in “Deutsche Bank” financial situation Read More »
The Purchasing Managers’ Index (PMI) for the preliminary US manufacturing and services sectors rose to 53.3 in March, its highest in 10 months, according to S&P Global. This increase from February’s reading of 50.1 shows that the US business sector is expanding, which has now been the case for two consecutive months. The rise in …
U.S. manufacturing-service PMI hits 10-month high Read More »
Orders for durable goods in the United States, including cars, aircraft, and large machinery with a lifespan of three years or more, fell 1% in February, according to the Commerce Department. This follows a 5% decline in January. The drop in durable goods orders was primarily driven by a fall in orders for autos and …
British labor unions have announced that more than 3,000 civil servants from four ministries will go on strike on April 11 to demand higher wages and better pension benefits, as well as job security. The announcement comes after negotiations with the government broke down. The workers, who belong to the Public and Commercial Services (PCS) …
On April 11th, British Labor Unions to Strike, Calling for Salary Hikes Read More »
In a move to protect its cyber security, the French government has banned civil servants from using TikTok on their mobile phones while at work. The decision comes amid concerns about data leakage from the popular social media app. French Minister of Civil Affairs Stanislas Guerini announced the ban in a tweet, stating that it …
On March 24th, 2023, Asian stock markets closed lower, with investors continuing to worry about financial system problems in Europe and the United States, as they evaluated the opinion of US Treasury Secretary, Janet Yellen. Tokyo’s Nikkei closed at 27,385.25 points, down 34.36 points, or -0.13%, due to concerns about the banking crisis, ending slightly …
Asian Stock Markets Close Lower as Investors Evaluate Yellen’s Opinion Read More »
Here are the top stories making headlines around the world on March 24, 2023:
According to the Office for National Statistics (ONS), UK retail sales surged by 1.2% in February from the previous month, bringing sales back to pre-pandemic levels. The rebound in retail sales was more significant than expected, as economists had projected a rise of only 0.2%. The rise in sales was driven by strong growth in …
UK retail sales rebound in February more than expected Read More »
The CEO of Standard Chartered Bank (Stanchart) has expressed concern about the impact of the Swiss government’s decision to cut the value of Credit Suisse’s Additional Tier 1 (AT1) financial instruments to zero. Speaking at a financial conference in Hong Kong, he warned that the move would have serious consequences for the market and create …