UBS Group AG has decided to exit $5 billion in assets it manages for rich customers as it sorts out the pieces of Credit Suisse it doesn’t want. The lender moved the assets from its wealth management division to its wind-down unit during the third quarter, it said in its...
Morgan Stanley’s James Gorman, preparing to step down as the firm’s leader at the end of this year, said he will also vacate his post as chairman by the end of 2024. “I’ll certainly stay most of the year, if not the whole year, but I won’t stay longer,” Gorman...
The International Monetary Fund upgraded its projections for China’s annual economic growth this year and next as the nation recorded a stronger-than-expected performance in the third quarter and Beijing rolled out policies to support the recovery.The IMF expects China’s gross domestic product t Learn more about reprints and licensing for...
Any year-end rally in stocks could prove short-lived because equities don’t fully reflect the outlook for rates remaining higher for longer, according to Jean Boivin, who heads the research arm at BlackRock Inc. Treasury yields have climbed to multi-year highs as investors prepare for an extended period of tightened Federal...
Hedge funds extended short positions on Treasuries to a record just before smaller-than-expected US bond sales and weaker jobs data spurred a rally. Leveraged funds ramped up net short Treasury futures positions to the most in data going back to 2006, according to an aggregate of the latest Commodity Futures Trading...
Bankers servicing one of the world’s biggest ESG debt markets are now actively seeking legal protections to guard against the potential greenwashing allegations that may be ahead. In the handful of years they’ve existed, sustainability-linked loans have mushroomed into a $1.5 trillion market. SLLs let borrowers and lenders say that a loan...
A cooling job market gives the Federal Reserve room to keep interest rates on hold in December and reinforces market views that the central bank is done with the most aggressive hiking campaign in four decades. Nonfarm payrolls increased 150,000 last month, less than expected, following a downwardly revised 297,000 advance in...
Sam Bankman-Fried was convicted of a massive fraud that led to the collapse of his FTX exchange, following a month-long trial that pitted the testimony of the former crypto king against that of some of his closest friends. Bankman-Fried was found guilty of seven counts of fraud and conspiracy after...
European stocks posted modest gains as traders awaited US jobs numbers due later Friday that will test optimism over whether the Federal Reserve’s tightening cycle is nearing an end. The Stoxx 600 added about 0.2% to its strongest week since March. Automakers fared best, with BMW AG rising after increased...
Technical factors no longer stand in the way of a year-end rally in the S&P 500 index, according to Bank of America Corp.’s Michael Hartnett. The bank’s in-house sentiment gauge, the Bull & Bear Indicator, is flashing a contrarian buy signal for a third straight week amid poor equity market...