Barclays hit by $ 361 million US penalty for ‘staggering’ blunder

Sept 30 (Reuters) – British lender Barclays (BARC.L) agreed a $ 361 million penalty with US regulators on Thursday for “staggering” failures that led it to oversell $ 17.7 billion of structured products, racking up further costs for an error that has blighted CEO CS Venkatakrishnan’s first year in charge. The bank said after London … Read more

UK pension funds ask corporates for cash after gilt blow-up -sources

LONDON, Sept 30 (Reuters) – British pension funds with big losses in gilt market derivatives have sought emergency funds from the companies they manage money for as they race to dump assets to raise cash, industry sources said on Friday. Many pension funds were caught out during the surge in bond yields this week that … Read more

UK’s market chaos, contagion risk: what it all means for gold price

(Kitco News) Intense market volatility in Britain has escalated recession risks and global contagion fears. The gold market has been observing the developments cautiously as prices rise from 2.5-year lows. The UK saw its market rout continue a day after the Bank of England intervened in the gilt market via an emergency bond-buying program that … Read more

Oil settles lower after hitting $ 90 / bbl as OPEC + considers output cut

OPEC + has begun talks on output cut at Oct. 5 meet – OPEC source Russia seen suggesting OPEC + cuts output by 1 mln bpd – source US markets slide on Fed’s aggressive moves to tame inflation US production to return after shutting for Hurricane Ian NEW YORK, Sept 29 (Reuters) – Oil prices … Read more

Exclusive: Europe braces for mobile network blackouts

PARIS / STOCKHOLM / MILAN, Sept 29 (Reuters) – Once unthinkable, mobile phones could go dark around Europe this winter if power cuts or energy rationing knocks out parts of the mobile networks across the region. Russia’s decision to halt gas supplies via Europe’s key supply route in the wake of the Ukraine conflict has … Read more

Bank of England seeks to stem bond market turmoil after tax cut storm

BoE starts buying bonds, delays gilt sales IMF does ‘not recommend’ policies like UK growth plan Moody’s: economic plan is ‘growth negative’ Pound trading down 0.7% to $ 1.065 Kwarteng meets banking bosses again LONDON, Sept 28 (Reuters) – The Bank of England sought to quell a fire-storm in Britain’s bond markets, saying it would … Read more

US fines 16 Wall Street firms $ 1.8 bln for talking deals, trades on personal apps

Sept 27 (Reuters) – US regulators on Tuesday fined 16 financial firms, including Barclays (BARC.L), Bank of America, Citigroup, Credit Suisse (CSGN.S), Goldman Sachs, Morgan Stanley and UBS (UBSG.S), a combined $ 1.8 billion after staff discussed deals and trades on their personal devices and apps. The sweeping industry probe, first reported by Reuters last … Read more

Fed officials stare down markets, say inflation is top focus

Register now for FREE unlimited access to Reuters.com Register WASHINGTON, Sept 26 (Reuters) – US Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping US stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. “There are interactions there,” Cleveland Fed President Loretta Mester said, noting that … Read more

Bank of England ‘will not hesitate’ to act as it monitors market turmoil

Pound briefly touched a record low against dollar Five-year gilts match Friday’s record daily slump Yields on 2-year and 5-year debt up 100 bps in 2 days Finance minister to detail fiscal plans on Nov. 23 BoE monitoring developments ‘very closely’ LONDON, Sept 26 (Reuters) – The Bank of England said on Monday it would … Read more

Oil prices fall for a second day on concerns for expected recession

Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. REUTERS / Dado Ruvic / Illustration Register now for FREE unlimited access to Reuters.com Register Sept 26 (Reuters) – Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected … Read more