Khiem Do, Head of Asian Multi-Asset at Baring Asset Management, discusses why Chinese financials are trading for less than its book value, despite minimal chances of a bankruptcy in the sector.» Read More
WASHINGTON, July 9- The Federal Reserve has begun detailing how it plans to ease the U.S. economy out of an era of loose monetary policy, appearing near agreement on a three-pronged strategy to manage interest rates in the future, according to minutes of the last Fed policy meeting.
PARTICIPANTS EXAMINED WAYS TO CHANGE CALCULATION OF FED FUNDS EFFECTIVE RATE IN INTEREST RATE-HIKE CYCLE- MINUTES.
MOST PARTICIPANTS SEE CONTINUING ROLE FOR FED FUNDS RATE; MANY BACK CONTINUING A TARGET RANGE- MINUTES.
FEDERAL RESERVE OFFICIALS GENERALLY AGREE DUAL USE OF INTEREST ON EXCESS RESERVES, REVERSE REPO FACILITY IN NORMALIZING POLICY- FOMC MINUTES.
BERLIN, July 9- Germany's cabinet has approved draft laws which effectively give the go-ahead to Europe's plans for banking union- its main confidence-building response to the financial sector crisis, a government source said on Wednesday.
*Athens says 3- year bond to be issued soon. ATHENS/ LONDON, July 9- Greece said on Wednesday it has hired banks for a new three-year euro bond, the aid-reliant nation's second debt sale since returning to financial markets in April.
*Dollar reverses earlier strength, falls against euro. NEW YORK, July 9- The U.S. dollar fell against the euro on Wednesday as investors awaited the release of minutes from the Federal Reserve's June meeting for any indications of how soon the U.S. central bank will raise interest rates.
NEW YORK, July 9- The U.S. dollar rose slightly against most major currencies on Wednesday as investors awaited the release of minutes from the Federal Reserve's June meeting for any indications of how soon the U.S. central bank will increase interest rates.
Citigroup is may pay about $7 billion to fix a probe into whether it defrauded investors on billions of dollars worth of mortgage securities.
If there is any kind of loan growth bank stocks have a tailwind, says Thomas Digenan, UBS, revealing where he is placing his bets in the markets.
LONDON, July 9- The euro was steady against the dollar on Wednesday, with traders looking to a speech by European Central Bank chief Mario Draghi and minutes of the U.S. "Its really been very quiet," said Daragh Maher, a strategist with HSBC on Monday.
FRANKFURT/ PARIS, July 9- The European Central Bank is hoping a new round of long-term loans will be used by banks to drive down borrowing costs- a substitute for an asset-purchase scheme of its own which would avert a potentially damaging internal split. "It's also the liquidity injection, the funding substitution," he told Reuters in Paris on Wednesday.
LONDON, July 9- Gold prices firmed on Wednesday, climbing back above $1,320 an ounce, as fresh inflows into bullion-backed funds indicated rising investor confidence the metal ahead of the release of the latest Federal Reserve minutes.
BERLIN, July 9- Germany's cabinet has approved a package of draft laws which effectively give the go-ahead to Europe's plans for banking union- its main confidence-building response to the crisis in the financial sector, a government source said on Wednesday.
*Board meets July 14-15, decision seen July 15 0330-0500 GMT. TOKYO, July 9- The Bank of Japan may trim its economic growth forecast for the current year next week, sources familiar with its thinking said, reflecting soft exports and a bigger-than-expected slump in household spending after a sales tax hike in April.
LONDON, July 9- The euro traded marginally stronger on Wednesday, with traders looking to a speech by European Central Bank chief Mario Draghi and the minutes of the U.S. "Its really been very quiet," said Daragh Maher, a strategist with HSBC on Monday.
*Tencent has biggest fall in over a month after U.S. tech shares fall. HONG KONG, July 9- Hong Kong shares fell on Wednesday after U.S. stocks skidded, with Internet giant Tencent the biggest drag, while Chinese markets were knocked off three-week highs as banks fell. The China Enterprises Index of the top Chinese listings in Hong Kong fell 1.1 percent.
Citigroup is expected to pay more than $4 billion to settle the probe, according to a Dow Jones report that cites sources.
Below are key facts and a timeline concerning development of China's yuan payments system. NOVEMBER 2005- China's central bank announces the expansion of the yuan banking business in Hong Kong.
WASHINGTON, July 8- Federal Reserve Chair Janet Yellen will go before Congress next week to deliver the U.S. central bank's latest report on monetary policy, congressional officials said on Tuesday. Yellen will appear before the Senate Banking Committee at 10 a.m. EDT on July 15, the Senate committee said.
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