Frank McGhee, Integrated Brokerage Services, says he is a "long term bull," but gold will continue to be under pressure. Scott Wren, Wells Fargo Advisors, weighs in.» Read More
Helmut Siekmann, professor at the Institute for Monetary and Financial Stability at Goethe University, argues that the stress tests could threaten the European recovery if too strict.
Holger Schmieding, chief economist at Berenberg Bank, highlights that with Spain returning to growth in the third quarter, all the euro zone countries that were bailed out are now out of recession.
*ECB to conclude assessment in Oct 2014. FRANKFURT, Oct 23- The European Central Bank promised on Wednesday to put top euro zone banks through rigorous tests next year, staking its credibility on a review that aims to build confidence in the sector.
*BoC omits mention of rate hikes for first time since April 2012. OTTAWA, Oct 23- The Bank of Canada abandoned on Wednesday an 18- month stretch of rate-hike talk in a dramatic policy shift that highlighted lower-than-expected growth and the risk of persistently weak inflation.
CNBC's Geoff Cutmore speaks with ECB president, Mario Draghi, about European banks, the ECB's role as a banking supervisor and the risk of Europe falling back into a recession.
CNCB's Geoff Cutmore speaks with ECB president, Mario Draghi, about European banks. Draghi says the primary objective of tests is increasing banks transparency.
Mario Draghi, president of the ECB, discusses the "uneven and fragile" European recovery and the need for transparency in the banking sector.
Mario Draghi, president of the ECB, says he is confident about putting backstops in place for banks, and how the U.K needs to remain in the European Union.
Riccardo Barbieri, chief European economist at Mizuho International and Andrew Peaple, deputy European editor at the Wall Street Journal's Heard on the Street, comment on the ECB stress tests.
When you have banks of unprecedented size, you have to expect unprecedented fines.
LONDON, Oct 23- Copper fell more than 1.5 percent on Wednesday as fears of tighter monetary policy in top metals user China outweighed speculation that tepid U.S. jobs data will deter the Federal Reserve from tapering its stimulus this year. China consumes about 40 percent of the world's copper.
*European shares down 0.8 pct, Wall Street seen opening down 0.5 pct.
AMSTERDAM, Oct 23- Rabobank may face a fine of roughly $1.0 billion over its alleged role in the manipulation of benchmark interest rates, the second-biggest penalty in a global investigation. Rabobank, Britain's Financial Conduct Authority, the Dutch central bank and the U.S. Commodity Futures Trading Commission declined to comment.
*Heineken, Fortum and STMicro fall after results. "The biggest news is that it has been confirmed that it's not just loans that will be looked at during the asset quality review," Benjie Creelan-Sandford, a banking analyst at Macquarie Research, said. Within the euro zone bank index, banks from Italy and Spain led fallers.
TOKYO, Oct 23- The Bank of Japan's aggressive monetary easing prompted the country's banks to cut their government bond holdings by 24 percent between March and August to reduce risk on their balance sheets, the central bank said on Wednesday.
*Extends trend seen in New Zealand, China and Japan. SYDNEY/ SINGAPORE, Oct 23- Inflation fears heightened in Asia on Wednesday as price pressures in Australia intensified and as China's short-term interest rates shot higher on concerns the central bank may soon tighten liquidity.
LONDON, Oct 23- Copper fell nearly 1 percent on Wednesday as concerns of tighter monetary policy in top metals user China outweighed speculation that Tuesday's tepid U.S. jobs data will deter the Federal Reserve from tapering its stimulus this year.
Philippe Bodereau, managing director at Pimco, says that while "encouraging" and "ambitious", the ECB stress tests for banks would have benefited from a more transparent measure on capital.
Chris Skinner, CEO of Balatro and chairman of the Financial Services Club, explains that the whole point of the ECB's stress tests for banks is to improve confidence and discusses possible criteria.
FRANKFURT, Oct 23- The European Central Bank vowed on Wednesday to submit the euro zone's top banks to a comprehensive batch of tests next year, staking its credibility on a review that aims to build confidence in the sector.