April 16- Bond insurer Financial Guarantee Insurance Co said it had reached an agreement with Bank of America Corp to settle litigation related to nine second-lien residential mortgage-backed securitizations FGIC had insured.» Read More
BRUSSELS, March 20- European policymakers agreed on Thursday to complete a banking union with an agency to shut failing euro zone banks, but there will be no joint backstop for a fund to pay the costs of closures. It completes the second pillar of banking union, starting at the end of the year when the European Central Bank takes over as watchdog.
LONDON, March 20- Investment banks must take tough decisions to quit ailing business areas and should reduce their balance sheets by $1 trillion- or almost a tenth- to lift profitability, an industry report said.
*China's yuan deepens slide, hits one-year low. LONDON, March 20- The dollar powered higher against its major currency peers on Thursday after a surprise message from Federal Reserve head Janet Yellen that rises in U.S. interest rates were not as far away as most had thought.
Banks will find out if the Fed thinks they can cope with the next financial crisis when it publishes the results of an annual health check.
U.S. securities regulators contacted public funds with investments in Russia to make sure they are managing risks and disclosing their holdings.
*Gold extends losses after falling 1.8 pct on Thursday. LONDON, March 20- Gold hit three-week lows on Thursday after posting its biggest one-day fall since late January in the previous session, reacting to comments from Federal Reserve head Janet Yellen suggesting U.S. interest rates could rise sooner than expected.
BRUSSELS, March 20- European policymakers agreed on Thursday to complete a banking union with an agency to shut failing euro zone banks but there will be no euro zone backstop for the new fund to help cover the costs of such closures.
*Dollar strength helps push China's yuan to one-year low. LONDON, March 20- The dollar steadied against its major currency peers on Thursday after being jerked higher overnight by a surprise message from Federal Reserve head Janet Yellen that rises in U.S. interest rates are not as far away as most had thought.
HONG KONG, March 20- Hong Kong shares tumbled to an eight-month low on Thursday as disappointing China Mobile earnings and news that the Federal Reserve could raise U.S. interest rates sooner than expected battered the market. The Hang Seng Index ended down 1.8 percent at 21,182.16, its lowest close since July 10.
HONG KONG, March 20- Even before Alibaba Group Holding Ltd kicks off its first underwriter meeting for its planned U.S. IPO, traders are pouncing on the deal, betting the valuation of the Chinese e-commerce giant may leap to around $250 billion by the debut, according to IG Group.
TOKYO/ SYDNEY, March 20- The dollar traded near two-week highs against a basket of major currencies on Thursday, after comments from Federal Reserve head Janet Yellen prompted investors to bring forward their U.S. interest rate hike expectations.
*Rebound in China property on private placement approval. HONG KONG/ SHANGHAI, March 20- Hong Kong shares, tracking overseas weakness, fell on Thursday on news the Federal Reserve might raise U.S interest rates sooner than previously thought. The China Enterprises Index of the top Chinese listings in Hong Kong fell 1.2 percent.
*C.bank holds policy-setting meeting on March 27. MANILA, March 20- The Philippine central bank, in its strongest hint that interest rates may be hiked soon, said on Thursday that "measured" adjustments in monetary policy may be needed even though it expects inflation to stay within its target.
SINGAPORE, March 20- Gold hovered near three-week lows on Thursday as the U.S. dollar jumped on expectations the Federal Reserve could end its bond-buying programme this fall, hurting the metal's safe haven appeal as a hedge against inflation.
TOKYO, March 20- Japanese government bond prices were mostly steady on Thursday, with a slip in Tokyo stocks helping offset negative pressure from an overnight retreat by U.S. A regular bond-buying operation by the Bank of Japan, part of the central bank's massive monetary stimulus scheme, also underpinned JGBs.
SYDNEY, March 20- London copper fell on Thursday but remained well above three-and-a-half year lows hit the session before, after the Federal Reserve chair signalled interest rates could rise next year, eroding support for liquidity friendly commodities.
SINGAPORE, March 20- Gold hit its weakest in three weeks on Thursday as the U.S. dollar jumped on expectations the Federal Reserve could end its bond-buying programme this fall, hurting the metal's safe haven appeal as a hedge against inflation. *Cash gold hit a low of $1,325.34 an ounce, the weakest since Feb. 28, and stood at $1,328.84 by 0012 GMT, down $2.00.
*Monthly bond purchases cut by $10 bln as expected. WASHINGTON, March 19- The U.S. Federal Reserve will probably end its massive bond-buying program this fall, and could start raising interest rates around six months later, Fed Chair Janet Yellen said on Wednesday, in a comment which sent stocks and bonds tumbling.
Mar 20- For other related diaries, please. MUMBAI, India- The Reserve Bank of India Deputy Governor Kamalesh Chandra Chakrabarty will give a keynote address at an industry event- 0330 GMT. SANTIAGO- Chile Central Bank President Rodrigo Vergara Montes and Finance Minister Alberto Arenas will give presentations at a business forum- 1230 GMT.
TOKYO- Bank of Japan Governor Haruhiko Kuroda speaks at the Japan Chamber of Commerce and Industry- 0715 GMT. BERKS, United Kingdom- Bank Of England Monetary Policy Committee member speaks at the Thames Valley Chamber of Commerce. ZURICH- Swiss National Bank holds Monetary policy assessment- 0830 GMT.
Anthony Polini, Raymond James analyst, breaks down the big bank's quarterly numbers. It looks like they are doing a good job at reducing core operating expenses, says Polini.
Bank of America posted a first-quarter loss as the No. 2 U.S. bank recorded $6 billion in litigation expenses.
Philippe Legrain, author of the European Spring, discusses why he thinks the banking union is "bogus".