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...Lenders should dole out over $2tn worth of mortgages in 2024. On current estimates, that looks to be up 22 per cent from last year but still well below 2021’s $4.4tn. Therein lies the problem....
...The UK-based lender will book a $1bn hit to its pre-tax earnings in the first quarter of 2024 as a result of the sale, the latest in a series of moves to sell off parts of its operations....
...It also risks serious flak from Dutch politicians and regulators who worry about threats to the banking sector, especially after the travails of America’s regional lenders a year ago....
...Its credit rating was downgraded by S&P Global last week....
...Citi, JPMorgan and Bank of America have all gotten in....
...However, Bank of America strategists said any upturn in the bank index’s relative performance could signal a broader shift in investor thinking....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Fitch, Standard and Poor’s and Moody’s are the world’s three most prominent agencies engaged in rating wholesale debt. Moody’s still rates the US as AAA....
...With supply dwindling through the European summer, wholesale gas prices rose from around €28 a megawatt hour in June 2021 to a peak of more than €330 per MWh in August 2022....
...N26 did not disclose how many clients it had attracted in South America’s largest country, but it accounts for a fraction of N26’s more than 8mn clients....
...Created by federal law in 1932, the FHLB system was designed to provide wholesale lending in support of residential mortgage finance....
...This month rating agency S&P Global downgraded Ecuador’s outlook to negative from stable, arguing the crime wave could hit reforms....
...Unhedged has written at tedious length about private credit, 2023’s hottest asset class....
...Job moves Deutsche Bank’s head of corporate and investment banking for the Americas James Davies is leaving the group....
...Chairman redux As anti-DEI sentiment sweeps corporate America, thousands of filings reveal that S&P 500 companies are changing to gender-neutral language at a slowing rate, Bloomberg reveals....
...“We know that lenders were rather aggressive during that period,” said Amy Martin, who tracks auto loans for S&P. “The 2022 vintage is definitely worse than prior years.”...
...This was a policy failure so great that it ultimately led to 2003’s spectacularly misguided American-led invasion that left hundreds of thousands dead and Washington’s greatest strategic rival in the region...
...Shares in New York were higher in late-morning trading, with the S&P 500 up 0.2 per cent and the tech-heavy Nasdaq 0.4 per cent higher....
...“It is a really good market out there,” said John McAuley, Citi’s head of debt capital markets, North America....
...That compares with the S&P 500’s 14 per cent gain. The wild swings in bank stocks seen in March are over. But the sector’s challenges remain. Enjoy the rest of your week. Pan Kwan YukLex writer...
...Yesterday’s hot-ish consumer price inflation data didn’t keep the S&P 500 from another all-time high, or artificial intelligence hype from charging on....
...It is now one of the biggest SME lenders in the UK and recently issued full-year numbers which showed solid progress....
...The news outlet/hedge fund Hunterbrook, in its debut article/short sale, sent the stock of United Wholesale Mortgage down 8 per cent....
...Almost all of the S&P 500’s 15 per cent gain so far in2023 has been driven by the “magnificent seven” of Nvidia, Tesla, Meta, Microsoft, Alphabet, Apple and Amazon....
...University of California, San Diego, for example, returned a leading 11 per cent in fiscal 2023 by virtue of its nearly one-third allocation to the S&P 500....
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