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Stocks Rally, Bonds Tumble As China Manufacturing Rebounds, Inflation Weighs

LONDON, SINGAPORE March 1 (Reuters) – World stocks rebounded on Wednesday after China’s manufacturing activity expanded at the fastest pace in more than a decade, while stronger-than-expected inflation numbers across the euro zone battered government bonds.

Inflation data from German regions, a day after February numbers showed price pressures surged more than expected across France and Spain, stoked fears that the European Central Bank would need to raise rates further.

Full coverage: REUTERS

Oil Rises As Chinese Factory Bounce Boosts Demand Outlook

LONDON, March 1 (Reuters) – Oil extended gains for a second session on Wednesday after a strong jump in manufacturing in China, the world’s top crude importer, boosted the outlook for global fuel demand.

China’s manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, adding to hopes that the country’s recovery can offset a global slowdown and increase oil demand.

Full coverage: REUTERS

Analysis: Rebounding U.S. Dollar A Growing Headache For Investors

NEW YORK, March 1 (Reuters) – Investors reeling from the recent volatility in global financial markets are eyeing another potential worry: a rebounding dollar.

The dollar has risen nearly 4% from its recent lows and stands near a seven-week high against a basket of other major currencies , driven by bets the Federal Reserve will need to raise rates higher than many investors had previously forecast to cool inflation.

The U.S. currency remains some 8% below the twenty-year high it attained last year. Yet its rebound, along with a surge in Treasury yields, has already complicated the outlook for a range of trades that prospered as the dollar tumbled in the latter half of 2022.

Full coverage: REUTERS

Credit Suisse Personal & Business Banking Boss Haux To Leave

ZURICH, March 1 (Reuters) – Credit Suisse (CSGN.S) on Wednesday said its Head of Personal & Business Banking, Anke Bridge Haux, is to leave the bank.

Haux, who has been with the Swiss bank for 15 years, is to take on a new role as CEO of the Swiss arm of LGT Bank in November.

Credit Suisse’s current chief operating officer of Personal & Business Banking, Michael Sager, will take over leadership of the business on an interim basis with immediate effect and become a member of the executive board of Credit Suisse (Switzerland) Ltd.

Full coverage: REUTERS

Morning Bid: Brisk China Activity Sets The Mood

A look at the day ahead in European and global markets from Ankur Banerjee

After a tentative start to the month, markets in Asia got a jolt from China’s manufacturing activity which expanded at the fastest pace in more than a decade in February, and the exuberant mood is likely to seep through to European markets.

The MSCI Asia ex-Japan index was pinned near two-month lows at the start of the day before spiking up 1.4%, and was on track for its best day in nearly two months after China’s manufacturing purchasing managers’ index for February surged to 52.6, up from 50.1 in January.

Full coverage: REUTERS

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Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics