BENGALURU, Oct 26 (Reuters) – The global economy is approaching a recession as economists polled by Reuters once again cut growth forecasts for key economies while central banks keep raising interest rates to bring down persistently-high inflation.
One bright spot is that most major economies already in a recession or heading into one are starting with relatively low unemployment compared with previous downturns. Indeed the latest poll expects the smallest gap between growth rates and joblessness in at least four decades.
Full coverage: REUTERS
Deutsche Bank Reports Big Jump In Profit Despite Slump In Dealmaking
FRANKFURT, Oct 26 (Reuters) – Deutsche Bank (DBKGn.DE) on Wednesday posted a better-than-expected 475% jump in third-quarter profit as investment banking revenues rose thanks to a trading boom and despite a slump in dealmaking.
It was the ninth consecutive quarter of profit, a considerable streak after years of losses and comes as the German and European economies face major headwinds. The bank warned of an “increasingly challenging” environment and “intensified” cost pressures.
Full coverage: REUTERS
Emerging Markets-Focused StanChart Surprises With 40% Profit Jump, Ups Income Goal
SINGAPORE, Oct 26 (Reuters) – Standard Chartered’s (STAN.L) third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank’s income and gave it ammunition to upgrade its revenue outlook despite a weakening global economy.
StanChart raised its income growth forecast for this year to 13% from 10% previously and CEO Bill Winters said the bank was confident of delivering its 2024 financial targets, sending its Hong Kong-listed shares 5% higher in a firm market.
Full coverage: REUTERS
Chinese State Banks Sold Dollars To Support Yuan Late On Tuesday – Sources
SHANGHAI/BEIJING, Oct 26 (Reuters) – Major Chinese state-owned banks sold U.S. dollars in both onshore and offshore markets in late trade on Tuesday to prop up the weakening yuan, two sources with direct knowledge of the matter told Reuters.
Such dollar selling comes as the Chinese currency is facing mounting downside pressure, with the onshore yuan hitting the weakest level since December 2007 and the value of yuan against currencies of its major trading partners at a five-month low.
Full coverage: REUTERS
