No wonder Germany is on the warpath against a proposed global standard for how banks calculate the capital they need: Its largest lenders rank among the worst when it comes to how they assess risk. That means Deutsche Bank AG and Commerzbank AG will be affected more than most big lenders and may…

plan to return to a pre-2008 balance sheet and the associated operating framework needs more thought.

Janet Yellen's "Footnote 8" - The Negative Rate 'Smoking Gun' That Everyone Missed by Tue, 09/20/2016 - 13:07 0 SHARES Submitted by John Mauldin via MauldinEconomics.com, Yellen’s Jackson Hole speech was widely reported , so I’ll spare you the summary. What wasn’t widely reported was her Footnote 8…

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Monte dei Paschi di Siena sinks deeper into the mire. Over the Christmas holidays, when no one was supposed to pay attention, and when the markets were closed, the bailout costs of Monte dei Paschi di Siena, the third largest bank in Italy, and the center of the Italian banking crisis, suddenly…

Markets Currencies Add to Flipboard Magazine. December 29, 2016 2:55 am JST Trump's tolerance of strong dollar unlikely to last Strain on US business confidence may emerge as early as January MASAYUKI YUDA, Nikkei staff writer TOKYO -- A rising dollar poses a threat to President-elect Donald Trump's…

Photo by Alex Barth | CC BY 2.0 On the Friday before Christmas — the kind of time politicians pick to do things they hope you won’t notice — US president Barack Obama signed the 2017 National Defense Authorization Act. Along with the usual terrible, horrible, very bad, no good NDAA stuff (all the…

Judging from Wall Street’s recent record-breaking streak, America chose the right candidate. Since Donald Trump was elected president of the United States, the Dow Jones industrial average has set all-time highs 11 times . This was not supposed to happen, for two key reasons. First off, markets like…

Italy Slams ECB For Revealing It Has A "Bank Run" Problem by Thu, 12/29/2016 - 10:18 0 SHARES With the world still napping in a post-Christmas daze, the ECB surprised Italian bank watchers on December 26 when it advised the insolvent, and nationalized, Monte dei Paschi that its capital shortfall had…

Home News Sport Business Business Economy Companies Opinion Open economy Markets Alex Telegraph Connect Events Newsletter Premium Telegraph Business Save Sorry, that didn't work quite as expected. Please try again. The IMF is the villain of Greek political folklore, but North European creditors are…

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Going down the drain, putting this wondrous stock market at risk? Companies in the S&P 500 spent about $3 trillion since 2011 to buy back their own shares, often with borrowed money. It’s part of a noble magic called financial engineering, the simplest way to goose the all-important metric of…

BERGA, Spain — A large Catalan independence flag hangs from the city hall of Berga, a town of 16,000 inhabitants in the foothills of the Pyrenees. Known as the Estelada , the red-and-yellow striped design with a single star is also visible on almost all the surrounding buildings in the medieval…

by Sat, 12/17/2016 - 21:45 0 SHARES "Reduce taxes across-the-board, especially for working and middle-income Americans" - that was Trump’s campaign pledge. And now he is about to move into the White House and is backed by Republican majorities in both House and Senate, he has a real shot at…

President-elect Donald Trump announced this week he had selected Goldman Sachs President Gary Cohn as director of the National Economic Council, a position that will make him one of the most influential voices on economic decisions in the White House. Mr. Trump said in a statement the operating…

by Thu, 12/22/2016 - 22:15 0 SHARES Submitted by Brandon Smith via Alt-Market.com, For years, alternative economic analysts have been warning that the “miraculous” rise in U.S. stock markets has been the symptom of wider central bank intervention and that this will result in dire future…

To cover a capital shortfall of €50 billion. By Don Quijones , Spain & Mexico, editor at WOLF STREET . New language can often serve as a cryptic signpost to the future. This is particularly true in finance. Take the expression “Too Big to Fail.” Within months of the fall of Lehman Brothers, the…

The European Court of Justice refused to listen. By Don Quijones , Spain & Mexico, editor at WOLF STREET . The European Court of Justice just delivered a landmark ruling that could cost Spanish banks – or Spanish taxpayers, in case of another bailout – billions of euros: 40 out of Spain’s 42 banks…

by Fri, 12/09/2016 - 10:31 0 SHARES Back in March, when the ECB unexpectedly announced it would begin buying corporate bonds, while the German population was rather angry, its media was furious . The best example of the fury came from Germany's Handelsblatt , which in an article titled "The…

Update: The market was modestly spooked as Transport Minister Delrio appeared to confirm Renzi's resignation will occur on a 'no' vote... * * * While the post-Trump euphoria in US stocks has been the perfect distraction from the ugly realities elsewhere, this weekend's Italian Referendum could well…

by Sun, 12/04/2016 - 19:31 0 SHARES As we noted last night, when we previewed the virtually assured "No" vote, we said that "a strong “No” vote will cause Prime Minister Renzi to resign, leading to political instability in Italy. Furthermore, a "No" vote is expected to kill a long-running attempt to…

ROME – So far, 2016 has seen a flurry of political unrest and a sharp rise in populist sentiment. The Brexit vote shook the political and economic establishment in Europe, the rejection of an historic peace deal in Colombia sent shock waves across Latin America, and the election of Donald Trump…

by Wed, 11/30/2016 - 18:42 0 SHARES Barely having confirmed he will be Donald Trump's nominee for Treasury Secretary, Steven Mnuchin proceeded to roil the bond market when the former Goldman banker told CNBC he would look at extending the maturity of future Treasury issuance, hinting at 50 and 100…

by Wed, 11/30/2016 - 11:08 0 SHARES Following the news that Steve Mnuchin would be US Trasury Secretary, Wall Street analysts offered mixed predictions on which policies Donald Trump’s choice for Treasury secretary may pursue, as they have little to go on other than Mnuchin’s background with…

Goldman’s Gary Cohn gets on an elevator for a meeting with President-elect Donald Trump at Trump Tower on Tuesday. Photo: Associated Press Gary Cohn’s visit to Trump Tower on Tuesday has rekindled questions about whether the longtime Goldman Sachs Group Inc. GS 0.04% No. 2 has tired of life as an…

by Tue, 11/29/2016 - 07:09 0 SHARES In a choice that confirms Trump's intentions to dismantle Obamacare, Reuters reports that President-elect Donald Trump will shortly announce he has chosen vociferous Obamacare critic Tom Price (R. Ga), an orthopedic surgeon from Georgia, as his Health and Human…

At a time when Mario Draghi’s style of running the European Central Bank is under question – there’s reportedly been grumbling he’s setting monetary policy in off-the-cuff public remarks rather than in consultation with the bank’s board members – it is easy to forget that Draghi’s most famous act as…

Brexit Redux: ECB Ready To Buy More Italian Bonds If Referendum "Rocks Markets" by Tue, 11/29/2016 - 07:45 0 SHARES In a report confirming that the ECB is preparing for a rerun of a post-Brexit scenario, Reuters writes that the ECB is ready to temporarily step up purchases of Italian government…

AP Photo There are only a few key spots left as Washington watches to see who President-elect Donald Trump will select to fill the final spots in his Cabinet. The people Trump picks will not only be tasked with running entire departments, they'll be the best indication of how Trump intends to govern…

A shady website that claims “Russia is Manipulating US Opinion Through Online Propaganda” has compiled a blacklist of websites its anonymous authors accuse of pushing fake news and Russian propaganda.

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Jonathan Gray, a senior executive at private equity group Blackstone, will not serve as Treasury secretary under President-elect Donald Trump. Gray, who met with Trump in Bedminster, New Jersey, on Sunday, told POLITICO on Wednesday that he was not in the running. “I had a terrific meeting and…

Financial markets have been surging the past two weeks, anticipating the potential for more stimulative economic policy after the spate of recent anti-establishment political surprises. Central bankers on both side of the Atlantic, while more restrained, also are preparing for measures that might…

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Bunds Tumble On Report ECB May Lend Out More Bonds To "Unfreeze" Broken Repo Market by Wed, 11/23/2016 - 06:57 0 SHARES As we showed yesterday, while the rest of the European bond market has suffered from the some "trumpflation-linked" weakness in the long end as US Treasurys in the aftermath of the…

by Sun, 11/20/2016 - 11:40 0 SHARES In late October, when it was still conventional wisdom that Hillary was "guaranteed" to win the presidency, the WaPo explained that among the neo-con, foreign policy "elites" of the Pentagon, a feeling of calm content had spread: after all, it was just a matter of…

For 15 years since the 9/11 attacks, presidents George W. Bush and Barack Obama steadfastly avoided the suggestion that extremism was embedded in Muslim beliefs. “Islam is peace,” Bush said during a visit to a Washington Islamic center just days after the Sept. 11, 2001, terrorist attacks. “The face…