Overseas Headlines – April 20, 2023

April 20, 2023


United States:

Oil Extends Drop as US Slowdown Concerns Eclipse Stockpile Draw

Oil retreated for the third time in four days as further signs of a US slowdown overshadowed a substantial draw in crude stockpiles.

Global benchmark Brent dropped below $82 a barrel after closing 2% lower on Wednesday. The US economy stalled in recent weeks, the Federal Reserve said in its Beige Book survey, casting a cloud over prospects for energy demand. The dollar has also ticked higher, providing another headwind for commodities.




US Banks Face Shifting Hundreds of Billions in Assets to EU at ECB Request

Global investment banks are expected to move hundreds of billions of dollars more in assets and risk transfers to the euro area at the urging of the European Central Bank.

Citigroup Inc. officials are set to receive feedback on their plans from the ECB on Thursday, as other firms also prepare to hear the regulator’s thoughts, said the people, who asked to remain anonymous as the discussions are private. Citigroup and its US rivals are among those getting ready to shift more assets, risk management capabilities, and staff as a consequence of the watchdog’s findings in a “desk mapping” review last year, according to the people.




China Banks Keep Lending Rates Unchanged as Economy Rebounds

China’s commercial lenders kept their benchmark lending rates unchanged on Thursday after the central bank held back from easing monetary policy this month as the economy rebounds.

The one-year loan prime rate was maintained at 3.65% for the eighth straight month, data from the People’s Bank of China showed, in line with economists’ forecasts. The five-year rate, a reference for mortgages, was kept steady at 4.3%, also matching expectations.




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