Overseas Headlines – December 21, 2020

United States:

Wall Street Set for $11 Billion in Buybacks on Fed Decision

“The six biggest U.S. banks will be able to buy back as much as $11 billion of their own shares in the first quarter of next year after the Federal Reserve gave lenders the green light to resume purchases. Bank stocks climbed after the central bank’s show of confidence, even as U.S. equity futures pointed to sharp losses for the broader market. JPMorgan Chase & Co. jumped 4.6%, Citigroup Inc. added 3.7% and Goldman Sachs Group Inc. advanced 3.2% in early New York trading.”



BOE’s Vlieghe Says May Need Subzero Rates for Full Recovery

“The Bank of England should be prepared to add monetary stimulus including negative interest rates to complete the economic recovery from the pandemic, according to policy maker Gertjan Vlieghe. While vaccines may mean current measures are enough to get through the health crisis, the hit to jobs and investment — combined with the need to deal with Brexit “whether there is a deal or not” — could mean the recovery peters out sooner than desired, the Monetary Policy Committee member said in a Bloomberg interview on Friday.”



Korea’s Exports Gain in Early Trade Data Despite Virus Surge

“South Korea’s early trade data showed exports continuing to rise in December despite a raging pandemic, though the pace of gains slowed as some countries placed stricter curbs on activity. Exports edged up 1.2% in the first 20 days of the month from a year earlier, the customs office reported Monday. Average daily shipments increased 4.5% in the period, which had one less business day compared with last year, a slightly slower pace than the 6.3% daily gain in the full November trade figures.”



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