Banks
- Ping An calls for a break-up of HSBC (this makes sense, watch my HSBC profile to see its main markets)
- Green bank Triodos will cut 1 in 10 jobs
- Rumors that BNP Paribas (BNP Paribas profile) wants to buy ABN AMRO (ABN AMRO profile). I’d love to see this deal happen, as I said last year (!)
- Change in Basel rules positive for euro area banks
- Sberbank firesale provides boost for local lenders in former Yugoslavia
Markets/Rates/Inflation/ECB
- Negative-yield bonds go extinct
- Banks end negative rates on bank accounts (e.g. Credit Suisse, ING)
- Euro area inflation expected to be 8.6% in June 2022, up from 8.1% in May
- Meanwhile, Swiss inflation at 3.4%
- Rising spreads, ECB working on anti-fragmentation tool
Trivia
- Croatia to join the euro in 2023
- More EU sanctions against Russia, including SWIFT bans and restrictions on the insurance of Russian oil transports
- Deutsche Bank’s past decade under the leadership of Paul Achleitner
- Banker suspended over ‘nut job’ climate comments
- Deutsche Bank raided over ESG greenwashing