Bank

The SVB event shook global markets, knocked bank stocks down, and left California tech entrepreneurs worried about how to make money. In order to protect the smallest tech industries, action has been taken.

In this article:

  • UBS Evidence Lab surveyed
  • How defend a sliding currency?
  • Save small businesses

UBS Evidence Lab surveyed

Changes in payments have passed recently and are constantly changing. These changes are taking place right before our eyes. Many institutions are conducting research to see if cash will go out of circulation and whether new forms of payment will replace old ones.

UBS Evidence Lab surveyed 465 Brazilian merchants to assess trends in the LatAm payments industry.

UBS Evidence Lab research assessed key trends in the payments industry, capturing the effects of price revaluation activities and changes in the competitive environment in 2022.

The lows from the survey are that most traders are likely to use new technologies in the next six months, with the

Philippines Central Bank's Hawkish Pause: Key Developments and Policy Stance

Only Turkey And Japan Are Expected To Keep Rates Unchanged?

Saxo Bank Saxo Bank 19.09.2022 11:01
Summary:  Markets trade nervously ahead of the FOMC meeting this week, as a minority consider it likely that last week’s hotter-than-expected US August CPI data could see the Fed hiking 100 basis points at Wednesday’s FOMC meeting, driving further painful USD strength. Other notable central bank meetings this week include the Bank of Japan, Swiss National Bank, Norges Bank and Bank of England meetings, all on Thursday.   What is our trading focus? Nasdaq 100 (USNAS100.I) and S&P 500 (US500.I) US equities were lower on Friday but managed to stage a pullback in the later part of the trading session with S&P 500 closing at 3,890. Sentiment remains weak this morning with US equity futures trading lower and Friday’s low in S&P 500 futures at the 3,853 level is the key critical downside level to watch. Financial conditions are still tightening, VIX curve is flattening, and the US 10-year yield is trending higher pointing to weaker equities ahead., The next big level in S&P 500 futures is the 3,800 level. This week the key event risk for US equities is naturally the FOMC meeting which will provide another tightening of policy rates and potentially a hawkish tilt on the guidance due to the latest inflation figures in the US. Hong Kong’s Hang Seng (HSIU2) and China’s CSI300 (03188:xhkg) Hang Seng Index dropped nearly 1%, dragged by technology stocks, with Hang Seng Tech Index (HSTECH.I) declining 2%, Alibaba (09988:xhkg) falling 3.3%, Tencent (00700:xhkg) down 1%. EV makers underperformed, with NIO (0986), Li Auto (02015:xhkg), and Xpeng (09868:xhkg) declining 4% to 6%. Following the news that the Hong Kong Government is reviewing and considering plans to end the hotel quarantine requirements for inbound travellers, tourism and retail stocks rallied, Cathay Pacific Airways (00293:xhkg) up nearly 2%, travel agent EGL surging 11.5%, Chow Tai Fook Jewellery (01929:xhkg) rising 6.6%. CSI 300 was little charged, with coal, and beverage names outperforming. USD traders mull FOMC meeting this Wednesday The US dollar has remained rangebound in most pairs ahead of this Wednesday’s FOMC meeting, but did break higher recently versus GBP, CAD, and NZD. Whether the Fed hikes 100 basis points (a minority looking for this after the hot CPI print for August last week) may prove less important than the Fed’s guidance on its forecasted “terminal rate” in the quarterly refresh of its accompanying “dot plot” forecasts for the Fed rate and as the market reads the tone of the statement and draws conclusions from the latest economic projections. The June PCE inflation forecasts, for example, still see 2023 inflation falling back to 2.7% and 2024 inflation to 2.3%. That latter forecast has only been raised 0.2% from the year-earlier level, suggesting that the Fed still sees the inflationary threat as something that its current path of tightening will make a transitory phenomenon. Gold (XAUUSD) Gold remains below $1680 and may struggle ahead of Wednesday’s FOMC rate decision given its potential impact on the dollar and Treasury yield as well as its impact on the terminal rate, currently priced around 4.5% by next March.  Speculators flipped their gold position to a net short in the week to September 13 and it highlights the upside risk should the price manage to break above the twice rejected support-turned-resistance level at $1680. Strong short covering from speculators in silver, supported by copper market tightness, has seen its relative value as seen through the XAUXAG ratio rise to a three-month high. Below $1854, last week's low in gold, the market may target the 50% retracement of the 2018 to 2020 rally at $1618.    Crude oil (CLV2 & LCOX2) Crude oil remains rangebound with Brent continuing to find support ahead of $90 and WTI around $84.50. Prices are being supported by the reopening of Chengdu in Sichuan, boosting the outlook for demand. Overall, however, the potential negative impact on demand from a global economic slowdown will not go away, and the market will be watching central bank decisions from the US to Europe and Asia and their overall impact on the dollar. Production from the OPEC+ alliance fell 3.6 million barrels/day short of its target level in August according to delegates and with Russia’s production at risk of falling by 1.9 million barrels per day once the EU embargo starts in December, the risk to supply remains equally high and price supportive. US Treasuries (TLT, IEF) US treasury yields trade near the cycle highs ahead of the FOMC meeting on Wednesday, with focus on the 10-year benchmark at 2.50%, the cycle high from June and on guidance from the Fed, as a minority are looking for a 100 basis point hike this week, while the terminal rate for next spring has risen almost to 4.50% recently, up more than 100 basis points from early August. What is going on? Dreadful UK retail sales in August There is no other word to qualify the latest retail sales report in the UK. Retail sales (important to note: UK Retail Sales are reported in volume, not price) contracted by minus 5.4 % year-over-year versus expected minus 4.2 %. Excluding fuel bills, it was out at minus 5 %. Just for the sake of comparison, UK retail sales fell 3.8 % year-over-year at the worst point of the Global Financial Crisis. High inflationary pressures coupled with the upcoming recession will certainly pose a serious challenge to the Bank of England (BoE). The market participants expect the central bank will hike rates by at least 50 basis points later this week (a stronger hike of 75 basis points is possible on cards). But we wonder how long the tightening cycle can last in the UK given the rapid deterioration of the situation on the growth front. On a flip note, the EZ CPI for August was confirmed at 9.1 % year-over-year. This is painfully high. Expect the ECB to hike interest rates by at least 50 basis points at its October meeting. In her last appearance last Friday, ECB president Christine Lagarde did not give much clue about the pace of the tightening cycle in the eurozone. She only mentioned that “hikes should send a signal that we’ll meet price goals”. US University of Michigan survey remains optimistic The preliminary September University of Michigan sentiment survey saw the headline rise to 59.5 from 58.5, just short of the expected 60, but nonetheless marking a fourth consecutive rise. Notably, the rise in forward expectations was starker than in current conditions, with the former also coming in above consensus expectations. Also, key were the inflation expectations, which echoed what was seen in the Fed surveys last week. The 1yr slowed to 4.6% from 4.8% and the 5yr expectations slowed to 2.8% from 2.9%.  EU recommends withholding EUR 7.5B from Hungary on rule of law violations The specific accusation is one of corruption in Hungary’s awarding of public contracts. The amount of budget funds to be withheld represents some one-third of the budget for Hungary during the current 7-year budget period. A majority of EU member states will have to approve the recommendation for the funds to be withheld. Hungary has scrambled recently to address the EU’s concerns, with new laws to be debated next week as the country has until November 19 to make changes and inform the commission. What are we watching next? Japan’s CPI and central bank decision to signal concerns on yen weakness Japan has key data on August inflation due Tuesday followed by the Bank of Japan decision a day after the FOMC on Thursday. Consensus estimates for August CPI are touching close to 3% levels, with core higher as well at 1.5% YoY from 1.2% previously. Upside pressures continue to persist from high food and energy prices, while the soft year-ago base also means mobile phone charges are likely to pick up. While it is still hard to expect a pivot from the Bank of Japan this week, given that Governor Kuroda remains focused on achieving wage inflation, the meeting will still likely have key market implications. Raft of central bank meetings this week It isn’t just FOMC week, we also have a bevy of other central banks up with rate decisions this week, including Sweden’s Riksbank tomorrow, which is expected to hike 75 basis points to take the policy rate to 1.50%. The FOMC meets Wednesday, followed by a historic Thursday in which the Bank of Japan, Norges Bank of Norway, Swiss National Bank and Bank of England meet among G-10 currencies, with the Central Bank of Turkey and South Africa’s Reserve Bank also meeting that day. Of those, only Turkey and Japan are expected to keep rates unchanged, with all others looking to continue tightening policy. Porsche IPO set for €70-75bn valuation The Porsche brand is set to be spun out from the Volkswagen group on September 29, with 12.5% of the shares to be floated. VW shareholders will be awarded a special dividend on half of the proceeds from the IPO, with the remaining half targeted for investing in the transition to EVs. The IPO comes with a greenshoe option of 10-15% dilution. Earnings calendar this week This week our earnings focus is on Lennar on Wednesday as US homebuilders are facing multiple headwinds from still elevated materials prices and rapidly rising interest rates impacting forward demand. Later during this week, we will watch Carnival earnings as forward outlook on cruise demand is a good indicator of the impact on consumption from tighter financial conditions. Today: AutoZone Tuesday: Haleon Wednesday: Lennar, Trip.com, General Mills Thursday: Costco Wholesale, Accenture, FactSet Research Systems, Darden Restaurants Friday: Carnival Economic calendar highlights for today (times GMT) 0800 – Switzerland Swiss National Bank Sight Deposits 0900 – ECB’s Guindos to speak 1200 – ECB's De Cos to speak 1245 – ECB's Villeroy to speak 1400 – US Sep. NAHB Housing Market Index 2330 – Japan Aug. National CPI 0115 – China Rate Announcement 0130 – Australia RBA Minutes of Sep. Policy Meeting  Follow SaxoStrats on the daily Saxo Markets Call on your favorite podcast app: Apple  Spotify PodBean Sticher   Source: https://www.home.saxo/content/articles/macro/market-quick-take-sep-19-2022-19092022
Italian headline inflation decelerates in January, courtesy of energy

The Italian Elections And Their Impact On The Euro, Interest Rates Around The World

Swissquote Bank Swissquote Bank 23.09.2022 10:24
A busy week for central banks come to an end with plenty of rate hikes, increased prospects of slowing growth, that leave investors with a bad taste in their mouth. Eyes on rate hike The Swedish Riksbank was the first major central bank to surprise with a 100bp rate hike. The US Federal Reserve (Fed) delivered its third 75bp hike. But the dot plot hinted at another jumbo hike before the year-end. The Bank of Japan (BoJ) maintained its policy rate unchanged at -0.10%, but intervened directly in the FX market to buy yen to fight back the strengthening dollar. The Swiss National Bank (SNB) raised its policy rate by 75bp. The Bank of England (BoE) opted for a 50bp hike, combined with an £80 billion Quantitative Tightening, and said the UK is now in recession. The UK will reveal the ‘mini’ budget today. Norges Bank also increased its policy rate by 50bp but signaled that tightening may be coming to an end. Indonesia and the Philippines also hiked by 50bp. Taiwan raised by a modest 12.5% as expected, Vietnam opted for a 100bp hike, South Africa raised by 75bp… …and Turkey… cut its rate by 100bp for the second consecutive meeting! But the week is not over. The Italian elections due Sunday will likely continue pressuring the euro lower. Watch the full episode to find out more! 0:00 Intro 0:26 Keeping up with the central banks 4:37 UK 'mini' budget is all but mini. 6:15 Continue keeping up with the central banks 7:22 Market update 8:42 Into the Italian elections Ipek Ozkardeskaya Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020. #FOMC #Fed #SNB #BoE #BoJ #CBT #rate #decision #jumbo #hikes #USD #JPY #GBP #EUR #CHF #TRY #BIST #UK #mini #budget #Italy #elections #crude #oil #FedEx #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary ___ Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr ___ Discover our brand and philosophy: https://swq.ch/wq Learn more about our employees: https://swq.ch/d5 ___ Let's stay connected: LinkedIn: https://swq.ch/cH
Singapore's non-oil domestic exports shrank 20.6% year-on-year

A Wave Of New Virtual Banks Backed In Singapore

Saxo Bank Saxo Bank 02.11.2022 12:02
Summary:  Singapore’s traditional banks will be reporting earnings in the next two days, and after a strong report from UOB last week, the stage is set for outperformance from the others as well. Net interest margin will continue to be bumped higher due to the higher interest rate regime, while asset quality and provisions are set to remain manageable. Some headwinds will be seen from deteriorating wealth income, but reopening demand and regional expansion still provides room for further improvement in valuation into the next year. The new digital banks are unlikely to be a threat for the traditional banks, and will likely prompt faster digital adoption. Strong UOB earnings setting up a strong read-through for other banks The three traditional Singapore banks have already started to report earnings for the September quarter, with UOB reporting on October 28. Net income rose 34% to a record S$1.4 billion from a year earlier in the quarter, while net interest income rose 39% to S$2.2 billion, led by margin expansion and loan growth. NPLs and provisions eased, and the stock is up 7% since the earnings announcement. The report has set up a positive read-through for other ban earnings as well, with DBS due to report tomorrow (November 3) followed by OCBC on November 4. While global macro conditions remain challenging, Singapore banks are positioned to deliver strong net interest margins and stable asset quality despite a hit to wealth income and trading/investment income amid the challenging environment. Meanwhile, regional reopening is helping as well as credit card fee picks up. Regional expansion has also been a key theme for Singapore’s banks, and improved dividends as well as further upside potential can be expected going into the next year. UOB has bought consumer assets of Citigroup in four countries, with the takeover in Thailand and Malaysia completed while that in Vietnam and Indonesia to be wrapped up by the end of next year. Meanwhile, DBS could continue to expand its Asian footprint after the S$2.2 billion purchase of Citigroup's consumer-banking business in Taiwan, acquisition of Lakshmi Vilas Bank in India and 13% stake in Shenzhen Rural Commercial Bank. Threats from new digital banks A wave of new virtual banks backed by some of the key tech giants Grab and legacy lender Standard Chartered have launched recently in Singapore. However, this is unlikely to post a threat to the traditional banks as consumer adaptability will be slow due to the caution around complete reliance on digital banking with newer players and the risks associated with data security. While digital banks may start to see some use, it is unlikely to displace the traditional banks in the near future. Meanwhile, traditional banks themselves are digitizing in a big way, led by DBS. This means pureplay digital bank players will need to offer highly differentiated offerings or extremely competitive pricing to attract consumers.     Source: https://www.home.saxo/content/articles/equities/singapore-bank-earnings-and-the-scope-for-growth-in-digital-banks-02112022
The ECB to Hike, But Euro Rally May Be Short-Lived as Dollar Strength Persists

UK Santander Bank Fined USD 132 Million, Idris Elba in Cyberpunk 2077:Phantom Liberty

Kamila Szypuła Kamila Szypuła 09.12.2022 10:44
In the UK, many sectors are controlled. Yesterday there was an impromptu that the CMA imposed a fine on BMW, and today the FCA on the consumer bank Santander. Moreover, the investment attractiveness of the US still remains the best. CNBC will consider the magnitude of the consequences of the pandemic in the United States. In this article: Foreign direct investment UK Santander bank fined Consequences of the pandemic Idris Elba in the story expansion for Cyberpunk 2077 Megatrend potential Read more: Amazon, Google, Microsoft And Oracle Received A Cloud Deal From The Pentagon| FXMAG.COM The US is the best region for foreign direct investment Foreign investments due to the fact that they affect the economic profile of the region of location, because due to their impact on the production potential, changes in the labor market and the level of technological development. The more such investments in a given region, it indicates its attractiveness and builds its potential. Foreign investments have a positive impact on loyal markets because they generate new jobs (increase in employment - decrease in unemployment) and increase the circulation of money. As data showed the US, the Netherlands and China are at the forefront of regions with the largest number of foreign direct investments. The United States recorded the largest increase of inward foreign direct investment of all economies in 2021. The share of global foreign direct investment for the largest economies such as the United States and China has increased recently, while that of offshore financial centers has fallen. Our latest blog looks at how and why this happened: https://t.co/eWevJBEsYE pic.twitter.com/SpDiuJ0KBK — IMF (@IMFNews) December 8, 2022 UK Santander bank fined $132 million From a tweet of Reuters Business learns that Santander Bank has been fined by the UK Financial Supervision Authority (FCA). According to the FCA, the British branch of this bank did not perform its functions properly in order to prevent money laundering. Santander accepted the punishment. But what does this mean for the bank? This will largely affect its market image. Along with this, it may cause that in the UK it will be less likely to be chosen by new kilets. So far, the most important task for the British branch will be to improve its systems. UK financial watchdog fines Santander bank $132 million https://t.co/dZby7GFtPm pic.twitter.com/oLSu3SZXv1 — Reuters Business (@ReutersBiz) December 9, 2022 Consequences of the pandemic for the US The effects of the coronavirus pandemic are still underestimated. Every economy around the world is grappling with its direct consequences. Even the world's largest economy will have to bear high costs. They are currently valued at $3.7 trillion. Given the current economic situation, this can be a serious problem. You can find out more on CNBC's "This week, your wallet." Long Covid has affected millions of Americans — and it may cost the U.S. economy $3.7 trillion, according to one estimate.Join the conversation on "This week, your wallet." https://t.co/jlJPGtyvst — CNBC (@CNBC) December 8, 2022 Idris Elba and CD Projekt RED CD Projekt RED continues to work with Hollywood stars. After cooperating with Keanu Reeves, the studio announced that Idris Elba will play one of the main characters in the story expansion for Cyberpunk 2077. This time he will play Solomon Reed, an FIA Agent for the NUSA in Phantom Liberty. Introducing Idris Elba as Solomon Reed, an FIA Agent for the NUSA. Team up and take on an impossible mission of espionage & survival in #PhantomLiberty, a spy-thriller expansion for #Cyberpunk2077 set in an all new district of Night City. Coming 2023 to PC, PS5 & Xbox Series X|S. pic.twitter.com/jjTuv5PDXA — Cyberpunk 2077 (@CyberpunkGame) December 9, 2022 Megatrend potential Morgan Stanley has a habit of posting tweets that give clues not only to investors, but also, or rather, to average citizens in particular. Unpredictable markets and changing economic conditions make it difficult to know how to invest for the future and how to manage your portfolio. Financial institutions such as Morgan Stanley are constantly researching and drawing new ideas with which they are happy to share. This time he looks at megatrends and how they can help. There is no doubt that the changed has a big impact on everything, especially the social ones. What makes a trend a megatrend? Learn how structural changes in the economy and society can power growth in your portfolio for years to come. https://t.co/L4FLdkgSAz — Morgan Stanley (@MorganStanley) December 9, 2022
Markets under Pressure: Rising Yields, Strong Dollar, and Political Headwinds Weigh on Stocks"

Silicon Valley Bank Was Forced To Sell Off Its Securities Sharply

Kamila Szypuła Kamila Szypuła 10.03.2023 11:27
SVB is a bank that mainly supports start-ups, as a large bank it seems solid and resistant to major crises. But as they show, even the big banks are vulnerable. In this article: Silicon Valley Bank UK economy Gender-segregated is still common Silicon Valley Bank For the Silicon Valley region, trouble comes at a particularly difficult time. Silicon Valley Bank has long been regarded as a driving force behind tech start-ups, providing traditional banking services while financing projects and companies deemed too risky for traditional lenders. But the 40-year-old company's close ties to technology make it particularly vulnerable to the industry's ups and downs cycles, and on Thursday those risks became clear. SVB was forced to sell off its securities sharply, offloading its $21 billion holdings at a loss of $1.8 billion while raising $500 million from venture capital firm General Atlantic. As a large regulated bank, the SVB was seen as a stabilizing force. But her recent financial maneuvering is causing concern among the firm's clients. According to SVB's mid-quarter update, one of the bank's main concerns is the amount of money its customers are spending. Total client funds declined over the past five quarters as cash burn continued at a rapid pace despite a slowdown in venture investments. At present, the SVB can only hope to remain a trusted source of funding for companies that want to eventually hold a significant portion of that money. Silicon Valley Bank's struggles spell further trouble for beleaguered tech startup market @rogoswami @levynews https://t.co/y9yGQn5tVt — Ted Kemp (@TedKempCNBC) March 10, 2023 UK economy Children returning to school after a disease-ravaged December provided an unexpected, one-off boost to the UK economy in January. The Office for National Statistics (ONS) said the UK economy grew by 0.3% month-on-month after falling 0.5% in December - a reading that is likely to further allay fears of a recession, at least in the short term. The entertainment sector - backed by the men's Premier League, which returned to action after the 2022 World Cup - has been another stimulus to the economy. As a sign of deeper problems for the economy, production and construction were contracted. British economic output rose by a better-than-expected 0.3% month-on-month in January. More here: https://t.co/eVei3cFlES — Reuters Business (@ReutersBiz) March 10, 2023 Gender-segregated is still common Despite significant progress in recent decades, labor markets around the world continue to be gender-segregated. Women's participation in the labor force remains lower than that of men, the gender pay gap is wide and women are overrepresented in the informal sector and among the poor. In many countries, legal restrictions persist that prevent women from developing their full economic potential. Better opportunities for women can also contribute to broader economic development in developing economies, for example through higher enrollment of girls in schools. #EmbraceEquity: "An economy can only reach its full potential when it taps into the talents of men AND women. The IMF’s gender strategy aims to bring women front and center in economic policy discussions.” —@KGeorgieva More on #IMFGender: https://t.co/EpHDwGYaTB pic.twitter.com/ry6ou7FEa0 — IMF (@IMFNews) March 9, 2023
Tech Executives Tried To Keep Companies Entangled In Collapse Of SVB Alive

Tech Executives Tried To Keep Companies Entangled In Collapse Of SVB Alive

Kamila Szypuła Kamila Szypuła 12.03.2023 12:27
The SVB event shook global markets, knocked bank stocks down, and left California tech entrepreneurs worried about how to make money. In order to protect the smallest tech industries, action has been taken. In this article: UBS Evidence Lab surveyed How defend a sliding currency? Save small businesses UBS Evidence Lab surveyed Changes in payments have passed recently and are constantly changing. These changes are taking place right before our eyes. Many institutions are conducting research to see if cash will go out of circulation and whether new forms of payment will replace old ones. UBS Evidence Lab surveyed 465 Brazilian merchants to assess trends in the LatAm payments industry. UBS Evidence Lab research assessed key trends in the payments industry, capturing the effects of price revaluation activities and changes in the competitive environment in 2022. The lows from the survey are that most traders are likely to use new technologies in the next six months, with the main reasons being keeping up with market changes and ease/security. Only 2% of merchants believe that the main reason for using new technologies is that they are cheaper, suggesting that new technologies may not be as cheap compared to other payment methods. #UBSEvidenceLab surveyed 465 Brazilian merchants to assess trends in the LatAm payments industry. What key trends did #UBSResearch identify? Click the link to read more. #shareUBS — UBS (@UBS) March 11, 2023 How defend a sliding currency? As central banks in the world's major economies lowered interest rates after 2008, smaller emerging market economies, especially those in Asia, faced an influx of capital that caused their currencies to appreciate and interest rates to fall. Global economic and financial integration has weakened the domestic transmission of monetary policy and made international factors a stronger driver of domestic prices and economic conditions. Confidence in the local economy must be restored through credible policies, after which controls can be gradually relaxed and removed. How can countries defend a sliding currency? Bank Negara Malaysia’s former deputy governor Sukudhew Singh sets out six factors that determine success. https://t.co/8sZId5ne7a pic.twitter.com/TB6gSOxaTr — IMF (@IMFNews) March 12, 2023 Save small businesses Friday's dramatic failure for the bank, which focuses on tech start-ups, was the biggest since the 2008 financial crisis. Seeking to avoid what Garry Tan, CEO of startup accelerator Y Combinator, called a potential "extinction-level event" in the tech sector, industry executives quickly acted to do everything in their power to save small businesses. Tech executives, prominent venture capitalists and founders, including OpenAI CEO Sam Altman, raced this weekend to keep companies entangled in collapse alive. Venture investors advised startups to look for alternatives for short-term liquidity. Even small startups are joining the action to help others. Tech execs race to save startups from 'extinction' after SVB collapse https://t.co/3OwU3DAIv5 pic.twitter.com/aFMMPBlSeY — Reuters Business (@ReutersBiz) March 12, 2023

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