Latest news with #bankers
Yahoo
3 hours ago
- Business
- Yahoo
Indian rupee likely to get a fleeting lift on US trade deals-driven risk rally
By Nimesh Vora MUMBAI (Reuters) -The Indian rupee is poised to open higher on Wednesday, supported by upbeat risk appetite following progress on U.S. trade deals, although traders expect the move to be short-lived based on recent price action. The 1-month non-deliverable forward indicated the rupee will open in the 86.34-86.36 range versus the U.S. dollar, compared with the close of 86.4075 in the previous session. Recent sessions have shown that the rupee's opening strength often fades quickly. Tepid inflows, one-off dollar outflows, importer hedging, and weak near-term technicals have been cited as factors behind the currency's subdued performance by bankers. "Intraday fades (on dollar/rupee) have not been sticking - importers are lying in wait and speculators are not showing up on the sell side," a currency trader at a Mumbai-based bank said. "It's hard to build a case for a move lower, no matter how positive the Asian cues are." The rupee has been depreciating in a slow, orderly fashion, with volatility remaining subdued. Despite slipping to a near one-month low, the 10-day realised volatility has dropped to 2%, the lowest since January. ASIA RALLIES Asian currencies and equities climbed on Thursday following more positive developments on the U.S. trade front. After the U.S. and Japan reached a deal to reduce tariffs, Washington and the European Union are reportedly moving toward a similar agreement that could include a 15% baseline U.S. tariff on EU goods—mirroring the terms of the Tokyo deal. Japanese shares extended Wednesday's rally and the euro crept toward its highest level in nearly four years on Thursday. Announcements of U.S. trade deals with Japan have boosted optimism that more agreements will be finalised ahead of the August 1 deadline, ANZ said in a note, pointing to an upcoming meeting between U.S. Treasury Secretary Scott Bessent and China's trade delegation next week. Trade negotiations aside, markets will also be focused on a rate decision from the European Central Bank later in the day. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.46; onshore one-month forward premium at 11.75 paise ** Dollar index down at 97.14 ** Brent crude futures up 0.3% at $68.7 per barrel ** Ten-year U.S. note yield at 4.38% ** As per NSDL data, foreign investors bought a net $535.4 million worth of Indian shares on July 22 ** NSDL data shows foreign investors sold a net $9.4 million worth of Indian bonds on July 22 Sign in to access your portfolio
Yahoo
6 hours ago
- Business
- Yahoo
Indian rupee likely to get a fleeting lift on US trade deals-driven risk rally
By Nimesh Vora MUMBAI (Reuters) -The Indian rupee is poised to open higher on Wednesday, supported by upbeat risk appetite following progress on U.S. trade deals, although traders expect the move to be short-lived based on recent price action. The 1-month non-deliverable forward indicated the rupee will open in the 86.34-86.36 range versus the U.S. dollar, compared with the close of 86.4075 in the previous session. Recent sessions have shown that the rupee's opening strength often fades quickly. Tepid inflows, one-off dollar outflows, importer hedging, and weak near-term technicals have been cited as factors behind the currency's subdued performance by bankers. "Intraday fades (on dollar/rupee) have not been sticking - importers are lying in wait and speculators are not showing up on the sell side," a currency trader at a Mumbai-based bank said. "It's hard to build a case for a move lower, no matter how positive the Asian cues are." The rupee has been depreciating in a slow, orderly fashion, with volatility remaining subdued. Despite slipping to a near one-month low, the 10-day realised volatility has dropped to 2%, the lowest since January. ASIA RALLIES Asian currencies and equities climbed on Thursday following more positive developments on the U.S. trade front. After the U.S. and Japan reached a deal to reduce tariffs, Washington and the European Union are reportedly moving toward a similar agreement that could include a 15% baseline U.S. tariff on EU goods—mirroring the terms of the Tokyo deal. Japanese shares extended Wednesday's rally and the euro crept toward its highest level in nearly four years on Thursday. Announcements of U.S. trade deals with Japan have boosted optimism that more agreements will be finalised ahead of the August 1 deadline, ANZ said in a note, pointing to an upcoming meeting between U.S. Treasury Secretary Scott Bessent and China's trade delegation next week. Trade negotiations aside, markets will also be focused on a rate decision from the European Central Bank later in the day. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.46; onshore one-month forward premium at 11.75 paise ** Dollar index down at 97.14 ** Brent crude futures up 0.3% at $68.7 per barrel ** Ten-year U.S. note yield at 4.38% ** As per NSDL data, foreign investors bought a net $535.4 million worth of Indian shares on July 22 ** NSDL data shows foreign investors sold a net $9.4 million worth of Indian bonds on July 22
Reuters
6 hours ago
- Business
- Reuters
Indian rupee likely to get a fleeting lift on US trade deals-driven risk rally
MUMBAI, July 24 (Reuters) - The Indian rupee is poised to open higher on Wednesday, supported by upbeat risk appetite following progress on U.S. trade deals, although traders expect the move to be short-lived based on recent price action. The 1-month non-deliverable forward indicated the rupee will open in the 86.34-86.36 range versus the U.S. dollar, compared with the close of 86.4075 in the previous session. Recent sessions have shown that the rupee's opening strength often fades quickly. Tepid inflows, one-off dollar outflows, importer hedging, and weak near-term technicals have been cited as factors behind the currency's subdued performance by bankers. "Intraday fades (on dollar/rupee) have not been sticking - importers are lying in wait and speculators are not showing up on the sell side," a currency trader at a Mumbai-based bank said. "It's hard to build a case for a move lower, no matter how positive the Asian cues are." The rupee has been depreciating in a slow, orderly fashion, with volatility remaining subdued. Despite slipping to a near one-month low, the 10-day realised volatility has dropped to 2%, the lowest since January. Asian currencies and equities climbed on Thursday following more positive developments on the U.S. trade front. After the U.S. and Japan reached a deal to reduce tariffs, Washington and the European Union are reportedly moving toward a similar agreement that could include a 15% baseline U.S. tariff on EU goods—mirroring the terms of the Tokyo deal. Japanese shares extended Wednesday's rally and the euro crept toward its highest level in nearly four years on Thursday. Announcements of U.S. trade deals with Japan have boosted optimism that more agreements will be finalised ahead of the August 1 deadline, ANZ said in a note, pointing to an upcoming meeting between U.S. Treasury Secretary Scott Bessent and China's trade delegation next week. Trade negotiations aside, markets will also be focused on a rate decision from the European Central Bank later in the day. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.46; onshore one-month forward premium at 11.75 paise ** Dollar index down at 97.14 ** Brent crude futures up 0.3% at $68.7 per barrel ** Ten-year U.S. note yield at 4.38% ** As per NSDL data, foreign investors bought a net $535.4 million worth of Indian shares on July 22 ** NSDL data shows foreign investors sold a net $9.4 million worth of Indian bonds on July 22
Bloomberg
18 hours ago
- Business
- Bloomberg
Hayes Libor Victory Puts Convictions in $10 Billion Scandal at Risk
It was an era-defining prosecution for the UK's white collar crime agency. When star trader Tom Hayes was found guilty of rigging a benchmark interest rate in 2015, it set off a raft of other investigations of bankers and traders across the City of London.
Telegraph
a day ago
- Business
- Telegraph
Non-dom tax raid is hurting Britain, warns Goldman Sachs boss
Asked if the Government should 'revisit' its non-dom rules, Mr Solomon told the Master Investor podcast: 'I think when you look at any jurisdiction, tax policy has to make sense, incentives matter. If you create tax policy or incentives that push people away, you harm your economy and you don't drive revenue increases. 'At the end of the day, most economies have a barbell in terms of tax receipts, and that end of the barbell, where you have very affluent people that have been successful, that pay a significant share of tax, if you push them away, and you push those smart, talented people that are much more mobile away, I think you hurt your prospects for growth.' Brexit pushing talent away Mr Solomon also said the UK's departure from the European Union had contributed to the erosion of London's status as a financial centre, with many top bankers moving to Paris and other parts of Europe. 'Today, it's much, much more dispersed. I think that if you look and you step back, London continues to be an important financial centre. But because of Brexit, because of the way the world is evolving, the talent that was more centred here is more mobile,' he said. 'We as a firm have many more people on the continent in the last five years than we did five to 10 years ago. I think that policy matters, incentives matter, and it's important that you get that balance right if you want to protect and retain the leadership position that the UK and London has in participating in the broad global financial system. I think it's fragile.' Mr Solomon said he was 'encouraged' by Ms Reeves's deregulation drive after the Chancellor warned that red tape was 'the boot on the neck' of business at her annual Mansion House speech. 'I'm encouraged, for example, when the Chancellor spoke here about regulation, she's talking about regulation not just for safety and soundness, but also for growth. Now we have to see the action steps that actually follow through and encourage that,' he said. Ms Reeves suggested she will make changes to the ring fence rules that separate retail banks from their riskier investing arms, although the government will stop short of removing the regime. However, she is likely to be met with some resistance from regulators, with Andrew Bailey, the Bank of England Governor, warning against a bonfire of red tape. Earlier this week, he urged Ms Reeves not to relax the ring fencing rules, describing them as 'an important part of the structure of the banking system'. He added: 'It makes resolution of banks, if they get into trouble, much easier, and it benefits, particularly in terms of UK customers and UK consumers, businesses and households. That is a helpful feature of it, I don't think it hinders banks fundamentally.'
