Latest news with #SociétéGénérale
The Guardian
4 days ago
- Business
- The Guardian
China's economy beats expectations in face of Trump's trade war
China's economy grew more strongly than expected in the second quarter as it proved resilient in the face of Donald Trump's trade war. China's gross domestic product (GDP) grew 5.2% in April to June compared with a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts' expectations for a rise of 5.1%. The world's second largest economy has so far avoided a sharp slowdown in part due to support by Beijing and as factories took advantage of a US-China trade truce to make shipments before tariffs kicked in, or 'front-loading'. Last month, the US and China extended the truce after two days of talks in London that resulted in a 'framework' deal over export restrictions on rare earths and semiconductors. However, investors are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. China's policymakers face a daunting task in achieving the annual growth target of about 5% – a goal many analysts view as ambitious given entrenched deflation and weak demand at home. Wei Yao, an economist at Société Générale, said: 'Despite a strong first half, the outlook is set to sour in [the second half of the year] as export front-loading fades and the impact of US tariffs becomes more visible. 'Renewed weakness in house prices and the fading impact of subsidies also cast doubt over the sustainability of the consumption recovery.' Indeed, the solid headline GDP numbers held little sway for most households including Mallory Jiang, a 30-year-old doctor in the southern tech hub Shenzhen, who told Reuters she and her husband had pay cuts this year. 'Both our incomes as doctors have decreased, and we still don't dare buy an apartment. We are cutting back on expenses: commuting by public transport, eating at the hospital cafeteria or cooking at home. My life pressure is still actually quite high.' On a quarterly basis, GDP grew 1.1% in April to June, the National Bureau of Statistics data showed, compared with a forecast 0.9% increase and a 1.2% gain in the previous quarter. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Investors are closely watching for signs of fresh stimulus at the upcoming politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US tariffs. Some analysts believe the government could increase deficit spending if growth slows sharply.
Yahoo
05-07-2025
- Business
- Yahoo
Ex-ECB Official Urges Europe to Back Euro Stablecoins or Risk Losing Financial Power
Stablecoins are growing fast. Most of the $255 billion sector is currently concentrated in U.S. dollar-backed tokens, which account for $241 billion of that total, according to data. Former European Central Bank board member and chair of Société Générale, Lorenzo Bini Smaghi, has said that the imbalance could sideline Europe in the next phase of global finance. Writing in the Financial Times, Bini Smaghi noted that the European Union already has the Markets in Crypto-Assets (MiCA) law, which forces issuers to back tokens with cash and high-grade sovereign bonds. The bloc also runs a pilot regime for trading on distributed ledgers. Yet the euro barely features in today's stablecoin market because banks and policymakers shy away from the new technology, he wrote. Société Générale, it's worth adding, launched its own euro-backed stablecoin back in 2023. Last month, it also launched a U.S. dollar-backed one. He says the hesitation risks European monetary sovereignty. If consumers and companies adopt dollar stablecoins for everyday payments and savings, deposits could drain from euro-area banks to US-linked platforms. That shift would erode the ECB's grip on money flows and blunt its ability to steer rates or calm markets, Bini Smaghi added. He argued that regulators should lean in, not block progress. By sponsoring euro-pegged tokens and coordinating standards, the ECB could modernize cross-border payments and help unify Europe's capital markets. Should Europe stay on the sidelines, 'it will be accepting its marginalization in the future of global finance,' he wrote.
LeMonde
05-07-2025
- Business
- LeMonde
French workers strike over reduced remote work: 'If I don't have the option, my life is completely dedicated to the company'
A breath of fresh air. When remote working became the norm during the Covid-19 pandemic, Thibault (not his real name), age 46, found a better balance between his professional and personal life. "It allowed me to see my children when they woke up in the morning and to put them to bed at night, which makes a huge difference. And the burden of looking after the children was no longer solely on my wife. If I don't have remote work, my life is entirely devoted to my company from morning to night, including the commute," said the employee of the French banking giant Société Générale, which rebranded as SG in 2023. On June 27, he was one of many who went on strike to protest the bank's announcement of reduced remote work. On Thursday, July 3, as called by unions, he, like all employees, was asked to come "on site" wearing a green ribbon to show his resolve. Forty-eight hours earlier, on Tuesday, July 1, it was at Trax, the audiovisual division of mobile network Free (founded by Xavier Niel, a private shareholder of Groupe Le Monde), where industrial action began in response to measures restricting remote work. "This will have a huge impact on my life. I've been organizing my daily life around it for more than five years," said a developer, who requested anonymity.
Yahoo
03-07-2025
- Business
- Yahoo
Italian Banking Group Banca Sella Pilots Stablecoin Custody With Fireblocks: Bloomberg
Banca Sella, an Italian banking group known for tech experiments, has begun an internal trial that lets a handful of employees hold crypto, including stablecoins, through custody software from Fireblocks. The trial runs until the end of the summer, after which executives will decide whether to open the vault to the group's 1.4 million customers who keep more than €66 billion ($77.5 billion) under custody, Bloomberg reports. Sella's test covers custody only. Trading in bitcoin or other volatile tokens is not on its roadmap, according to the story. Europe's clearer rules are nudging banks on the continent into the crypto space. Intesa Sanpaolo, Italy's largest bank, opened a spot bitcoin desk in January alongside a €1 million investment in the cryptocurrency. UniCredit, another Italian bank, is planning a capital-protected note linked to BlackRock's spot bitcoin ETF IBIT, while French banking giant Société Générale is launching a dollar-backed stablecoin two years after introducing a euro-backed stablecoin.
Yahoo
22-06-2025
- Business
- Yahoo
Wall Street Watches As Money Flows Out Of US Markets — Is The 'Great Rotation' Here?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The global market is witnessing a significant shift in investor sentiment, with a notable move away from U.S. assets. This trend, a phenomenon that cannot be solely attributed to a weakening dollar, as per a report by Société Générale. What Happened: The shift in market leadership, with international stocks outperforming their U.S. counterparts, has sparked a debate on Wall Street. Some are wondering if this is a temporary phase or a sign of a longer-term trend, reported MarketWatch Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Arthur van Slooten, a strategist at Société Générale who monitors fund flows, believes that the current shift could be the start of a significant rotation, which is in its early stages. '..clear confirmation that the great rotation has started,' he shared with the publication. van Slooten's analysis of recent fund flows from ETFs and mutual funds revealed five key observations. Europe has emerged as the preferred destination for investors, with equity inflows nearly double that of the U.S. Global developed-market funds have also seen nearly twice the level of inflows compared to U.S. direct funds. Emerging markets are making a strong recovery, with China-focused funds attracting $11 billion in inflows. Although the weakening U.S. dollar has played a role in this resurgence, van Slooten emphasizes that it's not the only factor driving the shift. Meanwhile, despite the U.S. having a larger credit market, investors have recently shown a preference for European credit funds. van Slooten further noted that rising geopolitical tensions could mean that this shift away from U.S. assets is just It Matters: The shift away from U.S. assets has been observed for some time now. In March 2025, data showed that the European stock market outperformed, hence there was a flow of money out of the U.S. stock market and into Europe. This was seen as a period of 'transition,' as per President Donald Trump, with investors seeking opportunities in European markets. In April 2025, foreign investors dumped $6.5 billion worth of U.S. equities in a week, marking the second-largest amount on record. This was attributed to the turmoil in U.S. equity markets and tariff-related uncertainties. Read Next: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. Arrived Home's Private Credit Fund's has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Image via Shutterstock This article Wall Street Watches As Money Flows Out Of US Markets — Is The 'Great Rotation' Here? originally appeared on Sign in to access your portfolio
