CLS explained in a press release that the move is expected to significantly improve operational efficiency and reduce risk for the bank. CLSNet, a platform designed to standardise and centralise post-trade processes for over 120 currencies, has gained traction in recent years. By joining the network, CLS said MUFG will benefit from the expanding roster…
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The strategic solution is said to be aimed at helping companies manage currency fluctuations and simplify treasury management processes. The extension of guaranteed FX rates follows a significant increase in cross-border payments, driven by growth in industries like e-commerce, services, manufacturing, and the gig economy. BofA explained that in recent years, the volume and value…
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The index is designed to track the performance of Artificial Intelligence companies and the Real World Assets (RWAs) driving generative AI. The index comes at a time when the global AI market is experiencing rapid growth, projected to reach $1.3 trillion by 2032. With 92% of Fortune 500 companies integrating generative AI into their operations,…
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The milestone marks the end of the migration from LCH SA, as well as the contractual relationship with the firm. It also completes the integration of the Borsa Italiana Group. The successful migration of Euronext's clearing business to Euronext Clearing is said to be a major step forward in Euronext's European expansion. London Stock Exchange…
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Chow Tai’s managing director, Kent Wong, noted that consumers and investors alike are turning away from precious jewels and instead opting for gold consumption, a move that suggests little confidence in national and global financial stability. Although gold purchases are increasing as diamond and gemstone sales decrease, Wong’s statement suggested that consumer confidence would return…
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According to Reuters, Chinese policymakers are relieved about the uptick in global trade as it could signal lower borrowing costs. Others, however, are quick to point out that the second-largest global economy still faces issues in its property market, overly careful consumers, and geopolitical hurdles that may hobble any gains. The year-on-year December comparison between…
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According to Bloomberg, IHS Market information indicates short interest on BYD shares hovers around the 5.5% mark as of 1 January. Despite delivering more electric vehicles (EVs) than competitor Tesla Inc. (TSLA) in the last quarter of 2023, the put-call ratio reflects increasing cynicism in the ranks of options traders. Regarded as a forerunner in…
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According to data from Bloomberg, experts predict the report will show the addition of 168,000 nonfarm payroll jobs in December 2023, when compared to the 199,000 jobs added in November. Other predictions include an unemployment figure to sit at 3.8%, 0.1% higher than that of November’s. The positive investor sentiment that grew in December has…
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The markets are eager to see the November core personal consumption expenditure (PCE) price index report, due early this afternoon, which will disclose the Fed’s take on underlying inflation. Having said that, Fed officials deflected the notion of quickfire rate cuts in Q1 2024, but this does not seem to have deterred the market outlook.…
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The increase in the participation rate resulted in the jobless rate ticking up from 3.8%, as the estimated 61,500 new jobs created in November were insufficient to maintain the previous unemployment rate. Although the jobless rate rose to 3.9% in November, the highest since April 2022, investors will likely prefer to focus on the surge…
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