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20 July
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Euro zone banks see small tightening of credit standards in Q3 By Reuters

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FRANKFURT (Reuters) - Euro zone banks expect corporate loan demand to surge in the third quarter and see just a moderate tightening of credit standards or loan approval criteria, the European Central Bank said on Tuesday. Credit standards held steady in the second quarter after significant tightening last year, the ECB said based on a survey of the bloc's biggest lenders. On the demand side, the figures suggest that firms are now more willing to invest. "For the first time since the third quarter of 2019, firms’ financing needs for fixed investment contributed positively to...

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20 July
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FTSE 100 rebounds on commodity and banking stocks boost By Reuters

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By Shashank Nayar (Reuters) -Commodity and banking stocks helped the FTSE 100 rebound on Tuesday after surging coronavirus cases and fears of an economic slowdown pushed the index to a two-month low in the previous session. The FTSE 100 gained 1% with HSBC Holdings (LON:HSBA), BP (LON:BP) and Rio Tinto (LON:RIO) being the top boosts. The base metal miners sub-index was the top gainer, rising 1.8%. Banks jumped 1.3% after Catherine Mann, a top economist who will soon join the Bank of England's rate-setting committee, joined interest-rate setter Jonathan Haskel...

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20 July
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Electrolux braces for more disruptions from global supply chain squeeze By Reuters

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STOCKHOLM (Reuters) -Europe's biggest home appliances maker, Electrolux, reported profits above pre-pandemic levels on Tuesday but saw its shares slump 9% after it warned of further component supply problems in coming months. The Swedish company reported an operating profit of 1.98 billion crowns ($227.6 million) for the second quarter, versus a loss of 62 million a year earlier. In the second quarter of 2019, operating profit was 1.62 billion crowns. The rebound came on the back of a 39% sales increase as consumers kept spending more on home improvement during the pandemic. However, irregular...

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20 July
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Drinks makers Fevertree, A.G. Barr raise forecasts on summer demand By Reuters

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(Reuters) -Tonic maker Fevertree Drinks and Irn-Bru maker A.G. Barr on Tuesday raised their annual forecasts as customers stocked up drinks for the summer and pubs and restaurants reopened their doors. While closures of bars and restaurants in the past year hit businesses making and serving drinks, sales of alcohol and alcohol mixers were still strong, as stuck-at-home people turned to supermarkets to stock up their bars at home. Fevertree, which makes premium tonics and drink mixers, lifted its revenue forecast for the year ending in December to between 295 million pounds ($402.91 million) and...

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20 July
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AB Volvo warns chip woes to linger after narrow profit miss By Reuters

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By Niklas Pollard STOCKHOLM (Reuters) - Sweden's AB Volvo warned on Tuesday of further production disruptions and stoppages this year after chip shortages prevented the truck maker from fully capitalizing on strong demand for its vehicles in the second quarter. Operating profit at the maker of trucks, construction equipment, buses and engines nearly tripled to 9.73 billion Swedish crowns ($1.12 billion) from 3.27 billion a year ago, but slightly missed the 9.84 billion seen by analysts according to Refinitiv data. A global shortage of semiconductors just as the market roared back after last year's pandemic plunge...

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20 July
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UBS books 63% profit surge for Q2 amid wealth management boom By Reuters

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By Brenna Hughes Neghaiwi ZURICH (Reuters) - UBS on Tuesday posted a 63% jump in second-quarter net profit, easily beating expectations as buoyant markets continued to help the world's largest wealth manager generate higher earnings from managing money for the rich. The Swiss bank's net profit of $2.01 billion far outpaced expectations for $1.34 billion in a poll of 20 analysts compiled by the group, as fee income jumped and asset prices rose at its private bank and asset management business. "Momentum is on our side and our strategic choices and initiatives are paying...

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20 July
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Germany’s Bundesbank sees faster growth barring virus comeback By Reuters

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FRANKFURT (Reuters) - Economic growth in Germany could accelerate further this summer if there are no "significant setbacks" in the fight against the coronavirus pandemic and if supply bottlenecks ease, the country's central bank said on Monday. "As long as the there no significant setbacks with regard to the pandemic and supply bottlenecks ease at least gradually, the pace of the expansion of the overall economy could come in even stronger in the summer quarter," the Bundesbank said in its monthly report. It repeated its prediction that Europe's largest economy would then reach its pre-pandemic size...

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20 July
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New BoE policymaker Mann says global recovery is ‘fragile’ By Reuters

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LONDON (Reuters) - New Bank of England policymaker Catherine Mann, who will join the BoE on Sept. 1, described the global economy as potentially vulnerable in a statement to British lawmakers on Monday. "The recovery from COVID is more fragile than might appear based on projections of global growth at nearly 6 percent," she wrote to the British parliament's Treasury Committee ahead of a pre-appointment hearing. "This fragility comes from the disparity in timing and magnitude of growth rebound across economies, a question about the magnitude and rotation of spending across sectors as fiscal policies retrench...

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20 July
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Former UK PM showed ‘lack of judgement’ over Greensill lobbying, parliament committee says By Reuters

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LONDON (Reuters) - Former British Prime Minister David Cameron showed a lack of judgement in using personal contacts and informal channels to lobby for the now-collapsed supply chain finance firm Greensill Capital, a parliamentary committee said on Tuesday. Cameron lobbied ministers and senior officials repeatedly over access for Greensill Capital to the government's pandemic funding schemes during a four-month period in 2020. Although his efforts did not result in a change in government policy and Greensill filed for insolvency protection in March, Cameron's involvement has raised wider questions about how much influence lobbyists and former...

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20 July
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S&P 500 Falls as Covid Resurgence Sparks Blood Bath on Wall Street By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 slumped Monday, led by a rout in energy and financials as investors grew concerned over the global recovery following a surge infections brought on by the Delta variant.         The S&P 500 fell 1.6%, the Nasdaq was down 1.1%. and the Dow Jones Industrial Average fell 2.1%, or 726 points, though was down 953 points at the lows of the day. "A plethora of macro uncertainty is now in investor crosshairs including pandemic / variant spread; reflation / inflation; future of CB policy; earnings; and geopolitical tensions...

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