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The Latest Breaking News from Citi

US banks report solid results but warn of rising recession risk

New York (AFP) - Large US banks reported a round of solid quarterly profits Friday, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy.

AFP

Bank Earnings: JPMorgan, Wells Fargo, Morgan Stanley Lead Reports

Bank earnings kick off in a flurry this week. Wells Fargo, JPMorgan, Morgan Stanley, PNC, Citi all report quarterly results on Friday

Investors Business Daily

Wells Fargo, Citi and JPMorgan Chase Take the Stage

Major banks report third quarter results, which should give an indication of the health of the US economy and financial system.

The Street

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Big-Name Banks Test Out Climate for Chinese U.S. Listings with Atour Application

Key Takeaways: Atour could become the biggest U.S. IPO by a Chinese firm in more than a year with its latest listing application to raise more than $300 million

Benzinga

OPEC+ cuts oil production by 2m barrels a day despite US pressure

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months.

Al Jazeera

OPEC+ agrees deep oil production cuts, Biden calls it shortsighted

OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.

Reuters

Oil Price Dips as Dollar Strengthens, Demand Weakens

Oil prices retreated slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment. Brent crude futures fell 41 cents, or 0.5%, to $88.91 per barrel by…

Asharq Al-Awsat

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Keir Starmer calls for emergency Parliament recoil amid turmoil in UK financial markets

‘What the Government needs to do now is recall Parliament and abandon this budget’

Evening Standard

Shoppers paying 10.6% more for food than a year ago as inflation hits record high

Shop prices rose by 5.7% in September, up from 5.1% in August. Food price inflation soared past last month's 9.3% to 10.6%, driven by the war in Ukraine which is pushing up prices

Daily Mirror

Bank of England hikes rate again as UK enters recession

London (AFP) - The Bank of England hiked its interest rate again on Thursday to combat soaring inflation as it warned that the UK's economy had already slipped into recession.

AFP

U.S. bank CEOs back Fed hikes during congressional grilling on economy, China ties

The country's top bank chiefs endorsed U.S. Federal Reserve rate hikes as a means to tame soaring inflation, while acknowledging there will be pain ahead, when appearing before Congress during a wide-ranging and mostly sedate hearing on Wednesday.

Reuters

'Chasm' between weak consumers and booming businesses widens. How and when will it close?

Australian households are feeling "deeply pessimistic", but they are still spending money and business confidence keeps booming.

ABC News

Citigroup to hire another 400 at Belfast base - report

The move sees the US bank continue to grow its presence in Northern Ireland having first set up a base here 2004

Birmingham Post

Liz Truss 'considering nuclear VAT cut' to combat cost of living crisis

The Treasury is set to suggest plans which are modelled on Gordon Brown's response to the 2008 financial crisis to help households across the country battle against rising energy bills

Daily Mirror

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Asharq Al-Awsat

Oil Prices Rise on Potential OPEC+ Supply Cuts

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a US refinery. Brent crude rose 59 cents, or 0.6%, to $101.81 a barrel by 0400 GMT, while US West Texas Intermediate…

Daily Mirror

Join us LIVE as we explain what to do right now before energy price cap announcement

Consumer champion Will Hodson from How To Save It will be joined by Mirror Money reporter Sam Barker at 1pm this afternoon to answer your questions about rising energy bills

Birmingham Post

Asset finance firm Propel boosted with new £500m financing round

The Newport-based firm is looking to accelerate asset lending to SMEs across the UK

Daily Mirror

Energy companies call for halt to price hikes as households face £5,000 bills

Several energy firms want to freeze energy bills at their current level, with a massive pot of cash that will be paid off later down the line by tax - or higher bills when prices drop again

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Manchester Evening News

Warning that inflation could hit 18% at start of new year

Experts forecast that Consumer Price Index inflation will reach 18.6% in January

Evening Standard

How high can inflation go as soaring energy prices stoke cost-of-living crisis?

Citi says 18%, official forecasts say just over 13% -- why so high and when will inflation peak?

Wales Online

Brits given four-month warning that inflation could hit 18%

Soaring energy bills to help send the cost of living sky high

The Guardian - UK

UK inflation will hit 18% in early 2023, says leading bank Citi

Forecasts updated after 25% and 7% rally in gas and electricity prices respectively last week

Daily Mirror

Inflation could almost double to 18.6% - as experts warn energy bills will top £5,800

Experts warn that inflation may rise by even more than the Bank of England fears, with energy bill rises pushing up the overall cost of living for millions of households

The Independent UK

UK inflation set to ‘enter the stratosphere’ and hit 18.6% by January as gas prices continue to surge

Dire new forecast says energy bills will reach £5,816 in April

Evening Standard

Cost-of-living crisis: Shock warning on 18% inflation

City experts’ fears over energy price surge and claim rates could hit 7%

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