News for ING Groep N.V. (INGA.MI)

During Friday's morning session, 251 stocks hit new 52-week highs. Facts of Interest: Bank of America (NYSE:BAC) was the biggest company ...

(Bloomberg) -- Oil moved above $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.The surprise decision on Thursday spurred a wave of crude price forecast upgrades by major banks and a surge in the market’s structure. The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut. West Texas Intermediate rose as much as 2.6% and Brent topped $68.See also: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCrude has soared this year, shepherded higher by OPEC+ restraining supplies and the vaccine-aided recovery in consumption that’s drained inventories. The group’s decision represents a victory for Riyadh, which has advocated for tight curbs to keep prices supported.“Overall, this was the most bullish outcome we could have expected,” JPMorgan Chase & Co. analysts including Natasha Kaneva wrote in a note to clients.The Organization of Petroleum Exporting Countries and its allies including Russia had been debating whether to restore as much as 1.5 million barrels a day of output. As part of the agreement, which was struck at a virtual meeting on Thursday, Russia and Kazakhstan were granted exemptions. The group’s next meeting is set for April 1 to discuss production levels for May.Saudi Arabia’s bold and unexpected gamble to restrain production is founded upon its view that, this time around, higher prices will not lead to a big increase in output by American shale drillers. Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News in an interview after the OPEC+ meeting that shale companies are now more focused on dividends.Oil’s rapid gains this year stand to intensify the debate about the potential resurgence in inflation, and complicate the task facing the Federal Reserve as it supports the U.S. recovery. The Treasury market is already looking for signs of faster price gains, with yields rising rapidly. Crude is up more than 8% since Tuesday’s close despite a strengthening of the dollar and a steep sell-off in other major commodities, especially economic bellwether copper.See also: Here’s What Top Banks Are Saying About the Saudi-Led Oil ShockGoldman Sachs Group Inc. raised its Brent forecasts by $5 a barrel and now sees the global crude benchmark at $80 in the third quarter. JPMorgan increased its Brent projection by $2 to $3 a barrel and Australia & New Zealand Banking Group Ltd. boosted its three-month target to $70. Citigroup Inc. said crude prices could top $70 before the end of this month.Change CourseOil rising to these levels will likely increase strains within OPEC+ as some members will want to pump more to relieve under-pressure economies, Citi said in a note. Top importers such as China and India would also not be happy and the alliance is likely to change course at its next meeting, it said.The lack of fresh supply was reflected in oil’s futures curve. Brent’s prompt timespread widened to 63 cents in backwardation, a bullish structure where near-dated prices are higher than later-dated ones, from 54 cents Thursday. Gauges further along the oil futures curve also surged.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- U.K. regulators kicked off the final countdown for Libor, ordering banks to be ready for the end date of a much maligned benchmark that’s been at the heart of the international financial system for decades.The U.K. Financial Conduct Authority confirmed Friday that the final readings for most rates will take place at end of this year, with just a few set to linger for a further 18 months.The move comes in the wake of major manipulation scandals and the drying up of trading data used to inform the rates, which are linked to everything from credit cards to leveraged loans. Regulators have made a concerted effort to wind it down in 2021, with the Federal Reserve and others pushing market participants toward alternatives.Bank of England Governor Andrew Bailey said this was now the “final chapter” for Libor, saying firms don’t have any excuse to delay the work needed. “With limited time remaining, my message to firms is clear -- act now and complete your transition,” he said.Libor is deeply embedded in financial markets. Some $200 trillion of derivatives are tied to the U.S. dollar benchmark alone and most major global banks will spend more than $100 million preparing for the switch. Smaller players -- from hedge funds to non-financial corporates -- could also be caught in the crossfire, with many only at the beginning of the transition from legacy contracts.“This comes as a huge relief to the market,” said Rishi Mishra, an analyst at Futures First. “This lets everyone plan ahead and focus on other things.”The potential delay in the most-used dollar Libor tenors -- most notably the three-month benchmark -- is a concession to market concerns, but regulators remain adamant that dollar Libor shouldn’t be used for new contracts after 2021. Firms should expect further engagement from their supervisors to ensure timelines are met, the FCA warned.Similar regulatory pressure is building in the U.S. The Fed is intensifying its scrutiny of banks’ efforts to shed their reliance on Libor, and has begun compiling more detailed evidence on their progress.Friday’s decision locks in the benchmark’s fallback spread calculations, which for dollar Libor will be added to the Secured Overnight Financing Rate, or SOFR, the main U.S. replacement.While speculation about the announcement’s timing jolted the eurodollar market in December, the market reaction on Friday was subdued. The spread between June 2023 and September 2023 Eurodollars widened one basis point, as did the difference between December 2021 versus March 2022 short sterling contract.“The main takeaway is that it will fix the calculation of fallback spread which in turn will provide certainty to market participants in their transition,” said Antoine Bouvet, senior rates strategist at ING Groep NV.The FCA also detailed proposals to deal with the most troublesome loans and securitizations that can’t be switched to replacement rates. The regulator will consult on synthetic Libor -- which doesn’t rely on bank panel data -- for the sterling and yen benchmarks, and will continue to consider the case for using these powers for some dollar Libor settings.(Adds context on regulatory pressure starting in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

WILMINGTON, Del., March 04, 2021 (GLOBE NEWSWIRE) -- Rigrodsky Law, P.A. announces that it is investigating Ascendant Digital Acquisition Corp. (“Ascendant”) (NYSE: ACND) regarding possible breaches of fiduciary duties and other violations of law related to Ascendant’s agreement to merge with Beacon Street Group, LLC. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-ascendant-digital-acquisition-corp. You may also contact Seth D. Rigrodsky or Gina M. Serra cost and obligation free at (888) 969-4242 or [email protected]. Rigrodsky Law, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide. Attorney advertising. Prior results do not guarantee a similar outcome. CONTACT: Rigrodsky Law, P.A.Seth D. RigrodskyGina M. Serra(888) 969-4242 (Toll Free)(302) 295-5310Fax: (302) [email protected] https://rl-legal.com

On Wednesday morning, 198 companies hit new 52-week highs. Areas of Significance: Oracle (NYSE:ORCL) was the biggest company by market cap to set a ...

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

ING reviews strategic options for retail banking operations in Austria ING is announcing today that it is reviewing the strategic options for its ...

ING reviews strategic options for retail banking operations in Austria ING is announcing today that it is reviewing the strategic options for its Retail ...

ING reviews strategic options for retail banking operations in Austria ING is announcing today that it is reviewing the strategic options for its Retail...

China ‘Must’ Set GDP Growth Target This Year: State Researcher

The amount of money repatriated by Filipinos abroad fell last year for the first time since 2001 as the pandemic upended the global job market.

The major U.S. index futures are currently pointing to a modestly lower open on Friday following the lackluster performance seen over the past few sessions. Profit taking may contribute to initial weakness on Wall Street after the Nasdaq and the S&P 500 rose to new record closing highs in the previous session.

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

(RTTNews) - European stocks fell in cautious trade on Friday as investors reacted to weak U.K. GDP data and U.S. President Joe Biden's comments on...

European stocks fell in cautious trade on Friday as investors reacted to weak U.K. GDP data and U.S. President Joe Biden's comments on China. After a two-hour call with Chinese counterpart Xi Jinping on Wednesday, Biden warned lawmakers that

European stocks fell in cautious trade on Friday as investors reacted to weak U.K. GDP data and U.S. President Joe Biden's comments on China. After a two-hour call with Chinese counterpart Xi Jinping on Wednesday, Biden warned lawmakers that

The pan-European STOXX 600 index dipped 0.1 per cent, after having gained nearly 4 per cent so far this month.

European stocks retreated slightly on Friday, as investors monitor a fresh batch of economic data and the gathering pace of vaccinations against Covid-19.

REFINITIV STREETEVENTS EDITED TRANSCRIPT TOM2.AS - Q4 2020 TomTom NV Earnings Call EVENT DATE/TIME: FEBRUARY 04, 2021... | February 11, 2021