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Actually — is it so bizarre that Stephen Hester is getting booted like this?
Hester probably did plan on another two years as RBS’s chief executive. He probably is miffed about being taken off the bomb-disposal task still left on the bank’s balance sheet. Although wasn’t it becoming clear how dysfunctional the relationships with the Chancellor, the government and Parliament had been getting? Maybe it’s the corollary of getting closer to reprivatisation. Read more
That’s the new black according to Citi’s Steven Englander:
Since May 1 the median increase in 10-year local bond yields in 47 major EM and developed markets (DM) is 39bps (Figure 1). Among major EM economies (light blue) it is 83bps; among major DM (dark blue) economies it is 29bps. The US 10-year Treasury yield increase (red) is only at the median of developed economies and well below the overall median. In both EM and developed economies, the fat tail of rate increases is to the upside, so average increases are even higher. The paradox is that the run-up in US interest rates, which is arguably the primary driver of these global rate increases, is well below the average and median globally.
Live markets commentary from FT.com
Vodafone in early talks to buy Kabel Deutschland in €7bn deal || Traders accused of manipulating currency rates || Glencore picks former Morgan Stanley boss John Mack for board || Sir Roger Carr confirmed as BAE chair || IEA predicts steeper-than-normal summer spike in crude demand || Dimon pledges to fight ‘whale’ suits || Read more
This is copper’s recent performance:
The 2011 low is well within sight, and the market is likely to be headed in that direction, say BNP Paribas’ commodity research team. Read more
Dimon pledges to fight Whale suits: “Jamie Dimon hit back against allegations that JPMorgan Chase executives misled investors over the bank’s “London whale” trading losses, pledging to fight “to the end” against any lawsuits filed in the affair. “There was no hiding, there was no lying, there was no bullshitting. Period,” the JPMorgan chief executive said at an industry conference on Tuesday. ” (Financial Times) Read more