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Anonymous ID: e83d27 Jan. 14, 2020, 2:13 p.m. No.7814048   🗄️.is đź”—kun   >>4061 >>4142 >>4282 >>4343

Bidness News

 

WTI Dips After Surprise Crude Build

 

After 5 straight down days, oil managed modest gains today with WTI bouncing off $58.00 on the heels of some optimism surrounding the imminent signing of the trade deal. Fundamentals are largely bearish due to oversupply concerns, especially given the huge build in stockpiles reported in the refined products last week, so all eyes will be on tonight's API data (barring any geopolitical headlines)…

 

API

-Crude +1.1mm (-1.1mm exp)

-Cushing -69k (-1.0mm exp)

-Gasoline +3.2mm (+3.4mm exp)

-Distillates +6.78mm (+1.1mm exp)

After the prior week's surprise build, analysts expected a small draw in crude (but continued builds in products). However, crude saw a build and products saw significant builds. WTI hovered around $58.40 ahead of the data, and dropped modestly on the surprise build.

https://www.zerohedge.com/energy/wti-dips-after-surprise-crude-build

 

Fed Announces Plans For Repo Operations Through to Mid-February

 

The Federal Reserve Bank of New York on Tuesday announced plans to conduct repurchase agreement operations through until at least Feb. 13, although the size of term operations will be trimmed to $30 billion from the start of next month. The central bank did not elaborate on plans beyond that.

 

The move extends a program that has been in place since it stepped in to combat funding-market turmoil in September, but indicates the central bank may have one eye on the exit.

 

It announced plans to conduct a series of term repo operations from Jan. 16 through Jan. 30 of $35 billion apiece, in line with the most recent similar actions. Those scheduled from Feb. 4 to Feb. 13 will have a maximum offering size of $30 billion. The newly scheduled operations will provide liquidity through to Feb. 27. The maximum size of the central bank’s daily overnight operations, meanwhile, will be kept steady at $120 billion. These are slated to continue until Feb. 13, according to the New York Fed. The Fed has been conducting repo offerings and Treasury-bill purchases in a bid to keep control of short-term interest rates and bolster bank reserves. That has calmed markets since the September spike that took overnight repo rates as high as 10% and helped to quell concerns about a potential cash crunch at the end of December 2019.

 

The Fed also announced Tuesday that it planned to keep unchanged the pace of Treasury purchases it conducts. The central bank will buy $60 billion a month of Treasury bills for reserve management and $20 billion a month of Treasuries of various types for reinvestment purchases, according to the New York branch’s website.

that is here

 

Citigroup beats estimates on credit card, trading revenue growth

 

Citigroup Inc beat analysts’ estimates for fourth-quarter profits on Tuesday, boosted by growth in its credit card business and a jump in trading revenue. North American branded cards, which account for a majority of the bank’s consumer banking revenue, clocked double-digit revenue growth for the second straight quarter, rising 10% from a year earlier. The third-largest U.S. bank by assets has been leveraging its robust card business to help grow deposits by pitching checking and savings accounts to card holders. The bank gathered $6 billion in digital deposits last year. Markets and securities revenue rose 28% as markets steadied during the last three months of 2019, with the gains driven by a 49% surge in fixed-income trading. Equities trading fell 23% due to weak performance in derivatives.

 

Citi also reached a key profitability target. The bank hit a return on tangible common equity (ROTCE) of 12.1% for 2019, above the goal of 12% it promised investors for the year. ROTCE is a widely watched measure of how well a bank uses shareholder money to generate profits.

 

The bank, however, reduced its guidance for 2020 ROTCE to a range of 12% to 13%, down from prior guidance of 13.5%.

'Credit costs jumped 15%.

https://www.reuters.com/article/us-citigroup-results/citigroup-beats-estimates-on-credit-card-trading-revenue-growth-idUSKBN1ZD1O5

https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart