Well Fargo was one the shareholders of Cubic Energy Inc, which bankruptcy plan took effect on March 1, the Dallas-based oil and gas company wiped out. The bank had a nearly 10 percent stake in Cubic Energy at the end of 2015, worth more than $25 million at the company's peak, through a private equity-style unit called Wells Fargo Energy Capital.
The heads of two regional Federal Reserve banks backed an interest rate increase ahead of the Fed's March meeting as an strengthening economy added to sentiment to tighten monetary policy. The heads of the Richmond and Kansas City Fed supported a quarter point lift in the main lending rates for banks "in light of continued improvements in labour market conditions and expectations that inflation would rise," according to minutes of the Fed's March meeting. Recent signs that US inflation is accelerating lay the groundwork for the US central bank to hike interest rates, Richmond Fed President Jeffrey Lacker said. The Fed should proceed with its earlier plan to raise interest rates four times this year.
The World Gold Council has examined the situation created by NIRP and ZIRP (Gold in a World of Negative Interest Rates – March 2016) and comes to the unsurprising conclusion that demand for gold is favored by a negative interest rate environment.
The Greenback continued on its descending route with the USDJPY breaching well below 110 and EURUSD hitting a new high since October 2015 at 1.1454. The Fed minutes largely confirmed that there will not be a rate rise in April, and little prospect for a hike in June.
China continues to dominate discussions of the Asia-Pacific (and, at times, global) economic and financial landscape. But the story has changed. Markets have now shifted their focus to the Chinese currency markets, with the macroeconomic story relegated to a secondary plot.
Germany is in a solid economic position, but ageing and technological change require new investments in people to ensure a stronger and more inclusive society, according to the latest OECD Economic Survey of Germany.
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