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Russia Central Bank Lowers Key Rate Despite Oil-Price Boost

  • Russia’s central bank lowered its key interest rate to 15%, a seventh straight cut, despite a surge in oil prices.
  • Following the U.S.-Israel attack on Iran, oil prices surged, making Russian oil a hot commodity after the U.S. eased sanctions.
  • Higher oil and natural gas prices are expected to boost Russian export revenues and government tax revenues, aiding its war on Ukraine.

 
U.K. Government Borrowing Rose in February

  • The U.K. government’s budget deficit reduction efforts face challenges as the Iran conflict sent energy prices soaring, likely slowing economic growth.
  • The U.K. government borrowed 14.3 billion pounds in February, an increase of 2.2 billion pounds from a year earlier, with record interest payments.
  • Yields on 10-year U.K. government bonds climbed to the highest level since 2008, and the Bank of England may increase borrowing costs.
Companies Warn Investors of Energy Price Jitters Fueled by Iran War

  • The Iran war and Strait of Hormuz closure are prompting companies to disclose potential long-term disruptions and increased costs.
  • International Energy Agency member countries released 400 million barrels of oil from reserves as 25% of world oil passes through the Strait of Hormuz.
  • Higher oil prices from the war could hurt consumer purchasing power and are expected to be a long-term problem.
Banks Ready to Put Billions to Work After Regulatory Win

  • Proposed regulatory rules would lower the amount of capital banks must hold, potentially freeing billions for loans, investments and deals.
  • Banks plan to use freed capital to make more loans, invest in businesses, and regain market share from private-credit firms.
  • Sen. Elizabeth Warren and other critics argue the looser capital rules put the economy at risk of crashes and taxpayer bailouts.
UBS Secures Bank License for Its Campaign to Expand U.S. Wealth Arm

  • UBS received a U.S. national bank charter to extend its reach in the world’s biggest wealth market.
  • The license will help UBS expand beyond its superrich clientele to affluent clients and gather more deposits.
  • The charter provides UBS more options as Swiss regulators propose new rules requiring over $20 billion in additional capital.
 

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