Authored by Mike Shedlock via MishTalk.com,
If there is a run on the bank, any bank in the EU, you better be among the first to get your money out.
Although it’s your money, the EU wants to Freeze Accounts to Prevent Runs at Failing Banks.
One year after Wells Fargo was busted in the biggest post-financial crisis scandal, when Warren Buffett's favorite bank was exposed for fraudulently "cross-selling" bank products, including creating millions of credit cards and bank accounts to its customers that were never requested, and which cost the former CEO his job, Wells has just been busted yet again for another major scandal: the NYT's Gretchen Morgenson writes that more than 800,000 people who took out car loans from Wells Fargo were also charged for auto insurance they did not need, and some are still paying for
Deutsche Bank shares tumbled 4% on Thursday after reporting better than expected earnings, driven by provisions and dramatic cost-cutting, more than offset however by a sharp drop in overall company revenue which slumped to the lowest in three and a half years, as Investment Banking revenue slumped 16%, while FICC tumbled a whopping 12% Y/Y and 30% Q/Q, with CEO John Cryan taking a page out of the Goldman playbook and blaming "muted client activity."
When the chief of a country's biggest stock exchange is warning that the central bank is buying too many equities, then you know you have a problem. Japan Exchange Group Inc. Chief Executive Officer Akira Kiyota has become the latest member of Japan’s financial establishment to publicly criticize the BOJ for its longrunning ETF buying program, according to Bloomberg.
The relentless risk levitation continued overnight, as global shares extended their stretch of consecutive record highs on Thursday for a 10th day after a cautious BOJ lifted Asian stocks to a decade high with a dovish announcement that offered no surprises, while pushing back Kuroda's 2% inflation target to 2020, the 6th consecutive delay. With all eyes on the ECB in just over an hour, US equity futures are in the green, following solid gains around the globe. European stocks extended their biggest gain in a week while Asian equities maintained their rally.