Eurozone central bank gives press conference after pausing its cycle of rate hikes, as inflation slows and Europe’s economy weakens
Back in the City, shares in Standard Chartered bank have tumbled over 11% after it missed profit expectations and took a hit on its exposure to China.
Standard Chartered, the Asia Pacific-focused bank, reported that pretax profits more than halved in the last quarter to $633m, down from $1.391bn in Q3 2022.
We have continued to make strong progress in the third quarter against the five strategic actions outlined last year, delivering a solid set of results.
Wealth Management has continued its recovery with double digit income growth and the Financial Markets performance has been resilient against a strong comparator period.
Real GDP per capita is now almost 10% above its pre-pandemic level – a much stronger performance than the euro area as a whole. The unemployment rate has also declined steeply, and was 10.9% in August, the lowest level since the end of 2009.
And with a stronger economy, the country has been able to work further through its debt challenge. Greece’s public debt-to-GDP ratio has dropped 35 percentage points from its peak of 206% in 2020, one of the fastest falls in the world.
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