British bank HSBC Holdings Plc (HSBA.L) admitted on Sunday failings by its Swiss subsidiary, in response to media reports it helped wealthy customers dodge taxes and conceal millions of dollars of assets.
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ECB braces for QE as others shift rates
Greek funding and quantitative easing in Europe, an expected rate cut in Australia and the buoyant U.S. labor market are set to be the focus of an economic week dominated by a host of central bank meetings.
China PMI shows factory activity shrank again in February
Hours after China's central bank cut interest rates to battle slowing growth and rising deflationary risk, an official survey showed on Sunday that activity in China's factory sector contracted for a second straight month in February.
HSBC not the troublemaker made out to be, rival Swiss banker says
HSBC (HSBA.L), in the spotlight after details emerged about how its Swiss unit allegedly helped clients dodge taxes, isn't the troublemaker it is currently depicted as, the head of a rival private bank was quoted saying on Saturday.
HSBC says Swiss scandal has brought 'shame' on bank
HSBC (HSBA.L) reported a 17 percent fall in annual pretax profit and cut its profitability target, saying allegations its Swiss business had helped customers to dodge taxes had brought shame on the bank.
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China's factory sector unexpectedly shrank for the first time in nearly 2-1/2 years in January and firms see more gloom ahead, an official survey showed, raising expectations that policymakers will take more action to forestall a sharper slowdown.
Brazilian President Dilma Rousseff's crusade to win back investor confidence has entrusted policymakers with the tough mission of hiking interest rates while major central banks cut them, raising the prospect of another recession in Latin America's biggest economy.
Asian stocks extended a global rally on Friday after the European Central Bank launched a landmark bond-buying stimulus program that buoyed investors' risk appetite, drove bonds higher and kept the euro pinned near 11-year lows.
Brazilian industrial output took an unexpected step backward in November as production of durable goods declined sharply, further damping hopes of a recovery in the long-beleaguered sector.
China's services sector grew at its fastest pace in three months in December as new orders remained strong, a private survey showed, an encouraging sign of strength even as manufacturing activity slows and the property market softens.
Greece's future in the euro zone may hang in the balance once more, but investors believe the market fallout from any current political turbulence can be insulated, unlike during the region's sovereign debt crisis of 2012.
The global economy is ending the year in a fragile state with factory activity shrinking in China, euro zone business growth remaining weak, and emerging market giant Russia in a spiraling currency crisis.
China's services sector grew slightly faster in November, two surveys showed on Wednesday, a welcome respite to a run of underwhelming data but still unlikely to allay concerns about the softening Chinese economy.
Growth in China's manufacturing sector slowed in November, suggesting the world's second-largest economy is still losing momentum and adding pressure on authorities to ramp up stimulus measures after unexpectedly cutting interest rates last month.
