These 5 factors are fueling a massive transformation in banking
Germany to issue bonds worth up to 471 billion euros in 2021
BERLIN, Dec 17 (Reuters) – Germany plans to issue federal bonds worth up to 471 billion euros ($576.27 billion) through auctions next year, its finance agency said on Thursday, as Europe’s largest economy is spending unprecedented amounts to cushion the fallout from the coronavirus pandemic.
“As in the current year (€406.5 billion), the comparatively high issuance volume is primarily a consequence of the Covid-19 pandemic, which has a considerable impact on the income and expenditures of the Federal budget and its special funds,” the finance agency added.
France President Emmanuel Macron Tests Positive for COVID-19
France president Emmanuel Macron has tested positive for COVID-19, according to the BBC.
The French leader is said to have begun showing symptoms and has self-isolated.
More to come.
UK to extend COVID loan scheme by 2 months – FT
LONDON, Dec 17 (Reuters) – Britain’s government is planning to extend the period when businesses can apply for coronavirus support loans by two months until the end of March, the Financial Times reported on Thursday.
The FT said the move had been confirmed by several people familiar with the plans, and could be announced as soon as Thursday.
Putin says he hopes Biden will improve Russia-U.S. ties
MOSCOW (Reuters) – President Vladimir Putin said on Thursday he hoped U.S. President-elect Joe Biden would help resolve some of the difficult issues in relations between Moscow and Washington.
Speaking at his annual press conference, Putin added that Russian hackers had not meddled in the 2016 U.S. presidential vote to help Donald Trump get elected.
Oil Prices Hover Near Nine-month High
Oil prices rose on Thursday to hit a nine-month high after the Federal Reserve vowed to keep funneling cash into financial markets and government data showed a fall in U.S. crude stockpiles last week.
Hopes of a Brexit breakthrough in EU trade talks, progress towards a U.S. fiscal stimulus deal and optimism over vaccine rollouts also buoyed prices.
Benchmark Brent crude rose 0.4 percent to $51.26 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.6 percent at $48.09 a barrel. Both benchmarks hit a nine-month high earlier in the day.
The Fed on Wednesday vowed to continue bond-buying until “substantial” economic progress is made in inflation and the labor market.
Data released by Energy Information Administration showed crude inventories in the U.S. declined by 3.1 million barrels last week compared to estimates for a 1.937 million-barrel drawdown.
As Brexit trade talks reach a climax, officials cautiously predicted a deal within days.
Investors look forward to further talks among U.S. lawmakers on a $900 billion virus-relief spending package, as a Friday deadline loomed.
The first Covid-19 vaccinations are underway at U.S. nursing homes, while the European Union is on track to approve its first Covid-19 vaccine ahead of Christmas.
Ciena Q4 Profit Misses View, But Revenue Tops
Ciena Corp. (CIEN) on Thursday reported a profit for the fourth-quarter that declined 19.0 percent from last year. Quarterly revenue decreased 14.4 percent. Adjusted earnings per share for the quarter missed analysts’ expectations, while quarterly revenues topped their estimates.
“While we expect current market conditions to persist in the near-term, we are confident in strong secular demand dynamics and our ability to continue to outperform the market,” said Gary Smith, President and CEO, Ciena.
The Hanover, Maryland-based company reported that its fourth-quarter net income declined 19.0 percent to $65.04 million from last year’s $80.33 million, with earnings per share decreasing to $0.42 from $0.51 in the prior prior year.
Adjusted net income for the fourth quarter was $94.5 million or $0.60 per share, compared to $90.4 million, or $0.58 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the fourth-quarter. Analysts’ estimates typically exclude special items.
Revenue for the fourth-quarter decreased 14.4 percent to $828.48 million from $967.99 million in the previous year. Analysts expected revenues of $825.36 million for the fourth-quarter.
The company said it will re-institute repurchases program in first quarter of 2021, after temporarily suspending repurchases of its common stock during fiscal 2020. It targets repurchases in the range of $150 million during fiscal 2021.
In Thursday pre-market trade, CIEN was trading at $45.00, down $2.18 or 4.62 percent.
These 5 factors are fueling a massive transformation in banking
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