ECB INF PROJ 2.3% '24 (2.7%); 2.0% '25 (2.1%); 1.9% '26 (1.9%)

MNI: ECB LEAVES KEY DEPOSIT RATE UNCHANGED AT 4%

MNI: Transcript of Interview With BOC Governor Tiff Macklem

MNI BRIEF: China Forex Reserves Unexpectedly Rise In February

MNI BRIEF: China Should Support Developers Continued Operation

MNI BRIEF: Increase Proportion Of Foreign Capital - Yigang

Factory Orders Continue LT Downtrend Also On "Core" Measure (1/2)

BOE DMP survey due at 9:30GMT

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

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Interesting Macro Snippets From Today's Earnings:

EQUITIES

JPMorgan:

  • High corporate cash balances are keeping loan demand subdued
  • Released $3bln in credit reserves in vote of confidence for economic outlook
  • $24.2bln of consumer loan portfolio, or 2.9%, in payment deferral, down from $29.3bln in prior quarter

Wells Fargo:

  • Deferred payments & fees for 3.6mln consumer and SME clients- Both commercial & consumer loan portfolios saw declines in losses and net charge-off
  • Credit card revenues up 2% on lower customer payment deferrals and seasonally higher spending
  • Uncertainty in 2021 forecasts due to: soft industry loan demand, credit spreads tightening & elevated mortgage market prepayments

Citigroup:

  • Citi's credit card biz revenue fell 13% due to lower purchase sales and higher payment rates
  • Credit costs fell, reflecting better outlook for global GDP & fewer portfolio downgrades
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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