Banco Bilbao Vizcaya Argentaria SA said its profit will be hurt after a court ruling prompted Spain’s second-biggest bank to stop applying “floors,” or clauses setting minimum interest rates, on mortgages.
The emerging market selloff sparked by speculation the Federal Reserve will reduce stimulus may cut revenue for investment banks including Standard Chartered Plc and HSBC Holdings Plc, JPMorgan Chase & Co.’s Cazenove said.
Telefonica SA plans to boost spending in Venezuela to avoid sitting on cash that may lose a third of its value as speculation mounts that the government may devalue the bolivar for a second time this year, according to a person familiar with the matter.
Brazil’s central bank said intensifying the pace of monetary tightening is appropriate, reinforcing bets it will raise its benchmark rate by a full percentage point over the next two meetings. Swap rates rose.
Traders in Chile’s forwards market are underestimating the outlook for inflation after the biggest plunge in the peso in two years, say Banco Bilbao Vizcaya Argentaria and Banco de Credito & Inversiones.