Asian stocks fell this week, with the regional benchmark gauge declining the most since August, amid concern improving U.S. economic data will spur the Federal Reserve to pare stimulus as soon as this month.
European stocks posted their biggest weekly decline since June as better-than-estimated U.S. economic reports spurred speculation that the Federal Reserve will begin cutting stimulus measures sooner than forecast.
Bank of Nova Scotia, Canada’s third- biggest lender by assets, said quarterly profit rose 12 percent as contributions from its takeover of ING Groep NV’s Canadian business led to record earnings in domestic consumer lending.
Royal Bank of Canada is putting its leadership in the hands of David McKay, whose consumer-lending experience is a departure from the investment-banking background that propelled Gordon Nixon to chief executive officer 12 years ago.
Standard Chartered Plc said wealthy clients’ confidential information was stolen in Singapore from a printing company, underscoring the vulnerability of global banks to attacks from hackers and thieves.
Royal Bank of Canada said Chief Executive Officer Gordon Nixon will retire next year as the nation’s largest lender reported fiscal fourth-quarter profit that beat analysts’ estimates on gains in investment banking and consumer lending.
Asian stocks fell, with the regional benchmark index declining to a three-week low, amid concern signs of improvement in the U.S. jobs market will prompt the Federal Reserve to bring forward cuts to stimulus.
Standard Chartered Plc slumped to the lowest in three months in Hong Kong trading after the lender said full-year operating profit at its consumer-banking unit will drop at least 10 percent, hurt by its Korean business.
Hong Kong stocks fell, with the benchmark index heading for a two-week low, as lenders led declines. Standard Chartered Plc plunged after saying operating profit at its consumer-banking unit will drop.
U.S. Treasury yields rose to an 11- week high and stocks fell a fourth day as signs of economic growth fueled concern the Federal Reserve will scale back bond buying. Copper, gold and crude oil led commodities higher.