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Morgan Stanley more than doubled its revenue from fixed income sales and trading in the fourth quarter of last year, completing a stellar set of earnings for US banks in that business after a year in which they appear to have cemented their dominance in Europe.
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Fixed income, currencies and commodities trading (FICC) has been the clear area of strength in US bank results so far when compared with the fourth quarter of 2018, particularly in rates and mortgages. Underwriting fees have also come in high, but advisory earnings have suffered.
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JP Morgan, Citi and Wells Fargo kicked off the fourth quarter earnings season for investment banks on Tuesday, showing momentum in underwriting revenues and fixed income trading, while advisory fees and equities trading stumbled.
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China’s government debt last year grew at its fastest pace annually since 2009, while central and local government borrowing shows no signs of slowing.
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Funding Circle picks up former securitization syndicator — Campbell moves from HSBC to RBC — Long-time DCM banker turns up at Aramco
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Emerging market borrowers’ growing appetite for capital market debt has increased the risks of a shock triggering a financial crisis, the World Bank has warned.