UK Wage Growth Will Keep Interest Rates High1038 GMT - U.K. wage growth is staying high and any downtrend will likely be gradual, suggesting Bank of England rate cuts will come later than the Fed's, ING developed markets economist James Smith says in a note. ---HSBC Moves SVB UK Under Newly-Launched HSBC Innovation BankingHSBC Holdings on Monday launched HSBC Innovation Banking, a new standalone entity which includes Silicon Valley Bank UK and new innovation teams. "Importantly in explaining the continued demand strength - mgmt teams cited a recent inflection in new to cruise pointing to sustainability," the analysts say. The analysts say they came away encouraged after meeting with the company. The analysts note they prefer banks that have the capital and low gearing to withstand an economic downturn.

Source: Wall Street Journal June 12, 2023 12:35 UTC