Garanti BBVA mandates banks for U.S. dollar subordinated notes issue

France is proposing to ease some capital requirements for major euro zone banks, a move that could enhance their financial flexibility and support economic growth. This initiative is significant as it aims to strengthen the banking sector's resilience while fostering lending and investment in the region, potentially leading to a more robust economic recovery.

Bank of New York Mellon Corp. is taking a significant step by exploring tokenized deposits, which will allow clients to make payments using blockchain technology. This move comes as major banks globally are increasingly adopting blockchain to enhance their payment systems. The shift towards tokenized deposits not only reflects the growing acceptance of digital assets but also positions BNY Mellon as a forward-thinking leader in the financial sector, potentially improving transaction efficiency and security for its clients.

Emerging markets are experiencing their most significant stock rally in 15 years, driven by a weakening US dollar that has prompted investors to seek better yields. This resurgence is crucial as it signals renewed confidence in these markets, potentially leading to increased investment and economic growth in regions that have faced challenges in recent years.

South Plains Financial has successfully redeemed $50 million in subordinated notes, a move that strengthens its financial position and enhances its capital structure. This redemption reflects the company's commitment to improving its balance sheet and could lead to increased investor confidence, making it a significant step for the firm as it navigates the competitive financial landscape.

Chancellor Rachel Reeves will present her economic plans in her second Budget on November 26.

The EU's decision to match Donald Trump's steel tariffs by doubling import levies to 50% has raised alarms in the UK, where 80% of steel exports go to Europe. This move is seen as a significant threat to the UK steel industry, which is already facing challenges. The lobby group representing the sector has labeled this change as the biggest crisis the industry has ever faced, highlighting the potential economic repercussions for the UK.

Canada's merchandise trade deficit has widened to approximately $4.53 billion in August, indicating a retreat in exports. This decline is significant as it reflects challenges in the country's trade balance, which could impact economic growth and employment. Understanding these trends is crucial for policymakers and businesses alike, as they navigate the complexities of international trade.

In a significant move, lenders may be required to pay out £8.2 billion in compensation to drivers affected by car finance mis-selling, according to the Financial Conduct Authority (FCA). This payout, averaging £700 per driver, highlights the FCA's commitment to consumer protection and accountability in the finance sector. It matters because it not only provides financial relief to those wronged but also sets a precedent for stricter regulations in the industry.

Europe's Stoxx 600 index has dipped as concerns rise over a political crisis in France. This situation is significant as it could impact investor confidence and market stability across the continent. The unfolding events in France may lead to increased volatility in European markets, making it crucial for investors to stay informed about the developments.

The European Union is planning to impose a 50% tariff on excess steel imports to address the growing issue of overcapacity in the steel sector. This move comes in response to rising steel imports and tariffs from other countries, which have been creating additional challenges for EU steel producers. By implementing these tariffs, the EU aims to protect its domestic industry and stabilize the market, ensuring a more sustainable future for steel production in the region.