The difficulties facing the US corporate sector and consumer are having a knock on effect on banking...
The difficulties facing the US corporate sector and consumer are having a knock on effect on banking stocks. The banks are less keen to lend to businesses and domestic demand is weakening although the mortgage refinancing market remains strong. Simon Laing, co-manager of the Newton US Equity fund, says revenue growth for US banks has lately been coming from deposits and mortgage refinancing, which has experienced an unprecedented increase. 'Because of the lack of confidence in the equity markets, investors are transferring their money into deposit accounts. Consumer expenditur...
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