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Finance

Wall Street banks extend strong results run despite U.S. inflation up 3.7 percent

U.S. inflation is accelerating again, but major banks’ third-quarter results did not show clear signs of weakening consumption or deteriorating credit quality. Consumer spending and loan demand remained relatively resilient despite rising household burdens from higher prices. Citigroup, Wells Fargo and JPMorgan Chase posted solid consumer finance trends. Citigroup’s wealth client balances rose, while Wells Fargo benefited from credit card and auto lending. JPMorgan reported higher profit and steady net charge-offs, while provisions fell year on year.

Crypto

Russia to ban direct peer-to-peer crypto trading from July 2027

Russia will ban individuals from directly trading cryptocurrencies with each other from July 1, 2027, blocking peer-to-peer transactions conducted without intermediaries, Cointelegraph reported. Under the measure, retail investors will be able to buy and sell crypto only through approved intermediaries. The central bank also reaffirmed that moving crypto from digital accounts to self-custodied, non-custodial wallets in a person’s own name will not be allowed. Sberbank has been approved to offer crypto exchange services.

Industry

Solar cell domestic production tax credit pushed; Hanwha Solutions says no effect without direct pay

South Korea's solar industry is urging the government to add direct pay to a planned domestic production tax credit, saying loss-making companies cannot benefit without a refund mechanism. Hanwha Solutions said the domestic solar cell manufacturing base is disappearing, with local cell market share falling sharply since 2021. The government plan caps credits and does not include direct pay or transferability. The company said direct pay is needed due to high upfront and operating costs at cell plants.