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Scalable Capital, a Munich-based fintech firm, has raised €155 million (US$169 million) in its largest funding round to date, bringing total investments to over €470 million. Founded in 2014, the company has evolved from a robo-advisor to a full-stack investment platform, serving over one million customers managing more than €30 billion in assets. The new funding will support its platform development and expansion across Europe, capitalizing on the growing retail investing market.
Dutch bank ING is exploring options to acquire a U.S. banking license to enhance its access to dollar liquidity, as it currently lacks a master account at the Federal Reserve. This move aims to facilitate traditional banking activities for its U.S. corporate and institutional clients. ING is assembling a team to engage with officials regarding the licensing process.
JPMorgan Chase has upgraded its US economic growth forecast, now predicting a 0.6% growth in 2025, up from 0.2%, following a temporary trade deal with China that eases tariffs. The likelihood of a recession has decreased to less than 50%, while China’s growth is projected at 4.8%. Other banks, including Goldman Sachs and ING, have also raised their forecasts for China's economy, reflecting improved trade relations.
Barclays and Goldman Sachs have revised their forecasts, anticipating the U.S. Federal Reserve will cut interest rates in July following a robust jobs report. Despite a growing recession outlook, economists still expect two rate cuts this year, with the Fed's next meeting scheduled for May 6-7. Concerns over inflation and unemployment are rising, as tariffs and economic policies may create conflicts with the Fed's dual mandate.
ING reported a first-quarter net profit of 1.46 billion euros, surpassing expectations, and announced a 2 billion euro share buyback, boosting its shares by 4.3%. The results were driven by strong deposit growth and increased mortgage volumes, despite ongoing macroeconomic uncertainties. The bank aims to maintain a CET-1 ratio of 12.8% to 13% by year-end, while continuing to explore merger and acquisition opportunities.
ING reported a first-quarter net profit of 1.46 billion euros, surpassing expectations, and announced a 2 billion euro share buyback, boosting its shares by up to 5.7%. The bank's CET-1 ratio stood at 13.6%, with a revised target of 12.8% to 13% by year-end, reflecting macroeconomic uncertainties. CEO Steven van Rijswijk highlighted strong deposit growth and increased mortgage volumes as key drivers of the results.
ING shares rose nearly 4% in early Amsterdam trading after reporting a Q1 2025 net income of €1.45bn, down 7.8% year-on-year but 6% above estimates. The bank's taxable profit fell 7.4% to €2.12bn due to increased loan loss provisions and operating expenses, while total income grew 1% to €5.64bn, driven by a 9.6% rise in net fees and commissions. Confident in its CET1 ratio target of around 12.5%, ING announced a new €2bn share buyback program.
ING reported a quarterly profit that exceeded expectations and announced a substantial $2.26 billion share buyback program. This move reflects the bank's strong financial performance and commitment to returning value to its shareholders.
USD/JPY surged past 144 following a dovish Bank of Japan meeting that cut growth and inflation forecasts, increasing downside risks and lowering JGB yields. Analysts suggest the rally may extend toward 145, but anticipate increased selling pressure at that level.
Gold prices are under pressure, falling nearly 1% as market focus shifts to US trade negotiations with 17 key partners, excluding China. Despite a decline in US Treasury yields and a weaker dollar, ongoing uncertainty in trade talks and economic instability are expected to sustain safe-haven demand for gold, which remains up over 25% this year due to market volatility and increased investment in gold ETFs and central bank purchases.
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