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Risk aversion is set to dominate markets in coming weeks as investors seek shelter from higher interest rates and volatility around US midterm elections and the AI trade, according to Bank of America Corp.โs Michael Hartnett.
Bank of America, the second-largest US bank, failed to promptly report hundreds of millions of dollars in suspicious transactions bearing signs of Chinese money-laundering networks, US regulators said on Tuesday, announcing more than US$1.21 billion in penalties for broader anti-money-laundering and sanctions failures. The Financial Crimes Enforcement Network, or FinCEN, said the activity included large wire transfers to counterparties in China, repeated credit-card purchases at major retailers...