By David Henry and Manya Saini NEW YORK (Reuters) - Citigroup Inc posted a 46% plunge in first-quarter profit on Thursday as it took hits from provisi.
Citigroup Inc could lose as much as $3 billion from its Russia exposures, $2 billion less than previously forecast, the bank said on Thursday while reporting a nearly halving of its first-quarter.
European shares on Friday rose slightly after sluggishness early in the day as a rally in bank stocks helped outweigh worries about economic growth and inflation, with Europe facing a deadline to start paying for Russian gas in rubles.
Russian President Vladimir Putin threatened to cut off gas supplies unless paid in local currency from Friday a move that could exacerbate an energy crunch in the continent as Russian gas imports account for about 40 percent of Europe’s consumption.
The move comes as a response to Russia’s increasing economic isolation following its invasion on Ukraine.
The Russian government has so far stayed
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Stocks across Hong Kong and China yesterday staged a stunning rebound after China’s state council vowed to keep its stock market stable amid a historic rout that erased US$1.5 trillion in value over the previous two sessions.
The Hang Seng China Enterprises Index, which tracks mainland companies listed in Hong Kong, jumped as much as 13 percent yesterday, its biggest gain since the global financial crisis.
A gauge of Chinese tech firms soared by a record, with Alibaba Group Holding Ltd (阿里巴巴) and Tencent Holdings Ltd (騰訊) gaining at least 24 percent.
The eye-watering rally followed a report by Xinhua news agency