The Singapore banking heavyweight raised guidance and reported a quarterly profit beat, helped by record fee income and the consolidation of former Citibank assets in Taiwan.
A Labor Department rule is forecast to curb commissions on annuities sharply. The products are sold as a way to convert retirement savings including an IRA into an often-guaranteed income stream that can carry hefty charges.
The 10-year U.S. Treasury yield close to 3.9% is consistent with a scenario whereby recession risk is mounting and the Federal Reserve is ready to cut interest rates, but over a longer horizon it should eventually settle higher, ING said.
