Top Headlines

Analysts Predict Further Rate Cuts After BoE Stimulus – Profit & Loss

Expect further rate cuts from the Bank of England (BoE) as Governor Mark Carney shows that he is willing to let sterling continue depreciating, say analysts.

Italy’s Industry Output Unexpectedly Falls in Setback for Renzi – Bloomberg

Italian industrial production unexpectedly fell in June in a setback for Prime Minister Matteo Renzi’s plans to put economic growth on a stable footing.

Brazil Runs Rings Around Other Markets – WSJ (subscription)

Brazil is embroiled in a stadium-full of woes. Its economy is shaky at best, a corruption scandal has embroiled high-ranking officials, its president is facing impeachment and the country is the epicenter of the Zika virus.

Currency Managers Up in June…But Only Just – Profit & Loss

Although the Parker FX Index rose 0.15% in June, the headline number hides a mixed performance for currency managers in the programme with only 11 of the 27 programmes reporting (three failed to do so) in positive territory.

Cash Flies Commercial and Other Secrets of Moving Money – WSJ (subscription)

Even in an age of electronic money and digital-payment apps, there is still big demand for cold, hard cash.

Regulatory News

U.S. Appeals Ruling Throwing Out Crisis-Era Bank of America Case – WSJ (subscription)

The Justice Department asked a federal appeals court to reconsider its ruling throwing out a civil mortgage-fraud case against Bank of America Corp., in an uphill effort to rescue one of its highest-profile cases tied to the financial crisis.

Hacked Bitcoin Exchange Says It Will Spread Losses Among Users – Bloomberg

After suffering a crippling hack earlier this week, Hong Kong-based bitcoin exchange Bitfinex said it may spread the loss among its users, including ones not directly impacted by the hack.

Company News

More Platforms Report July Volume Decline – Profit & Loss

Thomson Reuters, FX Spotstream and FXCM have all reported a month-on-month decline in FX average daily volume (ADV), however the latter two are up on a year-on-year basis.

Banca Popolare Beats Profit Forecast, CEO Says Market ‘Volatile and Nervous’ – CNBC

Banca Popolare di Milano (BPM) posted a small rise in net profits for the first six months of the year, the Italian bank reported on Friday.

Market Savvy

U.S. Employment Seen Returning to Normal After Two Quirky Months – Bloomberg

First it flopped, then it flipped. Now, economists are looking for U.S. payrolls growth to return in July to its 2016 average.

Global Stocks Gain With Bonds as Oil Slides; Aussie Strengthens – Bloomberg

Stocks across the world rose amid a surge in government debt after the Bank of England’s policy easing soothed concern over the impact of the Brexit vote. Oil declined toward $41 a barrel as the dollar meandered ahead of U.S. jobs data.

Asia Stocks Gain, Pound Weaker After BoE Easing, U.S. job Data Awaited – Reuters

Most Asian stock markets rose on Friday after the Bank of England launched a larger-than-expected post-Brexit stimulus package that sent the pound reeling.

Goldman Warns ‘Supply Storm’ to Engulf Global Copper Market – Bloomberg

A storm’s about to hit the global copper market, according to Goldman Sachs Group Inc., which forecasts that the price may slump to $4,000 a metric ton over 12 months as mine supply picks up, producers enjoy lower costs and demand growth softens.