All posts by Julie Ros

Nancy Pelosi Announces Formal Impeachment Inquiry of Trump – New York Times

Speaker Nancy Pelosi said the House would begin formal impeachment proceedings against President Trump, ending months of caution by Democrats.

• Pelosi Impeachment Gambit Brings Peril for Trump – and Democrats – Bloomberg
• The Mother of all Trumpian Battles – Financial Times
• White House to Release Transcript of Trump’s Ukraine Call as Impeachment Efforts Begin – Wall Street Journal
• Trump Impeachment? History Suggests Wall Street Ought Not Worry – Reuters

TPound Rallies, Stocks Slip on Supreme Court Ruling – Reuters

Sterling extended gains on Tuesday while eurozone stocks tumbled after Britain’s Supreme Court ruled that British Prime Minister Boris Johnson had acted unlawfully when he advised Queen Elizabeth to suspend Parliament this month.

• Supreme Court Rules Boris Johnson’s Suspension of Parliament was ‘Unlawful’ – Financial Times

Fed Announces New Effort to Soothe Money Markets – Financial TimesThe Federal Reserve stepped up its efforts to reduce volatility in short-term lending markets, announcing on Friday that it would inject up to $90bn in two-week loans into the financial system starting next week.

• New York Fed Rejects Wall St Criticism of Response to Repo Turmoil – Financial Times

European Commission Raises Hopes of a Brexit Deal – Financial Times
Jean-Claude Juncker, European Commission president, has opened the door to a possible Brexit deal, saying he was ready to scrap the controversial Irish “backstop” if Boris Johnson came up with a viable alternative.

• What Happens if Johnson’s Plan is Unlawful, Supreme Court Asks – Bloomberg
• EU Wary of Brexit Crash Landing at High-Stakes October Summit – Reuters
• Pound Could Slump to Parity on a Hard Brexit, BNY Mellon Says – Bloomberg
• Pound Rally Slows as Ireland Puts Damper on Brexit-Deal Hopes – Bloomberg

Fed Cuts Interest Rates, Signals Holding Pattern for Now – Reuters

The US Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.

• Federal Reserve Cuts Rates as Policymaker Splits Deepen – Financial Times
• Powell Stresses Solid US Outlook After Fed Cuts Rates Again – Bloomberg
• Why the Market Crunch will Force Powell into QE – Australian Financial Review

UK Supreme Court to Hear More Arguments on Suspension of Parliament – Reuters

Britain’s Supreme Court will continue hearing legal arguments on Wednesday from the government and its opponents on whether Prime Minister Boris Johnson acted unlawfully when he decided to suspend parliament in the run-up to Brexit.

• Stay Neutral, Boris Johnson Tells Supreme Court – The Times

The FX Market’s New Benchmark – $6.6 Trillion – Profit & Loss

The number used globally to measure the size of the FX market will be set at $6.6 trillion per day after the Bank for International Settlements released the results of its Triennial Survey for Foreign Exchange Turnover.

• London Strengthens Grip on Currencies Market, BIS Survey Shows – Financial Times
• The Inexorable Rise of the “Others” – Profit & Loss

Oil Jumps Most on Record After Attack Cuts Saudi Arabian Supply – Bloomberg

Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the U.S. has blamed on Iran.

• Attack on Saudi Leaves World Without Spare Oil Capacity – Reuters
• Saudi Arabia Aims to Restore a Third of Lost Oil Output Monday – Wall Street Journal
• Saudi Attack Likely Originated in Iran or Iraq, Senior US Official Says – CNN

ECB Cuts Rates and Tells Governments to Act – Financial Times

The European Central Bank has announced its biggest package of rate cuts and economic stimulus in three years as President Mario Draghi warned governments that they needed to act quickly to revive flagging eurozone growth.

• Euro Gains After ECB Stimulus Disappoints – Reuters
• Draghi’s Divided ECB Leaves Markets Hoping for Government Action – Bloomberg
• Why the ECB’s ‘QE Infinity’ May Have Stolen the Future – Financial Times
• Denmark’s Central Bank Cuts Key Interest Rate to Historic Low – Reuters

London Stock Exchange Poised to Reject £32bn Hong Kong Bid – Financial Times

The Hong Kong bourse’s audacious £32bn bid for the London Stock Exchange faces rejection amid doubts about political risk and deal structure, according to people briefed on the offer.