Top Headlines
BoE Expects Monetary Policy Easing in Summer: Carney – Profit & Loss [subscription]
The Bank of England (BoE) is expecting that some “monetary policy easing will likely be required over the summer” as the “economic outlook has deteriorated” on the back of the UK voting to leave the EU, the BoE governor Mark Carney said in a speech today at the Bank.
Euro-Area Manufacturing Grows at Fastest Pace in Six Months – Bloomberg
Euro-area manufacturing grew faster than initially estimated in June, recording its best performance this year.
Oil Prices’ Rebound Leaves Investors Guessing What’s Next – WSJ [subscription]
Oil prices rebounded in the second quarter after a historic two-year rout, boosted by a weaker dollar and a number of supply outages from Canada to Nigeria.
Regulatory News
AITEC and AIMA launch cyber security DDQ – Aima
AITEC and the Alternative Investment Management Association (AIMA), the global representative for alternative asset managers, today have launched a co-branded Illustrative Questionnaire for Due Diligence of Vendor Cyber Security.
Banks Warned Over Conflict of Interest – FT [subscription]
Company News
Hedge Funds Set for Worst First Half Since ’11 on Turmoil – Bloomberg
The first six months of the year is turning out to be a period hedge fund managers want to forget.
FastMatch Hits New High as First Platforms Volumes Released – Profit & Loss [subscription]
The first three platforms to confirm data for June show that FX volumes rose across the board driven, of course, by activity around the UK’s vote on European Union membership. FastMatch recorded average daily volume (ADV) of $16.1 billion in June, its highest yet, 29.4% above its previous high of $12.6 billion set in October and November 2014.
Market Savvy
Scandis Under Pressure from Brexit, but Risk Appetite Coming Back –
Risk aversion generated by the Brexit vote has seen Scandinavian currencies more than others coming under pressure along with sterling. In particular, the Norwegian krone and Swedish krona have been hit by the downward trend. However, market analysts contacted by P&L suggest the move might not last.
South Korean won ends at 2-month high; stocks jump on strong risk sentiment – Nikkei Asian Review
The South Korean won ended at a near two-month high on Friday, fully recovering losses from the surprise Brexit vote as the market was supported by broad risk sentiment.
Emerging markets lead return to calm after Brexit storm – Nikkei Asian Review
Stock markets in emerging nations are showing dramatic signs of recovery one week after the British public voted to leave the European Union. Financial markets are regaining calm across the globe, but some trouble spots remain.