Top Headlines

BOJ Kuroda Signals Readiness to Top up ETF Purchases – Reuters

Bank of Japan Governor Haruhiko Kuroda said on Wednesday the central bank’s presence in the exchange-traded fund (ETF) market is “not too big,” signaling that topping up purchases of ETFs could be a real, near-term option.

Rajan says Forex Intervention to Continue to Reduce Volatility– Reuters

The Reserve Bank of India will continue to use currency intervention to reduce volatility in the country’s exchange rates, the bank’s governor, Raghuram Rajan, said on Monday.

Saudi Arabia Takes Out $10bn in Bank Loans – The Financial Times (subscripotion)

Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.

After big New York Wins, Trump and Clinton Cast Themselves as Inevitable – Reuters

Republican Donald Trump and Democrat Hillary Clinton scored sweeping victories in nominating contests in their home state of New York, and immediately cited them in arguing they are all but unstoppable as their respective parties’ presidential nominees.

Oil Price’s Decline Weighs on Global Stock Markets ­– Reuters

Stocks fell around the world on Wednesday as the price of crude declined after a strike by Kuwaiti oil workers ended.

Regulatory News

Fund Managers Warned to Stay off Golf Course – The Financial Times (subscription)

Fund managers have been warned to stay off the golf course by the UK regulator in a sign that the good times continue to roll for some in the City.

Company News

Deutsche Börse and LSE Plan to Unite Clearing Houses – The Financial Times (subscription)

Deutsche Börse and the London Stock Exchange Group are planning to unite their clearing houses at the heart of their €20bn merger by creating a framework to oversee bank defaults.

US banks endure biggest drop in revenues since 2011 – The Financial Times (subscription)

The six biggest US banks have suffered their steepest decline in quarterly revenues since 2011, after a profound slump on Wall Street overshadowed a boost from their consumer businesses.

Commerzbank CEO Warns on Profits – fastFT (subscription)

Commerzbank’s chief executive has warned that bank may struggle to meet its profit target this year, after Germany’s second largest lender was caught up in the market turmoil that has roiled the global banking sector.

Market Savvy

S&P Affirms Japan’s Ratings – fastFT (subscription)

Standard & Poor’s has given Japan a pass, affirming its ratings at A+/A-1 despite looming risks.

UK Unemployment Posts First Rise Since 2015 as Market Cools – Bloomberg

UK unemployment rose for the first time in seven months, suggesting the labor market is cooling.

The problem with Negative Interest Rates – Joseph Stiglitz in The Guardian

I wrote at the beginning of January that economic conditions this year were set to be as weak as in 2015, which was the worst year since the global financial crisis erupted in 2008.

Former US Treasury Secretaries say Brexit Would Make Britain Poorer and Smaller – Reuters

Britain will be poorer, more inward looking and London’s role as a global financial center could be undermined if it votes to leave the European Union in a June 23 referendum, eight former U.S. Treasury secretaries said on Wednesday.

Japan’s Exports Fall as Yen Rises, Quake Disruption Looms – Reuters

Japan’s exports fell for a sixth straight month in March as slowing growth in China, soft demand for electronic components for products such as the iPhone and a strengthening yen threatened to hold back the country’s economic recovery.

Press Releases

SWIFT gets SWIFTSmart with new eLearning platform

New platform will support remote training with digital courses and social learning capabilities to encourage peer interaction across the SWIFT community.

Industry Events

Profit & Loss Latin America, 20 April in Mexico City

ACI World Congress 2016 – Indonesia, 26-30 April, Jakarta

Eurofinance:  Asia Treasury, 18-20 May in Singapore

Profit & Loss Forex Network New York, 26 May, New York City

FIA: IDX 2016, 7-8 June in London, England

Profit & Loss Forex Toronto, 9 June, Toronto

Profit & Loss Scandinavia, 13 September, Copenhagen

Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL

Sibos 2016, 26-29 September in Geneva, Switzerland

FIA: Expo, 18-20 October in Chicago, IL