Top Headlines

Brazil’s Dilma Rousseff to face impeachment trial – BBC

Brazil’s President Dilma Rousseff is to face trial after the Senate voted to impeach and suspend her.


Trump Draws Even with Clinton in National White House Poll – Reuters

Republican Donald Trump pulled even with Democratic rival Hillary Clinton in a Reuters/Ipsos opinion poll released on Wednesday, in a dramatic early sign that the Nov. 8 presidential election might be more hotly contested than first thought.

Brexit Dominates Agenda as Bank of England Unveils New Forecasts – Bloomberg

Brexit is dominating the UK agenda and the Bank of England is set to update its take on how the vote is affecting the economy on Thursday.


Oil Bounce Helps Norway Keep Rates on Hold – fastFT (subscription)

Norway has held fire on another interest rate cut, leaving its key deposit rate unchanged at 0.5 per cent in May.

Philippines Leaves Rates Unchanged after Duterte Election – fastFT (subscription)

Philippines’ central bank has opted to leave rates unchanged on Thursday, in its first move since this week’s presidential election which is set to bring the controversial Rodrigo Duterte into office.

Goldman Loses its Head – Profit & Loss

To Be or Not to Be: What’s Up at Scotiabank? – Profit & Loss

Greek Unemployment Drops to 4-year Low – fastFT (subscription)

Progress on debt relief talks and now a surprisingly large drop in the unemployment rate to a four-year low. All in all it hasn’t been such a bad week for Greece.

IEA: Global Oil Oversupply to Shrink “Dramatically” this Year – City AM

The International Energy Agency expects the global oversupply of oil to shrink “dramatically” this year.


Regulatory News

UK Banks Face Money Laundering Crackdown Under Cameron – Cameron

Prime Minister David Cameron said the UK plans to make financial services companies liable for their employees’ complicity in money laundering and fraud, in an extension of proposed laws against tax evasion.

China Insurance Regulator Sends Inspectors to Anbang – FT (subscription)

Anbang Insurance Group and local competitors are being examined by China’s insurance regulator as concerns grow about the sector’s aggressive investment policies.

Singapore Charges Two Men With Insider Trading on Two Stocks – Bloomberg

Singapore prosecutors charged two men for insider trading offenses on two stocks before the companies received takeover offers.

ECB: Target Annual Report 2015

Company News

Crédit Agricole Profit Hurt by Stake Sale – WSJ

Crédit Agricole SA said Thursday that net profit plunged in the first quarter, hit by the planned sale of its 25% stake in the group’s regional banks and a debt restructuring, sending its shares down more than 5%.

Adidas Loses Chelsea Deal as Soccer Sponsorship Battle Escalates – Bloomberg

Adidas AG will part ways with London’s Chelsea soccer club, getting a payoff of at least 50 million euros ($57 million) as a battle to sponsor Europe’s top sports teams intensifies.

Nissan to Buy $2.2 Billion Stake in Scandal-Hit Mitsubishi – Bloomberg

Nissan Motor Co. agreed to purchase a 34 percent stake in Mitsubishi Motors Corp., as Japan’s second-largest automaker comes to the aid of its minicar partner rocked by a fuel-economy testing scandal.

Four into Three Won’t Go, Brussels Chief Rules – The Times (subscription)

Until a month ago, telecoms executives in Slough and Maidenhead, the homes of O2 and Three, were “95 per cent” confident that their deal to create Britain’s largest standalone mobile phone group was on track. Then reality dawned.

Market Savvy

Nikkei Rises for 4th Day as Weak Yen Lifts Mood – Reuters

Japan’s Nikkei rose for a fourth straight day on Thursday after the yen weakened, but gains were capped by dismal earnings from companies such as Toyota Motor Corp.

European Stocks Reverse Losses as Oil Climbs; Bonds Hold Gains – Bloomberg

European stocks erased a decline as energy companies rose, buoyed by an increase in oil prices after the International Energy Agency said the global oil surplus in the first half of this year will probably be smaller than previously estimated. Bonds held gains, with the UK’s government securities extending their longest-ever winning streak.

CCPs: An Evolutionary Jump? – Profit & Loss

A new report from the Bank of England says that although the current legal framework around CCP default management is largely robust, the “piecemeal” nature of this framework presents challenges.

Gilt and Bund Yields Hit 4-Week Lows – fastFT (subscription)

Yields on UK Gilts German Bunds have dropped to four-week lows as global equities continue to weaken, heightening the appeal of haven assets.

Gold Demand Trends Q1 2016 – World Gold Council