Top Headlines

Britain’s new PM May gives Johnson big job, says needs time before Brexit talks – Reuters

Theresa May became Britain’s prime minister on Wednesday with the task of leading it out of the European Union, and quickly named leading ‘Brexit’ supporters including former London mayor Boris Johnson to key positions in her new government.

U.S. launches quiet diplomacy to ease South China Sea tensions – Reuters

The United States is using quiet diplomacy to persuade the Philippines, Indonesia, Vietnam and other Asian nations not to move aggressively to capitalize on an international court ruling that denied China’s claims to the South China Sea, several U.S. administration officials said on Wednesday.

Yen gives up gains, sterling pushes higher ahead of BoE meeting – Reuters

The yen surrendered its early gains in Asia on Thursday, while sterling pushed higher but remained capped ahead of a Bank of England meeting that is expected to deliver an easing to blunt the economic fallout of Britain’s vote to leave the European Union.

 Emperor Akihito said to be planning abdication ‘within a few years’; move would be unprecedented in modern era – Japan Times

Emperor Akihito plans to abdicate within a few years, a government source said Wednesday.

New Zealand Rate-Cut Bets Rise on Unexpected RBNZ Economy Update – Bloomberg

New Zealand’s central bank said it will issue an unscheduled assessment of the economy next week, prompting traders to increase bets on an interest-rate cut in August.

Regulatory News

Spoofer Gets Three Years – Profit & Loss

Convicted spoofer Michael Coscia has been sentenced to three years in jail by a US court – the first incarceration of its kind in the US.

SEC Adopts Additional Rules Related to Security-Based Swap Transaction Reporting

The Securities and Exchange Commission today announced that it has adopted amendments and guidance related to rules regarding the regulatory reporting and public dissemination of security-based swap transactions, known as Regulation SBSR.

Google Set to Face More EU Antitrust Charges – WSJ (subscription)

The European Union’s antitrust regulator is slated to file additional formal charges against Alphabet Inc.’s Google on Thursday, according to several people familiar with the matter, cranking up pressure on the Silicon Valley firm to change the way it operates in a range of services.

Company News

Fisher New LBMA Head – Profit & Loss

Paul Fisher, who is due to retire from his position as deputy head of the UK’s Prudential Regulatory Authority (PRA) later this month, has been named as the next chair of the London Bullion Market Association (LBMA).

Anger at JPMorgan’s ‘unhelpful’ Brexit warnings – Financial Times (subscription)

Senior bankers in London are growing frustrated with JPMorgan Chase’s public warnings that it may cut thousands of jobs in the UK, saying such remarks send an unhelpfully negative message.

SGX Suffers Another Outage – Profit & Loss

Singapore Exchange (SGX) has suffered its fourth outage in the past two years today, the exchange posting a message on its website saying trading was suspended at 11.38 am local time “due to duplicate trade confirmation messages being generated”.

Market Savvy

Why Ultralow Interest Rates Are Here to Stay – Wall Street Journal (subscription)

While central-bank bond buying is the proximate cause of a plunge in U.S. Treasury yields, the drop represents the cost of economic and political choices made over decades.

Australia posts a welcome jump in full-time jobs – Reuters

Australian employment rose only modestly in June while the unemployment rate ticked up to 5.8 percent, yet a sharp jump in full-time jobs was welcomed by investors who nudged the local dollar higher.

European Equity Strategists Double Down on Gloom After Brexit – Bloomberg

Stock forecasters at European banks are resigning themselves to the prospect of steep losses for the region’s equities in 2016.