Why the Global Trading System is About to Grind to a Halt – Australian Financial Review
The WTO is breaking down and if there’s no US-China trade deal in the next two weeks, there may not be one until after America’s 2020 presidential elections.
Read MoreEurope First: Taking on the Dominance of the US Dollar – Financial Times
EU leaders believe the euro needs to play a larger role in order to compete against the US and China.
Read MoreGFXC to Add Algo Guidance to Global Code – Profit & Loss
The Global Foreign Exchange Committee (GFXC) at its meeting in Sydney this week established five areas of focus for its work to maintain the FX Global Code, with algo execution and transaction cost analysis (TCA) being added to the existing workstreams around buy side outreach, disclosures, anonymous trading and execution principles.
Read MoreChina Suspends US Military Visits to Hong Kong, Sanctions US-Based NGOs – Reuters
China said US military ships and aircraft would not be allowed to visit Hong Kong, and also announced sanctions against several US non-government organisations for encouraging protesters to “engage in extremist, violent and criminal acts.”
Read MoreUS-China Trade Deal ‘Stalled Because of Hong Kong Legislation’: Axios – Reuters
A trade deal between United States and China was now “stalled because of Hong Kong legislation”, news website Axios reported on Sunday, citing a source close to US President Donald Trump’s negotiating team.
Read MoreUS-China Trade Deal Close, Trump Says; Negotiations Continue – Reuters
The United States and China are close to agreement on the first phase of a trade deal, US President Donald Trump said, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.
Read MoreThe PRA has imposed a combined financial penalty on Citigroup Global Markets Limited (CGML), Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (together, Citi) of £43.9 million for failings in relation to their internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. Between 19 June 2014 and 31 December 2018, or parts thereof, the firms’ UK regulatory reporting framework was not designed, implemented or operating effectively. This led to them failing to submit complete and accurate regulatory returns to the PRA.
Read MoreHong Kong Democracy Backers Win Big as Voters Flock to Polls – New York Times
A surge in voting, especially by young people, allowed democracy advocates to win many more seats on local councils.
China’s Top Negotiator ‘Cautiously Optimistic’ About Reaching Trade Deal – Bloomberg
China’s chief trade negotiator indicated he was “cautiously optimistic” about reaching a phase one deal with the US, as two titans of American diplomacy in Asia warned of the dangers of escalating the tariff war.
‘Phase One’ US-China Trade Deal May Not Be Completed This Year: Trade Sources – Reuters
Completion of a “phase one” US-China trade deal could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.