Top Headlines

China Weakens Yuan Fixing to Lowest Since 2011 as Dollar Climbs – Bloomberg

China’s central bank weakened its currency fixing to the lowest since March 2011 as the dollar strengthened.

Citigroup Retains Currency-Trading Crown as Deutsche Bank Slides – Bloomberg

Citigroup Inc. is the world’s largest currency trader by market share, according to a Euromoney Institutional Investor Plc survey, the third straight year the New York-based bank has led the rankings.

All Change in the 2016 Euromoney FX Rankings – Euromoney (subscription)

Citi retains top ranking while Deutsche plummets; JPMorgan and UBS rise; top five market share at all-time low; non-bank FX providers make an impact on rankings

Eurozone Hails ‘Breakthrough’ with Greece, IMF Debt Deal – Kathimerini

The euro zone gave Greece its firmest offer yet of debt relief in what finance ministers called a breakthrough deal that won a commitment from the IMF finally to return to taking part in the bailout for Athens.

Brexit Could Force U.K. to Extend Austerity by Two Years – Bloomberg

Leaving the European Union could add tens of billions of pounds to U.K. government borrowing and force Chancellor of the Exchequer George Osborne to extend austerity into the next decade, according to the Institute for Fiscal Studies.

Protesters Throw Rocks, Bottles at Police Outside Trump Rally – Reuters

Protesters threw rocks and bottles at police officers who responded with pepper spray outside a rally for presidential candidate Donald Trump in Albuquerque, New Mexico, police said.

Carlo Ancelotti: ‘Jose Mourinho and Manchester United is a good wedding’ – The Daily Telegraph

In his latest book, Carlo Ancelotti tells the story of how Roman Abramovich told him before Chelsea played Manchester United in the quarter-finals of the Champions League in 2011, that if his side lost he should not “bother coming back to work”.

Company News

CLS Extends IBM Contract – Profit & Loss

CLS Group has renewed and extended its technology partnership with IBM, the original technology partner behind the service.

Monsanto Rejects Bayer Merger Offer, Says It’s Open to Talks – WSJ (subscription)

Monsanto Co. rejected Bayer AG’s $62 billion takeover offer as too low on Tuesday, but the biotech seed giant said it remained open to further deal talks—which Bayer said it found encouraging.

French Police Raid Google After £1.3bn ‘Tax Fraud’ – The Times (subscription)

Britain’s “sweetheart” tax deal with Google is under renewed scrutiny after police raided the internet giant’s Paris offices over allegations of money laundering.

Breaking: Royal Dutch Shell Announces an Additional 2,200 Job Cuts – Bloomberg

HP Enterprise to Spin Off Enterprise Services Unit – FT (subscription)

Hewlett Packard Enterprise is set to spin off its enterprise services unit, as chief executive Meg Whitman undoes another of the mergers that turned HP into what was once the most broad-based tech conglomerate in Silicon Valley.

Market Savvy

Report: Why Did the OTC FX Market Shrink in 2015? – Profit & Loss

The OTC FX market shrank by between 9-11% during 2015, according to a new report from Aite Group.

Draghi in QE Quandary After Draining Bond Market by $800 Billion – Bloomberg

The biggest buyer of European government bonds may have to start spreading its money around a bit more widely.

Oil Prices Push Closer to $50, US Crude Hits Highest in 7 Months – Reuters

Oil futures pushed closer to $50 a barrel on Wednesday, with U.S. crude hitting its highest in over seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.

Qatar Lines Up Bond Issue After 5-year Gap – fastFT (subscription)

Qatar has become the latest middle eastern government to use international markets to bolster its finances in the wake of falling energy prices.

Regulatory News

CFTC Divided on Cross-Border Margin Rule – Profit & Loss

The US Commodity Futures Trading Commission (CFTC) has adopted a new rule for implementing cross-border margin requirements for uncleared swaps (Final Rule), despite being divided on the rule.

SEC Asked Valeant to Change How It Reported Deal Costs, Tax – Bloomberg

U.S. securities regulators last year told Valeant Pharmaceuticals International Inc. that it needed to clarify how it reported financial results to investors, and that expenses from the drugmaker’s many acquisitions shouldn’t be excluded from adjusted earnings as one-time costs.