Top Headlines

Euro ‘in a Pressure Cooker’ with ECB Ahead – fastFT (subscription)

It’s rates day for the European Central Bank. ECB watchers don’t expect action, as such, (rates: 1245 London time) but they do expect president Mario Draghi to face a grilling on negative rates (from 1330).

EBS Launches NDF Short Dates – Profit&Loss

EBS BrokerTec has rolled out a new product this week which is effectively a short-dated swap for the NDF market. Inevitably it says that this is as a result of client demand, but in this case the claim does appear to be true.

Sweden Boosts QE to Cool Krona. Krona Jumps Anyway – fastFT (subscription)

Sweden’s central bank has decided to boost its programme of bond buying in an effort to hold down the krona and stop inflation from swooning further. And once again, it has stressed that it’s ready to do more.


Queen and the City of London Stand Test of Time – The Financial Times (subscription)

The Queen, who was born 90 years ago today, is celebrated as a symbol of continuity in a rapidly changing world. In her lifetime, for example, split-second trading in securities by computers has replaced open outcry dealing by the bowler-hatted.

ECB Isn’t To Blame For Europe’s Economic Woes, Says German Minister – The Wall Street Journal (subscription)

Economy minister Sigmar Gabriel says individual governments must do more to kick-start their economies.

Brexit Means Blood,Toil, Sweat and Tears – The Daily Telegraph

William Pitt the Younger already knew the full horror of Britain’s predicament in November 1805, even as he celebrated the victory of Trafalgar in his last poignant but unyielding words to the nation.

Regulatory News

Sen Warren Demands Answers from US Regulators over Cohen Firm – Reuters

US Senator Elizabeth Warren, a firebrand of strong financial regulation, wants to know why securities regulators approved Steve Cohen’s new firm as an investment adviser after barring the billionaire from managing other people’s money until 2018.

Company News

Saudi Arabia Mulls Dual Listing, Traded Fund for Aramco IPO – Bloomberg

Saudi Arabia is considering a dual listing as a way to reach investors beyond the local stock market for the sale of shares in state-owned oil giant Aramco, which could be the world’s largest initial public offering, the kingdom’s deputy crown prince said.

Volkswagen Shares Surge as US Dieselgate Deal Looms – Reuters

Volkswagen shares jumped more than 6% early on Thursday on expectations that the carmaker was close to reaching a deal to buy back 500,000 diesel cars in the United States in a step toward resolving an emissions rigging scandal.

Tesla CEO Musk: Almost 400,000 Orders Received for new Model 3 – Reuters

Electric car manufacturer Tesla Motors has received almost 400,000 orders for its latest car, the model 3 sedan, its CEO said on Thursday.

Market Savvy

Silver Attracts Record Bullish Bets; Outshines Even Gold – News.Markets

Bullish gold bets via US futures and options contracts hit their highest level since August 2011 last week, but bullish bets on silver prices went one better and set a new record high.

Peru’s Election Highlights Failures Within Economic Success ­– Bloomberg

Peru’s presidential election is highlighting the country’s economic success — and its broader failures. While Peru can boast South America’s best growth and inflation figures over the past 15 years, it also has some of its worst social indicators.

China’s Economic Recovery Masking Financial Risks, Fitch Says – Bloomberg

Global investors have cheered the recent signs of economic pickup in China. Andrew Colquhoun is unimpressed.

Swift Sets out Distributed Ledger Position – Finextra

As the hype surrounding distributed ledger technology continues to build, Swift is acknowledging the inevitable and promising to evolve its platform to enable DLT-based services – but only when a series of “critical factors” have been addressed.

Industry Events

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