Hong Kong Exchanges and Clearing said it would drop a £32bn offer for the London Stock Exchange Group, ending its attempt to create a global capital markets operator with a dominant position in Europe and Asia.
World Bank President David Malpass said the global economic outlook is deteriorating amid Brexit-related uncertainty, trade tensions and a downturn in Europe.
- US-China Trade War Could Slow Global Manufacturing Activity, Economists Warn – South China Morning Post
Boris Johnson has stepped up preparations for a general election as concern mounts in Downing Street that the prime minister’s attempt to engineer a Brexit deal is heading for failure.
- No-Deal Brexit Likely to Push UK Budget Deficit to £100 Billion: IFS – Reuters
- Is a Brexit Deal Now Off the Table? – Spectator
- Britain Says 88% of Imports to Face No Tariffs in Event of No-Deal Brexit – Reuters
Prospects for progress in US-China trade talks dimmed after Washington blacklisted Chinese companies over Beijing’s treatment of predominantly Muslim ethnic minorities, and President Donald Trump said a quick trade deal was unlikely.
- Trade Talk Fatigue Arrives to Muddy Hopes – Australian Financial Review
- Chinese Trade Talks Team Hints at Broad Agenda as October 15 Tariffs Deadline Looms – South China Morning Post
President Donald Trump said he wanted to see the US Federal Reserve enact a “substantial” cut in interest rates because of the lack of inflation in the United States.
Ireland’s finance minister will present a “no deal” Brexit budget for 2020, detailing how he will keep firms afloat and allow the state’s finances to return to deficit if Britain leaves the European Union in a chaotic manner.
A new report from Vontobel and Eurasia Group suggests that there could be an erosion of the US dollar’s reserve currency status as geopolitical tensions between America and China continue.
President Donald Trump on Monday launched a harsh attack on NATO ally Turkey, threatening to destroy its economy if Ankara takes a planned military strike in Syria too far, even though the U.S. leader himself has opened the door for a Turkish incursion.
The battle over the future of the London Stock Exchange Group is also a fight for the future of the world’s financial markets.
Some investors are concerned that recent turmoil in a key short-term cash market where banks borrow to fund operations could exacerbate difficulties trading bonds.
For the better part of two years, regulators in the US and Europe have been embroiled in an unusually acrimonious dispute over the supervision of foreign clearing houses.
A report from a central bank-led global committee has defended the use of crisis-fighting tools such as negative interest rates and large-scale asset purchases, saying the benefits have outweighed the side effects.
- QE ‘Most Effective’ With Broader Fiscal Policies – Australian Financial Review
- What a Decade of Monetary Policy Innovation Has Taught Us – Financial Times
A European Commission official has put the onus on supervisors to deal with any trading disruptions in the event of a no-deal Brexit – shutting down hopes of a legislative fix.
On June 30, British bank NatWest sent out an arcane-sounding press release – bus operator National Express had become the first company to take out a loan based on Sonia, a replacement for scandal-hit interest rate benchmark Libor.
Bitcoin’s latest white knight hasn’t slain the dragon. Bakkt, a bitcoin-futures platform created by Intercontinental Exchange, went live two weeks ago. It is a high-profile bet that Wall Street and institutional investors would embrace cryptocurrencies.
The World Federation of Exchanges, a global trade association of publicly regulated exchanges, has urged the United Kingdom’s Financial Conduct Authority not to restrict cryptocurrency derivatives for retail investors.
The nominee to become the European Union’s next finance commissioner pledged on Tuesday to propose new rules to regulate crypto currencies such as Facebook’s Libra.
2020 will be the year proof-of-stake (PoS) blockchains finally break out. Maybe.
Class action lawsuit filed against Tether and Bitfinex by the same lawyers who sued Craig Wright.
A team of experts has come up with a plan to use blockchain tracking for trade between Northern Ireland and the Republic of Ireland to avoid the re-imposition of a hard border after Britain leaves the European Union.
Considering the bank’s global headcount, the figure of 10,000 seems small. More layoffs should be focused on the global banking and markets division.
CTAs gave back some of August’s gains in September, closing the month down 3.21%, according to data from Societe Generale.
Hedge funds are kicking into a higher gear. They gained 4.9% on average in the first three quarters of 2019, the best performance in this span since 2013, according to a report Monday from Hedge Fund Research. Equity strategies are leading the gains, followed by event-driven on an asset-weighted basis.
Fenics Market Data has launched a new FX data package, FMD FX, which it claims will be one of the most comprehensive data packages commercially available for FX pricing.
US President Donald Trump has called his new trade deal with Japan a “phenomenal” victory for US farmers. but don’t expect America’s Land O’Lakes butter to knock New Zealand’s Anchor or France’s President brands off store shelves in Japan, the world’s third largest economy.
Reserves managers around the world are trying to trim exposure to the US dollar.
The Swedish krona tumbled once again, falling to its weakest level against the euro since the wake of the financial crisis as global trade tensions continued to take a toll.
Goldman Sachs has recommended clients go long sterling against the dollar, with a target of $1.30 compared with the pound’s current spot value of around $1.23, citing relatively low odds of a no-deal exit from the European Union.
Demand lowest in three years as investors prepare for policy shift from central bank.