Top Headlines

Icap Takes Nex Step – Profit & Loss

The waiting is over. Icap has announced the name by which it will be known once the sale of its hybrid voice broking business to Tulltett Prebon is completed.

Yes, The IMF and 200-plus Economists Can Be Wrong – Daily Telegraph

Last week saw yet another warning about the dire economic costs of Brexit, this time from the IMF. This followed similar warnings from the Bank of England, HM Treasury, the OECD, the National Institute, and Uncle Tom Cobley and all.

British Business Sees Brexit Effect as Growth Forecasts Cut – Bloomberg

Britain’s biggest business lobby cut its growth forecasts for the U.K. economy and said the referendum on European Union membership has put a “dark cloud of uncertainty” over the outlook.

Non-Bank Market Makers Grab Share of Buy Side Business – Profit & Loss

Institutional investors with access to non-bank liquidity providers execute 20% of their volume through non-bank liquidity providers, according to a new report from Greenwich Associates.

Security Company Responsible for ‘Outrageous’ Old Trafford Bomb Blunder – The Daily Telegraph

A farcical security blunder led to Manchester United’s final Premier League game of the season being cancelled on Sunday, after a private security firm forgot to remove a fake bomb taped to the back of a toilet door as part of a training exercise at Old Trafford.

Donald Trump Tells Prime Minister David Cameron He’s Not Stupid – City AM

Presumptive Republican presidential nominee Donald Trump has sent Prime Minister David Cameron a strong and simple message: I’m not stupid.

Company News

LatAm – Spanish Banks Betting on Latin America – FT Confidential Research (subscription)

Citigroup’s planned exit from Latin America is creating opportunity for Spanish banks looking to grow in a market they believe they understand better than Anglo-Saxon bankers.

FXSpotStream Publishes Volume Data – Profit & Loss

FXSpotStream, a wholly owned subsidiary of LiquidityMatch, has become the latest platform to raise transparency levels in foreign exchange by publishing its volume data.

Norway’s $850bn Oil Fund to Sue Volkswagen – FT (subscription)

The world’s largest sovereign wealth fund is planning to sue Volkswagen in a rare legal action from Norway’s $850bn oil fund that underscores investor anger over the emissions scandal at the German carmaker.

Millions of Pounds Put into Google by Church – The Times (subscription)

The Church of England is investing millions of pounds in Google despite its promise to confront companies that are accused of tax avoidance.

Barclays to Sell Precious Metals Storage – fastFT (subscription)

UK bank Barclays is preparing to sell its precious metals storage business in the UK for an undisclosed sum, in its effort to get back to basics.

Market Savvy

Back-to-Back RBA Rate Cut Would Stir Up Memories of Crises Past – Bloomberg

Forecasters and traders are in little doubt the Reserve Bank of Australia will cut interest rates again, and some are saying the specter of disinflation could warrant the first back-to-back easing in four years.

Oil Prices Jump as Goldman Sachs Says Market Flips into Deficit – Reuters

Oil prices jumped over 1 percent on Monday after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit following global oil disruptions.

China Slowdown Shows Debt Addiction Will Be Tough to Shake – Bloomberg

China’s run of disappointing April data underscore the bind facing policy makers seeking to cut capacity from the worst-performing sectors and curb credit excesses in recovering ones without stalling the economy.

Yen Slips as Japan Steps Up Verbal Threats Before G7 Meets – Reuters

The yen eased on Monday as Japan stepped up its threat of intervention in the currency market before the Group of Seven meeting it will host this week, erasing early gains made as Chinese data disappointed.


India Wholesale Prices Exit Deflation After 17 Months – fastFT (subscription)

Wholesale prices in India returned to growth in April for the first time since October 2014, after contracting for 17 consecutive months.

Regulatory News

Yallop Appointed to FMSB – Profit & Loss

Mark Yallop has been appointed to chair the fixed income, currency and commodities (FICC) Markets Standards Board (FMSB). An external member of the UK’s Prudential Regulation Authority (PRA) board and former investment banker, he will take up the position in July.