A wake-up call from the US heartland has spooked Wall Street by raising fears of a recession that will push markets into a correction.
British Prime Minister Boris Johnson made a final Brexit offer to the European Union, pitching a possible compromise for a last-minute exit deal that was cautiously welcomed by the EU though the two sides still remain far apart.
- Johnson’s Brexit Plan Leaves Big ‘Gap to Bridge’ – Financial Times
- Brussels Ready to Bypass Boris Johnson and Grant a Brexit Extension – The Times
- Johnson’s Brexit Deal: What it Says, What it Means, and How Likely are the EU to Accept it? – Daily Telegraph
- Boris Johnson Makes the EU an Offer it Can Refuse – The Economist
The United States said it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies.
- US Hits EU Hoods with New Tariffs After WTO Ruling – Financial Times
- Trump’s Trade War Is Hurting His 2016 Swing States – Bloomberg
Hong Kong police groups are urging the city to impose curfews and invoke other powers under a controversial colonial era-emergency law, as Chief Executive Carrie Lam struggles to control escalating unrest.
- Goldman Says Billions Moved from Hong Kong to Singapore Amid Unrest – Straits Times
- China Could Take ‘Much Harder’ Line Now that National Day Celebrations are Over – CNBC
- Investors Keep Their Faith in Hong Kong Markets Despite Protests – Reuters
Hiring by US private employers slowed further in September, suggesting that trade tensions, which have pressured manufacturing, could be spilling over to the labour market.
- Fed’s Williams Says Outlook for US Economy ‘Mixed’ – Reuters
- Slumping Data May Force Powell to Move to Third Cut – Bloomberg
Bank of Japan board member Yukitoshi Funo on Thursday warned against heightening downside risks from a persistent slowdown in the global economy, signalling the bank’s readiness to respond to prevent risks from materialising.
Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focusing on the listing of its energy giant Saudi Aramco, energy minister Prince Abdulaziz bin Salman said.
Europe’s top insurance boss has launched a blistering attack on Mario Draghi and the European Central Bank over the “politicisation” of monetary policy in the region.
There is a sense that FX market participants have had enough regarding fragmentation of liquidity, LPs have long had an issue with it, but now it seems the buy side is joining in.
The US Commodity Futures Trading Commission has fined BGC Financial and GFI Securities a combined total of $25 million for making false representations regarding the execution of FX options contracts.
Kristalina Georgieva has all the qualifications in both finance and politics to be an excellent IMF managing director. Nonetheless, her defining task will be reforming the opaque, inadequate system through which she was appointed.
Global authorities’ efforts to move capital markets on to a sounder base took a step forward after European authorities launched a new benchmark based on overnight deals.
Libor Transition: Surge Pricing – Euromoney
It was just what the regulators didn’t want: another surge in Sofr just as the timetable for transition away from US dollar Libor enters its critical phase.
Human decision-making needs careful watching. For that, behavioural science can help.
The Intercontinental Exchange’s highly anticipated bitcoin futures contract mustered just $5 million of total trading – and its daily product traded fewer than five contracts across its first week.
Two US lawmakers want the Federal Reserve to consider creating a digital dollar.
Leading Japanese companies are forming a regulatory association for security token offerings.
A team of former employees from JPMorgan, Intel and TrustToken have announced the launch of USD Digital (USDD), a new dollar-backed stablecoin that will offer revenue sharing for institutions.
The majority of cryptocurrency exchanges’ revenues comes from trading fees. As the market continues to be quite saturated, exchanges fiercely compete to capture the largest market share.
Rohan Ramchandani, who was acquitted of FX market manipulation by a jury in New York last year, has filed a lawsuit against his former employer, Citi, alleging “malicious prosecution” by the bank against him and seeking $112 million in damages.
Tidjane Thiam leans heavily on a close inner circle to enforce and execute strategy at Switzerland’s second-biggest bank, now two are gone.
E*Trade Financial Corp. cut trading commissions to zero, joining major rivals in the race to the bottom and setting the stage for mergers among discount brokerages.
Firm has sought to meld traders’ instincts with insights from ‘massive scale’ data.
History may not repeat itself, but it often rhymes. As we enter the final quarter of 2019, it might be time for investors to steel themselves for the risk of a sequel to the market chaos witnessed late last year.
At first glance, China’s declining outbound investment appears to confirm the seeming retreat from globalisation. Yet, while M&A has declined in Europe and the US, look to its activity closer to home for a glimpse of the future.
It’s like a gravitational field the S&P 500 can’t get free from, the place to which all rallies must return. And it was back in force Wednesday, eliciting angry notice from President Donald Trump as waves of selling dragged the benchmark within points of where it stood 21 months ago.
The Federal Reserve is facing urgent calls to find a permanent fix to short-term funding strains that unsettled markets last month, and avoid another bout of volatility at the end of the year when the demand for cash is expected to rise again.
Australia’s monthly trade surplus has dipped back to $5.9 billion in August after hitting a record $8 billion in June, mainly due to a reduction in iron ore, coal and rural exports.