No UK Election Until Brexit is Delayed – The Times
Boris Johnson’s prospects of securing an election are fading after Jeremy Corbyn and the SNP agreed to block any poll until the prime minister has secured an extension to the Brexit deadline.
- PM: I’d Rather be Dead in Ditch than Delay Brexit – BBC
- UK PM Johnson’s Brother Quits Parliament – Reuters
EU Warns Johnson Plan on Rules Divergence will Hinder Trade Talks – Financial Times
Boris Johnson’s plans to diverge from EU rules after Brexit will reduce the bloc’s willingness to strike an ambitious trade deal with the UK, officials and diplomats in Brussels have warned.
China, US Must Both Take Action to End Trade War: Chinese State Media – South China Morning Post
China and the United States should both take steps to resolve their year-long tariff war, the impact of which has been felt around the world, Chinese state media said on Friday, as top negotiators from the two sides prepare for their latest round of talks.
- China Insiders Hint That This Round of Trade Talks Could Lead to a ‘Breakthrough’ – CNBC
- Merkel Hopes China-US Trade Problems will be Over Soon – Reuters
- Trump’s Trade War Threatens to Drag in IMF Over China’s Yuan – Bloomberg
Fed Lines Up Another Quarter-Point Rate Cut – Wall Street Journal
Federal Reserve officials are gearing up to reduce interest rates at their next policy meeting in two weeks, most likely by a quarter-percentage point, as the trade war between the U.S. and China darkens the global economic outlook.
Biggest Bond Rout in Years Whiplashes Bulls Who Were Right – Bloomberg
After August’s historic drop, it was starting to seem like Treasury yields could only fall. And then came Thursday, when an enormous surge reminded even well-entrenched bulls that the world’s biggest bond market isn’t a one-way street.
Hong Kong Leader Says Bill Withdrawal a First Step as City Braces for Weekend Protests – Reuters
Hong Kong leader Carrie Lam on Friday said measures announced this week to help restore order in the Chinese-ruled city are a first step, and disagreed with a credit downgrade by rating agency Fitch after months of sometimes violent protests.
Wall Street CEO Seth Merrin: ‘Trading is an Industry in Crisis’ – Financial News
‘Before the financial crisis it was just high margin, high profit. That’s just not the case today’, says Liquidnet boss.
Precious Metals Enjoy Resurgence in Negative-Yield World – Wall Street Journal
Investors are piling into precious metals at the fastest clip in years, driven by a plunge in global bond yields that has fueled a search for assets that can hold their value during troubled times.
Credit Suisse Scores Legal Win in Forex-Rigging Case – Wall Street Journal
Credit Suisse Group AG scored a legal victory in New York federal court against currency traders who claimed the bank and others helped rig foreign-exchange rates, in a case that rivals have already paid $2.3 billion to settle.
Enria: No Reason for EU to Deviate from Basel Output Floor – Risk
The European Central Bank’s chair of its single supervisory mechanism, Andrea Enria, has told European legislators there is no reason for the European Union to deviate from controversial rules set by international standard-setters.
US Congressional Probe Finds Possible Lapses in Deutsche Bank Controls – Reuters
US congressional investigators have identified possible failures in Deutsche Bank AG’s money laundering controls in its dealings with Russian oligarchs, after the lender handed over a trove of transaction records, emails and other documents, three people familiar with the matter said.
Margin Xchange Iced After Regulators Lift IM Burden – Risk
A&O-backed platform quits two-horse race, leaving Linklaters-backed service with a clear run.
EU Looking to See if Facebook’s Libra Currency Poses Competition Risks – Reuters
EU regulators are examining Facebook’s proposed Libra cryptocurrency to see if it harms competition, Europe’s antitrust regulator said, the latest watchdog to voice concerns about the social network’s move into financial services.
JPMorgan Fears New Breed of Crypto Like Libra Face ‘Gridlock’ – Bloomberg
Stablecoins, a fast-growing subset of cryptocurrencies designed to avoid the large fluctuations of Bitcoin and Ether, could fail to function properly in periods of stress, according to JPMorgan.
Is China Set to Beat Libra by Launching its Digital Currency this Autumn? – South China Morning Post
China’s desire to launch the world’s first government-backed digital currency could see the possible rival to Facebook’s Libra be launched in time for November’s Singles’ Day online shopping festival despite a Chinese media report playing down the timing as “inaccurate speculation”.
SNB’s Jordan Sees Policy Risk from Foreign-Currency Stable Coins
Swiss National Bank President Thomas Jordan said stable coins are likely to become more widely used than current crypto tokens, and warned they could hamper monetary policy in some circumstances.
CME Group is Sharing Details on Bitcoin Options that Could Signal an ‘Imminent’ Product Launch – The Block
CME Group appears to be gearing up to add a new bitcoin product to its marketplace. According to documents obtained by The Block, the exchange is sharing contract specifications for a bitcoin option and sources say launch could come this year.
Strong CTA Performance Extends Through August – Profit & Loss
Following a strong July, CTAs reported positive performance again in August, according to data from Societe Generale.
Deutsche Bank Cutting Dozens of Jobs in Fixed-Income Trading – Bloomberg
Deutsche Bank is cutting dozens of traders and salespeople in its global fixed-income ranks, a unit that was largely spared from the first round of reductions in the firm’s overhaul two months ago.
CLS Hires Johnstone – Profit & Loss
CLS has appointed Masami Johnstone as head of information services.
Hedge Fund Loses $1 Billion in One Month on Argentina Bet – Wall Street Journal
Hedge fund Autonomy Capital lost about $1 billion last month largely on investments tied to Argentina, making it one of the most prominent investors caught on the wrong side of market turmoil in that country.
HKEX Websites Were Attacked on Thursday, CEO Says – Bloomberg
Hong Kong Exchanges & Clearing Ltd.’s websites suffered cyberattacks on Thursday, though they were unrelated to the afternoon’s derivatives market trading halt, according to its chief executive officer.
Swedish Central Bank Points to Rate Rise This Year or Early Next – Financial Times
Krona rallies as Riksbank takes ‘hawkish’ tone even as ECB expected to reduce rates.
Brace for the Trump Trade Spin Cycle – Australian Financial Review
The US and China are set to restart trade talks, but if Trump’s Twitter history is any guide then expect a gut-wrenching ride between optimism and despair.
Markets Fret that Recession Fears will Bring Recession Itself – Financial Times
Investors wonder if worries over a downturn could turn into a self-fulfilling prophecy.
Volatile Sterling Lives Up to ‘Great British Peso’ Moniker – Financial Times
Brexit-driven volatility means comparison with Mexican currency flatters pound.