Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the U.S. has blamed on Iran.
- Attack on Saudi Leaves World Without Spare Oil Capacity – Reuters
- Saudi Arabia Aims to Restore a Third of Lost Oil Output Monday – Wall Street Journal
- Saudi Attack Likely Originated in Iran or Iraq, Senior US Official Says – CNN
The United States has gotten the green light to impose billions of euros in punitive tariffs on EU products in retaliation for illegal subsidies granted to European aerospace giant Airbus, after four EU officials said that the World Trade Organization ruled in favour of the US in the long-running transatlantic dispute and sent its confidential decision to Brussels and Washington on Friday.
For decades, US currency policy was to, in effect, have no policy. Administrations seldom intervened in markets, advised other countries to do the same and claimed a strong dollar was in the country’s interest.
The hard heads in Washington and Beijing have recognised that trade war is a disastrous path, but there are five steps needed to secure a deal by November.
Industrial production, which measures industrial output grew at 4.4 per cent last month, down from 4.8 per cent in July and the lowest growth since February 2002, while retail sales, a key metric of consumption in the world’s most populous nation, grew by 7.5 per cent, below analysts’ forecasts.
When Christine Lagarde conducts a rethink of the European Central Bank’s policies and tools during her impending presidency, her new Austrian colleague will be keen to contribute.
The UK is not prepared to postpone Brexit beyond the current 31 October deadline, Boris Johnson is to tell European Commission President Jean-Claude Juncker at talks on Monday.
- Johnson Set to Defy Ban on No-Deal Brexit and Fight On in Court – Bloomberg
- Brexit Secretary Raises Possibility of Standstill Transition Deal – Financial Times
A 49-year-old man was seriously injured after being attacked by anti-government protesters in Wan Chai, as street fights between opposing groups erupted in various parts of Hong Kong on Sunday, following violent clashes between police and protesters.
The Mark Johnson conviction, algo usage amongst buy side firms and what seems to be a failed bid for LSEG by HKEX are all on the agenda for this week’s podcast.
The failure of former HSBC head of cash FX trading Mark Johnson to overturn his conviction in a US court has severe implications for the foreign exchange industry – including an “Armageddon” scenario.
The US Commodity Futures Trading Commission has issued two orders filing and settling charges against inter-dealer broker Tullett Prebon Americas requiring the firm to pay a total of $13 million for failing to supervise employees and making false or misleading statements to CFTC staff.
Standard Chartered, fined billions of dollars since 2012 for regulatory violations, has discovered that it cannot explain how some of its wealthiest clients acquired their fortunes and is reviewing thousands of customer accounts at its private bank.
One of Europe’s top financial regulators has rebuffed criticism suggesting that design flaws in European regulations contributed to the meltdown at the flagship investment fund run by Neil Woodford.
Deutsche Bank has signed up to the financial services industry’s biggest blockchain project, in a move that will lower costs at the German bank and give global heft to a system created to speed up cross-border payments.
The computing power dedicated to mining bitcoin has hit yet another new high, suggesting that more than 600,000 powerful new machines may have come online in the last three months.
The threat of an XRP fork is looming over Ripple, the San Francisco-headquartered start-up behind the third-largest asset on the cryptocurrency market.
Regulators will question representatives of digital currency over threat to financial stability.
IT progress and its application to the financial industry have inspired central banks and academics to reflect about the merits of central bank digital currencies accessible to the broad public.
Asian exchange to launch three-week charm offensive to persuade board to soften stance.
In the wake of liquidity issues at GAM and H20, rival groups are grappling with how they would cope.
Four in 10 City companies have not made sufficient preparation for a potential no-deal Brexit in seven weeks’ time, and say their contingency plans are still a “work in progress”, a survey of Square Mile leaders has found.
British hedge fund Man Group said on Monday that the former Deutsche Bank chief executive John Cryan has been appointed chairman and will start his new role in January 2020, replacing Ian Livingston.
Warning signals are starting to flash in the market for junk debt, an indicator that investors are worried that companies with high debt loads could be at risk even if the US economy avoids recession.
A year ago, US Federal Reserve Chair Jerome Powell held a “remarkably positive outlook” for an economy enjoying a “historically rare” combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue.
The British Chambers of Commerce cut its forecast for economic growth this year and 2020 on Monday, blaming a slower global economy, US-China trade tensions and the persistent drag from Brexit.
Emerging markets will again be looking to central banks to provide the next leg-up in a rally that’s making it the best September so far for stocks and currencies since 2013.
The Bank of Japan’s policy board meets again next Wednesday and Thursday against the backdrop of economic uncertainty that has driven long-term interest rates far below its target, worsening the side effects of its easing framework.