The pledges China and the US made to keep prospects alive for a comprehensive trade deal did little to alter the deteriorating growth outlooks for both countries because they were sealed with something economists don’t trust: a handshake.
- China September Exports, Imports in Deeper Contraction as Tariffs Bite – Reuters
- Dollar Holds Near 2-1/2-Mth High Vs Yen on Trade Progress – Reuters
- China Is Cool on Trump Trade ‘Deal’ Its Economy Still Needs – Bloomberg
- How Hard has China Been Hit by the Trade War? – Financial Times
Britain and the European Union said on Sunday a lot more work would be needed to secure an agreement on Britain’s departure from the bloc.
- EU Tells Johnson to Give More Ground on Brexit – The Times
- BoE Might Not Be Able to Cut Rates if Brexit Delayed Again: Ramsden – Reuters
- Brussels Baffled by UK’s ‘Complex’ Proposals to Fix Brexit Deadlock – Financial Times
- Javid Plans First Post-Brexit Budget on November 6 – Reuters
Financial analytics firm Mosaic Smart Data has doubled the number of developers and quantitative analysts it employs since 2018 at its London base, where nearly 40 now crunch numbers to help banks trade foreign exchange and bonds.
New Austrian National Bank Governor Robert Holzmann sharply criticised the European Central Bank’s ultra-easy monetary policy in an interview and said he hoped for a new course under incoming chief Christine Lagarde.
After weeks of trying to hose down these dark arcane markets with liquidity, the US Fed’s announcement that it would resume buying Treasury bills was a bland acknowledgement that US short-term money markets are the new flashpoint. Brace yourselves.
Russia is exploring currency settlements in euros and roubles for its vast energy exports in an attempt to avoid the dollar and insulate Moscow from the US-led global financial system.
Leaders shouldn’t wait for the next disaster before addressing the euro’s flaws.
Speculation is rising among ruling and opposition parties that Prime Minister Shinzo Abe may dissolve the House of Representatives as early as November for a snap general election.
At the recent Forex Network Chicago conference David Mercer, CEO of LMAX Exchange Group, was interviewed by Colin Lambert about the foreign exchange and crypto market landscapes.
Some European and Japanese bond investors are taking on more currency risk by buying dollar debt without protecting themselves against potentially devastating exchange rate swings as they seek ways to compensate for sub-zero yields at home.
The Financial Stability Board has published a letter from its chair Randal Quarles to G20 finance ministers and central bank governors ahead of their meetings in Washington this week and the message from the letter is largely the same as it has been for some time – work is progressing but more needs to be done to complete the financial reform process kicked off in 2009.
The UK’s Financial Conduct Authority has fined Tullett Prebon, now part of TP Icap, GBP 15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”.
The FCA has held roundtable sessions with junior staff at its offices in Stratford, with more set to follow.
The pressures placed upon intraday liquidity by real-time gross settlement systems led to the creation of the tri-party repo market, which itself proved a central point of failure during the global financial crisis.
The UK’s financial regulator has told European companies to ensure they can still do business in the City in the event of a no-deal Brexit, but pledged a pragmatic approach to market oversight on October 31.
Facebook’s plans for a digital currency are coming under further pressure as global regulators step up their scrutiny of the struggling Libra project.
- Mastercard, Visa, eBay and Stripe Quit Facebook’s Libra – Australian Financial Review
- Facebook Plan ‘Not as Stable as it Looks’ – The Times
The leaders of the US Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the Securities and Exchange Commission have issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism obligations under the Bank Secrecy Act.
The US Securities and Exchange Commission has sued Telegram, the encrypted instant messaging and voice app, alleging its $1.7bn token offering had broken federal securities laws.
Fintech-friendly chair Heath P. Tarbert foresees trading of “ether-related futures contracts and other derivatives”.
Bitcoin has plunged more than 30% since hitting a year-to-date high. That fact is clear, but explaining why the world’s largest digital currency has lost momentum in the second half of the year is anything but.
There is little support for the argument that FX platforms could follow the US equity brokers in going brokerage free, but that doesn’t mean it shouldn’t, or couldn’t happen. If it does, what does it mean for the secondary venues?
Investors will get an early readout on the impact of the Federal Reserve’s recent interest-rate cuts when big US banks report third-quarter earnings this week.
How good is artificial intelligence at managing money? To judge by the recent performance of some AI-driven strategies, it doesn’t look like the robots are going to take over from the humans any time soon.
The current pressures on the asset management industry remind me of the old line about reaching a historic crossroads, where one path leads to despair and the other to total extinction.
The Goldman Sachs-led messaging platform Symphony, created to wean traders off Bloomberg’s chat function, will not go public until it is profitable, chief executive David Gurle told the Financial Times, outlining a timetable that rules out a listing until late 2021.
Economists are divided about when the next US recession will arrive, but they largely agree on this: the country will need to fight it with a massive fiscal program, and be ready to swallow deficits that may eclipse the trillion-dollar shortfall run by the Trump administration this year.
A widely expected move for the Monetary Authority of Singapore to ease Singdollar policy slightly has come to pass, on the back of slower economic growth this year.
It’s probably QE Lite, but what it’s called matters less than the challenges facing central banks.
Overseas investors are piling in to UK government debt at the fastest pace in more than two years.