US Holds Off on Huawei Licenses as China Halts Crop-Buying – Bloomberg
The White House is holding off on a decision about licenses for US companies to restart business with Huawei Technologies Co. after Beijing said it was halting purchases of US farming goods, according to people familiar with the matter.
Economists Upgrade US-China Trade Conflict to ‘War’ – Wall Street Journal
The economic consensus is in: The US and China are in a trade war.
- US Trade War Drives China’s Producer Prices into Deflation – South China Morning Post
- There Will Be No Winners in a Currency War – Financial Times
China’s Official Yuan Rate Crosses 7-Per-Dollar Milestone – Wall Street Journal
China set a daily anchor for trading in its currency at the weakest level since 2008 on Thursday, crossing the symbolic 7-per-dollar threshold that the central bank had already allowed markets to breach earlier this week.
Italy’s Salvini Pulls Plug on Government, Calls for Elections – Reuters
The leader of Italy’s ruling League party, Deputy Prime Minister Matteo Salvini, declared the governing coalition to be unworkable after months of internal bickering and said the only way forward was to hold fresh elections.
Johnson Eyes Election in ‘Days After’ Brexit – Financial Times
Boris Johnson would hold a general election in the “days after” the UK has left the EU on October 31 if he is forced to go to the polls should a parliamentary no-confidence vote succeed against his government, senior aides to the prime minister have said.
Australia Economy may be at Turning Point, Rates to Stay Low: RBA – Reuters
Australia’s economic slowdown may have ended but interest rates will remain at historic lows for an extended period, with the U.S.-China trade war the major uncertainty for the global economy, the central bank head said on Friday.
CLS Volumes Confirm July FX Slowdown – Profit & Loss
The average daily volume of FX trades submitted to CLS was $1.75 trillion in July, down 7.1% from June, but up 6.8% compared to July 2018.
Turkey Central Bank Removes Chief Economist, Other Officials – Bloomberg
Turkey’s central bank has removed at least nine high-ranking officials including chief economist Hakan Kara.
UK Regulator ‘Reassured’ by First Results in ETF Probe – Financial News
FCA researchers looked at ETF liquidity during periods of market stress, and found no cause for concern so far.
CFTC Official Who Led Bitcoin Futures, Swaps Revamp to Leave – Bloomberg
Amir Zaidi, director of the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) since January 2017, is expected to leave the agency within coming weeks, according to multiple sources with knowledge of the matter.
FIA Hires Byron – Profit & Loss
Don Byron has joined the Futures Industry Association as head of global industry operations and execution.
Texas Regulator Knocks NY Forex and Crypto Co. for Fraud – Law360
A New York-based cryptocurrency and foreign currency trading firm promising 900% returns within weeks was ordered to stop soliciting Texas customers by the Texas State Securities Board.
Libor: Sonia and Sofr Need Term Rates Too – Euromoney
The regulators want overnight rates to become the norm in all markets after Libor – that could be wishful thinking.
Libra Won’t Fly: We Need Digital Cash that Serves the Public Good – Financial News
If a serial violator of the public trust can unilaterally insinuate itself into the global monetary system, something must be done to manage the rise of digital private monies.
Serious Security Warning Issued for World’s Biggest Bitcoin and Crypto Exchange, Binance – Forbes
Bitcoin and cryptocurrency exchange hacks and security breaches are still a common occurrence but the biggest bitcoin market places are working hard to change this – with mixed success.
Gemini Exchange Data is Being Added to CME’s Crypto Indices – Coin Desk
Market data from the Winklevoss twins-founded crypto exchange Gemini is being added to eight crypto indices offered by CF Benchmarks.
Blockstream Launches Bitcoin Mining Farm with Fidelity as Early Customer – Coin Desk
Blockstream has launched a colocation mining service and already counts the Fidelity Center for Applied Technology and LinkedIn founder Reid Hoffman as customers.
No Humans Required: Commerzbank Develops Blockchain Payments – Coin Desk
Commerzbank has developed a blockchain-based solution for machine-to-machine payments.
UBS Launches ORCA-Pro – Profit & Loss
Following on from the launch of its ORCA-Direct algo last year, UBS has introduced ORCA-Pro, a new GUI targeted at clients frequently using ORCA-Direct to execute FX.
High-Frequency Trader Seeks Tower Climbers to Gain an Edge – Financial News
Jump Trading, the US high-speed trading firm, is on the hunt for technicians with a head for heights as it tries to shave all-important milliseconds off the time it takes to trade.
How the Top 50 Dealers Tackle Forex Last Look – Risk
Uneven disclosure practices are making life difficult for agency algos and ECN trading.
UBS Mulls Investment Bank Overhaul with Hundreds of Jobs at Risk –Bloomberg
Almost a year after taking over at UBS Group AG’s investment bank, co-heads Piero Novelli and Rob Karofsky are working on their first shake-up of the business.
Seegers Trades Jefferies for Citadel Securities – Profit & Loss
Bryan Seegers is joining Citadel Securities next month in an e-FX sales role, reporting to Kevin Kimmel, global head of e-FX.
Volatility Rules in an Uncertain World – Australian Financial Review
The spike in volatility has exposed the sum of all fears for traders of stocks, bonds, currencies and commodities.
Japan’s GDP Growth Thumps Expectations on Consumer, Business Resilience – Reuters
Japan’s economy grew much faster than expected in April-June to mark the third straight quarter of expansion, as robust private consumption and business investment offset the hit to exports from cooling global demand.
The Euro Must Prepare for Future Shocks – Financial Times
For the past year, the OECD has been warning about the accumulation of risks and uncertainty that undermines investment and the world economic outlook.
Trade War Escalation Nudges US Closer to Recession – ReutersPoll
The recent escalation in the US-China trade war has brought forward the next U.S. recession, according to a majority of economists polled by Reuters who now expect the Federal Reserve to cut rates again in September and once more next year.