Top Headlines
Yen slips as Tokyo stocks jump on renewed Abenomics hopes – Reuters
The yen fell by well over 1 percent against the dollar on Monday as Japan’s stocks jumped, after the country’s ruling coalition won a landslide victory in upper house elections, boosting hopes for more monetary stimulus.
- Japan’s ruling bloc wins landslide in upper house election – Reuters
- Election strengthens LDP as opposition flounders; Abe says talks to begin on constitutional revision – The Japan Times
- Abe easily wins Japan upper house election but more fiscal stimulus is needed to prop up economy – CNBC
Pound Overtakes Argentine Peso to Become 2016’s Worst Performer – Bloomberg
The pound posted a third week of declines spurred by the Brexit vote, winning itself the title of 2016’s worst performer among major currencies.
- BoE set to cut rates to avert predicted Brexit slowdown – Financial Times (subscription)
- UK’s Osborne to urge U.S. investors to stick with Britain outside EU – Reuters
- Brexit: Breaking Up Amicably Is Hard to Do – WSJ (subscription)
- Brexit Adds to Pension Funds’ Pain – WSJ (subscription)
- Don’t Bet on a U.K. Export Boom After Sterling’s Plunge – WSJ
Federal election 2016: Malcolm Turnbull claims victory – The Sydney Morning Herald
Prime Minister Malcolm Turnbull has declared victory in the federal election, saying it is vital for the nation that all sides of politics work together to make this term of parliament work.
Mrs. Clinton, Mr. Trump, or None of the Above – The New York Times
Hillary Clinton is ahead of Donald Trump by an average of five percentage points nationally, recent polls suggest. But both campaigns — just like all campaigns in earlier years — are hoping and praying that “independent” and “undecided” voters (who aren’t necessarily the same) can be persuaded to swing their way.
Regulatory News
No Brexit Without Free Parliamentary Vote, U.K. Lawyers Urge – Bloomberg
The British government must consult Parliament before any decision is made to leave the European Union, more than 1,000 lawyers will urge U.K. Prime Minister David Cameron.
Banker Sitting in U.S. Prison Has a Most Incredible Tale to Tell – Bloomberg
Eugene Gourevitch, a 39-year-old Berkeley-educated finance whiz, spends his days working in the library in a federal prison in Montgomery, Alabama. He’s serving a five-year sentence for wire fraud related to insider trading.
Company News
Thomson Reuters Adds EBS to its Post-Trade Network – Profit & Loss (subscription)
Thomson Reuters has added EBS to its post-trade network, Thomson Reuters Trade Notification (TRTN), which will enable EBS to offer complete straight through processing to its clients.
Invesco Cushioned Against Even Harder Brexit Blow With a Hedge – WSJ (subscription)
Invesco Ltd.’s large U.K. presence has bruised the company’s stock in the wake of the Brexit vote.
Deutsche Börse Considers Lowering Tender Threshold to Save LSE Merger – WSJ (subscription)
Deutsche Börse AG on Sunday said it is considering lowering the approval threshold for its proposed €25 billion ($27.63 billion) merger with London Stock Exchange Group PLC, confirming an earlier report from The Wall Street Journal.
Market Savvy
Gross Says Fed Won’t Raise Rate Based on Strong Jobs Report – Bloomberg
June’s strong job report probably won’t change the Federal Reserve’s decision on when to raise interest rates, said Bill Gross of Janus Capital Group Inc.
As yuan weakens, Chinese stock investors seek safety in Hong Kong – Reuters
Chinese investors are placing increasing bets on Hong Kong stocks, partly in search of a safe haven from the decline in the yuan, which fell last week to its lowest levels against the dollar since 2010.
Bitcoin “miners” face fight for survival as new supply halves – Reuters
Marco Streng is a miner, though he does not carry a pick around his base in south-western Iceland. Instead, he keeps tens of thousands of computers running 24 hours a day in fierce competition with others across the globe to earn bitcoins.
Tokyo Welcomes Treasury Investors to ‘World of Japanification’ – Bloomberg
Japan’s biggest bond bulls, seasoned by two decades of economic stagnation, say the plunge in yields below zero in Tokyo foreshadows record-breaking gains for U.S. Treasuries.