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7/21/2017

The European Central Bank has indicated that it has no plans yet to start tapering its bond-buying scheme, with President Mario Draghi saying it will be discussed in the fall. Other central banks such as the Bank of Japan have made similar decisions, as inflation continues to remain low despite a generally brightening economic outlook.

7/21/2017

ExxonMobil has responded to a $2 million fine from the US Treasury Department by suing the government, calling the fine for a joint venture with Russia's Rosneft unlawful and capricious. The Treasury says Exxon exhibited "reckless disregard" for US sanctions in dealings with Russia three years ago, when Secretary of State Rex Tillerson was CEO.

7/21/2017

Historical models are not adequate gauges of post-crisis economies, Bill Gross of Janus Henderson Investors warned global policymakers. Normalization of short-term interest rates could spell recession for overleveraged economies, which include the US, Gross said.

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Reuters
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Bill Gross, interest rates
7/21/2017

Sephora, known for its large-format stores packed with beauty products from a slew of brands, will experiment with a neighborhood boutique format dubbed Sephora Studio. The first will open on Boston's Newbury Street Friday, with a curated collection of products that's focused more on makeup and less on fragrance and skin care.

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Fast Company online
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Sephora
7/21/2017

A UBS survey of Americans with more than $1 million in investable assets shows they feel anxiety over the possible impact of health care costs on their retirement savings, with 73% of those surveyed listing getting sick as their top concern. However, survey authors noted that the respondents likely underestimate the long-term financial consequences of increasing health care costs and said this presents an opportunity for advisors to help clients make suitable plans.

7/21/2017

Cox Automotive Chief Economist Jonathan Smoke says not to believe claims that subprime auto loans will cause another financial crisis. Lenders have been tightening standards for the past year, decreasing defaults, Smoke writes.

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The Hill
7/21/2017

Americans will have fewer places to ask for help when signing up for coverage through public insurance exchanges after the Trump administration terminated contracts that provided Affordable Care Act enrollment assistance in libraries, businesses and neighborhoods in 18 cities. The move will make it more difficult for the uninsured and those already enrolled to shop for a new policy amid consumer confusion arising from the debate in Washington, D.C., and a shorter enrollment period, consumer groups say.

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Trump administration, ACA
7/21/2017

European equity purchases rose more than $3 billion in the week that ended Wednesday, marking revived investor appetite. In the same period, $840 million was withdrawn from US funds.

7/21/2017

A Liquidnet survey of asset managers found that more than half of them have seen a rise in electronic fixed-income trading over the past 12 months. Additionally, 86% of European managers say Europe's revised Markets in Financial Instruments Directive, which takes effect in January, is the main driver behind the move, compared with 39% of US traders.

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The Trade (UK)
7/21/2017

The CEOs at Citigroup and Deutsche Bank have told staff that they plan to relocate substantial parts of their operations to Frankfurt, Germany, moves that could affect hundreds of jobs. Morgan Stanley made a similar announcement this week, adding to a growing list of major banks choosing Frankfurt as their post-Brexit base.