Financial Markets
Top stories summarized by our editors
5/25/2018

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SmartBrief, EU
5/25/2018

President Donald Trump has signed the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, which eases supervision of banks with less than $250 billion in assets and adjusts other rules in the Dodd-Frank Act. "This is all about the Dodd-Frank disaster, and they've fixed it or at least gone a long way toward fixing it," Trump said during the signing ceremony.

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President Donald Trump
5/25/2018

Republican lawmakers, the US auto industry and business groups have criticized President Donald Trump's threat to impose tariffs as high as 25% on imported vehicles. Many warn the action would bring the world closer to a trade war that would do the US more harm than good.

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Donald Trump
5/25/2018

Eurozone economic growth is on track, European Central Bank Chief Economist Peter Praet says, "but I see clouds". Expansion could slow because of international trends, particularly strengthening of the euro against the US dollar, he says.

5/25/2018

Bankers and regulators must aggressively prepare for the end of the London Interbank Offered Rate in 2021, Bank of England Governor Mark Carney and Federal Reserve Bank of New York President William Dudley say. "Time is of the essence, and we must manage it well," Dudley says.

5/25/2018

Chinese smartphone-maker Xiaomi will meet with institutional investors in June, a source says, as it prepares for a $10 billion initial public offering in July in Hong Kong. Xiaomi reportedly wants to convince investors the company is worth at least $70 billion.

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Xiaomi, Xiaomi
5/25/2018

Nearly 21% of Lloyds Banking Group shareholders have voted against the 2017 executive-pay report, citing disconnect between senior managers' pay and performance. The move reflects a growing trend of shareholders voicing disquiet, with more than 20 listed companies experiencing objections to management compensation.

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The Guardian (London)
5/25/2018

AFME has published a paper that calls for open, nondiscriminatory access among European central counterparties to ensure they are interoperable and competitive. The revised Markets in Financial Instruments Directive contains open-access provisions, but Stephen Burton of AFME argues they do not go far enough in dismantling barriers to efficient post-trade, saying "in order to make progress towards an integrated, low-risk and low-cost post-trade ecosystem in Europe, European and national authorities should prioritise reform".

5/25/2018

The Bank of England is prepared to respond "in whatever form it takes" to any upheaval a disorderly Brexit might bring, Governor Mark Carney says. He says the central bank is "willing to tolerate some deviation of inflation from target for a limited period of time", which could defer a plan to gradually raise interest rates.

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The Guardian (London)
5/25/2018

Deutsche Bank's plan to slash its workforce indicates an intention to withdraw from investment banking, Ian King writes. CEO Christian Sewing wants to focus on lending, King writes, but the retreat clears the way for US institutions to dominate.

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Sky News