Financial Markets
Top stories summarized by our editors
9/24/2018

There's no deadline for completion of the Securities and Exchange Commission's proposed rule governing investment advice, Chairman Jay Clayton says. "It's not this month, probably not next month," he says.

9/24/2018

The British pound fell 1.5% Friday after Prime Minister Theresa May called on the EU to provide an alternative Brexit proposal. EU leaders have rejected May's plan on trade and the UK-Irish border.

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EU, Theresa May
9/24/2018

Markets are tipped to scour remarks from four Bank of England officials as they make the first public appearances by central bank leadership since an interest-rate increase last month. Traders see a 40% chance of a rate increase before Brexit in March and a more than 70% chance of one in May.

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BoE
9/24/2018

Technical analyst Julius de Kempenaer's proprietary Relative Rotation Graph for the Canadian health care sector shows movement into the leading quadrant supported by a long tail, which suggests movement toward a former high of about $155. Relative Rotation Graphs also show that the energy sector is weakening and that the financial-services sector is building momentum.

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StockCharts
9/24/2018

Premier Li Keqiang says China will cut nontariff barriers to trade faced by foreign firms in response to US tariffs on an additional $200 billion in Chinese goods. His comments come as Asian manufacturers shift production from China amid fears US President Donald Trump will levy duties on a further $267 billion in Chinese imports.

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City A.M. (London)
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Premier Li Keqiang, Donald Trump
9/24/2018

Regulatory changes have led to falling liquidity in US and European bond markets and have forced institutional investors to move into fixed-income exchange-traded funds, research from Greenwich Associates shows.

9/24/2018

Central bankers will be unable to head off another crisis in financial markets because they have exhausted the twin policy responses of quantitative easing and interest-rate reduction, says Claudio Borio, head of the Monetary and Economic Department at the Bank for International Settlements. Fallout is inevitable from turmoil in emerging markets, Borio says, and public anger about globalisation has made a response difficult.

9/24/2018

The European Banking Authority has been asked by the European Commission to investigate supervision of Danske Bank's Estonian division in light of allegations of money laundering. The commission has also written the Danish and Estonian governments requesting information.

9/24/2018

European investors see huge opportunities in cannabis stocks, as full legalisation of recreational marijuana could boost annual sales to more than €25 billion, according to a report by Canaccord Genuity Group. Medical sales will total €450 million or more by 2022, while sales of cannabinoid products will exceed €650 million, the report shows.

9/24/2018

Visa and the European Commission reportedly are discussing settlement of an investigation into fees Visa imposes when a foreign card is used within the EU. The card network works constructively with regulators and thinks "transactions by international tourists are an important contributor to European economies", a spokesman says.