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10/12/2018

The Treasury Department has told Secretary Steven Mnuchin it has found no evidence China is manipulating the yuan, sources say. The finding, expected to be verified in a semiannual report from the Treasury, might ease US-Chinese trade tensions, although Mnuchin has declined to comment and could ultimately issue a different finding.

10/12/2018

Insured losses from Hurricane Michael are around $8 billion, says Karen Clark & Co. The firm adds that about half of those losses are in Florida's Bay and Gulf counties.

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Karen Clark
10/12/2018

This week's US stock sell-off is an unsurprising instance of market correction after a particularly strong period for the stock market, according to Treasury Secretary Steven Mnuchin. "There are ups and downs, and I think it's fair to observe that the US equity markets and stock markets in general have been extremely high," said International Monetary Fund Managing Director Christine Lagarde.

10/12/2018

A significant top formation seen on the German DAX index could be replicated by a pattern on the S&P 500, says technical analyst Frank Cappelleri, CMT. The S&P 500 has largely followed upward and downward trends on other major indexes this year, he says.

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CMT, Frank Cappelleri
10/12/2018

Securities and Exchange Commission member Kara Stein has denounced the regulator's proposal to establish capital and margin requirements for security-based swaps dealers as "shadow rulemaking" that buries policy changes in a 2012 proposal the SEC never adopted. Those changes "could mean that fewer financial resources would be available if problems arise," she said.

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SEC, Kara Stein, SEC, Exchange Commission
10/12/2018

Uninsured flood losses are a major public policy crisis that to be a national priority, after roughly 85% of communities affected by Hurricane Florence didn't have flood insurance and 80% of those hit by Hurricane Harvey didn't, says Jessica Hanna, PCI senior vice president. "A 2018 University of London study found that nearly 70% of global losses in the last 10 years from natural catastrophes were uninsured," writes PCI executive Nat Wienecke.

10/12/2018

Investors will search for indications on trends such as interest-rate direction, stock market movement, lending growth and loan defaults as banks release earnings reports for the third quarter.

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Banks
10/12/2018

S&P Global Ratings might downgrade UK banks in the event of a no-deal Brexit, warning "current ratings and/or outlooks may not prove to be consistent with a disruptive Brexit accompanied by a severe economic shock". Fitch Ratings says that banks are well-capitalised but that any lengthy disruption in wholesale markets could present challenges.

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Reuters
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Fitch, Fitch
10/12/2018

The European Central Bank is optimistic bond buying will end this year, because inflation is expected to steady. Officials expect inflation to stay in line with a goal of slightly less than 2% yearly.

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ABC News
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European Central Bank
10/12/2018

The EU must review transparency thresholds after Brexit, says Robert Ophele, chairman of French regulator Autorite des Marches Financiers. The consistency and quality of Markets in Financial Instruments Directive II data supplied to regulators leave "much to [be] desired", and adjustment of the double volume cap might be necessary because dark pools are prevalent in the UK, Ophele said at the AFME European Compliance and Legal Conference.

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Traders online
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AMF, EU