The Swiss franc is probing a multiyear line of resistance against the US dollar and could gather strength, technical analyst Blake Morrow writes. A persistent rise in stocks could influence the currency pair and push the franc higher.
AFME welcomes risk-reduction measures agreed upon by the European Parliament, but more work is needed to deliver a truly integrated market for financial services, says Michael Lever, head of prudential regulation at AFME. "The European banking market continues to be segmented across national lines, and banking union is failing to deliver the degree of financial integration expected," he says.
Germany has again downgraded its economic growth forecast for 2019 as exporters battle flagging demand, global trade tensions and Brexit uncertainty. Finance Minister Olaf Scholz plans to counter the downturn by boosting corporate research and development with a €1.27 billion support package.
Credit Agricole and Banco Santander want to merge asset-servicing operations to create an entity that would have €1.8 trillion in assets under administration and €3.34 trillion in assets under custody. The move would offer clients "a comprehensive service that can support their ambitions and help them to prosper", Santander Executive Chairwoman Ana Botin says.
Many financial companies refuse to sign contracts that have been rewritten in response to a shift of Brexit to 31 October. Some say signing is pointless because the UK is probably headed for a "soft Brexit" or cancellation of Brexit.
US House Speaker Nancy Pelosi says a US-UK trade agreement has no hope of formation if Brexit endangers the Good Friday agreement, which governs the border between Ireland and Northern Ireland. "We must ensure that nothing happens in the Brexit discussions that imperils the Good Friday accord, including but not limited to the seamless border between the Irish Republic and Northern Ireland," Pelosi has told Irish lawmakers.
Bank of England Governor Mark Carney has told a conference of central bankers the US is welcome to participate in a global effort to make finance greener. Central banks in China, France, Germany and Mexico support the effort to ensure climate change risk is incorporated into market decisions, but the US Federal Reserve only observes the initiative.
High-ranking Chinese and US officials have agreed to conduct more face-to-face negotiations in hopes of reaching a trade agreement by early May that could garner signatures the same month from Chinese President Xi Jinping and US President Donald Trump, sources say. Trump says he thinks talks will be successful.
Commodity Futures Trading Commission Chairman J. Christopher Giancarlo says the supplementary leverage ratio does not factor in the ability of outstanding derivatives contracts to offset one another, which reduces exposure to risk. "The current implementation of the supplementary leverage ratio is biased against derivatives," Giancarlo says.
The UK Financial Conduct Authority has stressed that financial firms must be more thorough in ensuring reporting is free of errors and must follow the proper procedure for making corrections. "Firms should not assume that a report was accurate because it was accepted by the market data processor, as business validation rules are not intended to identify all errors and omissions," according to the FCA.
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