UK Chancellor of the Exchequer Sajid Javid is considering waiting until after Brexit to name a successor for Bank of England Governor Mark Carney and to issue a budget, a source says. Carney is scheduled to leave in January.
Italian Prime Minister Giuseppe Conte has resigned, preempting an expected confidence vote by Parliament. President Sergio Mattarella must decide whether to call a snap election or to urge leaders of political parties to form a government without an election.
Hernan Lacunza, Argentina's recently appointed finance minister, says his first priority is to steady the peso while abiding by commitments made to the International Monetary Fund to implement economic changes. The statement drove Buenos Aires' stock market down 10.45%.
EU regulators should enact clearer and more consistent rules and enforcement strategies regarding disclosure of fees charged to clients, asset managers say. They say a lack of uniformity makes it difficult for firms to compare investment products, creating regulatory arbitrage and undercutting investor confidence.
Alibaba has postponed a Hong Kong listing worth as much as $15 billion because of political protests in the city, sources say. The deal reportedly could occur as soon as October if the turmoil eases and market conditions improve.
The People's Bank of China has indicated it can do more to boost economic growth after implementing a market-based commercial lending rate. "There is room for cutting interest rates and reserve requirement ratios," Vice Governor Liu Guoqiang says.
The S&P 500 has held against repeated tests of support since its Aug. 5 tumble and appears capable of building on its recent gains, says technical analyst Chris Ciovacco. However, he adds that the upturn cannot be guaranteed and comments: "Given concerns about global economic weakness, rare behavior in the bond market, and a speech from a Fed Chairman that has been known to spook markets via off the cuff remarks, it is extremely important that we remain open to all outcomes, from wildly bullish to wildly bearish."
Small-cap stocks continue to lag the S&P 500 and the chart for the iShares Russell 2000 index closely resembles the low point it reached in early 2016, when it began to gather upward momentum. Technical analyst JC Parets, CMT, contends it may have reached a similar bottom and it is logical to expect a revival at this point, conceivably led by an upturn for regional US banks.
The US Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have signed off on a Volcker rule revamp that attempts to simplify the proprietary-trading ban and that clarifies limits for banks' investment in hedge funds or private equity funds. The changes are expected to gain approval from the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Shopify has enjoyed an exceptional year to date, with a share price rise of 163% and a 48% revenue increase in Q2 that beat expectations and helped it surpass rival eBay in market capitalization. Technical analyst Jeff Parent says it has capacity for impressive further gains and comments that "it happens to be the best-performing stock on a percentage-gainer, on risk-adjusted -- any metric you look at."
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