The Dow Jones Industrial Average, the S&P 500, the Nasdaq composite and the Russell 2000 index sustained losses between 2% and 2.8% Monday, with tech giants leading the downtrend, while financial entities also had a poor day. Analysts and lawmakers have contested President Donald Trump's assertion the prospect of Democrat investigations caused the drop.
The euro has broken below support at 1.13 against the US dollar to hit a fresh low for the year, technical analyst Blake Morrow writes. Morrow expects the pair to find support at 1.1191 and sees development of a long-term head-and-shoulders pattern, which might bring the currencies closer to parity.
As digital disruption challenges the banking sector, financial institutions are seeking to boost competitiveness through diversification, acquisitions or implementation of digital operations.
The Italian government is expected to present a redrafted budget today to the European Commission after being told the last proposal would have breached the EU Stability and Growth Pact. Italy, which has shown no sign of backing down in the standoff, could face disciplinary measures if the commission rejects the latest proposal.
The European Commission's proposal to monitor financial-stability risk from clearinghouses outside the EU is not at odds with US agreements, German deputy finance minister Joerg Kukies says.
Germany hopes to draw thousands of bankers to Frankfurt from London after Brexit, German deputy finance minister Joerg Kukies says. The government is working to make Frankfurt attractive to banks, including relaxing labour laws to make firing senior staffers easier, Kukies says.
EU lawmakers are discussing legislation that would limit regulatory orders the European Central Bank issues to derivatives clearinghouses to six months, with an option to extend for six months. France is pressing the EU to give the ECB more powers over derivatives markets, while Germany wants supervision left to market regulators.
Chinese Premier Li Keqiang has pledged to open up Chinese markets as he arrived in Singapore to start talks on a regional free trade agreement. Li wants to accelerate work on the Regional Comprehensive Economic Partnership, which comprises 16 nations.
Bitmain, a leader in manufacturing of cryptocurrency-mining hardware, is facing questions about why profits mentioned in initial public offering documents are significantly lower than those in earlier filings.
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