The number of enforcement actions the Securities and Exchange Commission brought against public companies and their subsidiaries shot up in the second half of fiscal 2018, according to a report from the New York University Pollack Center for Law & Business and Cornerstone Research. The SEC filed 55 cases in that period, compared with 71 for the year, the report said.
The euro-US dollar pair made a breakout this week that proved to be false, technical analyst Blake Morrow writes. The euro might test support at the 61.8% Fibonacci retracement at 1.1186, although the outcome of a European Central Bank meeting Thursday could alter the chart.
Homeowners along the routes of two gas pipelines in Pennsylvania were notified of subcontractors' intent to file mechanics' liens against their properties after a bankrupt contractor's failure to pay them. The company building the pipeline said the contractor had a payment bond, and it is working to notify unpaid subcontractors of the presence of the bond and how to file claims.
China is willing to lower tariffs on cars and auto parts imported from the US to 15% from 40%, a source familiar with high-level talks says. China reportedly has not provided the US documentation about the reduction or information about timing of the change.
A predicted exodus of firms from London's financial district because of Brexit won't happen overnight, but London's status as an international financial hub will progressively diminish as "a slow puncture", says Catherine McGuinness, chairwoman of the Policy and Resources Committee of the City of London. "We won't know what we are going to look like for at least 10 years," McGuinness says.
French President Emmanuel Macron's measures to boost the income of low-pay workers could push the country's budget deficit above the EU's cap, unless spending otherwise is cut. Any leniency the European Commission shows toward France could make it difficult for the commission to persuade Italy to reduce its deficit.
The EU has announced emergency measures to ensure a no-deal Brexit does not disrupt cross-border trade in derivatives instruments between the UK and the EU. Under this draft, the EU would grant temporary equivalence through December 2020 to the UK, which clears the majority of euro-denominated derivatives transactions.
The European Commission has granted Swiss stock exchanges a further six months of equivalence while political leaders from both sides work toward an agreement governing a future relationship, sources say. The decision marks a softer stance from the commission, which had threatened to bar EU financial institutions from trading on Swiss exchanges starting next year.
Members of UK Prime Minister Theresa May's Conservative Party are holding a confidence vote today on her leadership over her handling of Brexit talks with the EU. At least 48 members have written letters calling for May to step down.
Regulators should watch whether sell-offs of exchange-traded funds trigger volatility in underlying assets, as well as other assets, said Agustin Carstens, general manager of the Bank for International Settlements. A sharp drop in the value of ETFs invested in illiquid assets could force fund managers to sell other types of assets to avoid large losses, he said.
- Page 1