All Finance News
Top stories summarized by our editors
7/16/2019

Technical analyst Chad Shoop, CMT, takes the example of pharmaceutical firm Nektar Therapeutics, whose chart has developed a "classic wedge pattern," to explore the pattern's significance. With the stock between converging lines of support and resistance, a fast moving breakout can be regarded as imminent, typically in the direction the price was heading, and the pattern also sets a reliable target for how large the breakout will be -- in this case, 45%.

Full Story:
Investopedia
7/16/2019

Facebook's proposed cryptocurrency, libra, "could be misused by money launderers and terrorist financiers," US Treasury Secretary Steven Mnuchin says. The threat is serious enough to be considered a national security issue, he says.

More Summaries:
Facebook, Steven Mnuchin
7/16/2019

The first sale of sovereign debt under the government of Greek Prime Minister Kyriakos Mitsotakis has a fundraising target of €2.5 billion, according to the Public Debt Management Agency. The bond has a seven-year maturity.

More Summaries:
Greece
7/16/2019

Boris Johnson and Jeremy Hunt, who aim to succeed Theresa May as UK prime minister, have taken positions that raise the likelihood of a no-deal Brexit. Both candidates say they are unwilling to accept even a limited version of the Irish backstop.

7/16/2019

The UK is likely the only Group of Seven country able to raise its inflation target above 2%, former Bank of England adviser Tony Yates says. "There would be no constitutional, treaty, or other restrictions preventing a new government from substantially revising the Bank of England mandate," Yates wrote in a note.

More Summaries:
Tony Yates, BoE
7/16/2019

The European Securities and Markets Authority plans to submit a report to the European Parliament by December 2020 that addresses misalignment between the European Market Infrastructure Regulation Refit and the revised Markets in Financial Instruments Directive.

7/16/2019

AQR Capital chief technology officer Neal Pawar will take over as Deutsche Bank's group chief information officer in September. Pawar will spearhead the bank's €13 billion technology investment program over the next three years.

7/16/2019

UK Financial Conduct Authority CEO Andrew Bailey urged firms "not to have misplaced confidence that Libor as it exists today will survive" past the 2021 deadline. Bailey told an industry conference that "once FCA has determined Libor not to be representative, writing a new contract still referring to the rate involves more conduct risk than I would countenance."

7/16/2019

Facebook's David Marcus is expected to tell the Senate Banking Committee today that the company won't offer its planned digital currency libra until it has satisfied regulators' concerns, according to prepared remarks. Marcus says libra isn't meant to compete with national currencies and won't interfere with monetary policies set by central banks.

7/16/2019

Swaps market participants are concerned about the dual-sided transaction reporting rules that were unchanged following the European Market Infrastructure Regulation revisions agreed to in February, and plan to continue to lobby for requiring only position-level reporting for exchange-traded derivatives.