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Top stories summarized by our editors
7/10/2020

President Donald Trump has issued a major disaster declaration making businesses and individuals in five mid-Michigan counties eligible for federal assistance after flooding in May. The declaration was sought by Gov. Gretchen Whitmer after the flooding caused damage totaling $245 million.

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The Detroit News
7/10/2020

The financial industry has voiced concerns that market disorder at the height of the coronavirus pandemic could return, according to minutes from a June meeting of the Bank of England Money Markets Committee. "It was noted that this, in conjunction with Brexit and geopolitical risks, could make year-end challenging," the minutes state.

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Reuters
7/10/2020

Irish Finance Minister Paschal Donohoe has been elected president of the Eurogroup, which influences many financial decisions in the eurozone. The position gives him a central role in developing an EU fund to help member economies recover from the coronavirus pandemic.

7/10/2020

Retail investors now comprise roughly one-fifth of all participants in stock market trading and up to one-quarter on the busiest trading days, according to market maker Citadel Securities. Structural market changes such as zero commissions are cited as a factor.

7/10/2020

The coronavirus pandemic could cause loan losses worth $2.1 trillion for banks worldwide this year, according to S&P Global. The company expects the losses to swallow about 75% of pre-provision earnings.

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Reuters
7/10/2020

Barclays is currently leading the field in UK equity offerings, rising from fourth place last year, ranking ahead of leading Wall Street rivals such as Goldman Sachs and JPMorgan Chase, according to Bloomberg data.

7/10/2020

Deutsche Bank has achieved a 40% rise in Q2 trading revenues at its credit trading arm after struggling in the first quarter. The bank is still expected to post an overall loss for Q2 because of the coronavirus crisis.

7/10/2020

The UK chancellor's decision to base this week's stimulus measures on real-time data such as retail activity raises questions on whether it should replace more traditional data sources.

7/10/2020

The UK Financial Conduct Authority's interim chief executive Christopher Woolard says the agency will consult on a possible new regime for open-ended property funds. While praising the cooperation of fund managers when it was decided to suspend daily trades in the funds amid the coronavirus crisis, Woolard commented that "this crisis, like the aftermath of the Brexit referendum, shows the difficulty for these funds of maintaining a promise of daily liquidity to investors when their assets are inherently illiquid."

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Investment Week (UK)
7/10/2020

German authorities are investigating allegations that executives at insolvent payment processor Wirecard have been involved in money laundering. This adds to several German and US inquiries into the firm's activities.

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Wirecard