The S&P 500 and Nasdaq were at record highs when stock market trading ended Tuesday. The rally was touched off by earnings growth reported by widely followed blue chip stocks, such as Coca-Cola and United Technologies, that topped analysts' forecasts.
European Central Bank council member Benoit Coeure says Europe's banks must take responsibility for managing the downside posed by ECB's negative interest rate policy. Coeure said he sees no policy justification for adopting a system of tiered interest rates and that banks should focus on reducing their costs to restore profitability.
Public debt levels increased in both Italy and Greece last year, according to the European Union statistics office. Greek public debt reached 181% of GDP, while Italy saw its debt burden hit 132% of GDP at a time when overall debt levels across the eurozone fell.
Deutsche Bank and UBS group have been engaged in serious discussions to secure a merger between their respective asset-management businesses, sources said.
British-based banks must still meet the European Central Bank's timeline for beefing up their EU operations despite the Brexit date's being pushed back until 31 October, sources say. Some banks that fell behind are reportedly using the Brexit delay to complete moves to their new EU hubs.
UK Financial Conduct Authority chief executive Andrew Bailey said Britain's post-Brexit approach to regulation should be up for debate, noting that equivalence with the EU should be outcomes-based rather than rules-based. Bailey said that "left to our own devices, the UK ... would construct financial conduct regulation in a rather different way".
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will meet with Chinese Vice Premier Liu He in Beijing on 30 April to continue high-level trade negotiations between the two countries.
Some proprietary traders and market-makers are trading cryptocurrency derivatives instead of spot transactions in order to perform more relative value trading, according to Trading Technologies Vice President of Cryptocurrencies Michael Unetich. He says there has been a big increase in cryptocurrency derivatives volumes over the past year.
Sen. Elizabeth Warren, D-Mass., announced a plan Monday that would erase $50,000 of student-loan debt for borrowers who make less than $100,000 a year, affecting millions of borrowers. The plan by the 2020 presidential candidate was criticized by some who say it would reward students who took out expensive loans instead of saving for their education or attending lower-priced schools.
Economists are debating whether the Italian economy is carrying so much debt that it is heading for a Greece-style collapse. Central to Italy's predicament are the EU's fiscal responsibility rules, which won't allow for additional government spending that could bolster the economy, analysts say.
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