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1/27/2020

McKesson's board has agreed to a $175 million settlement to resolve accusations from investors that the directors failed to implement adequate internal systems to prevent suspicious opioid shipments. The drug distributor also agreed to separate the role of board chairman and CEO to strengthen its corporate-governance protections.

1/27/2020

The US Supreme Court will rule on the constitutionality of the structure of the Consumer Financial Protection Bureau in March. The court could also determine Title X of the Dodd-Frank Act is unconstitutional, which would abolish the CFPB.

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CNBC
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US Supreme Court
1/27/2020

Entities including JPMorgan Asset Management and PIMCO are establishing dedicated funds that will buy high-risk European corporate debt that can potentially deliver high returns. The fund managers aim to be ready to make timely purchases of distressed debt in the European economy's anticipated slowdown.

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Reuters
1/27/2020

UK Chancellor Sajid Javid said he is "quite optimistic" the UK can conclude negotiations on trade treaties with both the US and EU by the end of this year. US Treasury Secretary Steven Mnuchin said following a meeting with Javid the US is "prepared to dedicate a lot of resources" to concluding a trade agreement with Britain.

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BBC
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Steven Mnuchin
1/27/2020

JPMorgan Chase, Nomura and BNP Paribas are vying to market the first managed synthetic collateralised debt obligation since the 2008 financial crisis, sources say. The banks are now looking to extend the offerings' expiry dates to make them more attractive to hedge-fund investors.

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Reuters
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Reuters
1/27/2020

A trend toward shorter durations on high-yield debt has served to enhance the asset class's attractiveness to investors, writes Sam Goldfarb. Typical durations now stand at three years, a drop of almost 25% since late 2018, while investment-grade debt has grown riskier due to lengthening durations.

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Sam Goldfarb
1/27/2020

The European Central Bank's inflation target, adopted in 1998, has hampered eurozone growth and alternative measurements of economic health should be considered, writes Wolfgang Munchau.

1/27/2020

The European Central Bank's regulatory arm has signaled a more flexible approach to overseeing eurozone bank consolidations. "Somewhere in the back of their minds, the ECB realizes that the negative rates environment is weighting on profitability of the banks, and they need to do something about it," said Axiom Alternative Investments research chief Jerome Legras.

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Jérôme Legras
1/27/2020

The UK Financial Conduct Authority has added further pressure to move away from the London Interbank Offered Rate with the warning that markets "should not assume that any period of non-representative Libor... would last for more than a short period, that is a period of months, not years." Derivatives markets have yet to agree on how they will handle the Libor phase-out.

1/27/2020

Data from Rosenblatt Securities indicates that the EU's revised Markets in Financial Instruments Directive has failed to shift trades from private over-the-counter markets to lit exchanges. "If you try and force the market to do something by constraining it, the market doesn't always just follow the lead," said Cboe Europe president elect Dave Howson.

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Dave Howson