The pound suffered losses during trading yesterday as hopes faded that UK finance minister Rishi Sunak would announce significant fiscal stimulus measures in his March 11 budget statement. "My sense is the market is pulling back on long pound positions originally destined to run into an upbeat expansionary fiscal stance in next month's budget," said Mizuho trader Neil Jones.
Australia's stock market has been the world's best performer over the past 120 years, according to a Credit Suisse study covering 22 equity markets worldwide and dating back to 1900. The report puts the US in second place, followed by South Africa and New Zealand.
Money managers are concerned by a European Commission suggestion that a ban on bundled research and transaction payments under the revised Markets in Financial Instruments Directive be amended to exempt small and midsize businesses. "I think it would be a danger to consider exempting some parts of the market from those rules, as that will only create further unintended consequences," Federated Hermes investment manager Eoin Murray says.
City of London executives told the UK Parliament that maintaining EU equivalence should remain its primary negotiating position, with some flexibility on creating and interpreting rules.
UBS is telling its wealth management clients to treat the coronavirus outbreak as the right moment to stock up on both Chinese and emerging market equities. "We think investors should be buying the dip in emerging-market stocks and specifically Chinese stocks," said Maximilian Kunkel, UBS' chief investment officer for Germany.
Investment robo-advisor M1 Finance has announced the total value of the assets on its platform passed the $1 billion mark. M1 has taken just 41 months to reach the milestone, against 50 months and 52 months for rivals Betterment and Wealthfront, respectively.
The Securities and Exchange Commission has rejected a bitcoin-based exchange-traded fund proposed by Wilshire Phoenix, saying it is not convinced the bitcoin market is adequately resistant to manipulation. The SEC said that NYSE Arca had "not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5)."
Deutsche Boerse's Eurex Clearing is making progress in attracting euro clearing from London and expects Brexit to increase the momentum this year. The number of interest rate customers has reached 320, up from the 130 at the close of 2018, says Eurex Clearing board member Matthias Graulich.
India's Multi Commodity Exchange's clearing arm MCX CCL has called for an audit of the delivery process for the mentha oil contract traded on its MCX platform, sources say. The end-to-end audit and probe of the delivery process is a regulatory requirement after MCX received complaints.