Industry News



US Dollar & VIX Index Climb, Stock Market Rally at Wits End?

Friday 17th April, 2020

STOCK MARKET FORECAST – US DOLLAR & VIX ‘FEAR-GAUGE’ ON THE RISE AS EQUITY RECOVERY LOSES MOMENTUM

US Dollar stretches higher as unemployment continues to mount, FX volatility snaps back and the recent wave of coronavirus optimism stalls. S&P 500 price outlook grows increasingly bearish along with the Dow Jones, Nasdaq and Russell 2000 owing to the latest coronavirus update. The VIX Index ‘fear-gauge’ pops on news the SBA Payroll Protection Program ran out of funding while stock market earnings season disappoints and crude oil remains under pressure.
The US Dollar is back in the driver seat as the DXY Index spikes higher following the return of currency volatility. US Dollar upside recorded so far this year has been driven largely by demand for safe-haven assets.

Australian Dollar Struggles As China GDP Falls More Than Expected

Friday 17th April, 2020

AUSTRALIAN DOLLAR, CHINA FIRST QUARTER GROSS DOMESTIC PRODUCT DATA, TALKING POINTS:

The Australian Dollar backtracked a little Friday on news that China’s economy shrank in the first quarter of this year, and by more than the markets had expected, as coronavirus exacted its toll.
Official Gross Domestic Product was down by 6.8% on the year, worse than the 6.5% expected and the 6% rate seen at the end of 2019. March industrial production was released at the same time. It slipped by a relatively modest 1.1%, much better than the 7.3% feared and hugely better than February’s 13.5$ collapse. Retail sales plunged, however, falling by 15.8% last month when a slide of only 10% had been expected.

Copper Prices May Bounce Back on China GDP After Virus-Induced Selloff

Thursday 16th April, 2020

COPPER PRICES, IMF GDP PROJECTION, CHINESE ECONOMIC RECOVERY - TALKING POINTS:

Copper prices continue to struggle as the keystone industrial metal collapses under the economic fallout from the COVID-19 pandemic. The price for the red metal is down nearly 18 percent year-to-date, and more than 50 percent from highs set in 2011.
However, a recent bounce may reflect growing confidence for the world to stage an economic comeback, particularly in China. As a staple industrial metal, copper is especially sensitive to secular trends to demand-side drivers in the economy such as construction, particularly in high-growth major economies, like China. Given that, the slowdown in Chinese economic activity, measured through GDP, helps to explain the downtrend from the 2011 highs in copper.

Mexican Peso Price Drops on Fitch Downgrade, Australian Dollar at Risk

Thursday 16th April, 2020

MEXICAN PESO SINKS AS FITCH DOWNGRADES CREDIT RATING, AUSTRALIAN DOLLAR WEAKENS

The Mexican Peso fell over one percent against the US Dollar after Fitch downgraded Mexico’s credit rating to ‘BBB-‘ from ‘BBB’. This is one notch above non-investment grade which places the nation on the precipice of junk status. The outlook remained stable however. Mexico’s economy, like most nations, is under pressure as growth, trade and output slow amid the coronavirus outbreak. It’s top trading partner, the US, is no exception.
USD/MXN - broadly speaking - was already aiming higher prior to this announcement due to the pessimistic shift in financial markets on Wednesday. The Dow Jones and S&P 500 closed -2.20% and -1.86% to the downside respectively.

Dow Jones, DAX 30, CAC 40 Outlook: Short Bets Hint Prices May Be Lifted

Wednesday 15th April, 2020

WHAT DOES TRADER POSITIONING SAY ABOUT GLOBAL STOCK MARKET TRENDS?

Global equities have extended their bounce off last month’s low as investors continued broadly selling into their uptrends. These indexes include the Dow Jones, DAX 30 and CAC 40. Now, overall net-short positioning seems to be sitting at levels prior to the outbreak of the coronavirus. What can this mean for the outlook ahead? I discuss it in this week’s session on IG Client Sentiment (IGCS) – see recording above. According to IGCS, about 27.67 percent of traders are net long the Dow Jones at the time of this writing. That is down from about a 65% upside bias when prices bottomed in March. Since then, the Dow climbed over 30 percent as traders attempted to pick the next top. From here,

Stock Markets Rise Even As Coronavirus Remains Unconquered. Why?

Wednesday 15th April, 2020

GLOBAL EQUITY GAINS DESPITE CORONAVIRUS, TALKING POINTS:

Since late March the world has been faced with the counter-intuitive site of rising global stock markets despite the continued spread of the coronavirus pandemic and the crippling economic blows it has dealt. Australia’s blue-chip ASX 200 benchmark can serve as a case in point. Battered by the virus down to lows not seen since 2012, the index has recovered by well over a thousand points since March 23. Gains of similar or even greater magnitude can be seen across major indexes. And yet, most national economies remain paralyzed, lockdowns prevent economic engagement while growth forecasts tank and joblessness soars. The coming corporate earnings season is viewed with trepidation.

Gold Price Rally to Persist If RSI Pushes Into Overbought Territory

Tuesday 14th April, 2020

GOLD PRICE TALKING POINTS

The price of gold clears the March high ($1704) as the Federal Reserve plans to provide $2.3T in loans to US households and businesses, and the precious metal may extend the advance from earlier this month if the Relative Strength Index (RSI) pushes into overbought territory.
The price of gold climbs to a fresh yearly high ($1724) as the Federal Reserve unveils the ‘Main Street Lending Program’ along with additional unconventional tools in order to “provide powerful support for the flow of credit in the economy.”

Australian Dollar Outlook Eyes Chart Setup, Crude Oil Looks Past OPEC

Tuesday 14th April, 2020

AUSTRALIAN DOLLAR GAINS, CRUDE OIL PRICES STRUGGLE AS WALL STREET EYES EARNINGS SEASON

The Australian Dollar gained on Monday and may continue to rise during Tuesday’s Asia Pacific trading session. Wall Street futures received a cautious bump during the White House daily press briefing after President Donald Trump said that they are “close to” a plan to open the country. This was followed by Treasury Secretary Steven Mnuchin saying that they are ahead of schedule in delivering direct deposit checks.
Market mood somewhat recovered during the North American trading session as local government bond yields climbed.

How Do Politics and Central Banks Impact FX Markets?

Monday 13th April, 2020

MARKETS HAVE PASSED THE POLITICAL EVENT HORIZON

For foreign exchange (“forex” or “FX”) traders, the constant background noise that politics represents is an inescapable blackhole. Traditional media drowns in punditry, while social media drowns in puns. It doesn’t matter what asset class you’re trading either.In recent years, even a single tweet from a politician has had the capacity to move not only currencies but also bonds,commodities, and equities.
In an increasingly fractious landscape, traders need a framework by which to interpret information and understand political developments as they happen. After all, politics can become policy after enough time and effort. To this end, FX traders need a way to interpret information and political developments in the context of how fiscal policy could change and how that might impact their portfolios.

US Dollar Outlook vs SGD, IDR, MYR Hinges on Foreign Exchange Reserves

Monday 13th April, 2020

USD/SGD, USD/IDR, USD/MYR CLOSELY EYEING FOREIGN EXCHANGE RESERVES

As the haven-linked US Dollar aggressively appreciated amid the coronavirus outbreak, ASEAN central banks stepped up FX intervention efforts to help stem selling pressure in their currencies. A great way to measure the vigor of their actions is by looking at foreign exchange reserves. Lately pairs such as USD/SGD, USD/IDR and USD/MYR have given back recent gains, perhaps suggesting that these efforts are working.
On the chart below, foreign exchange reserves have been declining in ASEAN nations such as Singapore, Malaysia and Indonesia. In fact those in Malaysia dipped to US$101.7 billion in March which was the lowest since the beginning of 2019. Indonesian FX reserves fell to US$120.97 billion last month which was the smallest since May 2019. Singapore levels have also turned cautiously lower.

Euro at Risk as North-South Political Rift Threatens Financial Stability

Friday 10th April, 2020

EURO AT RISK AS POLITICAL DIVIDE THREATENS REGIONAL GROWTH, COORDINATED POLICY

The Euro continues to suffer as typically fiscally-conservative officials from the North and their otherwise-inclined Southern counterparts bicker about a unified approach to address the economic impact of the coronavirus. A meeting on Thursday failed to yield meaningful results after a conference last week also ended with officials sticking to their positions. The debt-mutualizing “corona-bond” proposal continues to be the main point of contention. The friction is nothing new, but the urgency of the talks under the current economic conditions is unprecedented as the Eurozone faces the prospect of a deeper recession than it endured ten years ago. While Brussels has loosened the purse strings to allow more governments to deficit spend, the issue over additional aid and use of the crisis-era Emergency Stability Mechanism (ESM) is pressuring the Euro.

Dow Jones, Nasdaq 100, S&P 500 Forecast: An Earnings Season Like None Other

Friday 10th April, 2020

DOW JONES, NASDAQ 100, S&P 500 FORECAST: AN EARNINGS SEASON LIKE NONE OTHER

The Dow Jones, Nasdaq 100 and S&P 500 have recovered significantly from their March 19 lows as central banks and governments across the globe have acted to ward off a global recession in the wake of coronavirus. Despite remarkable central bank and government intervention, recent data has revealed a staggering increase in unemployment and growth forecasts appear similarly bleak. Until now, market participants have been largely reliant on broader economic metrics or forecasts which has made it difficult to ascertain the ramifications single stocks may be experiencing. Thankfully, the arrival of earnings season will look to inject information into the market – arguably the essence of investing. That being said, this earnings season is poised to be entirely unique and as a result, may be a stock-pickers dream.

USD/CAD Negates Pennant Formation Ahead of Canada Employment Report

Thursday 09th April, 2020

CANADIAN DOLLAR TALKING POINTS

USD/CAD consolidates ahead of Canada’s Employment report and the exchange rate may continue to face range bound conditions going into the Easter holiday as it fails to track the pennant formation carried over from the previous month. USD/CAD attempts to retrace the decline from earlier this week as the Bank of Canada’s (BoC) Business Outlook Survey reveals that “business sentiment had softened in most regions even before concerns around COVID‑19,” and the update to the employment report may produce headwinds for the Canadian Dollar as the economy is anticipated to shed 500K jobs in March.

Yen Falls as Wall Street and Crude Oil Prices Gain, AUD/USD May Rise

Thursday 09th April, 2020

JAPANESE YEN AND US DOLLAR SINK AS WALL STREET AND CRUDE OIL PRICES GAIN

The anti-risk Japanese Yen and similarly-behaving US Dollar were some of the worst-performing major currencies on Wednesday. Market sentiment broadly improved as the Dow Jones and S&P 500 closed 3.44% and 3.41% higher. The growth-linked Australian Dollar outperformed. This rosy session also contrasted starkly with Tuesday’s relatively dismal one, a reflection of elevated volatility levels around the coronavirus.

British Pound (GBP) Latest: Volatility Tumbles as GBP/USD Stabilizes

Wednesday 08th April, 2020

GBP VOLATILITY CONTINUING TO FALL

Directional trades in GBP/USD are becoming more difficult as Sterling volatility continues to fall. After trading close to the 1.24 level for most of last week, and its drop Friday, the pair has found a new level close to 1.23 and is relatively stable there despite the news that UK Prime Minister Boris Johnson is in a hospital intensive care unit suffering from coronavirus symptoms. While other currencies continue to be buffeted by risk-on/risk-off flows as optimism about the coronavirus pandemic ebbs and flows, GBP/USD volatility has dropped from a high above 25 on March 23 to its current level just above 14 according to the CBOE/CME Sterling volatility index.

US Dollar Up As EU Ministers Fail to Agree Corvid-19 Response

Wednesday 08th April, 2020

US DOLLAR, EURO, EUROPEAN UNION MINISTERS FAIL TO AGREE CORONAVIRUS RESPONSE TALKING POINTS:

The US Dollar rose sharply as Wednesday’s Asia Pacific session wound down on news that European Union finance ministers had failed to agree on a strategy to mitigate the economic impact of the coronavirus on the Eurozone. An emergency conference which ran for nearly sixteen hours saw no agreement on how to reconcile contrasting views. As usual France and the European south were up against Germany and its northern allies. The latter remain opposed to the issuance of joint debt, a long-time stumbling-block within the monetary union that many in the north are adamant will not be hastily removed by the exigencies of the virus.

AUD/USD Forecast: Wait-and-See RBA to Give Way to Bear Flag Formation

Tuesday 07th April, 2020

AUSTRALIAN DOLLAR TALKING POINTS

AUD/USD snaps a four day losing streak ahead of the Reserve Bank of Australia (RBA) meeting, but the interest rate decision may do little to alter the near-term outlook for the Australian Dollar as the central bank is expected to retain the current policy in April. AUD/USD attempts to retrace the decline from the previous week, with the exchange rate clearing the series of lower highs and lows, and the RBA meeting may help to prop up the Australian Dollar as the central bank appears to be on track to keep the official cash rate (OCR) at the record low of 0.25%.

Euro, Crude Oil May Suffer From OPEC & Eurozone Political Rifts

Tuesday 07th April, 2020

EURO MAY FALL ON EU FINANCE MINISTER MEETING AMID CORONAVIRUS PANDEMIC

The Euro will be closely scrutinizing another round of talks between Eurozone finance ministers this week after the prior meeting failed to achieve anything of substance. The ongoing deliberations reflect an internal conflict that has been a source of tension for over a decade. Specifically, between the Northern, fiscally conservative states – like Germany – and their more liberal counterparts – the Mediterranean members.

NZD/USD Rate Outlook Mired by Dovish RBNZ Forward Guidance

Monday 06th April, 2020

NEW ZEALAND DOLLAR TALKING POINTS

NZD/USD attempts to retrace the decline from the previous week following the limited reaction to the 701K contraction in US Non-Farm Payrolls (NFP), but the exchange rate may continue to give back the rebound from the yearly low (0.5469) as a bear flag formation unfolds. NZD/USD trades on a firmer footing as the Reserve Bank of New Zealand (RBNZ) tames speculation for a negative interest rate policy (NIRP), with Chief Economist Yuong Ha arguing that the central bank would need to “assess the effectiveness, efficiency and an impact on financial system soundness of doing so.” However, recent remarks from Governor Adrian Orr suggest the RBNZ stands ready to deploy more unconventional tools to support the economy as the central bank head pledges to “keep monetary support going for as long as necessary through QE and other tools.”

US Dollar Back on the Offensive? USD/SGD, USD/PHP, USD/MYR, USD/IDR

Monday 06th April, 2020

SINGAPORE DOLLAR, PHILIPPINE PESO, INDONESIAN RUPIAH, MALAYSIAN RINGGIT – TALKING POINTS

The US Dollar was generally back on the offensive against ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit last week. Meanwhile the Philippine Peso held its ground, cautiously rising – see chart below. Elsewhere in emerging markets, the Greenback also outperformed against the Indian Rupee as coronavirus cases picked up pace locally. Additional fiscal stimulus from Singapore as the MAS eased policy has thus far not bode well for SGD. Rather the focus for developing economy currencies remained on the flow of capital. The United States – the world’s largest economy – revealed worrying trends in the labor market last week as the nation lost the most jobs since 2009. This is as the country took the spot as the nation with the most confirmed cases of the coronavirus.

Indian Rupee May Fall as US Dollar, USD/INR Rise on Virus Cases

Friday 03rd April, 2020

INDIAN RUPEE DECLINES AS US DOLLAR GAINS, WHERE TO?

Indian Rupee selling pressure was reignited against the US Dollar in the aftermath of last week’s emergency rate cut from the RBI. In addition to cutting benchmark lending rates, the Reserve Bank of India dialed up long-term repurchasing operations in an effort to boost liquidity conditions amid the coronavirus outbreak. Earlier this week, the RBI also increased short-term funding limits by 30% across the country. These measures are certainly welcome. Moody’s – a credit ratings agency – downgraded the outlook for Indian banks to negative from stable. Prior to the virus pandemic, the country was attempting to overcome from a troubled banking sector. Meanwhile the latest Markit manufacturing PMI print showed local growth at its weakest since November after making a sharp U-turn following January – see chart below.

Bitcoin Price: How Will Halving, Coronavirus Affect BTC?

Friday 03rd April, 2020

WHAT IS BITCOIN HALVING?

Bitcoin halving is the process in which so-called “miners” – covered in the section below – are rewarded 50% fewer BTC for verifying transactions in the blockchain network. This is scheduled to occur every 210,000 blocks and is designed to help preserve Bitcoin’s allure as a store of value. The cap for Bitcoin is set at 21 million, thereby keeping the supply finite. There is no Bitcoin central bank that can simply print more BTC. In fact, the guiding purpose of the cryptocurrency and the very thing underpinning its broad appeal is that it operates on a decentralized network that cannot be controlled by a single person or institution. Halving is written into the Bitcoin algorithmic protocol, designed by the enigmatic person or group known only as Satoshi Nakamoto during the 2008 global financial crisis.

Palladium Decline May Be Offset by Virus-Induced Supply Shock

Thursday 02nd April, 2020

HOW HAS CORONAVIRUS IMPACT PALLADIUM PRICES?

As a cycle-sensitive commodity, palladium has been a victim of the market-wide liquidation in risk-oriented assets as the coronavirus undermines global growth prospects. In 2019, XPD was the best-performing precious metal; year-to-date it is up only 14% after recently recovering from seven-month lows. Having said that, the disruptive nature of Covid-19 may in fact be a hidden source of support for palladium prices. South Africa – the second-largest producer of the precious metal after Russia – recently announced a strictly-enforced 21-day lockdown and extended these measures to its mining operations. Following the government’s decree, XPD/USD registered its largest one-day increase since 1997 and rose almost 25 percent. This disruption to production amplified the precious metal’s structural undersupply and helped buoy prices. Palladium is typically extracted as a secondary product from mining operations targeted at other metals like nickel.

EUR/USD Levels to Watch as Rebound from 2020 Low Unravels

Thursday 02nd April, 2020

EUR/USD RATE TALKING POINTS

EUR/USD continues to give back the advance from the yearly low (1.0636) as there appears to be a rift within the European Central Bank (ECB), and the exchange rate may exhibit a more bearish behavior over the coming days as it extends the series of lower highs and lows from earlier this week. EUR/USD remains under pressure as ECB board member Yannis Stournaras insist that “now is the time for common action and solidarity,” with the official going onto say that “common issuance of debt is common action against the common enemy”during an interview with Bloomberg News. The comments suggest there’s a split within ECB as “there are proposals to use the European Stability Mechanism or the European Investment Bank,” and the Governing Council may merely buy time at its next meeting on April 30 as the central bank carries out the Pandemic Emergency Purchase Programme (PEPP).

Dow Jones, S&P 500, DAX 30 Outlook: Will the Bounce Last?

Wednesday 01st April, 2020

WHAT DOES TRADER POSITIONING SAY ABOUT GLOBAL STOCK MARKET TRENDS?

Global stocks have bounced after appearing to find a bottom towards the end of March. The Dow Jones, S&P 500 and DAX 30 are attempting to recover lost ground as they struggle to push above key resistance. Can upside momentum last? These topics are discussed in this week’s session on IG Client Sentiment (IGCS) where I discussed trader positioning, fundamental and technical analysis to uncover the prevailing trends.

AUD Steadies As China Caixin Manufacturing PMI Returns to Expansion

Wednesday 01st April, 2020

AUSTRALIAN DOLLAR, CHINA CAIXIN MANUFACTURING PURCHASING MANAGERS INDEX TALKING POINTS:

The Australian Dollar found only a brief respite in its trek lower Tuesday on news that China’s private manufacturing sector returned to expansion territory in March after a massive, coronavirus linked hit in February. The March Purchasing Managers Index from media company Caixin came in at 50.1, well ahead of both the 45.0 print expected and the previous month’s 40.3. In the logic of PMIs any reading above the 50 line signified expansion for the sector in question. The Caixin version covers smaller Chinese firms, usually those in private hands.

EUR/USD Rate Recovery Stalls as ECB Warns of Looming Recession

Tuesday 31th March, 2020

EUR/USD Rate Recovery Stalls as ECB Warns of Looming Recession

EUR/USD struggles to hold its ground as the ECB Vice President Luis de Guindos states that incoming data “indicate that a recession will take hold,” with the official going onto say that “each month will see a fall of approximately two percentage points in GDP” amid the lockdown in Europe. In turn, Mr. Guindos insists that the ECB “will do everything possible to keep the euro together and to provide the best funding possible,” and it seems as though the Governing Council will keep the door open to implement more non-standard measures as the central bank remains reluctant to remains reluctant to push the main refinance rate, the benchmark for borrowing costs, into negative territory.

Canadian Dollar Sank with Crude Oil as Health Care Steered Wall Street

Tuesday 31th March, 2020

Canadian Dollar, USD/CAD, Crude Oil, AUD/USD, Wall Street – Asia Pacific Market Open

The Canadian Dollar was one of the worst-performing major currencies to start the week, depreciating alongside crude oil prices. WTI declined -7.27% to an 18-year low amid ongoing bearish fundamental themes, the coronavirus outbreak and a global supply glut. The commodity is a key source of revenue in Canada, making the Loonie often sensitive to swings in oil depending on the latter’s impact on monetary policy bets. Sentiment-linked WTI was unable to capitalize on a “risk-on” tilt in equities towards the end of the day. The S&P 500 closed 3.35% to the upside, fueled by outperformance in health care securities. This is despite US President Donald Trump announcing an extension of virus guidelines until the end of April, backing down on hopes of starting to open the economy by the Easter holiday in about 2 weeks.

Gold Price Levels to Watch Following US Fiscal Stimulus Program

Monday 30th March, 2020

Gold Price Levels to Watch Following US Fiscal Stimulus Program

The price of gold appears to be stuck in a narrow range amid the wave of monetary and fiscal support, and it seems as though major central banks will continue to push monetary policy into uncharted territory as the Reserve Bank of New Zealand (RBNZ) unveils a new credit facility that “will provide liquidity in exchange for eligible Corporate and Asset-Backed securities.” At the same time, the Federal Reserve appears to be on track to implement more non-standard measures as the central bank prepares a“Main Street Business Lending Program to support lending to eligible small-and-medium sized businesses,” and the Federal Open Market Committee (FOMC) along with its major counterparts may continue to push the limits of monetary policy as their benchmark interest rate sit near zero.

Euro May Rise on ESM, Crude Oil Selloff Deepens on OPEC Price War

Monday 30th March, 2020

Euro Eyes Eurozone Finance Minister Meeting: ESM in Focus

The Euro may rise following a meeting between Eurozone finance ministers on Monday where they are expected to discuss the possible use of the Emergency Stability Mechanism (ESM). The European-based agency was developed following the Eurozone debt crisis in 2012 as the shock from the 2008 financial meltdown asymmetrically hit the regional economy and pushed the Euro to the precipice of collapse. The fund has a little over 400 billion euros at its disposable and includes a number different levers policymakers can use to stabilize financial markets and restore confidence. Some of these include purchasing sovereign debt in order to help distressed member states get access to credit markets. However, seeing that interest rates remain low despite the considerably darker outlook, officials may advocate to use other policies.

Stock Market: now a days is Apple, Microsoft and Alphabet against everyone else.

Monday 20th January, 2020

The stock market travels on the currents of supply and demand.

That’s uncontroversial. Yet as the indexes have sped to new highs, plenty of observers have argued that a relative shortage of stocks combined with somewhat mechanical sources of demand explain everything from Dow 29,000 to the trio of trillion-dollar market-cap giants that tower above the rest of the market. The idea of an equity shortage usually hinges on the decline in the total number of U.S. public companies in recent decades, the relative dearth of initial public offerings and the consistent flow of share buybacks meant to reduce companies’ equity base. These are all features of this bull market, for sure. But it’s an oversimplification to focus on the absolute number of stocks or the background hum of stock buybacks as key drivers of the market’s historic run. There are plenty of stocks to go around and buybacks aren’t wagging the indexes – it’s just that everyone wants the same kind of stocks. What’s truly scarce are big, reliable cash flows that investors believe will endure economic wobbles and constant technological disruption.

US-China Deal is on the way

Monday 13th January, 2020

Final Preparations are being made from Both men US President Donald Trump and Chinese Vise - Premier Liu He

""Final Preparations are being made from Both men US President Donald Trump and Chinese Vise - Premier Liu He in order to sign the “stage 1 bilateral trade deal. Hence both countries warmly welcomed the agreement which it might be more than a brief respite in the US China tensions of Trump’s presidency. The reason the deal was finalised late last year, despite recent bilateral differences on a range of issues including Iran and Hong Kong, is that both sides decided even a truce, however temporary, is in their domestic interests. As Trump enters his re-election year, he is will claim — however far-fetched in reality — to have brought Beijing to heel. Meanwhile, the agreement provides a degree of stability in China’s most important economic bilateral relationship after some recent sub-par national economic data,

Johnson hails ‘new dawn’ after historic victory

Tuesday 17th December, 2019

Boris Johnson has promised to deliver Brexit and repay the trust of voters

"Boris Johnson has promised to deliver Brexit and repay the trust of voters after he led the Conservatives to an ""historic"" general election win. The PM, who has met the Queen to ask to form a new government, has a majority of 80 in the House of Commons - the party's largest since 1987. He said he would work ""flat out"" and lead a ""people's government"". Jeremy Corbyn said he would not fight another election as Labour leader, amid recriminations over the party's defeat.

Boris Johnson wins Tory contest to become UK prime minister

Thursday 25th July, 2019

Boris Johnson wins Tory contest to become UK prime minister

Boris Johnson was crowned leader of the Conservative party on Tuesday and is set to become prime minister, facing perhaps the most daunting challenge of any British politician in peacetime. Mr Johnson beat Jeremy Hunt in the race to succeed Theresa May as head of the Tory party, securing 92,153 votes to the foreign secretary’s 46,656.

No change to US dollar policy ‘as of now’, says Treasury chief

Thursday 25th July, 2019

Boris Johnson has promised to deliver Brexit and repay the trust of voters

US Treasury secretary Steven Mnuchin on Thursday said there was “no change” to Washington’s stance on the dollar “as of now”, amid mounting speculation over whether the Trump administration will act to weaken the dollar. Mr Mnuchin said the US “could consider” a change to its dollar policy “in the future” but there was no change at present.

Deutsche Bank to exit equities trading in radical overhaul

Thursday 25th July, 2019

Boris Johnson wins Tory contest to become UK prime minister

Deutsche Bank has unveiled one of the most radical banking overhauls since the financial crisis, closing swaths of its trading unit and hiving off €74bn of assets as the struggling German lender calls time on its 20-year attempt to break into the top ranks of Wall Street.
Thursday 25th July, 2019

Boris Johnson was crowned leader of the Conservative party on Tuesday and is set to become prime minister, facing perhaps the most daunting challenge of any British politician in peacetime. Mr Johnson beat Jeremy Hunt in the race to succeed Theresa May as head of the Tory party, securing 92,153 votes to the foreign secretary’s 46,656.
Thursday 25th July, 2019

US Treasury secretary Steven Mnuchin on Thursday said there was “no change” to Washington’s stance on the dollar “as of now”, amid mounting speculation over whether the Trump administration will act to weaken the dollar. Mr Mnuchin said the US “could consider” a change to its dollar policy “in the future” but there was no change at present.
Thursday 25th July, 2019

Deutsche Bank has unveiled one of the most radical banking overhauls since the financial crisis, closing swaths of its trading unit and hiving off €74bn of assets as the struggling German lender calls time on its 20-year attempt to break into the top ranks of Wall Street.
Monday 27th June, 2019

Clearing houses pose new perils for the global financial system. Grimstad, norway, is an unlikely setting for financial-market shenanigans. But the fishing town is home to Einar Aas, a trader who took huge bets on Scandinavian energy markets. His 15 minutes of infamy came in September 2018, when his bets went spectacularly wrong. Unable to cover his losses, he blew a €114m ($133m) hole in the capital buffers of Nasdaq Clearing, which handled his trades......

Monday 27th June, 2019

It is trying to manage expectations. “Most of america thinks the Federal Reserve is a national forest.” That reminder that the general public has little idea what a central banker does was offered by an incumbent governor of the Federal Reserve to Alan Blinder when he joined in 1994. He passed it on 25 years later, on June 4th, to a star-studded group of economists and policymakers gathered at the Federal Reserve Bank of Chicago to discuss the Fed’s first public review of its framework...

Monday 27th June, 2019

What will happen when interest rates eventually start to rise again? At the end of 1989, an American in London received a call from a friend back home. The caller had watched the fall of the Berlin Wall and the toppling of Nicolae Ceausescu in Romania with growing dismay. He was at the end of a four-year course in Russian Studies at an elite university with hefty tuition fees. He had learned all the Kremlinology a would-be cold...

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