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EU’s Market Rules Revamp May Be Slower Than Traders Fear

The “big bang” the financial industry feared when the European Union’s overhaul of financial-trading rules takes effect in January may turn out to be more of a soft launch. The EU’s MiFID II market rules hit firms with a compliance ordeal that may ring up more than $2 billion in costs, and restrict everything from fund managers’ research budgets to high-speed trading and dealing in wheat and oil. But regulators have been quietly building in extra time to help the industry adjust to some of the law’s provisions. Norway is ...

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World stocks hit record after Fed minutes, oil up as OPEC meets

World stocks hit record highs on Thursday and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates, while oil prices rose in anticipation of top producers agreeing to extend output cuts for up to a year. European shares opened higher, but quickly dipped into negative territory. The pan-European STOXX 600 index was last down 0.3 percent, led lower by resources companies .SXPP after a 4 percent drop in iron ore on China’s Dalian Commodity Exchange. Earlier, Asian stocks, as measured by MSCI .MIAPJ0000PUS gained almost ...

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World stocks slip on China downgrade, ahead of Fed minutes

World stocks inched lower on Wednesday after China’s sovereign credit rating was downgraded and as investors eyed a pause in Wall Street’s four-day winning streak, the longest in over three months. The dollar and U.S. bond yields were steady as investors awaited the minutes from the Federal Reserve’s last policy meeting. An interest rate rise next month is now 75 percent priced in, according to futures market pricing. Oil wiped out earlier gains ahead of OPEC’s meeting on Wednesday at which the cartel is expected to lead an output cut ...

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European Stocks Climb as Economic Data Lift Cyclical Companies

European stocks climbed as stronger economic data from Germany and France helped lift the shares of cyclical companies including makers of technology and autos. The Stoxx Europe 600 Index rose 0.2 percent at 9:40 a.m. in London. Technology shares were among the best performers, led by Nokia Oyj, after the company settled all litigation with Apple Inc. related to their intellectual property dispute and agreed on a multi-year patent license. Automakers and lenders also climbed. The Stoxx 600 slipped less than 0.1 percent yesterday, with banks leading losses. German business ...

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Commodity traders, banks face hard realities with game-changing blockchain

Alistair Cross was flying high after showing in a pilot project how blockchain – the technology first developed for the crypto-currency bitcoin – could transform the old-fashioned and secretive world of commodity trading. But since the pilot ran early this year, Cross and his rivals have hit some hard realities as they try to propel their industry into the digital age at last. Word spread fast through the business when Mercuria, the Swiss-based commodities house where Cross is head of operations, successfully tested an oil trade. “The number of phone ...

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China’s wild futures trading is opening up a major opportunity for exchanges abroad

Chaotic trade in Chinese commodity futures is offering new opportunities for international exchanges that are trying to get raw material traders to manage their risks amid high turnover and price volatility on mainland exchanges. Last year, exchanges in China posted record turnover in commodity futures contracts. That underscored ample liquidity and a strong risk appetite in the world’s largest consumer of many raw material products, including key steel-making material iron ore. That is, China is changing the dynamics of trade from price-setting to risk management. But outside of the country, ...

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European Stocks Steady After Biggest Weekly Loss Since November

European stocks were little changed, after posting their biggest weekly drop since November, as traders assessed the extent to which global growth can withstand political crises in the U.S. and Brazil. The Stoxx Europe 600 Index was at 391.11 as of 8:30 a.m. in London. Mining shares were the second-best performing sector, extending Friday’s gains, while energy stocks also rose amid bets that cuts to crude supplies will be extended. The Stoxx 600 added 0.6 percent on Friday, trimming last week’s decline to 1 percent. “President Trump enjoyed a relatively ...

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Asian stocks post biggest rise in a month as markets settle

Asian stocks posted their biggest daily rise in a month on Monday following modest gains in U.S. shares, though the greenback came under renewed pressure as Washington’s political turmoil undermines confidence in U.S. economic policy. With U.S. President Donald Trump touring in the Middle East and Europe and no major economic indicators due this week, investors are hoping for a week of consolidation after a flurry of U.S. political controversies rattled markets. MSCI’s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> climbed 0.9 percent on Monday helped by gains in ...

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China’s Big Derivatives Push Aims at Global Pricing Power

China buys more raw materials than any nation, but that doesn’t mean it always gets the best prices. So the government is altering domestic commodity exchanges to bring in more foreign investors and expand the country’s influence on global markets. Two decades of rapid economic growth have left the world’s biggest population consuming more food, energy and metals than it can produce, turning the country into a powerhouse importer. Still, the value of many purchased commodities, from crude oil to soybeans, is set by global benchmarks priced in dollars on ...

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Agreement on European transaction levy within reach – Austria’s Schelling

Agreement on a European tax on financial transactions is within reach as more countries sign up for the plan and the new French government gives it a final review, Austrian Finance Minister Hans Joerg Schelling said on Sunday. The proposed levy on share and derivative transactions between financial institutions, put forward by Germany and France in 2012, is seen as a political symbol as much as an effort to correct the excesses blamed for the world’s worst financial crisis for decades. “Basically it is done because I have commitments from ...

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Brexit Will Raise Costs and Fragment Clearing, Euronext CEO Says

Euronext NV Chief Executive Officer Stephane Boujnah said people should expect costs and fragmentation of the financial industry stemming from the U.K.’s departure from the European Union. London’s dominant role in clearing euro derivatives is one of the most vulnerable dominoes in the U.K.’s finance industry and will be fought over in the looming Brexit negotiations. Euronext, which operates markets in Amsterdam, Brussels, Lisbon and Paris, has said Brexit will likely diminish London’s role as a global financial center and may create opportunities for the company to win business. “There ...

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U.S. stocks suffered $8.9 billion outflow as Trump storm built

Investors ditched almost $9 billion of U.S. equities as political turmoil in Washington built up in the past week, Bank of America Merrill Lynch figures showed on Friday. Funds invested in U.S. equities saw outflows of $8.9 billion in the week to Wednesday – their third straight week of outflows — while those dedicated to European stocks added $1.1 billion, the largest in 39 weeks and the ninth straight week of inflows. “D.C. disruption: new risk … Washington political malaise causes capital flight from U.S.,” BAML summarized, referring to White ...

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Dollar remains weak as beating eases for global stocks

The dollar limped towards its worst week since last July on Friday and world stocks headed for their first weekly fall in five, as storms surrounding Donald Trump’s U.S. presidency and Latin America’s biggest economy, Brazil, began to calm. It has been the most eventful week of the year so far for investors, with leading share markets scaling record highs and then plunging in one of the sharpest cross-asset routs in years. Wall Street was expected to nudge higher when it reopens after a tentative recovery on Thursday [.N]. Europe ...

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Even OPEC Deal May Not End Woes for World’s Worst Equities

Not even an extended OPEC deal may suffice to lift the world’s worst-performing equities this year out of misery. Oil stocks have tumbled 6.6 percent this year, the only group to decline in the MSCI All-Country World Index. While the Organization of Petroleum Exporting Countries and its partners are expected to prolong output cuts into early 2018 at next week’s meeting, the benefit to energy shares will likely be short-lived, say investors and analysts. “We don’t think the oil price will go much higher so there isn’t enough room for ...

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Trump turmoil could lead investors to reassess risk appetite

The turmoil in Washington surrounding Donald Trump’s presidency is rattling world markets, and the burst of volatility could force investors into a strategic or tactical rethink of how much risk they are happy to face. Increasingly damaging revelations about the Trump administration’s and election team’s dealings with Russia triggered the biggest fall on Wall Street on Wednesday since last September and a stock market slump around the world. After months of major stock markets posting record highs and historically low volatility across a range of asset classes, a reversal was ...

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