UK Prime Minister Theresa May will call for a transitional arrangement lasting two years after Brexit to ensure the UK's departure from the EU is carried out smoothly, according to excerpts from her upcoming speech on the matter that were released by the government. She is expected to propose that the UK pay €20 billion over two years to settle its financial obligations to the EU.
Mario Draghi, speaking in his capacity as head of the European Systemic Risk Board, said financial and business cycles can become imbalanced amid low inflation, but added that monetary policy cannot be used to correct them. Emerging property bubbles are being identified in some cities, but Draghi says these issues need to be addressed at a local level.
Technical analyst Colin Cieszynski, CMT, writes that the long-running rally in the consumer-technology sector is slowing while corporate-tech stocks appear to be reviving. His charts indicate that Apple in particular may be exhausted after its stellar rise this year, while Cisco Systems has been climbing steadily after bottoming out in August.
New York Gov. Andrew Cuomo is preparing to kick off an aggressive fundraising effort for his re-election campaign as several potential challengers emerge. Cuomo has $25 million in campaign funding, but Democratic Party strategist George Arzt says a major reason to have an even bigger war chest is to discourage others from joining the race.
Only half of Florida's 828,000 mobile homes have insurance coverage, and recent hurricanes have highlighted the structures' wind- and other weather-related risks, Christine Barlow of FC&S says. Homeowners policies may cover some contents but must include ISO Endorsement MH 04 01 for the mobile home itself and a separate endorsement for a mobile home in transit, she says.
Regulatory agency Transport for London won't renew Uber's expiring operating license for the city due to "a lack of corporate responsibility" on matters that have "potential public safety and security implications." The license expires Sept. 30, but Uber can continue to operate during a 21-day window for an appeal.
Hurricane Maria remains a Category 3 with the potential to cause 12-foot storm surges as it heads toward Turks and Caicos. The most intense hurricane to strike Puerto Rico in nearly 90 years, the storm is blamed for at least 32 deaths in the Caribbean.
Congressional momentum is growing for a deal to reduce taxes by $1.5 trillion over 10 years. Issues that haven't been resolved include the plan's impact on the budget deficit and whether to pursue permanent tax cuts.
Analysts warn that major investment banks' third-quarter earnings in the US and Europe look likely to be disappointing, with some predicting falls of as much as 25% in fixed-income trading. Several managers say conditions might be equally difficult through the rest of this year.
Responding to deteriorating confidence in existing benchmarks for interest rates for the euro, the European Central Bank said it plans to develop its own overnight reference interest rate no later than 2020. The new reference rate is intended to serve as a backstop for existing private-sector benchmarks, the ECB said.
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