EU Brexit negotiator Michel Barnier says that proposals in a UK white paper open the door to "constructive discussion" but that much of what the UK wants would weaken the European single market and would create burdens for EU businesses. "There's no justification for us to create additional burdens on business just because the UK wants to leave," he says.
Group of 20 finance ministers and central bank governors said at a meeting they "recognise the need to step up dialogue and actions to mitigate risks and enhance confidence" amid trade and geopolitical concerns, particularly the US' expansion of tariffs. European officials continued to push for increased taxes on digital companies, a move US Treasury Secretary Steven Mnuchin opposed.
Japan will continue to refuse a bilateral free trade deal with the US, Japanese Chief Cabinet Secretary Yoshihide Suga says. Japan will insist a US return to the Trans-Pacific Partnership is best for both nations, he says.
Analysts see little promise the European Central Bank will tighten monetary policy in early 2019 because trade tension has risen and because eurozone core inflation has experienced downward revision. Those factors, along with policy differences between the ECB and the Federal Reserve, give analysts little confidence an ECB meeting this week will strengthen the euro.
Many economists say greater tariffs are likely to hurt global growth, and they will watch for the European Central Bank's response in a monetary-policy announcement Thursday. Investors will look at "whether the ECB has turned more sceptical" regarding the balance of economic risks facing the eurozone, UBS economist Reinhard Cluse says.
European central banks say banks will face a minimum requirement for own funds and eligible liabilities ranging from 22.7% to 35.3% of risk-weighted assets. The requirement, established by the EU Single Resolution Board, varies by bank in terms of deadlines for compliance.
The South Korean central bank expects GDP growth to be 0.3 percentage point less than a forecast for 2018 and 1.2 percentage points lower in 2020 because of China's deleveraging plan. The Bank of Korea has cut its growth prediction for 2018 to 2.9% as trade tensions increase.
The connectivity-infrastructure market, including high-frequency trading and cross connection between stock exchanges, has blossomed in the past decade in Asia, driven by foreign exchange market growth in Tokyo, Singapore and Hong Kong. Cloud provider BSO has added an office in Hong Kong and plans to widen its presence in Tokyo.
After nine months of resistance, the euro could keep moving higher against the pound, writes technical analyst Ilya Spivak, who notes "prices look poised to challenge the March 7 high at 0.8968." However, "it seems premature to commit to ... the long side before this retracement finds a demonstrable bottom," Spivak writes, citing the four-hour chart.
A daily bar chart of heart-device-maker AtriCure shows "[p]rices have doubled in a few short months and things still look bullish," writes technical analyst Bruce Kamich, CMT. The weekly on-balance-volume line has reached a record high, and a weekly bar chart shows the stock has topped the 40-week moving average.
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