Financial Markets
Top stories summarized by our editors
2/27/2017

US Treasury Secretary Steven Mnuchin met with Bank of England Governor Mark Carney and discussed the US role in global financial regulations. "Secretary Mnuchin underscored that he looked forward to working with Governor Carney on international financial regulatory issues and noted that one of the administration's core principles for financial regulation is to promote American interests in international financial regulatory negotiations and meetings," according to a Treasury department statement.

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Bloomberg
2/27/2017

Tadawul, Saudi Arabia's stock exchange, has launched a campaign to encourage companies trading on other exchanges within the Gulf Co-operation Council to also list on its exchange. Tadawul also aims to attract private companies in the GCC to trade on its recently launched alternative market Nomu.

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Bloomberg
2/27/2017

Jens Spahn, deputy finance minister for Germany, said that Greece must not be allowed to conduct a bail-in, which would require creditors to take losses on loans. "We think it is very, very likely that we will come to an agreement with the International Monetary Fund that does not require a haircut," Spahn said.

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Reuters
2/27/2017

The Dutch parliament will hold an inquiry examining the country's options for the euro, including whether to drop the currency. The move comes in response to concerns about the consequences of the eurozone's extremely low interest rates on savers.

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eurozone, Parliament, interest rates
2/27/2017

Deutsche Bank has reduced its 2016 bonus pool by nearly 80%, the most drastic cut in the bank's recent history, according to a German newspaper report. The bank last year reported that its share value dropped 23% amid low interest rates and higher legal expenses.

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Bloomberg
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Deutsche Bank, interest rates
2/27/2017

London Stock Exchange Group said it could not comply with an antitrust requirement that the European Commission imposed as a condition for its approval of LSEG's long-planned merger with Deutsche Boerse. LSEG said it would not be able to sell its majority stake in the Italian bond-trading platform MTS and therefore was unlikely to get antitrust clearance.

2/27/2017

One bond regulator in China is reviewing whether to restrict property developers from selling notes in private placements over concerns about an emerging property bubble, people familiar with the matter said. Builders unqualified to make public offerings of bonds regulated by the China Securities Regulatory Commission may be barred from raising funds through private offerings, they said.

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Bloomberg
2/27/2017

The China Securities Regulatory Commission plans to proceed with overhauling its capital markets and open the markets to foreign firms, said Chairman Liu Shiyu. "We will not waver from reforms [to make China's capital markets] more market-based, law-based and international," he said.

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Reuters
2/27/2017

Simon Black, CEO of financial technology specialist PPRO Group, says that his firm is planning a move to Luxembourg and that most fintech firms are closely considering a similar move out of the UK amid fears that Brexit will present obstacles to trade within Europe. Black contends that fintech operations cannot afford to wait for the outcome of Brexit talks and need to make alternative plans.

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The Guardian (London)
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Simon Black, Brexit, Brexit
2/27/2017

Goldman Sachs analysts have recommended iconic vehicle and engine-maker Rolls-Royce as a share worth buying and added it to the broker's "Conviction List" despite the company's announcement of its largest ever annual loss of £4.6 billion. The recommendation is based on free cash flow, which Rolls-Royce CEO Warren East claims is a more accurate way to gauge value.