Financial Markets
Top stories summarized by our editors
4/19/2018

The French fund industry has suggested ways to increase its attraction to foreign investors after Brexit. Suggestions include adoption of advanced technology and formation of know-your-client infrastructure, according to a report by Euroclear and Ailancy.

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Euroclear
4/19/2018

European Parliament member Kay Swinburne, an author of the revised Markets in Financial Instruments Directive, says Brexit threatens regulatory changes made since the financial crisis. "All the work we've done over the last decade, fixing the financial crisis, making the global system work, making that regulatory cooperation a day-to-day activity, is in danger of being lost," Swinburne says.

4/19/2018

The Standard & Poor's 500 index has gained ground this week, boosted by strong earnings reports and fading political tension, prompting technical analysts to predict a further rise to 2,800 from about 2,700. However, CMT Russ Visch cautions a lack of volume in the rally suggests demand might be weakening, while CMT Stephen Suttmeier says the index must hold above 2,800 awhile before fears of a correction can be dismissed.

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Russ Visch, Stephen Suttmeier
4/19/2018

Technical analyst Bruce Kamich, CMT, acknowledges Urban Outfitters stock has performed marginally better than he had predicted, moving sideways but then modestly rallying in the past two weeks. The moving average convergence divergence oscillator and other chart indicators are positive, but volume is lacking, leading Kamich to suspect the rally might dissipate.

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TheStreet
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Urban Outfitters, Bruce Kamich, CMT
4/19/2018

Morgan Stanley's first-quarter earnings report reveals record-breaking performance above analysts' expectations, with net income rising more than 40% compared to the first quarter of 2017. "Each of our businesses performed well, with significant client engagement across our global franchise, and Sales and Trading a particular highlight in a more active environment," said CEO James Gorman.

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CNBC, Forbes
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Morgan Stanley, CEO James Gorman
4/19/2018

Public and private debt worldwide has reached a record high of $164 trillion, according to the International Monetary Fund. If this trend continues, nations might have trouble paying off debt and handling a recession should financing conditions worsen, the IMF says.

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International Monetary Fund
4/19/2018

Banks and customers are wary of alternative benchmarks as the industry moves away from the London Interbank Offered Rate. Oliver Wyman estimates $240 trillion in deals are tied to Libor.

4/19/2018

French President Emmanuel Macron has urged the European Parliament to embrace an energised sense of "European sovereignty" to challenge growing authoritarianism in some EU states. He says it is important for the EU "to have a democratic, critical debate on what Europe is about" ahead of the next parliamentary election.

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France 24, Politico, Reuters
4/19/2018

Eurozone holdings of US government and corporate bonds have increased 80% since 2012 to reach $2.75 trillion, according to Jefferies. UK holdings have increased 40%, reaching $700 billion.

4/19/2018

Chinese officials are not overly concerned about the impact of trade tensions with the US because China has a large domestic market and continues to experience economic growth, says Yan Pengcheng of the National Development and Reform Commission. The goal is to develop a "favourable environment for globalisation and cross-border investment", Yan says.