Financial Markets
Top stories summarized by our editors
12/12/2017

US companies posted slightly fewer jobs in October than in September but added more workers, the Labor Department said. As October ended, just under 6 million jobs were available, down from 6.18 million in September, but total hiring was up 4.4% in October compared with September.

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Fox Business
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Labor Department
12/12/2017

France is allowing use of blockchain technology to trade unlisted securities as part of a campaign to make Paris a global hub for financial innovation. The action clears the way for financial-technology startups and banks to set up blockchain platforms and immediately trade unlisted securities, eliminating a need for intermediaries.

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French government
12/12/2017

When negotiations for withdrawal from the EU have finished, Britain wants a trading relationship that's "virtually identical" to its current one as an EU member, said UK International Trade Secretary Liam Fox. He dismissed EU negotiator Michel Barnier's skepticism toward that outcome as part of his negotiating strategy.

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EU, Michel Barnier, Liam Fox, Brexit
12/12/2017

The Bank of England has been urged to clarify whether EU banks with branches in London will be able to continue trading in the UK post-Brexit without reapplying for a licence or setting up a subsidiary. An announcement from Deputy Governor Sam Woods is expected before year-end.

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Reuters
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BoE, Deputy Governor Sam Woods, EU
12/12/2017

Questions about which brokerages and exchanges are authorised to run organised trading facilities and which contracts can be listed have yet to be answered, despite OTF establishment being a key requirement of Europe's revised Markets in Financial Instruments Directive.

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OTFs
12/12/2017

The gap between German and US 10-year bond yields has neared the widest point since April ahead of meetings of the European Central Bank and the US Federal Reserve. Market watchers expect the meetings to highlight increasing divergence, with the Fed likely to increase interest rates and the ECB expected to hold rates.

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Reuters
12/12/2017

Tax changes under consideration by the US Congress are discriminatory and could harm international trade and investment, the finance ministers of the five biggest European economies say in a letter to US Treasury Secretary Steven Mnuchin. An excise tax in the proposal would violate double-taxation treaties and would conflict with World Trade Organisation rules, the letter says.

12/12/2017

Banks' appetite for lending to European leveraged loans is cooling, with participation in syndicates falling to less than 10% from as high as 25% since summer. Aggressive pricing and dealmaking reportedly are making conservative banks uncomfortable, but market participants say investors such as pension funds, insurers, sovereign-wealth funds and high-net-worth individuals are eagerly stepping in.

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Reuters
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Banks, insurance companies
12/12/2017

The Basel Committee on Banking Supervision's latest revisions to the Basel III capital framework have met doubts from bankers, who say the changes do not help them accurately reassess capital requirements and depend excessively on national regulators' calculations. The committee's impact study on the operational-risk framework suggests capital requirements will fall by 30% on average, but independent projections show a wide variety that depends on the bank, ranging from a decrease of 66% to an increase of 222%.

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Basel III
12/12/2017

Trade officials from the EU, the US and Japan have agreed to oppose Chinese support for excess industrial capacity and other trade practices that distort the global economy, a source says. A joint statement is expected at a World Trade Organisation ministerial meeting in Argentina.

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Reuters