Federal Reserve Chairman Jerome Powell has chosen two monetary-policy specialists -- Jon Faust, a professor of economics at Johns Hopkins University, and Antulio Bomfim, an economist in the Fed's monetary-affairs division -- to assist him as senior advisers, people familiar with the matter said. Faust is among those suggesting that the Fed reconsider its approach to targeting inflation.
Spotify is encouraging private-market trading of its shares as it prepares to go public through a direct listing. The private-market trading has indicated Spotify's valuation is between $17 billion and $18 billion, sources say.
Christine Lagarde, managing director of the International Monetary Fund, supports the European Commission's proposal to develop the European Stability Mechanism into a legally established, independent European Monetary Fund. Lagarde says the eurozone "needs a crisis-management system that is independent, able to act quickly and that works according to strict rules".
BancFirst, a small bank in Oklahoma, is poised for a significant breakout, writes technical analyst Chad Shoop, CMT. He cites a wedge formation between support and resistance lines on the bank's chart, indicating an upward trend will continue, with a gain of 15% achievable in coming weeks.
The UK government is poised to outline a vision for the financial-services industry after Brexit that includes mutual recognition of regulations to preserve London's access to EU markets. European officials have indicated opposition.
The European Central Bank's plan for an alternative to the Euro Overnight Index Average might not be implemented in time to develop a full, marketwide curve, dealers say. The ECB says the rate "will become available before 2020", which might leave market participants needing contingency plans.
During high market stress in 2015, algorithmic trading increased currency-market volatility, a Bank of England working paper concludes. The BoE studied algorithmic trading during market shock that followed the Swiss National Bank's announcement it would no longer support a fixed exchange rate between the euro and the Swiss franc.
Many bills filed by EU lawmakers to revamp banks' capital requirements call for an increase in the minimum leverage ratio. Proposals range from an internationally approved requirement to a significant increase.
France will gain additional flexibility to block foreign companies' acquisition of domestic firms, Prime Minister Edouard Philippe says. A 2014 decree that gives the government power to halt foreign takeovers in the energy, water, transportation, telecommunication and health industries will be broadened to include artificial intelligence, data storage, microchips and space, Philippe says.
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