Philip Lane, governor of Ireland's central bank, and Spanish Economy Minister Luis de Guindos are under consideration for vice president of the European Central Bank. Lane appears to be the choice of the European Parliament's economic committee, while the French government "most likely" will back de Guindos, a source says.
Haruhiko Kuroda, who has supported Japanese Prime Minister Shinzo Abe's effort to drive up inflation, has been nominated to a second five-year term as governor of the Bank of Japan. The government has nominated Masazumi Wakatabe, a supporter of the BoJ's aggressive monetary policy, as deputy governor.
Despite the US equity market's five-day revival, technical analyst Mark Arbeter, CMT, estimates "there is a more than 50/50 chance we rollover and test (within 1%-2%) the recent lows." Other analysts share this view, although strategist Sam Stovall says a pullback would not indicate imminent recession and therefore would present buying opportunities.
Institutional investors are eagerly buying NVIDIA shares, pushing the price up by 21% since the start of the year, technical analyst Lucas Downey writes. Positive chart indicators and survival of the recent market pullback make NVIDIA an increasingly attractive buy, Downey writes.
Amtrak might put service on hold where tracks lack positive train control by year-end, President and CEO Richard Anderson told a House subcommittee. Dec. 31 is the last day of a deadline extension lawmakers approved in 2015 for installing the systems to help prevent train crashes, but some railroads are seeking a delay of two more years.
The Virginia House and Senate have passed bills that would create an ombudsman to help consumers with student-loan problems and would establish a borrower's bill of rights. More than 1 million residents owed student loans worth more than $30 billion last year, state officials say.
While research points to good saving habits among millennials, a survey by Allianz Life Insurance Co. of North America shows 88% of respondents think social media creates a tendency to compare their lifestyles with others, and 57% say it has influenced them to spend money they had not planned to. "While every generation has experienced a need to 'keep up with the Joneses,' social media seems to have helped take it to a new level for millennials," Allianz's Paul Kelash says.
The Securities and Exchange Commission has voted against the sale of the Chicago Stock Exchange, which trades about 1% of US stocks each day, to a Chinese-led consortium. SEC staffers had recommended approval.
A Trump administration budget plan to partly fund the Commodity Futures Trading Commission through fees on the futures industry that would likely be passed on to end users is not sitting well with Senate Republicans. CFTC Chairman J. Christopher Giancarlo, who has sought additional funding, stayed neutral on the proposal when asked at a recent hearing.
Net outflows from high-yield bond funds reached $10.89 billion in the week to Wednesday, according to EPFR Global, as investors anticipated interest-rate increases and as risk-averse sentiment rose.
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