European Central Bank President Mario Draghi doesn't plan to unveil a change in monetary policy when he speaks at a gathering of central bankers in Jackson Hole, Wyo., two sources said. In recent weeks, expectations have grown that Draghi would use the occasion to launch a debate on how the ECB should revise its monetary policy in response to solid economic growth and declining unemployment.
Investigations into potential insider trading by Deutsche Boerse CEO Carsten Kengeter have expanded to look into the "reliability" of the exchange's top management.
Just because people are angry (all the time these days) doesn't mean we need to be shorting stocks. I think I've done a good job here of reiterating the bull thesis and pressing the fact that stocks are in uptrends, not downtrends. I don't just want to make the case here that stocks will go up a little bit. Today I am laying out my case for why stocks can go up a lot from here!
- JC Parets, CMT
Technical analyst Ian King writes that the spectacular rise of the bitcoin has a number of features reminiscent of the dotcom bubble at the start of the millennium. However, he adds that dotcom market capitalization at its peak was 25 times larger than the cryptocurrency market cap is now, and argues that there is still potential for further growth with investors continuing to enter and diversify their holdings.
A new report from Caring.com ranked states based on 13 factors, including affordability, health care and overall quality of life, to determine their attractiveness to retirees. Utah was deemed the best all-round state for retirees, followed by Iowa and South Carolina, while West Virginia was at the bottom of the rankings.
"Sadly, some internal auditors fear that auditing high-risk areas will not resonate well with executive management," writes IIA President and CEO Richard Chambers. "A brief examination of this avoidance game quickly reveals the fallacy that sidestepping controversy will keep management happy or the organization out of trouble."
"Rule-making by enforcement" at the Consumer Financial Protection Bureau is expected to slow if Director Richard Cordray resigns to run for Ohio governor. Pending rules involving payday loans, debt collection and overdrafts could be stopped by a director appointed by President Donald Trump.
President Donald Trump has dissolved two business councils after CEOs kept withdrawing to protest his comments about a deadly confrontation in Virginia. Eight executives of major companies left the American Manufacturing Council and the Strategic and Policy Forum.
Second-quarter figures show euro-area economic growth is gathering momentum, with a 0.6% overall gain and several EU member states reporting an upturn in key performance indicators. Germany's figures show continued growth, while Spain recorded its best economic performance in two years, and France, Italy and the Netherlands also enjoyed steady improvements.
The division on raising interest rates noted in the Federal Reserve's latest minutes increased market expectations that rates will remain unchanged for the remainder of the year, driving the Dow Jones industrial average back above 22,000. The Fed, however, cautioned that federal policy uncertainty could limit corporate spending and hiring.
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