New York City's retail landlords are ramping up incentives such as free months' rent and complete remodels to attract tenants without having to cut rental rates, said Steve Soutendijk of Cushman & Wakefield. Manhattan rents have hit record highs since the recession, but retailers, feeling pressure from online sellers, are pushing back.
The Bank of England's Financial Policy Committee said it plans to conduct two additional stress tests for UK banks. The first will review lenders' operational plans for adapting to the post-Brexit trading environment, while the second questions how they would respond to a deep, prolonged recession.
The biggest concern of female advisers is uncertainty of the regulatory environment, a survey by Edward Jones found. Regulatory uncertainty is the biggest worry for 42% of respondents, while 11% say political uncertainty is their top concern.
Saudi Arabia lowered the tax rate for its oil industry, including government-run oil company Saudi Arabian Oil, ahead of the firm's initial public offering, which is expected to value Aramco at $2 trillion or more. On Monday, a royal decree cut Aramco's basic tax rate to 50% from 85%, retroactive to the start of the year.
If the euro is to survive the next crisis, the European Central Bank must be subjected to strengthened political accountability and oversight, said Transparency International EU, a public interest group. The ECB has entered "the area of political decision making, without appropriate democratic scrutiny" because it has taken on responsibilities that go far beyond its original role of maintaining price stability, the group said.
Some European officials -- including Peter Praet, chief economist at the European Central Bank -- say the eurozone still requires significant stimulus measures. However, other officials -- such as ECB Executive Board member Sabine Lautenschlaeger and Germany's central bank governor, Jens Weidmann -- argue that it is time to plan to rein in the extraordinary stimulus.
The People's Bank of China is quietly asking banks to slow the growth of mortgage lending, sources at state-owned banks in Shanghai said. The central bank is using "window guidance" to deleverage the housing market, industry sources said.
Asian-Pacific stock markets except Shanghai rose Tuesday, with Sydney and Tokyo posting the strongest gains. Japan's Nikkei 225 added 1.1%; Hong Kong's Hang Seng Index rose 0.6%; Australia's S&P/ASX climbed 1.3%; China's Shanghai Composite declined 0.4%; South Korea's Kospi added 0.4%; and India's Sensex was up 0.6%.
Growing skepticism that the Trump administration can bring about promised economic growth has sparked a rally in the relatively safe haven of US government bonds. After the administration's health care bill failed, yield on the benchmark 10-year Treasury note dropped to 2.373% Monday, which denotes a rise in bond prices.
The European Commission gave the go-ahead to the $130 billion merger of Dow Chemical and DuPont after the companies agreed to asset sales aimed at preventing the tie-up from reducing price competition in Europe. The deal must also win regulatory approval in the US, Australia, Brazil, Canada and China.