The Australian dollar-Japanese yen pair has breached resistance and has nudged the 61.8% Fibonacci retracement, technical analyst Blake Morrow writes. A slip below 78 would indicate bearishness, Morrow notes.
The German Finance Ministry is examining whether a merger between Deutsche Bank and Commerzbank could work, sources say. The move could face opposition from Deutsche Bank shareholders and leaders, as well as regulators.
The yield premium between long- and short-dated UK debt is narrowing amid mounting fears that Brexit will occur without a transition deal. Traders are worried import prices will rise under a no-deal Brexit, forcing the Bank of England to increase interest rates.
UK banks expect consumers to be reluctant to take on debt this quarter as fears grow over the outlook for the economy, a Bank of England survey shows.
Executives are considering shutting down Societe Generale's proprietary-trading division, sources say. The Descartes Trading unit has struggled to be profitable, with group trading revenue down 20% during the fourth quarter.
More than 130 business leaders have responded to a deadlock in the UK Parliament by signing a letter calling for a second Brexit referendum to prevent a chaotic withdrawal from the EU. "The only feasible way to do this is by asking the people whether they still want to leave the EU," the letter says.
European Central Bank board member Sabine Lautenschlaeger has confirmed the EU would allow banks temporary access to UK clearinghouses in a no-deal Brexit. Lautenschlaeger urges banks to review whether relying on a single central counterparty makes sense in the future.
US officials are debating whether to drop tariffs on Chinese imports to encourage China to make more substantive concessions in trade talks, sources say. US Treasury Secretary Steven Mnuchin reportedly suggested the move, but US Trade Representative Robert Lighthizer reportedly is concerned it would be seen as weakness.
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