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7/2/2020

US economic recovery from the coronavirus pandemic is slower and more complex than the V-shaped recovery many expected, Mark Gongloff writes. Gongloff refers to economist Mohamed El-Erian, who asserts maintaining public safety while stimulating economic growth is a flawed concept.

7/2/2020

European Central Bank President Christine Lagarde says in a video address for a UN gathering "the worst is behind us and the hardest is yet to come" for the economy. "If we don't put green and sustainable development ahead of everything else and solidarity as a key principle, we might be up for some strange, very unpleasant awakening," Lagarde says.

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United Nations
7/2/2020

The European Central Bank has released a consultation paper that proposes ways to ease bank consolidation. Topics include accounting for so-called badwill, along with assurance that merged entities would not face extra capital requirements.

7/2/2020

The Bank of England will consider factoring climate change into its corporate bond purchase decisions once the coronavirus crisis is less pressing, governor Andrew Bailey announced yesterday. "When the pressure on our resources abates, we will turn to important issues such as the benchmark for our corporate bond portfolio," Bailey said.

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Reuters
7/2/2020

Vanguard and State Street say they have no plans to follow the lead of BlackRock and JPMorgan Chase in launching an active, non-transparent fund product, known as an ANT. The product, which is gaining attention in US financial markets, is described as a vehicle for combining stock-picking with an exchange-traded fund.

7/2/2020

The head of BaFin, Germany's financial watchdog, has defended its oversight of Wirecard to lawmakers, saying it was correct to classify the firm as a tech entity, not a financial institution.

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Wirecard
7/2/2020

Minutes of the Federal Open Market Committee meeting on June 9-10 reveal that officials had little immediate appetite for limiting yields on Treasurys as a possible stimulus tool. The minutes show consensus that clearer communication on forward guidance and asset purchases is needed.

7/2/2020

London-based estate agents and recruitment consultants report a "flurry" of enquiries from finance professionals in Hong Kong, who are eyeing a move to the UK following the security crackdown.

7/2/2020

Open banking services have gained rapidly in popularity and are becoming increasingly commonplace. One area that could benefit from this development is charitable giving, where open banking is lowering the cost of handling donations by eliminating interchange fees on card-based transactions.

7/2/2020

The UK Financial Conduct Authority plans to reopen its "temporary permissions regime" for EU financial firms in September ahead of the end of the Brexit transition period in December. The FCA says it will give firms time to complete their application for authorization.

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Reuters