Week 21 2017

Week 21 2017

22 May – 26 May

 

22 May

 

Portugal’s recovery from the eurozone’s debt crisis reached a milestone on Monday as the EU said the country, which needed an international bailout, was no longer in breach of the bloc’s budget rules.

 

Pier Carlo Padoan, Italy’s finance minister, has warned eurozone leaders not to squander the chance to reform the single currency created by Emmanuel Macron’s French election win and said the pro-EU president’s victory was a political “watershed” for the continent.

 

Major currencies were mostly weaker against the US dollar on Monday as it recovered from its biggest weekly drop in 13 months.

 

Silicon Valley is fast disrupting the future of cars, forcing established groups to invest in technology to make their vehicles electric, connected to the internet, and equipped with self-driving sensors and software.

 

23 May

 

Modern financial markets are supposed to have rendered matters of geography an irrelevance. Technological advances have delivered a near miraculous shrinking of the world. Markets are no different: an investor can buy and sell an eye-catching array of financial assets wherever they happen to be.

 

Greece’s creditors failed to reach a deal on debt relief during seven hours of talks on Monday night, leaving the eurozone locked in a race to finish negotiations before Athens faces crippling debt repayments in July.

 

Nex Group will on Tuesday detail its year-long project to restructure its post-trading division, in a move designed to boost corporate profitability and bolster the use of blockchain technology to record deals.

 

Shares in JBS, the meat processor at the heart of Brazil’s latest political scandal, fell 31 per cent on Monday following a credit rating downgrade and investigation on possible insider trading.

 

24 May

 

Sweden’s central bank is once again ramping up the pressure on the government to do more to address the country’s rapidly-rising debt levels, warning that the issue poses “a serious threat to financial and macroeconomic stability”.

 

The reliance of the eurozone’s financial system on the policies of its central bank have been laid bare in the European Central Bank’s latest financial stability review, which highlights the risks posed by attempts to rein in extraordinary monetary stimulus.

 

Volkswagen has placed the largest Spanish auto securitisation since the financial crisis, in a further sign of demand for the country’s assets from capital markets investors.

 

Venture capital funding is continuing to pour into Asia, with the year-to-date run rate putting the region’s tech start-ups on track to pull in $56.44bn this year, a 132 per cent annual rise.

 

25 May

 

The US steel industry is pushing the Trump administration to take a sweeping view of what constitutes national security, as it seeks a crackdown on imports from China, South Korea and other countries. 

 

With its windowless walls and iron doors, the Bank of England was built in previous centuries to protect the public’s gold from intruders and its internal activities from prying eyes.

 

Asian stocks were higher, basking in the glow of a record high for the S&P 500, even as minutes from the Federal Reserve’s most recent meeting showed it would probably raise interest rates as early as next month.

 

Trading in Abercrombie & Fitch was briefly halted on Wednesday after the shares surged on the back of a report that private-equity group Cerberus Capital was working with American Eagle Outfitters (AEO) on a bid for the struggling US fashion brand.

 

26 May

 

US orders for long-lasting goods fell in April following four consecutive monthly rises, with transportation equipment leading the declines after two months of gains.

 

Italian business and consumer sentiment has seen a surprise dip, bucking the optimistic track it has been on since the start of this year.

 

The German autobahn policeman looked at the car confused, the Evening Standard reporter noted. No wonder: the car had a Renault logo but the design was unrecognisable and its number plate and driver were Indian.

 

Investors in Restaurant Group have learned to be thankful for small mercies after a rough couple of years: sales at the FTSE 250 group might still be sliding, but shares jumped this morning after a trading update today showed recent declines weren’t as bad as some had feared.