U.K. pound plunges more than 6% in mysterious flash crash

U.K. pound plunges more than 6% in mysterious flash crash

The British pound suffered a jarring flash crash on Friday, nosediving more than 6% against the dollar in a matter of minutes. The sudden plunge in early trading in Asia left investors stunned and analysts struggling to explain what could have caused such an unusual move. “It was just another quiet day in Asia, and then, Bang! All the lights went red,” said Matt Simpson, senior market analyst at ThinkMarkets in Singapore. The pound had…

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Returns Lamented by Aussie Bank CEOs Still Among World Best

Returns Lamented by Aussie Bank CEOs Still Among World Best

Strong banks help economy, bosses tell parliamentary hearing Heads of lenders quizzed over interest rates, fees, earnings Share on FacebookShare on Twitter Share on LinkedInShare on RedditShare on Google+E-mail Australia’s big four bank chiefs have spent this week defending their profits to lawmakers by arguing their return on equity has slumped since the financial crisis. On that measure, however, they are still among the best in the world. In 2015, the Aussie banks posted an…

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Wall Street Might Have a Blind Spot When It Comes to Trum

Wall Street Might Have a Blind Spot When It Comes to Trum

Markets inefficient at pricing in unexpected political events High voter distrust risks surprise U.S. election outcome Minutes into last week’s presidential debate, investors decided that Donald Trump, a candidate many of them fear, was being outshone by Hillary Clinton. This, they figured, would help stem his momentum, and so they frantically bid up the value of the Mexican peso, a currency that has become an election barometer. The next day, the S&P 500 Index jumped…

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U.K. Stocks Slip From Near Record, While Tesco Jumps on Results

U.K. Stocks Slip From Near Record, While Tesco Jumps on Results

British shares fell, after their biggest two-day rally since July took them only points away of a record. The FTSE 100 Index slipped 0.2 percent at 9:15 a.m. in London, following a 2.5 percent surge in the past two days. A sinking pound lifted the measure as much as 2 percent on Tuesday, sending it above its previous record close, before closing 0.4 percent below its April 2015 peak. On Wednesday, Tesco Plc surged 7.7…

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European Stocks Slide on Concern ECB to Turn Less Accommodative

European Stocks Slide on Concern ECB to Turn Less Accommodative

European stocks snapped a six-day winning streak amid investor concern that the European Central Bank is moving toward tightening monetary policy. The Stoxx Europe 600 Index fell 0.9 percent to 342.93 at 11:04 a.m. in London. Optimism had been tentatively returning, with the equity benchmark posting six straight days without losses, after euro-area economic data began beating forecasts again and concern over lenders eased. But the fragile sentiment was dented after Bloomberg News reported that an…

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Private Debt Steps In for Canada’s Companies as Banks Pull Back

Private Debt Steps In for Canada’s Companies as Banks Pull Back

Lenders at Third Eye Capital and Callidus Capital fill void Shadow bankers get outsized yields to fund riskier companies When Dynacor Gold Mines Inc. applied for a loan to finish a new ore processing mill in Peru, Canadian banks didn’t think it was a good bet. “They said the risk was too high,” Leonard Teoli, Dynacor’s chief financial officer, said in a phone interview. “They didn’t want to get into this kind of financing with the…

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South32 Sees Coal Rally Threatened If China Increases Work Days

South32 Sees Coal Rally Threatened If China Increases Work Days

    A surge in coal prices driven by Chinese demand would be jeopardized should the nation reverse restrictions on working days, boosting domestic production, according to South32 Ltd. “We had the Chinese government start cracking down on the factories and mines and restricting work days” to 276 a year, Chief Operating Officer for Australia Ricus Grimbeek told reporters in Perth on Thursday. “It could easily go back to 365 (days) depending on how they…

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U.K. Oil Shares Up Most in 7 Months to Lift Market on OPEC Deal

U.K. Oil Shares Up Most in 7 Months to Lift Market on OPEC Deal

Energy producers in the U.K. surged after OPEC agreed to cut output for the first time in eight years, sending the FTSE 100 Index to a second day of gains. Royal Dutch Shell Plc and BP Plc rose more than 4.5 percent, sending a gauge of oil-and-gas stocks to their biggest advance since February. The OPEC agreement yesterday surprised traders who had expected members to maintain output, spurring a rally in crude prices. Commodity producers…

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Italian Consumer Confidence Falls to Lowest in More Than a Year

Italian Consumer Confidence Falls to Lowest in More Than a Year

Renzi government cuts growth forecast for 2016, 2017 Manufacturing confidence rose in September on recovery hopes Share on FacebookShare on Twitter  Share on LinkedInShare on RedditShare on Google+E-mail Italian consumer confidence fell to the lowest since July 2015 as the government is forced to cut its economic growth forecasts for this year and next. Manufacturing confidence rose. The consumer gauge measured 108.7 in September down from a revised 109.1 the month before. The median estimate…

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Deutsche Bank Slumps to Fresh Record Low on Capital Concerns

Deutsche Bank Slumps to Fresh Record Low on Capital Concerns

Deutsche Bank AG shares dropped to a record low amid concerns that mounting legal bills, including a looming fine over its pre-crisis mortgage bond business, may force the lender to raise capital. The shares dropped 6.3 percent to 10.70 euros at 10:14 a.m. in Frankfurt. The 38-member Bloomberg Europe Banks and Financial Services Index slipped 1.5 percent, with Deutsche Bank the worst performer.

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