Chief Markets Correspondent, London
Jamie's Feed
Jul 15, 2014

Global financial watchdog calls for FX fix reforms, urges banks to clean up

LONDON (Reuters) – The world’s top financial regulator on Tuesday urged deep-rooted change to how currency benchmarks are set, encouraging market players to tighten up their governance, practices and controls rather than imposing stringent new regulation.

The proposals come in response to allegations being investigated by regulators that dealers at major banks colluded and manipulated key reference rates in the $5.3 trillion-a-day market, the world’s biggest and least-regulated.

Jul 9, 2014

Growth fears hit global stocks, investors eye Fed, Draghi

LONDON (Reuters) – World stocks fell on Wednesday as a decline in Chinese inflation and weaker European industrial data combined to suggest global growth may be slowing, eclipsing a positive start to the U.S. earnings season.

The mining company Alcoa Inc reported results after Wall Street closed that beat analysts’ expectations, but that was not enough to help European equities recover after they fell the most in three months on Tuesday.

Jul 9, 2014

Chinese inflation data hits world stocks

LONDON (Reuters) – World stocks fell on Wednesday as cooling Chinese inflation overnight added to weak European industrial data earlier in the week, pointing to slowing global growth and eclipsing a positive start to the U.S. earnings season.

Miner Alcoa Inc reported results after Wall Street closed that beat analysts’ expectations, but that was not enough to help European equities recover after posting their biggest fall in three months on Tuesday.

Jul 9, 2014

Growth fears eclipse U.S. earnings; Fed, Draghi eyed

LONDON (Reuters) – World stocks fell on Wednesday as cooling Chinese inflation overnight added to weak European industrial data earlier in the week, pointing to slowing global growth and eclipsing a positive start to the U.S. earnings season.

Miner Alcoa Inc AA.N reported results after Wall Street closed that beat analysts’ expectations, but that was not enough to help European equities recover after posting their biggest fall in three months on Tuesday.

Jul 8, 2014

FX traders to be interviewed as part of BoE probe -sources

LONDON, July 8 (Reuters) – An independent inquiry into what
the Bank of England knew of alleged currency market collusion
will this month quiz senior traders about what guidance they
received from the central bank as far back as 2012, sources told
Reuters.

Anthony Grabiner, a barrister appointed by the Bank’s
Oversight Committee in March, has set up a series of interviews
with the currency dealers who attended a critical meeting with
BoE officials two years ago – one year before a worldwide
investigation into alleged collusion and manipulation was
launched, sources familiar with the proceedings said.

Jun 26, 2014

Defying conventional market wisdom worked in first half, may work again

LONDON (Reuters) – Investors who swam against the tide in the first half of the year profited from market trends that defied the consensus. That may be a strategy worth repeating in the second half.

Few investors would have bet on Dec. 31 that by midyear U.S. Treasury yields would drop half a percentage point, even as the Federal Reserve reduced its bond buying. Or that Ireland and Spain would be borrowing more cheaply than the United States. Or that emerging-market stocks would chalk up double-digit gains.

Jun 24, 2014

German Ifo hits stocks, Carney knocks sterling

LONDON (Reuters) – European stocks fell on Tuesday after a survey found German business morale was flagging, while sterling weakened after Bank of England governor Mark Carney stirred market doubts about how soon interest rates would rise.

Germany’s Ifo index of business sentiment eased more than expected in June to its lowest level this year, leading shares to give up gains they had made on the latest talk of mergers and acquisition.

Jun 24, 2014

Subdued Ifo takes M&A shine off European stocks

LONDON (Reuters) – European stocks and major currency and bond markets struggled for direction on Tuesday, underpinned by manufacturing data from China, Japan and the United States the previous day but unnerved by growing signs of economic weakness in Europe.

Germany’s Ifo index of business sentiment fell more than expected in June, eating into gains across Europe’s major stock markets that had been racked up on merger and acquisition talk. [ECON]

Jun 22, 2014

Central banks fear rising yields, look to equities -survey

LONDON, June 23 (Reuters) – Rising bond yields pose the
biggest risk to financial markets, according to leading central
banks, encouraging them to invest more of their record amounts
of international reserves in equities, a survey showed on
Monday.

But far from signaling an increase in risk appetite, this
continued expansion into equities reflects a desire to diversify
portfolios, generate returns and avoid losses on bond holdings
if fixed income markets do start to sell off later this year.

Jun 19, 2014

EXCLUSIVE:FX chatrooms show traders shared order, price details -sources

LONDON (Reuters) – British investigators are examining millions of electronic messages which include fresh evidence of possible collusion by a small group of top currency traders, sources say.

The investigators have been handed chatroom transcripts showing senior dealers at the big banks that dominate the largely unregulated foreign exchange market routinely sharing intelligence on orders they were about to place for clients.