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☆ San Francisco is moving forward with its tallest-ever apartment building as California's new laws to fight the housing crisis start to pay off
▼ + stars: | 2023-11-17 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

A new law fast-tracking affordable and mixed-income housing is paying off in San Francisco. Plans for the tallest-ever apartment building in the city are being fast-tracked under the new state law. The tower at 530 Howard Street will be the tallest residential building in San Francisco and the third-tallest building citywide, the San Francisco Chronicle reported. Newsom signed more than 50 housing bills last month that loosen restrictions imposed by CEQA, fast-track affordable housing projects, and encourage more dense, infill residential construction. "Turning a parking lot into housing, including affordable housing, is exactly what we need to do to build a stronger, more resilient San Francisco," Breed said in a statement to the Chronicle.

Persons: —, Bill, Paul Paradis, Paradis, Gavin Newsom, Newsom, San Francisco Mayor London Breed, Breed Organizations: Service, Affordable, Commission, Supervisors, San Francisco Chronicle, JPMorgan Chase, Gov, CEQA, San Francisco Mayor London, Bloomberg Locations: San Francisco, Bay Area, Francisco, —, California, Washington

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Rising U.S. government debt and fiscal deficits that have helped lift government bond yields this year will likely become secondary factors for investors, as their focus shifts to economic fundamentals, Citi analysts said. "Our baseline is that over time investors accept these fiscal risks as a fact of life and that ultimately it is not supply and demand that determine Treasury yields but it's more about the fundamentals of the economy," he said. Moody's, which last week lowered its outlook on U.S. credit, expects the government to continue to run wide fiscal deficits due to increased spending and higher debt interest payments. Some Fed officials have also said rising bond yields, which make access to credit more expensive, could be a substitute for increasing interest rates further. "There is going to be an extraction of higher yields from these investors," cautioned Mathai.

Persons: Shannon Stapleton, Fitch, Moody's, Nathan Sheets, Ray Dalio, Jabaz Mathai, Mathai, Davide Barbuscia, Ira Iosebashvili, Diane Craft Organizations: REUTERS, U.S, Citi, Office, Associates, CNBC, Treasury, Federal Reserve, Thomson Locations: New York City, U.S

☆ The N.Y.C. Neighborhood Where Families Are Filling Up Empty Offices
▼ + stars: | 2023-11-17 | by ( Matthew Haag | More About Matthew Haag | ) www.nytimes.com time to read: +1 min

For all the talk about converting New York City’s languishing office buildings into housing, just one neighborhood has done it on a large scale: the financial district. In the past few years, luxury apartments have been carved out of a 1907 office tower at 84 William Street and an Art Deco skyscraper at 1 Wall Street that was once the Bank of New York’s headquarters. Five other office buildings are being gutted and turned into residences, including a project that is the largest such conversion in the United States. But the high-rise conversions are just part of a wave of modifications in the area that started decades ago with the transformation of low-rise buildings and continues today with enormous glass and steel towers. The financial district name has become something of a misnomer as the neighborhood, once derided as a desert after the bankers commute home, becomes a vibrant residential enclave at Manhattan’s southernmost tip.

Persons: William Street Organizations: William, Art, Bank of New Locations: New York, United States

☆ Fitch says US regional bank challenges to persist in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 15 (Reuters) - Rating agency Fitch said on Wednesday that U.S. regional banks will face continued challenges in 2024, with those lacking scale or focused on commercial loan growth disproportionately pressured. Fitch said that a delay in meaningful loosening of monetary policy would likely translate into "sustained competition for deposits" and "stubbornly weak loan growth." Large regional banks focused on commercial loan growth saw the weakest credit demand, which in some cases reached double digit declines on an annualized basis, Fitch said. In third quarter earnings, a string of regional banks reported pressure on net interest income (NII), the difference between what banks earn from lending and pay out on deposits, which hit some of their shares.

Persons: Brendan McDermid, Fitch, Bill Gross, Pritam Biswas, Megan Davies, Shounak Dasgupta, Jonathan Oatis, Cynthia Osterman Organizations: Wall, REUTERS, Valley Bank, Federal Reserve, Thomson Locations: New York, U.S, SVB, Bengaluru

[1/2] The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. The SEC central clearing rule, first proposed in September last year, would apply to the cash Treasury and repurchase agreements (repo) markets, where banks and other players such as hedge funds borrow short-term loans backed by Treasuries. "This creates a potential single-point of failure risk as recent events illustrate," he said, referring to the ICBC hack. Abate also flagged cybersecurity risks for direct members of the FICC, as well as clients they sponsor to access the clearing platform, saying mandatory central clearing could make FICC "a fortress with many doors." The SEC is expected to finalize the rule early next year, said Barclays, but it is unclear how much time the industry would have to implement it and whether central clearing will occur simultaneously for Treasuries and repo transactions.

Persons: Toby Melville, Joseph Abate, ICBC, BNY Mellon, Abate, DTCC, Treasuries, Davide Barbuscia, Marguerita Choy Organizations: Barclays, REUTERS, U.S . Securities, Exchange Commission, Commercial Bank of China's, SEC, Treasuries, Corporation, Depository Trust, Clearing Corporation, U.S . Treasury, Reuters, Thomson Locations: City, London, Commercial Bank of China's U.S, U.S

☆ Billionaire Ken Griffin says Miami could overtake New York as a financial hub
▼ + stars: | 2023-11-15 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

The Citadel founder said that the city could one day overtake New York as the US' financial hub. Wall Street giants and tech CEOs are flocking to Miami, with Jeff Bezos moving from Seattle. AdvertisementKen Griffin has said that Miami "represents the future of America" and hinted that the city could one day supersede New York as a financial hub. We're on Brickell Bay, and maybe in 50 years it will be Brickell Bay North, how we refer to New York in finance," he said. The company is building a new $1 billion headquarters in Brickell Bay , Miami's financial district.

Persons: Ken Griffin, Jeff Bezos, —, Griffin, Miami's Organizations: Bloomberg, Citadel, Wall Street, Service, Sunshine State, Amazon, Florida doesn't Locations: Miami, New York, Seattle, Miami's Brickell Bay, Brickell Bay, Brickell, Chicago, Afghanistan, York, Florida

☆ A note from Business Insider's new CEO
▼ + stars: | 2023-11-14 | by ( Barbara Peng | ) www.businessinsider.com time to read: +3 min

Today I am excited to share some news: we're officially returning to the name Business Insider. There is so much I love about Business Insider. Two years later, we adopted the name Business Insider. We help them discover the ideas and the people who are changing business, tech, and beyond. A future as Business Insider reaffirms our center of gravity around business, tech, and innovation.

Persons: we're, It's, We've, Henry Blodget, —, Henry, doesn't, we've, We'll, – Organizations: Business, Financial Locations: New York, London

☆ Strong pay growth in UK spreads to public sector, survey shows
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Afolabi Sotunde/file photo Acquire Licensing RightsLONDON, Nov 13 (Reuters) - Strong pay growth in Britain's private sector will be matched in the public sector in the year ahead, according to a survey which showed no sign of an easing of inflationary heat in the jobs market. The Chartered Institute of Personnel and Development (CIPD) said employers in the private and public sectors both planned 5% pay rises, meaning public workers were on course for their biggest pay rise since CIPD began its surveys in 2012. The CIPD survey showed 51% of public-sector employers reported hard-to-fill vacancies compared to 38% of private-sector employers. "There remains strong demand for people, particularly in the public sector. It’s no surprise therefore that employers are expecting pay increases to match that of the private sector to remain competitive."

Persons: Afolabi, CIPD, Rishi Sunak, Jon Boys, William Schomberg, Andy Bruce Organizations: REUTERS, Chartered Institute, Personnel, Bank of England, Reuters, Thomson Locations: Canary Wharf, London, Britain

Moody's is the last of the three major rating agencies to maintain a top rating for the U.S. government. Fitch changed its rating from triple-A to AA+ in August, joining S&P which has had an AA+ rating since 2011. “While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The sharp rise in Treasury yields "has increased pre-existing pressure on US debt affordability," Moody's said. “Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits," hardline Republican Representative Andy Harris said on X, formerly known as Twitter.

Persons: Shannon Stapleton, Joe Biden's, Fitch, Moody's, Karine Jean, Pierre, Moody’s, Wally Adeyemo, Adeyemo, Biden, Quincy Krosby, Donald Trump, Mike Johnson, “ Moody’s, Andy Harris, ”, Richard Rohan Francis, Davide Barbuscia, Andrea Shalal, David Morgan, Caroline Valetkevitch, Ira Iosebashvili, Megan Davies, Shilpi Majumdar, Shounak Dasgupta, David Gregorio, Chris Reese Organizations: REUTERS, . House, U.S ., Aaa, White, Republican, States ’ AAA, Treasury, Reserve, LPL, New York Times, Republicans, Democratic, Thomson Locations: New York City, U.S, WASHINGTON, American, Siena, Nevada , Georgia, Arizona , Michigan, Pennsylvania, Trump, Wisconsin

☆ Moody's changes US ratings outlook to negative, affirms AAA
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +7 min

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNov 10 (Reuters) - Moody's on Friday changed the outlook on the government of United States of America's ratings to "negative" from "stable". Moody's affirmed the long-term issuer and senior unsecured ratings at "Aaa". COMMENTS:REPUBLICAN REPRESENTATIVE ANDY HARRIS, ON X SOCIAL MEDIA“Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits. "I don't think that there is a significant consequence. WALLY ADEYEMO, DEPUTY SECRETARY OF THE TREASURY"While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook.

Persons: Shannon Stapleton, Moody's, ANDY HARRIS, JOHN CORNYN, ” STEVEN RICCHIUTO, you've, ” THIERRY WIZMAN, MACQUARIE, “ Moody’s, ” MICHAEL GREEN, JACK ABLIN, CHICAGO “, it's, ”, ” QUINCY KROSBY, CAROL SCHLEIF, We've, CHRISTOPHER HODGE, KARINE JEAN, PIERRE, Moody’s, WALLY ADEYEMO, Biden Organizations: REUTERS, Aaa, Moody’s Investors Service, Capitol, FX, NEW, Republicans, Democrats, BMO, KARINE, Republican, Congressional Republicans, States ’ Aaa, Biden Administration, Global Finance, Markets, Thomson Locations: New York City, U.S, United States, MIZUHO, Japan, CHICAGO, CHARLOTTE, NORTH CAROLINA, MINNEAPOLIS , MN, American

☆ Hedge funds short US financial stocks at near record levels -Goldman Sachs
▼ + stars: | 2023-11-10 | by ( Carolina Mandl | ) www.reuters.com time to read: +1 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 10 (Reuters) - Global hedge funds built bearish positions this week to the highest level in nearly five years, Goldman Sachs (GS.N) said on Friday, without citing the underlying reasons. The ratio between long and short positions is at a historical low, below 1.7 times. Overall, hedge funds are underweight financials, at the lowest level since May 2020, Goldman Sachs said. Reporting by Carolina Mandl in New York; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Goldman Sachs, Financials, Carolina Mandl, Richard Chang Organizations: Wall, REUTERS, Global, ., Bank, KBW Bank, Carolina, Thomson Locations: New York, U.S

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. BNY Mellon, the sole settlement agent for Treasury securities, disconnected the Chinese bank from the platform after the hack and is waiting for a third party to attest that it is safe to reconnect, the sources said. The attack, confirmed by ICBC on Thursday, is the latest in a string of demands for ransom that hackers have claimed this year. ICBC Financial Services, the bank's U.S. unit, said it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it. Reporting by Lananh Nguyen and Paritosh Bansal; Editing by Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, BNY Mellon, ICBC, Lananh Nguyen, Paritosh, Megan Davies Organizations: of New York Mellon Corp, REUTERS, Commercial Bank of, Treasury, ICBC Financial Services, Thomson Locations: U.S

☆ The Betting on the Presidential Election Has Begun
▼ + stars: | 2023-11-10 | by ( Jeff Sommer | More About Jeff Sommer | ) www.nytimes.com time to read: +1 min

Financial journalists love Wall Street aphorisms. “The stock market climbs a wall of worry” is useful whenever investors are fretting. That hallowed saying could be repurposed today, except for a formidable problem. It refers to the betting on elections that took place on Wall Street, which was commonplace back then — and covered extensively in The Times and other major newspapers, as an important source of information about national, state and local political contests. Today, except for indirect and elaborate financial hedges on the policy implications of election outcomes, outright betting on elections is no longer a core part of American finance.

Persons: “ Don’t Organizations: Wall, The New York Times, The Locations: The Times

☆ UK economy fails to grow in Q3 but sidesteps start of a recession
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

People walk over London Bridge looking at a view of Tower Bridge in the City of London financial district in London, Britain, October 25, 2023. REUTERS/ Susannah Ireland/File Photo Acquire Licensing RightsLONDON, Nov 10 (Reuters) - Britain's sluggish economy failed to grow in the July-to-September period but at least managed to avoid the start of a recession, figures from the Office for National Statistics showed on Friday. In the month of September on its own, the economy grew by 0.2% from August when growth was revised down to 0.1% from 0.2%. "But the key point is that the economy is not weak enough to reduce core inflation and wage growth quickly," Dales said. In the three months to September, output in Britain's huge services sector fell by 0.1%, industrial production was broadly flat and construction grew by 0.1%, the Office for National Statistics said.

Persons: Susannah Ireland, Paul Dales, BoE, Rishi Sunak, Jeremy Hunt, William Schomberg, Andy Bruce, Sarah Young Organizations: REUTERS, Office, National Statistics, Reuters, Capital Economics, Bank of England, Thomson Locations: City, London, Britain, Germany, United States

☆ UK finance firms face $510 million levy to fund 2024/25 compensation claims
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Nov 9 (Reuters) - Britain's Financial Services Compensation Scheme (FSCS) has forecast imposing a levy of 415 million pounds ($510 million) against UK financial firms to fund 2024/25 claims for redress from customers suffering poor advice and insurance provider failures. This indicative figure is higher than for 2023/24, primarily due to larger surpluses that were carried over from the 2022/23 financial year which reduced the 2023/24 levy to 270 million pounds, the FSCS said. The levy is likely to include cover on self-invested personal pension (SIPP) operator failure claims and pay-outs for insurance firm failures that occurred in previous financial years, it added. "FSCS directly contributes to trust and stability in our financial services system and makes a genuine difference to consumers' lives," Martyn Beauchamp, Interim Chief Executive of FSCS said in a statement. Most of our compensation continues to be paid out for poor financial advice and for legacy insurance provider failures - both of which include some of the most complex defaults and claims we handle," he added.

Persons: Hannah McKay, Martyn Beauchamp, FSCS, Sinead Cruise, Simon Jessop Organizations: REUTERS, Britain's, Interim, Thomson Locations: Bishopsgate, London, Britain

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. "We're in a period when the Treasury market needs to be relied upon for its safety and liquidity," Nate Wuerffel, head of market structure at BNY Mellon, said in an interview. "And if on top of that you're trying to implement very rapidly a fundamental reassembly of the Treasury market, that's when you run the risk of having market functioning deteriorate." Liquidity crunches in recent years have raised regulatory concerns about the Treasury market's ability to function during times of stress. "Central clearing will strengthen the market’s core attributes of safety and liquidity in times of stress.

Persons: Brendan McDermid, BNY Mellon, Treasuries, Nate Wuerffel, Wuerffel, Davide Barbuscia, Laura Matthews, Richard Chang, Sam Holmes Organizations: REUTERS, Companies Bank of New York Mellon, U.S . Securities, Exchange Commission, Treasury, SEC, BNY, Federal Reserve, Federal, Thomson Locations: New

☆ Turkey says EU is 'unjust and biased' on membership bid
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Turkey September 4, 2017. REUTERS/Osman Orsal/File Photo Acquire Licensing RightsANKARA, Nov 9 (Reuters) - The European Commission's annual report on Turkey's long-stalled EU membership bid is "unjust and biased", the Turkish foreign ministry said. "We categorically reject unfounded claims and unjust criticisms, particularly on the political criteria and the Chapter on Judiciary and Fundamental Rights," the Turkish foreign ministry said in a statement. The Turkish ministry said the allegations were unfair and highlighted "the insincerity of EU's approach and a clear double-standard", adding that fundamental rights issues were contentious even among EU member states. Turkey's bid to join the EU has been frozen for years after having launched membership talks in 2005.

Persons: Osman Orsal, Turkey's, Huseyin Hayatsever, Robert Birsel Organizations: REUTERS, Rights, European, Fundamental, Turkish, EU, Thomson Locations: Levent, Istanbul, Turkey, Rights ANKARA, Turkish, Israel, Gaza

☆ Goldman Sachs sees 'less robust' dealmaking in medium term
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: 1 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 8 (Reuters) - Goldman Sachs (GS.N) does not expect a meaningful pickup in mergers and acquisitions activity in the medium term due to current macroeconomic conditions that have weighed on private equity dealmaking, an executive said on Wednesday. "For the medium term, the dealmaking environment will indeed be a little bit less robust," Jim Esposito, co-head of Goldman's global banking and markets division, said in an interview at the Reuters NEXT conference in New York. Reporting by Lananh Nguyen in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Goldman Sachs, Jim Esposito, Lananh Nguyen, Chris Reese Organizations: Wall, REUTERS, Reuters NEXT, Thomson Locations: New York, U.S

☆ Lloyd's of London to invest $65 million following slavery report
▼ + stars: | 2023-11-08 | by ( Carolyn Cohn | ) www.reuters.com time to read: +3 min

Signage is seen inside the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. The 335-year old insurance market apologised in 2020 for its role in the 18th and 19th century slave trade. The Lloyd's market is made up of nearly 50,000 people, and Lloyd's wants one in three new hires to come from ethnic minorities. Historians estimate between one and two-thirds of the British marine insurance market was based on the slave trade in the 18th century. The research also showed that Joseph Marryat, Lloyd's of London chairman from 1811 to 1824, had enslaved people, White added.

Persons: Hannah McKay, Lloyd's, We've, Bruce Carnegie, Brown, Alexandre White, Joseph Marryat, White, Garba, Carolyn Cohn, Sinead Cruise, Jan Harvey, Elaine Hardcastle Organizations: REUTERS, London, Black, Johns Hopkins University, Mellon Foundation, Reuters, Central Fund, African Development Bank, Inter, American Development Bank, UN, Equity, of, United Nations, European Union, U.S, Thomson Locations: London, City, Britain, Liverpool, Lloyd’s

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. "We're in a period when the Treasury market needs to be relied upon for its safety and liquidity," Nate Wuerffel, head of market structure at BNY Mellon, said in an interview. "And if on top of that you're trying to implement very rapidly a fundamental reassembly of the Treasury market, that's when you run the risk of having market functioning deteriorate." Notably, in March 2020 the market seized up as pandemic fears gripped investors, prompting the Federal Reserve to buy Treasuries to support the market. "An extended implementation timeline in the final rule could substantially lower the risk that the transition itself could worsen market functioning," Wuerffel said in a note on Wednesday.

Persons: Brendan McDermid, BNY Mellon, Treasuries, Nate Wuerffel, Wuerffel, Davide Barbuscia, Laura Matthews, Richard Chang Organizations: REUTERS, Companies Bank of New York Mellon, U.S . Securities, Exchange Commission, Treasury, SEC, BNY, Federal Reserve, Federal, Thomson Locations: New

☆ Morning Bid: Rates buzz sustained before Fed loan data
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Ten-year U.S. Treasury yields have fallen about 50bps from October's peaks and the drop last week was the biggest recoil since March. For now, S&P500 futures are pointing to further slight gains on Monday - which if realized on the cash market later would make for the sixth straight gain and the longest daily run since June. Undermined by the retreat in Treasury yields, the dollar (.DXY) slipped back to the lowest since Sept 20. The backdrop of an easier dollar and Treasury yields provides significant relief for emerging markets, with MSCI's emerging market stock index (.MSCIEF) hitting its highest since Sept 20 too.

Persons: Brendan McDermid, Mike Dolan, Jerome Powell, underscoring, Janet Yellen, Lisa Cook, Huw Pill, Bernadette Organizations: Wall, REUTERS, Federal Reserve, Treasury, U.S, Pacific Rim, South, Ryanair, Europe's, Goodyear Tire &, Aspen, Conterra Energy, Constellation Energy, Diamondback Energy, Vertex Pharmaceuticals, NXP Semiconductors, Bank of England, Reuters, Reuters Graphics Reuters, Thomson Locations: New York, U.S, Gaza, China, Western, San Francisco, South Korean, Asia, Europe, Telesat

☆ Canary Wharf may yet avoid once-a-decade upheaval
▼ + stars: | 2023-11-06 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, Nov 6 (Reuters Breakingviews) - Canary Wharf tends to have a new owner every decade. A recent 300 million pound equity injection implies they will buck the trend. Brookfield and the QIA, which own the estate’s developer Canary Wharf Group through a 50-50 partnership, ostensibly look to be backing a losing horse. Factoring in all its assets on the Canary Wharf estate, Brookfield as of September valued it all at $6.1 billion, or 5 billion pounds – over 2 billion pounds more than what the duo put in eight years ago. Canary Wharf could be owned by highly leveraged, shallow-pocketed types.

Persons: –, Paul Reichmann’s Olympia, Morgan, Breakingviews, dory, George Hay, Oliver Taslic Organizations: Reuters, HSBC, HK, London Docklands, Qatar Investment Authority, Canary, York, Morgan Stanley, Jefferies, Reuters Graphics Reuters, Brookfield, Wharf Group, Thomson Locations: Brookfield, –, CWG, City, Wharf

An electronic board shows stock indexes at the Lujiazui financial district in Shanghai, China, March 21, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. This is their best run in a year, powered by easing financial conditions in the form of lower U.S. bond yields and a weaker dollar, and renewed faith in the U.S. economic 'soft landing' scenario. Having under-performed global and developed market benchmarks last week, Asian stocks could be set to outperform this week. Skeptical foreign investors will need more than one month of slowing imports and exports decline though.

Persons: Aly, Jamie McGeever, Goldman Sachs, Deepa Babington Organizations: REUTERS, Bank of Korea, Thomson, Reuters Locations: Shanghai, China, U.S, India, Asia, Taiwan, Philippines, Indonesia, Japan, Australia

Both changes to the process for designating a non-bank as a "systemically important financial institution," or SIFI, were proposed in April. Friday's vote reversed a Trump administration policy that regulators should police risky activities rather than single out individual firms. Under the revamped process, FSOC will identify potential SIFIs based on existing information and give the company a chance to respond. Similarly, the Managed Funds Association, which represents hedge funds, said non-banks do not pose the same risks as banks. "The guidance imposes a black box designation process that introduces uncertainty for market participants," said MFA President and CEO Bryan Corbett.

Persons: Brendan McDermid, Donald Trump, FSOC, Trump, Janet Yellen, Eric Pan, Bryan Corbett, Barack Obama, Ian Katz, Pete Schroeder, Chris Reese, Michelle Price, Richard Chang Organizations: Wall, REUTERS, WASHINGTON, Treasury Department, U.S . Federal, BlackRock, Bridgewater, Investment Company Institute, Association, MetLife, Inc, General Electric Capital Corporation, American International Group, Prudential Financial, Capital Alpha Partners, Carolina, Thomson Locations: New York, U.S, BlackRock, Bridgewater

☆ UK services businesses 'skirt with recession' in Oct-PMI survey
▼ + stars: | 2023-11-03 | by ( David Milliken | ) www.reuters.com time to read: +2 min

The composite PMI - which includes weak data from the smaller manufacturing sector released on Tuesday - rose to 48.7 from 48.5 in September. "Forward-looking survey indicators suggested that service providers will continue to skirt with recession," Tim Moore, economics director at S&P Global, said. "A shallow downturn in UK service sector activity persisted in October as businesses struggled to make headway against a backdrop of worsening domestic economic conditions and stretched household budgets." The services PMI showed the weakest rise in businesses' input costs since February 2021, as falling raw material costs and discounting by suppliers offset continued upward pressure from rising wage bills and fuel costs. Prices charged by services companies rose by the most in three months, although the increases were smaller than in the first half of the year.

Persons: Hannah McKay, Tim Moore, BoE, David Milliken, Susan Fenton Organizations: REUTERS, P, PMI, P Global, Bank of England, Thomson Locations: London, Britain, September's, United States

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