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☆ Plunging pound pauses as investors await policy response
▼ + stars: | 2022-09-27 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

On Friday and again on Monday the pound plunged, finding a record low of $1.0327 as investors question Britain's economic gambit of unfunded tax cuts to spur growth. Sterling has dropped 5% since Thursday and 21% this year against a backdrop of an ever stronger dollar. As the pound fell on Monday, the dollar surged to new highs on the euro and many more. "Everyone's got this hope that the dollar is peaking and peaking and peaking, but it's just been far too premature," said Paul Mackel, global head of FX research at HSBC in Hong Kong. China's yuan also hit a 2-1/2 year low on Monday and was steady at 7.1639 on Tuesday.

☆ Sterling higher as BoE, Treasury seek to calm markets
▼ + stars: | 2022-09-27 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

UK pound coins plunge into water coloured with the European Union flag colours in this illustration picture, October 26, 2017. The BoE "will not hesitate" to raise interest rates if needed to meet its 2% inflation target, governor Andrew Bailey said on Monday. "The BoE saying it won't change course has helped the recovery in sterling as it conveys a message that there's no sense of panic at the central bank," Cole added. "UK markets will now be hyper-sensitive to any communication from UK policymakers," said ING head of markets Chris Turner in a note. Pill voted with the majority to raise interest rates by 50 basis points at last week's policy meeting.

☆ Pound rebounds as traders turn to BoE response
▼ + stars: | 2022-09-27 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

As the dollar eased, the pound rose 1% in Asia to $1.0805 and is up nearly 5% from Monday's low at $1.0327. The kiwi also rose 1%, its first gain in seven sessions, the euro rose 0.5% and the Aussie rose 0.7%. "More BoE rate hikes could only briefly boost the pound but not on a sustainable basis," said Gao. As the pound fell on Monday, the dollar surged to new highs on the euro and many more. The Aussie and kiwi hit 2-1/2 year lows on Monday and were due for a rebound, with the Aussie up 0.6% to $0.6500 and the kiwi up 1.2% to $0.5703.

☆ UK mortgage borrowers are in for a nasty shock from soaring rates
▼ + stars: | 2022-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets had already been expecting the central bank to raise interest rates to 4.75% by next spring. There are 9 million outstanding residential mortgages in the United Kingdom, according to UK Finance, an association of banks and financial services firms. About 20% of those loans are tracker, or variable rate products, that typically become more expensive when the central bank hikes rates. Halifax, owned by Lloyds Bank (LLDTF), removed some of its mortgage products, while Virgin Money stopped taking mortgage applications from new customers until later this week.

☆ Morning Bid: Eye of the storm
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Shannon Stapleton TPX IMAGES OF THE DAYA look at the day ahead in U.S. and global markets from Mike Dolan. As Hurricane Ian raged and set its sights on Cuba and Florida, a global financial storm in bond and currency markets calmed moderately - though likely only temporarily. read moreRegister now for FREE unlimited access to Reuters.com RegisterFor all its potential destruction, Ian doesn't yet appear on the world markets radar. UK debt auctions this week will be watched very closely. But this may be the eye of the storm.

☆ Global rates, retail banking included in Bank of England stress test
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File PhotoLONDON, Sept 26 (Reuters) - Banks' ability to cope with rising global interest rates and the resilience of their retail divisions to market shocks will be under scrutiny in this year's "stress test", the Bank of England said on Monday. It will test "ring-fenced" retail arms of banks on a standalone basis for the first time, the BoE said. There will be a separate stress test of misconduct costs. The test has no pass or fail mark but a bespoke "hurdle" for each bank.

☆ Britain's fund management assets rise in 2021, slowdown seen
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA worker arrives at his office in the Canary Wharf business district in London Feb. 26, 2014. LONDON, Sept 27 (Reuters) - Fund managers in Britain posted a 6% rise in assets under management to 10 trillion pounds ($10.8 trillion) last year, but a slowdown is likely, the Investment Association (IA) said on Tuesday. The 2021 growth rate was below the 11% compound average annual increase seen in the last 10 years, according to an IA survey. Register now for FREE unlimited access to Reuters.com Register"Rising interest rates bring the spectre of recession and weaken the outlook for asset growth." ($1 = 0.9260 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolyn Cohn and Huw Jones Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

People relax in the sun of the bank the River Thames, with the The City of London financial district in the distance, in London, Britain, June 16, 2022. The CityUK, which promotes UK financial services abroad, said Britain must make a competitive and compelling offer to lift growth, but there is no magic bullet. DEREGULATION PUSHThe City is largely locked out of the EU since Brexit and financial services were excluded from the UK's trade deal with the bloc. Kwarteng said the financial services sector will be at the heart of the government's programme to drive growth in the economy. "To reaffirm the UK's status as the world's financial services centre, I will set out an ambitious package of regulatory reforms later in the autumn," Kwarteng said.

☆ New York still top, Moscow sinks in finance centre ranking
▼ + stars: | 2022-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

A view of the New York City skyline of Manhattan and the Hudson River during the outbreak of the coronavirus disease (COVID-19) in New York City, as seen from Weehawken, New Jersey, U.S. April 18, 2020. REUTERS/Jeenah Moon/File PhotoLONDON, Sept 22 (Reuters) - New York remains far and away the world's most favoured financial centre, with London still second and Singapore overtaking Hong Kong to come in third, latest rankings from the Global Financial Centres Index (GFCI) showed on Thursday. Register now for FREE unlimited access to Reuters.com RegisterGFCI Main Rankings September 2022New York has held the top position among global financial centres ranked by GFCI for four years, overtaking London. Britain's new Prime Minister Liz Truss wants to 'unshackle' the UK financial sector from rules which date to when the country was in the European Union in order to increase London's attraction as a global financial centre. New York, San Francisco and Los Angeles topped GFCI's separate fintech sector ratings, with London fourth and Shanghai fifth.

☆ UK watchdog clarifies post-Brexit conditions for share trading licences
▼ + stars: | 2022-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSignage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby MelvilleLONDON, Sept 22 (Reuters) - Britain's financial watchdog set out plans on Thursday to clarify which operators must be licensed to trade stocks and bonds in its latest post-Brexit move to keep London's capital market competitive. Register now for FREE unlimited access to Reuters.com RegisterThe watchdog said it won't change the legal perimeter which determines mandatory licensing for trading venues, but is clarifying where that border lies. In its paper, the watchdog said a multilateral trading platform which requires a licence comprises multiple third-party buying and selling trading interests in financial instruments, such as stocks and bonds. Register now for FREE unlimited access to Reuters.com RegisterReporting by Huw Jones; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ EU watchdog proposes emergency brake on energy markets
▼ + stars: | 2022-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Fabian BimmerLONDON, Sept 22 (Reuters) - A temporary brake on gas and electricity derivatives when prices spike could improve the overall functioning of the energy market, the European Union's securities watchdog proposed on Thursday. "It would, therefore, appear useful to consider implementing, on a temporary basis and for energy derivative markets only, a new type of trading halt mechanism," ESMA said in a statement. Such a mechanism would need to be implemented as part of emergency measures tackling the current energy crisis, it added. Energy firms sell their output using derivatives markets, requiring them to post "margin" in the form of cash, in practice, to cover positions at clearing houses in case they turn sour. ESMA said such conditions include a time limit on their use, such as for the winter period when stresses in energy markets are expected to continue.

☆ Barbados issues world's first pandemic-protected bond
▼ + stars: | 2022-09-21 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

Barbados' new bond - finalised in a deal with bankers on Wednesday - is likely to leave an even bigger imprint, especially with smaller, tourism-dependent countries that were pushed to the brink of economic collapse during the COVID-19 pandemic. "And hence we would not be facing the kind of debt crises that many countries are about to face". Credit Suisse banker Ramzi Issa, who led on some of the key financing aspects on the bond deal which involved a buyback, said it was "hugely significant". "It is like a dose of vaccine for your debt," said Sui-Jim Ho, a partner at Cleary Gottlieb - the law firm that helped craft the clause for Barbados. The bond deal has an ecological feature too.

☆ Stocks muted, Sweden kicks off salvo of central bank hikes
▼ + stars: | 2022-09-20 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

The MSCI all country stock index (.MIWD00000PUS) was 0.2% ahead, leaving it down about 20% from a lifetime high in January. Sweden's central bank hiked rates by a greater than expected full percentage point on Tuesday and warned of more to come. read moreLuca Paolini, chief strategist at Pictet Asset Management, said the U.S. central bank would likely ease the pace of hikes going into next year. "The market, in a way, is probably expecting a peak in rates," Paolini said, adding that market focus would then switch to how higher rates were affecting economies and company earnings. Terminal rate projection also leapsCONTRARIAN CHINAChina's central bank kept its benchmark lending rates unchanged at a monthly fixing on Tuesday, as expected.

☆ Markets body urges caution on shorter settlement in Europe
▼ + stars: | 2022-09-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Sept 21 (Reuters) - Halving settlement time for stock trades in Europe to one business day would be "challenging" and needs full analysis by regulators before any decision is taken, a markets industry body said on Wednesday. "A move to T+1 would remove the only business day between trading and settlement, creating significant pressure on post-trade operations, particularly for global participants," the Association for Financial Markets in Europe (AFME) said in a discussion paper. Authorities in Britain and the European Union, mindful of keeping their capital markets globally competitive, have already held informal discussions with industry on T+1. "An important area for further discussion will be whether or not a synchronised implementation timeline is required across Europe more broadly," AFME said. U.S. settlement house DTCC is piloting T+0 settlement.

OpinionIt’s Not Just You America’s mental health crisis isn’t just about our unhappiness as individuals. It’s about the world we live in: our economy, our culture, our medical establishment. Americans have long treated mental health as a personal matter. But until we realize that society shapes our mental health and how we treat it, we won’t be able to feel better.

Palatul Buckingham a anunțat că ducele de Edinburgh a decedat la Castelul Windsor, pe 9 aprilie, fără a dezvălui mai multe detalii. Telegraph anunță că a obținut certificatul de deces al lui Philip, care a fost avizat de Sir Huw Thomas, șeful diviziei medicale regale. Certificatul nu include nicio mențiune asupra stării preexistente din cauza căreia ducele a fost supus unei intervenții cardiace cu câteva săptămâni înainte de moarte. Prințul Philip a fost internat timp de o lună la două spitale din Londra. Inițial a primit îngrijiri pentru o infecție, dar apoi a fost supus unei proceduri chirurgicale.

Persons: de, Philip, Sir Huw Thomas, Sir Huw, Prințul Philip, Ducele, regina Elisabeta a II, a Locations: Palatul, de Edinburgh, Castelul Windsor, Londra

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