Financial Markets
Top stories summarized by our editors
6/19/2018

Stock markets declined Monday worldwide as trade conflicts showed no signs of slowing, particularly between China and the US. Political tensions in Germany regarding Chancellor Angela Merkel's refugee policy also have led to losses, Spreadex financial analyst Connor Campbell says.

6/19/2018

President Donald Trump has assured Apple CEO Tim Cook proposed tariffs would not affect iPhones assembled in China, a source says. The latest list of tariffs has raised concerns US electronics-makers would be adversely affected.

6/19/2018

Securities and Exchange Commission Chairman Jay Clayton described the key strategies the SEC is employing to protect retail investors, including its best-interest proposal, and pointed out the SEC aspires to communicate directly with investors rather than through intermediaries. Speaking to a conference, Clayton delivered strong criticism of the current volume of retail investor fraud, which the SEC is seeking to curb.

6/19/2018

BlackRock is inviting advisors to upload their clients' portfolios to a special website that analyzes how the investments are likely to perform under a variety of economic conditions and then compare them to other allocations. Since October, about 20,000 financial professionals have used the free tool on the BlackRock Advisor Center website.

6/19/2018

A Bloomberg poll shows less than 55% of economists expect the Bank of England to raise interest rates in August, compared with 60% in a poll in May. A BoE policy meeting this week might give an indication of intentions on interest rates.

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Bloomberg, Bank of England
6/19/2018

Bayer has issued $15 billion in bonds to fund a $63 billion takeover of Monsanto, sources say. The sale is this year's second-largest bond offering.

6/19/2018

Fujifilm Holdings has sued Xerox for more than $1 billion after Xerox backed out of a planned merger. Fujifilm alleges activist investors Carl Icahn and Darwin Deason pressured Xerox into unlawfully terminating the agreement.

6/19/2018

The UK Financial Reporting Council has released a report that criticises accounting firms for "failure to challenge management and show appropriate scepticism across their audits", particularly regarding collapsed construction company Carillion. KPMG, PwC, EY and Deloitte must quickly improve audit quality, FRC CEO Stephen Haddrill says.

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The Guardian (London)
6/19/2018

The US Senate has voted for an amendment to the National Defense Authorisation Act that would prevent President Donald Trump from lifting a ban on China's ZTE. The vote sent ZTE's Shenzhen and Hong Kong shares tumbling, with the stock losing 38% since trading resumed last week.

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Reuters
6/19/2018

Cryptocurrency entities including Coinbase and banks including Nomura and reportedly JPMorgan Chase are developing custodian services that comply with regulation. An influx of investment is expected once robust cyberdefence of cryptocurrencies is established, and "the market will come to recognise that custodianship is a solved problem", says Kyle Samani of Multicoin Capital.