European Council President Donald Tusk called upon the 27 countries that will remain in the EU after the departure of the UK to approve the post-Brexit transition deal agreed upon this week by UK and EU negotiators. Members of the European Council, which has the power to approve or reject the deal, are scheduled to discuss the issue at summit on Friday.
China is bracing for an announcement of trade sanctions by the US, widely expected to amount to as much as $60 billion in annual tariffs on telecomms equipment, consumer electronics and other goods. New York-based Consul General Zhang Qiyue promised to open up overseas access to investment in coming months, saying "some of the measures will be beyond the expectations of foreign companies and investors".
A universe is the selection of securities plotted on a Relative Rotation Graph. These can be pretty much any traded instrument as long as they are comparable. You should not, for example, mix a yield symbol with a stock index symbol as they move inversely and will not be comparable. Securities in the universe are compared to the benchmark, which is the center of the RRG, and each other. The relationship between the universe and the benchmark dictate whether it is an open or a closed universe. Read the full article here.
While the semiconductor sector enjoys a rally, technical analyst Lucas Downey selects industry supplier Applied Materials as especially likely to thrive. He points out that it ended 2017 strongly on the back of increased institutional appetite, has gained 11.8% since the start of the year and rebounded comfortably from a brief pullback in February, and is now well placed for significant ascent.
Securities and Exchange Commission Chairman Jay Clayton told SIFMA's C&L Annual Seminar that the agency is continuing to develop its own draft of a best-interest standard rule. An appeals court decision to vacate the Labor Department's version has cleared the way for the SEC, but he told the conference it will have little effect on how the SEC's published draft will look.
The rotational chief audit executive practice, while widespread, has some inherent pitfalls, writes IIA President and CEO Richard Chambers. "My apprehension about this practice has grown proportionally to growth in the demands that stakeholders are placing on the profession," he writes.
Progress toward parity for women in executive ranks has been slow but could be accelerating as governments and major investment houses press the issue. While boardrooms are seeing more women, progress among executive ranks in the US, UK and Europe has been slower.
EU leaders are expected to approve a special annex this week to the Brexit transition agreement. A draft opens the door to UK financial services firms' doing business after Brexit in the single European market based upon "reviewed and improved equivalence mechanisms".
Europe's investment banks widely welcomed the revival of market volatility this year, but its pace and intensity have led some to downgrade their revenue forecasts, and shares to slump this week for entities including Deutsche Bank and Credit Suisse. Deutsche Bank's Marcus Schenck commented: "On balance, we all benefit from a bit more volatility, but if it goes up too much, everyone is suffering."
The Financial Conduct Authority plans to revise its methods for applying penalties this year. The amounts levied have swung significantly over time, from record highs to relatively low figures.
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