Financial Markets
Top stories summarized by our editors
5/21/2018

US Treasury Secretary Steven Mnuchin says the US and China are "putting the trade war on hold". The countries have agreed to withdraw tariffs proposed for each other while they develop a comprehensive trade agreement, he says.

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Treasury, Steven Mnuchin
5/21/2018

Shareholders are pushing Royal Dutch Shell to set tougher carbon-emissions targets to meet goals of the Paris climate accord. The Church of England, Dutch pension fund Aegon, workplace pension fund Nest, AXA Investment Managers and Legal & General Investment Management are among those wanting Shell to increase transparency and to halve the carbon footprint of energy sold by 2050.

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The Guardian (London)
5/21/2018

US-listed exchange-traded products that benefit from volatility have seen inflows of more than $633 million this month, meaning May is on pace for the highest volume since August 2016. The iPath S&P 500 VIX Short-Term Futures product, which tracks futures on the Cboe Volatility Index, accounts for about $275 million of inflows.

5/21/2018

The London Metal Exchange is preparing yuan-denominated products linked to metals, CEO Matthew Chamberlain says. The exchange is confident the products will be popular because international use of the yuan has become more widespread, he says.

5/21/2018

A committee of the European Parliament has voted to narrow a proposal on oversight of foreign derivatives clearinghouses. The measure instructs the European Securities and Markets Authority to cooperate with the US Commodity Futures Trading Commission and other foreign regulators, rather than unilaterally asserting authority over foreign clearinghouses.

5/21/2018

The London-Shanghai Stock Connect will launch this year and will let Chinese companies sell global depositary receipts in the UK and vice versa, according to a presentation by London Stock Exchange Group seen by Bloomberg. Chinese companies reportedly must be worth at least 20 billion yuan and be on the Shanghai Stock Exchange to list in London.

5/21/2018

China is slowing expansion of infrastructure projects as it tries to get a grip on soaring local government debt. Growth of infrastructure spending has hovered near 20% annually in recent years, compared with 12.4% in January to April.

5/21/2018

Half of consumers worldwide use digital services for money transfers and payments, while significant numbers use financial technology for purposes including insurance and borrowing, according to the EY FinTech Adoption Index. In the UK, fintech is among the fastest-growing sectors, generating over £20 billion yearly and employing more than 60,000 people.

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TechNative
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EY
5/21/2018

The European Securities and Markets Authority is awaiting a ruling from the European Commission on whether exemptions from initial margin and default-fund payments central counterparties have given government entities are legal. Banks have challenged the move, saying it exposes other clearing members to greater risk.

5/21/2018

Nasdaq Dubai plans to introduce futures contracts on companies in Saudi Arabia listed on the Saudi stock market in the third quarter. "The futures will give investors new hedging tools to take long and short positions on the companies, at a time when international investor interest in the Saudi stock market is increasing rapidly," the exchange says.

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Nasdaq Dubai