Turkey will retaliate against US sanctions by boycotting electronic products from the US, Turkish President Recep Tayyip Erdogan says. Deterioration of relations between the countries is among factors that have sent the Turkish lira to a record low against the US dollar.
A Bank of America Merrill Lynch survey of fund managers has found the US stock market might be close to a peak. Chief Investment Strategist Michael Hartnett said the company foresees "peak profits, policy and returns," based on investor input.
The Planning Commission in Elko, Nev., plans to hold a public workshop on proposed updates to the city's subdivision code that should help clarify performance bond requirements. City officials say inconsistent enforcement of city codes has led to confusion among developers about performance guarantees.
Global markets were mixed Tuesday amid concerns about the Turkish lira. Main US indices gained, as did equities in Japan and South Korea, but European stocks stayed sluggish, while emerging markets including Argentina continued to slide.
Political developments in Italy present a bigger threat than economic upheaval in Turkey does for European banks, fixed-income strategist Tom Kinmonth says. Italian Prime Minister Giuseppe Conte has offered assurances the government will control public debt, but Kinmonth says adverse market reaction to the next budget could provoke repercussions across the eurozone.
The European Central Bank's choice of who replaces Daniele Nouy as head of banking supervision is expected to affect the decision of who succeeds President Mario Draghi. "The chance of people from the same country being named to the head of supervision and ECB president is very slim," says Isabel Schnabel, economic adviser to German Chancellor Angela Merkel.
Floating-rate bank bonds tied to the Secured Overnight Financing Rate, a Libor alternative, could be brought to market within months, says Greg Moore of TD Securities. TD Bank has aided issuance of SOFR-based bonds from the World Bank and US government-sponsored enterprise Fannie Mae.
Market participants are finding Europe's revised Markets in Financial Instruments Directive has created unintended consequences, including decreased transparency and data fragmentation in parts of the EU.
Request for market, in which dealers quote the pay and the receive price for interest-rate swaps, is increasing in popularity over request for quote among European buy-side firms that don't wish to divulge market plans.
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