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12/12/2017

The gap between German and US 10-year bond yields has neared the widest point since April ahead of meetings of the European Central Bank and the US Federal Reserve. Market watchers expect the meetings to highlight increasing divergence, with the Fed likely to increase interest rates and the ECB expected to hold rates.

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Reuters
12/12/2017

Tax changes under consideration by the US Congress are discriminatory and could harm international trade and investment, the finance ministers of the five biggest European economies say in a letter to US Treasury Secretary Steven Mnuchin. An excise tax in the proposal would violate double-taxation treaties and would conflict with World Trade Organisation rules, the letter says.

12/12/2017

Banks' appetite for lending to European leveraged loans is cooling, with participation in syndicates falling to less than 10% from as high as 25% since summer. Aggressive pricing and dealmaking reportedly are making conservative banks uncomfortable, but market participants say investors such as pension funds, insurers, sovereign-wealth funds and high-net-worth individuals are eagerly stepping in.

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Reuters
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Banks, insurance companies
12/12/2017

The Basel Committee on Banking Supervision's latest revisions to the Basel III capital framework have met doubts from bankers, who say the changes do not help them accurately reassess capital requirements and depend excessively on national regulators' calculations. The committee's impact study on the operational-risk framework suggests capital requirements will fall by 30% on average, but independent projections show a wide variety that depends on the bank, ranging from a decrease of 66% to an increase of 222%.

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Basel III
12/12/2017

Trade officials from the EU, the US and Japan have agreed to oppose Chinese support for excess industrial capacity and other trade practices that distort the global economy, a source says. A joint statement is expected at a World Trade Organisation ministerial meeting in Argentina.

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Reuters
12/12/2017

The Federal Reserve has confirmed it will launch three market benchmarks to replace the US dollar London Interbank Offered Rate. The Secured Overnight Financing Rate, the Triparty General Collateral Rate and the Broad General Collateral Rate will launch during the second quarter.

12/12/2017

Most Asian-Pacific stock markets posted losses Tuesday, with traders unimpressed by a record high set by the Dow Jones industrial average. Japan's Nikkei 225 declined 0.3%; Hong Kong's Hang Seng Index lost 0.6%; Australia's S&P/ASX 200 rose 0.3%; China's Shanghai Composite dropped 1.2%; South Korea's Kospi gave up 0.4%; and India's Sensex was down 0.7%.

12/12/2017

Cboe Global Markets saw 4,127 bitcoin futures contracts worth more than $75 million trade during the first session, which observers said was better than expected. "Just about all of the participants who had shown us readiness late last week and even into this weekend showed up," said CEO Edward Tilly.

12/12/2017

On the whole, global bond markets are steady as a meeting of the Federal Reserve's monetary-policy committee, which is widely expected to nudge interest rates higher, draws near. The pricing of Fed funds futures suggests that traders believe there's a 60% chance the committee will push rates higher again in March.

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Reuters, Quartz
12/12/2017

CME Group and China's Global Big Data Exchange have formed a partnership. The companies will cooperate on integration of commercial data and will develop targeted big data applications.

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Mercantile Exchange