OPEC and a group of allies led by Russia will discuss at least two approaches to increasing oil production, sources say. However, OPEC's internal simulations indicate that if production limits are relaxed too quickly, the policy shift could lead to a glut.
Texas residents suing for compensation related to flooding from two reservoirs owned by the federal government following Hurricane Harvey finished testifying last week. The litigation against the US Army Corps of Engineers asserts the USACE was aware of the reservoirs' limitations.
In a rare display of unity, the Netherlands, France and Germany have signed a plan calling for greater integration of EU capital markets to proceed this year.
UK Prime Minister Theresa May says the Brexit proposal she will bring to Parliament in early June is a "bold offer". Cabinet minister Rory Stewart says he hopes provisions protecting workers' rights will attract support from the opposition Labour Party, but party leader Jeremy Corbyn says it will oppose the measure.
Final rules proposed under Basel III would be "credit positive for Singapore banks", according to Moody's Investors Service. Strong capital ratios would not significantly deteriorate, Moody's says.
The eight global systemically important banks in the US increased repo exposure in the first quarter by 11% compared with Q1 of 2018 and by 4% compared with Q4. JPMorgan Chase had the highest increase, with 34% compared with Q1 of 2018 and with 9% compared with Q4.
The People's Bank of China will intervene to keep the yuan from depreciating below 7 per US dollar, sources say. Although breaking 7 could mitigate the impact of US tariffs on the Chinese economy, it could also harm investor confidence in the yuan and lead to outflows.
The Central Bank of Ireland will draw from experience overseeing derivatives rules under the European Market Infrastructure Regulation when it begins enforcing the Securities Financing Transactions Regulation in April, says Colm Kincaid, director of securities and markets supervision.
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