Increased use of artificial intelligence in the financial-services industry is expected to eliminate certain human jobs. However, recruitment agencies report an increase in opportunities for people with AI expertise, while LinkedIn reports a surge in banks' search for such personnel.
Germany's Bundesbank has warned flagging exports could cause the economy to dip into a technical recession during the third quarter. "The overall economic performance could decline slightly once again" because of "the ongoing downturn in industry", the central bank says.
Only 84 companies have gone public this year in Europe, according to Bloomberg data, the fewest in 10 years. Alongside investor fears about the US-Chinese trade conflict, structural market changes are thought to be behind the slowdown.
A breakthrough in US-China trade talks and an uptick in US inflation could spur a bond-market sell-off, says Pimco investment chief Dan Ivascyn.
Bank of England Governor Mark Carney says the failure by Germany and France to amend rules for the treatment of some over-the-counter derivatives contracts ahead of Brexit could place stress on the European financial system.
Credit-default swaps can increase the liquidity of their underlying bonds and make them easier to sell, according to Bank of England researcher Robert Czech. "In theory, CDS contracts can reduce risks in financial markets by providing valuable insurance," Czech writes.
Malta-based cryptocurrency exchange Binance is creating an independent regional digital currency similar to Facebook's Libra project. Binance says it's open blockchain Venus project will "empower developed and developing countries to spur new currencies."
The Commodity Futures Trading Commission has removed comments from its website concerning a wheat price manipulation case. Top agency officials have been ordered to testify at a hearing.
South Korea's Financial Supervisory Service will launch an investigation of derivative products linked to overseas interest rates sold mainly to retail investors, which it says have put some investors at risk.
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