Financial Markets
Top stories summarized by our editors
5/20/2019

Liu Shiyu, former chairman of the China Securities Regulatory Commission, is being investigated by anti-corruption authorities for allegedly violating laws and defying Communist Party regulations. Liu is cooperating with investigators.

5/20/2019

Market-risk capital standards under the Basel Committee on Banking Supervision's Fundamental Review of the Trading Book could end up killing fund-linked structured products, derivatives industry sources say.

5/20/2019

Deutsche Boerse unit STOXX plans to target growing interest in environmental, social and governance products in China. The biggest hurdle is showing Chinese investors they can invest sustainably and remain profitable, says Rick Chau, managing director and head of Asia-Pacific at STOXX.

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Deutsche Boerse, STOXX, Asia Pacific
5/20/2019

More than 90,000 metric tons of aluminum in London Metal Exchange-bonded warehouses were canceled last week as the metal swung into contango. Most of the material was in warehouses in Singapore and Malaysia.

5/20/2019

The London Metal Exchange aims to establish warehouses in China. The exchange is in discussions with Guangdong province, says Hong Kong Exchanges and Clearing CEO Charles Li, who hopes China's plan to develop the region into a technology and innovation hub will speed up the process.

5/20/2019

Prices for crude oil from the North Sea, Asia and the Americas have hit the highest mark in five years as the market tightens from supply disruptions and mounting tensions in the Middle East. ICE Futures Europe data shows Brent crude futures for July are trading at the highest premium ever, while Houston's West Texas Intermediate is trading at $7.50 per barrel above benchmark WTI crude.

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West Texas Intermediate, Brent
5/20/2019

After China's Luckin Coffee sold its initial public offering shares for $17, they opened in the market at $25, later easing to about $22. The IPO gave the company approximately a $4 billion valuation.

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Quartz
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Luckin Coffee
5/20/2019

Quibi, a startup short-form video platform backed by Jeffrey Katzenberg's WndrCo, is looking to add $1 billion more to the billion of capital it has already raised.

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Jeffrey Katzenberg, Quibi
5/20/2019

Shares of Fastly, a startup whose service accelerates the speed at which websites load, priced at about $16 for the initial public offering but quickly gained more than 50% after trading opened.

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TechCrunch
5/20/2019

Shares of chemical company Avantor priced at $14, the low end of the range for the initial public offering, but advanced 4.5% after trading began. The offering raised $2.9 billion.

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MarketWatch
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Avantor