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Britain Economy ESMA London Top News UK 

London asset managers face new Brexit threat

July 27, 2017 By Huw Jones, Anjuli Davies and Simon Jessop LONDON (Reuters) – British-based investment firms’ long-standing ability to manage billions of euros of assets elsewhere in Europe could be threatened by Brexit, new EU guidance suggests. Asset managers in London oversee funds worth 1.2 trillion euros ($1.4 trillion) in the EU – more than their peers in France, Germany and Italy combined, according to figures from UK industry body the Investment Association. Previously, many mangers had said they expected the impact of Brexit on their operations would be…

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bank China December Reuters Economy poll Top News 

Bullish bets on China yuan rise to highest since December: Reuters poll

July 27, 2017 By Christina Martin (Reuters) – Investors raised their long positions in most Asian currencies compared with two weeks ago, with bullish bets on the Chinese yuan at their highest since December, a Reuters poll showed on Thursday, as the dollar languished near multimonth lows on political woes in Washington. The poll was conducted between Tuesday and Wednesday, with all responses received before the U.S. Federal Reserve concluded its two-day meeting on Wednesday. The Fed maintained its benchmark lending rate and said it was continuing the slow path…

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debt ECB Economy Japan Top News United States 

Bond supply set to turn positive as central banks eye end of easy money

July 27, 2017 By Ritvik Carvalho and Dhara Ranasinghe LONDON (Reuters) – A scaling back of central bank cash injections into the world economy could lead next year to the first glut in sovereign debt issuance from major economies in four years. It would also push up borrowing costs by creating a larger pool from which to buy. The U.S. Federal Reserve has said it will begin cutting its bond holdings this year and the European Central Bank is expected to start scaling back its 2.3 trillion euro bond-buying stimulus…

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Although Fed currencies Economy rates Top News U.S. 

Dollar licks wounds at 13-month low after Fed inflation view

July 27, 2017 By Hideyuki Sano TOKYO (Reuters) – The dollar licked its wounds at 13-month lows against a basket of major currencies on Thursday after the U.S. Federal Reserve’s more cautious wording on the inflation outlook bolstered views it might not hike interest rates again this year. While the Fed said it expected to start shrinking its massive holdings of bonds “relatively soon”, a phrase taken by many to mean an announcement in September, the central bank also noted weakness in U.S. inflation more explicitly than before. That recognition…

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China June Economy increase month National Bureau Top News 

China industrial profits jump 19.1 percent year on year, weather higher financing costs

July 27, 2017 BEIJING (Reuters) – Earnings for China’s industrial firms surged 19.1 percent in June from a year earlier, accelerating from May in a sign economic momentum remains solid even as rising borrowing costs have raised concerns about pressure on margins. Profits in June rose to 727.78 billion yuan ($107.83 billion), the National Bureau of Statistics (NBS) said on its website on Thursday. For the first half of the year, the firms notched up profits of 3.63 trillion yuan, a 22.0 percent jump from the same period of last…

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Business Economy HIROSHIMA Japan policy Top News 

Japanese firms avoiding price hikes now but sentiment is changing: BOJ’s Nakaso

July 26, 2017 By Stanley White HIROSHIMA, Japan (Reuters) – Bank of Japan Deputy Governor Hiroshi Nakaso said the services sector has streamlined operations to avoid passing labor costs on to consumers, but there are signs that companies will raise prices in the future. Nakaso, in a speech to business leaders in Hiroshima, western Japan, also expressed confidence that inflation will reach the BOJ’s 2 percent price target around fiscal 2019 and said the BOJ should stick with its quantitative easing program. A pickup in consumer spending, rising exports and…

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bank debt Economy policy rates Top News 

Australia’s central bank chief ‘very comfortable’ with low policy rates

July 26, 2017 By Swati Pandey and Wayne Cole SYDNEY (Reuters) – Australia’s top central banker said on Wednesday he was “very comfortable” with keeping interest rates at record lows as inflation fell short of expectations yet again. The Reserve Bank of Australia (RBA) has held policy rates at 1.50 percent after last easing in August 2016, as it balances lukewarm consumer prices with household debt at a daunting 190 percent of disposable income. “I am very comfortable with the current setting of policy because it creates jobs,” RBA Governor…

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currencies Economy rates Top News Trump U.S. 

Dollar steady above 13-month low ahead of Fed, takes Senate vote in stride

July 26, 2017 By Masayuki Kitano SINGAPORE (Reuters) – The dollar bobbed above a 13-month low against a basket of major currencies on Wednesday, as investors awaited the U.S. Federal Reserve’s policy statement for clues on the course of its next monetary tightening. Traders also kept an eye on the U.S. Senate, which narrowly agreed to open debate on a bill to end Obamacare. But the wafer-thin victory on a simple procedural matter raised questions about whether Republicans will be able to muster the votes necessary to pass any of…

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Britain Economy government Poland Top News Ukraine 

From the Garden of England to Poland, UK farmers look abroad after Brexit

July 26, 2017 By Cassandra Garrison LANGLEY, England (Reuters) – For 70 years, Tim Chambers’ family has harvested fruit in south-east England, but after Britain’s vote last year to leave the European Union he expanded into Poland and is ready to sell some of his land if a shortage of migrant workers worsens. His firm, W. B. Chambers & Son, has relied heavily on seasonal staff from eastern Europe for the past two decades as it focused on growing raspberries and blackberries that require laborious harvesting by hand. Typically, at…

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Economy Janet Yellen President Donald Trump Top News Wall Street Journal WSJ 

Trump says Yellen and Cohn possible Fed chair picks: WSJ

July 25, 2017 (Reuters) – U.S. President Donald Trump named on Tuesday two possible candidates to run the Federal Reserve over the next few years: current Fed Chair Janet Yellen and Trump’s economic adviser Gary Cohn, according to an interview with The Wall Street Journal. Yellen, whose four-year term expires in February, “is in the running, absolutely,” to be renominated, Trump was quoted as saying. In addition, Cohn, a former Goldman Sachs president who is now director of the National Economic Council, “certainly would be in the mix,” he said….

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