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Are You Pound-Proof Yet? The Brexit Endgame Is About to Begin

Time is running out to position for a disorderly Brexit. That’s the chorus growing louder among pound traders and strategists, with Morgan Stanley joining the said to be preparing for a failure to secure an accord on future economic ties with the EU, the European Council meeting in October and the U.K. Parliament vote on the final exit agreement in December or January are potential flash points, according to the U.S. bank. The pound fell to the lowest level in almost a year against the dollar Thursday, with losses deepening…

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Asia Stocks Mixed on Trade Volleys; Kiwi Slumps: Markets Wrap

Asian stocks traded mixed as China hit back against the Trump administration’s latest tariffs and tensions ratcheted up between the U.S. and Russia. The yen edged higher, while oil held on to its losses. Shares fell in Japan and South Korea, fluctuated in Hong Kong, and pushed higher in China and Australia. Treasuries added to gains made as investors scooped up a record $26 billion 10-year auction. The kiwi tumbled to a two-year low after the New Zealand central bank pushed out its forecast for a rate increase by a…

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Dollar Debt Will Be Elusive to Turkey as U.S. Sanctions Bite

The summer holiday in the bond market may be a long one for Turkey. New dollar issuance, including government and corporate-sector bonds, has dried up, with no sales recorded since April, according to data compiled by Bloomberg. And with corporate-bond losses among the worst in emerging markets amid a plunge in the lira, the dollar-debt market may be shut for some time to come. Quiet Summer Turkish bond sales have dried up since April as uncertainties deterred issuers

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Turkey Crisis Deepens as Sanctions Threat Sends Lira to New Low

Turkey’s lira sank to a record low and bonds tumbled as heightened concern over a respond in kind to U.S. sanctions over a detained American pastor. The iShares MSCI Turkey exchange-traded fund plunged 7.5 percent — the lowest level since 2009. As the currency tumbled, Turkish policymakers changed Turkey Changes Reserve Rules to Boost Banks’ Dollar Liquidity “The real issue is the economic situation and there are no signs of central bank independence or tighter fiscal policies — which are needed to stabilize asset prices,” said Shamaila Khan, AllianceBernstein’s director…

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Saudi Arabia Suspends Ties With Canada Over Activist Row

Saudi Arabia halted new trade and investment dealings with Canada and suspended diplomatic ties in a dramatic escalation of a dispute over the kingdom’s arrest of a women’s rights activist. The kingdom recalled its ambassador to Ottawa and ordered the Canadian envoy to Riyadh to leave within 24 hours, according to a foreign ministry Saudi Arabia is shifting, slowly: read more here. Representatives from Canada’s global affairs department weren’t immediately able to comment. Saudi investments in Canada include G3 Global Holdings Ltd., a joint venture between Bunge Ltd. and Saudi…

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Huawei has its eyes on Samsung after beating Apple in smartphone sales

The Chinese smartphone maker said yesterday that it is positioned to become the world's largest smartphone vendor by the end of next year.Image: Jaap arriens/NurPhoto via Getty Images Huawei is basically screaming, “Can you hear me now?” The Chinese smartphone maker said yesterday that it is positioned to become the world’s largest smartphone vendor by the end of next year. Huawei just upped its 2018 yearend shipment prediction to more than 200 million, which Huawei chief executive Howard Yu previously expressed as his goal. SEE ALSO: Huawei phones are about…

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Trump, Juncker Tout Deal Pulling Back From U.S.-EU Trade War

President Donald Trump and European Commission President Jean-Claude Juncker agreed to suspend new tariffs while negotiating over trade, pulling the U.S. and Europe back from the edge of a transatlantic trade war. The leaders pledged to expand European imports of U.S. liquefied natural gas and soybeans and both vowed to lower industrial tariffs, excluding autos. The U.S. and European Union will “hold off on other tariffs”’ while negotiations proceed, as well as re-examine U.S. steel and aluminum tariffs and retaliatory duties imposed by the EU “in due course,” Juncker said.…

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One of the Worlds Hottest Short Sellers Is Changing Tactics

Earlier this month, Soren Aandahl scored one of his biggest victories as a short seller when he dramatically took down the leader of a world-famous brand. In some ways, the parted ways with Glaucus Research Group this year and set up his own investment firm, Blue Orca Capital, this was a deliberate evolution that reflects, in part, Aandahl’s desire to broaden the focus of his investments. There are difficulties taking bearish positions in smaller, lesser-known firms as there’s often a limited supply of shares to borrow — a precondition in…

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The Goldman Lunch That Set the Scene for 1MDB’s Money Probe

In a private dining room at Singapore’s Taste Paradise restaurant, over a meal of abalone and suckling pig, two 1Malaysia Development Bhd., known as 1MDB, which had hired the New York bank to underwrite the bond sale. Now, people familiar with the matter say, investigators from Singapore to the U.S. are looking more closely at the roles of Ng and Leissner, who’ve both left Goldman. And they’re asking what happened in that private dining room named after the first emperor of a unified China, Qin Shi Huang. In particular, they’re…

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Americas Southwest Border Is Not Out of Control

President Donald Trump’s vision of the U.S. southwestern border verges on the apocalyptic. “Caravans are heading here,” he claims. “Deadly ravages of drugs, gangs and crime [are] pouring across our border,” while legal loopholes allow in murderers and thieves who have “transformed once-peaceful neighborhoods into bloodstained killing fields.” Never mind the studies showing that illegal immigrants commit crimes at rates less likely to be incarcerated than people born in the U.S. And ignore, for the moment, the Drug Enforcement Agency’s own put it this week, look instead at the historical record of…

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GE Kicked Out of Dow, the Last 19th Century Member Removed

General Electric Co. suffered a crowning mentioned as a Dow candidate. Tuesday’s switch de-emphasizes industrial companies in the Dow, currently the biggest industry group in the index at 23 percent of its value, according to data compiled by Bloomberg. Walgreens is categorized as a consumer-staples company, a group that now only makes up 5.7 percent of the Dow. Health-care companies are 13 percent. According to the index manager’s website, the Dow favors a company that “has an excellent reputation, demonstrates sustained growth and is of interest to a large number…

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This Stock’s 9,500% Rally Created a Town of Millionaires

At most big companies, it’s pretty clear who the millionaires are: top executives, rainmakers, science whizzes with PhDs. But at China’s Bloomberg. The previously unreported value of their holdings has ballooned as Sunny Optical’s shares surged more than 9,500 percent since June 2008, trouncing even Netflix Inc.’s 7,500 percent gain. Founded more than three decades ago by a former appliance-factory worker with a high school education and less than $10,000 of borrowed cash, Sunny Optical is now a $22 billion behemoth that supplies lenses to the likes of Samsung and…

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A Trader Named Morgan Stanley Just Left Morgan Stanley

Morgan Stanley. No, really. The fixed-income trader, who just happens to share a name with the 82-year-old Wall Street firm, has left the bank, a person with knowledge of the matter said. Stanley joined in 2012 after graduating from Boston College, according to records from the Financial Industry Regulatory Authority. Stanley, whose middle name is Adam, didn’t return LinkedIn messages seeking comment on his next career move. A spokesman for the New York-based bank declined to comment. Read more: http://www.bloomberg.com/news/articles/2018-04-17/morgan-stanley-leaves-morgan-stanley-yes-you-read-that-right

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