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Starting next week (week commencing 24th September) the Dow Jones and S&P indices will move the following names from the sector ‘Information Technology’ to ‘Communication Services’:
This may drive volatility in specific stocks and the indices they are based upon as passive ETF investing is rebalanced to adjust to the new sectors the stocks will fall under. (LiveSquawk – Continue Reading)
The Swiss National Bank is expected to keep interest rates at record lows on Thursday, but alpine central bankers could adjust their statement on the value of the franc to highlight its recent strength following financial problems in southern Europe, analysts said. The SNB is scheduled to announce its rate decision and latest economic projections for Switzerland at 0730 GMT Thursday.
The bank is expected to hold its interest rate for sight deposits at -0.75pct and the target range for the three-month Libor at -1.25pct and -0.25pct, according to a survey of economists.
Since the last rate decision in June, when the bank left rates unchanged, the franc has pushed higher against the dollar and euro due to financial crises in neighbouring Italy and in Turkey.
In a note, ING said, “When global risks increase, the Swiss franc’s value tends to increase drastically, especially against the euro. Turkey’s crisis illustrated this tendency clearly: the EUR/CHF exchange rate went from 1.17 on the 13th of July to 1.12 on the 15th of August, its peak since the summer of 2017.” (LiveSquawk – Continue Reading)
Settling in for the long haul, the Bank of England (BoE) is widely expected to commence a wait-and-see approach this week in preparation for the potential fallout from a Brexit withdrawal agreement early next year.
Consensus amongst traders remains for the Monetary Policy Committee (MPC) to unanimously keep its key interest rate unchanged at 0.75pct, with no changes to the GBP435Bln total gilt purchases and GBP10Bln corporate bond programmes.(LiveSquawk - Continue Reading)
When the European Central Bank’s governing council finishes its first meeting after the summer break, the bank is expected to follow its script from July, which was virtually a carbon copy of June’s forward guidance, analysts said.
On Thursday the bank is scheduled to issue its latest rate decision—no changes are expected—at 1145 GMT, host a press conference with ECB President Mario Draghi at 1230, and release its latest economic projections at 1330 (LiveSquawk - Continue Reading)
China will ask the World Trade Organization (WTO) next week for permission to impose sanctions on the United States, for Washington’s non-compliance with a ruling in a dispute over U.S. dumping duties, a meeting agenda showed on Tuesday.
The request is likely to lead to years of legal wrangling over the case for sanctions and the amount.
China initiated the dispute in 2013, complaining about U.S. dumping duties on several industries including machinery and electronics, light industry, metals and minerals, with an annual export value of up to $8.4 billion.
It won a WTO ruling in 2016, which was confirmed by an appeal last year.
The case concerned the U.S. Commerce Department’s way of calculating the amount of “dumping” - Chinese exports that are priced to undercut American-made goods on the U.S. market. (Reuters – Continue Reading)
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