June, 2016

• 29 June

  Brexit throws spanner into EU climate policy & targets

  

    London / AFP Britain’s exit from the European Union may erode the bloc’s leadership role in fighting climate change and stymie crucial efforts to set more ambitious targets for cutting greenhouse gases, officials and experts said. The damage will become worse the longer the divorce proceedings drag on, or if Brexit inspires other EU nations to follow suit, they said. ...

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• 29 June

  Exit from EU to hurt London in clearing, warns France’s Hollande

  

    Bloomberg French President Francois Hollande targeted a key pillar of the U.K.’s financial industry, calling into question the City of London’s status as a clearing hub after Britons voted last week to leave the European Union. “The City, which could make its clearing operations in euro, won’t be able to do so any more,” Hollande said after the first ...

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• 29 June

  Denmark dumped $750mn in kroner post EU poll

  

    Bloomberg Scandinavia’s biggest bank estimates Denmark sold almost $750 million in kroner to weaken the currency after it became clear early on Friday that Britons had voted to leave the European Union. The flight into safe-haven markets triggered by Brexit drove the krone to its strongest level against the euro in more than a decade, forcing the central bank ...

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• 29 June

  Britons brace for UK exit hit as economy concern grows

    Bloomberg A larger proportion of Britons are worried that Brexit will hurt their personal finances than voted to leave the European Union last week, illustrating the extent of uncertainty among U.K. consumers in the wake of the historic vote. About 61 percent of 2,000 people surveyed by researcher Retail Economics over the weekend said they were concerned about the ...

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• 29 June

  ‘High risk’ France to miss deficit target: Auditors

    Paris / AFP There is a great risk that France misses its 2017 deficit target because of increased spending since the start of the year, the Court of Auditors warned on Wednesday. Francois Hollande’s government has repeatedly promised that it will bring the public sector deficit to 2.7% of gross domestic product (GDP) next year, below the three percent limit ...

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• 29 June

  Russia to shield reserves as Putin taps sovereign fund

  

    Bloomberg Russia will only take its battle against inflation so far. Reserves and the ruble’s free float is where it draws the line. Authorities are looking at how to keep tapping a wealth fund to cover the budget deficit even though their method of doing so floods the economy with excess cash, according to four officials familiar with the ...

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• 29 June

  German consumer morale shrugs off Brexit fears: Survey

    Frankfurt / AFP Consumer confidence in Germany is on the rise as households feel that robust domestic demand, rising wages and low inflation will keep Europe’s biggest economy on a growth path, a poll found on Wednesday. “In contrast to the weather, German consumer sentiment is showing itself from its sunny side,” market research company GfK said in a statement. ...

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• 29 June

  GAM buys UK’s Cantab capital partners for $217 million

    Bloomberg GAM Holding AG agreed to buy Cantab Capital Partners LLP for $217 million in cash and deferred payments based on future revenue from fees. The acquisition enables Zurich-based GAM to introduce a computer-driven trading system focused on long-only and alternative strategies, the Zurich-based asset manager said in a statement on Wednesday. Cantab Capital, a firm based in Cambridge, ...

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• 29 June

  Global stocks rally with crude oil on Fed rate odds; gold gains

  

    BLOOMBERG Global stocks rallied for a second day and the dollar weakened amid speculation that policy makers will mitigate the damage of the U.K.’s vote to leave the European Union, including a pause in the Federal Reserve’s tightening cycle. Crude oil rallied and the pound rose. The MSCI All-Country World Index headed for its highest level since before the ...

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• 29 June

  Dumping crop plan after soy rally leads to record US planting

  

    Bloomberg The price rally made switching a no-brainer for farmer Steve Stotz. A week before planting began across the U.S. Midwest last month, Stotz realized he’d earn $100 more per acre with soybeans than with corn. So, the 63-year-old ditched his crop plan and increased soybean acreage by more than a third on land he had previously intended to ...

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