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Bloomberg US stocks rose towards all-time highs and Treasuries climbed with gold as comments by Jerome Powell cemented market bets for a rate cut this month. Equities that had slumped since the strong jobs report rallied back to intraday records after the Fed chairman signalled a willingness to lower rates, citing a slowing global economy and trade issues. Gains faded ...

Bloomberg The Bitcoin bulls are back in control, with the largest cryptocurrency approaching its highest price of the year after breaching $13,000 for the first time in two weeks. The digital asset gained for a third day to as high as $13,154, continuing its recovery from the drop that almost pushed it below $10,000 last week. It reached a more ...

Bloomberg Deutsche Bank AG fixed-income head Ram Nayak assured staff they will keep their jobs at his business even as the lender cuts 18,000 positions in a sweeping overhaul, according to people familiar with the matter. The bank’s move to “resize” debt trading operations won’t lead to dismissals, Nayak told colleagues on a conference call, the people said, asking not ...

Bloomberg Australia’s interest-rate cuts failed to gain traction as households’ worries about the economic outlook sent consumer confidence slumping to a two-year low. The sentiment index fell 4.1 percent to 96.5 in July, the weakest reading since August 2017, Westpac Banking Corp said in a statement. The biggest decline was in the sub-index tracking expectations for the economy in the ...

Bloomberg A sprawling Russian banking group run by an ally of President Vladimir Putin is fast becoming one of the most powerful forces in the country’s grains market. Since entering the grain export business last year, Andrey Kostin’s government-backed VTB Group has loaded up on assets including port terminals, a rail-freight operator and a trader. Those investments could be worth ...

Bloomberg The European Court of Auditors (ECA) joined regulators in questioning the value of the EU’s bank stress test, saying last year’s exercise should have been tougher and more consistently applied across the bloc. The scenario simulated by the European Banking Authority, the EU’s top banking regulator, was milder than the 2008 financial crisis, according to an ECA report. The ...

Bloomberg In one of the darker weeks for finance jobs, Citigroup Inc said it’s planning to increase senior banking hires across key sectors and markets as it aims to become a top-three investment bank. The lender is seeking to add to its healthcare and technology teams, and is also looking to increase local deal-making clout in some emerging markets, Tyler ...

Bloomberg Britain’s ambassador to the US dramatically resigned after leaked comments in which he criticised the Trump. White House sparked a major diplomatic row between the transatlantic allies. President Donald Trump decided to freeze out Kim Darroch, saying he would no longer deal with the man who had called his administration “inept” and “uniquely dysfunctional.” In a statement released by ...

Bloomberg Iranian Foreign Minister Mohammad Javad Zarif said the US needs to stop its “economic terrorism” against his nation as it won’t agree to hold talks under duress. “Negotiations are never possible under duress,” Zarif was quoted as saying on Wednesday in Tehran, according to the official Islamic Republic News Agency. “Pressure and economic terrorism against Iran must stop and ...

Bloomberg Labor Secretary Alex Acosta doesn’t plan to resign over his association with financier Jeffrey Epstein and was expected to hold a conference on Wednesday, a Department of Labor official said. Acosta has come under increased pressure since Epstein’s indictment for conspiracy was revealed. In 2008, Epstein pleaded guilty to state charges in Florida in order to resolve similar allegations ...