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  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 ...

  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 ...

  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 ...

  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 ...

  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 ...

  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. ...

  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, ...

  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 ...

  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 ...

  Bloomberg Allianz Real Estate is set to make its biggest Asian investment to date, in a first step toward adding as much 3 billion euros ($3.3 billion) of real estate in the region within three years. The $150 million pan-Asian fund investment will allow Allianz SE’s property unit to test the water before buying buildings directly, Francois Trausch, chief ...