Based on an evolving "data dependent" approach to decision-making, the Federal Reserve might postpone interest-rate increases. Officials are discussing whether to indicate a shift toward a wait-and-see approach after a meeting this month.
British Prime Minister Theresa May has continued to push for a parliamentary vote on her Brexit deal Tuesday but has stopped short of ruling out postponement. Members of May's party have urged her to delay the vote, and a source says she has discussed options with top ministers, including rescheduling the vote.
Fiat Chrysler Automobiles plans to open Detroit's first vehicle assembly line in 27 years, sources said. The company reportedly will renovate an engine plant unused since 2012 to make a three-row Jeep Grand Cherokee for the 2021 model year.
News that the Federal Reserve might slow the pace of interest-rate increases boosted most Asian-Pacific markets Friday. Japan's Nikkei 225 gained 0.8%; Hong Kong's Hang Seng Index dropped 0.4%; Australia's S&P/ASX 200 added 0.4%; China's Shanghai Composite was flat; South Korea's Kospi rose 0.3%; and India's Sensex was up 1%.
The Shanghai Stock Exchange plans to launch a technology-innovation board in mid-2019, opening the door to unprofitable companies that work with core technology, such as pharmaceuticals, computing and software. The board is part of the Chinese government's effort to establish a version of Nasdaq.
Prosecutors in Tokyo reportedly plan to indict former Nissan Chairman Carlos Ghosn on financial-misconduct charges Monday. Former director Greg Kelly and the company also will be indicted, sources said.
China will "immediately implement the consensus" reached between the country and the US at the Group of 20 summit regarding products including cars, energy and farm products, Chinese Commerce Ministry spokesman Gao Feng says. The statement signals optimism that the arrest of Huawei Technologies' chief financial officer will not disrupt efforts toward a trade agreement.
Bitcoin fell 4.7% to $3,549 Thursday and was heading toward its lowest point in over a year, while ripple dropped 5% and ether fell 7%. The Bloomberg Galaxy Crypto Index, which measures the performance of the largest cryptocurrencies, dropped 10% to its lowest level since September 2017.
Price indexes for leveraged loans in the US and Europe are trading at the lowest levels in two years as concerns grow among lenders about the state of the global economy and the US-Chinese trade dispute. Less than 4% of leveraged loans traded above face value in November, down from over 65% in October, according to JPMorgan Chase.
Canada's RBC Capital Markets has told clients a no-deal Brexit without passporting rights and clearing arrangements could make derivatives netting costlier. "Central counterparties net collateral with the same clearing clients and if this cannot be done on a cross-border basis it may require additional collateral," analyst Robert Noble wrote.
First-time jobless claims in the US declined 4,000 last week to 231,000, short of the 225,000 projected by economists surveyed by Reuters. The four-week moving average increased 4,250, to 228,000, the highest level since mid-April.
A study by the Federal Reserve found that the differences in spending between millennials and other age groups are a reflection of millennials' lack of wealth, not their personal values. Millennials "are less well-off than members of earlier generations [were] when they were young, with lower earnings, fewer assets, and less wealth," the study found.
The Securities and Exchange Commission should adopt rules to provide investors more information on how their shares are being voted by fund managers in corporate elections, said Commissioner Robert Jackson Jr. "The SEC's current rules leave investors largely in the dark about how large institutions are voting the shares that underlie American families' savings," he said.
The US Office of the Comptroller of the Currency is working out a procedure for when a financial-technology company becomes insolvent after being issued a national bank charter. "One tool for early resolution would be a merger into a nonbank affiliate," said Stephen Lybarger, deputy comptroller for licensing.
More than a dozen financial institutions are awaiting legal opinions, or so-called blessings, saying they have met requirements to serve as custodian banks qualified to hold collateral for derivatives deals under uncleared margin rules. The need by so many banks to obtain legal opinions could delay implementation of uncleared margin rules.
Cushing Asset Management has brought to NYSE Arca exchange-traded funds investing in stocks and master limited partnerships in four areas of the economy. The Cushing Energy & MLP ETF, the Cushing Utility & MLP ETF, the Cushing Transportation & MLP ETF and the Cushing Energy Supply Chain & MLP ETF select investments from several widely followed sector indexes, as well as the Cushing 30 MLP Index.