Americans' confidence in the stock market experienced the quickest swing the Conference Board has seen, with the number of people who expect stock prices to rise in the next year dropping from 51% in January to 33% this month. More people had negative attitudes toward the stock market than positive in April.
Market participants will seek clarification of the European Central Bank's direction with stimulus when President Mario Draghi holds a news conference today. Amid conflicting data on the eurozone's economic health and prospects, Draghi's statement is keenly awaited, although there is consensus he will not indicate an early end to stimulus.
The UK and the EU have held preliminary discussions to establish the long-term relationship for financial services after Brexit, UK Chancellor Philip Hammond has told lawmakers. The UK is "ambitious to make progress" toward a deal in October.
Negotiations between the EU and UK over Brexit are complicating Switzerland's efforts to gain greater access to the European financial services market, said Jorg Gasser, Switzerland's state secretary for international finance."Vis a vis Switzerland, as you can imagine, the EU is not ready to find progressive or interesting solutions that might serve as a precedent for negotiations between the EU and the UK," he said.
A rally of the FTSE 100 index has lost momentum, and the index is likely to embark on a downturn, technical analyst Andy Dodd says. His chart reading shows a bearish engulfing pattern has emerged, indicating scant potential for upward progress and increased probability of decline.
Amusement park operator Six Flags Entertainment has surprised market watchers by breaking out of decline and moving sharply upward, prompting technical analyst Bruce Kamich, CMT, to examine the stock's chart for signs of a continued uptrend. Indicators are mixed and progress in the past three months has been bearish, so the stock needs to hold its price for the next few days before a rally is considered sustainable, Kamich writes.
Commodity Futures Trading Commission Chairman J. Christopher Giancarlo wants to make swaps trading more flexible and plans to introduce rules and revisions to the Dodd-Frank Act as early as July, says Amir Zaidi, director of the Division of Market Oversight. Giancarlo likens his plan to a software upgrade.
The Securities and Exchange Commission's proposed standard of conduct for brokers and advisors is likely to face "a long and arduous path" toward ratification, says Blaine Aikin of Fi360. Aikin points out numerous obstacles and potential opposition to the proposal, which has been released for public comment.
Barclays has reported a net loss of $1.06 billion in the first quarter compared with a profit of about $265 million in the same period last year, with the difference attributed to a $2 billion settlement it paid to the US Justice Department. Aside from the settlement, Barclays CEO Jes Staley says the bank performed generally well, with its corporate and investment bank achieving a 1% rise in revenue that surpassed analyst expectations.
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