Most Read on Bloomberg: Tumbling Pound, Brexit and U.K. Banksby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Oct. 8.
See READSUMS for previous lists.
1. Pound’s Flash Crash Has Traders Blaming Algos for Selling Frenzy
(Bloomberg) -- During two chaotic minutes of Asian trading, the pound plunged the most since the Brexit referendum in June, with traders saying computer-initiated sell orders exacerbated the slump.
2. Deutsche Bank Mismarked 37 Deals Like Paschi’s, Audit Says
(Bloomberg) -- Deutsche Bank AG, indicted for colluding with Banca Monte dei Paschi di Siena SpA to conceal the Italian lender’s losses, mismarked the transaction and dozens of others on its own books, according to an audit commissioned by Germany’s regulator.
3. Deutsche Bank Said Set to Advance on 1,000 Planned Job Cuts
(Bloomberg) -- Deutsche Bank AG is poised to reach an agreement with labor representatives this week that will pave the way for the German lender to eliminate about 1,000 jobs in its home market as part of Chief Executive Officer John Cryan’s cost cuts announced last year, said people with knowledge of the matter.
4. Henderson-Janus Tie Up Signals Fee Pressures Spurring M&A
(Bloomberg) -- Henderson Group Plc’s tie up with Janus Capital Group Inc. to create a $320 billion asset manager may be the precursor to a wave of consolidation in an investment industry grappling with increased regulation and competition.
5. May Said to Dash City Hopes in Brexit Shock for Banking
(Bloomberg) -- British financial-services companies will get no special favors in Brexit negotiations from Prime Minister Theresa May, who wants to change the relationship between the government and the City of London.
6. ECB Said to Build Taper Consensus as QE Decision Time Near
(Bloomberg) -- The European Central Bank will probably gradually wind down bond purchases before the conclusion of quantitative easing, and may do so in steps of 10 billion euros ($11.2 billion) a month, according to euro-zone central-bank officials.
7. Bonds Fall, Euro Trims Drop as Tapering Bets Roil Global Markets
(Bloomberg) -- Fresh reminders that central banks may be starting to map their retreat from extraordinary stimulus measures sent a shock wave through markets, roiling bonds, currencies and equities.
8. Treasuries Fall on Services Growth as Oil Jump Spurs Stock Gains
(Bloomberg) -- Bonds fell, while the dollar traded near a two-week high after data on services and manufacturing showed the U.S. economy is strong enough to keep the Federal Reserve on track to raise interest rates by year-end. Stocks climbed with oil.
9. A Russian Tragedy: How Deutsche Bank’s ‘Wiz’ Kid Fell to Earth
(Bloomberg) -- Mastermind or scapegoat, Tim Wiswell was at the heart of the bank’s $10 billion mirror-trade scandal.
10. Republicans Wonder If Trump Can Recover From ‘Worst Week’
(Bloomberg) -- The worst week of Donald Trump’s presidential campaign began with a widely criticized debate performance and ended with a bombshell report that he could have avoided paying federal income taxes for 18 years.
1. Why Americans Feel Poor, in One Chart: Narayana Kocherlakota
(Bloomberg View) -- Why do so many Americans feel dissatisfied about the economic state of their nation? One simple chart offers a lot of insight.
2. What Should Worry Us About Deutsche Bank: Mohamed A. El-Erian
(Bloomberg View) -- My Bloomberg View column last week focused on the headwinds facing the European banking system and the broader implications of Deutsche Bank’s fall from grace, including the decline in its stock price by more than half.
3. Morgan Stanley Brokers Pushed Loans to Win Dinners: Matt Levine
(Bloomberg View) -- Morgan Stanley is in trouble in Massachusetts for allegedly running a sales contest for some of its financial advisers in which the advisers could win valuable prizes by convincing clients to borrow against their brokerage accounts. Except that the prize money could only be spent on entertaining more clients.
4. Markets Ignore High Year-End Uncertainty: Mohamed A. El-Erian
(Bloomberg View) -- As investors position themselves for the final quarter of the year, markets have yet to price in the incertitude ahead. There are three reasons for this; all are related to the inherent difficulties of accurately determining risk premiums in this context of unusual economic, financial and political uncertainty.
5. Searching for Truth in Trump’s Tax Return: Timothy L. O’Brien
(Bloomberg View) -- Rudy Giuliani has tried to make it easy for anyone who might be perplexed about his friend Donald Trump’s income tax maneuvers. All you need to know, Giuliani said Sunday on CNN, is that the tax code is complex and Trump is a “genius” for figuring out how to navigate it.
1. Pence and Kaine Vice Presidential Debate
(Bloomberg) -- Republican vice-presidential candidate Mike Pence and Democratic vice-presidential candidate Tim Kaine square off in a debate at Longwood University in Farmville, Virginia. CBS News’s Elaine Quijano moderates.
2. Theresa May Speaks at Conservative Conference
(Bloomberg) -- U.K. Prime Minister Theresa May gives a speech at the Conservative Party’s annual conference in Birmingham. In her speech, she took a swipe at “elites” and business leaders, telling them to end abusive work practices and pay their taxes because “change has got to come” to Britain.
3. The 2016 Vice Presidential Debate in 3 Minutes
(Bloomberg) -- Virginia Senator Tim Kaine and Indiana Governor Mike Pence faced off Tuesday evening in the vice presidential debate at Longwood University in Farmville, Virginia. In their only head-to-head contest, the two vice presidential nominees aggressively confronted each other in a series of exchanges over taxes, Russia and immigration. Kaine was seen as the aggressor, while Pence deflected attacks with the kind of discipline Republicans would love to see from Donald Trump.
4. WikiLeaks’ Assange to Publish Files on Election, Google
(Bloomberg) -- Wikileaks founder Julian Assange said the organization plans to publish material every week for the next 10 weeks on war, arms, oil, Google and the U.S. election. He spoke via videolink to an event in Berlin marking the 10-year anniversary of WikiLeaks.
5. Bonds Fall on ECB Tapering Report
(Bloomberg) -- Janus Capital Fund Manager Bill Gross weighs in on ECB monetary policy and the bond selloff. He speaks with Erik Schatzker on “Bloomberg Markets.”
--With assistance from Jerry Laird in New York.