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Monday, July 8: Five Things You Need to Know to Start Y...

Business Maverick

Business Maverick

Monday, July 8: Five Things You Need to Know to Start Your Day

Female students wave Iranian national flags during a ceremony marking the 40th anniversary of the 1979 Islamic Revolution, at the Azadi (Freedom) square in Tehran, Iran, 11 February 2019. The event marks the 40th anniversary of the Islamic revolution, which came ten days after Ayatollah Ruhollah Khomeini's return from his exile in Paris to Iran, toppling the monarchy system and forming the Islamic Republic. EPA-EFE/ABEDIN TAHERKENAREH
By Bloomberg
08 Jul 2019 0

A bombshell announcement by Iran on its nuclear program, another protest in Hong Kong, Deutsche Bank’s latest overhaul plan, and traders assessing the latest pressure from Trump on the Federal Reserve. Here are some of the things people in markets are talking about today.

A bombshell announcement by Iran on its nuclear program, another protest in Hong Kong, Deutsche Bank’s latest overhaul plan, and traders assessing the latest pressure from Trump on the Federal Reserve. Here are some of the things people in markets are talking about today.

Deutsche’s Woes

Deutsche Bank AG announced a sweeping turnaround plan that will transform Germany’s biggest bank, with Chief Executive Officer Christian Sewing radically shrinking and reshaping its global operations. The lender is exiting its equities business, moving $83 billion of unwanted assets into a special unit, cutting about 18,000 jobs by 2022 and shelving its dividend for the next two years. The bank also will cut back other operations, slash costs and reduce risk. At the investment bank, Mark Fedorcik will head corporate finance and advisory, while trader Ram Nayak will lead fixed income and currency sales and trading. Both will report to CEO Christian Sewing.

Iran Talks

Iran said it would pursue nuclear talks with European nations in the coming days, while ratcheting up pressure on its partners to salvage the landmark 2015 deal by announcing it had abandoned restrictions on uranium enrichment. Deputy Foreign Minister Abbas Araghchi said his country hasn’t closed the diplomatic pathway with Europe, and that the U.S. could join talks if it removes the crushing sanctions it has imposed since quitting the accord a year ago. European powers urged Iran to reverse its latest decision. The U.K. and the European Union said they were concerned about Iran’s move to abandon uranium enrichment restrictions. Both said they’re in contact with other parties to the accord regarding next steps.

Hong Kong

Hong Kong police arrested five people while dispersing a protest Sunday in one of the financial hub’s busiest tourist districts, the latest demonstration triggered by a proposed law that would allow extraditions of criminals to mainland China for the first time. Thousands of marchers walked through the pedestrian-heavy Tsim Sha Tsui area on a rainy Sunday toward the city’s new high-speed rail station to China. The crowd had largely dispersed by 9 p.m., but some people ⁠— wearing the black shirts that have become the protest movement’s unofficial uniform ⁠— occupied Nathan Road in the commercial Mong Kok district, where they were confronted by lines of riot police. Here’s how the protesters have changed tactics to keep pressure on China.

Japan-Korea

South Korea’s Finance Minister Hong Nam-ki held discussions with the heads of the top domestic companies as the country’s tech sector braces for Japanese export restrictions. Yonhap News reported that President Moon Jae-in will meet the business leaders on July 10. The series of meetings come after Japan imposed restrictions on South Korean exports of products needed to make semiconductors and computer display. The restrictions kicked in on July 4. Separately, U.S. President Donald Trump is against South Korea resuming economic cooperation with the North, at least for now. He opposed a request by Moon during their June 30 summit, saying denuclearization needs to be ensured a bit more before that can happen, Yomiuri newspaper said. America’s top envoy to North Korea  heads to Europe this week for talks on removing nuclear weapons from the Asian peninsula.

Market Open

Stocks in Asia looked set for a muted start to the week after their U.S. counterparts retreated and Treasury yields rose Friday on the strong jobs report. Futures pointed to modest declines in Japan, Hong Kong and Australia after the S&P 500 slipped on low volumes. Next up for traders comes Federal Reserve Chairman Jerome Powell’s testimony to Congress on Wednesday and Thursday. He’ll be speaking as Trump continues to try to jawbone the Fed to lower interest rates, at a time when he may be sizing up his two latest picks for Fed governor as successors to Powell. If the Fed “knew what it was doing” it would cut rates, Trump told reporters before he boarded Air Force One in Morristown, New Jersey. That’s in spite of the latest American labour report delivering signs the economy remains on track.

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