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Good morning. We begin the week with a scoop on the rising clamour for a 24/7 New York bourse.
The difficulty has change into a sizzling subject lately, prompted partially by the 24/7 operation of cryptocurrency buying and selling and the rise in retail investor exercise first spurred by coronavirus pandemic lockdowns.
US Treasuries, main currencies and main inventory index futures are already traded across the clock from Monday to Friday and several other retail brokers, together with Robinhood and Interactive Brokers, supply 24-hour entry to US inventory buying and selling.
An in a single day trade, nevertheless, can be a step change. Read extra on the NYSE’s soundings.
And right here’s what else I’m protecting tabs on at the moment:
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‘Hush money’ case: Opening arguments start within the prison trial of Donald Trump. The former US president has spent greater than 1 / 4 of his marketing campaign donations — or about $76mn — on his authorized charges since final January.
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Ukraine: Greece and Spain are coming beneath intense stress from EU and Nato allies to offer Ukraine with air defence techniques forward of a gathering of EU overseas and defence ministers at the moment.
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Companies: Verizon is anticipated to point out robust subscriber progress, pushed by 5G adoption, when it releases first-quarter outcomes.
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Christine Lagarde: The European Central Bank president will communicate at Yale University on the significance of concepts in driving financial progress.
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Passover: The Jewish competition commemorating the Israelites’ liberation from slavery in Egypt begins this night.
The Financial Times is getting ready to host its third annual Brazil Summit in New York. Speakers embody Carlos Fávaro, the minister of state for agriculture and livestock and Cláudio Castro, governor of the State of Rio de Janeiro. Register now to obtain a reduction.
Five extra high tales
1. The head of Israel’s army intelligence has introduced that he’ll resign. Major General Aharon Haliva stated in his resignation letter that he took accountability for the army intelligence failings that preceded Hamas’s assault on October 7, broadly considered the worst safety failure within the Jewish state’s 76-year historical past. Read extra on the resignation, the primary by a senior official because the Hamas assault.
2. The US Federal Deposit Insurance Corporation is engaged on proposals geared toward guaranteeing asset managers don’t search an excessive amount of affect over the banks by which they maintain massive stakes. Republican board member Jonathan McKernan and the Democratic chair Martin Gruenberg are every crafting measures that may demand new necessities of funds that maintain greater than 10 per cent of a financial institution’s shares to make sure they continue to be “passive” traders. Here’s extra on the proposal that has spooked the asset administration trade.
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More on the asset administration trade: BlackRock greater than tripled its spending on dwelling safety for Larry Fink final yr, after the asset supervisor’s chair and chief government turned a goal for “anti-woke” activists and conspiracy theorists.
3. The Philippines and the US have kicked off three weeks of army workouts which can be set to additional pressure the nations’ relations with China. This yr’s staging of Balikatan, the allies’ largest annual army drill, will embody a joint sail within the disputed South China Sea exterior the Philippines’ territorial waters. Read extra on the manoeuvres, which can embody French and Australian naval vessels for the primary time.
4. The world banking regulator is sounding out traders on the suitability of further tier 1 bonds, a type of debt that was worn out when Credit Suisse collapsed final yr. The Basel Committee on Banking Supervision held a sequence of high-level conferences with financial institution executives, traders and credit standing businesses on the European Banking Authority in latest weeks, in response to folks with information of the talks. Read the total story.
5. Tesla shareholders are bracing themselves for its worst efficiency in seven years in its quarterly outcomes tomorrow, because the carmaker faces slowing demand and a brutal worth conflict. Investors may also be on the lookout for adjustments in focus at Elon Musk’s firm after stories it was slowing plans for a less expensive electrical automobile in favour of self-driving “robotaxis”. Here’s what to know forward of Tesla’s earnings.
Today’s large learn
Two years on from the Great Resignation, when a roaring jobs market and the results of the pandemic inspired swaths of the workforce to modify employers, attrition within the skilled providers trade has swung to historic lows. Tech teams, funding banks and different former locations for departing consultants have gone from hiring mode to firing mode. Now corporations reminiscent of McKinsey are taking a look at forcing large-scale departures to rebalance the books.
We’re additionally studying . . .
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Overstimulated US: One neglected cause for America’s financial resilience is stimulus nonetheless coursing by way of the economic system, however it can’t maintain such aggressive spending indefinitely, writes Ruchir Sharma.
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Gideon Rachman: Ukraine is the frontline of a a lot bigger battle, with the US vote to offer more money to Kyiv and others displaying how America now sees the world.
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Succession planning: Companies are selecting, or being pressured to, take into consideration the following in line sooner than they as soon as would as shareholders demand higher perception, writes Anjli Raval.
Chart of the day
Between 1970 and 2022 South Korea’s economic system grew at a median of 6.4 per cent. But final yr the Bank of Korea warned that annual progress was on track to gradual to a median of two.1 per cent this decade, 0.6 per cent within the 2030s and can begin to shrink by the 2040s. Pillars of the outdated mannequin, reminiscent of low-cost vitality and labour, are creaking and the issues about future financial progress are being compounded by an impending demographic disaster. Is South Korea’s financial miracle over?
Take a break from the information
To rejoice the twentieth version of the Financial Times and Schroders Business Book of the Year, previous winners choose their favorite enterprise books of all time. We additionally requested what the authors would add to their very own profitable title if given the prospect to replace it to replicate occasions since publication.
Additional reporting from Tee Zhuo and Benjamin Wilhelm
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