The Reserve Bank of Australia will make a rate statement on March 2, at 5:30 MT time.
ECB tells banks might try avoiding its supervision after Brexit
European financial institutions might try exploiting loopholes as well as differences in national rules for the purpose of getting looser regulation or evading ECB rules altogether, especially after the United Kingdom quits the EU, as two ECB regulators told on Friday.
Daniele Nouy and Sabine Lautenschlaeger renewed their calls for closing gaps in EU rules, which put investment companies and bank branches outside the European bloc’s banking supervision.
Fewer than 10 of 40 financial institutions, doing business in the European Union from London have already applied for an ECB license just to keep operating in the EU after the UK leaves, as Reuters informed the previous week. Instead, other banks are considering setting up market units, supervised by national authorities.
Delivering a speech earlier in Helsinki, the head of the ECB's supervisory arm, Nouy had told that financial institutions might be shifting their operations to countries with less strict regulation or simply moving activities into the shadow banking sector.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Stock indices S&P 500 and Nasdaq are falling for seven days in a row. The New Zealand dollar skyrocketed to almost two-years highs. Fed’s Powell held a meeting yesterday and said that the central bank wouldn’t tight its easing policy anytime soon.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.