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Deutsche Bank fell in New York trading. Hedge funds have reduced their exposure to the lender, setting up a potential showdown with German authorities.
Renzi had tough words on Brexit. Italian Prime Minister Matteo Renzi said Britain should not expect special treatment in Brexit talks, as the British trade minister warned the EU would hurt itself if it imposed tariffs.
Erdogan attacked Moody’s. Turkish President Recep Tayyip Erdogan attacked Moody’s after it downgraded the country’s sovereign debt rating to “junk” status, appearing to suggest the ratings agency could be bought off.
There were protests in Indonesia. Thousands of workers rallied in the Indonesian capital Jakarta against a controversial government scheme to raise revenues that, critics claim, has allowed wealthy tycoons to avoid paying tax.
No discounts for Tesla employees. Electric carmaker Tesla Motors Inc Chief Executive Elon Musk told employees in an email to follow company policy of not offering discounts on new cars, answering some investors’ recent concerns about the practice.
The Hinkley Point deal was finally signed. French Foreign Minister Jean-Marc Ayrault, in London to take part in the formal signing ceremony for the Hinkley Point nuclear power plant project, said it was a good deal for Britain and France despite widespread reservations.
Hedge funds are having a tough year. Assets at the largest hedge funds have dropped sharply, according to a new survey by industry data and news provider Hedge Fund Intelligence.
US employment is up. The number of Americans filing for unemployment benefits rose less than expected last week and held at relatively healthy levels that could support Federal Reserve plans to raise interest rates this year.
Another German bank is struggling. Germany’s Commerzbank will cut more than a fifth of its workforce and suspend its dividend as it tackles the challenges of low interest rates, weak profits and the shift to online banking.
Saudi Arabia isn’t happy with a new US law. The country warned of “disastrous consequences” from a United States law allowing 9/11 victims to sue the kingdom.
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