North America

European and Asian stock markets have fell sharply on Wednesday morning as investors attempted to position for escalation in trade hostilities between the US and China.

A long dated euro benchmark from Quebec had the strongest scores of the week on BondMarker.

Bank of Montreal was in the market on Tuesday offering senior preferred debt. This product is set to become very rare, as from September all senior debt issued by banks in the country will be eligible for their total loss-absorbing capacity (TLAC) requirements.

TP ICAP replaced its chief executive John Phizackerley with its boss of global broking, Nicolas Breteau, on Tuesday, sending the shares spiralling downwards, as the interdealer broker revealed that rising costs were impacting the business.

The former global head of commodity futures sales at Goldman Sachs, Joe Raia, has joined privately owned futures brokerage R.J. O'Brien and Associates (RJO).

Tencent Holdings is planning to list its digital music distribution arm in the US, according to a filing with the Hong Kong Stock Exchange on Sunday.

Beijing hits back at Trump’s tariffs, the chiefs of the People’s Bank of China reassure investors that China is ready for market turbulence, and the central bank announces improvements to Bond Connect’s northbound trading and Panda bond issuance.

While Europe basks in a heatwave, the US dollar bond market is suffering a deal drought. There was no supply ahead of the July 4 Independence Day holiday and with syndicate desks likely to be depleted for the rest of the week, the dry spell could last until July 9.

More Chinese technology start-ups have come out with their IPO plans, as Pinduoduo, Aurora Mobile and Opera file their US debuts.

Opera’s planned $115m Nasdaq IPO now has a cryptocurrency angle after Bitmain, a Chinese bitcoin miner, joined the deal as an anchor investor.

Pinduoduo, one of China’s hottest internet start-ups, has filed for a $1bn IPO in the US, upping the ante in an e-commerce landscape dominated by Alibaba Group.

The International Swaps and Derivatives Association on Monday said that the uptake of clearing of interest rate derivatives in the US was partially a result of the “powerful incentive to clear” thanks to the benefits of multilateral netting.