United States

Equity investors have endured a volatile year with numerous geopolitical shocks leading to falls in markets and sapping confidence. But now they are positioning for the previously unimaginable, a trade war between the world’s two largest economies and all the ramifications that will follow, writes Sam Kerr.

Financial Conduct Authority chief Andrew Bailey on Thursday set out the options for forward-looking term rates to replace Libor, a family of benchmarks that he described as “vulnerable to misconduct”.

CNFinance Holdings has filed for a $200m flotation of American Depositary Shares on the New York Stock Exchange.

Four borrowers took advantage of a barren US high yield market on Tuesday to price drive by deals, including a second deal in the past two weeks from offshore drilling company Transocean.

The US House of Representatives on Tuesday unanimously approved a bill that aims to increase the risk sensitivity of the capital treatment of certain cleared options.

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.

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.