Truth Social has launched a premium Truth API service that offers real-time access to posts for subscribers paying as much as $100,000 per month. While premium data feeds are common across social media platforms, this service has sparked controversy because the platform's most influential user is U.S. President Donald Trump.

The subscription is reportedly aimed at high-frequency trading firms, hedge funds, financial institutions, and news organizations seeking instant access to market-moving information. Critics argue that when a sitting president's social media posts can influence stock markets, commodities, tariffs, and geopolitical developments, faster access could create an unfair financial advantage for those who can afford it.

Trump's $100K Truth Social API Sparks Insider Trading Fears | Can Presidential Posts Be Sold?

American companies are becoming more global than ever, even as Washington continues its America First agenda and pushes massive investments into domestic AI infrastructure. New data shows that S&P 500 companies now generate around 42% of their revenue from outside the United States, reaching a historic record and surpassing previous highs seen during the dotcom era. Technology companies are leading this global expansion, with foreign markets contributing more than half of the sector’s revenue. Major communication companies, including firms like Meta, Alphabet, and Netflix, have also increased their international exposure significantly.

US companies hit record global revenue levels despite America first push and AI boom

Trump Media and Technology Group has launched Truth API, a paid data service offering Wall Street trading firms millisecond-fast access to posts from some of the most influential accounts on Truth Social, including President Donald Trump’s account. The service, reportedly priced at around $100,000 per month for premium access, has sparked debate over whether early access to presidential posts could provide an advantage to investors before market reactions occur.

Trump Media Faces Backlash As Truth API Turns Presidential Posts Into A Business Model | US News 

Trump Media & Technology Group has launched Truth API, a premium licensed data feed that gives banks, financial institutions, and high-frequency trading firms the fastest access to posts from Truth Social's most influential accounts, including U.S. President Donald Trump.

The company says the service is designed for organizations where milliseconds matter, allowing institutional clients to receive market-moving updates faster than regular Truth Social notifications. Truth API also marks Trump Media's first major step into the financial data licensing business, opening a new revenue stream beyond social media.

Trump's Truth Social launches truth api | Wall Street gets fastest access to market-moving posts

Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect.According to official filings released in May, the disclosures show around 3,600 to 3,700 stock and ETF transactions between January and March. The total reported value of these trades is estimated to be between $220 million and $750 million, based on broad ranges provided in the forms.&nbsp;<h2>Large-scale trading across sectors</h2>The filings show that the portfolio included a mix of purchases and sales, with buying activity generally higher than selling. Much of the trading was carried out through managed accounts linked to family trusts, where brokers may have executed trades on behalf of the account holders. The data points to significant activity in sectors such as technology, artificial intelligence, defence and financial services. These sectors are often influenced by government policies, including trade decisions, regulation and public spending.<h2>Key stocks and sectors in focus</h2>The disclosures indicate investments in major technology companies and semiconductor firms. Stocks linked to artificial intelligence and chip manufacturing saw notable buying activity, including companies such as Nvidia and Apple. At the same time, there were large sales in companies like Microsoft, Amazon and Meta, even though exposure to big technology firms remained strong overall.Other areas of activity included:Defence and aerospace companies such as Boeing and Palantir Financial institutions including Bank of America and Goldman Sachs Broad market exposure through S&amp;P 500 index funds and exchange-traded fundsThis mix suggests a diversified approach, with investments spread across sectors tied to economic growth and government policy.<h2>Policy announcements and market movements</h2>During the period covered by the disclosures, several policy announcements influenced market behaviour. Decisions related to tariffs, trade negotiations and international relations contributed to both market gains and declines. For example, tariff-related announcements were followed by market volatility, while pauses or adjustments in policy often led to broader market rallies.Analysts note that some of the sectors included in the portfolio, particularly technology and defence, tend to respond quickly to such developments.<h2>Questions around timing and transparency</h2>The scale and timing of the trading activity have led to discussions among analysts and policymakers. While the disclosures provide insight into overall activity, they do not confirm whether individual trades were directly ordered by the president. Many transactions are listed as being handled by brokers or managed through trusts. This makes it difficult to determine the exact decision-making process behind each trade.In addition, the filings do not include exact transaction dates, prices or profits, as they are reported in value ranges.Limitations of the disclosure dataExperts highlight several limitations in the data:Transactions are reported in broad value rangesExact timing of trades is not disclosedSome trades may involve different financial instrumentsManaged accounts reduce clarity on direct involvementBecause of these factors, the disclosures provide an overview rather than a complete picture of financial activity.<h2>What this means for markets and governance</h2>The filings show how closely investment patterns can align with sectors influenced by government policy. For investors, the data reflects broader trends in areas such as AI, defence and financial services. For policymakers and observers, the disclosures have renewed discussions around transparency and oversight in financial reporting for public officials. As more detailed reports become available later in the year, they may offer further clarity on how financial activity and policy decisions interact in practice.&nbsp;

Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect.


Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect. According to official filings released in May, the disclosures show around 3,600 to 3,700 stock and ETF transactions between January and March. The total reported value of these trades is estimated to be between $220 million and $750 million, based on broad ranges provided in the forms. Large-scale trading across sectors The filings show that the portfolio included a mix of purchases and sales, with buying activity generally higher than selling. Much of the trading was carried out through managed accounts linked to family trusts, where brokers may have executed trades on behalf of the account holders. The data points to significant activity in sectors such as technology, artificial intelligence, defence and financial services. These sectors are often influenced by government policies, including trade decisions, regulation and public spending. Key stocks and sectors in focus The disclosures indicate investments in major technology companies and semiconductor firms. Stocks linked to artificial intelligence and chip manufacturing saw notable buying activity, including companies such as Nvidia and Apple. At the same time, there were large sales in companies like Microsoft, Amazon and Meta, even though exposure to big technology firms remained strong overall. Other areas of activity included: Defence and aerospace companies such as Boeing and Palantir Financial institutions including Bank of America and Goldman Sachs Broad market exposure through S&P 500 index funds and exchange-traded funds This mix suggests a diversified approach, with investments spread across sectors tied to economic growth and government policy. Policy announcements and market movements During the period covered by the disclosures, several policy announcements influenced market behaviour. Decisions related to tariffs, trade negotiations and international relations contributed to both market gains and declines. For example, tariff-related announcements were followed by market volatility, while pauses or adjustments in policy often led to broader market rallies. Analysts note that some of the sectors included in the portfolio, particularly technology and defence, tend to respond quickly to such developments. Questions around timing and transparency The scale and timing of the trading activity have led to discussions among analysts and policymakers. While the disclosures provide insight into overall activity, they do not confirm whether individual trades were directly ordered by the president. Many transactions are listed as being handled by brokers or managed through trusts. This makes it difficult to determine the exact decision-making process behind each trade. In addition, the filings do not include exact transaction dates, prices or profits, as they are reported in value ranges. Limitations of the disclosure data Experts highlight several limitations in the data: Transactions are reported in broad value ranges Exact timing of trades is not disclosed Some trades may involve different financial instruments Managed accounts reduce clarity on direct involvement Because of these factors, the disclosures provide an overview rather than a complete picture of financial activity. What this means for markets and governance The filings show how closely investment patterns can align with sectors influenced by government policy. For investors, the data reflects broader trends in areas such as AI, defence and financial services. For policymakers and observers, the disclosures have renewed discussions around transparency and oversight in financial reporting for public officials. As more detailed reports become available later in the year, they may offer further clarity on how financial activity and policy decisions interact in practice.

Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect.

Trump stock trades under focus as disclosures show active market participation

The stampede in global markets gathered momentum Monday, and investors piled into safe-haven assets as the fallout from US President Donald Trump's tariffs deepened. <o:p></o:p>The carnage in financial markets has analysts betting on five Federal Reserve rate cuts this year, up from just two last month.<o:p></o:p>
The Fed's dot plots project just two rate cuts this year. But traders have increased their rate cut projections to five this year on recession bets. <o:p></o:p>Last month, just two cuts were fully priced. That changed to three last week. Now, a total of 1.5 per cent cuts are priced in.<o:p></o:p>
The swaps market shows a chance of about 40 per cent that the Fed will lower rates by 0.25 per cent by next week in an emergency move. <o:p></o:p>Those rate cuts bets are for well before the Fed's next scheduled policy decision on May 7. The rapid repricing reflects the fear sweeping global markets.<o:p></o:p>
The yield on the US two-year bond, among the most sensitive to monetary policy, fell as much as 22 basis points to 3.43 per cent on Monday. <o:p></o:p>That comes after about 50 basis points fall in total since Trump announced the levies last Wednesday. The bond market is also signalling a Fed rate cut soon.<o:p></o:p>
<h2 class="MsoNormal">Will the Fed step in to stop the rut?<o:p></o:p></h2>
But will the US Central bank step in? Will it focus on the massive wealth loss from the bloodbath in markets, or will it look at surging prices from Trump tariffs instead?<o:p></o:p>
The Fed has previously voiced concerns about wealth losses from market slumps. However, stagflation risks are likely to limit the Fed's ability to intervene to support the economy. Still, market watchers expect the Fed to pre-empt the economic loss and step in.<o:p></o:p>
Trump, though, is showing little appetite to back down on aggressive trade tariffs announced last week. He told reporters on Sunday evening to "Forget markets for a second."<o:p></o:p>
He and his team dismissed investor fears of inflation and recession, offering no apologies for the turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon.<o:p></o:p>
(With the inputs from the agencies)<o:p></o:p>

Business & Economy: The Fed's dot plots project just two rate cuts this year. But traders have increased their rate cut projections to five this year on recession bets.

The stampede in global markets gathered momentum Monday, and investors piled into safe-haven assets as the fallout from US President Donald Trump's tariffs deepened. The carnage in financial markets has analysts betting on five Federal Reserve rate cuts this year, up from just two last month. The Fed's dot plots project just two rate cuts this year. But traders have increased their rate cut projections to five this year on recession bets. Last month, just two cuts were fully priced. That changed to three last week. Now, a total of 1.5 per cent cuts are priced in. The swaps market shows a chance of about 40 per cent that the Fed will lower rates by 0.25 per cent by next week in an emergency move. Those rate cuts bets are for well before the Fed's next scheduled policy decision on May 7. The rapid repricing reflects the fear sweeping global markets. The yield on the US two-year bond, among the most sensitive to monetary policy, fell as much as 22 basis points to 3.43 per cent on Monday. That comes after about 50 basis points fall in total since Trump announced the levies last Wednesday. The bond market is also signalling a Fed rate cut soon. Will the Fed step in to stop the rut? But will the US Central bank step in? Will it focus on the massive wealth loss from the bloodbath in markets, or will it look at surging prices from Trump tariffs instead? The Fed has previously voiced concerns about wealth losses from market slumps. However, stagflation risks are likely to limit the Fed's ability to intervene to support the economy. Still, market watchers expect the Fed to pre-empt the economic loss and step in. Trump, though, is showing little appetite to back down on aggressive trade tariffs announced last week. He told reporters on Sunday evening to "Forget markets for a second." He and his team dismissed investor fears of inflation and recession, offering no apologies for the turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon. (With the inputs from the agencies)

Traders see five Fed cuts in 2025 and the risk of an emergency move

Chief economists have expressed cautious optimism over the global economy, particularly highlighting India's robust performance that put South Asia at the top position globally, according to the latest survey by the World Economic Forum.

A survey released last week by the World Economic Forum makes a series of noteworthy predictions and reveals easing inflation and strong global commerce as key drivers of the optimism for recovery; however, it also points out accelerating debt levels that challenge advanced and developing economies alike.

Brief history of World Economic Forum<o:p></o:p>

The World Economic Forum (WEF) is an international non-governmental organization, think tank and lobbying organisation based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer Klaus Schwab.

The foundation, which is mostly funded by its 1,000 member companies, typically global enterprises with more than five billion US dollars in turnover, as well as public subsidies, states that its own mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".

The Forum claims that a globalized world is best managed by a self-selected coalition of multinational corporations, governments, and civil society organizations (CSOs), which it expresses through initiatives like the "Great Reset" and the "Global Redesign". It states that it views periods of global instability such as the financial crisis of 2007–2008 and the COVID-19 pandemic, as windows of opportunity to intensify its programmatic efforts.

WEF Outlook<o:p></o:p>

According to a report detailed by the Press Trust of India, The WEF Chief Economists Outlook has revealed that the spectrum of debt and fiscal stress is only rising, which is making economists worried about the cost of servicing debt that will yield the starkest constraint on key investment areas such as infrastructure, education, and healthcare. In particular, 39 per cent of economists polled from developing nations expected a rise in defaults in the next year.

Regionally, almost 90 per cent of economists expect moderate to strong growth in the US over the next two years through 2025 while still confident that it will have a "soft landing" post-tight monetary policy. Europe is expected to be experiencing weak growth and China faces similar problems with nearly 40 per cent expecting weak or very weak growth over the next two years.

South Asia is very different. Over 70 per cent of economists are positive regarding the prospects for strong growth in 2024 and 2025, mainly due to India's performance. The International Monetary Fund recently adjusted India's GDP growth forecast from 6.8 per cent to 7 per cent, showing again the vibrancy of the region.

Further, according to Saadia Zahidi, WEF's managing director, the global economy enters 2024 with new signs of stabilization but fiscal challenges remain. The role of coordinated policy efforts in facilitating resilient recovery is perceived here to be quite important. The survey suggests limited fiscal space for facing future crises; developing economies are vulnerable to dealing with long-term challenges such as climate change and demographic shifts.

<o:p>&nbsp;</o:p>

Chief economists have expressed cautious optimism over the global economy, particularly highlighting India's robust performance that put South Asia at the top position globally, according to the latest survey by the World Economic Forum.

Chief economists have expressed cautious optimism over the global economy, particularly highlighting India's robust performance that put South Asia at the top position globally, according to the latest survey by the World Economic Forum. A survey released last week by the World Economic Forum makes a series of noteworthy predictions and reveals easing inflation and strong global commerce as key drivers of the optimism for recovery; however, it also points out accelerating debt levels that challenge advanced and developing economies alike. Brief history of World Economic Forum The World Economic Forum (WEF) is an international non-governmental organization, think tank and lobbying organisation based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer Klaus Schwab. The foundation, which is mostly funded by its 1,000 member companies, typically global enterprises with more than five billion US dollars in turnover, as well as public subsidies, states that its own mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas". The Forum claims that a globalized world is best managed by a self-selected coalition of multinational corporations, governments, and civil society organizations (CSOs), which it expresses through initiatives like the "Great Reset" and the "Global Redesign". It states that it views periods of global instability such as the financial crisis of 2007–2008 and the COVID-19 pandemic, as windows of opportunity to intensify its programmatic efforts. WEF Outlook According to a report detailed by the Press Trust of India, The WEF Chief Economists Outlook has revealed that the spectrum of debt and fiscal stress is only rising, which is making economists worried about the cost of servicing debt that will yield the starkest constraint on key investment areas such as infrastructure, education, and healthcare. In particular, 39 per cent of economists polled from developing nations expected a rise in defaults in the next year. Regionally, almost 90 per cent of economists expect moderate to strong growth in the US over the next two years through 2025 while still confident that it will have a "soft landing" post-tight monetary policy. Europe is expected to be experiencing weak growth and China faces similar problems with nearly 40 per cent expecting weak or very weak growth over the next two years. South Asia is very different. Over 70 per cent of economists are positive regarding the prospects for strong growth in 2024 and 2025, mainly due to India's performance. The International Monetary Fund recently adjusted India's GDP growth forecast from 6.8 per cent to 7 per cent, showing again the vibrancy of the region. Further, according to Saadia Zahidi, WEF's managing director, the global economy enters 2024 with new signs of stabilization but fiscal challenges remain. The role of coordinated policy efforts in facilitating resilient recovery is perceived here to be quite important. The survey suggests limited fiscal space for facing future crises; developing economies are vulnerable to dealing with long-term challenges such as climate change and demographic shifts.

Leading economists bullish on India, still cautious optimism prevails for global recovery: WEF survey

According to a recent study by the Securities and Exchange Board of India (SEBI), a significant portion of Initial public offering (IPO) shares are being sold off rapidly after listing. The report, which examines investor behaviour from April 2021 to December 2023, reveals that 54 per cent of the Initial public offering shares allotted to investors (excluding anchor investors) were sold within a week of listing. 

The study highlights a pronounced "disposition effect," where investors are inclined to sell assets that have gained in value, while holding onto those that have lost value. Specifically, individual investors sold 50.2 per cent of their allotted shares within a week, non-institutional investors (NIIs) offloaded 63.3 per cent, and retail investors sold 42.7 per cent. Over a year, individual investors' selling rate soared to 70 per cent by value thus underlining the need for investor education and calmness as investors.

Mutual funds, in contrast, are more likely to hold onto initial public offerings shares for a longer duration. The study found that mutual funds sold only 3.3 per cent of their allotted shares within a week, whereas banks were far quicker, selling 79.8 percent within the same period. 

The report also noted that returns significantly influence selling behaviour. When IPO returns exceeded 20 per cent within the first week, individual investors sold 67.6 per cent of their shares by value. Conversely, when returns were negative, only 23.3 per cent of shares were sold. 

How has been the allotment of initial public offerings?

It is to be noted that retail investors from Gujarat were particularly active, receiving 39.3 per cent of the allotment, followed by Maharashtra with 13.5 per cent, and Rajasthan with 10.5 per cent respectively. The surge in IPO participation aligns with the growth in demat accounts, with nearly half of the accounts used for IPO applications between April 2021 and December 2023 having been opened post-COVID. This again underlines the importance of taking calm and informed decision in the financial markets. 

SEBI’s policy changes in April 2022 have led to notable shifts in the initial public offering landscape. Adjustments to the Non-institutional investor (NII) share allotment process and Reserve Bank of India's&nbsp;new guidelines on initial public offer (IPO) financing by non-banking financial companies (NBFCs) have contributed to a reduction in oversubscription rates.

The Non-institutional investor (NII) category’s oversubscription decreased from 38 times to 17 times, and applications from large NII investors (those applying for more than Rs 1 crore) fell dramatically from 626 per IPO to just 20. Additionally, the exit rate of big-ticket NII investors within a week dropped from 70 per cent to about 25 per cent in the post-policy period.

These findings highlight&nbsp;the evolving dynamics of the initial public offering&nbsp;market and investor behavior. The SEBI study offers crucial insights into how investor strategies are shifting and highlights the impact of recent regulatory changes on market practices.

What lessons can retail investors take from this study?<o:p></o:p>

It is crucial for retail investors to take this report by SEBI seriously. Retail investors should consider reading good books on investing and try to understand the concept of compounding. Patience plays a very important role in wealth building. Compounding is that simple concept of wealth creation which forms the basis of the investment thesis of prominent investors like Warren Buffett, Charlie Munger among others.

Therefore, retail investors should consider making investments in equity markets with a&nbsp; long-term horizon post understanding the business and the risks associated with the same. The focus hence should be on understanding the underlying business before going for the initial public offering. Wealth building therefore is a consequence of making calm and sensible investment decisions with a long-term vision.

<o:p>&nbsp;</o:p>

According to a recent study by the Securities and Exchange Board of India (SEBI), a significant portion of Initial public offering (IPO) shares are being sold off rapidly after listing.

According to a recent study by the Securities and Exchange Board of India (SEBI), a significant portion of Initial public offering (IPO) shares are being sold off rapidly after listing. The report, which examines investor behaviour from April 2021 to December 2023, reveals that 54 per cent of the Initial public offering shares allotted to investors (excluding anchor investors) were sold within a week of listing. The study highlights a pronounced "disposition effect," where investors are inclined to sell assets that have gained in value, while holding onto those that have lost value. Specifically, individual investors sold 50.2 per cent of their allotted shares within a week, non-institutional investors (NIIs) offloaded 63.3 per cent, and retail investors sold 42.7 per cent. Over a year, individual investors' selling rate soared to 70 per cent by value thus underlining the need for investor education and calmness as investors. Mutual funds, in contrast, are more likely to hold onto initial public offerings shares for a longer duration. The study found that mutual funds sold only 3.3 per cent of their allotted shares within a week, whereas banks were far quicker, selling 79.8 percent within the same period. The report also noted that returns significantly influence selling behaviour. When IPO returns exceeded 20 per cent within the first week, individual investors sold 67.6 per cent of their shares by value. Conversely, when returns were negative, only 23.3 per cent of shares were sold. How has been the allotment of initial public offerings? It is to be noted that retail investors from Gujarat were particularly active, receiving 39.3 per cent of the allotment, followed by Maharashtra with 13.5 per cent, and Rajasthan with 10.5 per cent respectively. The surge in IPO participation aligns with the growth in demat accounts, with nearly half of the accounts used for IPO applications between April 2021 and December 2023 having been opened post-COVID. This again underlines the importance of taking calm and informed decision in the financial markets. SEBI’s policy changes in April 2022 have led to notable shifts in the initial public offering landscape. Adjustments to the Non-institutional investor (NII) share allotment process and Reserve Bank of India's new guidelines on initial public offer (IPO) financing by non-banking financial companies (NBFCs) have contributed to a reduction in oversubscription rates. The Non-institutional investor (NII) category’s oversubscription decreased from 38 times to 17 times, and applications from large NII investors (those applying for more than Rs 1 crore) fell dramatically from 626 per IPO to just 20. Additionally, the exit rate of big-ticket NII investors within a week dropped from 70 per cent to about 25 per cent in the post-policy period. These findings highlight the evolving dynamics of the initial public offering market and investor behavior. The SEBI study offers crucial insights into how investor strategies are shifting and highlights the impact of recent regulatory changes on market practices. What lessons can retail investors take from this study? It is crucial for retail investors to take this report by SEBI seriously. Retail investors should consider reading good books on investing and try to understand the concept of compounding. Patience plays a very important role in wealth building. Compounding is that simple concept of wealth creation which forms the basis of the investment thesis of prominent investors like Warren Buffett, Charlie Munger among others. Therefore, retail investors should consider making investments in equity markets with a long-term horizon post understanding the business and the risks associated with the same. The focus hence should be on understanding the underlying business before going for the initial public offering. Wealth building therefore is a consequence of making calm and sensible investment decisions with a long-term vision.

Investors quick to sell initial public offering shares, SEBI report reveals

The Securities and Exchange Board of India (SEBI) has taken significant action by cancelling the registrations of 39 stock brokers, seven commodity brokers, and 22 depository participants. This decision, announced on 30 August 2024, results from these entities failing to meet essential compliance requirements, thereby posing a potential risk to investors, as detailed in a PTI report.

SEBI's primary aim in revoking these registrations is to prevent any misuse of their status, particularly as these brokers are no longer active members of recognised stock exchanges or affiliated with depositories. The regulator stated, "This move aims to protect unsuspecting investors," emphasising the importance of maintaining a secure trading environment.

Despite the cancellations, the affected entities remain accountable for their past actions and must settle any outstanding dues to SEBI. They are also required to preserve records, address investor grievances, and ensure the continuity of services to their clients. SEBI noted that these brokers were initially granted registration under the condition that they would maintain membership in a recognised stock exchange, a requirement they no longer fulfil.

Among the stock brokers whose registrations have been cancelled are Bezel Stock Brokers, Reflection Investments, and Quantum Global Securities. The list also includes other firms such as Aanya Commodities and Destiny Securities. The seven commodity brokers affected include Wealth Mantra Commodities and Sumpoorna Comtrade.

In addition to the brokers, SEBI has also cancelled the registrations of 22 depository participants, which are entities that facilitate the holding and transfer of securities in electronic form. These participants were found to have terminated their agreements with depositories, thus failing to meet the criteria set out under the Depository Participants Regulations of 2018.

Who is a stock broker?<o:p></o:p>

A stockbroker, also known as a broker, is a financial market representative who operates in securities. Their primary job role involves obtaining purchase and sale orders and executing the same. Market participants or investors rely on their expertise and knowledge regarding market dynamics to invest in stocks and other investment options.

What are the functions of stock brokers?<o:p></o:p>

Stockbrokers offer a range of essential services to their clients, including providing informed advice on buying and selling stocks and other securities based on thorough market research. They handle transactions and related paperwork, maintain detailed records of all activities, and manage clients' investment portfolios with regular updates and responses to inquiries. Additionally, they keep clients informed about new investment opportunities and assist in adjusting investment strategies in response to changing market conditions.

Caution for Investors<o:p></o:p>

Vijay Kedia, Founder and Managing Director at Kedia Capital Services, has cautioned investors who may have a Demat account with any of the banned brokers, urging them to proceed with caution. He stated, "SEBI has banned these 39 stock brokers. If you have a Demat account with any of these, be cautious!"

The list of cancelled registrations includes:-<o:p></o:p>

1. Bezel Stock Brokers Private Limited

2. Reflection Investments

3. Action Financial Services (India) Ltd

4. Sumpoorna Portfolio Limited

5. Vineet Securities Pvt Ltd

6. Quantum Global Securities Limited

7. Wellindia Securities Limited

8. Vrise Securities Private Limited

9. Credential Stock Brokers Ltd

10. Aanya Commodities Pvt Ltd

11. Amber Solutions Pvt Ltd

12. Arcadia Share &amp; Stock Brokers Private Limited

13. C.M. Goenka Stock Brokers Pvt Ltd

14. Destiny Securities Ltd

15. Bhavesh Dhirajlal Stock Broking Co Ltd

16. Enrich Fin &amp; Securities Ltd

17. First Futures and Stocks Private Limited

18. Ganga Yamuna Finvest Private Limited

19. Gems Equities &amp; Securities Pvt Ltd

20. Indovision Securities Limited

21. Olympia Securities Limited (Investnet Securities India Ltd)

22. Century Consultants Ltd

23. Merfin (India) Ltd

24. Micro Forex Equity &amp; Derivatives Private Limited

25. Moneyflo Securities Private Limited

26. Mousumi Deb Roy (Goodluck Securities)

27. Orient Capital Markets Pvt Ltd

28. Orion Capital and Debt Market

29. Parikh &amp; Shah Finvest Pvt Ltd

30. Prem Somani Share Brokers Pvt Ltd

31. Prime Broking Company (I) Limited

32. Rusoday Securities Ltd

33. Saarc Net Limited

34. Star Share &amp; Stock Brokers Ltd

35. Unicon Securities Pvt Ltd (Unickon Securities Pvt Ltd)

36. Wealth Mantra Limited

37. Yuvraj Securities

38. Classic Share &amp; Stock Broking Services Ltd

39. Grovalue Securities Private Limited

<o:p>&nbsp;</o:p> 
The cancellation of registrations is part of SEBI's ongoing efforts to uphold the integrity of the capital markets and ensure that only compliant entities operate within this space. The regulator has emphasised that all parties involved must take necessary actions regarding any defaults or pending matters, ensuring that investor interests remain protected.

The Securities and Exchange Board of India (SEBI) has taken significant action by cancelling the registrations of 39 stock brokers, seven commodity brokers, and 22 depository participants.

The Securities and Exchange Board of India (SEBI) has taken significant action by cancelling the registrations of 39 stock brokers, seven commodity brokers, and 22 depository participants. This decision, announced on 30 August 2024, results from these entities failing to meet essential compliance requirements, thereby posing a potential risk to investors, as detailed in a PTI report. SEBI's primary aim in revoking these registrations is to prevent any misuse of their status, particularly as these brokers are no longer active members of recognised stock exchanges or affiliated with depositories. The regulator stated, "This move aims to protect unsuspecting investors," emphasising the importance of maintaining a secure trading environment. Despite the cancellations, the affected entities remain accountable for their past actions and must settle any outstanding dues to SEBI. They are also required to preserve records, address investor grievances, and ensure the continuity of services to their clients. SEBI noted that these brokers were initially granted registration under the condition that they would maintain membership in a recognised stock exchange, a requirement they no longer fulfil. Among the stock brokers whose registrations have been cancelled are Bezel Stock Brokers, Reflection Investments, and Quantum Global Securities. The list also includes other firms such as Aanya Commodities and Destiny Securities. The seven commodity brokers affected include Wealth Mantra Commodities and Sumpoorna Comtrade. In addition to the brokers, SEBI has also cancelled the registrations of 22 depository participants, which are entities that facilitate the holding and transfer of securities in electronic form. These participants were found to have terminated their agreements with depositories, thus failing to meet the criteria set out under the Depository Participants Regulations of 2018. Who is a stock broker? A stockbroker, also known as a broker, is a financial market representative who operates in securities. Their primary job role involves obtaining purchase and sale orders and executing the same. Market participants or investors rely on their expertise and knowledge regarding market dynamics to invest in stocks and other investment options. What are the functions of stock brokers? Stockbrokers offer a range of essential services to their clients, including providing informed advice on buying and selling stocks and other securities based on thorough market research. They handle transactions and related paperwork, maintain detailed records of all activities, and manage clients' investment portfolios with regular updates and responses to inquiries. Additionally, they keep clients informed about new investment opportunities and assist in adjusting investment strategies in response to changing market conditions. Caution for Investors Vijay Kedia, Founder and Managing Director at Kedia Capital Services, has cautioned investors who may have a Demat account with any of the banned brokers, urging them to proceed with caution. He stated, "SEBI has banned these 39 stock brokers. If you have a Demat account with any of these, be cautious!" The list of cancelled registrations includes:- 1. Bezel Stock Brokers Private Limited 2. Reflection Investments 3. Action Financial Services (India) Ltd 4. Sumpoorna Portfolio Limited 5. Vineet Securities Pvt Ltd 6. Quantum Global Securities Limited 7. Wellindia Securities Limited 8. Vrise Securities Private Limited 9. Credential Stock Brokers Ltd 10. Aanya Commodities Pvt Ltd 11. Amber Solutions Pvt Ltd 12. Arcadia Share & Stock Brokers Private Limited 13. C.M. Goenka Stock Brokers Pvt Ltd 14. Destiny Securities Ltd 15. Bhavesh Dhirajlal Stock Broking Co Ltd 16. Enrich Fin & Securities Ltd 17. First Futures and Stocks Private Limited 18. Ganga Yamuna Finvest Private Limited 19. Gems Equities & Securities Pvt Ltd 20. Indovision Securities Limited 21. Olympia Securities Limited (Investnet Securities India Ltd) 22. Century Consultants Ltd 23. Merfin (India) Ltd 24. Micro Forex Equity & Derivatives Private Limited 25. Moneyflo Securities Private Limited 26. Mousumi Deb Roy (Goodluck Securities) 27. Orient Capital Markets Pvt Ltd 28. Orion Capital and Debt Market 29. Parikh & Shah Finvest Pvt Ltd 30. Prem Somani Share Brokers Pvt Ltd 31. Prime Broking Company (I) Limited 32. Rusoday Securities Ltd 33. Saarc Net Limited 34. Star Share & Stock Brokers Ltd 35. Unicon Securities Pvt Ltd (Unickon Securities Pvt Ltd) 36. Wealth Mantra Limited 37. Yuvraj Securities 38. Classic Share & Stock Broking Services Ltd 39. Grovalue Securities Private Limited The cancellation of registrations is part of SEBI's ongoing efforts to uphold the integrity of the capital markets and ensure that only compliant entities operate within this space. The regulator has emphasised that all parties involved must take necessary actions regarding any defaults or pending matters, ensuring that investor interests remain protected.

SEBI cancels registration of 39 stock brokers, 7 commodity brokers

Donald Trump's shooting incident marks the pivotal moment in the history of the United States of America now let's take a look at how investors are reacting to this incident. Watch in for more details!

Trump Rally Shooting: Impact of Trump attack on financial markets

The most crucial South African election in decades is already changing the country's financial markets, with money pouring in amid speculation that the African National Congress (ANC) will win enough votes to avoid less market-friendly policies from left-leaning coalition partners.

South African bonds received the most cash in April since Bloomberg began tracking the data in 2019, and the trend has continued into May. Stocks are at a 15-month high, and the rand is one of just five emerging-market currencies to strengthen this year.

South Africa represents a recovery tale for bullish investors. Foreign investors withdrew $50 billion during the last decade as the country struggled with power outages, corruption, and economic stagnation. Some investors, however, believe there will be a reversal.

"International equity investors are largely underweight South Africa, so their biggest risk is a positive election result driving a stronger currency and a re-rating of both our equity and bond markets," said Peter Brooke, a portfolio manager at Old Mutual Investment Group Ltd. "The low positioning and cheap assets could make this an explosive rally."

Elections around the world have had an impact on the markets. In 2023, pro-market governments in Greece and Argentina implemented economic reforms, resulting in huge returns, with an MSCI gauge of Greek shares rising 48 per cent and Argentina's index rising 67 per cent in dollar terms. South African equities have historically performed strongly after elections, with Goldman Sachs Group Inc. experts, including Sunil Koul, predicting that "election relief" might support domestic-focused companies, particularly domestic cyclicals, and banks.

However, scepticism prevails. "Those who have been disappointed have the memory of an elephant," stated Derrick Msibi, CEO of Stanlib Asset Management Ltd. "They never forget or easily relinquish their reservations, demanding compelling evidence of change." Last year, South Africa experienced a confidence crisis, with the rand falling to historic lows and bond yields rising. Nonetheless, the electricity supply has stabilised, and the government is poised to produce its first main budget surplus in 15 years.

JPMorgan Chase &amp; Co. strategist David Aserkoff expressed cautious optimism, saying: "We anticipate that growth picks up, local bond yields fall, and the rand remains stable. If that happens, we are convinced that South Africa will significantly outperform emerging markets, reversing the previous decade's direction."

According to opinion polls, the ANC could lose its majority for the first time since 1994 in the May 29 election. However, fears of forming a government with communist parties have subsided. "Our base case remains that the ANC wins this election outright with an overall majority," said Standard Chartered Bank's head of research, Razia Khan. "If that doesn't happen, we still think it's a likely coalition with relatively benign, relatively centrist coalition partners."

The Democratic Alliance, the populist Economic Freedom Fighters, and the newly created uMkhonto weSizwe, led by former President Jacob Zuma, who is facing corruption charges, are all expected to receive large votes outside of the ANC. UBS Group AG strategists, including Manik Narain, believe local stocks may rise by 17 per cent if the ANC and the DA form a partnership.

The election premium on bonds is also decreasing. Local currency debt, which underperformed emerging markets earlier in 2024, has risen to the top ten this quarter, delivering investors a 6.3 per cent return in dollar terms. Citigroup Inc. strategists, including Bhumika Gupta, have switched overweight on the debt, expecting more inflows.

"The danger of the ANC having to team up with the EFF post-election has led to considerable underperformance in South African bond and credit markets in recent months," said Roger Mark, an emerging-markets fixed-income analyst at Ninety One." "Because we view this scenario as a tail risk only, we are turning increasingly constructive on the country's assets."

In April, Credit Agricole SA went long the rand against the dollar, with a target price of 18.60 rand per dollar. The currency has already risen above this, trading at about 18.20 on Friday. Cumesh Moodliar, CEO of Investec South Africa, stated that investors want to see sustained improvements in state-owned enterprises and important institutions, as well as successful prosecutions of individuals involved in corruption.

"None of these are out of reach of the government," Moodliar stated. "A concerted effort to follow through is probably the first requirement to rebuild confidence."

(With inputs from Bloomberg)

The most crucial South African election in decades is already changing the country's financial markets, with money pouring in amid speculation that the African National Congress (ANC) will win enough votes to avoid less market-friendly policies from left-leaning coalition partners.

The most crucial South African election in decades is already changing the country's financial markets, with money pouring in amid speculation that the African National Congress (ANC) will win enough votes to avoid less market-friendly policies from left-leaning coalition partners. South African bonds received the most cash in April since Bloomberg began tracking the data in 2019, and the trend has continued into May. Stocks are at a 15-month high, and the rand is one of just five emerging-market currencies to strengthen this year. South Africa represents a recovery tale for bullish investors. Foreign investors withdrew $50 billion during the last decade as the country struggled with power outages, corruption, and economic stagnation. Some investors, however, believe there will be a reversal. "International equity investors are largely underweight South Africa, so their biggest risk is a positive election result driving a stronger currency and a re-rating of both our equity and bond markets," said Peter Brooke, a portfolio manager at Old Mutual Investment Group Ltd. "The low positioning and cheap assets could make this an explosive rally." Elections around the world have had an impact on the markets. In 2023, pro-market governments in Greece and Argentina implemented economic reforms, resulting in huge returns, with an MSCI gauge of Greek shares rising 48 per cent and Argentina's index rising 67 per cent in dollar terms. South African equities have historically performed strongly after elections, with Goldman Sachs Group Inc. experts, including Sunil Koul, predicting that "election relief" might support domestic-focused companies, particularly domestic cyclicals, and banks. However, scepticism prevails. "Those who have been disappointed have the memory of an elephant," stated Derrick Msibi, CEO of Stanlib Asset Management Ltd. "They never forget or easily relinquish their reservations, demanding compelling evidence of change." Last year, South Africa experienced a confidence crisis, with the rand falling to historic lows and bond yields rising. Nonetheless, the electricity supply has stabilised, and the government is poised to produce its first main budget surplus in 15 years. JPMorgan Chase & Co. strategist David Aserkoff expressed cautious optimism, saying: "We anticipate that growth picks up, local bond yields fall, and the rand remains stable. If that happens, we are convinced that South Africa will significantly outperform emerging markets, reversing the previous decade's direction." According to opinion polls, the ANC could lose its majority for the first time since 1994 in the May 29 election. However, fears of forming a government with communist parties have subsided. "Our base case remains that the ANC wins this election outright with an overall majority," said Standard Chartered Bank's head of research, Razia Khan. "If that doesn't happen, we still think it's a likely coalition with relatively benign, relatively centrist coalition partners." The Democratic Alliance, the populist Economic Freedom Fighters, and the newly created uMkhonto weSizwe, led by former President Jacob Zuma, who is facing corruption charges, are all expected to receive large votes outside of the ANC. UBS Group AG strategists, including Manik Narain, believe local stocks may rise by 17 per cent if the ANC and the DA form a partnership. The election premium on bonds is also decreasing. Local currency debt, which underperformed emerging markets earlier in 2024, has risen to the top ten this quarter, delivering investors a 6.3 per cent return in dollar terms. Citigroup Inc. strategists, including Bhumika Gupta, have switched overweight on the debt, expecting more inflows. "The danger of the ANC having to team up with the EFF post-election has led to considerable underperformance in South African bond and credit markets in recent months," said Roger Mark, an emerging-markets fixed-income analyst at Ninety One." "Because we view this scenario as a tail risk only, we are turning increasingly constructive on the country's assets." In April, Credit Agricole SA went long the rand against the dollar, with a target price of 18.60 rand per dollar. The currency has already risen above this, trading at about 18.20 on Friday. Cumesh Moodliar, CEO of Investec South Africa, stated that investors want to see sustained improvements in state-owned enterprises and important institutions, as well as successful prosecutions of individuals involved in corruption. "None of these are out of reach of the government," Moodliar stated. "A concerted effort to follow through is probably the first requirement to rebuild confidence." (With inputs from Bloomberg)

South African Election sparks financial market rally. Here are the details

India's growth potential, coupled with its relatively lower exposure to geopolitical risks, is positioning it as a rising star in global financial markets while China grapples with challenges that have led to a retreat of foreign funds.

India benefits from investor exodus in China

UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia.

<h2>When will the job cuts happen?</h2>

As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October.

UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/credit-suisse-ordered-by-court-to-pay-926-million-to-ex-pm-of-georgia-596934">Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM</a>

Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals.

This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees.

<h2>How will the job cuts affect the global financial sector?</h2>

The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts.

Watch |&nbsp;Credit Suisse is now a part of UBS | World Business Watch

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/credit-suisse-is-now-a-part-of-ubs-world-business-watch-603732/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021.&nbsp;

Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment.

Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions.&nbsp;

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360&amp;sa=U&amp;ved=2ahUKEwial-atieX_AhXmTmwGHahpC0gQFnoECAAQAg&amp;usg=AOvVaw1cP6ReS7Br9qR4j8hcpMqi" dir="ltr" href="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" target="_blank">Silicon Valley Bank to cut 500 jobs, says new owner: Report</a>

UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200.&nbsp;

As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books.

<h2>UBS and Credit Suisse integration</h2>

Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach.&nbsp;

The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated.&nbsp;
(With inputs from agencies)

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UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia.

UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia. When will the job cuts happen? As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October. UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years. Also read | Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals. This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees. How will the job cuts affect the global financial sector? The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts. Watch | Credit Suisse is now a part of UBS | World Business Watch UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021. Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment. Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions. Also read | Silicon Valley Bank to cut 500 jobs, says new owner: Report UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200. As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books. UBS and Credit Suisse integration Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach. The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report

Financial markets and economic forecasts are warning of rising risks to the American and global economies, which were improving before novel coronaviruses spread from China around the world.

IMF cuts global growth forecast, Economic carnage of Coronavirus | Coronavirus Outbreak

As odds of the global recession rises the government and central banks around the world are racing to restore the economic damage from the spread of the novel coronavirus. The death toll has already landed hard on the jittery financial markets. Watch report:

Global stocks plunge on coronavirus fears

Global growth in 2019 should be even slower than previously expected but a "precarious" rebound later this year is likely, the head of the International Monetary Fund said Tuesday.

In a speech ahead of next week's spring meetings in Washington with the World Bank, IMF chief Christine Lagarde said the world economy was vulnerable to shocks from Brexit, high debt levels and trade tensions, as well as unease on financial markets.

"The expected rebound in global growth this year is precarious," she said in an address at the US Chamber of Commerce. "This is a delicate moment that requires us to handle with care."

Lagarde said the IMF next week was due to cut its global growth forecasts even further than it had in January, with more than two-thirds of the world economy likely to see slowing growth.

Next week's meetings -- a twice-yearly conclave of central bankers and finance ministers -- come with the backdrop of fraught negotiations between Beijing and Washington to resolve their eight-month trade war.

Gloom about slowing growth in Asia, Europe and the United States, as well as the protected US-China trade war, have sparked periodic jitters on markets since last year.

At the start of the year, the fund had already lowered its expectations several notches from a prior outlook, calling for global GDP to expand by 3.5 per cent this year and next.

Elsewhere on Tuesday, the World Trade Organization announced in Geneva it was slashing its 2019 forecast for growth in global trade to 2.6 per cent, down from the 3.7 per cent predicted earlier.

"We had this synchronized acceleration of growth a couple of years ago. Now it's synchronized deceleration," Lagarde said following her speech. "I don't want to be overly dramatic, because we don't see a recession."

A 'monopoly problem'?&nbsp;

But Lagarde pointed to some grounds for optimism, saying major central banks, including the US Federal Reserve, were showing patience about the speed of interest rate increases, while China had moved to stimulate its economy.

She called on member governments to help avert mounting dangers by modernizing tax systems, cutting public debts and reducing wealth inequalities through spending on education, health and infrastructure, recommendations the IMF has made before.

Lagarde repeated warnings about imposing tariffs, saying such barriers to trade were "potentially self-inflicted wounds" that threatened to dent economic growth and leave no winners.

But Lagarde also said governments should address the dangers posed by the concentration of market power in the hands of corporate giants, especially in the tech sector, with major players often able to block out competition and garner the lion's share of profits for themselves.

While IMF research showed this concentration had so far had little effect on business investment, production and worker pay, according to Lagarde, there was still a danger that it could weigh on all of them.

"I am not saying that we currently have a monopoly problem," she said. "But I am saying that we should take appropriate measures so that it does not become a problem."

Speaking to CNBC later, Lagarde also said new IMF research showed that an all-out trade war between the United States and China -- with 25 per cent duties on all traded merchandise -- could shave up to 1.6 per cent off of annual growth in China and 0.6 per cent off US GDP growth.

While there were signs of progress in talks between the United States and China, a deal should be "signed, sealed and delivered" before it can restore certainty to global trade, she added.

Global growth in 2019 should be even slower than previously expected but a "precarious" rebound later this year is likely, the head of the International Monetary Fund said Tuesday.

Global growth in 2019 should be even slower than previously expected but a "precarious" rebound later this year is likely, the head of the International Monetary Fund said Tuesday. In a speech ahead of next week's spring meetings in Washington with the World Bank, IMF chief Christine Lagarde said the world economy was vulnerable to shocks from Brexit, high debt levels and trade tensions, as well as unease on financial markets. "The expected rebound in global growth this year is precarious," she said in an address at the US Chamber of Commerce. "This is a delicate moment that requires us to handle with care." Lagarde said the IMF next week was due to cut its global growth forecasts even further than it had in January, with more than two-thirds of the world economy likely to see slowing growth. Next week's meetings -- a twice-yearly conclave of central bankers and finance ministers -- come with the backdrop of fraught negotiations between Beijing and Washington to resolve their eight-month trade war. Gloom about slowing growth in Asia, Europe and the United States, as well as the protected US-China trade war, have sparked periodic jitters on markets since last year. At the start of the year, the fund had already lowered its expectations several notches from a prior outlook, calling for global GDP to expand by 3.5 per cent this year and next. Elsewhere on Tuesday, the World Trade Organization announced in Geneva it was slashing its 2019 forecast for growth in global trade to 2.6 per cent, down from the 3.7 per cent predicted earlier. "We had this synchronized acceleration of growth a couple of years ago. Now it's synchronized deceleration," Lagarde said following her speech. "I don't want to be overly dramatic, because we don't see a recession." A 'monopoly problem'? But Lagarde pointed to some grounds for optimism, saying major central banks, including the US Federal Reserve, were showing patience about the speed of interest rate increases, while China had moved to stimulate its economy. She called on member governments to help avert mounting dangers by modernizing tax systems, cutting public debts and reducing wealth inequalities through spending on education, health and infrastructure, recommendations the IMF has made before. Lagarde repeated warnings about imposing tariffs, saying such barriers to trade were "potentially self-inflicted wounds" that threatened to dent economic growth and leave no winners. But Lagarde also said governments should address the dangers posed by the concentration of market power in the hands of corporate giants, especially in the tech sector, with major players often able to block out competition and garner the lion's share of profits for themselves. While IMF research showed this concentration had so far had little effect on business investment, production and worker pay, according to Lagarde, there was still a danger that it could weigh on all of them. "I am not saying that we currently have a monopoly problem," she said. "But I am saying that we should take appropriate measures so that it does not become a problem." Speaking to CNBC later, Lagarde also said new IMF research showed that an all-out trade war between the United States and China -- with 25 per cent duties on all traded merchandise -- could shave up to 1.6 per cent off of annual growth in China and 0.6 per cent off US GDP growth. While there were signs of progress in talks between the United States and China, a deal should be "signed, sealed and delivered" before it can restore certainty to global trade, she added.

'Precarious' global rebound expected in late 2019: IMF chief

Cancer drugmaker Medivation yesterday gained nearly 20 per cent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. 
 
The Dow Jones Industrial Average closed down 0.1 per cent at 18,529.42 while the S&amp;P 500 fell less than 0.1 per cent to 2,182.64. 
 
The tech-heavy Nasdaq, where Medivation is listed, rose 0.1 per cent 5,244.60 
 
Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming. 
 
&quot;Traders are looking at this and are probably reluctant to take a position on either side of the market as long as there are opportunities for surprises,&quot; Low told AFP. 
 
Pfizer on Monday announced it had reached a deal to purchase Medivation, which manufactures a prized prostate cancer medication, for $14 billion. 
 
Pfizer was down 0.4 per cent and Johnson &amp; Johnson fell almost 0.7 per cent. But Merck and Eli Lilly were both up 0.3 per cent 
 
Social media giant Twitter lost 2.3 per cent. 
 
Peter Cardillo of First Standard Financial Company told AFP that markets would likely continue to move sideways until Yellen&#39;s speech. 
 
&quot;We are looking at the Jackson Hole meeting later this week and I think this is going to keep the market in a range, a little higher, a little lower,&quot; he said. &quot;Just trading sideways for most of the week.&quot; 
 
Oil stocks were split on Monday as crude prices sank, with Chevron Corp down 0.4 percent but Exxon Mobil up 0.2 per cent. 
 
Oil services contractor Halliburton fell 3.8 per cent while Baker Hughes was 1.7 per cent lower than Friday&#39;s close. 
 
(AFP)

Chris Low of FTN Financial said the markets were in wait-and-see mode with a much-anticipated speech from Federal Reserve Chair Janet Yellen

Cancer drugmaker Medivation yesterday gained nearly 20 per cent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. The Dow Jones Industrial Average closed down 0.1 per cent at 18,529.42 while the S&P 500 fell less than 0.1 per cent to 2,182.64. The tech-heavy Nasdaq, where Medivation is listed, rose 0.1 per cent 5,244.60 Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming. "Traders are looking at this and are probably reluctant to take a position on either side of the market as long as there are opportunities for surprises," Low told AFP. Pfizer on Monday announced it had reached a deal to purchase Medivation, which manufactures a prized prostate cancer medication, for $14 billion. Pfizer was down 0.4 per cent and Johnson & Johnson fell almost 0.7 per cent. But Merck and Eli Lilly were both up 0.3 per cent Social media giant Twitter lost 2.3 per cent. Peter Cardillo of First Standard Financial Company told AFP that markets would likely continue to move sideways until Yellen's speech. "We are looking at the Jackson Hole meeting later this week and I think this is going to keep the market in a range, a little higher, a little lower," he said. "Just trading sideways for most of the week." Oil stocks were split on Monday as crude prices sank, with Chevron Corp down 0.4 percent but Exxon Mobil up 0.2 per cent. Oil services contractor Halliburton fell 3.8 per cent while Baker Hughes was 1.7 per cent lower than Friday's close. (AFP)

Medivation surges on Pfizer takeover as US markets stay flat

Britain&#39;s new finance minister Philip Hammond, under pressure from his peers from around the world, said today there could be more clarity later this year on how the country will exit the European Union. 
 
Several nations called on Britain during weekend talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. 
 
&quot;It&#39;s right at the top of the agenda here at the G20,&quot; Hammond said at the end of the two-day meeting of the Group of 20 leading economies in the Chinese city of Chengdu. &quot;It&#39;s a new factor affecting the global economic outlook and it has increased the uncertainty which the world economy faces.&quot; 
 
Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc. 
 
Prime Minister Theresa May, who has been in her job for less than two weeks, traveled to Germany and France last week to explain why she needed time to come up with an exit strategy. 
 
The EU&#39;s top economic official, Pierre Moscovici, said the bloc understood that Britain should not be rushed but &quot;at the same time let&#39;s not waste time, let&#39;s not have too much uncertainty, let&#39;s act and choose as swiftly as possible.&quot; 
 
Hammond told reporters today the two-year negotiating period, once launched, represented &quot;quite a tight timescale&quot; and Britain needed to go into it with clear objectives. &quot;We have to do that before the start of the process because when we serve that notice, we need to hit the ground running,&quot; he said. 
 
But Hammond also showed he was aware of the need for some clarity on Brexit: &quot;What will start to reduce uncertainty is when we are able to set out more clearly the kind of arrangement we envisage going forward with the European Union.&quot; 
 
&quot;If our European Union partners respond to such a vision positively - obviously it will be subject to negotiation - so that there is a sense perhaps later this year that we are all on the same page in terms of where we expect to be going, I think that will send a reassuring signal to the business community and to markets,&quot; Hammond said. 
 
May has said she does not plan to launch the formal negotiation period this year. It remains to be seen if other EU countries would enter informal talks with Britain before the formal negotiations, something they have previously ruled out. 
 
Govt, Bank of England have to be ready 
 
Financial markets have stabilised after the initial shock of the referendum result which saw the value of the pound plunge by more than 10 per cent and trillions of dollars wiped off stock markets worldwide. But economists are expecting Britain to fall into a recession, according to a Reuters poll. 
 
Hammond said he did not think that a survey of British businesses published on Friday, which showed the sharpest fall on record in a purchasing managers index, was a sign that the economy was in already in a recession. 
 
&quot;What it does is underscore the hit to confidence,&quot; he said. 
 
Hammond warned that Brexit-related volatility in markets would be a risk throughout the two-year negotiation period. 
 
&quot;We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly,&quot; he said. 
 
The BoE is expected to cut interest rates and possibly announce more stimulus measures on August 4. Hammond has said he could ease fiscal policy in the autumn if more help is needed. 
 
Asked about a comment he made on Friday, that he might &quot;reset&quot; fiscal policy to cope with the Brexit fallout, Hammond said Britain&#39;s still high levels of debt meant it needed a new framework on its public finances to give clarity to markets. 
 
&quot;What that framework will look like will depend on the decisions we make about whether or not any fiscal stimulus is required on the basis of the data we will by then have available,&quot; he said. 
 
(Reuters)

Britain's finance minister accepted the need for some clarity on Brexit, said it's at the top of agenda at the G20

Britain's new finance minister Philip Hammond, under pressure from his peers from around the world, said today there could be more clarity later this year on how the country will exit the European Union. Several nations called on Britain during weekend talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. "It's right at the top of the agenda here at the G20," Hammond said at the end of the two-day meeting of the Group of 20 leading economies in the Chinese city of Chengdu. "It's a new factor affecting the global economic outlook and it has increased the uncertainty which the world economy faces." Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc. Prime Minister Theresa May, who has been in her job for less than two weeks, traveled to Germany and France last week to explain why she needed time to come up with an exit strategy. The EU's top economic official, Pierre Moscovici, said the bloc understood that Britain should not be rushed but "at the same time let's not waste time, let's not have too much uncertainty, let's act and choose as swiftly as possible." Hammond told reporters today the two-year negotiating period, once launched, represented "quite a tight timescale" and Britain needed to go into it with clear objectives. "We have to do that before the start of the process because when we serve that notice, we need to hit the ground running," he said. But Hammond also showed he was aware of the need for some clarity on Brexit: "What will start to reduce uncertainty is when we are able to set out more clearly the kind of arrangement we envisage going forward with the European Union." "If our European Union partners respond to such a vision positively - obviously it will be subject to negotiation - so that there is a sense perhaps later this year that we are all on the same page in terms of where we expect to be going, I think that will send a reassuring signal to the business community and to markets," Hammond said. May has said she does not plan to launch the formal negotiation period this year. It remains to be seen if other EU countries would enter informal talks with Britain before the formal negotiations, something they have previously ruled out. Govt, Bank of England have to be ready Financial markets have stabilised after the initial shock of the referendum result which saw the value of the pound plunge by more than 10 per cent and trillions of dollars wiped off stock markets worldwide. But economists are expecting Britain to fall into a recession, according to a Reuters poll. Hammond said he did not think that a survey of British businesses published on Friday, which showed the sharpest fall on record in a purchasing managers index, was a sign that the economy was in already in a recession. "What it does is underscore the hit to confidence," he said. Hammond warned that Brexit-related volatility in markets would be a risk throughout the two-year negotiation period. "We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly," he said. The BoE is expected to cut interest rates and possibly announce more stimulus measures on August 4. Hammond has said he could ease fiscal policy in the autumn if more help is needed. Asked about a comment he made on Friday, that he might "reset" fiscal policy to cope with the Brexit fallout, Hammond said Britain's still high levels of debt meant it needed a new framework on its public finances to give clarity to markets. "What that framework will look like will depend on the decisions we make about whether or not any fiscal stimulus is required on the basis of the data we will by then have available," he said. (Reuters)

UK seeks to assuage global worries over path to Brexit

Britain&#39;s new finance minister Philip Hammond today ruled out an emergency budget in response to economic turbulence triggered by the country&#39;s vote in favour of exiting the European Union. 
 
Hammond told media that a budget would not be submitted before the British autumn, adding that London&#39;s key financial sector must retain access to the EU single market following Brexit. 
 
Ahead of last month&#39;s EU referendum, Hammond&#39;s predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession. 
 
However, he quickly ruled out such an event despite the country voting on June 23 to quit the bloc - and has now quit the government following Hammond&#39;s appointment. 
 
New Prime Minister Theresa May on Wednesday appointed Hammond to replace Osborne as chancellor of the exchequer. 
 
Osborne was the architect of the past six years of British austerity and a close friend of former prime minister David Cameron, while both had campaigned for Britain to remain in the EU. 
 
Hammond, who had been foreign minister in the outgoing government of Cameron, told various media outlets today that there would be no emergency budget. 
 
May &quot;made clear we will do an Autumn Statement (budget) in the usual way, in the autumn, and we will look carefully over the summer at the situation&quot;, Hammond told Sky News. 
 
Speaking to the ITV channel, he said that financial markets &quot;need to know we will do whatever is necessary to keep the economy on track&quot;. 
 
Bank of England meeting 
 
Hammond added that he was meeting today with Bank of England (BoE) governor Mark Carney to assess Britain&#39;s economy. 
 
It comes as the BoE prepares to announce whether it will cut its main interest rate to a new record low level under 0.50 per cent to curb the economic fallout from Brexit. 
 
Following the referendum the pound slumped to a 31-year-low against the dollar, before rebounding slightly. While a weak pound helps exporters, it makes imports more expensive, which in turn can push up inflation. 
 
But while a cut to the BoE&#39;s interest rate may help to boost business investment, it risks further weakening the pound according to analysts. 
 
&quot;There has been a chilling effect,&quot; on markets since the referendum, Hammond told BBC radio today. 
 
&quot;We have seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiation with the EU.&quot; 
 
Businesses &quot;want to know on what terms they will be able to sell into the single market of the European Union once Britain is outside that Union&quot;, he told the BBC. 
 
Hammond added that during Brexit negotiations with the EU, the government needed &quot;to ensure access to the European Union single market&quot; for London&#39;s financial services. 
 
&quot;It&#39;s not only in London&#39;s interest, it&#39;s in the interest of the EU as well. London provides a crucial financial service,&quot; he added. 
 
Osborne had said following the referendum result that he would seek to slash corporation tax over fears of an exodus of companies from Britain. 
 
Hammond though would not be drawn on Thursday on Osborne&#39;s pledge to cut Britain&#39;s levy on company profits to under 15 per cent from 20 per cent currently. 
 
Following the referendum, Osborne also scrapped the government&#39;s promise for a budget surplus by 2020. 
 
Hammond told the BBC on today that the Conservative government had &quot;to reduce the deficit further, but looking at how and when and at what pace we do that and how we measure our progress in doing that, is something that we now need to consider in light of the new circumstances that the economy is facing.&quot; 
 
(AFP)

'We will do whatever is necessary to keep the economy on track,' Philip Hammond said

Britain's new finance minister Philip Hammond today ruled out an emergency budget in response to economic turbulence triggered by the country's vote in favour of exiting the European Union. Hammond told media that a budget would not be submitted before the British autumn, adding that London's key financial sector must retain access to the EU single market following Brexit. Ahead of last month's EU referendum, Hammond's predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession. However, he quickly ruled out such an event despite the country voting on June 23 to quit the bloc - and has now quit the government following Hammond's appointment. New Prime Minister Theresa May on Wednesday appointed Hammond to replace Osborne as chancellor of the exchequer. Osborne was the architect of the past six years of British austerity and a close friend of former prime minister David Cameron, while both had campaigned for Britain to remain in the EU. Hammond, who had been foreign minister in the outgoing government of Cameron, told various media outlets today that there would be no emergency budget. May "made clear we will do an Autumn Statement (budget) in the usual way, in the autumn, and we will look carefully over the summer at the situation", Hammond told Sky News. Speaking to the ITV channel, he said that financial markets "need to know we will do whatever is necessary to keep the economy on track". Bank of England meeting Hammond added that he was meeting today with Bank of England (BoE) governor Mark Carney to assess Britain's economy. It comes as the BoE prepares to announce whether it will cut its main interest rate to a new record low level under 0.50 per cent to curb the economic fallout from Brexit. Following the referendum the pound slumped to a 31-year-low against the dollar, before rebounding slightly. While a weak pound helps exporters, it makes imports more expensive, which in turn can push up inflation. But while a cut to the BoE's interest rate may help to boost business investment, it risks further weakening the pound according to analysts. "There has been a chilling effect," on markets since the referendum, Hammond told BBC radio today. "We have seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiation with the EU." Businesses "want to know on what terms they will be able to sell into the single market of the European Union once Britain is outside that Union", he told the BBC. Hammond added that during Brexit negotiations with the EU, the government needed "to ensure access to the European Union single market" for London's financial services. "It's not only in London's interest, it's in the interest of the EU as well. London provides a crucial financial service," he added. Osborne had said following the referendum result that he would seek to slash corporation tax over fears of an exodus of companies from Britain. Hammond though would not be drawn on Thursday on Osborne's pledge to cut Britain's levy on company profits to under 15 per cent from 20 per cent currently. Following the referendum, Osborne also scrapped the government's promise for a budget surplus by 2020. Hammond told the BBC on today that the Conservative government had "to reduce the deficit further, but looking at how and when and at what pace we do that and how we measure our progress in doing that, is something that we now need to consider in light of the new circumstances that the economy is facing." (AFP)

British finance minister rules out emergency budget

Britain&#39;s vote to leave the European Union (EU) continued to reverberate through financial markets, with the Pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook.&nbsp;

UK finance minister George Osborne said early Monday that the British economy was strong enough to cope with the market volatility caused by last week&#39;s Brexit&nbsp;referendum which has resulted in the biggest blow since World War II&nbsp;to the European goal of forging greater unity.

&quot;Our economy is about as strong as it could be to confront the challenge our country now faces,&quot; Osborne told reporters.&nbsp;

&quot;It is inevitable after Thursday&#39;s vote that Britain&#39;s economy is going to have to adjust to the new situation we find ourselves in,&quot; said Osborne, who later ruled himself out of the running to succeed David Cameron as prime minister.

Boris Johnson, a leading proponent of&nbsp;Brexit&nbsp;and the frontrunner to be the next prime minister, praised Osborne for saying &quot;some reassuring things to the markets&quot;.

The former London mayor said it was now clear that &quot;people&#39;s pensions are safe, the pound is stable, markets are stable. I think that is all very good news.&quot;

But neither Osborne&#39;s nor Johnson&#39;s words failed to stop the slide in stocks on world markets which began last Friday when Britons confounded investors&#39; expectations by voting to end 43 years of EU membership.

European bank shares had their worst two-day fall on record and world stocks as measured by Morgan Stanley Capital International (MSCI) index saw their worst two-day fall since the collapse of US&nbsp;investment bank Lehman Brothers during the 2008 financial crisis. On Friday alone about $2.8 trillion was wiped off the value of world stocks, the biggest daily loss ever.&nbsp;

Sterling fell to a low around $1.3120, its lowest level since mid-1985. The Euro also remained weak, after falling to a three-month low around $1.0910 on Friday.&nbsp;

Asian stocks markets opened weaker on Tuesday, with MSCI&#39;s Asia ex-Japan index extending losses for a third day, down 0.5 per cent. Japan&#39;s Nikkei was off 0.7 per&nbsp;cent.

&quot;Markets already appear to be pricing in a full-blown recession in the UK&nbsp;and rising recession risk in the rest of Europe,&quot; said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management.

Ratings agency Standard &amp; Poor&#39;s (S&amp;P) stripped Britain of its last remaining top-notch credit rating on Monday, warning that more downgrades could follow.&nbsp;

&quot;In our opinion, this (referendum) outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK,&quot; S&amp;P said in a statement.

The yield on British 10-year government bonds fell below 1.0 per cent for the first time as investors bet the&nbsp;Brexit&nbsp;vote would trigger a Bank of England interest rate cut aimed at steadying the economy.

US&nbsp;stocks ended lower for a second day also, following European markets, pulled down by banking stocks amid uncertainty over London&#39;s future as the region&#39;s financial capital. Safe-haven bond and gold prices rose.

US&nbsp;Treasury Secretary Jack Lew on Monday said he sees no signs of a financial crisis arising from Britain&#39;s decision last week, although he admitted that the result does present additional &quot;headwinds&quot; for the US&nbsp;economy.

Visiting Brussels, US&nbsp;Secretary of State John Kerry said it was important that &quot;nobody loses their head&quot; as the EU and Britain deal with the fallout from the referendum.

European Central Bank President Mario Draghi expressed &quot;sadness&quot; on Monday at Britain&#39;s vote to leave the EU.&nbsp;

Draghi will fly to Brussels on Tuesday, where he is expected to brief European leaders about the impact of the UK vote on the euro zone at a two-day European Council meeting.&nbsp;

POLITICAL CONFUSION IN BRITAIN

With the ruling UK&nbsp;Conservative party looking for a new leader after Cameron&#39;s resignation on Friday and lawmakers from the opposition Labour party stepping up a rebellion against their leader, Britain sank deeper into political chaos.

&quot;There&#39;s no political leadership in the UK right when markets need the reassurance of direction,&quot; said Luke Hickmore of Aberdeen Asset Management, expressing the view of many in the City of London financial centre.

British broadcaster Sky News said work and pensions minister Stephen Crabb was also considering a bid for the Conservative party leadership, with business secretary Sajid Javid seeking to become finance minister. Both were in favour of staying in the EU. The editor of the Spectator magazine tweeted that Health Secretary Jeremy Hunt was also &quot;highly likely&quot; to launch a bid.&nbsp;

Cameron says he will stay on until October as a caretaker and that his successor should trigger the formal process of leaving the EU. His Conservative Party in parliament recommended choosing a successor by early September.

The prime minister sought to calm fears over the fallout of the referendum and said parliament should not try to block Britain&#39;s departure. A majority of parliamentarians, like him, had argued that Britain should stay in the EU.

&quot;I am clear, and the cabinet agreed this morning, that the decision must be accepted,&quot; Cameron told parliament, which also faces a public petition for a new referendum.&nbsp;

While the question of whether to leave the EU has split the ruling Conservative party, divisions within the opposition are also deep. A wave of Labour lawmakers resigned from leader Jeremy Corbyn&#39;s team on Monday, adding to the 11 senior figures who quit on Sunday, saying his campaign to keep Britain in the EU was half-hearted.

Corbyn, a left-winger who has strong support among ordinary party members, has said he is not stepping down.

Discontent with the political establishment in general and the Conservatives in particular was a factor behind the vote to leave, although many&nbsp;Brexit&nbsp;backers focused on immigration, complaining too many migrants had arrived from eastern Europe.

Piling on misery for beaten English &quot;remain&quot; voters, the country&#39;s soccer team on Monday crashed out of the Euro 2016 soccer competition to tiny Iceland.

&quot;We embarrassed ourselves three of four days ago in the referendum, we&#39;ve embarrassed ourselves now. It&#39;s a really, really sad time to be English,&quot; lamented English soccer fan Alex in the French city of Nice.

EUROPE WANTS QUICKER RESOLUTION

Cameron&#39;s refusal to start formal moves to pull the country out of the EU has prompted many European leaders to demand quicker action by Britain, the EU&#39;s second largest economy after Germany, to leave the 28-country bloc.

&quot;It should be implemented quickly. We cannot remain in an uncertain and indefinite situation,&quot; French Finance Minister Michel Sapin said on France 2 television.

Guenther Oettinger, German member of the EU&#39;s executive European Commission, said delay would hurt Europe as well as Britain. &quot;Every day of uncertainty prevents investors from putting their funds into Britain, and also other European markets,&quot; he told Deutschlandfunk radio.

Cameron heads to Brussels on Tuesday for a grim EU summit dinner, while the other 27 leaders will meet for the first time without him on Wednesday morning to plan their next moves. They are likely to stress a willingness to negotiate, but only after London binds itself to a tight two-year exit timetable.

The leaders of France, Germany and Italy met in Berlin on Monday and said Europe needed to respond to its people&#39;s concerns by setting clear goals to improve security, the economy and prospects for young people.

German Chancellor Angela Merkel, who has appeared to take a softer line on Britain&#39;s decision than some European leaders, said she had &quot;neither a brake nor an accelerator&quot; to control events, adding: &quot;We just don&#39;t want an impasse.&quot;

The political, economic and regulatory uncertainty is being felt across the globe at a time when economies are still slowly recovering from the 2008 economic crisis, interest rates are close to zero, and central banks have fewer tools than normal to revive demand if countries enter recession.&nbsp;

South Korea said on Tuesday it would propose a supplementary budget of around 10 trillion Won ($8.44 billion), in part to help it manage&nbsp;Brexit&nbsp;turmoil in financial markets. 
 
(Reuters)

European bank shares had their worst two-day fall on record and world stocks saw their worst two-day fall since the 2008 financial crisis

Britain's vote to leave the European Union (EU) continued to reverberate through financial markets, with the Pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook. UK finance minister George Osborne said early Monday that the British economy was strong enough to cope with the market volatility caused by last week's Brexit referendum which has resulted in the biggest blow since World War II to the European goal of forging greater unity. "Our economy is about as strong as it could be to confront the challenge our country now faces," Osborne told reporters. "It is inevitable after Thursday's vote that Britain's economy is going to have to adjust to the new situation we find ourselves in," said Osborne, who later ruled himself out of the running to succeed David Cameron as prime minister. Boris Johnson, a leading proponent of Brexit and the frontrunner to be the next prime minister, praised Osborne for saying "some reassuring things to the markets". The former London mayor said it was now clear that "people's pensions are safe, the pound is stable, markets are stable. I think that is all very good news." But neither Osborne's nor Johnson's words failed to stop the slide in stocks on world markets which began last Friday when Britons confounded investors' expectations by voting to end 43 years of EU membership. European bank shares had their worst two-day fall on record and world stocks as measured by Morgan Stanley Capital International (MSCI) index saw their worst two-day fall since the collapse of US investment bank Lehman Brothers during the 2008 financial crisis. On Friday alone about $2.8 trillion was wiped off the value of world stocks, the biggest daily loss ever. Sterling fell to a low around $1.3120, its lowest level since mid-1985. The Euro also remained weak, after falling to a three-month low around $1.0910 on Friday. Asian stocks markets opened weaker on Tuesday, with MSCI's Asia ex-Japan index extending losses for a third day, down 0.5 per cent. Japan's Nikkei was off 0.7 per cent. "Markets already appear to be pricing in a full-blown recession in the UK and rising recession risk in the rest of Europe," said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management. Ratings agency Standard & Poor's (S&P) stripped Britain of its last remaining top-notch credit rating on Monday, warning that more downgrades could follow. "In our opinion, this (referendum) outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK," S&P said in a statement. The yield on British 10-year government bonds fell below 1.0 per cent for the first time as investors bet the Brexit vote would trigger a Bank of England interest rate cut aimed at steadying the economy. US stocks ended lower for a second day also, following European markets, pulled down by banking stocks amid uncertainty over London's future as the region's financial capital. Safe-haven bond and gold prices rose. US Treasury Secretary Jack Lew on Monday said he sees no signs of a financial crisis arising from Britain's decision last week, although he admitted that the result does present additional "headwinds" for the US economy. Visiting Brussels, US Secretary of State John Kerry said it was important that "nobody loses their head" as the EU and Britain deal with the fallout from the referendum. European Central Bank President Mario Draghi expressed "sadness" on Monday at Britain's vote to leave the EU. Draghi will fly to Brussels on Tuesday, where he is expected to brief European leaders about the impact of the UK vote on the euro zone at a two-day European Council meeting. POLITICAL CONFUSION IN BRITAIN With the ruling UK Conservative party looking for a new leader after Cameron's resignation on Friday and lawmakers from the opposition Labour party stepping up a rebellion against their leader, Britain sank deeper into political chaos. "There's no political leadership in the UK right when markets need the reassurance of direction," said Luke Hickmore of Aberdeen Asset Management, expressing the view of many in the City of London financial centre. British broadcaster Sky News said work and pensions minister Stephen Crabb was also considering a bid for the Conservative party leadership, with business secretary Sajid Javid seeking to become finance minister. Both were in favour of staying in the EU. The editor of the Spectator magazine tweeted that Health Secretary Jeremy Hunt was also "highly likely" to launch a bid. Cameron says he will stay on until October as a caretaker and that his successor should trigger the formal process of leaving the EU. His Conservative Party in parliament recommended choosing a successor by early September. The prime minister sought to calm fears over the fallout of the referendum and said parliament should not try to block Britain's departure. A majority of parliamentarians, like him, had argued that Britain should stay in the EU. "I am clear, and the cabinet agreed this morning, that the decision must be accepted," Cameron told parliament, which also faces a public petition for a new referendum. While the question of whether to leave the EU has split the ruling Conservative party, divisions within the opposition are also deep. A wave of Labour lawmakers resigned from leader Jeremy Corbyn's team on Monday, adding to the 11 senior figures who quit on Sunday, saying his campaign to keep Britain in the EU was half-hearted. Corbyn, a left-winger who has strong support among ordinary party members, has said he is not stepping down. Discontent with the political establishment in general and the Conservatives in particular was a factor behind the vote to leave, although many Brexit backers focused on immigration, complaining too many migrants had arrived from eastern Europe. Piling on misery for beaten English "remain" voters, the country's soccer team on Monday crashed out of the Euro 2016 soccer competition to tiny Iceland. "We embarrassed ourselves three of four days ago in the referendum, we've embarrassed ourselves now. It's a really, really sad time to be English," lamented English soccer fan Alex in the French city of Nice. EUROPE WANTS QUICKER RESOLUTION Cameron's refusal to start formal moves to pull the country out of the EU has prompted many European leaders to demand quicker action by Britain, the EU's second largest economy after Germany, to leave the 28-country bloc. "It should be implemented quickly. We cannot remain in an uncertain and indefinite situation," French Finance Minister Michel Sapin said on France 2 television. Guenther Oettinger, German member of the EU's executive European Commission, said delay would hurt Europe as well as Britain. "Every day of uncertainty prevents investors from putting their funds into Britain, and also other European markets," he told Deutschlandfunk radio. Cameron heads to Brussels on Tuesday for a grim EU summit dinner, while the other 27 leaders will meet for the first time without him on Wednesday morning to plan their next moves. They are likely to stress a willingness to negotiate, but only after London binds itself to a tight two-year exit timetable. The leaders of France, Germany and Italy met in Berlin on Monday and said Europe needed to respond to its people's concerns by setting clear goals to improve security, the economy and prospects for young people. German Chancellor Angela Merkel, who has appeared to take a softer line on Britain's decision than some European leaders, said she had "neither a brake nor an accelerator" to control events, adding: "We just don't want an impasse." The political, economic and regulatory uncertainty is being felt across the globe at a time when economies are still slowly recovering from the 2008 economic crisis, interest rates are close to zero, and central banks have fewer tools than normal to revive demand if countries enter recession. South Korea said on Tuesday it would propose a supplementary budget of around 10 trillion Won ($8.44 billion), in part to help it manage Brexit turmoil in financial markets. (Reuters)

Post Brexit, UK political confusion keeps world markets on edge

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