Shanghai’s over-the-counter equity market was almost deserted on a weekday morning last week. Two cleaning ladies swept the floor of a trading hall devoid of brokers or computers, while a woman at an information desk ate breakfast and talked on her mobile phone.
Bill Gross just can’t catch a break. As investors flock to funds designed to make money even if interest rates increase, Gross’s Pacific Investment Management Co. is alone among the biggest bond managers in suffering withdrawals from the strategy.
The European Central Bank and the Bank of England said regulators must support and promote the asset-backed bond market, ensuring that rules to safeguard the financial system don’t unnecessarily impair the securities’ use.