U.S. banks including Goldman Sachs Group Inc. should be banned from owning commodities businesses because they could threaten the institutions and global supply chains, Senators Sherrod Brown and Elizabeth Warren told the Federal Reserve.
European Union regulators preparing to implement revamped markets legislation must balance the needs of transparency with liquidity, Christian Katz, President of the Federation of European Securities Exchanges said.
Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Charles Li is said to be picking coal for his company’s first energy product a year after paying a record price for the world’s top metals bourse.
China’s slowing economy and tougher government anti-pollution efforts are taking a toll on its steel mills, rattling the world’s biggest producer of the alloy and flashing worries of a potential downturn in the global iron-ore trade.
All the excitement about the surprise 2014 rally in commodities must be making copper traders wonder if they’re living in the same year. Copper is down about 9.8 percent, the biggest drop among the main six materials on the London Metal Exchange.
Emerging-market stocks rose to a two-month high as a rally in Brazilian state-run companies drove the Ibovespa to the biggest gain among world’s equity indexes. India’s S&P BSE Sensex jumped to a record as banks climbed.
JPMorgan Chase & Co. will sell its physical commodities unit to Mercuria Energy Group Ltd. for $3.5 billion, ending a five-year foray into owning and storing raw materials amid pressure from regulators to leave the business.
JPMorgan Chase & Co. and HSBC Holdings Plc face a European Union complaint as soon as next month as the bloc’s antitrust chief races to fine a quartet of financial companies that snubbed rate-rigging settlements.