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Stock market news today July 30

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A JPMorgan chief strategist reveals the one thing that
will keep the market soaring

David Kelly, Chief Global Strategist of JPMorgan Asset
Management, says there is only one god of the stock market and
that is future earnings growth. He believes this year’s strong
earnings growth will push the market higher in 2018. The biggest
threat he sees to equities is a substantially worse trade
conflict.


Here’s a transcript of his chat with BI. 

The top tech executive at Fortress is leaving to start
his own data-focused fund

Hylton Socher, the chief technology and information officer of
Fortress Investment Group, the $41 billion hedge fund,
is leaving the fund to start his own venture, Business Insider
has learned.

Socher, whose career at Fortress spans a decade, fell down the
rabbit hole of big data and other new-wave technologies sweeping
Wall Street, he said in an interview.

Socher’s firm, which he expects to be up-and-running by the
first quarter of 2019, will focus on algorithmic trading
leveraging artificial intelligence and machine learning. He’s
calling it VaraQuest, which stands for valuable relationship
awareness.

Deutsche Bank is shifting business out of
London
 

Deutsche Bank has
executed plans to shift around half of its euro clearing
activities out of the UK
in a move that will worry those
seeking to defend the City of London’s place at the heart of
European finance post-Brexit.

The move, first reported by the Financial Times
late on Sunday, will see Deutsche Bank
repatriate euro clearing to the bank’s Frankfurt operation, where
it is headquartered. Deutsche Bank, Germany’s biggest lender, is
one of the top five clearers of interest rate derivatives.

Clearinghouses manage credit risk, acting as a middle-man in
swaps and derivatives trades to guarantee the contract in the
event that one of the parties involved in the trade goes bust.
The acceptance of English law and widespread use of English
language has made London a hub for clearing globally. It handles
more than 70% of the daily euro clearing business, equivalent to
around €930 billion (£792 billion, $995 billion) of trades per
day, according to a House of Lords report.

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