The dollar sold off in early European trade Tuesday, as the Federal Reserve’s move to start purchasing U.S. corporate bonds boosted sentiment at the expense of safe havens.
European stock markets climbed strongly Tuesday, helped by further signs central banks will continue to support the global economy in the wake of the damage caused by the coronavirus pandemic.
Giant U.S. banks still have to deliver a Brexit plan to get staff across the English Channel, before a potential second wave of Covid-19 forces Europe’s doors shut again.JPMorgan Chase (NYSE:JPM) & Co., Morgan Stanley (NYSE:MS) and Goldman Sachs Group Inc (NYSE:GS). have lost precious months during the pandemic lockdowns in moving employees to European Union financial hubs. With Brexit talks deadlocked and time running out before the year-end deadline, firms are finally reactivating long-held plans to shift staff from London -- only to find they can’t move fast enough.“Relocating staff during a second spike is a concern,” said Peter Bevan, a partner at the law firm Linklaters. “During lockdowns, a small number of people have been caught in the wrong place and regulators understand that, but if you are talking about an entire team stuck in the location regulators want them to move from, that will make for a tougher conversation.”
BRUSSELS - Some of the huge EU road and rail projects worth more than 1 billion euros ($1.13 billion) each are not moving fast enough to ensure they are running at full capacity by 2030 as planned and may not be economically viable, auditors said on Tuesday.
LONDON - British banks need to accelerate preparations for dealing with businesses unable to repay money borrowed to bridge the coronavirus pandemic, the national financial sector regulator said on Tuesday.