June 24, 2024
United States:
ICE Moves to Clear US Treasuries as Market Regulation Expands
Intercontinental Exchange Inc., the market operator and parent of the New York Stock Exchange, is angling to become a central clearinghouse for US Treasuries and repurchase agreements — services required by new regulation for the world’s largest debt market.
ICE is laying the groundwork to clear US Treasuries through its existing clearing house, ICE Clear Credit, according to Chris Edmonds, president of ICE’s fixed-income and data services. The firm is seeking regulatory approval and is in discussions with the US Securities and Exchange Commission as it prepares its application for review, he said.
Europe:
German Business Expectations Fall in Setback to Rebound Hope
Germany’s business outlook worsened for the first time in five months — a sign that the gradual recovery in Europe’s biggest economy faces headwinds.
An expectations gauge by the Ifo institute fell to 89 in June from 90.3 in the previous months — defying analyst predictions for an improvement. A measure of current conditions held steady.
Asia:
China’s Fiscal Income Drops at Quickest Pace in More Than a Year
China’s fiscal revenue shrank at the fastest pace in more than a year, fueling expectations that the government could make another rare mid-year budget revision to aid an economic recovery.
Total revenues, which include the general public budget and the government funds budget, fell 4.1% during January-May from last year to 11.36 trillion yuan ($1.6 trillion). That’s the steepest drop since February 2023, according to Bloomberg calculations based on data from the Ministry of Finance.
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