May 28, 2024
United States:
Wall Street Moves to Fastest Settlement of Trades in a Century
The US stock market is finally as fast as it was about a hundred years ago.
That was the last time share trades in New York settled in a single day, as they will from Tuesday under new Securities and Exchange Commission rules. The change, halving the time it takes to complete every transaction, also occurred in jurisdictions including Canada and Mexico on Monday.
Europe:
ECB’s Schnabel Says QE Must Be Used Carefully Outside of Crises
The European Central Bank should use quantitative-easing programs primarily in times of crisis as their costs might be more pronounced than other tools in its repertoire, according to Executive Board member Isabel Schnabel.
“Asset purchases can be a powerful tool when financial markets are in turmoil,” she said in a speech in Tokyo on Tuesday. “Outside these periods, however, central banks need to carefully assess whether the benefits of asset purchases outweigh the costs.”
Asia:
Jump in Japan Business Service Prices Supports BOJ Hike Case
Japan’s service prices rose at the fastest clip in over 30 years in a sign of a broadening inflation trend that supports the case for the Bank of Japan to raise interest rates.
The services producer price index, a measure of the cost of a range of goods and services provided by businesses to other firms and government entities, jumped 2.8% from a year earlier, the BOJ reported Tuesday.
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