Markets must get used to price quirks

NEW YORK, NY - AUGUST 10: Traders work on the floor of the New York Stock Exchange during the afternoon of August 10, 2015 in New York City. The Dow Jones surged over 230 points after five days of losses. (Photo by Andrew Burton/Getty Images) *** BESTPIX ***

Less capital and more technology are likely to bring more dislocation

Leverage and liquidity are risks to watch

Asset managers must work with regulators to detect problems

QE has clouded market vision of normal

Changes in policy are often accompanied by market disruption, writes John Plender

Fed risks using wrong tool to tighten

Expanding reverse repo programme would rust financial plumbing

China inclusion in SDR not just symbolic

Move is about embedding renminbi in international system and committing country to financial reform

Stress tests needed for EU bond funds

Liquidity risk has increasingly shifted from banks to the buy side

BoJ pay rise to put limit on equity gains

First raise for 19 years taken as proof of recovering economy

Yen’s days as weakest among peers limited

Japan’s policy shifts leave room for currency to make up ground

Investors will pay if liquidity dries up

Low levels now will prompt higher premiums later

Instability in China and low commodities prices have hit emerging markets; could these in turn weaken the US and developed world?
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EM slowdown third and last wave of crisis

Risks posed to global growth have been overstated

China’s wagging tail dogs global markets

Beijing’s fiscal efforts to prime export-led growth are misguided

US is suffering a profits recession

Question is whether this signals bull market interruption or end

US jobs report key to 2015 Fed lift-off

Numbers just need to show economy is not decelerating further

‘Green’ finance impact is hard to measure

Factors at work now will lead to standardisation or kill industry

Investors shift to China domestic sectors

Private equity firms discover value in consumer-led industries

Cash entices as central banks diverge

Fed signals December rate rise while ECB suggests more QE

Globo story highlights role of incentives

Change needed to help spot and stop financial mis-statements

EM sell-off enters more dangerous phase

Investors are betting on balance sheet strength in rapid decline

Do not rule out a run on sterling

Causes of UK current account deficit also make pound vulnerable

‘Deflationary boom’ hope as China slows

Fall in demand would spark rise in western spending

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