Bloomberg reported that JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg to preserve easy access to the European Union’s single market after Brexit, according to the firm’s head of investment banking Daniel Pinto.
Builders broke ground on fewer U.S. residential construction projects in January as demand for single-family homes cooled from an almost seven-year high, signaling the rebound in housing remains uneven.
CME Group Inc. announced it will close most of its futures pits in Chicago and New York. The move deals a death blow to trading floors that grew in the 20th century alongside America’s agriculture, mining and energy industries and were once synonymous with capitalism.
U.S. stocks rose, with benchmark indexes trading near break-even levels for the year, as Pfizer Inc. announced a $17 billion deal and energy producers climbed with crude. Treasuries fell, while the euro strengthened as investors assessed negotiations on Greece’s bailout.
The Bank of Canada unexpectedly cut its main interest rate by a quarter percentage point, saying the oil- price shock will drag down inflation and weigh on everything from exports to business and consumer spending.