News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Stocks, Dollar Sink on Washington Turmoil

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Investors' burgeoning anxiety about the future of President Donald Trump's legislative agenda jarred financial markets on Wednesday, upending months of relative tranquility and steady gains.

Saudi Wealth Fund Launches Arms Manufacturing Company

Saudi Arabia's sovereign-wealth fund on Wednesday announced the establishment of a state-owned arms manufacturing company, a step intended to spur the growth of an indigenous military industry.

CFTC Rolling Out a Fintech Innovation Office

The Commodity Futures Trading Commission will launch a fintech innovation office to provide feedback and regulatory guidance to firms in the rapidly growing sector as they work on new business models and services.

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Russian State-Run Bank Financed Deal Involving Trump Hotel Partner

A Russian-Canadian developer put money into a Donald Trump hotel project in Toronto after receiving hundreds of millions from a deal involving Russian state-run bank VEB.

When is a Neighborhood With a Ferrari Store Considered Low Income?

Banks like J.P. Morgan and Bank of America regularly place branches into crowded business districts. But in places like Manhattan, there's an added benefit: The clearly wealthy districts give the banks credit for supporting low-income neighborhoods under a 40-year low.

Fed's Kashkari: Boosting Bank Capital Key to Combating Bubbles

Minneapolis Fed President Neel Kashkari said taking steps to make the financial sector more resilient is perhaps the best way to deal with the ever present and hard-to-detect threat of asset price bubbles.

Wall Street Regulator Says Giving Brokers Report Cards Leads to Drop in Fraud Patterns

Wall Street is cracking down on a common, manipulative trading technique after its self-regulatory organization began grading brokers on how much bad behavior flows through their systems.

U.K.'s Lloyds Stake, a Remnant of the Financial Crisis, Is Finally Sold Off

The U.K. government has sold its last remaining stake in Lloyds, a watershed moment for the British lender almost a decade after it was bailed out at the height of the financial crisis.

Wait! There's $10 Billion Left In Lehman Bros.

Lehman Brothers's collapse in the financial crisis left most of its creditors with deep losses. But Lehman's main European arm has around $10 billion of extra cash, prompting a legal feeding frenzy for hedge funds and distressed-debt investors.

Trump Trade Reboot Spurs U.S. Push by China Investment Corp

China's massive sovereign-wealth fund aims to significantly increase its direct investments in the U.S. in the next few years, the fund's president said in an interview.

(END) Dow Jones Newswires

May 18, 2017 11:15 ET (15:15 GMT)