News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

RBA Governor Calls Stronger Employment Growth a Positive

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Australia's economy will grow a bit faster in coming years than it has recently, with a broad strengthening of the global economy giving the nation a lift, Reserve Bank of Australia Governor, Philip Lowe said.

White House Intends to Tap GOP Staffer for FDIC Chair

The White House said President Donald Trump intends to nominate James Clinger, longtime Republican congressional staffer, to chair the FDIC.

ECB: Eurozone Current-Account Surplus Shrinking As Oil Prices Recover

The eurozone's large current-account surpluses have started to shrink as oil prices recover, the European Central Bank said, wading into a debate over global trading relations that has raised tensions between Washington and Berlin.

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The Reflation Trade Faces a Reckoning

The tumble of U.S. bond yields to 2017 lows this month is the latest sign that investors are losing faith that the Trump administration will succeed this year in implementing policies that will result in a broad increase over time in economic growth and inflation.

Market Turns Upside-Down as Go-Go Tech Stocks Join Slow-Mo Funds

This month's brief technology-stock rout reveals an underside for investors of a steady 2017 rally: Shares of giant tech firms are cropping up everywhere, complicating efforts to diversify portfolios.

CFPB Chief Cordray Fires Back at GOP Lawmaker Over Wells Fargo Probe

A fight between the head of the Consumer Financial Protection Bureau and a senior Republican lawmaker escalated this week as the CFPB chief made a sharp rebuttal to a GOP report that criticized the agency's role in investigating alleged sales misconduct at Wells Fargo & Co.

Private-Equity Firms Stand to Benefit From Court's Curb on SEC

A recent decision by the U.S. Supreme Court that curbed the government's enforcement powers over Wall Street could hurt efforts to penalize private-equity managers over fees that the government considers poorly disclosed to investors.

Pimco's New Bond King Is Nothing Like Bill Gross

Bill Gross, Daniel Ivascyn's predecessor at Pimco, was known as the "bond king." But the firm's current investment chief would rather be called just about anything else.

Morgan Stanley Aims Robo Service at Next-Generation Investors

Morgan Stanley is rolling out a welcome mat for the investing masses, part of a push to get a foothold with a new generation of wealth-management clients.

For CFOs, Unknown Tax Overhaul Adjustments Are Part of Equation

Finance chiefs are still hoping for a U.S. tax overhaul within the next 12 months, but a fragmented attention span in Congress has many making mental adjustments to when a lower tax rate would actually materialize.

(END) Dow Jones Newswires

June 19, 2017 07:16 ET (11:16 GMT)