News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Hedge-Fund Manager's Bearish Bets Backfire Again

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The rally in global stock markets has caught out Crispin Odey, among Europe's best-known hedge-fund managers, one of whose funds lost 10% last month.

Former MetLife Unit Brighthouse Has Tough Task: Selling Insurance

Brighthouse Financial, an insurance and annuities company spun off from MetLife, will begin trading Monday in a market that has seen ultralow interest rates for a decade.

Republican Effort to Overturn Arbitration Rule at Risk

As the Senate approaches a vote to overturn a Consumer Financial Protection Bureau rule, some Republicans have expressed reservations.

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Penalties Against Wall Street Are Down Sharply in 2017

Regulators levied far fewer fines over financial misconduct in the first half of 2017 compared with a year earlier. Reasons include a business-friendly shift under President Trump and the winding down of cases from the financial crisis.

Investors Chase Beneficiaries of Dollar's Decline

Some investors are betting that an already weak dollar will keep weakening, a decline that is helping boost corporate profits and fueling rallies in everything from U.S. stocks to commodity prices.

As Black-Owned Banks Struggle, Community Sounds Alarm

The number of black-owned banks operating in the U.S. has been dropping steadily for the past 15 years, leaving many African-American communities short of access to capital and traditional financial services.

Libor's Demise Creates a Mortgage Mystery

Many adjustable-rate mortgages are tied to Libor, which is being phased out over five years. What will replace it remains unclear.

Brexit Uncertainty Shadows Bank of England's Every Move

The failure of wages to rise despite dropping unemployment makes it hard for central banks to know when interest-rate increases might be needed to offset inflation. In the U.K., Brexit makes it an even harder call.

China Gives Up Global Role for a Stronger Yuan

Rebounding trade and tighter capital controls have shored up China's currency against the dollar and replenished the nation's foreign exchange coffers. But the yuan's internationalization has stalled.

Commonwealth Bank Blames Coding Error for Alleged Breaches of Money-Laundering Law

Australia's largest bank has blamed a coding error for tens of thousands of instances of failing to report transactions through its ATMs and allegedly breaching money laundering and terrorism-financing laws.

(END) Dow Jones Newswires

August 07, 2017 11:15 ET (15:15 GMT)