Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox. A JPMorgan chief strategist reveals the one thing that will keep the market soaring David Kelly, Chief Global Strategist of JPMorgan Asset Management, says there is only one god of the stock market and that is future earnings growth. He believes this year's strong earnings growth will push the market higher in 2018. The biggest threat he sees to equities is a substantially worse trade conflict. Here's a transcript of his chat with BI. The top tech executive at Fortress is leaving to start his own data-focused fund Hylton Socher, the chief technology and information officer of Fortress Investment Group, the $41 billion hedge fund, is leaving the fund to start his own venture, Business Insider has learned. Socher, whose career at Fortress spans a decade, fell down the rabbit hole of big data and other new-wave technologies sweeping Wall Street, he said in an interview. Socher's firm, which he expects to be up-and-running by the first quarter of 2019, will focus on algorithmic trading leveraging artificial intelligence and machine learning. He's calling it VaraQuest, which stands for valuable relationship awareness. Deutsche Bank is shifting business out of London Deutsche Bank has executed plans to shift around half of its euro clearing activities out of the UK in a move that will worry those seeking to defend the City of London's place at the heart of European finance post-Brexit. The move, first reported by the Financial Times late on Sunday, will see Deutsche Bank repatriate euro clearing to the bank's Frankfurt operation, where it is headquartered. Deutsche Bank, Germany's biggest lender, is one of the top five clearers of interest rate derivatives. Clearinghouses manage credit risk, acting as a middle-man in swaps and derivatives trades to guarantee the contract in the event that one of the parties involved in the trade goes bust. The acceptance of English law and widespread use of English language has made London a hub for clearing globally. It handles more than 70% of the daily euro clearing business, equivalent to around €930 billion (£792 billion, $995 billion) of trades per day, according to a House of Lords report. In markets news |
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