Stories by Dion Rabouin

British pound remains strong despite Brexit drama

A photo illustration of the British ten pound note, featuring a portrait of Jane Austen
Photo: Jim Dyson/Getty Images

The British pound slipped but was much less volatile than expected after Prime Minister Boris Johnson's Brexit deal was rejected by Parliament on Saturday.

What's happening: The pound fell about 0.7%, but remained above $1.29, near a 5-month high. Big banks in London called in extra staff in anticipation of major market moves that didn't materialize after the first Saturday sitting in the House of Commons in 37 years.

The S&P 500 shuffle

Adapted from QAD; Chart: Andrew Witherspoon/Axios

The lifespans of companies on the S&P 500 are expected to continually decrease to the point that time spent on the index could drop by five years on average in 2030 compared to 2019, research from QAD finds.

The state of play: The reduced time period is largely due to increased disruption, analysts say. A previous study from Innosight projected that nearly 50% of the current S&P 500 would be replaced over the next decade.

Bank heads warn of looming liquidity crisis

Ron O'Hanley, president and chief executive officer of State Street Corp.
Ron O'Hanley, president and chief executive officer of State Street Corp., at a House Financial Services Committee hearing on April 10, 2019 in Washington. Photo: Alex Wroblewski/Getty Images

A growing number of market analysts are voicing concerns that the repo market shock in September may have been the first signal of a wide-ranging liquidity shortage, and now those warnings are being echoed by the heads of major banks.

The state of play: "Despite the fact that bank balance sheets are quite strong, I think you’ll see more moments like this going forward," Ron O'Hanley, president and CEO of State Street, said during the Institute of International Finance's annual membership meeting on Saturday.