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Photo Illustration: Sarah Grillo/Axios. Photos: Win McNamee, Alex Wong, Horacio Villalobos/Corbis-Corbis, Oliver Douliery/AFP, and Simon Dawson/WPA Pool
The world's top economic institutions are going deeper in the fight against climate change, and central banks are re-evaluating policies and pushing new principles to integrate climate-related risks into financial supervision, leaving the U.S. behind.
On one side: The impacts of climate change are "everywhere," European Central Bank chief economist Philip Lane said during the IMF's fall meetings last week.
That sentiment has been backed strongly by ECB chief Mario Draghi as well as Bank of England president Mark Carney, who's organized a coalition of 46 central banks and regulators called the Network for Greening the Financial System (NGFS) that last week published a technical guide to help its members weave sustainability into portfolio management.
On the other side: President Trump yanked the U.S. out of the Paris climate agreement and his administration announced "climate change will not be on the agenda" at the June G7 meeting in Florida.
The big picture: While the IMF and World Bank have for years examined climate and pushed for carbon pricing, the institutions are getting more active — substantively and symbolically.
As the Brexit saga has twisted and turned this year, traders look to have taken their bets on how it will unfold to a new forum: the Euro/British pound currency pair.
The latest: Britain's Parliament appears to be at another impasse in its attempted divorce from the EU after House of Commons Speaker John Bercow ruled Monday the government could not force another vote on the previous Brexit deal.
Why it matters: Both the pound and euro would be weaker if Britain left the EU with no deal, but the pound would be expected to see more selling, which helped drag the currency to its weakest since 1985 against the dollar last month.
Three of the four defendants agreeing to pay $260 million to settle opioid litigation with two Ohio counties have seen their stock prices plummet, as the settlement leaves 2,700 more local governments still suing over the distributors' roles in the addiction crisis.
Why it matters: The deal could serve as a template that would put the companies on the hook for $47 billion in damages to all 2,700 counties serving as plaintiffs in the lawsuits, depending on what happens in individual representative "bellwether trials" that will shape negotiations.
Yes, but: While the stock prices of Cardinal Health, McKesson and AmerisourceBergen expectedly fell by around 3% on Monday, Teva's stock jumped, rising as much as 18% during the day and ending 8.7% higher.
What's happening: Teva announced it had agreed to a separate settlement to resolve complaints against the company from a group of attorneys general from states around the country for its role in helping to fuel the opioid crisis.
Billionaire investor Ken Fisher could see even more investors and more money flee his asset management business as he and the firm continue to face a reckoning for the inappropriate remarks he made at a private investor conference earlier this month.
What's happening: Nearly $2 billion has been pulled from Fisher Investments in less than two weeks by the state of Michigan and retirement systems from Philadelphia, Boston and Iowa as well as Fidelity.
Background: Fisher has presented himself as a brilliant money manager and had been a frequent guest on financial news programs, dispensing advice about stock picks. His firm has grown thanks to a barrage of direct mail, seminars, videos, ads and the tagline for his firm: “We do better, when you do better.”
The big picture: But behind closed doors, Fisher was often unprofessional and the company provided a hostile work environment, according to accounts published Monday by Bloomberg.