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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Aug 1, 2017
Music streaming company Spotify has 60 million paying subscribers

Spotify now has 60 million paying subscribers, adding 10 million subscribers in less than five months, a spokeswoman for the music streaming company said on Monday.

The spokeswoman declined to comment on a report in the Financial Times that the Swedish company was eyeing a listing as soon as the fourth quarter, citing people familiar with the matter. http://on.ft.com/2f1Z8vY

Spotify, which recently appointed financial advisers to explore a direct listing on the New York Stock Exchange, said in June that its operating loss widened in 2016 but revenue rose significantly.

 

Source: http://bit.ly/2uffQdr

Britain could lose 40,000 investment bankers after Brexit – report

Britain’s finance industry could lose up to 40,000 investment banking jobs in the next few years unless it strikes a softer deal on its departure from the European Union, according to a new report by consultancy firm Oliver Wyman.

Banks are currently planning for a worst-case scenario in which they lose access to the European single market once Britain leaves the bloc in 2019, as they say they do not have time to wait to see how Britain’s talks with Brussels unfold.

 

By Anjuli Davies

Source: http://bit.ly/2voxkc1

PSA moves swiftly to stamp authority on Opel/Vauxhall

PSA Group put new managers in place at Opel and Vauxhall on Tuesday, completing a 2.2 billion euro ($2.6 billion) takeover which helps the French company to become Europe’s second-largest carmaker by sales.

General Motors (N:GM) is selling off its loss-making European operations to the owner of the Peugeot, DS and Citroen brands, which has a better track record of profitability in the business of manufacturing small cars in Europe.

PSA Group can now build the next Opel Corsa on the same underpinnings as the Peugeot 208 and Citroen C3 models, moving closer to attaining a goal of achieving economies of scale through building more than 5 million vehicles.

“We are witnessing the birth of a true European champion today,” PSA Chairman Carlos Tavares said in a statement.

“We will assist Opel and Vauxhall’s return to profitability and aim to set new industry benchmarks together.”

 

Source: http://bit.ly/2uQzOyJ

Aussie gains as RBA holds, warns on currency level

The Aussie held gains in Asia on Tuesday a few ticks above 0.80 against the dollar even as the central bank warned the currency was a factor in interest rate views.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.06% o 92.73. AUD/USD rose 0.36% to 0.8032, while USD/JPY changed hands at 110.20, down 0.05%.

The Reserve Bank of Australia held interest rates steady at a record low 1.5% as expected on Tuesday, citing the potential impact of a stronger Aussie dollar.

 

Source: http://bit.ly/2vomDX0