FT ALPHAVILLE
We remembered when Jakarta stocks were "safe havens".
Plus... more on Chinese bad-banks and "state-corporate fusion".
NEWS
The Indian rupee and Indonesia rupiah tumbled in tandem. The rupee, which struck another record low of Rs62.70 against the dollar on Monday, now joins the Brazilian real and the South African rand among the world's worst-performing currencies this year. The rupiah fell 2 per cent, after weaker current-account data added to fears that Fed tapering will cause foreign investors to pull money out of Asian markets (Financial Times).
US and German bond yields also edged up early on Monday. The German 10-year yield rose past 1.9 per cent and the US Treasury 10-year rate hit 2.87 per cent (Reuters)
JPMorgan now faces $6.8bn in future legal costs above existing reserves, the largest of any US bank, according to a regulatory filing. Beset by no fewer than six separate investigations by the Justice department, JPMorgan could soon rival Bank of America as the bank most plagued by litigation (Wall Street Journal).
Computer, not human error caused Friday's flash rally in Shanghai's stock market, Chinese regulators said. Automated systems at China Everbright Securities attempted to buy Rmb23.4bn of shares, successfully completing trades for Rmb7.3bn of them, pushing up large-cap stock prices. Everbright has been barred from trading stock index futures following the incident (Financial Times).
Biden 2016? The US vice-president's allies believe he could win the Democratic nomination for president, even if Hillary Clinton joins the race. Despite expectations Clinton would sweep the field, Biden could be about to form a political action committee that would aid a potential campaign later, and build support in Iowa and New Hampshire (Wall Street Journal).
Brevan Howard has shed two credit traders, in the latest departures of staff following recent losses at the fund. Wayne Leslie and Jason Feasey were both relatively-new traders at Brevan Howard (Bloomberg).
