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US Consumer Confidence Decreases | German Business Climate Improves

Published September 24, 2019

  • The Supreme Court in the United Kingdom decided in a unanimous ruling that the decision by Prime Minister Boris Johnson to suspend Parliament until mid-October was unlawful. The court says that Parliament should meet as soon as possible. The pound rose against the greenback on the decision, to 1.2494.
  • The headline German IFO Business Climate Index came in at 94.6 in September, firmer than last month’s 94.3 and beating the consensus estimates pointing to a reading of 94.5. Meanwhile, the economic assessment data edged higher – 98.5 points in the reported month – as compared to last month’s anticipated 97.3 and 97.0.
  • The US Conference Board released consumer confidence data this morning. The Consumer Confidence Index decreased in September following a slight decline in August. The index now stands at 125.1, down from 134.2 in August.
  • Chinese authorities granted companies waivers to buy US soybeans without being subject to retaliatory tariffs. The move comes ahead of a meeting between trade officials from both countries in Washington next week and a visit by China’s Vice Premier Liu to America next month for high-level talks.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.