Ethics

The European Commission expects the eurozone economy to contract 8.7% this year, a full percentage point more than a forecast in May. The commission says the downturn could be severer if Europe sees a second wave of the coronavirus and businesses must close again. Politico (08 Jul.)

Tabula Investment Management has rolled out an exchange-traded fund that makes it easy for investors to short about 100 below-investment-grade corporate bonds. The ETF seeks to replicate the performance of the CDX North American High Yield Credit Short Index, which comprises mainly BB-rated debt, through credit derivatives. Bloomberg (tiered subscription model) (07 Jul.)

The UK Competition and Markets Authority has concluded a purchase of Broadway Technology by trading-software provider Ion Group could damage competition and erode customer choice. A full investigation might follow, which would suspend the deal. Financial Times (subscription required) (07 Jul.)