POST-BREXIT BANKING Association of Foreign Banks in Germany chairman Stefan Winter says of Frankfurt’s appeal:
POST-BREXIT BANKING Association of Foreign Banks in Germany chairman Stefan Winter says of Frankfurt’s appeal: "It’s in the heart of Europe, has fantastic infrastructure and affordable office rents.". Picture: BLOOMBERG

Eurozone momentum eases

The euro-area economy recorded its fastest expansion in six years in the second quarter, even as momentum eased in June due to weakening services activity. A composite purchasing managers’ index dropped to a five-month low of 55.7, IHS Markit said. Economists surveyed by Bloomberg had predicted the index would ease to 56.6 from 56.8 in May. Manufacturing grew at its steepest pace since 2011, while a gauge for services slipped to a five-month low. — Bloomberg

Frankfurt cashes in

Frankfurt is emerging as the biggest winner from last year’s Brexit vote, with many of the world’s biggest banks choosing to base their EU headquarters in the German city. Standard Chartered, Nomura and Daiwa Securities Group have picked Germany’s financial capital for their EU base to ensure continued access to the single market. Citigroup, Goldman Sachs and Morgan Stanley are weighing a similar decision, said people familiar with the matter, asking not to be named because the plans aren’t public. — Bloomberg

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