<Click on chart for larger image> <Click on chart for larger image> Reuters – China stocks fall again despite support measures Chinese stocks fell on Tuesday, taking little comfort from a slew of support measures unleashed by Beijing in recent days, and unnerved by Chinese Premier Li Keqiang’s failure to mention the market chaos in… Continue reading China Struggles
The Wall Street Journal – Libor Reform Has Not Gone Far Enough, Says Regulator Financial benchmark at the heart of the rate-rigging scandal remains broken Nearly five years after the emergence of a rate-rigging scandal that cost banks more than $7 billion in fines, the financial benchmark at the heart of the affair remains broken. … Continue reading Libor Still Not Fixed
The St. Louis Fed – Dissent: No Stranger in the History of the FOMC The Federal Reserve’s Federal Open Market Committee (FOMC) is our nation’s chief monetary policymaking body. It is made up of Federal Reserve governors (in Washington) and Federal Reserve bank presidents (across the country). The FOMC uses a variety of tools to… Continue reading A History Of FOMC Dissents
Bloomberg.com – Hoax Phone Call Costs Hedge Fund $1.2 Million and CFO’s Job The finance chief at Fortelus Capital Management LLP got an alarming phone call just as he was getting ready to leave work on a Friday. The caller said he was from Coutts, the London-based hedge fund’s bank, and warned there may have… Continue reading Always Check Caller ID
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Bloomberg.com – Paddy Power Left ‘Red Faced’ After Early Payout on Greek Vote Paddy Power Plc said it was left “red-faced” after paying out early to gamblers who incorrectly bet that Greek voters would back an austerity referendum. Ireland’s biggest bookmaker “paid out five figures” in winnings on July 1, days before Greece rejected further… Continue reading Greece Vote – The Biggest Misjudgement Since The TARP Vote?
Bloomberg.com – Greece Heads for ‘No’ Vote, Raising Risk of Exit From Euro Projections show a convincing victory for opponents of a deal with creditors Greeks voted against accepting further austerity in exchange for a new bailout, emphatically raising the stakes in the country’s confrontation with creditors. With more than half of votes counted, 61… Continue reading Greece Votes ‘No’
<Click on chart for larger image> Real Time Economics (WSJ Blog) – Jon Hilsenrath: Jobs Report Keeps Fed on Track for 2015 Rate Increase The Labor Department‘s June employment report, released Thursday, broadly confirmed the Federal Reserve‘s narrative about how the U.S. economic expansion is unfolding in 2015, keeping the central bank on track to… Continue reading More On The Jobs Report
Business Insider – Crude oil is getting destroyed Good morning! Amid a broad decline in stocks in Asia, Europe, and US futures following the Greek referendum vote against further austerity measures, the big loser on Monday is crude oil. In early trade, the price of West Texas Intermediate crude oil was down over 4.5%, or… Continue reading Volatility In Crude Oil Market
The Wall Street Journal – Beijing Aims Big Booster Shot at Teetering Stock Market Central bank will indirectly help investors borrow to buy shares China is readying a massive injection of funds to try to reverse the country’s worst share selloff in years, people familiar with the matter said. Under the planned move, China’s central… Continue reading Supporting Chinese Stock Prices
<Click on chart for larger image> The Wall Street Journal – Justin Lahart: Fed’s Looming Problem: Too Little Debt A dearth of Treasurys will limit the Federal Reserve’s ability to affect long-term interest rates With an election year approaching, politicians will be ramping up the rhetoric about America’s looming debt problem. The Federal Reserve, on… Continue reading Treasury Supply
FT Alphaville (FT Blog) – Greece shows ECB’s stress tests were nonsense Remember the Comprehensive Assessment? You know, the European Central Bank’s report in October 2014 that said three Greek banks were adequately capitalised to survive a stressed scenario thanks to their fundraising efforts earlier in the year, while the fourth was only off by… Continue reading Proof That Central Bank Stress Tests Are Meaningless