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China Pledges To Open Up, Should We Believe It?

November 12, 2013

The Wall Street Journal – China Pledges Greater Role for Market in Economy China’s leaders pledged to enact fiscal and land reforms, relax investment controls and let the market play a “decisive” role in allocating resources, state media said Tuesday following a four-day Communist Party policy meeting. China will also allow greater judicial independence and… Continue reading China Pledges To Open Up, Should We Believe It?

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Dan Loeb

November 12, 2013

Vanity Fair – Little Big Man Billionaire hedge-fund manager Dan Loeb calls himself an “activist investor,” but even in the rough-and-tumble financial world, his tactics—nasty, personal attacks on C.E.O.’s and colleagues—are considered extreme. After nearly losing his Third Point fund, in 2008, Loeb has come roaring back, hunting such big game as Yahoo, Sony, Morgan… Continue reading Dan Loeb

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Yellen Conformation Hearings Are Thursday

November 12, 2013

The Washington Post – How will Janet Yellen do on the big stage? We’ll find out this week This is the week. After months of ups and downs over whether she would be named chairman of the Federal Reserve, Janet Yellen faces the Senate Banking Committee on Thursday for her confirmation hearing. It is a… Continue reading Yellen Conformation Hearings Are Thursday

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Is Europe Recovering?

November 12, 2013

The New York Times – Skeptics See Euro Eroding European Unity Europe’s slow emergence from its second recession in the last five years is raising new questions about whether the euro currency is doing more harm than good. Five years of crisis have laid bare deep differences in national policies, politics and priorities across the… Continue reading Is Europe Recovering?

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Hedge Funds Into Munis

November 12, 2013

The Wall Street Journal – Hedge Funds Are Muscling Into Munis Sharp-Elbowed Investors See Potential in the Stodgy World of Municipal Debt Hedge funds are making a large bet on municipal debt, bringing aggressive tactics to a $3.7 trillion market long known as humdrum. The strategies include demanding high interest rates in return for financing… Continue reading Hedge Funds Into Munis

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Cartoons

November 12, 2013

None Today

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Employment In Pictures

November 8, 2013

The Wall Street Journal – U.S. Hiring Picks Up Strongly Job creation accelerated in October and the prior two months of data were revised up, raising the prospect that the labor market may be strengthening enough for the Federal Reserve to start pulling back its easy-money policies soon. U.S. payrolls advanced by 204,000 jobs last… Continue reading Employment In Pictures

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Will The Fed Lose Money?

November 8, 2013

Bloomberg.com – Fed Anxiety Rises as QE Raises Risk of Loss With Political Cost “If the balance sheet expands further from here, the possibility of a loss becomes more and more real,” said Roberto Perli, a partner at Cornerstone Macro LP in Washington and a former Fed economist. At the current balance-sheet level, an interest… Continue reading Will The Fed Lose Money?

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More On The Unexpected ECB Rate Cut

November 8, 2013

The Financial Times – ECB rate cut shows economic recovery anything but secure Central bank shows it takes seriously threat of deflation For two reasons, the European Central Bank deserves to emerge with enhanced credibility from its unexpected decision on Thursday to cut its main interest rate to a record low of 0.25 per cent.… Continue reading More On The Unexpected ECB Rate Cut

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S&P Downgrades France

November 8, 2013

The Financial Times – France rating downgrade heaps pressure on François Hollande Rating agency Standard & Poor’s has cut France’s sovereign credit rating by one notch to “AA”, heavily criticising a government already under fire for not doing enough to cut government spending and stimulate economic growth. The move adds to pressure on François Hollande… Continue reading S&P Downgrades France

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Deflation In Europe

November 8, 2013

The Telgraph – Italy to join deflation club? Jonathan Tepper from Variant Perception has a scary note this morning on Italy’s deflation risk, just in time for the ECB’s pitched battle today. Or at least one assumes that there will be blood on the floor in Frankfurt as doves show their fangs (excuse the grotesque… Continue reading Deflation In Europe

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The Devil Is In The Details In The GDP Report

November 8, 2013

The Wall Street Journal – GDP’s 2.8% Growth Masks Shaky Details The Commerce Department estimated Thursday that the U.S. gross domestic product—the sum of all goods and services produced in the economy—grew at a 2.8% annualized rate in the quarter that ended Sept. 30. That marked an improvement from the second-quarter’s 2.5% rate of expansion,… Continue reading The Devil Is In The Details In The GDP Report