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Citi to Cut Hundreds of Trading Jobs in Bad Sign for Wall Street
July 29, 2019--Growing list of firms are firing as trading revenue falls anew
'The rest of Wall Street is thinking the same way,' Harte says
Citigroup Inc. is preparing to cut hundreds of jobs in its trading division--stark new evidence that an industrywide slump in revenue this year may be more permanent than the tweets and policy moves rattling clients.
The New York-based bank plans to slash jobs across its fixed-income and stock-trading operations over the course of 2019, according to people familiar with the matter.
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Source: Bloomberg
T. Boone Pickens ETF to Replace Crude Stocks With Renewables
July 29, 2019--BP Capital Fund Advisors sees bleak future for oil investing
The puck is heading toward renewables, firm's founder says
Oil tycoon T. Boone Pickens' eponymous fund is swapping out one of its crude investment vehicles for renewables, seeing an opportunity in clean energy as fossil fuels get pummeled in the capital markets.
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Source: Bloomberg
U.S. to Study Effects of MiFID II Research Unbundling
July 25, 2019--U.S. lawmakers authorized a study focusing on the provision of investment research for small issuers, a sign they are wary of the U.S. adopting the European Union's MIFID II unbundling rules which have brought sweeping changes to the research business.
On July 9, the House of Representatives passed a bipartisan bill requiring the Securities and Exchange Commission to study the provision of investment research into small issuers including emerging growth companies and companies considering initial public offerings. The bill has been sent to the Senate where it has been passed onto the Committee for Banking, Housing and Urban Affairs.
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Source: flextrade.com
Six Charts on Boosting Growth in Brazil
July 25, 2019--Brazil's economic recovery after the 2015−2016 recession remains sluggish. Real per capita growth has fallen by 8 percent since the beginning of the recession in 2014, and poverty and inequality are on the rise. While the unemployment rate did fall this year, it is still high compared to pre-crisis levels.
To boost growth and create more jobs, Brazil needs to vigorously pursue pension and tax reforms, trade openness, investment in infrastructure, and key financial reforms, the IMF stated in its latest annual economic assessment.
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Source: IMF
Investors can think long-term but managers are a harder case
July 25, 2019--Charges of short-termism have been aimed at financial markets and companies for decades, but concerns have intensified recently. Now US regulators are...
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Source: FT.com
US$100 Bill on the Rise
July 23, 2019--A curious thing has happened in US currency: the $100 bill recently overtook the ubiquitous $1 bill in circulation volume, for the first time in history. In other words, the most valuable banknote in the United States became the most widely circulated.
As we show in our chart of the week, based on an article in the IMF's Finance & Development magazine, there are more $100 bills circulating now than ever before, roughly doubling in volume since the global financial crisis.
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Source: IMF
Coinbase Announces Three Data-Based Trading Signals for Users
July 18, 2019--American cryptocurrency exchange and wallet service Coinbase announced that it has released aggregated data in the form of three trading signals to its customers. Coinbase announced the new offerings in an official blog post on July 17.
The three trading signals that are being offered are top holder activity, typical hold time and popularity, and price correlation. The purported aim of each of these offerings is to allow investors to create more informed trading strategies, by means of insights that go beyond raw price metrics.
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Source: cointelegraph.com
CBO's Economic Forecast: Understanding the Slowdown of Productivity Growth
July 16, 2019--CBO regularly publishes economic projections that are consistent with current law-providing a basis for its estimates of federal revenues, outlays, deficits, and debt.
A key element in CBO's projections is its forecast of potential (maximum sustainable) output, which is based mainly on estimates of the potential labor force, the flow of services from the capital stock, and potential total factor productivity in the nonfarm business sector.
This presentation describes CBO's most recent 10-year projections of potential output. It also discusses possible underlying causes for the slowdown of growth in total factor productivity.
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Source: Congressional Budget Office (CBO)
US yield curve steepens by most in three years
July 12, 2019--The US yield curve, watched nervously by investors for signs of an impending recession, steepened in the past week by the most in almost three years, reflecting optimism that a rate cut by the Federal Reserve will keep the US economy growing
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Source: FT.com
An increasing number of investors are seeking to incorporate ESG ratings, and Europe is introducing rules to make them mandatory.
July 12, 2019--An increasing number of investors are seeking to incorporate ESG ratings, and Europe is introducing rules to make them mandatory.
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Source: FT.com
