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S&P 500 Futures Tumble, Extending Worst Weekly Drop of 2019
May 12, 2019--Escalating trade war rattles equity bulls, fuels haven demand
U.S. hikes tariffs as China threatens to retaliate in spat
U.S. equity futures slid, extending the stock market's biggest weekly decline of the year, as a weekend of back-and-forth trade squabbling kept investors glued to news screens as earnings season wound down.
June contracts on the S&P 500 Index fell 1.4% and futures the Nasdaq 100 Index retreated 1.8% as of 9:20 a.m. in London.
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Source: bloomberg
The Day Traders Are Back, Now Playing With Options
May 11, 2019--Compared with buying stocks, the fees and risk for individual investors are considerably higher
Martin Rogers has been regularly trading options from his mobile phone since last summer, after dabbling in stocks and derivatives for years.
A pharmaceutical representative based in Winter Garden, Fla., Mr. Rogers is often on the road and has been drawn to the ease of trading between meetings and the possibility of high returns.
"I could invest $100 and get 100% return on it," Mr. Rogers said. When he first started trading options, he was blown away by the results. "Just looking at how powerful it was to make money..it
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Source: Wall Street Journal
iShares Launches 5 Defined Maturity High-Yield Bond ETFs
May 10, 2019--BlackRock Inc.'s iShares unit, the world's largest issuer of exchange traded funds, added to its lineup of fixed income ETFs Thursday with the debuts of five defined maturity high-yield bond ETFs.
What Happened
Defined maturity ETFs are funds holding bonds that mature in a particular year. During the fund's target year, the issuer does not reinvest coupon and interest payments, but rather holds the cash from those payments. By the end of the target year when all of the fund's holdings have matured, the issuer distributes cash proceeds to the fund's investors.
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Source: Benzinga.com
SEC Proposes Actions to Improve Cross-Border Application of Security-Based Swap Requirements
May 10, 2019--The Securities and Exchange Commission today proposed a package of rule amendments and interpretive guidance to improve the framework for regulating cross-border security-based swaps transactions and market participants.
The proposals are intended to improve the regulatory framework by pragmatically addressing implementation issues and efficiency concerns, and in some cases further harmonizing the regulatory regime governing security-based swaps administered by the Commission with the regulatory regime governing swaps administered by the Commodity Futures Trading Commission (CFTC).
view the Proposed Rule Amendments and Guidance Addressing Cross-Border Application of
Certain Security-Based Swap Requirements
Source: SEC.gov
U.S. regulators approve new Silicon Valley stock exchange
May 10, 2019--U.S. regulators on Friday approved a new stock exchange that is the brainchild of a Silicon Valley entrepreneur, a move that will give high-growth technology companies more options to list their shares outside of the traditional New York exchanges.
The U.S. Securities and Exchange Commission approved the creation of the Long-Term Stock Exchange, or LTSE, a Silicon Valley-based national securities exchange promoting what it says is a unique approach to governance and voting rights, while reducing short-term pressures on public companies.
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Source: Reuters
CFTC.gov Commitments of Traders Reports Update
May 10, 2019----The current reports for the week of May 10, 2019 are now available.
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Source: CFTC.gov
Accelerate Launches Initial Suite of Alternative Exchange Traded Funds
May 10, 2019-- Accelerate Financial Technologies Inc., ("Accelerate"), is pleased to announce the launch of three zero management fee, performance fee only alternative exchange traded funds ("Accelerate Alt ETFs"). Each Accelerate Alt ETF listed in the table below has closed the initial offering of units, and those units will start trading on the Toronto Stock Exchange ("TSX") today.
"Accelerate was founded with the mission to democratize alternative investments by offering hedge fund and private equity-like strategies in low-cost ETFs accessible by any investor," said Julian Klymochko, CEO at Accelerate.
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Source: Accelerate Financial Technologies Inc.
iShares Advances ESG Lineup with Over $800 Million Investment from Ilmarinen
May 10, 2019--iShares ESG MSCI USA Leaders ETF (SUSL) launched yesterday with more than $800 million in investment from Ilmarinen, Finland's largest pension insurance company.
Ilmarinen is making this investment by moving assets from its S&P 500 equity exposure into SUSL, a strategy that offers exposure to the top environmental, social, and governance (ESG) performers within a broad U.S. equity solution.
Established in 1961, Ilmarinen has more than EUR 47 billion in investment assets (as of March 31, 2019) and has made sustainability an integral aspect of its overall company philosophy and investment strategy for more than five decades.
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Source: iShares
U.S. yield curve inverts for first time since March
May 9, 2019--A part of the U.S. Treasury yield curve has inverted again, possibly foreshadowing an economic recession.
The yield on 10-year Treasury notes fell below the three-month bill yield for the first time since March.
Normally the spread is positive to compensate investors for inflation risk, so when it turns negative, it may herald an economic slump. This so-called yield curve inversion occurred earlier this year in March, hanging around for about a week before the premium for longer-dated debt was restored.
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Source: bnnbloomberg.com
CBO-An Analysis of the President's 2020 Budget
May 9, 2019--Summary
On March 18, 2019, the Administration submitted the full details of its annual set of budgetary proposals to the Congress. In this report, the Congressional Budget Office examines how those proposals, if enacted, would affect budgetary outcomes relative to CBO's most recent baseline budget projections. Those projections extend from 2019 to 2029 and incorporate the assumption that current laws governing federal spending and revenues will generally remain in place.
The analysis is based on CBO's baseline economic projections, which were published in January. According to CBO's estimates, the Administration's proposals would have the following major effects:
Federal debt held by the public would equal 87 percent of gross domestic product (GDP) in 2029 under the President's budget, compared with 92 percent in CBO's baseline and 78 percent in 2019 (see figure below).
The federal deficit would be $1.5 trillion smaller under the President's budget than in CBO's baseline over the 2020–2029 period, CBO estimates. By contrast, the Administration estimates that the deficit would be $4.1 trillion smaller than the amounts in CBO's baseline during that period. Differing estimates of revenues—which in turn are largely driven by differences in projected wage growth later in the projection period—account for nearly threequarters of that difference.
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Source: Congressional Budget Office
