Posts from Friday Sep 14 2012

The SEC and the milliseconds

SEC slams NYSE for sending market data to proprietary customer feeds before the one for the wider public (“the disparities ranged from single-digit milliseconds to, on occasion, multiple seconds”).

And it does a diagram. Read more

What driverless trucks in Oz mean for oil workers in Norway

Norwegian oil workers shut down a chunk of the country’s production for 16 days in July over a pay dispute. With the summer over, further strikes are being discussed.

Being such a wealthy country, and with a robust social safety net, it does make one do a double-take when a strike in Norway is over pay. Is the case of the Norwegian oil workers a textbook study on how labour in the rich world is incentivising companies to deploy more technology in their production processes, thereby inadvertently making itself increasingly redundant? Read more

Buy euros. Buy houses. Buy monkeys.

Capping a wild week in risk — Spain’s Ibex 35 up 40 per cent since the late July low, shares in Bank of America are now up 72 per cent, year to date. Read more

Pinning the tale on a Monster

It’s been a lively few weeks for Monster Worldwide, the recruitment website.

For a company that’s been for sale since February, that’s quite a move. BofA Merrill Lynch and Stone Key Partners have been courting buyers for the past six months and final-round bids went in this week, according to Dealreporter (subscription required). Read more

Placements privadas, in Spain

Should you worry about this kind of thing in Spanish debt?

 Read more

About that flight of the Spanish deposits

This is something we have been meaning to get around to for a while.

It’s about that Spanish ‘bank jog’ making headlines all over the place and seems pretty timely right now, what with the banking deposit scheme thing floundering so badly. From the FTRead more

Markets Live transcript 14 Sep 2012

Live markets commentary from 

Come and discuss the age of QEnfinity

We’ve got a special host on Markets Live this Friday: Izabella Kaminska.

So join us at 11am to discuss QE3 and lots more besides. Read more

The (early) Lunch Wrap

Good morning, New York…


Chinese corporate risk looks pretty significant

Standard & Poor’s has been getting very interested in China’s companies’ risk profiles recently, amid rapid growth for the country’s immature corporate bond market in the past year.

The ratings agency has already published a whole set of reviews into Chinese banks. On Friday, it released a study of 107 large Chinese companies evaluated for business risk and financial risk. Read more

The day after: lingering thoughts and questions about QE3

What an intriguing day for monetary policy.

Others have rightly noted that this is a step towards the recommendations of Michael Woodford and, perhaps, NGDP level targeting. (And Tyler is right: don’t forget Scott Sumner in all this). Read more

Is that robot going to steal your job?

We have written extensively about how the global economy is becoming increasingly technology-intensive, and reaping productivity gains.

Robots, we’ve argued, are slowly taking over in the workplace. And there are plenty of anecdotal examples, such as these noodle-slicing beings from China. But sales figures also confirm that more robots are being sold than ever before. Read more

Further QEeding

Elsewhere on Friday,

- Q. Wheeeeeeee! Ritholtz has some humble pie for those who thought it couldn’t happen so close to an election. Read more

The 6am Cut London

Asian stocks rose after the Federal Reserve outlined new easing measures on Thursday. The MSCI Asia Pacific index advanced 1.1 per cent with South Korea’s Kospi Composite index jumping 2.4 per cent, and Australia’s S&P ASX 200 adding 1.1%. Japan’s Nikkei 225 Stock Average gained 1.6%, topping 9,100 for the first time since August 28. Hong Kong’s Hang Seng index rose 2.3% while China’s Shanghai Composite index added 0.7%. (Financial Times)(Bloomberg)

The yield on mortgage securities guaranteed by Fannie Mae fell to a record low after news of the Fed’s planned MBS purchases. Yields were down by 24 basis points to 2.12%. The buying frenzy, by investors trying to get in before the Fed makes its first purchases, was in contrast to the initial sell-off in Treasuries, which some investors had hoped would be the focus of the central bank’s easing programme.(Financial TimesRead more

FoRescueQ Metals Group- updated

Trading halts are a feature of the Australian stock market in the way they aren’t in the UK, where they are rarely granted for companies on the official list. (Reverse takeovers are the main exceptions.)

That can be a positive but also a source of frustration. Read more