Apple dragged down the Nasdaq. The tech index fell 1.1 per cent, a drop almost entirely accounted for by Apple. The S&P 500 closed up 0.2 per cent at 1,409.28 (Reuters). Read more
Greece, apparently. Closely followed by Italy.
Those are the conclusions by Transparency International in their latest corruption perceptions index,which looks at how the public sees state sector corruption. The index, which this year includes 176 countries, focuses on perceptions of graft rather than empirical data because of the secrecy surrounding such goings on. Read more
Consultation paper from the Financial Services authority, fresh off the printing press on Wednesday morning… Read more
Live markets commentary from FT.com
Oh dear, Mongolia’s new dollar bonds “tentatively nicknamed Genghis Bonds” (h/t Katie Martin) have been hit by some shocking, hard to predict, political instability.
One of the members of Mongolia’s fragile coalition government has ordered its ministers to leave their posts, a move that has sent the country’s bonds into a tailspin and could threaten the passage of crucial legislation.
Republicans in capital gains tax fight || Freeport plans return to energy || Schäuble puts brake on bank union plan || Australian economy loses steam || Tesco signals end of American dream || Paulson blames Europe bet for losses || Markets update || Rogoff’s robots! || The positives in cancelling central banks’ holdings of government debt || Why are Shanghai markets suddenly rising? Read more
Rogoff and Shuttleworth versus Theil and Kasparov at the Oxford Martin School. While the video is from November, we felt the need to review it given Rogoff’s op-ed on Tuesday covering the same subject.
Rogoff’s argument, which in part is intended to counter Robert Gordon’s ‘no robots’ thesis, is that… Read more
We’ve run a couple of posts here on FTAV recently about how cancellation of QE debt isn’t really such a big deal: more an accounting change than anything material because both treasuries and central banks are part of the public sector.
Here is an argument that this mere accounting exercise could be worthwhile — particularly if the debt-laden developed countries descend into another downturn. Read more
China’s markets are zooming upwards, and quite honestly who knows why? It could be something to do with the big politburo meeting yesterday, at which various pronouncements about the economic outlook were made. We’re not sure the remarks should be interpreted as meaning that continued large scale, infrastructure-focused stimulus is a certainty. Read more
Elsewhere on Wednesday,
– Mohamed El-Erian hearts NNT.
– Helicopters or not – doesn’t really matter.
– A happy Krugman is a happy… econblogosphere? Read more
Asia stocks rise, Shanghai Composite surges || UK austerity set to extend into 2018 || Tesco reconsiders difficult US venture || HSBC sells Ping An stake || Schäuble cools on eurozone banking union || Osborne to announce UK pension accounting review || Fiscal cliff talks set off Republican discord || Freeport returns to energy || Greek hospitals running out of gloves, gowns Read more