FT markets round-up:“The S&P 500 closed 0.6 per cent lower, ending a six-day run in the green, as investors waited for signs of progress in avoiding the fiscal cliff of tax rises and spending cuts due to kick in at year-end. The FTSE Asia Pacific index added 0.3 per cent, taking its gains since the end of November to 3.5 per cent, but the FTSE Eurofirst 300 was down 0.4 per cent. That leaves the FTSE All-World equity index 0.3 per cent lower, though still lurking just shy of 16-month highs. Illustrating the tentative mood are the signals being sent by traditional havens and growth-focused products, with the dollar index up 0.1 per cent and copper down 1.4 per cent to $3.65 a pound. Gold is slipping $16 to $1,696 an ounce.” (Financial Times) Read more
It might not be made public until Monday but the FT reports a fine above $1bn could be landing on UBS’s doorstep to settle allegations of Libor manipulation. Driven largely, it appears, by CFTC and DoJ penalties.
That’s more than double the Barclays record set in June… Read more
The Australian Financial Review is reporting that some central bankers are encouraging the Reserve Bank of Australia to consider heavy intervention rather than cut rates, if it wants to bring down the value of the Australian dollar, which is at its highest in months. Read more
Protests come with such excellent branding these days. UK Uncut proffered this in a November 11th posting on its site that announced action on December 8th:
So, apart from the roads — which go without saying — the aqueduct, sanitation, irrigation, medicine, education, wine, public baths and public order — what have the Romans ever done for us?
Well, as we pointed out on Wednesday, there is a growing view among some ancient scholars that the Monty Python boys could and should have included credit in that list. And in in a big way, since the Roman economy likely featured a lot more paper money assets than most ancient historians care to admit. (Something a lot of modern-day economists and strategists who like throwing Roman coinage supply charts into their research don’t often explain.) Read more
Live markets commentary from FT.com
Eurozone common bank regulator agreed || Fed links rates to US unemployment || China flies aircraft over disputed islands || UK gives green light to fracking || Barclays to cut up to 2,000 investment bank jobs || SocGen to sell Egypt unit to Qatar’s QNB || Investors eye negative ECB rates || WalMart in talks to take control of Turkey’s Migos || AirAsia ordering 100 Airbus A320s || SNB maintains currency ceiling as crisis woes weigh on franc || Graincorp rejects higher ADM bid || UK Treasury is ok with Carney’s NGDP comments || McAfee arrives in US || Rothschild may seek to remove entire Bumi board || Thomson Reuters wants to run new Libor || Tiger Asia admits guilt in $60m settlement || BG picks successor to Chapman || Dish Network wins a $9bn spectrum prize || Markets update Read more
We have a banking union, kinda, sorta. After another marathon summit that stretched into the early hours of Thursday morning — with four hours apparently devoted to overcoming the differences between Paris and Berlin — a classic euro-fudge left everyone feeling relatively satisfied. From the FT:
While the compromise could permit all sides to declare political victory, it remains unclear whether the details effectively establish a two-tier regime or give the ECB ultimate responsibility for all banks.
Shocking. Read more
Elsewhere on Thursday,
– The latest technical ingenuity for smuggling drugs across the border.
– Explaining the post-Fed bond sell-off.
– Krugman admits something really crucial is going on when it comes to robots. Read more
Fin mins agree banking union terms || Asian shares rise; yen falls || Walmart eyes Turkish retailer || Barclays to cut uo to 2,000 investment banking jobs || GrainCorp rejects increased ADM bid || Investors eye negative ECB rates || UK Treasury okay with Carney’s NGDP comments || McAfee lands in Miami Read more