The Closer | FT Alphaville

The Closer

ROUND-UP

FT markets round-up: “Growth-focused assets headed lower, pulling major “risk” barometers back from multi-month highs, as the new year rally lost impetus and investors turned their attention to the start of the US earnings season this week. The FTSE All-World equity index slipped 0.2 per cent after the Asia-Pacific region lost 0.2 per cent. The FTSE Eurofirst 300 ended the session 0.5 per cent lower on the day despite strength in banks following an easing of mooted regulation. In New York, the S&P 500 fell 0.3 per cent to 1,461.89. However, that left Wall Street’s broad measure of stocks only slightly below Friday’s five-year high after the strong start to 2013. The S&P 500 rose 4.6 per cent last week as investors cheered a compromise in Washington on the fiscal cliff, which averted a series of tax-hikes and spending cuts. Further evidence of improving economic conditions in the US and China, also gave stocks a lift.” (Financial Times)

US banks pay $20bn mortgage crisis bill: “US banks agreed to pay out more than $20bn on Monday in two settlements to resolve claims arising from the mortgage crisis, with compensation for bad loans wiping out most of Bank of America’s earnings for a second successive quarter. (Financial Times)

Transatlantic trade talks near liftoff: “Like putting an astronaut on Mars, a US-EU bilateral transatlantic trade deal has been a long-held dream of policy makers that seemed always out of reach. Yet Brussels and Washington are edging closer to the launch pad.” (Financial Times)

Citigroup chief overhauls top jobs: “Michael Corbat has made the first overhaul of Citigroup’s management since he succeeded Vikram Pandit as chief executive of the bank last year. Citi said on Monday that Jamie Forese and Manuel Medina-Mora would be appointed co-presidents. Both had been thought to be in the running for the role, which was vacated by John Havens who left with Mr Pandit in a contentious reshuffle last October.” (Financial Times)

FURTHER FURTHER READING

- Expect another big year of dividend increases.

- This is what would happen if we breach the debt ceiling.

- Basically, it’s insane.

- John Carney on Basel rules and bank safety.

- Arguments against the Trillion Dollar Coin from Felix Salmon and Tyler Cowen.