FURTHER FURTHER READING
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Quite a silly reason to let someone go, this:
Jefferies Group LLC was ordered by a Hong Kong judge to pay its former Asia equity trading head Grant Williams about $1.86 million for firing him over a newsletter which referred to a Hitler parody video. … Read more
Overall, we conclude that the U.S. productivity resurgence is likely to continue and is unlikely to revert to the sluggish pace of the 1970s and 1980s. This optimism reflects the observation that the fundamental drivers of the productivity gains—such as technological progress in information technology, a growing share of IT production, and a more competitive and deregulated economy—remain firmly in place. …
The chart is from Credit Suisse Trading, which notes that June’s bond fund outflow of roughly $60bn represents the largest monthly fund flow — in or out, equity or bond — of any kind since records began in the early 1990s. Read more
Risk is on. The sun’s out (at least in London). Cue two fun slides from Julien Garran of UBS. Click to view.
The Basel Committee on Banking Supervision is back with another look at risk-weightings — that is, the risk weighting done by banks using their own models rather than the standardised BIS methods.
China’s State Council made public a guideline from July 1 for changing financing policy over the weekend, which is nice because we wanted an excuse to go looking for a replacement for “Likonomics” anyway. It just doesn’t… snap.
First, a summary of the guideline note from Nomura’s Zhiwei Zhang: Read more
Ohhh, who’s being naughty now? Read more
Live markets commentary from FT.com
Banks warn of risk at clearing houses || HTC’s profit drops 83% in Q2 || Perry Capital sues US Treasury over Fannie and Freddie dividends || French firms cut back on investments || ETFs close in record numbers despite industry boom || Glaxo probes tactics used to market Botox in China || Bovis rises to highest since August 2007 on H1 profit || Chinese cash squeeze to create credit hole || China life assurer Ping An buys Lloyd’s Building for £260m || Dollar Index reaches July 2010 high || Markets Read more
Now that the possibility of a sharp slowdown in Chinese growth, or even an outright contraction, is getting some serious airplay, we can expect a ramp up in forecasts about what this will mean.
Here’s one from Barclays commodities analysts, Sudakshina Unnikrishnan and Jian Chang. They note that their China economics colleagues, having gifted us with the awkward ‘Likonomics‘ neologism, are also canvassing the possibility of a big drop in the country’s GDP growth rates. Read more
Most Asian markets down, Japan boosted by yen || Osborne to bank bank reforms || Greece likely to get next bailout tranche || White House-Wall St trade clash looms || Portugal’s political crisis averted || US banks make massive paper losses || Spitzer to run for NY public office Read more