We’re fans of The Reformed Broker. Reluctantly, sometimes. But fans nevertheless.
So we should just note that a Josh Brown post from Wednesday, looking at the relentless growth of passive asset management and its effect on equity markets has, quite simply, gone viral.
In fact, if you are a market professional and it’s not in your inbox already this morning, you are a failure.
To save your blushes, here’s the link to the original, here’s Josh’s follow up, and here are some choice quotes to memorise quickly… Read more
That uber-growth business, washing machines…
blur Group today announced an expansion of its global finance and payments teams as it scales processes and systems to support the next phase of blur’s growth. There are extended remits for existing team members and new senior appointments in the Projects & Payments function and in blur’s Southern California strategy team.
Good news, eh? There’s more… Read more
New era, and all that. Click the image to read Janet Yellen’s full prepared testimony for her appearance on Tuesday before the Committee on Financial Services, U.S. House of Representatives.
Weird this, so we’ll just share it for now….
Barclays to Announce Full Year Results on 11 February 2014 Read more
A case of a market requiring medication, perhaps, rather than the other way round?
From the FT’s Arash Massoudi in New York and Andrew Ward in London… Read more
Disappointing iPhone sales triggered a sharp sell-off in Apple stock in after-hours trading, despite the company beating earnings and revenue estimates in its December quarter. Despite setting a new record for the company, Apple’s 51m iPhone sales compared with forecasts of more than 55m, sending its shares down more than 8 per cent after its earnings were published on Monday. (Financial Times)
Apple earnings announcements are best described as a Rorschach test, says Lex. There is so many data from so many gadgets pointing up, down and sideways that no particular conclusion is incorrect – or correct. Read more
It’s been a while since we used the RAW* tag on Markets Live. But hey! Monday’s session managed to drag the following pre-packed statement out of F&C Asset management…
London, 27 January, 2014: The Board of F&C Asset Management plc (“F&C” or the “Company”) notes the recent press speculation and confirms that it has received an indicative offer from BMO Financial Group (“BMO”) of 120 pence in cash per ordinary share (the “Offer Price”) for the entire issued and to be issued ordinary share capital of F&C (the “Possible Offer”). In addition, F&C shareholders will be entitled to receive and retain an ordinary course dividend of 2 pence per F&C share for the financial year ended 31 December 2013. Read more
Rattled by the equity sell-off?
Here’s an antidote…five pages of potential bid targets, courtesy of Andrew Garthwaite and team at Credit Suisse… Read more
Google is spending maybe $400m on a was kid. From recode on Monday…
Google is shelling out $400 million to buy a secretive artificial intelligence company called DeepMind. Google confirmed the deal after Re/code inquired about it, but declined to specify a price. Based in London, DeepMind was founded by games prodigy and neuroscientist Demis Hassabis, along with Shane Legg and Mustafa Suleyman. This is in large part an artificial intelligence talent acquisition, and Google CEO Larry Page led the deal himself, sources said. According to online bios, Hassabis in particular is quite a talent, a child prodigy in chess who was later called “probably the best games player in history” by the Mind Sports Olympiad. DeepMind has only a landing page for a website where it describes its business as building learning algorithms for simulations, e-commerce and games. Profiles on LinkedIn indicate the company is about three years old. Read more
The Journal’s got themselves a billion-dollar start-up graphic… Read more
Microsoft will allow foreign customers to have their personal data stored on servers outside the US, breaking ranks with other big technology groups that until now have shown a united front in response to the American surveillance scandal. (Financial Times)
The surprisingly rapid fall in unemployment has embarrassed the Bank of England, whose expert forecasters predicted only last summer that jobless figures would not improve this much for another two years. (Financial Times) Read more
That’s a compressed summary of a white paper released by UBS on Wednesday, How trade, technology and finance can help keep the recovery going
The gist is that recent advances in information and communications technology, new innovations in methods of manufacturing, and fresh ways of harnessing and exploiting energy could unleash significant growth benefits for the world economy over the next few decades. Read more
Elsewhere on Wednesday,
- China’s princelings, Tortola branch Read more
Much was being made on Tuesday of the fact that Irish government borrowing costs are now at a record low. Here’s the 10 year…
That’s after the Turkish central bank ignored all the noise around it and choose instead to leave interest rates on hold at 4.5 per cent. Read more
Try banging that header above into Google. Prior to this post hitting pixel, you would have just got….
LIVE from the Marriot on Grosvenor Square…
Oh my. Monday, 13 of January. Turning out to be a proper Merger Monday.
Late on Monday, John Malone-backed Charter Communications was in the process of going fully public with the terms of it’s offer for its larger rival in the cable business, Time Warner Cable. Read more
A curious report. Consensus was for 197k. But the unemployment rate has contracted sharply. At pixel, markets were mighty confused. In London the Footsie, having traded 75 points higher in anticipation of a strong print, quickly lost almost half its gain. In Chicago, equity index futures pointed to a flat opening on Wall Street.
Here are the main bits from the report: Read more
Steve and Richard are both outstanding leaders, good friends and will be missed. We wish them both well in their future careers.
That’s Peter Sands talking about his soon to be ex-colleagues Steve Bertamini and Richard Meddings. Read more
Graham Secker and team at Morgan Stanley seems to think so, citing the corporate earnings recovery, rising business confidence and welcoming capital markets. There’s also an element of M&A having to come back into fashion, given that in Europe at least takeovers are running at a circa 20 year low… Read more
No, we hadn’t heard of this remuneration consultant either. But Sarah Butcher over at eFinancial Careers alerts us to the fact that Cook & Co advised on designated “risk takers” at Citibank Global Markets trousering an average basic salary of £507k in 2012.
Stock and cash bonuses took average total remuneration for these staff to £2.34m in this particular Citi division. Read more
Kodal Minerals (KOD LN) 0.77p, mkt cap £5.2m – First day of dealing for Kodal Minerals’ (phosphate) on AIM
BUY – Target price 3.1p short term, 4.5p on a 12-moth view Read more