Well worth a read on Wednesday — and you really can get it via RVWS <GO> on the terminal — Bloomberg has released the review of how its journalists interacted with terminal users’ data:
Or for that matter, to what degree are national regulators?
Effective monitoring means having good data. The data the European Central Bank currently have is arguably not enough for even the macro-prudential supervision they’d like to do, let alone the more specific kind — a troubling thought if it is to build out a regulatory capacity. Data availability is hampered by legal issues as well as challenges around design and collection. Read more
Citigroup has admitted that hackers may have accessed details of thousands of bank card customers after its network was breached, Reuters says. The failure occurred in Citi Accounts Online, which holds basic information such as names and account numbers. Citi said that only 1 per cent of customers using credit cards were affected, says the WSJ, but some customers told the FT that their debit cards had been compromised, and had only learned of the problem when cards were declined in transactions over the weekend. Analysts said it was very unusual for a financial institution to experience such a direct network breach.
Courtesy of Nomura’s US economics team, here’s a quick guide to the data that would and would not be disrupted by an ongoing shut-show in Washington.
This list is not exhaustive, but it does cover the main indicators. The italicised releases are those due next week. Read more
Just an idea, of course.
But it comes via JPMorgan’s Seamus Mac Gorain, and it’s part of a 12-page study covering more than a decade of intraday trading data around big economic releases. Read more
Hope for the US economy outweighed fear for the eurozone crisis in the market on Wednesday, the FT reports. The S&P 500 gained 1.3 per cent while the Nasdaq rose 2 per cent following a round of optimistic data. US jobless claims fell to their lowest levels in two years and consumers seem more confident, the FT adds — but points out weakness in durable goods orders. They dropped the most in two years in October, the WSJ reports. Nevertheless, the hunt is on for other signs that the elements of recovery will be able to sustain themselves into further growth, Reuters says. One other sign of better sentiment, or perhaps a contrary indicator? Wall Street bankers are feeling very exuberant again, says NYT Dealbook.
It was bound to happen.
According to the FT, Google is mid-way through the process of creating its very own consumer price index — based (understandably) on its ability to access real-time price data from across the web. So logical. Read more
September, not April, is the cruellest month — when it comes to developed market equities, for which it is on average the worst period of the year, says Reuters. April, by contrast, is in fact the best. While September’s effect on trading is well-known, it matters more this year because of high correlations between asset classes at the moment. And there are plenty of gloomy macro data in the pipeline, notes Calculated Risk, starting with Friday’s revision of second-quarter GDP growth, and August’s employment report a week after that.
Sighted in the Long Room — one almighty visualisation of UBS analysts:
FT Alphaville has noted before that when it comes to financial markets, and especially in the battle between institutional investors and the day trader, someone will always have the data first. Indeed, most non-professional investors are at a time disadvantage when it comes to their access to company news releases, according to a study released on Tuesday by IR Web Report. Read more
Google is likely to face a co-ordinated inquiry from multiple US states into its collection of data from unsecured wireless networks, adding to a litany of probes that include actions by authorities in Germany, New Zealand as well as a pan-European group of privacy officials. The FT reports that the attorneys-general of the states of Connecticut, Illinois and Massachusetts have all sent letters to Google demanding more information about how the data were assembled from 2007 until this year and what has been done with them.
Quoth George Osborne, the UK’s new Chancellor, in Monday’s FT:
We are finding all sorts of skeletons in various cupboards and all sorts of decisions taken at the last minute. By the end the previous government was totally irresponsible and has left this country with absolutely terrible public finance, worse as a proportion of our economy than Greece; the second worst in the entire European Union after Ireland and I’m afraid that is something we warned of and is something that people will see in coming weeks that is something that is absolutely true as the Office for Budget Responsibility produces a proper set of borrowing forecasts and a proper set of national accounts.