ROUND-UP
Equities pause as focus shifts to FX: “Wall Street’s run of record highs finally came to an end as the focus shifted to the currency markets following the dollar’s first break above the Y100 level for four years. The dollar’s move came against a backdrop of increasing policy accomodation from the world’s central banks, most notably the Bank of Japan and the Federal Reserve. The data did little to bolster US equities as signs of fatigue began to show following five successive record closing highs for the S&P 500. The index fell 0.4 per cent while the FTSE Eurofirst 300 index closed a fraction lower, and the Nikkei 225 Average in Tokyo fell 0.7 per cent. Gold lost ground. with selling on the back of the claims data accelerating as the dollar strengthened. The metal fell $16 to $1,457 an ounce.” (Financial Times)
Dollar highest against the yen in four years: “The Japanese yen broke through a major psychological barrier against the dollar for the first time in more than four years, setting the stage for further weakness seen as a boon for the country’s exporters and economy. The yen has weakened substantially against its major trading rivals since November, when Shinzo Abe was elected prime minister after campaigning to arrest the country’s past two decades of falling prices and boost its economy.” (Financial Times)
Fannie Mae pays $59bn dividend to the Treasury: “Fannie Mae, the US mortgage behemoth rescued during the 2008 financial crisis, will pay a $59.4bn dividend to the US Treasury, raising the prospect that taxpayers will soon receive a profit from the bailout.” (Financial Times)
Harbinger Capital and manager Philip Falcone to pay SEC $18m: “Philip Falcone and his hedge fund, Harbinger Capital Partners, have agreed to pay $18m to resolve US civil allegations that he misused customer funds to pay taxes, manipulated markets and favoured certain clients.” (Financial Times)
Retailer leaps on Microsoft Nook bid talk: “Barnes & Noble shares surged almost 22 per cent on Thursday after reports that Microsoft was looking to acquire the digital assets of Nook Media, its joint venture with the US bookseller. According to leaked internal documents obtained by technology industry website TechCrunch, Microsoft is proposing a $1bn offer to buy the Nook hardware and software catalogue and its ebook library. These assets sit in the Nook Media division, which also includes hundreds of university book stores.” (Financial Times)
FURTHER FURTHER READING
- Loose money: stop us before we kill again.
- Snarky suggestion is actually a brilliant plan to save the economy.
- The fall of Jamie Dimon.
- Brad DeLong channels the LOLCAT on monetary policy.
- Alan Abelson of Barron’s has passed away.
- In search of a passion.