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Weekend Scan: 129 dead, 352 wounded in ISIS-backed attacks; Three French nationals arrested
<p> </p> <p>«Ma copine y était. Je devais me fiancer. Je ne sais pas si je la reverrai» #ParisAttacks #Bataclan<br /> A photo posted by Je SUIS Paris ! ???? (@jesuisparis_) on Nov 14, 2015 at 4:15am PST<br /> &nbsp;</p> <p>&nbsp;</p> <p>The world is in a state of shock this weekend following a series of coordinated terrorist attacks in Paris that left 129 dead and 352 wounded. (New York Times, paywall) France says the Islamic State, known as ISIS, is behind the devastation which unfolded around 9:20 p.m. in Paris at the soccer stadium, a trendy neighborhood in the east, and Bataclan, where young people gathered for a concert. In videos and news reports across the Internet, eyewitnesses described young jihadist methodically and calmly killing people as they dined, strolled, and listened to music. They shouted "Allu Hu Akhbar" and declared this was vengeance for French participation in bombings to stamp out ISIS in Syria. The terrorists either committed suicide or were killed by French police. One was reported to be carrying a Syrian passport and had entered France from Greece. France closed its borders and New York City is in a high state of alert. Follow events on Twitter Moments or this Reddit thread.</p> <p>Here’s what else you need to know:</p> <p>Two Syrian “refugees” may have been among the terrorists. This – if confirmed – will definitely not bode well for the current Syrian refugee crisis. New York Post</p> <p>Three French nationals arrested in connection to the attacks. The arrests were made at near the Belgian border, where the three apparently lived. One of the dead terrorists, was also identified as a French national from the Paris suburb of Courcouronnes. Guardian</p> <p>French President Francois Hollande declares three days of mourning.  Leaders from U.S. President Barack Obama to China's President Xi Jinping offered tough words and condolences. France is still recovering from attacks in January on a Jewish supermarket and the offices of Charlie Hebdo, the satirical newspaper.</p> <p>Democratic debate focuses on terrorism, Wall Street. After observing a moment of silence for the victims of Friday’s attack, Hillary Rodham Clinton – who was prepared to show the world that she was the strongest presidential hopeful in light of the Paris atrocities – found herself grilled on her connections to Wall Street as well as her hand in the Iraq war instead. The New York Times</p> <p>Paris attacks heighten pressure on G20 meeting. The Syrian crisis may have been high on the group’s agenda, but the recent Paris siege has surely changed things for the upcoming G20 meeting in Turkey. “We’re going to do whatever it takes to work with the French people and with nations around the world to bring these terrorists to justice, and to go after any terrorist networks that go after our people,” Obama was quoted saying following the attacks. PBS</p> <p>IMF’s Lagarde backs yuan inclusion to SDR. IMF staff has issued a report recommending the yuan’s inclusion to the special drawing rights (SDR) basket, and Christine Lagarde – the fund’s managing director – saw that it was good: “I support the staff’s findings. The decision, of course, on whether the RMB should be included in the SDR basket rests with the IMF’s Executive Board. I will chair a meeting of the Board to consider the issue on November 30.” IMF</p> <p>Markets succumb to Friday the 13th bad luck. The FTSE 100 – weighed heavy by Rolls Royce and G4S shares – sank 0.98% to a six-week low while the S&amp;P 500 – hit by a massive selloff in retail stocks – tanked 1.12%. A nasty combo of weak earnings and disappointing retail sales apparently sparked the deluge. Commodities meanwhile continued their declines, with WTI crude falling 2.47% to 40.72 a barrel, while Brent crude dropped 1.41% to 43.44. Palladium and coffee however fared much worse, with the former diving 3.93% as the latter plummeted 3.17%.</p> <p>U.S. retail sales miss estimates. An unexpectedly weak October report from the Commerce Department showed that sales rose only 0.1% in October, short of the expected 0.3% incr
The Week Ahead: Fed minutes, U.S. inflation, and BOJ rates coming up
<p>With Chinese trade data and Euro-area GDP out of the way, attention shifts to inflation once again as several nations – including Canada, Great Britain, and the U.S. – report their inflation rate figures throughout the week. However, all eyes will surely be on the Fed and the Bank of Japan on Thursday as the former releases its much-scrutinized FOMC minutes while the latter unveils its highly-awaited monetary policy decision. Analysts are expecting the BOJ to stand pat on rates, though some traders seem to be optimistic that it’ll bump up its QQE measures.</p> <p>Here’s what else you should look out for:</p> <p>Monday, November 16</p> <p>5:45 New Zealand retail sales (Q3,QoQ) – Forecast: 1.32% Previous: 0.1%</p> <p>7:50 Japan preliminary GDP (Q3, QoQ) – Forecast: -0.1% Previous: -0.3%</p> <p>12:00 Singapore imports (Oct) – Forecast: -28.2% Previous: -25.95%</p> <p>14:30 India WPI inflation (Oct, YoY) – Forecast: -4.0% Previous: -4.54%</p> <p>18:00 Eurozone inflation rate (Oct, MoM) – Forecast: 0.1% Previous: 0.2%</p> <p>18:15 ECB President Mario Draghi speaks</p> <p>Tuesday, November 17</p> <p>8:30 Reserve Bank of Australia minutes</p> <p>8:30 Singapore non-oil exports (Oct, MoM) – Previous: 2.8%</p> <p>16:30 Hong Kong unemployment (Oct) – Forecast: 3.3% Previous: 3.3%</p> <p>17:00 Indonesia interest rate decision – Forecast: 7.5% Previous: 7.5%</p> <p>17:30 U.K. inflation rate (Oct, YoY) – Forecast: -0.1% Previous: -0.1%</p> <p>18:00 Germany Zew Economic Sentiment Index (Nov) – Forecast: 4 Previous: 1.9</p> <p>21:30 U.S. core inflation rate (Oct, YoY) – Forecast: 1.9% Previous: 1.9%</p> <p>21:30 U.S.  inflation rate (Oct, YoY) – Forecast: 0.1% Previous: 0.0%</p> <p>Wednesday, November 18</p> <p>4:30 Federal Reserve Board of Governors member Daniel Tarullo speaks</p> <p>9:30 China house price index (Oct, YoY) – Forecast: -0.2% Previous: -0.9%</p> <p>21:30 U.S. housing starts (Oct, MoM) – Forecast: -2.1% Previous: 6.5%</p> <p>Thursday, November 19</p> <p>3:00 FOMC minutes</p> <p>5:00 Korea PPI (Oct, MoM) – Forecast: -0.4% Previous: -0.3%</p> <p>7:50 Japan exports (Oct, YoY) – Previous: 0.6%</p> <p>12:00 Bank of Japan interest rate decision – Forecast: 0.0% Previous: 0.0%</p> <p>17:30 U.K. retail sales (Oct, MoM) – Forecast: -0.41% Previous: 1.9%</p> <p>20:30 ECB monetary policy meeting accounts</p> <p>23:00 Philly Fed Manufacturing Index (Nov) – Forecast: 0.6% Previous: -4.5%</p> <p>Friday, November 20</p> <p>1:30 Federal Reserve Bank of Atlanta President and FOMC voting member Dennis Lockhart speaks</p> <p>5:45 Federal Reserve Vice Chairman and FOMC voting member Stanley Fischer speaks</p> <p>15:00 Germany PPI (Oct, MoM) – Forecast: -0.1% Previous: -0.4%</p> <p>16:00 ECB President Mario Draghi speaks</p> <p>18:15  Bundesbank President Jens Weidmann speaks</p> <p>21:30 Canada inflation rate (Oct, YoY) – Forecast: 1.0% Previous: 1.0%<br /> Photo: Stefan Fussan</p>
A new era begins, and not just for China
<p>As we approach the end of 2016, we’re increasingly of the view that we’re nearing the end of one investment era and the beginning of another. We expect this global trend to be positive for China, but it might have a downside for some risk assets.</p> <p>There are signs, though only tentative, that the global investment and policy landscape in fourth-quarter 2015 could lead to a reversal of what, three years ago, were three key market-shaping events. Then, markets were in an expanding “balance sheet world,” in which central banks were pumping more liquidity into the global financial system to keep economies afloat.</p> <p>In September 2012, the US Federal Reserve launched its third round of quantitative easing (QE); in December of that year, Shinzo Abe became prime minister of Japan for the second time and, two months later, launched his Abenomics reforms in an attempt to boost the country’s growth and inflation.</p> <p>The central banks hoped that, by helping to lift asset prices, they would reignite the “animal spirits” in their economies. An important consequence of these actions was that financial markets—particularly risk assets—became disconnected from the macro environment, as liquidity drove valuations higher than economic fundamentals warranted.</p> <p>At the same time, there was a countercurrent to these events. In November 2012, Xi Jinping became president of China and—as part of a suite of reforms aimed at rebalancing the country’s economy—launched a crackdown on corruption.</p> <p>As the US and Japan attempted to stimulate growth, Xi’s actions had a dampening effect, leading to a slowdown in infrastructure and other projects in China. This in turn effectively put an end to the global commodities boom and created economic headwinds for commodity-exporting countries.</p> <p>Policymakers Change Course</p> <p>As of November 2015, the authorities behind each of these three policy initiatives appear to be changing course. Having put an end to quantitative easing a year ago, the Fed—though weighing an improved US economy against global market volatility—is expected to raise short-term interest rates for the first time in nine years.</p> <p>The policy debate in Japan now revolves around whether or not the Bank of Japan (BoJ) should ease further, with the BoJ governor arguing against it on the grounds that the country is through the worst of its deflationary spiral. If he’s right, we believe Japan could signal a tapering in its QE program next year. This is an out-of-consensus view, as the market is still looking for an extension or top-up of the program.</p> <p>China’s 13th Five-Year Plan, an outline of which was announced after the October Communist Party plenum, focuses on reforms that will continue to push the economy up the value chain, making it more efficient and innovative, with the aim of reducing the risk of the country falling into the middle-income trap.</p> <p>The country, in other words, still seems to be moving in the opposite direction from that of the US and Japan in terms of policy. This time, however, it’s more pro-growth, while the US and Japan are contemplating moving to tighter policy settings.</p> <p>Macro Factors Back in Play</p> <p>Together, these trends point to a rebalancing in global markets in 2016. With the US poised to raise interest rates, Japan potentially tapering its QE and China experiencing a mild cyclical upswing, macroeconomic factors are likely to reassert themselves as key investment drivers, in our view.</p> <p>What does this mean for investors? It’s yet another reminder to avoid “crowded trades,” particularly those created by investor responses to central bank balance sheet building over the past few years, or the slowdown in China. It also suggests that the ability to move dynamically into and out of sectors, geographies and markets is even more important now. And active management—stock and security selection in particular—is especially critical.</p> <p>In our next blog, we’ll look more closely at the implications for China.</p> <p>(c) Alliance Bernstein</p> <p>https://
Daily Scan: Stocks plummet into the red; Shootings shake Paris
<p>Updated throughout the day</p> <p>November 13</p> <p>Stocks fell hard Friday, ending the week in the red. The Dow was down 1.16%, the S&amp;P 500 fell 1.12%, and the Nasdaq lost 1.54%. Retail merchants collapsed in the U.S. on a combination of weak earnings and an unexpectedly weak October report from the Commerce Department that showed sales rose only 0.1% in October, short of the expected 0.3% increase. Some of the nation's biggest retailers hit 52-week lows, including Macy's, down 4.2% (after falling more than 14% earlier in the week); Nordstrom's, off 15%; JCPenney, down 15.4%; and Fossil, which immolated, falling 36.5%. Car makers also fell if more modestly on the retail sales news. Oil fell 3%, closing near $40/barrel.</p> <p>Saturday night you can catch the Democratic debate on CBS.</p> <p>Here’s what else you need to know:</p> <p>Several killed in Paris shootings. Several people were killed and at least seven injured in a shooting outside a restaurant in central Paris Friday evening. There were also a series of explosions at the Stade de France. BBC, CNN</p> <p>Cargill to cut jobs. The commodities trader is restructuring, closing two offices and laying off employees. Reuters </p> <p>Will Hamlet on the Potomac continue? To raise rates or not to raise rates, that we thought was a settled question. But not only did retail sales disappoint Friday, so did U.S. producer prices dropping for the second straight month by 0.4% in October. Economists had predicted a 0.2% rise.  Earlier in the day, Cleveland Fed President Loretta Mester said the economy looked good-to-go for a federal funds hike -- if the news continued to be good. If.</p> <p>J.C. Penney's stock falls after earnings. The retail store reported better than expected quarterly net sales, but the company's stocks fell, reflecting the low October retail sales. The company reported a net loss of $137 million, or 45 cents a share. Analysts estimated a loss of 55 cents a share. Net sales were up 4.8% to $2.9 billion, slightly better than the expected $2.88 billion. Penney's shares fell 15.4% Friday. Reuters</p> <p>DraftKings sues New York over shutdown. New York Attorney General Eric Schneiderman closed the DraftKings and FanDuel websites Tuesday from accepting bets in New York, call the businesses illegal gambling. DraftKings filed a lawsuit to overturn the order. Reuters</p> <p>Syngenta said to reject $42 billion takeover bid from China. The offer is the biggest ever by a state-owned enterprise for a European company. Earlier this year, Monsanto had offered to buy Syngenta, the world's biggest agrichemicals company, for $47 billion. Reuters</p> <p>U.S. has “Jihadi John” in its cross-hairs. American forces have carried out an air strike targeting the British Islamic State militant known as “Jihadi John,” the Pentagon has said. The extremist was seen in videos of the beheadings of Western hostages. BBC</p> <p>At least 41 dead in pair of suicide bombings in Beirut. ISIS took responsibility for the terrorist attack in a busy shopping area of a Shia neighborhood, also known to be a Hezbollah stronghold. More than 200 people were wounded. BBC</p> <p>Suu Kyi's NLD wins Mayanmar election by landslide.  Myanmar's opposition National League for Democracy has won a landslide election victory, officials say, with more than 80% of contested seats now declared. BBC</p> <p>&nbsp;</p> <p>You won't believe this…</p> <p>Ugh. Airbnb is full of love. The most common three-word phrase for hosts? "Love to travel."  The most common three words to describe a rental?  It's in "the heart of." We'd add "Adore making extra $$$$." Vox<br /> Photo: Steve Jurvetson</p>
People Moves: Standard Life loses chairman to Barclays; Deutsche shuffles investment bank
<p>Standard Life chairman to join Barclays board. Standard Life chairman Gerry Grimstone will replace Michael Rake on the Barclays' board of directors at the end of the year. Rake is leaving to become chairman of Worldpay. New York Times</p> <p>Deutsche shuffles investment bank. Goldman Sachs veteran Alasdair Warren will join Deutsche as head of corporate and investment banking fro Europe, Middle East, and Africa, effective in spring 2016. John Eydenberg and Marc Pandraud were appointed to the newly created roles of vice chairmen of CIB for the Americas and EMEA, respectively. Mark Hantho was named head of equity, and Mark Fedorcik as head of debt capital markets. Wall Street Journal <br /> Photo: ©iStock.com/ooyoo<br /> &nbsp;</p>
Daily Scan: Asia caps the week lower; European shares tumble after Fed moves closer to rate hike
<p>Updated throughout the day</p> <p>November 13</p> <p>A vicious assault on commodity prices sent Asian shares hurtling on Friday with the Hang Seng Index falling 2.15%, the Shanghai Composite dropping 1.43%, and the Nikkei 225 slumping 0.51%. Overnight, a bevy of Federal Reserve officials in the U.S. began speaking not about when to raise rates but by how much and how quickly. The rest of the region was also in pretty bad shape, ironically fitting today’s date:</p> <p>Day<br /> Week</p> <p>Hang Seng Index<br /> -2.15%<br /> -1.98%</p> <p>Hang Seng China Enterprises Index<br /> -2.19%<br /> -3.58%</p> <p>Shanghai Composite<br /> -1.43%<br /> -0.85%</p> <p>Shenzhen Composite<br /> -2.39%<br /> +2.59%</p> <p>Nikkei 225<br /> -0.51%<br /> +1.63%</p> <p>Straits Times Index<br /> -0.98%<br /> -3.085</p> <p>Shares in Europe aren’t looking that great either. The FTSE 100 – despite strong gains in mining shares – has fallen 0.39% and is currently on track to its worse showing in two months. The DAX 30 and the CAC 40 meanwhile are both trending the wrong way with the former tanking 0.13% while the latter falls 0.10%.</p> <p>Here’s what else you need to know:</p> <p>Suu Kyi's NLD wins Mayanmar election by landslide.  Myanmar's opposition National League for Democracy has won a landslide election victory, officials say, with more than 80% of contested seats now declared. BBC</p> <p>German GDP growth decelerates. German GDP came in at 0.3% for the third quarter, in-line with expectations but still disappointing given that it expanded 0.4% the quarter before. If this keeps up, Merkel’s going to have a real bad time. Financial Times (paywall)</p> <p>U.S. has “Jihadi John” in its cross-hairs. US forces have carried out an air strike targeting the British Islamic State militant known as “Jihadi John,” the Pentagon has said. The extremist was seen in videos of the beheadings of Western hostages. BBC</p> <p>Japan industrial production beats estimates. Japan’s industrial output grew 1.1% in September, just a smidge higher than the forecasted 1% climb but well above August’s 1.2% contraction. Tertiary industry activity however slumped 0.4%, far below expectations of a 0.1% nudge. METI</p> <p>Malaysian GDP growth cools to a two-year low. Malaysia’s GDP growth rate came in at just 4.7% in the third quarter, its slowest growth rate in more than two years. A fall in consumption seems to be the main driver of the fall. Nasdaq</p> <p>Singapore retail sales disappoint. Singaporean retail sales came in at just 4.7% last month, a marked drop from the preceding month’s 6.6% reading, and quite the fall from the expected 6.5% climb. It could’ve been way worse though, had auto sales not surprised to the upside. Investing/Straits Times</p> <p>U.S. flies B-52 bombers near the Spratlys. In another “freedom of navigation” operation, the U.S. flew two B-52 bombers within 12 nautical miles of the Spratly Islands in the South China Sea. The flights came after China parked a few of its J-11 fighter jets on Woody Island, one of the five artificially constructed landmasses in the area. The Hill</p> <p>India PM Modi visits the UK. In a speech to the UK parliament Narendra Modi said current negotiations between the UK and India are a “huge moment for our two great nations.” BBC</p> <p>VW sets November whistle-blower deadline. Volkswagen has set a November end deadline for its whistleblower program designed to encourage workers to disclose information about the carmaker’s two emissions scandals in a move to speed up investigations. Reuters</p> <p>Goldman Sachs promotes 425 people to managing director. Almost 30% of the new managing directors are millennials. About 40% of those were hired at Goldman as entry level analysts, and 20% began as summer interns. Loyalty counts somewhere!Business Insider</p> <p>Deutsche Bank keeps moving executives. The top officials of the investment bank are shifting, with Goldman Sach’s Alasdair Warren appointed as head of corporate and investment banking for EMEA. John Eydenberg will be vice chairman of CIB for the Americas, and Marc
People Moves: Deutsche names new APAC corporate & investment banking chief; Barclays appoints new head of semiconductor research
<p>Deutsche names James McMurdo APAC CIB chief. McMurdo, who will remain as the bank’s chief executive in Australia “until further notice,” will be replacing 25-year Deutsche Bank veteran John McFarlane. Prior to joining Deutsche, McMurdo was co-head of investment banking for Goldman Sachs in Australia and New Zealand, and worked on the firm’s sponsors group in London and the Middle East even before. He will be based in Hong Kong and will report to Gunit Chadha, chief executive of Asia Pacific, as well as to Jeff Urwin, the head of the corporate and investment bank. Sydney Morning Herald/Wall Street Journal</p> <p>Soc Gen appoints James Shekerdemian head of APAC prime services. Shekerdemian, the French bank’s current global head of prime brokerage sales, will be succeeding Laurent Cunin, who is said to be pursuing other opportunities. He will continue to be based in Hong Kong and will report locally to Frank Drouet, the firm’s Asia-Pacific head of global markets, and globally to Chris Topple and Christophe Lattuada, Soc Gen’s co-heads of prime services. Asia Asset Management</p> <p>Barclays names Bruce Lu head of semiconductor research, Asia ex-Japan. Lu, an old hand in the semiconductor industry, will be taking direct responsibility for the firm’s Greater China technology semiconductor team. He joins Barclays from CLSA, where he held a similar role, and reports to Bhavtosh Vajpayee, Managing Director, Head of Equity Research- Asia ex-Japan, according to a memo seen by NexChange.<br /> Photo: Wendy</p>
Are we at a market peak?
<p>The question that seems to be occurring to more and more people is, “Are we at a market peak?” It has been a multiyear bull market, stock prices have tripled from the base, profit margins have been at record highs for years, and now interest rates are going up. It’s not a crazy thought.<br /> Signs of a peak<br /> Mega-mergers have taken off, the most recent being the SABMiller merger with Anheuser-Busch Inbev. Technology companies are rocking, with multibillion-dollar valuations for Airbnb, Uber, and many others. It sounds like we’ve seen this movie before.<br /> We may indeed be at a short-term top, as valuations are stretched, and it may take some time for earnings to catch up. The question behind the question is, “Are we at a roller-coaster top, one that will be followed by a precipitous decline?” Again, this is not a crazy thought, as the last two tops—in 2000 and 2007—have been exactly that. The last thing anyone needs right now is another 50-percent decline in the market.<br /> Look at the past<br /> The thing to remember is that big drops, like the past two, are not the result of just the markets but of a combination of the markets and the larger economy.</p> <p> In 2000, the economy was running very hot, with unemployment at all-time lows and wages growing quickly, powered by stock market valuations over twice as high as what we see right now.<br /> In 2007, we had a multiyear real estate boom, loading bad debt in the financial system.</p> <p>In both cases, we had a massively overvalued market combined with a drastically slowing economy—resulting in massive market declines.<br /> Things are not nearly so out of balance now. Although the market is expensive, it’s not nearly as expensive as during the previous two booms. The economy is starting to grow more quickly but is hardly in boom times. The systematic imbalances that drove the last two crashes don’t exist yet, meaning we don’t have either of the two preconditions for a serious decline.<br /> View from the second story<br /> This doesn’t rule out a lesser pullback. As we recently saw, you simply can’t crash as hard jumping out of a second-story window as you do from a tenth-story window. Right now, at the second story, we may see some damage eventually, but nothing like the last two downturns.<br /> This analysis is comforting for right now, but it also points to a future we should be worried about, as another major decline would be all too possible. Right now, the economy is still growing, and the Fed is still stimulative. But at some point in the next couple of years, growth will start to overheat, and a recession will inevitably come. At that point, if the market were to follow past practice and continue to appreciate, valuations could be even higher than they are right now—and that would fit thepreconditions for a major market decline.<br /> Is a major decline coming?<br /> If we agree that two things are necessary for a major decline—a recession in conjunction with significant market overvaluations—we arrive at the conclusion that we have, at most, only one of those right now. In fact, I would argue that market valuations are not high enough to warrant the “significant” title, so perhaps only one-half of one of the conditions. Good news for the present. We can, however, see a not-too-distant future where we will have both. This is what I will be watching.<br /> Brad McMillan is the chief investment officer at Commonwealth Financial Network, the nation’s largest privately held independent broker/dealer-RIA. He is the primary spokesperson for Commonwealth’s investment divisions. This post originally appeared on The Independent Market Observer, a daily blog authored by Brad McMillan.<br /> This story first appeared in Advisor Perspectives</p> <p>Photo: Patrick McGarvey</p>
Daily Scan: Fed commentary shocks markets, stocks fall
<p>Updated throughout the day</p> <p>November 12</p> <p>Stocks had a terrible, horrible, no good, very bad day after all the Fed comments sent mixed messages. The Dow lost 1.4%, the Nasdaq fell 1.2%, and the S&amp;P 500 dropped 1.4%. The Stoxx Europe 600 lost 1.6% as well. Federal Reserve Chair Janet Yellen spoke Thursday morning about monetary policy in general, but didn't comment on the outlook for the U.S. economy. New York Fed President William Dudley and St. Louis Fed President James Bullard both seem to be leaning toward a rate hike. Bullard called the near-zero interest rate policy a "considerable risk of future inflation" for the U.S. economy. Chicago Fed President Charles Evans was a bit more hesitant, saying it could be "well into" next year before the inflation goal is reached. The Wall Street Journal found that 92% of economists think the Fed will vote to raise rates in December.</p> <p>Here’s what else you need to know:</p> <p>Goldman Sachs promotes 425 people to managing director. Almost 30% of the new managing directors are millennials. About 40% of those were hired at Goldman as entry level analysts, and 20% began as summer interns. Loyalty counts somewhere! Business Insider</p> <p>Amundi shares rise after debut. The massive French asset manager's stocks were up about 4% on the Euronext stock exchange in Paris. Societe Generale, one of the banks behind the manager, sold a 20% stake and raised about $1.6 billion. The offering was priced at 45 euros a share Wednesday. New York Times</p> <p>Robots could steal 80 million U.S. jobs. Andy Haldane, Bank of England chief economist, says that 15 million U.K. jobs and 80 million U.S. jobs are at risk from automation. “The smarter machines become, the greater the likelihood that the space remaining for uniquely-human skills could shrink further,” says Haldane. MarketWatch</p> <p>Deutsche Bank keeps moving executives. The top officials of the investment bank are shifting, with Goldman Sach's Alasdair Warren appointed as head of corporate and investment banking for EMEA. John Eydenberg will be vice chairman of CIB for the Americas, and Marc Pandraud will be vice chairman of CIB for EMEA, new roles for the firm. Wall Street Journal (paywall)</p> <p>IMF tells U.S. Fed to wait for inflation numbers. The IMF paper released Thursday says that the Fed should look for firm signs of rising inflation, as well as a stronger labor market before raising interest rates. The report came out in anticipation of of the G20 meeting in Turkey. Reuters</p> <p>Apple in talks with banks to develop P2P mobile system. Move over Venmo and Square. Apple is in talks with major banks including JPMorgan and Wells Fargo to enable iPhone users to pay their buddies through Apple Pay. Wall Street Journal (paywall)</p> <p>Morgan Stanley to offer savings accounts, certificates of deposits. It's not as exciting as deal-making, but the investment bank hopes the broader suite of consumer offerings will lure customers to its wealth management division. Competition is intense in the sector. Reuters</p> <p>Angie's List in unwanted bid. IAC/InterActive has offered $512 million for the Internet site, which provides online reviews of home-related services. It hasn't turned a profit since going public four years ago. IAC owns About.com and Vimeo. New York times (paywall)</p> <p>The feds move to ban smoking in public housing. An announcement should come Thursday from the Department of Housing and Urban Development. The move would affect more than one million people -- who are likely to wonder whether the government can really tell them what to do in their homes. New York Times (paywall)</p> <p>Draghi offers more bouquets. The ECB president said in speech: “If we were to conclude that our medium-term price stability objective is at risk, we would act.” Mario Draghi took to the in Brussels to reiterate his “anything it takes” approach. European Central Bank</p> <p>U.S. arrests cousins of Venezuela president in drug bust. The pair were charged with trying to transport 800 kilograms of cocaine into the country. The
Runaway stories and fairy tale endings: the cautionary tale of Theranos
I saw the new Steve Jobs movie, with the screenplay by Aaron Sorkin, over the weekend. As a long-time Apple user and investor, I must confess that I was bothered by the way in which the film played fast and loose with the facts, but I also understand that this is a movie. Sorkin clearly saw the benefit of using