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May 6, 2015

European Markets at Close Report by CNBC on May 6, 2015: Europe shares end mostly higher as euro rallies

Europe shares end mostly higher as euro rallies

The pan-European Euro Stoxx 600 Index finished lower after fluctuating for much of the session, but major bourses managed to eek out gains to finish in positive territory. 

SocGen slips

FTSEFTSE 100 Index6933.74
DAXDAX Index11350.15
CAC 40CAC 40 Index4981.59
IBEX 35IBEX 35 Idx11163.60

SEC Litigation Release - May 6, 2015: North Dakota Developments, LLC, Robert L. Gavin, and Daniel J. Hogan, et.

SEC Seal


Litigation Release No. 23252 / May 6, 2015

Securities and Exchange Commission v. North Dakota Developments, LLC, Robert L. Gavin, and Daniel J. Hogan, et. al., Civil Action No. 4:15-cv-00053-DLH-CSM (D.N.D.)

SEC Halts Bakken Oil and Gas-Related Investment Scheme

The Securities and Exchange Commission today announced charges and an emergency asset freeze against North Dakota Developments, LLC ("NDD") and its two principals for allegedly defrauding investors in a scheme to purportedly build and operate short-term housing facilities or "man camps" for workers in the Bakken oil and gas formation of North Dakota and Montana.
The SEC alleges that NDD and its owners Robert L. Gavin and Daniel J. Hogan have raised over $62 million from hundreds of investors in various states in the U.S. and foreign countries for interests in one of four "man camp" projects. According to the SEC's complaint filed yesterday in U.S. District Court for the District of North Dakota, investors bought "units" in NDD's projects motivated by the Defendants' promises of exceptionally high annual returns, up to 42%, and that NDD would jointly manage all of the units as a fully-developed short-term housing facility with amenities typically found in a hotel. The SEC also alleges that the Defendants offered investors the option of receiving a "guaranteed" annual return of up to 25% of the purchase price of their unit without regard to actual rental income. As further inducement to invest, Defendants also promised investors that the various projects would be operational in a very short time frame, often within months. In reality, the SEC alleges, despite the substantial amount of funds raised by the Defendants since May 2012, at the present time, none of the projects are fully operational and one of the projects offered does not even have governmental approval for construction to begin.

FDIC Press Release - May 6, 2015: FDIC Office of Inspector General Press Release


FDIC Office of Inspector General Press Release

The following press release, issued by the U.S. Department of Justice, was recently posted to the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) Web Such press releases reflect actions resulting from the OIG’s partnerships with U.S. Attorneys’ Offices throughout the country and other OIGs and law enforcement entities.

Two traders sued by CFTC for 'spoofing' on gold and silver futures: GATA | THE GATA DISPATCH - May 6, 2015

Two traders sued by CFTC for 'spoofing' on gold and silver futures

Submitted by cpowell on  Wednesday, May 6, 2015
Patricia Hurtado
Bloomberg News
Tuesday, May 5, 2015
Two traders from the United Arab Emirates were sued by U.S. regulators over claims they were "spoofing" gold and futures markets by placing bids and offers they intended to cancel before execution.
The traders, Heet Khara and Nasim Salim, suspended for 60 days by CME Group Inc. last week, should be permanently barred from trading and fined from their illegal profits, the U.S. Commodity Futures Trading Commission said Tuesday in a complaint in Manhattan federal court. The practices they are accused of are similar to those in the case against Navinder Singh Sarao, the British trader facing U.S. charges for allegedly manipulating futures markets for five years and contributing to the 2010 flash crash.
Khara and Salim appeared to act "in a coordinated fashion" as recently as April 28, entering orders for gold and silver futures they never intended to execute, the CFTC alleged. Feigning interest in completing a trade is discouraged because it can drive prices in directions they wouldnt otherwise move. ...
... For the remainder of the report:

U.S. Department of the Treasury Press Release on May 6, 2015: Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association May 5th

U.S. Department of the Treasury Logo

The Committee convened in closed session at the Hay Adams Hotel at 11:35 a.m.  All members were present.  Counselor to the Secretary Antonio Weiss, Acting Assistant Secretary for Financial Markets Seth Carpenter, Deputy Assistant Secretary for Federal Finance James G. Clark, and Director of the Office of Debt Management Fred Pietrangeli welcomed the Committee.  Other members of Treasury staff present were Chief Risk Officer Ken Phelan, Deputy Assistant Secretary for Capital Markets Monique Rollins, Deputy Director Allen Zhang, Deputy Director John Dolan, Laura Lipscomb, Dave Chung, Chris Cameron, Tom Katzenbach, Michael Puglia, Kanna Nakamura, Sundar Swaminathan, Adam Hodge, and Lepi Jha.  Federal Reserve Bank of New York staff members Simon Potter, Lorie Logan, and Nathaniel Wuerffel were also present.

FRB Notifications - May 6, 2015: FRB Speech by Chair Yellen on Finance and Society.

At the "Finance and Society," a conference sponsored by Institute for New Economic Thinking, Washington, D.C.

Released by the Board of Governors of the Federal Reserve System

DealBook Today's Top Headlines - May 6, 2015: European Antitrust Investigation to Affect U.S. Tech Firms | Fears About Bond Market Volatility | Netflix Objects to AT&T-DirecTV Merger | Value of Celebrity Venture Capitalists.

EUROPEAN ANTITRUST INVESTIGATION TO AFFECT U.S.TECH FIRMS The European Commission said on Wednesday that it would open an antitrust investigation to see whether large e-commerce players like Amazon were impeding competition over how Europeans buy goods and services online, Mark Scott writes in The New York Times. The investigation will cover so-called online platforms, like Uber, the ride-booking service, and Airbnb, the vacation-rental website, that use online data provided by their users, and whether these companies unfairly promote their own services over those of rivals. 

NYT Today's Headlines - May 6, 2015: Top News | Editors Picks | Today's Video | World | U.S.| Politics | Business | Technology | Sports.

The New York Times

Today's Headlines

Wednesday, May 6, 2015

Top News
The lower house of the French parliament held a vote on Tuesday to adopt new surveillance rules.
Lawmakers in France Move to Vastly Expand Surveillance


A measure would give the intelligence services the right to gather potentially unlimited electronic data from Internet communications, and to tap cellphones and capture text messages.

The Telegraph City Briefing - May 6, 2015.

The Telegraph

Good morning. Here's our early look at today's news from the City:
Not since former chief executive Justin King kicked off a turnaround plan in 2005 has Britain's third-largest supermarket lost money, but sweeping changes are hitting Britain's big grocers, and Sainsbury's has now joined Tesco in posting a red bottom line.

U.S. Stock Markets Future Indications and Asian Markets at Close Report by MarketWatch on May 6, 2015.

U.S. stocks: futures trim gains after ADP report



U.S. stocks-index futures were trading slightly higher on Wednesday, as investors assessed private-sector employment report and productivity data, both of which came in lower than expected.
The pace of hiring in the private sector slowed in April, while productivity slumped for the second quarter in a row.
Federal Reserve Chairwoman Janet Yellen was also in the spotlight ahead of a panel debate with the head of the International Monetary Fund, Christine Lagarde.
Futures for the Dow Jones Industrial Average YMM5, +0.33%  rose 54 points, or 0.3%, to 17,916, while those for the S&P 500 index ESM5, +0.25%  climbed 4 points, or 0.2%, to 2,088. Futures for the Nasdaq 100 index NQM5, +0.08%  gained 3.5 points, or 0.1%, to 4,411.75.
The benchmarks closed sharply lower on Tuesday, with the S&P 500 SPX, -1.18% suffering its biggest one-day percentage decline in six weeks. The selloff was partly fueled by a weak trade-deficit report, which showed the U.S. trade gap is at its widest in almost seven years.
Data: The U.S. created 169,000 private-sector jobs in April, payrolls processor ADP said, after a downwardly revised 175,000 jobs were created in March, well below the consensus estimate.
The ADP figure is seen as a prelude to the nonfarm-payrolls data due on Friday and will either be “warming us up or getting us nervous”, said analysts at Accendo Markets in a note. The Federal Reserve has said it’s looking closely at the labor market when assessing the best timing for its first rate hike.
U.S. productivity in the first quarter fell by a 1.9% annual pace, resulting in the first back-to-back drop since 2006. The decline in productivity stemmed from companies hiring more workers and employees worker longer hours even as production of goods and services declined.
Fed speakers: Yellen appears on the panel with Lagarde at the Institute for New Economic Thinking conference at 9:15 a.m. Eastern, in Washington, D.C.
Kansas City President Esther George appears on a panel on credit-market booms and busts at 1:15 p.m. Eastern, at the same conference. George is not a voting member of the policy-setting committee this year.
Atlanta Fed President Dennis Lockhart will give a speech to the Baton Rouge Rotary Club in Baton Rouge, Louisiana at 1:30 p.m. Eastern.
Earnings: Reporting ahead of the bell, fast-food chain Wendy’s Co. WEN, -0.38%released first-quarter adjusted earnings per share that slightly beat consensus, but revenue missed forecasts. Still, shares jumped 6%.
SodaStream International Ltd.’s SODA, -2.82% first-quarter earnings met FactSet consensus estimates, but revenue came short of forecasts. Shares fell 3%.
After the bell, Tesla Motors Inc. TSLA, +1.06%  is expected to report, with investors eager to hear what the electric-car maker has planned for its new line of business — home and commercial batteries.
Movers and shakers: Shares of Herbalife Ltd. HLF, -4.71%  climbed 15% in thin premarket trade after the nutrition-supplement maker late Tuesday raised its outlook for the year as earnings rose a stronger-than-expected 4.8% in the first quarter.
Groupon Inc. GRPN, -2.84%  dropped 1.9% ahead of the bell after the online deal company on Tuesday said its first-quarter loss narrowed.
Shares of Synageva BioPharma Corp. GEVA, -3.66%  soared 130% after news Alexion Pharmaceuticals Inc. ALXN, -1.61%  will buy the biotech firm in a cash-and-stock deal valued at $8.4 billionAlexion shares lost 3.9% ahead of the bell.
U.S.-listed shares of Anheuser-Busch InBev NV BUD, -0.90% ABI, +2.48%  picked up 3% in premarket action after the Belgian brewing company said a derivatives gain pushed up its net profit sharply in the first quarter.
Other markets: Asian markets closed lower, while European stocks were mostly higher.
Crude oil CLM5, +2.38%  moved above $62 a barrel for the first time since December, while gold prices erased losses and were flat. The dollar DXY, -0.63% was mostly lower against other major currencies.