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Jul 29, 2015

DealBook P.M. Edition - July 29, 2015: Top Story: Fed Indicates It Is Close to Raising Interest Rates as Labor Market Tightens.

 
Wednesday, July 29, 2015
TOP STORY
Fed Indicates It Is Close to Raising Interest Rates as Labor Market Tightens The central bank was upbeat, saying that while growth remained disappointing by historical standards, the economy was expanding moderately. Andrew Ross Sorkin offers a video explanation of what the Fed is really trying when it comes to interest rates.
  • NYT »
  •  Wall St. Is Higher, Bolstered by Strong Earnings Reports But Twitter shares sank 14 percent after the social media company reported sluggish customer growth.

Wall Street at Close Report on July 29, 2015: Stocks close higher after Fed keeps rates unchanged; oil eyed

cnbc.com

Stocks close higher after Fed keeps rates unchanged; oil eyed

Evelyn Cheng
 
U.S. stocks closed higher on Wednesday after the Federal Reserve kept rates unchanged in its July statement and the continued recovery in oil prices encouraged investor sentiment.
"The statement was a little more hawkish than I expected an they talked about progress in the labor market and inflation lagging," said Peter Cardillo, chief market economist at Rockwell Global Capital. "The fact that they gave a slight upgrade to the housing market, etc., leaves the door open for a rate hike in September."

CMI Spot Prices as of Close of Trading in New York on July 29, 2015.

CMI Gold & Sliver

Gold

Today Change Week Ago Month Ago Year Ago
$1,094.90 -$2.80 $1,092.90 $1,180.60 $1,297.15

Silver

Today Change Week Ago Month Ago Year Ago
$14.78 +$0.11 $14.76 $15.70 $20.61

Platinum

Today Change Week Ago Month Ago Year Ago
$987.30 -$1.60 $982.20 $1,083.10 $1,485.60

Palladium

Today Change Week Ago Month Ago Year Ago
$616.70 -$7.55 $629.60 $668.70 $883.60

Gold/Silver Ratio

74.08

NJ Man Sentenced to Two Years Federal Prison for $5MN Mortgage Fraud Scheme: SIGTARP Press Release - July 29, 2015.

A New Jersey man was sentenced to two years in federal prison for his role in a $5 million mortgage fraud scheme that defrauded multiple banks, including TARP recipients, announced the Special Inspector General for the Troubled Asset Relief Program. 

Read the news release here.


SIGTARP CRIME TIPS:  
To report allegations of fraud, waste, abuse, mismanagement, or misrepresentations involving the taxpayer-funded Troubled Asset Relief Program, call (877) SIG-2009 or submit information to SIGTARP via an online Crime Tips form 

SIGTARP REPORTS:
Audit reports and quarterly reports to Congress about the management and transparency of TARP programs are posted here.

Dear Bloomberg News: Central banks manipulate gold prices too: GATA | THE GATA DISPATCH - July 29, 2015.

Dear Bloomberg News: Central banks manipulate gold prices too

Submitted by cpowell on 10:03AM ET Wednesday, July 29, 2015Wednesday, July 29, 2015
Mark Gilbert
Bloomberg News
731 Lexington Ave.
New York City, NY 10022

Dear Mark (if I may):

While your commentary today, "True Gold Bugs Care about Value, Not Price" --

http://www.bloombergview.com/articles/2015-07-29/true-gold-bugs-care-abo...

-- was excellent for noting that central bank interventions increasingly are determining asset prices, you were in error when you asserted that gold's value "appears to move freely depending on the whims of its buyers and sellers, rather than on the interventions of policy makers."
In fact, central bank manipulations encompass gold as well, probably more so than the prices of other assets.

Federal Reserve Issues FOMC Statement: FRB Press Release - July 29, 2015.

federalreserve.gov

Press Release--Federal Reserve issues FOMC statement--July 29, 2015

Release Date: July 29, 2015

For immediate release

Information received since the Federal Open Market Committee met in June indicates that economic activity has been expanding moderately in recent months. Growth in household spending has been moderate and the housing sector has shown additional improvement; however, business fixed investment and net exports stayed soft. The labor market continued to improve, with solid job gains and declining unemployment. On balance, a range of labor market indicators suggests that underutilization of labor resources has diminished since early this year. Inflation continued to run below the Committee's longer-run objective, partly reflecting earlier declines in energy prices and decreasing prices of non-energy imports. Market-based measures of inflation compensation remain low; survey‑based measures of longer-term inflation expectations have remained stable.

Bron Suchecki: Gold market liquidity and manipulation: GATA | THE GATA DISPACH - July 29, 2015.

Bron Suchecki: Gold market liquidity and manipulation

Submitted by cpowell on  Wednesday, July 29, 2015  Wednesday, July 29, 2015

Perth Mint research director Bron Suchecki today disputes financial letter writer Clif Droke's assertion yesterday that the gold market is too large to be manipulated. To the contrary, Suchecki writes, the gold market can be moved by strategic trading of just a few tonnes, and, unlike Droke, he cites authority for his assertion. Suchecki's commentary is headlined "Gold Market Liquidity and Manipulation" and it's posted at the Perth Mint's Internet site here:
http://research.perthmint.com.au/2015/07/29/gold-market-liquidity-and-ma...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

The Tough Realities of a Twitter Turnaround: Bits | The Business of Technology - July 29, 2015.


Wednesday, July 29, 2015

Daily Report
The Tough Realities of a Twitter Turnaround | Jack Dorsey, Twitter's interim chief executive, tried to bring some different elements to the social media company's quarterly results on Tuesday, including by live video-streaming the earnings call for the first time through Twitter's Periscope app.
Even so, the financial report showed the same trend that has bedeviled the company for many months: slow user growth, raising questions about why people need to use the service.

SIGTARP Report: July 2015 Quarterly Report to Congress on TARP


SIGTARP CRIME TIPS:  
To report allegations of fraud, waste, abuse, mismanagement, or misrepresentations involving the taxpayer-funded Troubled Asset Relief Program, call (877) SIG-2009 or submit information to SIGTARP via an online Crime Tips form 

SIGTARP REPORTS:
Audit reports and quarterly reports to Congress about the management and transparency of TARP programs are posted here.

European Markets at Close Report on July 29, 2015: Europe ends higher after bumper earnings day.

cnbc.com

Europe ends higher after bumper earnings day

Holly Ellyatt, Arjun Kharpal, Alexandra Gibbs
European stocks finished higher on Wednesday after a bumper day of earnings, while investors awaited news from a two-day policy meeting from the U.S. Federal Reserve.
The pan-European Stoxx 600 ended up around 1 percent, despite trading lower on the day at one point.

Business USA Bulletin - July 29, 2015: Summer School.


BusinessUSA: Summer School

BusinessUSA sent this bulletin at 07/29/2015 06:00 AM EDT
BusinessUSA
07/29/2015
Just because it’s hot doesn’t mean it’s time to put down the books! Check out these online courses and make the most of the dog days of summer, from learning about content marketing to writing an export plan.

DealBook Today's Top Headlines - July 29, 2015: A Flutter Over Twitter's Growth | Widening the Net | Barclays Speeds Up Cost Cuts | Nikkei's Push for Global Clout.

 
Wednesday, July 29, 2015
TODAY'S TOP HEADLINES
 
By AMIE TSANG
A FLUTTER OVER TWITTER'S GROWTH Most people don't see the point of Twitter, and it's becoming a big problem for the company, Vindu Goel reports in The New York Times. Twitter executives acknowledged the issue on Tuesday: It has huge name recognition but the vast majority of potential customers do not understand how or why to use the service, stunting its growth. Even regular users are checking the network less than they were before.

NYT First Draft on Politics - July 29, 2015: Candidates Court Labor Group, Which May Wait to Reciprocate.

7/29/2015 nytimes.com/firstdraft »
First Draft

Candidates Court Labor Group, Which May Wait to Reciprocate

Supporters of Senator Bernie Sanders of Vermont at a rally in Kenner, La., last weekend. Mr. Sanders also has strong support in the A.F.L.-C.I.O. Edmund D. Fountain for The New York Times
7/29/2015
By Maggie Haberman
Good Wednesday morning from Washington, where President Obama is back from Africa and will immediately return to pressing Congress to support the nuclear deal with Iran. Several of the Democratic candidates, and Mike Huckabee, will start appearing before a gathering of organized labor, honing their best arguments for why they are deserving of the group’s endorsements.

U.S. Stock Market Future Indications - July 29, 2015: U.S. stocks on pace to edge higher as Fed release looms.

marketwatch.com

U.S. stocks on pace to edge higher as Fed release looms

Victor Reklaitis
 
U.S. stock futures notched up early Wednesday, putting Wall Street on track to build on Tuesday’s gains, though big moves are unlikely while investors wait for a Federal Reserve statement due later.
S&P 500 futures ESU5, +0.25%  rose 1.30 points, or 0.1%, to 2,088, while those for the Dow Jones Industrial Average YMU5, +0.28% tacked on 16 points, or 0.1%, to 17,562. Nasdaq 100 NQU5, +0.31%  futures added 2.25 points, or 0.1%, to 4,558.25.

Asian Markets at Close Report on July 29, 2015: Chinese stocks close higher, halting 3-day skid.

marketwatch.com

Chinese stocks close higher, halting 3-day skid

Chao Deng
China’s shares ended higher Wednesday, with sharp gains in the last half-hour of trading, as officials stepped up efforts to calm markets.
The Shanghai Composite SHCOMP, +3.44%  gained 3.4%, ending at 3789.16, after flitting between gains and losses earlier. The smaller Shenzhen Composite 399106, +4.13%  rose 4.1% to 2198.81.
The gains—which ranged across sectors—follow three days of selling that knocked 11% from China’s main stock index. Shanghai remains down more than a quarter from its June high.
Hong Kong’s Hang Seng Index HSI, +0.47%  ended up 0.5% while a gauge of Chinese companies listed in the city rose 0.9%.