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Aug 3, 2015

DealBook P.M. Edition - August 3, 2015: Top Story: New York Regulator Moves to Suspend Promontory Financial.

 
Monday, August 3, 2015
TOP STORY
Eugene A. Ludwig, chief executive of Promontory Financial Group, at a Senate panel in 2009.
New York Regulator Moves to Suspend Promontory Financial The decision was detailed in a report that accused the consulting firm of helping to obscure some of the same bank misconduct it was supposed to unearth.

Wall Street at Close Report on August 3, 2015: Stocks close lower as energy, growth concerns weigh; Apple plunges

cnbc.com

Stocks close lower as energy, growth concerns weigh; Apple plunges

Evelyn Cheng
 
U.S. stocks closed lower on Monday, the first day of trade for August, as investors weighed mostly lackluster economic data and a renewed decline in oil, amid overseas news.
"The growth picture right now is not all that encouraging," said John Caruso, senior market strategist at RJO Futures. "I think it's the data, that's the lion share of it."
"The ISM number this morning was rather alarming," he said. "That certainly raises some doubts that we are seeing expansions that economists are forecasting."
Sharp declines in oil weighed heavily on stocks as U.S. and Chinese economic data indicated slowing demand.

Is there any limit to creation of paper gold on the Comex?: GATA | THE GATA DISPATCH on August 3, 2015.

Is there any limit to creation of paper gold on the Comex?

Submitted by cpowell on  Monday, August 3, 2015 Monday, August 3, 2015

A week ago the TF Metals Report disclosed that leverage in gold futures contracts on the New York Commodities Exchange had reached 116 times the metal available for delivery:

SEC Enforcement Actions - August 3, 2015: SEC Charges Houston-Area Businessman in Ponzi Scheme.

SEC Seal

08/03/2015 02:25 PM EDT

The Securities and Exchange Commission today charged a Houston-area businessman with operating a $114 million Ponzi scheme that defrauded investors, some of whom were told that their money would fund technology to prevent accidents caused by drowsy driving.

CMI Spot Prices as of Close of Trading in New York on August 3, 2015.

Spot Prices as of traditional New York closing times

Monday, August 03, 2015


Gold

Today Change Week Ago Month Ago Year Ago
$1,090.80 -$5.90 $1,097.70 $1,164.90 $1,289.25

Silver

Today Change Week Ago Month Ago Year Ago
$14.55 -$0.23 $14.64 $15.58 $20.27

Platinum

Today Change Week Ago Month Ago Year Ago
$969.20 -$18.70 $990.00 $1,085.20 $1,469.60

Palladium

Today Change Week Ago Month Ago Year Ago
$605.75 -$9.20 $616.10 $694.75 $858.10

Gold/Silver Ratio

74.97

Former Bank CEO Pleads Guilty To Obstructing An Examination By The Federal Reserve Board: FDIC Office of Inspector General Press Release - August 3, 2015:

 FDIC

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 site: www.fdicig.gov. 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.

NYT Opinon - August 3, 2015: Taking Presidential Hopefuls Seriously.

The New York Times

Opinion

Monday, August 3, 2015




Room for Debate
Taking Presidential Hopefuls Seriously
The 2016 race for president is a crowded one, especially the battle for the Republican nomination.What's a 'crazy' candidate?

FTC Consumer Updates on August 3, 2015: How to Dispute Credit Report Information that Can’t be Confirmed.

Federal Trade Commission Consumer Information
by Colleen Tressler
Consumer Education Specialist, FTC


Would you know what to do if a debt collector reported a debt to a credit reporting agency and then went out of business, leaving no one to confirm or legally collect the debt?
Read more >

FRB Press Release - August 3, 2015: Speech by Governor Powell on Structure and Liquidity in Treasury Markets.



Governor Jerome H. Powell

At the The Brookings Institution, Washington, D.C.

August 3, 2015

Structure and Liquidity in Treasury Markets

I'm very pleased to be here to discuss the current structure of the Treasury markets.1 My involvement with these markets dates back to the early 1990s, when I served as Under Secretary of the Treasury for Finance. Some of you will recall the Salomon Brothers auction bidding scandal that broke in the summer of 1991. That event required those of us with oversight responsibilities to do a thorough evaluation of the structure of the primary Treasury market, and ultimately to propose a series of reforms.2 As part of that process, we put together a public conference to consider further reforms to Treasury auction procedures, with the participation of regulators, academics, and the financial sector. Some of the ideas that came out of that conference eventually led to changes in the way primary auctions were conducted, changes that I believe were beneficial to the efficiency and integrity of the Treasury market. The issues we are discussing today relate to the secondary market rather than to the auctions. Although the Treasury market remains deep and resilient, there are nonetheless reasonable questions as to whether market functioning can be improved.

FDIC Press Release - August 3, 2015: Weekly National Rates and Rate Caps

  FDIC

Weekly National Rates and Rate Caps

On May 29, 2009, the FDIC Board of Directors approved a final rule making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the "national rate" as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. The national rates and rate caps for various deposit maturities and sizes are provided below.
For more information. see Financial Institution Letter FIL-25-2009
Rates updated August 3, 2015

FRB Press Release - August 3, 2015: Federal Reserve announces plans to continue periodic testing of its Term Deposit Facility operations in August.



Press Release

Release Date: August 3, 2015

For release at 10:00 a.m. EDT

The Federal Reserve plans to continue periodic testing of Term Deposit Facility (TDF) operations in August.  These operations are aimed at ensuring the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The TDF test operations are a matter of prudent planning and have no implications for the near-term conduct of monetary policy.

ESA | Put in Place - August 3, 2015: Construction spending in June 2015, up 0.1 percent from the revised May 2015 estimate and up 12 percent from June 2014.

ESA Overlay Banner



Construction spending in June 2015 was $1,064.6 billion at a seasonally adjusted annual rate, up 0.1 percent from the revised May 2015 estimate and up 12 percent from June 2014. 



Economics & Statistics Administration

European Markets at Close Report on August 3, 2015: Europe Ends Higher, Greece Plummets Over 16%.

cnbc.com

Europe ends higher, Greece plummets over 16%

Alexandra Gibbs, Holly Ellyatt
European equities closed higher on Monday, despite the Greek stock exchange finishing its first day back over 16 percent lower, after a five-week absence.
The pan-European STOXX 600 ended the first trading day of August up 0.7 percent, after a slew of manufacturing PMI data for Europe was released.



 


FTSE FTSE 100 Index 6688.62
-7.66 -0.11% 688305004
DAX DAX Index 11443.72
134.73 1.19% 80392758
CAC 40 CAC 40 Index 5120.52
37.91 0.75% 105495817
IBEX 35 IBEX 35 Idx 11265.90
85.20 0.76% 278421716
Germany's DAX index finished up 1.2 percent, while the French CAC closed just 0.7 to 0.8 percent higher. The U.K.'s FTSE however wobbled throughout trade, ending in the red, down 0.1 percent.
U.S. stocks were trading in a range on Monday, as investors eyed economic data amid earnings and overseas news.

Greece is back on the menu

U.S. Stock Market Future Indications Update - August 3, 2015: U.S. stocks struggle for direction as ISM data looms.

marketwatch.com

U.S. stocks struggle for direction as ISM data looms

Victor Reklaitis

Bloomberg
U.S. stock-index futures struggled to find direction Monday as investors prepared for a heavy week of economic data and took on board another drop by Chinese stocks.
While Greece’s stock market plunged as trading reopened, investors in other markets appeared to take that largely in stride. U.S. investors also will watch for fresh readings on inflation, personal income and manufacturing.
Stock futures were little moved by data that showed U.S. consumers spent at a slower pace in June. The Institute for Supply Management’s closely watched manufacturing index is set for release at 10 a.m. Eastern.

GATA | THE GATA DISPATCH - August 3, 2015: On gold, El-Erian contrives in the FT, Arends revels in willful ignorance at MarketWatch | China's stock plunge burnishes gold's appeal.

 

On gold, El-Erian contrives in the FT, Arends revels in willful ignorance at MarketWatch


Submitted by cpowell on  Monday, August 3, 2015  Monday, August 3, 2015

In the Financial Times, Mohamed El-Erian, chief economic adviser to Allianz and chair of President Barack Obama's Global Development Council, contrives seven explanations for gold's unexpectedly poor performance lately, none of them involving surreptitious intervention in the gold market by central banks. His commentary is headlined "Why Gold Has Lost Its Shine for Investors" and can be found here:

Personal income in June 2015 increased 0.4 percent. Nominal personal consumption expenditures (PCE) increased 0.2 percent. Real PCE was virtually unchanged ESA | Personal Income and Outlays (June 2015).pdf

ESA Overlay Banner



Personal income in June 2015 increased 0.4 percent. Nominal personal consumption expenditures (PCE) increased 0.2 percent. Real PCE was virtually unchanged. Nominal disposable personal income (DPI) increased 0.5 percent.  Real DPI increased 0.2 percent. The personal saving rate as a percentage of DPI was 4.8 percent in June.



Economics & Statistics Administration

DealBook Today's Top Headlines - August 3, 2015: Health Care Deals Raise Doubts for Consumers | Jerome Kohlberg Jr. Dies at Age 90 | Chief of Bankrupt Bitcoin Exchange Arrested | Microsoft's Uber Investment

 
Monday, August 3, 2015
TODAY'S TOP HEADLINES
By AMIE TSANG
HEALTH CARE DEALS RAISE DOUBTS FOR CONSUMERS The recent frenzy of mergers among health insurers promised big savings, but not everyone is convinced that consumers will see that, Reed Abelson reports in The New York Times. The tie-up between Anthem and Cigna and the deal for Aetna to join its smaller rival Humana would create two behemoths. Along with UnitedHealthGroup, they would control nearly half of the American commercial health insurance market.

Insurers say combining would lead to lower prices and better care. Mark T. Bertolini, the chief executive of Aetna, said merging with Humana would "promote greater operational efficiencies that enable us to lower costs."

NYT First Draft on Politics - August 3, 2015: Preparing for a Debate of 10 With a Forum of 14

8/3/2015 nytimes.com/firstdraft »
First Draft

Preparing for a Debate of 10 With a Forum of 14

A Republican presidential debate hosted by the Fox News Channel in 2007 in Columbia, S.C. Jessica McGowan for The New York Times
8/3/2015
By Maggie Haberman
Good Monday morning from Washington, where the Senate is considering defunding Planned Parenthood and where President Obama will articulate a new climate change plan that is sure to spur discussion on the campaign trail. This week, the trail leads past one of its first significant markers, the initial Republican debate. But first …
How do you get to the Fox News debate? Practice, practice, practice.

U.S. Stock Market Future Indications - August 3, 2015: U.S. Stocks on Pace to Kick off Week a Step Lower

marketwatch.com

U.S. stocks on pace to kick off week a step lower

Victor Reklaitis

Bloomberg
U.S. stocks looked on track to edge lower at the open Monday, as sentiment was hurt by another drop by Chinese stocks, offsetting mostly positive action by European equities.
While Greece’s stock market plunged as trading reopened, investors in other markets appeared to take that largely in stride. U.S. investors also will watch for fresh readings on inflation, personal income and manufacturing, plus earnings from companies like Tyson and Clorox.

Asian Markets at Close Report on August 3, 2015: Asian Markets Fall as Chinese Factory Data Show Slowdown.

marketwatch.com

Asian markets fall as Chinese factory data show slowdown


Chao Deng
Asian shares dropped Monday after disappointing Chinese manufacturing data and a continued slide in commodity prices.
The Shanghai Composite SHCOMP, -1.11%  ended 1.1% lower at 3,622.91. The smaller Shenzhen Composite 399106, -2.72%  closed down 2.7% at 2,053.12, and the small-cap ChiNext Price Index 399006, -5.53%  fell 5.5% at 2,399.27.
Hong Kong’s Hang Seng Index HSI, -0.91%  slid 1.2% to 24,344.10.