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U.S.
stocks ended Wednesday’s session lower, as losses in the energy sector
overshadowed the release of the minutes of the Federal Reserve’s
policy-setting committee.
Shares of energy companies dropped sharply after oil futures plunged to a 6½-year low.
The benchmark S&P 500
SPX, -0.83%
closed 17.31 points, or 0.8%,
lower at 2,079.61, with eight of its 10 main sectors finishing with
losses. The benchmark index briefly fell below its 200-day moving
average, a key technical level, which many analysts see as a bearish
sign.
Para
aquellos bancos abusivos en Perú como Interbank Perú y su Socio en la Sombra Banco
Ripley y otros, por sus fraudulentos estratagemas para engañar a vista y
paciencia de los reguladores que hacen absolutamente nada para prevenir
escandalosos fraudes, y con el propósito de hacer decente la "Cosa
Pública", lo invito a leer tan sólo 1 artículo sobre las muchas alertas que la FTC produce diariamente demostrando decencia, honestidad y transparencia no sólo el papel sino en la práctica
Atentamente,
Fernando Guzmán Cavero
La versión en Español está disponible en el vínculo siguiente
The Federal Reserve Board and the Federal Open Market Committee on
Wednesday released the attached minutes of the Committee meeting held
on July 28-29, 2015.
The minutes for each regularly scheduled meeting of the Committee
ordinarily are made available three weeks after the day of the policy
decision and subsequently are published in the Board's Annual Report.
The descriptions of economic and financial conditions contained in these
minutes are based solely on the information that was available to the
Committee at the time of the meeting.
Former Federal Reserve Chairman Alan GreenspanFormer Federal Reserve Chairman Alan Greenspan is
sounding the alarm about a bubble that he believes is forming in the
bond market.
In two television interviews in recent days,
Greenspan said interest rates could shoot higher and derail the economy
when the bubble bursts.
The former Fed chairman says the current
situation in the bond market is comparable to what happens in the stock
market during an equity bubble.
Noting that stock-market bubbles
are typically characterized by extreme price-to-earnings ratios,
Greenspan said extremely low yields are telling a similar tale for
bonds.
“If you turn the bond market around and you look at the
price of bonds relative to the interest received by those bonds, that
looks very much like the usual spread which would concern us if it were
equities, and we should be concerned,” Greenspan said in an interview with Fox Business Network. In an earlier interview with Bloomberg Television,
Greenspan said it was appropriate to be very afraid of the bubble. He
said the bond market price-to-earnings ratio was at an “extraordinary
unstable position.”
Greenspan said “normal” interest rates have always been in the 4% to 5% range.
Yields on the 10-year Treasury
TMUBMUSD10Y, -1.73%
have been below 4% since the
summer of 2008. The yield is up slightly to 2.217% in Wednesday
morning’s trade.
1%2%3%4%5%6%
“We
have pressed the interest rates well below normal for a protracted
period of time and the danger is they will come up to back up to where
they have always been,” the former Fed chairman said.
“There are
two possibilities. Either we move slowly back to normal, or we do it in a
fairly aggressive manner. History tells us it’s the latter which tends
to be more prevalent than the former,” Greenspan said.
The market impact will be “not good,” he said.
In an interview with MarketWatch last year, Greenspan said that when bubbles emerge, they take on a life of their own. Read more:Greenspan says bubbles can’t be stopped without ‘crunch’
European markets ended sharply lower on Wednesday as investors awaited
the minutes of the U.S. Federal Reserve's meeting last month and oil
prices tumbled after U.S. EIA reported an unexpected rise in crude stockpiles.
The pan-European STOXX 600 closed down around 1.7 percent during the afternoon, with all major bourses down in excess of 1.5 percent.
The Securities and Exchange Commission today announced that Citigroup
Global Markets has agreed to settle charges that it failed to enforce
policies and procedures to prevent and detect securities transactions
that could involve the misuse of material, nonpublic information. The
firm also failed to adopt and implement policies and procedures to
prevent and detect principal transactions conducted by an affiliate.
Citigroup agreed to pay a $15 million penalty.
That's the situation these days as
many Silicon Valley start-ups go on hiring sprees, often poaching from
established tech companies to fill their ranks. Several top executives at larger
tech companies have been lured to roles at up-and-coming start-ups in recent
months, including
On a seasonally adjusted basis, the
Consumer Price Index for All Urban Consumers rose 0.1 percent in July
after increasing 0.3 percent in June. The index for all items less food
and energy rose 0.1 percent in July after rising 0.2 percent in June.
Vietnam devalues dong to protect exports, offset China's yuan action
Submitted by cpowell on Wednesday, August 19, 2015.
By Ho Binh Minh
ReutersWednesday, August 19, 2015
HANOI, Vietnam -- Vietnam devalued the dong for the third time this year on Wednesday
as authorities sought to support a languid export sector facing fresh
challenges from a surprise devaluation of the Chinese yuan.
The State Bank of Vietnam, the nation's central bank, also widened
the dollar/dong trading band for the second time in a week, underscoring
concerns a weaker yuan could further inflame a bloated trade deficit.
China, Vietnam's top trading partner, rattled global financial
markets when it devalued its currency by nearly 2 percent on Aug. 11,
heightening worries of a global currency war. ...
Cash-strapped Venezuela may sell gold, Citigroup says
Submitted by cpowell on Wednesday, August 19, 2015.
By Ranjeetha Pakiam
Bloomberg NewsWednesday, August 19, 2015
Countries facing cash shortages may be tempted to sell part of their
gold reserves to raise funds, according to Citigroup Inc., which cited
Venezuela as a potential example amid concern it may default.
The South American nation is one country that may be at risk of
selling part of its holdings after oil fell and commodity prices
weakened, analysts including David B. Wilson and Aakash Doshi, wrote in a
report. Calls by Bloomberg to Venezuelas central bank and the media
office at the finance ministry outside normal office hours werent
answered. ...
CHINA KEEPS INVESTORS GUESSING China continues to enchant Wall Street, despite its tumultuous and uncertain nature, Alexandra Stevenson writes in DealBook.
"You could be dead right in the thesis and you won't make money," said
Troy Gayeski, a senior portfolio manager at SkyBridge Capital, an
investment firm that has $9.4 billion invested in hedge funds.
Some of Wall Street's best-known investors were singing China's praises
at the beginning of the year. As the market soared, many hedge funds rode the bull run, raking in profits and posting double-digit returns.
Samuel Harrell, an inmate at the Fishkill Correctional Facility in
Beacon, N.Y., died in April after a fight with officers, records show.
Other prisoners say the beating was not an isolated incident.
U.S. stocks: Futures slip with Fed release on the horizon
Victor Reklaitis
U.S.
stock futures pointed to a dip at the market’s open Wednesday, with
buying subdued as traders wait for a key Federal Reserve release.
Investors also will digest a fresh reading on inflation, as well as quarterly results from big retailers like Target Corp.
TGT, +1.67%
Lowe’s Cos. Inc.
LOW, +0.75%
and Staples Inc.
SPLS, -0.56%
S&P 500 futures
ESU5, -0.28%
fell by 7.40 points, or almost
0.4%, to 2,086.50, while those for the Dow Jones Industrial Average
YMU5, -0.38%
shed 70 points, or 0.4%, to 17,412.
Nasdaq 100 futures
NQU5, -0.28%
lost 17.50 points, or 0.4%, to 4,526.50.
On Tuesday, U.S. stocks closed with modest losses, as the Dow
DJIA, -0.19%snapped a three-day winning streak.
Chinese stocks flip to gains after sharp losses earlier
Chao Deng
A
swift, steep drop in China shares flipped to gains Wednesday, the
latest signal that Beijing won’t let the market fall too sharply before
engineering a rescue.
The Shanghai Composite Index
SHCOMP, +1.23%
which fell as much as 5%
earlier, ended up 1.2% at 3,794.11, and the smaller Shenzhen Composite
399106, +2.19%
gained 2.2% to 2,222.05. The startup-dominated ChiNext board gained 2.7% to 2,570.69.
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