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Nov 10, 2015

FRB Press Release - November 10, 2015: Federal Reserve Board Issues Enforcement Actions


Release Date: November 10, 2015

The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below:
The Bank of Nova Scotia, Toronto (PDF), Canada and Bank of Nova Scotia New York Agency, New York, New York
Written Agreement dated November 5, 2015
The Federal Reserve Board on Tuesday announced the release of the decision on the matter listed below:

Roger Schaerer (PDF), Institution-Affiliated Party of Credit Suisse AG, Zurich, Switzerland
Decision of the Board on Request to Withdraw Notice of Prohibition

Search of Federal Reserve enforcement actions.

For media inquiries, call 202-452-2955.
 

BEA News Release - November 10, 2015: BEA Announcement: New RIMS multipliers available on November 18


New RIMS II Multipliers
New Regional Input-Output Modeling System (RIMS II) multipliers will be available on November 18, 2015. The multipliers will be based on 2007 national benchmark input-output data and 2013 regional data, and they will be available for 369 detailed industries and 64 industry aggregates.
Multipliers may be ordered by region or industry:
  • By region:  Multipliers are provided for all the industries for the region that is purchased. Each region costs $275.
  • By industry:  Multipliers are provided for 50 states and the District of Columbia for each industry that is purchased. Each industry costs $75.
For more information, please contact the RIMS II staff at 202-606-5343 or rims@bea.gov or visit the RIMS II Web site at www.bea.gov/regional/rims.

CMI Spot Prices as Close of Trading in New York on November 10, 2015.

Spot Prices as of traditional New York closing times

Tuesday, November 10, 2015


Gold

Today Change Week Ago Month Ago Year Ago
$1,090.00 +$0.60 $1,115.70 $1,157.70 $1,159.25

Silver

Today Change Week Ago Month Ago Year Ago
$14.39 -$0.05 $15.27 $15.85 $15.69

Platinum

Today Change Week Ago Month Ago Year Ago
$901.70 -$14.20 $964.00 $979.30 $1,209.40

Palladium

Today Change Week Ago Month Ago Year Ago
$599.15 +$0.15 $644.75 $712.45 $767.60

Gold/Silver Ratio

75.75

Wall street at Close Report by CNBC on November 10, 2015: Stocks Close Narrowly Mixed; Apple Weghs.

cnbc.com

Stocks close narrowly mixed; Apple weighs

Evelyn Cheng
 
U.S. stocks closed narrowly mixed Tuesday, pressured by a more than 3 percent decline in Apple.
Apple was the greatest weight on the Dow Jones industrial average, with the stock closing about 3.15 percent lower after a Credit Suisse report said the iPhone maker has cut as much as 10 percent of its component orders.
However, the Dow was able to close mildly higher, with UnitedHealth and Visa contributing the most to gains.
Read MoreApple mystery: Is Cook right or the supply chain?

The Nasdaq composite underperformed as declines in Apple and semiconductor stocks weighed. The Market Vectors Semiconductor ETF (SMH) closed about 1.59 percent lower.
The S&P 500 ended mildly higher near 2,081, with consumer discretionary leading advancers.
JJ Kinahan, chief strategist at TD Ameritrade, said it was encouraging the S&P 500 was able to hold 2,070 and that the VIX fell below 16 to near 15.

"They tried hard to sell the market today, there's no question about it," he said. "Clearly there's no sell fear."
Stocks opened mildly lower and held in a narrow range throughout the session. The Dow and S&P 500 fluctuated between positive and negative territory, while the Nasdaq composite never broke into positive territory.
"My guess is you'd see somewhat of a muted trade based on some of the news thus far. ... It's hard to be super pessimistic on the market given where we've been in the last six to eight weeks. At some point the market's going to have to look at this December decision from the Fed," said Ryan Larson, head of equity trading, U.S., at RBC Global Asset Management (U.S.).
"I think markets are generally ... globally just a bit fatigued. It's not surprising to see us take a bit of a pause as we wind (down) earnings season," he said.
European stocks closed mixed. Asian equities ended mostly lower, with only Japan's Nikkei closing a touch higher.
Overnight, data from China increased concerns of deflationary pressure and lack of domestic response to stimulus measures so far. The country's National Bureau of Statistics reported the October consumer price index rose a less-than-expected 1.3 percent from a year earlier, while the producer price index fell 5.9 percent for its 44th straight month of decline.
Read MoreEarly movers: DHI, BZH, BBY, AAPL, BLK, MYL, W, MNK, VRX & more

The major U.S. averages fell about 1 percent Monday for their biggest decline in six weeks, as investors weighed the odds of an interest rate hike by the Federal Reserve in December, as well as soft trade data from China.

The Dow is back in negative territory for the year so far.
"U.S. stocks are finally pulling back in what we see as a healthy development given the maturity of the upmove," BTIG Chief Technical Strategist Katie Stockton said in a note. "The pullback appears likely to take the SPX below its 200-day moving average, but we do not expect a return to secondary support near 2,000, noting that short-term overbought conditions are far from widespread."

Major averages 3-month performance



In economic news, import prices declined a more-than-expected 0.5 percent in October, while export prices fell 0.2 percent.

European Markets at Close Report by CNBC on November 10, 2015: Europe Ends Trade Mixed; Commodities Eyed.

cnbc.com

Europe ends trade mixed; earnings, commodities eyed

Alexandra Gibbs, Holly Ellyatt
 
European equities closed mixed on Tuesday in what had been a choppy trading day, as investors shifted their attention to earnings and tried to shake off concerns over China and commodities.
The pan-European STOXX 600 index finished slightly higher, up 0.1 percent, while sectors showed a mixed picture.



 


FTSE FTSE 100 Index 6275.28
-19.88 -0.32% 748092690
DAX DAX Index 10832.52
17.07 0.16% 80064479
CAC 40 CAC 40 Index 4912.16
0.99 0.02% 116286012
IBEX 35 IBEX 35 Idx 10336.80
11.60 0.11% 213290506
Jitters over an impending rate hike by the U.S. Federal Reserve had set a negative tone for markets worldwide, with a fresh batch of Chinese data adding to the uncertainty on Tuesday.
China's consumer inflation price index (CPI) for October rose 1.3 percent from a year earlier, data from the National Bureau of Statistics (NBS) showed, cooling from 1.6 percent in September, which was slightly below analyst expectations. China's producer price index (PPI) also came in, falling 5.9 percent in October, making it the 44th straight month of declines.
Asia shares closed mostly lower as a result, while U.S. stocks traded mostly lower Tuesday, pausing after the prior day's roughly 1 percent decline, amid a light day of economic reports.

UK firms eyed: Vodafone soars

In earnings news, British telecommunications firm Vodafone outshone other earnings, after the mobile operator reported a better-than-expected acceleration in revenue growth in the second quarter. Shares jumped near the top of the STOXX 600, closing up near 4 percent.
Sticking with London-listed firms, U.K. broadcaster ITV finished trade 1.8 percent higher after the company said the initial outlook for 2016 was encouraging as net advertising revenue grew broadly in line with consensus for the third quarter, helped by the Rugby World Cup.
One of the worst performers on London's FTSE index was Wolseley, which finished down 4.6 percent. The world's largest supplier of plumbing and heating goods posted a 6 percent rise in first-quarter trading profit.
Luxury jeweler Pandora posted third-quarter operating profit on Tuesday which was in line with forecasts. Shares in the firm finished up 2.6 percent, after the company maintained its full-year revenue and profit outlook.

Commodities in focus

Stocks in and around the commodity space were looking worse for wear on Tuesday.
Manufacturer, Vallourec posted a loss in its third-quarter, under pressure from a fall demand from oil and gas customers. Shares in the company fell over 10 percent by the close, after it said it did not expect market conditions to improve in the short-term.
On top of this, Barclays downgraded its outlook for Europe's mining sector from "positive" to "neutral", after commodity stocks slumped during 2015, over concerns on an economic slowdown in China. Consequently, shares in miners dragged the London FTSE lower, with Anglo American at the bottom of the U.K. index, down 4.7 percent. Glencore and Antofagasta finished sharply lower too.

The Guardian | Businesss | Inside The bank of England - November 10, 2015:

theguardian.com

Inside the Bank of England | Jill Treanor and Larry Elliott

Jill Treanor
 
Up the stone steps. Through the heavy doors. Into an ornate lobby to be greeted by a security man wearing a pink frock coat and a top hat. These are a visitor’s first impressions of the Bank of England. The man in the fancy clothes, Reg Shaw, has worked there for 27 years. His coat is cleaned once a month. His top hat is custom-made by Patey of Mayfair, which has been making hats since 1695 – the year after the Bank of England opened its doors for the first time. All this sends a clear message: this place is old, this place is serious, this place has its own way of doing things. Like a medieval monastery, it is walled-off and self-contained. Behind this imposing facade, which occupies a three-acre site on Threadneedle Street, is one of the most powerful institutions in Britain.
Upon entering, it feels a little like a mausoleum. The ceilings are high and there are mosaics on the floor. People speak quietly and walk with a measured tread. The corridors and stairwells form an intricate maze, in which staff sometimes get lost. It is not hard to see why some of the 2,200 people who work here fondly refer to it as Hogwarts.
Take one of the lifts below ground and the atmosphere is different, more like a nuclear bunker: the endless identical corridors, thick security doors, and the rumbling of passing tube trains make it faintly claustrophobic. This is where the gold is kept – all 400,000 bars of it, each weighing 13kg and worth £300,000 apiece. (The Bank is careful about who it lets down to the vaults, so it has its own full-time locksmith, known affectionately as Bob the Lock.)
In the wake of the worst financial and economic crisis to befall the UK in a century, the Bank of England has acquired more power than it has ever had in its 321-year history. Before 2008, it was responsible for setting interest rates, keeping gold in its vaults, and deciding what our physical currency looked like. However, in the past seven years, it has undergone a radical transformation. These days, it can affect the terms on which a household can obtain a mortgage, it is responsible for overseeing individual insurance companies and ensuring that the big banks do not go bust again.
These new responsibilities were granted by the chancellor, George Osborne, who, in July 2013, appointed a new governor, Mark Carney, to sweep the City clean. The Treasury had to pay around £900,000 a year to woo Carney away from the Bank of Canada to take up the most powerful non-elected job that the UK has to offer. The chancellor’s remit for Carney was simple: make sure there is not a repetition of the near-meltdown of 2008 and address the public perception that the financial sector has become a cesspit of venality and corruption.

NYT First Draft Plitical News - November 10, 2015: Republican Debate Offers Candidates a Chance to Take On New Challenges.

Tuesday, November 10, 2015

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Tuesday, November 10, 2015

Preparation on Monday for the Republican debate in Milwaukee on Tuesday.
Preparation on Monday for the Republican debate in Milwaukee on Tuesday. Morry Gash/Associated Press
Republican Debate Offers Candidates a Chance to Take On New Challenges
By MAGGIE HABERMAN
Good Tuesday morning. The Republicans reconvene for their fourth debate hoping that sometime soon their exchanges will begin translating into friendly polls and voters. And for leaders and stragglers alike, the goal will be either to alter their story lines or to stay on the same page.
It seems as if a lot has changed since the last Republican presidential debate — and yet, based on the polling, very little has actually happened in the sprawling field.
But the candidates face new and different challenges heading into the Fox Business Network debate in Milwaukee on Tuesday.
After a fairly disastrous outing in the Oct. 28 debate in which he failed in his attack on Senator Marco Rubio of Florida, Jeb Bush badly needs a strong evening. He has hired a media trainer who is helping him get comfortable with a format in which he, by his own admission, does not excel.

Mineweb Daily News - November 10, 2015: Lonmin: Thanks, But No Thanks.


Mineweb

 
Lonmin: Thanks, but no thanks

Lonmin: Thanks, but no thanks
Preserve your capital.
 
The future of mining is smart

The future of mining is smart
Mines are increasingly using ICT to rethink the way they work, looking beyond cost-cutting to respond to challenges in a way that lays the foundation for the future.
 
Copper imports by China seen weakening as premium plunges 40%

Copper imports by China seen weakening as premium plunges 40%
Yangshan premium falls from 20-month high to lowest level since July.
 
If you want to learn about gold, speak to an Indian sugar farmer

If you want to learn about gold, speak to an Indian sugar farmer
El Nino weather patterns see farmers cutting back gold purchases.
MORE NEWS
»
Brazil’s mining disaster has Samarco creditors bracing for worst Cleanup costs after two dams burst may exceed $1bn.

»
Gold assets in world’s biggest ETP fall to lowest since 2008 Shares fall for the seventh straight session.

»
Keystone’s death bolsters “keep carbon in the ground” camp Activists celebrate as Obama rejects Keystone pipeline.

»
Oil price to rise only gradually to $80 by 2020 – IEA Declining investments may have implications for market in the years to come.




Bloomberg View - November 10, 2015: How Volatile Will Markets Get?

bloombergview.com

How Volatile Will Markets Get?

Mohamed A. El-Erian
 
The financial consequences of wider divergence among central bank policies -- a stronger dollar, great volatility in stocks and larger yield differentials among U.S. and German benchmark government bonds -- have been playing out over the last 10 days.  
That was the easy part to predict. It is more difficult to determine how much these markets will move from here, the impact these moves will have on what central banks do next, and how the real economies will react in both the short- and longer-term. Understanding why is important for both investor positioning and policy formulation.
QuickTake The Fed's Countdown
Two developments have refocused traders’ attention on monetary policy divergence. The first are recent policy and economic signals -- including the blockbuster U.S. jobs report for October and comments from central bankers -- that have materially increased the probability the Federal Reserve will decide in December to hike interest rates for the first time in almost 10 years. The second is the growing possibility that the European Central Bank may enhance its program of large-scale purchases of securities, known as quantitative easing, including by extending its duration beyond September 2016.

DealBook Today's Top Headlines - November 10, 2015: Ackman Defiant Over Valeant | Pimco Suit Highlights Murky Investor Fees | Canadian Pacific Said to Weigh Norfolk Southern Deal | Match Seeks $3.1 Billion Valuation.

 
Tuesday, November 10, 2015
TODAY'S TOP HEADLINES
By AMIE TSANG
ACKMAN DEFIANT OVER VALEANT William A. Ackman took a swipe at the news media and the people on Wall Street who relished betting against him in an investor conference call yesterday, Alexandra Stevenson and Matthew Goldstein report in DealBook.

Mr. Ackman complained that news coverage of the four-hour conference call that he held to defend his stake in Valeant did not focus enough on the time he spent taking questions.

The $16.5 billion Pershing Square Capital Management is down 19 percent for the year largely because of the plunge in Valeant shares.

Mr. Ackman said he was aware of people betting against him and preparing themselves for the possibility that Pershing Square would have to sell off holdings if too many investors sought to redeem their money at year's end.

He argued that about 50 percent of his firm's capital was not subject to periodic investor redemptions and maintained that Valeant was still an "extraordinary bargain."

Mr. Ackman often approaches his investments like a crusade. He referred to his bet against Herbalife as a "moral obligation" and has made the case that his investments were guided by a strict moral code.

U.S. Stock Market Future Indications by MarketWatch - November 10, 2015: U.S. Stock Futures: S&P 500 on Pace for Fifth Straight Fall.

marketwatch.com

U.S. stock futures: S&P 500 on pace for fifth straight fall

Victor Reklaitis
U.S. stock futures pointed to a drop at the open Tuesday, putting the S&P 500 on track to fall for the fifth session in a row.
S&P futures ESZ5, -0.22%  declined by 4.65 points, or 0.2%, to 2,068.25, while Dow Jones Industrial Average YMZ5, -0.92%  futures shed 42 points, or 0.2%, to 17,633. Nasdaq 100 futures NQZ5, -0.31%  lost 13.25 points, or 0.3%, to 4,639.50.
On Monday, the S&P SPX, -0.98% closed 1% lower, while the Dow DJIA, -1.00% fell 1%, or about 180 points, and turned negative for the year. Analysts blamed Monday’s drop on investors stepping away from stocks because a December interest-rate hike looks more likely, though others said the selloff did “not make a lot of sense.”
“If the Fed is going for a rate hike in December, many investors will now be cautious about buying into equities,” said Nour Al-Hammoury, chief market strategist at ADS Securities, in a note early Tuesday.
Individual movers: Shares in Rackspace Hosting Inc. RAX, -4.21%  could gain in Tuesday’s session after the cloud-computing company delivered better-than-expected quarterly profit and revenue late Monday.
Synchrony Financial SYF, -4.30%  also could rise Tuesday following news late Monday that it will take Genworth Financial Inc.’s GNW, +0.42%  spot in the S&P 500 on Nov. 17.
Before the open, online retailer Wayfair Inc. W, +3.90% home builder D.R. Horton Inc. DHI, -2.14% Rockwell Automation Corp. ROK, -1.11%  and Tribune Media Co. TRCO, -0.79%  are among the companies scheduled to report quarterly earnings.
McDonald’s Corp. MCD, -0.34%  could see active trade as the burger giant holds an investor meeting due to start at 1 p.m. Eastern Time.
Read more: How does McDonald’s new premium burger stack up against a Big Mac?
Other markets: Japan’s Nikkei NIK, +0.15%  closed at a two-and-a-half month high, but other Asian markets dropped as official data showed China’s inflation slowed in October, the latest sign of that country’s flagging domestic demand. European stocks SXXP, -0.49%   were trading mostly lower, while crude oil CLZ5, +0.16% showed little change. Gold GCZ5, +0.38%  was higher, copper HGZ5, -0.76%  was off about 0.2%, and a key dollar index DXY, +0.15%  gained modestly.
TimeDow Jones Industrial AverageMar 15May 15Jul 15Sep 15Nov 15
16,00017,00018,00015,00019,000
IEA on oil OPEC’s strategy of not limiting its oil output could help keep the price of Brent crude LCOZ5, -0.19%   around $50 a barrel until the end of the decade, the International Energy Agency said Tuesday, though it noted $80 a barrel by 2020 is more likely.
Economic news: