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Aug 8, 2016

WSJ | Forex Closing on August 8, 2016

Major Currencies
Monday, August 8, 2016

WSJ | Major Indexes Closing on August 8, 2016

Major Indexes5:45 p.m. EDT 08/08/16

CFTC Press Release - August 8, 2016: CFTC Announces Enhancements to Protect Customer Funds.

RELEASE: PR7421-16

  • August 8, 2016

    Commission Grants Exemption to Facilitate Customer Accounts for Clearinghouses at Federal Reserve Banks; CFTC Staff Also Announces No-Action Relief and Rule Interpretation Regarding the Use of Money Market Funds by FCMs and DCOs

WSJ | Biggest Decliners Closing on August 8, 2016

THE WALL STREET JOURNALBiggest Decliners Closing
Biggest Decliners
4:46 pm ET 08/08/2016

WSJ | Biggest Decliners Closing on August 8, 2016

THE WALL STREET JOURNALBiggest Decliners Closing
Biggest Decliners
4:46 pm ET 08/08/2016

WSJ | Most Actives Closing on August 8, 2016

Most Active Stocks by Volume
4:46 pm ET 08/08/2016

WSJ | Biggest Gainers Closing on August 8, 2016

THE WALL STREET JOURNALBiggest Gainers Closing
Biggest Gainers
4:32 pm ET 08/08/2016

DealBook Today's Top Stories - August 8, 2016: Top Story: States Vie to Shield the Wealth of the 1 Percent

The New York Times
Top Story
Steven J. Oshins at his law office in Nevada, which competes with other states for the lucrative business of shielding the assets of the superrich.
States Vie to Shield the Wealth of the 1 Percent
Nevada, Delaware and other states compete to offer ways for the rich to fend off creditors, divorcing spouses and even tax collectors.

Wall Street Closing Report by CNBC on August 8, 2016:

US stocks close lower as S&P retreats from all-time high; oil jumps

U.S. equities close slightly lower on Monday, despite a rise in oil prices, as investors awaited key retail sales data due later this week.

FTC Press Release - August 8, 2016: FTC Sues 1-800 Contacts, Charging that It Harms Competition in Online Search Advertising Auctions and Restricts Truthful Advertising to Consumers

FTC@100 Banner

Bidding Agreements Are an Unfair Method of Competition, Agency Alleges
The Federal Trade Commission has sued 1-800 Contacts, the largest online retailer of contact lenses in the United States, alleging that it unlawfully orchestrated and now maintains a web of anticompetitive agreements with rival online contact lens sellers that suppress competition in certain online search advertising auctions and that restrict truthful and non-misleading internet advertising to consumers, resulting in some consumers paying higher retail prices for contact lenses.

CMI | Metals Spot Prices Closing on August 8, 2016

FRB Press Release - August 8, 2016: Federal Reserve Board announces approval of application by Chemical Financial Corporation

The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Chemical Financial Corporation, Midland, Michigan, to merge with Talmer Bancorp, Inc., and thereby indirectly acquire Talmer Bank and Trust ("Talmer Bank"), both of Troy, Michigan. The Board also approved applications under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by Chemical Bank, Midland, Michigan, to merge with Talmer Bank and to establish and operate branches at the locations of Talmer Bank's main office and branches.

Attached is the Board's order relating to this action.
For media inquiries, call 202-452-2955.

Attachment (146 KB PDF)
Board Votes
Last update: August 8, 2016

Bits | The Business of Technology - August 8, 2016: Rural Electrical Cooperatives Turn to the Internet.

Monday, August 8, 2016

The New York Times

The New York Times

Monday, August 8, 2016

A lineman for the Rural Electrification Administration working in Trempealeau County, Wis., in the 1930s.
A lineman for the Rural Electrification Administration working in Trempealeau County, Wis., in the 1930s. FDR Presidential Library & Museum
By the 1930s, 90 percent of urban residents in the United States had electricity. Not so in rural areas, where only 10 percent of the population had easy access to electricity.

The Guardian | Opinion | China Opinion - August 8, 2016: Britain Has Struck Out a Special Relationship With China. If Only We Knew The Way, by Tania Branigan

Tania Branigan

Less than a year ago, George Osborne boasted of a “golden decade” in ties with China. It was grand rhetoric for a cobbled together package of red carpet visits, a problematic nuclear energy project and deals like the £45m agreement to export the UK’s finest pig semen. But even the cynics didn’t expect the shine to come off quite so quickly.

The Guardian | Opinion | Rail Transport Opinion - August 8, 2016: The Blank Page in My Newspaper Sums Up The handling of Our Rail Crisis, by Gilson

Mike Gilson

The state of the railways in the south-east is rightly a scandal. Tens of thousands of commuters from Sussex are having their lives ruined, arriving too late for work and returning too late to read bedtime stories to their children, while the economy is haemorrhaging millions of pounds.

GATA | THE GATA DISPATCH - August 8, 2016: Somehow The Case For Gold Makes It Into The Financial Times

Submitted by cpowell on  August 8, 2016. Section

There's nothing terribly profound or incisive about the commentary in today's Financial Times that is appended here. But simply that the FT published something making the obvious case for gold is nearly astounding. What's next -- the capture of the Loch Ness monster, UFOs landing at Stonehenge, or an FT reporter committing actual journalism by putting an inconvenient question to a central banker about surreptitious intervention in the gold market?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

The Victory for Gold Bulls Is Only Just Beginning
By Diego Parrilla
Financial Times, London
Monday, August 8, 2016
Gold prices have rallied more than 30 per cent since the lift-off in US interest rates in December. A sharp reversal in pricing, sentiment and positioning driven by a myriad macro and micro factors has left the gold bears and bulls as polarised as ever.
The bearish camp, which has featured prominent and respected analysts like Goldman Sachs, tends to have a constructive view on the US dollar, the ability to raise interest rates, normalise global monetary policy, and generally a benign view on the global economy and inflationary risks.
The bullish camp, which I subscribe to, tends to have a more pessimistic view on the global economy and the unintended consequences of monetary policy without limits, and sees the recent price action as the beginning of a multiyear bull run in gold.
My view that there is a perfect storm for gold is based on three closely interrelated dynamics, whereby central banks and global markets are both testing the limits of monetary policy and credit markets as well as the boundaries of fiat currencies.
Firstly, the limits of monetary policy: In response to the Lehman crisis and in order to combat the threat of deflation, central banks have deployed a wide range of unconventional monetary policies. Quantitative easing and negative interest rates have been game changers and have dramatically distorted the valuation of government bonds, breaking the theoretical ceiling in prices, squeezing shorts and underweight positions, and feeding what, in my view, is one of the largest financial bubbles in history.
The epicentre of the problem is the central banks, but investors and savers around the world, faced with extraordinarily low and even negative yields in their cash and fixed income, have been incentivised -- if not forced -- to increase the duration in their portfolios, increasing the risk of capital losses, liquidity and volatility beyond what they may be intending or able to tolerate.
Then there's examining the edges of credit markets. The bubble in government bonds and duration has incentivised risk-taking across equity and credit markets, lending to weaker and weaker credits, often ignoring or underplaying the risk of capital losses, liquidity and volatility. It's a bull market that feeds on itself and benefits the weakest players most, such as emerging markets or high yield.
In a world with limited investment opportunities, excessive risk-taking can lead to speculation and, of course, bubbles.
The current path of monetary and credit expansion is unsustainable and will eventually burst, leaving investors struggling for "the return of their capital, instead of return on their capital," an extremely bullish scenario for gold and other real assets.
Thirdly, the limits of fiat currencies are being tested. Unlike the global financial crisis of 2008, this time there won't be any monetary bullets left. Interest rates are already at record lows, asset purchases suffer from the law of diminishing returns, and competitive currency devaluations only increase underlying problems and global imbalances. A dangerous slippery slope that paper cures miss is that they "eventually converge to their intrinsic value: paper", as Voltaire warned.
Over the past few years we have witnessed the first stage of Gresham's law whereby "bad money displaces good money", and are now at the early stages of the second and final phase, whereby "good money displaces bad money".
Gold and the US dollar are best placed to play the role of good money, which could result in a substantial appreciation against the bad money currencies. But inability or unwillingness of the US to normalise its monetary policy leaves the door wide open for gold to retake its reserve currency status and put an end to the monetary supercycle that started in 1971 with the end of Bretton Woods. It's a period that has seen the outstanding volume of paper money grow disproportionately relative to the amount of gold that once upon a time backed it.
Time will tell if central banks and governments will be able to engineer a smooth solution to the challenges ahead, or if the remedy will be worse than the disease.
Monetary policy without limits will lead to a very wild and bumpy ride and a larger crisis than the one we have been trying to resolve: a perfect storm for gold.

European Markets Closing Report on August 8, 2016: Sharp Uptick in Oil Fails to Give Major Boost to Europe's Stocks, by Arjun Kharpal and Alexandra Gibbs

Arjun Kharpal, Alexandra Gibbs

FDIC Weekly National Rates and Rate Caps Update on August 8, 2016

Rates updated August 8, 2016

NYT First Draft - August 8, 2016: Trump, Hoping to Change Subject, Heads to Detroit to Talk Economics, by Alan Rappeport

Monday, August 8, 2016

The New York Times

The New York Times

Monday, August 8, 2016

Donald J. Trump at an event in Windham, N.H., on Saturday.
Donald J. Trump at an event in Windham, N.H., on Saturday. Ilana Panich-Linsman for The New York Times
Trump, Hoping to Change Subject, Heads to Detroit to Talk Economics

Bloomberg | Markets: Five things You needto Know to Start Your Day

Lorcan Roche Kelly.

DealBook Morning Edition - August 8, 2016: Think Tanks Becomes Vehicles for Corporate Influence by Amie Tsang

The New York Times
By Amie Tsang
Think Tanks Become Vehicles for Corporate Influence They are regarded as research centers independent of moneyed interest, but think tanks have to chase funds, too and, in the process, have pushed the agendas of corporate donors.

U.S. Stock Market Future Indications - August 8, 2016: U.S. Stocks Poised for More Highs, as Feel-Good Factor From Jobs Data Lingers

Barbara Kollmeyer

Asian Markets Closing Report, by MarketWatch on August 8, 2016: Japanese Stocks Leads Jump in Asian Markets

Bloomberg | Brexit Bulletin - August 8, 2016: Can Lawsuits Derail Britain's Exit? By Emma Ross- Thomas

Emma Ross-Thomas

London's legal establishment was overwhelmingly against leaving the EU. The question is, can legal claims that have emerged since the referendum delay or even derail Britain's departure from the bloc? Bloomberg's Patrick Gower and Kit Chellel spoke to more than a dozen lawyers and judges to find out.

The Guardian | UK | Media | Media Briefing - August 8, 2016: Today's Media Stories From The Papers

YouTube star Zoella’s manager: ‘I knew my business had to be in social media’
Dom Smales, who also represents Tanya Burr, on spotting talent, marketing pressures – and his social media ‘epiphany moment’