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President Obama awarded Vice President Biden
with the Presidential Medal of Freedom during a ceremony honoring the
surprised vice president on Thursday.
(The Washington Post)
President Obama was honoring the vice president at a
White House ceremony when he surprised Joe Biden by presenting him with
the nation's highest civilian honor. This is a developing story. It will be updated.
When was the last time we readily believed in the words of a politician? Simple – listening to Barack Obama
give a tribute to the sheer brilliance of his wife, Michelle, at his
farewell speech. Call it schmaltzy or sentimental, their love, even from
this distance, seems real. At work, colleagues huddled around tiny
phone screens to watch Obama tell the world that he was proud of his
wife and the grace and dignity with which she made the office of first
lady her own. We cooed and aahed as though over a baby.
Gross purchases from January 5 through January 11, 2017: $11,516 million
Sales (dollar rolls) from January 5 through January 11, 2017: $0 million
Net purchases from January 5 through January 11, 2017: $11,516 million
The Securities and Exchange Commission today announced that BNY
Mellon has agreed to pay a $6.6 million penalty to settle charges
stemming from miscalculations of its risk-based capital ratios and
risk-weighted assets reported to investors.
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are signs that the Trump trade is unraveling, UniCredit is looking to
raise $14 billion, and Volkswagen agrees to plead guilty. Here are some
of the things people in markets are talking about today.
The dollar slumped against major peers and the yield on 10-year Treasuries touched its lowest level since November, in the wake of President-elect Donald Trump's first press conference since his election. While the PEOTUS's comments during the media gathering sent biotech shares tumbling,
U.S. stock indexes finished the day higher, with the Dow Jones
Industrial Average closing within 1 percent of 20,000 for the 18th
session in 20. The director of the federal Office of Government Ethics
said that Trump's plan to step down from a leadership role while retaining ownership of his multi-billion-dollar businesses is "meaningless from a conflicts-of-interest perspective.”
UniCredit cash call
Italy's largest bank is seeking investor backing
for a 13 billion-euro ($14 billion) rights offer, at a shareholder
meeting in Rome today. The cash call, which is close to UniCredit SpA's
current market value, is for the purposes of carrying out a turnaround
plan which was presented by Chief Executive Officer Jean Pierre Mustier in December.
Analysts are not expecting a re-run of last month's failure by Banca
Monte dei Paschi di Siena SpA's to raise funds. For the wider Italian
economy, tomorrow's decision on the country's rating by DBRS could prove
important, for if the agency downgrades the rating it would increase
the haircuts on Italian sovereign debt at the European Central Bank.
Volkswagen says fair cop
Volkswagen AG agreed yesterday to plead guilty in the U.S. to an emissions-cheating scandal and pay $4.3 billion in penalties. The scandal, which at one stage threatened the viability
of one of the world's largest carmakers, can be put behind the company
now, even if the reputational damage may take longer to heal. Shares in
the automaker are over 13 percent higher so far in 2017.
Overnight, the MSCI Asia Pacific Index gained 1.1 percent,
while Japan's Topix index closed 1 percent lower, as drugmakers there
were dragged lower by Trump's press-conference comments. In Europe, the
Stoxx 600 Index was 0.3 percent lower
at 5:27 a.m. ET, as shares headed towards the lowest level of the year,
with pharmaceutical companies again leading the declines. S&P 500
futures slipped 0.3 percent.
Central Bank talk
today the European Central Bank will publish an account of its December
meeting. Analysts will scrutinize it for signs of divisions on the
governing council, following the decision to extend quantitative easing
that was taken at that gathering. There is plenty for Fed-watchers today
too, with Philadelphia Federal Reserve Bank President Patrick Harker
speaking at 8:30 a.m. ET, Atlanta Fed President Dennis Lockhart at 11:30
a.m., St. Louis Fed President James Bullard at 1:15 a.m and Fed
Chair Janet Yellen at 7:00 p.m.
What Bloomberg has been reading
This is what's caught our eye over the last 24 hours.
stock markets broadly rose Wednesday on encouraging economic data and
an impending press conference by U.S. President-elect Donald Trump,
which traders hoped may contain details of his stimulus program.