Fitch Ratings Keeps U.S. at Top Credit Rating
Associated Press
Fitch Ratings said Tuesday it will keep its rating on U.S. debt at the highest grade, AAA, and issued a "stable" outlook, meaning it expects the rating to stay there.
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U.S. Industrial Production Rose 0.9% in July
By Jillian Berman and Shobhana Chandra, Bloomberg
Manufacturers in the U.S. churned out more cars, computers and furniture in July, easing concern that one of the mainstays of the recovery was giving way.
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Stalwart Canadian Economy at Risk of Contraction
Paul Vieira, WSJ.com.
The Canadian economy, a stalwart of growth among the Group of Seven in the post-recession recovery, is at risk of shrinking in the second quarter, data released Tuesday indicated.
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On mortgage rates, Obama wants proposal for how government can keep big role
By Zachary A. Goldfarb, Washington Post
President Obama has directed a small team of advisers to develop a proposal that would keep the government playing a major role in the nation’s mortgage market, extending a federal loan subsidy for most home buyers, according to people familiar with the matter.
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New OTC Derivatives Rules to Send Data Levels Soaring 400 Percent
Advanced Trading
Regulatory changes to the over-the-counter derivatives markets in Europe and the U.S. will cause data levels to soar as much as 400 percent above the current level, according to a study conducted by Tabb Group.
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Sarkozy, Merkel Propose Euro Zone Council
WSJ.com
The leaders of France and Germany said Tuesday they would propose electing a permanent head of the euro zone to shore up governance of the monetary union, but stopped short of more fundamental steps toward refashioning the area into a federal entity with its own debt agency.
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China Raises Holdings of U.S. Debt as Global Demand Wanes
By Cordell Eddings and Kyoungwha Kim, Bloomberg Businessweek
China boosted its holdings of U.S. government debt for a third straight month to $1.17 trillion in June, while other foreign investors were sellers of Treasuries for the first time since 2009.
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S&P Downgraded in Treasury Trade After Upgrade for China
By Cordell Eddings and Kyoungwha Kim, Bloomberg Businessweek
China boosted its holdings of U.S. government debt for a third straight month to $1.17 trillion in June, while other foreign investors were sellers of Treasuries for the first time since 2009.
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Treasury to Offer $20B 12-Day Cash Management Bills
By Gary Siegel, The Bond Buyer
The Treasury Department said it will auction $20 billion 12-day cash management bills on Wednesday, August 17.
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Goldman Sachs Sued by Allstate Over $100 Million in Mortgage Securities
By Karen Freifeld, Bloomberg
Goldman Sachs Group Inc. (GS) was sued by Allstate Insurance Co. over the sale of more than $100 million worth of residential mortgage-backed securities that the insurer claims the bank itself called “junk” and “lemons.”
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NYPC Announces Three New Clearing Members
Press Release
New York Portfolio Clearing, LLC (NYPC), the innovative new
clearing platform for interest rate futures, announced today that its board has approved three
additional clearing members. The new members are: ABN Amro Clearing Chicago, LLC; Citigroup Global Markets Inc.; Merrill, Lynch, Pierce, Fenner & Smith, Inc.
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The bonds that turned to dust
By Laurence Fletcher, Reuters
Treasure seekers have trekked into Arizona's Superstition Mountains in search of a lost gold mine for more than a century. Three years ago, Italian economics professor Alberto Micalizzi, whose hedge fund was on the verge of collapse, looked to the nearby town of Apache Junction to shore up his own fortune. After his fund lost investors hundreds of millions of dollars in the credit crunch, Micalizzi quietly moved most of its assets into bonds in late 2008. These were no ordinary bonds.
http://jlne.ws/oF1Npd
Debt in Europe Fuels a Bond Debate
By JACK EWING, NY Times
The Germans want to bury it. The French say it is a nonstarter. But the idea that the only way to contain the sovereign debt crisis is for Europe to issue bonds backed by all the nations of the euro zone will not go away.
http://jlne.ws/oYsvHZ
Imagining the Unmentionable
By PAUL HANNON,WSJ
Something terrible may happen, but it's so terrible we can't even imagine what the consequences might be. That's essentially the view the Bank of England takes of what could happen if the euro zone fails to contain its debt crisis and collapses in a spate of defaults and hastily launched national currencies.
http://jlne.ws/nrYGFJ
Goldman, Citigroup Employees Big Givers To Deficit Super Committee
By Janet Novack, Forbes
If money does buy influence, the financial services industry should be in pretty good shape when the 12 members of a new Congressional “Super Committee” start meeting to decide how to trim at least $1.2 trillion from the federal deficit over the next decade.
http://jlne.ws/pgcUMf
Time to question the dollar’s role as reserve
By Ousmène Mandeng, Financial Times
The international economy is due to “celebrate” the 40-year anniversary of the collapse of the Bretton Woods system of fixed-exchange rates. On 15 August 1971, the US defaulted on its gold convertibility obligation. Despite a deal to lift the US debt ceiling, the credit downgrade by Standard & Poor’s and the quality of the policy debate and its likely implications suggest that the US may once again steer towards defaulting on its role as an international monetary anchor. The ramifications of possibly prolonged economic policy paralysis in the US are severe but nowhere would its repercussions be felt more than in the international monetary system.
http://jlne.ws/qr56z8
Treasury International Capital Data For June
Press Release
The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for June 2011. The next release, which will report on data for July 2011, is scheduled for September 16, 2011.
http://jlne.ws/nfxpLD
RBC names European investment banking chiefs
By Philip Stafford, Financial Times
Royal Bank of Canada is set to appoint two of its most senior executives to the European operations of its fast-expanding investment banking arm.
http://jlne.ws/oRw1sa
WSJ: Big Investment Funds Mixed On Approach To Bank Investments During 2Q
Dow Jones/WSJ
Big investment funds were mixed on their approach to bank investments during the second quarter, with Wells Fargo & Co. and Bank of America Corp. among the companies whose stocks saw stark opposing bets.
http://jlne.ws/oC8bpX
Moynihan Unravels Another Lewis Deal as BofA Sells Card Unit
By Hugh Son and Sean B. Pasternak, Bloomberg
Bank of America Corp. Chief Executive Officer Brian T. Moynihan is unraveling yet another acquisition made by his predecessor Kenneth D. Lewis as the firm exits credit-card lending outside the U.S.
http://jlne.ws/n0t8cK
Wells Fargo hires Citadel investment bankers
Reuters
Wells Fargo & Co. said Monday that it has hired 25 investment bankers and administrative staff from Citadel after the hedge fund abandoned plans to build out its investment banking unit.
http://jlne.ws/neeC3T
BondDesk Appoints Electronic Trading Luminary Kim Bang as CEO
Press Release
BondDesk, the leading provider of retail fixed income trading technology and execution services, today announced it has appointed Kim Bang as Chief Executive Officer. A founding member and former CEO and President of Bloomberg Tradebook, Mr. Bang most recently held the position of COO of EMEA and Asia Pacific for Bloomberg Enterprise Products and Solutions.
http://jlne.ws/rgQDws
Deutsche Börse Unit Sued Over Alleged Iran Funds
By JAY SOLOMON, WSJ.com
A group of nearly 1,000 American victims of international terrorism is suing Clearstream Banking SA of Luxembourg, a unit of Germany's Deutsche Börse AG, for allegedly assisting Iran in fraudulently securing the release of $250 million in frozen assets and in moving it out of the U.S. financial system, according to legal documents recently unsealed by a federal court in New York.
http://jlne.ws/ow9LxT
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