US economy faces slow growth, Fed says
By Robin Harding, FT.com
The US economy is growing slowly but there is little sign of a slide into recession, according to the latest reports from the Federal Reserve’s business contacts around the country.
http://jlne.ws/qjIvNA
Hedge funds suffer worst performance since 2008
CNN Money
Feeling blue about the hit your portfolio took last quarter? You're not alone. Hedge funds also had a lousy third quarter, delivering one of the worst performances on record.
http://jlne.ws/qaLOEO
Millionaires Control 39% of Global Wealth
By Robert Frank, WSJ.com
Here’s another stat that the Occupy Wall Streeters can hoist on their placards: The world’s millionaires and billionaires now control 38.5% of the world’s wealth.
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Sarkozy says euro zone talks stuck, flies to Germany
http://jlne.ws/n92Fkf
FRB: Beige Book--Summary--October 19, 2011
Reports from the twelve Federal Reserve Districts indicate that overall economic activity continued to expand in September, although many Districts described the pace of growth as "modest" or "slight" and contacts generally noted weaker or less certain outlooks for business conditions.
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Ex-Fed Kohn: Sees Less Room For Fed To Act In Next Fin Crisis
The Bond Buyer
The Federal Reserve will be able to serve as a lender of last resort in the next financial crisis, but "it will be worse before they can do it," former Fed Vice Chairman Donald Kohn warned Wednesday.
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Bank of England slashes growth forecast
FT.com
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Consumers Will Switch Banks Over Fees
By Elizabeth Ody, Bloomberg
About 30 percent of U.S. consumers said they’d leave their banks over fees for using their debit cards, according to a survey by the Research Intelligence Group.
http://jlne.ws/r3xFaC
Student loans outstanding will exceed $1 trillion this year
By Dennis Cauchon, USA TODAY
Students and workers seeking retraining are borrowing extraordinary amounts of money through federal loan programs, potentially putting a huge burden on the backs of young people looking for jobs and trying to start careers.
http://jlne.ws/qjb0R2
CME Group Statement Regarding Commodity Futures Trading Commission Rule Making On Position Limits
Press Release
CME Group, the world's leading and most diverse derivatives exchange, today released the following statement regarding the Commodity Futures Trading Commission (CFTC)'s rule making on position limits:
http://jlne.ws/oCmFRZ
Citigroup to Pay $285 Million to Settle SEC Charges for Misleading Investors About CDO Tied to Housing Market
Washington, D.C., Oct. 19, 2011 – The Securities and Exchange Commission today charged Citigroup’s principal U.S. broker-dealer subsidiary with misleading investors about a $1 billion collateralized debt obligation (CDO) tied to the U.S. housing market in which Citigroup bet against investors as the housing market showed signs of distress
http://jlne.ws/oqBAFN
Consumer inflation subdued, home building rises
By Lucia Mutikani, Reuters
High food and gasoline prices kept pressure on U.S. household budgets in September, but core prices rose at their slowest pace in six months, showing inflation was still largely contained
http://jlne.ws/rsrKX2
Longest Bonds Since 1984 for Sale Just as Yields Climb: Australia Credit
By Candice Zachariahs, Bloomberg
Australia’s sale of its longest- maturity government bond since 1984 will lock in yields at about a 2 1/2-year low just as yields start to rise.
http://jlne.ws/r3inDH
CPI increased at a 3.7 percent annual rate in September, a deceleration from the two prior months
Federal Reserve Bank of Atlanta
The headline consumer price index (CPI) increased at a 3.7 percent annual rate in September, a deceleration from the two prior months. The headline gain was supported by 5.6 percent and 26.9 percent increases in the indexes for food and energy, respectively. Excluding food and energy, the CPI rose 0.7 percent (annual rate), a sharp drop from a 3 percent increase in August and the smallest increase since October 2010.
http://jlne.ws/qO2Z5v
Morgan Stanley trading business strong
By Lauren Tara LaCapra, Reuters
Morgan Stanley (MS.N) posted a surprisingly strong profit during a rough-and-tumble third quarter for Wall Street, helped by a large accounting gain and an increase in stock-trading revenue.
http://jlne.ws/oUFszw
TABB Says 90% of Top-Tier Swap Dealers See Their Profits Down or Flat after Dodd-Frank Implementation
http://jlne.ws/pRb3Dq
Moody’s Analytics Economist Urges Bigger EFSF to End Crisis
By Stelios Orphanides, Bloomberg Businessweek
European policy makers can help end the debt crisis through an orderly Greek default, interest-rate cuts, further bond purchases and a bigger rescue fund, said Steven Cochrane, head of economic research at Moody’s Analytics.
http://jlne.ws/qFQWMO
CFTC Approves Rule Expanding Access to Swaps Clearinghouses
By Silla Brush and Matthew Leising
Swaps clearinghouses will be required to open access to companies with at least $50 million in capital under Dodd-Frank Act rules completed by the U.S. Commodity Futures Trading Commission.
http://jlne.ws/qdY1bH
Dodd-Frank Rules Face Yearlong Delay Under CFTC Proposal
By Silla Brush, Bloomberg
Rules scheduled to take effect last July for the $601 trillion swaps market may be delayed as long as a year under a proposal by the U.S. Commodity Futures Trading Commission. The agency’s commissioners voted 5-0 today to propose delaying until as late as July 16, 2012, rules that were required to take effect in mid-July under the Dodd-Frank Act.
http://jlne.ws/pI6nNq
EU Raids Banks in Probe of Possible Collusion in Interest-Rate Derivatives
Bloomberg
European Union regulators raided banks that offer financial derivatives linked to the Euro Interbank Offered Rate, saying they were investigating possible collusion.
http://jlne.ws/nQUz8z
European Parliament: Crack Down On Short Selling And Sovereign Debt Speculation
Press Release
Lead MEPs and the Polish Presidency on Tuesday clinched a deal on the regulation beefing up standards and requirements for the practices of short selling and trading in credit default swaps (CDS), a financial product insuring against default. The rules will impose much more transparency, increase the powers of the EU's financial watchdog and virtually ban certain CDS trades, thereby making speculation on a country's default more difficult.
http://jlne.ws/qY2z9U
Banks in Europe Vow $1 Trillion Shrinkage Amid Threats of Recapitalization
Bloomberg
European banks, assuring investors they can weather the sovereign debt crisis by selling assets and reducing lending, may not be able to raise money fast enough to prevent government-forced recapitalizations.
http://jlne.ws/q2QrZ0
Penson Adds Canadian Fixed Income Products to US Broker Bond Platform
Press Release
DALLAS, TX, October 18, 2011 – Penson Worldwide, Inc. (NASDAQ: PNSN), a leading provider of execution, clearing, settlement, custody and technology products and services to the global financial services industry, today announced that correspondents of its U.S. subsidiary, Penson Financial Services, Inc. (PFSI), now have access to Canadian fixed income products through the Penson Bond Connection platform.
http://jlne.ws/qp9Er1
UBS managers aware of rogue trader's actions: press
AFP via Yahoo! News
Managers of the UBS trader whose rogue trade led to a $2.3 billion loss for the Swiss bank were aware of his actions, a Swiss economics magazine said.
http://jlne.ws/pikYlN
Citigroup Closing Proprietary Unit After Equity Trading Rout
BusinessWeek
Citigroup Inc., the third-biggest U.S. lender, said it's closing a proprietary-trading unit that incurred losses in the third quarter, as regulators prepare to restrict banks from making bets with shareholder cash.
http://jlne.ws/nMtVar
Goldman Sachs's 'Confusing' Credit-Default Swaps Aren't Wrong, Viniar Says
Bloomberg
Goldman Sachs Group Inc. (GS) Chief Financial Officer David A. Viniar said the rise in the cost to insure against a default by his company isn't wrong. It's just "confusing."
http://jlne.ws/pkK426
Goldman Sachs's Compensation Pool Falls 24%, Leaving $292,836 Per Employee
Bloomberg
Goldman Sachs Group Inc. (GS) set aside $10 billion to pay employees in this year's first nine months, down 24 percent from the same period last year as revenue slid and the firm cut jobs.
http://jlne.ws/nwA0U9
Wells Fargo, RBS Said to Prepare $1 Billion Offering of CMBS
BusinessWeek
Wells Fargo & Co. and Royal Bank of Scotland Group Plc are planning to sell about $1 billion of bonds backed by commercial mortgages in what will be one of the final issues of the debt this year.
http://jlne.ws/rdPLJq
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