FURTHER FURTHER READING
- The post that moved the market? The WSJ's Hilsenrath on the Fed "trying to convince investors not to overreact when the central bank starts pulling back".
- Plus reaction from Calculated Risk and Josh Brown.
- A Fed fail on the farcical foreclosure settlement.
- Scott Sumner sees the US in 1933 in recent Japanese markets.
- Paul Tucker of the BoE looks beyond Basel III...
- Are we entering the post-HFT era?
- An interesting note on Karlsruhe's OMT deliberations.
- And where is the ECB's mea culpa over Greece?
ROUND-UP
The power of "trying to convince"? The S&P 500 closed up 1.5 per cent at 1,636, its strongest performance since January (Bloomberg). The Dow rose 1.2 per cent.
The US concluded that chemical weapons have been used in Syria. The US military has also come up with a plan to arm Syrian rebels using a 'limited' no-fly zone extending from the border with Jordan. The no-fly zone would not destroy Syrian anti-air weaponry, nor would it need a UN security council resolution, according to the proposal. No decision has so far been made (Wall Street Journal).
"Naturally occurring" human genes cannot be patented, the Supreme Court ruled. However, the decision also said that patents could be valid for synthetic DNA modified in a lab. The case involved patents by Myriad Genetics, a Utah biotech company, on two genes whose mutations have been linked to breast and ovarian cancer. "A naturally occurring DNA segment is a product of nature and not patent-eligible merely because it has been isolated," Justice Clarence Thomas wrote in the unanimous ruling (Financial Times).
Rupert Murdoch filed for divorce. Mr Murdoch's marriage with Wendi Deng Murdoch, his third wife, had "broken down irretrievably for a period of more than six months". Ms Murdoch does not have equity in News Corp, and has no voting rights (Financial Times).
Ashley Bacon is JPMorgan's new head of risk. Bacon, a Jamie Dimon favourite, survived the heat of a recent Senate hearing into the London Whale trades, having been brought in to deal with the debacle. John Hogan will move from chief risk officer to "chairman of risk" on the bank's operating committee, but is ultimately likely to step down from the group of executives that run JPMorgan (Financial Times).
Goldman is offering to automate block trading for some clients. The 'Marquee' platform is the latest attempt by banks to computerise block trades of equities, which typically involved 10,000 or more shares at a time (Reuters).
