FURTHER FURTHER READING
- Likonomics: what's not to like.
- Starving the squid.
- Nominal GDP targeting and the credibility problem.
- An MIT project that lets you spy on yourself.
- How the economy is doing, in 11 charts, now that 2013 is halfway over.
- Matt Klein and Zanny Minton-Beddoes on land taxes.
- American CEOs make more money than CEOs elsewhere and it makes no sense.
- The first-ever human head transplant is now possible.
- No self-mockery please, we're American.
- The Bundesbank's fight to be heard.
- Immigration and entrepreneurship.
ROUND-UP
FT markets round-up:" Global equities and commodities began the second half of the year on a positive note as some broadly encouraging US manufacturing figures helped investors shrug off mixed economic news elsewhere. The US figures also helped wipe out an initial decline for the German Bund – with the yield closing flat at 1.72 per cent – which came after eurozone purchasing managers' data showed a stabilisation of the region's manufacturing base. Of particular note was strength for some of the peripheral nations' PMIs, which helped push down Spain's 10-year sovereign yield by 15bp to 4.63 per cent and Italy's by 9bp to 4.45 per cent. The euro got a boost from the PMI data, with the single currency up 0.4 per cent against the dollar at $1.3067, although the US unit was up 0.5 per cent against the yen and back within striking distance of the Y100 mark. Spanish and Italian equity indices also outperformed their European peers, with the Ibex 35 in Madrid up 1.9 per cent and Milan's FTSE MIB up 1.5 per cent against a 1 per cent gain for the FTSE Eurofirst 300. US stocks found support from the ISM data, although the S&P 500 trimmed an early advance to end 0.5 per cent higher." (Financial Times)
Japanese fund buys into US electricity: "One of Japan's biggest pension funds has joined a Canadian partner to buy a $2bn electricity plant in Michigan, said people familiar with the deal. The investment, which is the first infrastructure acquisition by a Japanese public pension fund, is a sign that the country's massive pension-fund industry is diversifying outside traditional assets such as government bonds. " (Financial Times)
Icahn claims $5.2bn backing for Dell deal: "Carl Icahn claimed on Monday to have cleared one hurdle in his attempt to thwart the $24.4bn buyout of Dell, with financing commitments of $5.2bn to back his rival plan for the company. The lack of confirmed financing had been one of the objections to the dissident investor's plan raised by the special committee of Dell's independent directors who were appointed to oversee the buyout and possible alternatives." (Financial Times)
Global manufacturing picks up speed: "The global manufacturing sector picked up speed in June but bleak data from China highlighted the precarious health of the world economy. A return to expansion in the US factory sector, with the purchasing managers' index up from 49 to a higher than expected 50.9, came on top of rising PMIs in every eurozone country except for Germany. But in the world's single most important manufacturing economy – China – the PMI slipped to a feeble 48.2, according to a measure published by HSBC. A figure of 50 is the dividing line between expansion and contraction. The figures point to feeble growth in global industry but suggest that, so far, advanced economies are expanding fast enough to shake off the slowdown in China." (Financial Times)
French competition watchdog probes Apple resale practices: "France's competition watchdog has raided a number of Apple premises and those of some of its French retailers and distributors in a probe into the US company's resale practices. In the latest in a series of moves against big US technology groups by the French authorities, the competition regulator said the raids took place in different locations in France last week, but declined to give further details." (Financial Times)
