FURTHER FURTHER READING
- A few (largely optimistic) comments on new home sales.
- The White House wants Summers, but will they actually choose him?
- Matt O'Brien on Yellen vs Summers.
- Amazon sells more than ever, loses money, declares victory.
- Why is US corprorate investment not more robust?
FT MARKETS ROUND-UP
FT markets round-up: "Lingering concerns about the outlook for the Chinese economy, plus another mixed batch of corporate earnings and economic data releases in the US and Europe, left global equities, industrial commodities and the dollar trading nervously. On Wall Street, the S&P 500 equity index ended 0.3 per cent higher after a choppy session. The FTSE Eurofirst 300 shed 0.5 per cent while the Nikkei 225 in Tokyo fell 1.1 per cent. In Shanghai, the Composite index eased 0.6 per cent even after China unveiled a "mini-stimulus package" aimed at bolstering its flagging economy. Nevertheless, the yield on the 10-year German government bond rose 3 basis points to 1.68 per cent, while that on the Spanish 10-year bond fell 4bp to 4.64 per cent. The Ibex 35 equity index in Madrid climbed 1.1 per cent." (Financial Times)
US attorney says SAC 'magnet for cheaters': "US prosecutors delivered the biggest blow yet in their crackdown on Wall Street insider trading, filing criminal charges against SAC Capital that threaten the survival of the $14bn hedge fund and the fortune of its billionaire founder Steven Cohen. SAC engaged in insider trading on an unprecedented scale, becoming a "magnet for market cheaters" who were paid handsomely to deliver "high-conviction" trading ideas that would give the fund an "edge" over other investors, the authorities said." (Financial Times, see also this interactive)
Summers dismissed QE effectiveness: "Lawrence Summers made dismissive remarks about the effectiveness of quantitative easing at a conference in April, raising the possibility of a big shift in US monetary policy if he becomes chairman of the Federal Reserve." (Financial Times)
Amazon reports unexpectedly quarterly loss: "Amazon posted an unexpected net loss that sent its shares down and stoked questions about its ability to generate long-term profits. The Seattle-based online retailer reported a net loss of $7m in the three months to the end of June on sales that rose 22 per cent to $15.7bn." (Financial Times)
EADS faces far-reaching shake-up: "EADS' management is proposing a far-reaching restructuring of the European aerospace and defence group following the failure of the tie-up with BAE Systems of the UK last year. The shake-up is expected to lead to job losses, and involves sensitive defence assets, and therefore could provide the first big test of the group's relationship with the French, German and Spanish governments since they gave up special rights at the company in March." (Financial Times)
