FURTHER FURTHER READING
- How hard is it to value derivatives? See the details of the JPM case.
- Blogs review: the renationalisation of European finance.
- Welcome to the Golden Age of activist investors.
- Speaking of which, here's the best take on Icahn and Apple (and Twitter).
- The Norwegian SWF should invest more in emerging markets.
- The cruel trick played by history on Milton Friedman.
- Finance: balance sheet battle.
- Robert Shiller's CAPE of less hope.
ROUND-UP
FT markets round-up: "US and European stocks struggled to make fresh progress as positive news on the eurozone economy was offset by lingering wariness about the prospect of rising borrowing costs. In New York, the S&P 500 equity index closed down 0.5 per cent at 1,685 – about 1.4 per cent off the record high it struck at the beginning of this month. Across the Atlantic, the FTSE Eurofirst 300 managed to eke out a gain of 0.3 per cent. But the Tokyo market stood out as the Nikkei 225 Average climbed 1.3 per cent following a 2.6 per cent rise on Tuesday. The day's headlines were grabbed by news that the eurozone had emerged from an 18-month recession with forecast-beating growth of 0.3 per cent in the second quarter." (Financial Times)
US files 'London whale' charges against ex-JPMorgan traders: "US prosecutors have filed criminal charges against two former JPMorgan Chase traders alleging that they falsified the bank's books to hide its multibillion dollar "London whale" trading losses. In a complaint unsealed on Wednesday, prosecutors charged Javier Martin-Artajo and Julien Grout, two former traders, with conspiracy, keeping false books and records, wire fraud, and making false filings with the Securities and Exchange Commission. The pair face years in prison if convicted." (Financial Times)
Berlin and Brussels credit fiscal discipline and reform for eurozone recovery: "The eurozone emerged from an 18-month recession in the second quarter on the back of rebounding economies in Germany and France, prompting Brussels to argue that a combination of austerity and structural reform was starting to bear fruit. The 17-nation euro area expanded 0.3 per cent from April to June, ending its longest contraction since its creation in 1999. Germany, which holds federal elections on September 22, grew 0.7 per cent, on the back of robust manfucturing output and consumer spending, while France beat expectations with 0.5 per cent growth, ending its double-dip recession. Portugal emerged from a severe contraction, with growth of 1.1 per cent." (Financial Times)
China widens probe into drug pricing and corruption: "Pressure on pharmaceutical companies operating in China intensified on Wednesday as mainland authorities announced a broadening of their investigation into drug pricing and corruption in the healthcare sector. The government of Shanghai – whose public hospitals buy a large proportion of medicines sold in China – instructed hospitals to look for corruption in the purchasing and prescribing of drugs, as well as in clinical trials conducted with hospital participation." (Financial Times)
