Wall Street Journal (March 13)
“Regulators are pressuring Wall Street to do away with the London interbank offered rate by year-end. Companies are still making the switch.” The Federal Reserve is pushing the Secured Overnight Financing Rate (SOFR) as a replacement, but “the U.S. is running behind the U.K. and Europe, where investment firms and companies have been faster to transition to alternative rates,” including the Sterling Overnight Index Average (Sonia).
Tags: Europe, Fed, Investment firms, LIBOR, Regulators, Replacement, SOFR, Transition, U.K., U.S., Wall Street
The Economist (February 6)
Wall street is undergoing revolution. “Information technology is being used to make trading free, shift information flows and catalyse new business models, transforming how markets work…. And, despite the clamour of recent weeks, this promises to bring big long-term benefits.”
Tags: Business models, Clamour, Information flows, IT, Markets, Promises, Revolution, Trading, Wall Street
Reuters (December 30)
““China’s gravy train will bypass Wall Street,” where the “easiest money from selling Chinese shares in New York is destined to fade.” Given renewed protectionism, global investment banks will also find it more challenging “to use their international networks to help companies find acquisition targets abroad…. It will be a harder slog for less money as the China gravy train makes fewer stops on Wall Street.”
Tags: Acquisition, Challenging, China, Gravy train, Investment banks, Networks, Protectionism, Shares, Targets, Wall Street
Financial Times (July 2)
“Some of the biggest investment banks and fund managers have advised their clients to take profit from the dizzying rally on Wall Street that followed the mid-March crash. Instead, they say, look to Europe.”
Tags: Advised, Clients, Crash, Dizzying, Europe, Fund managers, Investment banks, Profit, Rally, U.S., Wall Street
Financial Times (February 14)
The Climate Leadership Council relaunched a carbon tax initiative “with support from ten energy companies (including BP), JPMorgan, Goldman Sachs and MetLife. “If nothing else, this shows the pressure that Wall Street leaders feel on the issue from investors and their own employees.” It could also mark an important shift where “the concept might gain traction with Republicans.”
Tags: BP, Carbon tax, Climate Leadership Council, Concept, Employees, Energy companies, Goldman Sachs, Initiative, Investors, JPMorgan, MetLife, Republicans, Wall Street
Reuters (October 18)
“The prospect of Aramco selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed bin Salman first flagged it three years ago.” But it looks like the IPO will again be delayed, possibly until next year, to “bolster investor confidence” by reassuring them of the company’s recovery from recent attacks. The sought-after $2 trillion valuation remains in question as “countries have been accelerating efforts to shift away from fossil fuels to curb global warming.”
Tags: Aramco, Confidence, Fossil fuels, Investors, IPO, MBS, Recovery, Valuation, Wall Street
USA Today (October 4)
“The unemployment rate fell from 3.7% to 3.5%, the lowest since December 1969…. Average wages, however, fell. Wall Street cheered the mixed report, which … kept in play a possible Fed rate cut this month, which would be the third since July.”
Tags: Fed, Mixed, Rate, Rate cut, Unemployment, Wages, Wall Street
New York Times (August 20)
“Nearly 200 chief executives, including the leaders of Apple, Pepsi and Walmart, tried on Monday to redefine the role of business in society—and how companies are perceived by an increasingly skeptical public.” The new inclusiveness of multiple stakeholders sounds appealing. Still, “for companies to truly make good on their lofty promises, they will need Wall Street to embrace their idealism, too. Until investors start measuring companies by their social impact instead of their quarterly returns, systemic change may prove elusive.”
Tags: Apple, CEOs, Idealism, Inclusiveness, Investors, Pepsi, Redefine, Role of business, Skeptical, Society, Stakeholders, Wall Street, Walmart
Wall Street Journal (August 1)
“President Trump moved Thursday to extend tariffs to essentially all Chinese imports, escalating a trade conflict that is poised to hit U.S. consumers in the pocketbook and roiling financial markets…. Wall Street was rattled by the news.” The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all closed lower. “Oil prices sank almost 8%, their biggest drop since February 2015.”
Tags: China, Dow Jones, Financial markets, Imports, Nasdaq, Oil, Rattled, Tariffs, Trade conflict, Trump, U.S. consumers, Wall Street
Financial Times (August 1)
Wall Street is enthusiastic about all things pet. “The growth of pet versions of everything from health food to personal service and new drugs is luring investors.” For example, “Zoetis, the animal pharmaceuticals company, has strongly outperformed its former owner Pfizer since being spun off in 2013; shares in Chewy, the online pet supplies retailer rose by 50 per cent on its first day of trading in June.” Consistency makes the pet industry stand out. The sum Americans spend on pets “has risen steadily at around 5 per cent annually for two decades, even following the 2008 financial crisis, when people bought less for themselves.”
Tags: Chewy, Drugs, Enthusiastic, Health food, Investors, Personal service, Pfizer, Pharmaceuticals, Wall Street, Zoetis
