European Stocks Are Going Wild After The FBI Cleared Clinton (BI)
Stocks across Europe are charging on Monday after the latest investigations into US presidential candidate Hillary Clinton's private email servers found nothing new. FBI Director James Comey informed Congress on Sunday that a review of new emails found in relation to the bureau's investigation into Clinton's use of a private email server had not yielded any reason for charges against the Democratic presidential nominee.
Bonuses are expected to decline for the third consecutive year, reflecting a period of busted mergers, limited trading activity and muted hedge fund returns. The payouts are projected to be from 5 to 10 percent lower this year, according to an annual report to be released on Monday by Johnson Associates, a compensation consulting firm. Bonuses fell about the same amount last year from 2014. The projection confirms a report last month by the New York State comptroller that said firms set aside 7 percent less for bonuses through the first half of this year compared with last year.
Now that major overseas banks have reported, it is clear that the trading rebound—such as it is, with just two consecutive quarters of strong results—is occurring across the board. Trading revenue earned by the nine largest global firms rose 19% in the third quarter from a year earlier, according to data compiled by UBS Group AG. Of that group, the average U.S. bank’s revenue rose 28%, while the average European firm’s was up 14%.
Ted Nugent made an obscene gesture onstage Sunday while warming up a crowd in Michigan for Donald Trump. “I’ve got your blue state right here,” Nugent said as he grabbed his crotch. “Black and blue.” The vulgar visual display came while the outspoken rocker insisted the “real Michigan” was a conservative state and should not be a member of the Democratic electoral firewall.
The potential fees and reputation boost that could come from working on Uber Technologies Inc.’s initial public offering are the stuff of bankers’ dreams. Yet at least two investment banks passed on selling shares of Uber to their high-net worth clients -- shares eventually sold by other banks in January -- because the ride-share company wasn’t willing to provide financial details about its business, people with knowledge of the matter said.
Beijing is considering allowing Wall Street firms to run their own investment-banking businesses on the mainland, according to people briefed on the discussions, a long-awaited step that would give them more access to China’s hard-to-crack domestic market. The move is being discussed as part of a new U.S.-China trade and investment framework.
Perhaps surprising to some, we find that the fall began in the early 2000s — before the global financial crisis. It also is unprecedented: we can find no similar widespread drop in support for the political centre in the last century. Even during the Great Depression years the centre vote share rose in most countries with a history of democracy. More important for markets, the roots of the Politics of Rage appear misunderstood. Subject to many caveats, we find evidence that falling support for the political centre is related to stagnant median incomes, and that trade and immigration may have played a role in leaving behind middle earners in advanced economies.
Apparently, Americans are too distracted or distraught by this year's wild presidential campaign to think about getting a dishwasher, buying an RV or opening a doughnut shop. And the topsy-turvy race could be crimping furniture sales, hotel bookings and even temporary help hiring.
[Counterpoint] Fewer S&P 500 Companies Mentioning Election in 2016 vs 2012 (FactSet)
It is interesting to note that the total number of S&P 500 companies that have mentioned “election” in 2016 (80) is 20% below the number recorded over this same time frame in 2012 (100). Fewer S&P 500 companies have discussed the election in 2016 relative to 2012 over the same time frame.
BRIDGEVILLE, Del. — A person was critically injured after an apparatus used to launch pumpkins into the air exploded.