S&P 500 to exclude Snap after voting rights debate (Reuters)
"Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues," the index provider said in a statement.
Greenspan Sees Return of Stagflation Unseen Since 1970s (BBG)
“We’ve been in a period of stagnation since 2008 as a consequence of the sharp decline of capital investment and productivity growth,” Greenspan said during a telephone interview. “But stagflation is about to emerge. We are moving into a different phase of the economy -- to a stagflation not seen since the 1970s -- that is not good for asset prices.”
Goldman Sachs Finds Itself in Unusual Spot: Last Place in Trading (WSJ)
Chief Executive Lloyd Blankfein, himself a former trader, has scheduled one-on-one meetings with some of the firm’s top traders, according to people familiar with the matter. Senior executives and salespeople have fanned out to top clients, pitching trade ideas and talking down the bad quarter, according to people on both sides of the outreach. The firm also is leaning on its investment bankers to pitch their corporate clients on hiring Goldman’s traders for products that protect against swings in currency values and interest rates.
Wall Street is livid over Wells Fargo's latest scandal: 'Here we go again' (CNBC)
[Piper Jaffray's Kevin] Barker noted how the problem was identified in July of last year, but was not disclosed to investors and the public until last week. "Why didn't the company address these issues publicly while they were already dealing with the account scandal rather than address them now?" he wrote. "What other collateral damage may have been caused by the re-possession of these cars on peoples' lives?"
Can ‘the Mooch’ Return to Wall Street? (WSJ)
Months ago, after Mr. Scaramucci lost a post originally promised to him, he started laying the groundwork for a possible new venture in the event he didn’t wind up in Washington. A person familiar with his thinking said he was considering starting an asset-management firm aimed at individual investors, in partnership with Jon Najarian, co-founder of Najarian Family Office and frequent CNBC commentator. ALSO: Harvard Law alumni directory lists Scaramucci as dead (Reuters)
White House officials tricked by email prankster (CNN)
"I had promised myself I would leave my hands mud free," wrote the fake Priebus, "but after reading your tweet today which stated how; 'soon we will learn who in the media who has class, and who hasn't', has pushed me to this[...]" The very real Scaramucci responded: "You know what you did. We all do. Even today. But rest assured we were prepared. A Man would apologize." Fake Priebus wrote back: "I can't believe you are questioning my ethics! The so called 'Mooch', who can't even manage his first week in the White House without leaving upset in his wake. I have nothing to apologize for." Actual Scaramucci responded: "Read Shakespeare. Particularly Othello. You are right there. My family is fine by the way and will thrive. I know what you did. No more replies from me."
Struggling Stock Pickers Eye Quant Tools to Gain an Edge (BBG)
"Asset managers are forming quant teams that can help stock pickers improve their investment processes,” said Helene Donnadieu, principal at BCG. “For firms with over $400 billion in assets, there can be as many as 50 people structuring data to create new analysis tools for portfolio managers. There is experimentation and significant investment.”
Investors hedge against sharp stock market correction (FT)
Attempts to insure against market losses come as the S&P 500 index has risen more than 10 per cent so far in 2017, extending a rally for US stocks into an eighth year and pushing long-term valuation measures close to records. In the four weeks to July 28, retail investors pushed $445m into exchange traded funds tied to the Vix, an index designed to represent the volatility of day-to-day movements in the S&P 500.
Bank of England staff walk out in first strike action for 50 years (CNBC)
"Mark Carney should come to the picket lines outside this iconic British bank today and explain why hardworking men and women deserve to face years of pay cuts," Peter Kavanagh, a Unite official, said in a statement on Tuesday.