DOJ appeals authorization of AT&T's Time Warner buy | Hedge funds wary as earnings season arrives | Regulators: Firms must transition from Libor
July 13, 2018
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DOJ appeals authorization of AT&T's Time Warner buy
The Justice Department is appealing a ruling by US District Judge Richard Leon that gave AT&T permission to buy Time Warner. The case will go before a three-judge panel at the US Court of Appeals for the District of Columbia Circuit.
CNNMoney (7/12) 
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Industry Update
Hedge funds wary as earnings season arrives
Corporate profits jumped 24% in April, but the increase failed to cause a market rebound after recent selloffs, although David Kostin of Goldman Sachs says a repeat of that scenario is unlikely. Hedge funds that had been optimistic going into April have decreased their exposures.
Bloomberg (tiered subscription model) (7/11) 
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Regulators: Firms must transition from Libor
Regulators on Thursday warned market participants to prepare faster for the day Libor no longer exists. J. Christopher Giancarlo, head of the Commodity Futures Trading Commission, said the fact that Libor will disappear "is a certainty" and financial firms must accommodate the change. Financial Conduct Authority CEO Andrew Bailey warned that confidence Libor will remain past 2021 is misplaced and "is a risk to financial stability as well as to individual firms."
MLex (subscription required) (7/12),  Financial Times (subscription required) (7/12),  The Wall Street Journal (tiered subscription model) (7/12) 
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Dealers want change in FX derivatives definition
Foreign exchange derivatives dealers are pushing to change how essentially identical FX instruments are treated differently under the Dodd-Frank Act. The law exempts physically settled FX forwards from the definition of swaps but does not exempt nondeliverable forwards or window forwards.
Risk (subscription required) (7/11) 
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SEC finds shortcomings in advisers' best-execution practices
The Securities and Exchange Commission said its Office of Compliance Inspections and Examinations has found widespread failure by advisers to comply with their obligation to obtain the best execution for clients' transactions. The alert also said failure to disclose soft-dollar arrangements is an issue.
ThinkAdvisor (free registration) (7/12) 
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New York Focus
More areas of New York City report slowdown in home sales
The downturn in home sales that first appeared among luxury Manhattan condos is starting to show up in less affluent areas in Brooklyn and Queens, as well as suburban Westchester, Dutchess and Putnam counties. Brokers said prospective buyers are concerned about the impact of new federal tax laws that reduce the tax advantages of home ownership.
The Wall Street Journal (tiered subscription model) (7/12) 
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People & Personalities
Fed's Powell warns tariffs could hurt healthy US economy
Federal Reserve Chairman Jerome Powell has warned that tariff impositions could damage the US economy, which he says is "in a good place." He says that if "we wind up having high tariffs on a lot of products and a lot of traded goods and services, let's say, and that they become sustained for a long period of time, then yes, that could be a negative for our economy."
CNBC (7/12) 
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On The Economy
Consumer prices rise at fastest pace since 2012
Consumer prices in the US rose 2.9% in June compared with the year-earlier period, their sharpest annual increase in six years.
MarketWatch (7/12),  The Wall Street Journal (tiered subscription model) (7/12) 
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US posts 32% decrease in FDI for 2017
Foreign direct investment in the US dropped 32% last year compared with 2016 to $259.6 billion, according to the Bureau of Economic Analysis. The total marked the second consecutive year of decrease, after a peak of $439.5 billion in 2015.
Deutsche Welle (Germany)/Deutsche Presse-Agentur/Reuters (7/12) 
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Financial Products
IShares readies ETF that buys BB-rated bonds
BlackRock's iShares has filed with the Securities and Exchange Commission for approval of an exchange-traded fund that buys bonds with rates ranging from BB- to BB+. The iShares BB Rated Corporate Bond ETF would select investments from the BofA Merrill Lynch US High Yield Constrained Index.
ETF (7/12) 
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CFA Society New York News
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This boot camp is an intensive, instructor-led training program where trainees learn financial and valuation modeling in Excel using an intuitive, step-by-step approach. Participants will use real case studies to build financial models from scratch the way it is done at financial institutions. The program is a synthesis of Excel modeling, navigating through various financial reports and the application of Accounting, Corporate Finance and Valuation courses. Members get a 20% discount.
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