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30 October 2012
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  Top Stories 
 
  • Closure of U.S. markets reverberates in Europe
    Storm-related market closure Monday in New York, which is extending into Tuesday, is cutting sharply into trading volume in Europe, revealing the trendsetting status of U.S. markets. "European markets are looking for direction in the absence of Wall Street being there to provide it," said Richard Hunter, head of equities at Hargreaves Lansdown. "The market closure could extend out [Tuesday], or even Wednesday, depending on the severity of the storm. Uncertainty and the costs it will bring will not help matters." Financial News Online (U.K.) (subscription required) (29 Oct.), Bloomberg Businessweek (29 Oct.), The Wall Street Journal/Dow Jones Newswires (29 Oct.) LinkedInFacebookTwitterEmail this Story
  • 3 N.Y. markets will test combined trading on NYSE Arca
    Hoping to reopen for trading this week, three major financial markets planned to begin testing combined trading on the NYSE Arca computer system Tuesday. Critical opening and closing auctions for securities listed on the New York Stock Exchange, BATS Global Markets and Direct Edge Holdings will be conducted on NYSE Arca if testing goes well. Testing was scheduled to begin at 8 a.m. and conclude at noon. The Wall Street Journal (30 Oct.) LinkedInFacebookTwitterEmail this Story
  • Decision to close markets renews preparedness questions
    Regulators and exchange operators are keeping U.S. markets closed for a second consecutive day after superstorm Sandy came ashore, prompting questions about how prepared the industry is for such disasters. The situation also highlights the significant role humans still play in the markets despite a shift toward more automation. The Wall Street Journal (29 Oct.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
  • Asian-Pacific markets mixed, undercut by U.S. market closings
    Asian-Pacific markets were mixed Tuesday, with the closing of U.S. markets dragging down trading. Australia's S&P/ASX 200 rose 0.2%. Japan's Nikkei 225 closed down 1%. China's Shanghai Composite advanced 0.2%. Hong Kong's Hang Seng Index dropped 0.5%. South Korea's Kospi rose 0.4%. India's Sensex was down 1% after midday. Yahoo (30 Oct.), The Wall Street Journal (30 Oct.) LinkedInFacebookTwitterEmail this Story
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  Economics 
  • Sandy won't alter Q4 GDP, economists say
    Damage and disruption caused by superstorm Sandy probably won't have significant effect on U.S. economic growth this quarter because natural disasters tend to slow economic activity, then stimulate it, economists said. "We expect any lost output this week from Hurricane Sandy will be made up in subsequent weeks, minimizing the effect on fourth quarter [gross domestic product]," Moody's Analytics senior economist Ryan Sweet wrote in a research note. The Washington Post/Wonkblog (29 Oct.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • World is becoming more business friendly, study finds
    Governments are eliminating rules that unreasonably block people from starting businesses and, in the process, making genuine progress in fighting corruption, according a study by the World Bank and International Finance. Oppressive regulation encourages corruption and suppresses growth, according to The Economist. "Unlike bail-outs, cutting rules comes cheap," the magazine notes. The Economist (27 Oct.) LinkedInFacebookTwitterEmail this Story
  • G-20 is asked to hold U.S. and EU accountable on Basel III
    With the U.S. and the EU home to 23 of 29 banks regarded as systemically important, global regulators called on Group of 20 nations to demand the reason Washington and Brussels have seen fit to dilute key parts of Basel III rules. The Basel Committee on Banking Supervision emphasized a need for consistent implementation worldwide in substance and according to an agreed timetable. The committee also said it will look into different ways banks calculate risk. Bloomberg (29 Oct.), Reuters (29 Oct.), The Wall Street Journal (29 Oct.) LinkedInFacebookTwitterEmail this Story
  • SEC needs more time to review Nasdaq's Facebook proposal
    The Securities and Exchange Commission said on its website that it will take more time to decide whether to approve Nasdaq OMX Group's proposal regarding compensation for losses that companies sustained during Facebook's initial public offering. The SEC is reviewing "legal and policy issues" stemming from the proposal, which some major banks have said is inadequate. The Wall Street Journal (29 Oct.) LinkedInFacebookTwitterEmail this Story
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  Financial Products 
  • Pyxis nears debut of leveraged-loan ETF
    Pyxis Funds plans to launch on NYSE Arca an exchange-traded fund that invests in below-investment-grade leveraged loans to U.S. and foreign corporations and partnerships. The Pyxis/iBoxx Senior Loan ETF will be linked to the Markit iBoxx USD Liquid Leveraged Loan Index, according to the product's registration statement. InvestmentNews (free registration) (29 Oct.), IndexUniverse.com (26 Oct.), Benzinga.com (26 Oct.) LinkedInFacebookTwitterEmail this Story
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