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19 October 2012
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  Top Stories 
 
  • "Fiscal cliff" could trigger recession, 15 CEOs warn
    The chief executives of 15 of the biggest U.S. financial companies warned in a letter to President Barack Obama and Congress that failure to head off the "fiscal cliff" could lead to a sharp rise in interest rates, a downgrade of America's credit rating and recession. JPMorgan Chase CEO Jamie Dimon said he will "do whatever it takes" to persuade Congress to find a way to prevent massive spending cuts and tax increases from automatically taking effect at the beginning of next year. The Washington Post (18 Oct.), Market News International (18 Oct.), The Hill/On the Money blog (18 Oct.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
  • European banks dive into rouble bonds
    Russia's market openings, with the goal of making Moscow an international financial capital, are spurring a race among European banks to issue rouble-denominated bonds. Financial Times (tiered subscription model) (17 Oct.) LinkedInFacebookTwitterEmail this Story

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  Economics 
 
  • Fed meeting is expected to be an economic checkup
    The Federal Reserve likely will take the economy's pulse during a meeting next week. Policymakers are expected to discuss the progress of their plan to buy $40 billion in mortgage-backed securities and how best to communicate the direction interest rates to the public. The Wall Street Journal (18 Oct.) LinkedInFacebookTwitterEmail this Story
  • Advisers suggest postponing decisions on charitable giving
    Because of uncertainty about U.S. taxes this year and next, many financial advisers are recommending that clients delay major decisions on charitable giving until after the November election. In the meantime, advisers can develop alternative strategies based on possible election results. Reuters (18 Oct.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • European, Japanese regulators jointly try to deflect U.S. swaps rules
    The Commodity Futures Trading Commission is the focus of an effort by financial authorities in Europe and Japan to avert quick implementation of rules on swaps trading between U.S. and foreign companies. In a joint letter to CFTC Chairman Gary Gensler, the regulators said, "At a time of highly fragile economic growth, we believe that it is critical to avoid taking steps that risk a withdrawal from global financial markets into inevitably less-efficient regional or national markets." Financial Times (tiered subscription model) (18 Oct.), The Wall Street Journal (18 Oct.) LinkedInFacebookTwitterEmail this Story
  • Transaction tax takes toll on smaller-cap French stocks
    Average daily turnover in French stocks has been down 10% during the past two months because of a financial-transaction tax, but smaller-cap stock trading is off 26%, according to Credit Suisse. Analyst Mark Buchanan said the small-cap decline might be because of less trading among retail investors mindful of costs or institutional investors substituting midcap stocks for lower-cost alternatives. Financial News Online (U.K.) (subscription required) (18 Oct.) LinkedInFacebookTwitterEmail this Story
  • EU moves toward handing eurozone banking supervision to ECB
    Herman Van Rompuy, president of the European Council, said EU national leaders agreed to adopt a legal framework by year-end to shift eurozone banking supervision to the European Central Bank. "Once this is agreed, the single supervisory mechanism could probably be effectively operational in the course of 2013," he said. However, leaders failed to agree on when the €500 billion European Stability Mechanism can begin helping troubled banks. Reuters (19 Oct.), Bloomberg (19 Oct.), Financial Times (tiered subscription model) (19 Oct.) LinkedInFacebookTwitterEmail this Story
  • U.S. midsize businesses worry as regulation increases
    Midsize companies' record of providing jobs has been impressive in recent years, but such businesses are concerned about rules that fall disproportionately on them, according to The Economist. "Mid-sized firms tend to bear the heaviest burden of new regulations, since smaller firms are often given some exemptions initially, whereas bigger firms have legions of lawyers to cope with the additional rules," the magazine notes. The Economist (20 Oct.) LinkedInFacebookTwitterEmail this Story
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