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13 November 2012
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  Top Stories 
  • Computer failure shuts down NYSE trading for 216 stocks
    A computer failure forced the New York Stock Exchange to suspend trading of 216 securities and cancel their closing auctions. Trading of the affected stocks, which included JPMorgan Chase, U.S. Steel and Travelers, continued on other exchanges. An NYSE Euronext spokesman said trading appeared to be disrupted by a "software programming issue related to the individual server for these 216 symbols." Bloomberg (12 Nov.), Forbes (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • Eurozone gives Greece 2 extra years to meet debt targets
    Eurozone finance ministers will give Greece two extra years to meet debt-reduction targets, but postponed for a week a decision on releasing Greece's bailout money. International Monetary Fund Managing Director Christine Lagarde said issues relating to Greece's timetable for scaling back its debt needed to be resolved. Kathimerini (Greece) (13 Nov.), Reuters (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • Rating agencies might face trial in Italy
    Sovereign-rating cuts might get their day in court as Italian prosecutors challenge Standard & Poor's and Fitch Ratings regarding recent downgrades. Prosecutors in the southern town of Trani hope to launch a case in a smaller venue, after bigger Italian courts rejected the matter. "The agencies for which we seek trial did not respect the rules of transparency, loyalty and the parameters of quality and efficiency set by European regulators," Trani Chief Prosecutor Carlo Maria Capristo said. Reuters (12 Nov.) LinkedInFacebookTwitterEmail this Story
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  Reader Survey 
  • Do you expect U.S. lawmakers to avert the "fiscal cliff" before the global economy suffers deleterious effects?

  Market Activity 
  • Asian-Pacific markets slide amid U.S. and Greek concerns
    Anxiety over the economic outlook for the U.S. and Greek economies triggered a wave of selling on Asian-Pacific markets Tuesday. Australia's S&P/ASX 200 and China's Shanghai Composite each fell 1.5%. Taiwan's Taiex dropped 1.8%. Hong Kong's Hang Seng Index lost 1.1%. Japan's Nikkei 225 edged down 0.3%. South Korea's Kospi lost 0.6%. India's Sensex was closed for a holiday. MarketWatch (13 Nov.) LinkedInFacebookTwitterEmail this Story
  • Wealthy U.S. investors accelerate asset sales
    Faced with what could be a substantial increase in the capital gains tax Jan. 1, many high-net-worth individuals are selling assets, wealth advisers said. Their selling will have a disproportionate effect on U.S. financial markets because America's richest 1% control more than half of U.S. stocks. CNBC (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • FSA looks into rigging allegations in natural gas market
    The U.K.'s Financial Services Authority will investigate allegations of manipulation in the nation's wholesale natural gas market. Key benchmarks in gas are set by one price-reporting company, and prices could be inappropriately influenced due to relationships between reporters and traders. Bloomberg (12 Nov.), Financial Times (tiered subscription model) (13 Nov.) LinkedInFacebookTwitterEmail this Story
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  • White House quietly lobbied firms for debt-deal support
    Months before the election, White House aides were already working behind the scenes to persuade business executives, including some on Wall Street, to back President Barack Obama's plan for reducing the deficit and averting the "fiscal cliff." The Obama administration wanted support for a combination of spending cuts and tax increases before beginning talks with Congress. Bloomberg (13 Nov.) LinkedInFacebookTwitterEmail this Story
  • Corporate earnings rise despite weak revenue
    This earnings season has shown that corporate America has been able to increase profit amid flat or declining revenue by squeezing expenses, such as employees' pay. About 70% of 428 companies that have reported third-quarter results have topped analysts' projections for profitability, according to FactSet. The Washington Post (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • Encourage growth to ease world tension, Rice says
    Source: OpenMarkets
    Geopolitical decisions are driven largely by rapid change in developing countries and aftershocks from the global economic downturn and the terrorist attacks of Sept. 11, 2001, former U.S. Secretary of State Condoleezza Rice said. The best way to address growing tension in the world is to ease it by facilitating economic growth, Rice said. She also urged the U.S. to take a proactive role in establishing trade agreements. (12 Nov.), Naples Daily News (Fla.) (12 Nov.), RealClearPolitics (13 Nov.) LinkedInFacebookTwitterEmail this Story

  • Advisers focus on downside protection
    Confronted with global debt worries and the U.S. "fiscal cliff," financial advisers are embracing tactical allocation and other strategies to provide clients with downside protection. Meanwhile, advisers are increasingly concerned about whether any real risk-management benefit exists by allocating investments across asset classes, said Michael Abelson, senior vice president of investments at Genworth Financial Wealth Management, which works with about 6,000 independent advisers. The Wall Street Journal (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • EU lawmakers step up pace to meet Basel III deadline
    European lawmakers remain committed to implementing standards to meet Basel III capital requirements by a Jan. 1 deadline, accelerating a schedule of meetings on the subject. Even so, some lawmakers say they might have to extend the deadline to February. U.S. regulators recently said they won't be able to implement Basel III by Jan. 1. Reuters (12 Nov.), The Wall Street Journal (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • Ever-changing regulations frustrate companies
    Companies have held off on preparing for new rules, but as a raft of measures take effect -- Basel III, a revised Markets in Financial Instruments Directive and the Dodd-Frank Act -- many might be caught off guard by their wait-and-see approach, Richard Henderson writes. Still, many firms are asking a logical question: How does one prepare for rules that still need to be solidified? The Trade News (U.K.) (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • EU transparency efforts could aggravate "too big to fail"
    Critics say European efforts to flush out secretive asset managers, such as hedge funds and private-equity groups, might actually result in risk being concentrated at fewer players. The Alternative Investment Fund Managers Directive is expected to increase transparency, but it could also push smaller fund managers out of business. Reuters (12 Nov.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Calvert mutual fund focuses on emerging-market stocks
    Calvert Investments launched a mutual fund giving individual investors exposure to emerging-market equities. The Calvert Emerging Markets Equity Fund uses criteria of corporate responsibility and sustainability to select equities. AdvisorOne (12 Nov.) LinkedInFacebookTwitterEmail this Story
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