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22 January 2013
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  • Middle class must benefit from economic growth, Obama says
    President Barack Obama said in his inaugural address that the government must do more to make sure that when the economy expands, the middle class isn't left behind. Unlike his first inaugural speech, in which Obama focused on dealing with the aftermath of the financial crisis, this time the president said the U.S. must deal with long-term economic problems. The Washington Post (21 Jan.) LinkedInFacebookTwitterEmail this Story
  • ECB's Weidmann sees politicization of forex rates
    Aggressive monetary policies in Japan and Hungary are politicizing foreign exchange rates and undermining the independence of central banks, European Central Bank Governing Council member Jens Weidmann says. "Already now worrisome infringements can be observed, for instance in Hungary or Japan, where the new government is interfering massively in central bank affairs and is pushing for a [more] aggressive monetary policy and threatens the end of central bank autonomy," he said. Market News International (21 Jan.), The Telegraph (London) (tiered subscription model) (21 Jan.), Reuters (21 Jan.) LinkedInFacebookTwitterEmail this Story
  • Deutsche Bank exec discusses controversial risk measures
    In this interview, Greg Wood, director of algorithmic execution for listed derivatives and foreign exchange at Deutsche Bank, discusses kill switches and other risk-management measures. "The idea behind risk-management checks that act as 'speed bumps' is to identify whether a client may be overtrading. ... We believe that there should be risk-management checks in every part of the electronic order flow that is practical," Wood said. Wall Street & Technology (18 Jan.) LinkedInFacebookTwitterEmail this Story
Morningstar Direct: Asset Allocation for a Non-Normal World
Forget "black swans"; it's more like a flock of black turkeys. Extreme events happen with regularity across asset class. Traditional MVO cannot take that into account. Download our webinar on new approaches with Dr. Paul Kaplan, CFA.
  CFA Institute in the News 
  • Germany's repatriation of gold reserves is a sign of:
Declining trust among nations
German preparation for systemic events with the fiat-currency system
Growing German independence within the eurozone
The German government bowing to public pressure to repatriate its gold

  Market Activity 
 
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  Economics 
  • German recovery is already here, central bank says
    The Bundesbank said it sees the beginning of growth this quarter in Germany. "The largely stable labor market and a better outlook for output suggest that the economic weakness won’t last all that long," according to the central bank. The positive outlook comes despite likely negative gross domestic product growth in the fourth quarter and a projection that calls for 0.4% GDP growth over all of 2013. Bloomberg (21 Jan.), The Washington Post/The Associated Press (21 Jan.) LinkedInFacebookTwitterEmail this Story
  • Algerian attack could hasten Statoil's shift to U.S. shale
    Norway's biggest energy exploration firm, Statoil, likely will accelerate development of shale oil in the U.S. and exploration of Brazilian offshore oil fields after terrorists attacked its Amenas gas facility in Algeria, industry analysts said. However, Statoil probably won't pull out of Algeria because of the attack, they said. The company was already moving to reduce its presence in high-risk areas before the attack. Bloomberg (21 Jan.), Platts (21 Jan.) LinkedInFacebookTwitterEmail this Story
  • U.N. agency expects record-high unemployment worldwide
    Global unemployment will exceed 200 million this year, a record high, despite economic improvement, according to the International Labor Organization. The U.N. agency says it expects joblessness to increase by 5.1 million people. Reuters (21 Jan.) LinkedInFacebookTwitterEmail this Story
  • Online platforms challenge financial advisers
    Financial advisers are facing a growing challenge in attracting and keeping clients from Internet firms that offer investments, financial planning and advice. Since the financial crisis, many wealthy investors have shifted assets from fee-based advisers to inexpensive, self-directed accounts, according to Cerulli Associates. InvestmentNews (free registration) (20 Jan.) LinkedInFacebookTwitterEmail this Story
Join us at the Advances in Equity Portfolio Construction program
CFA Institute is proud to present this two-day seminar in partnership with EDHEC-Risk Institute. Join us in London on 12-13 February to gain a better understanding of the limits and benefits of different portfolio construction approaches. CFA Institute members receive a 25% discount on registration
  Geopolitical/Regulatory 
  • EU plans to authorize financial-transaction tax
    EU finance ministers are expected to allow 11 eurozone nations, including Germany, France and Italy, to proceed with a tax on financial transactions. Ministers are "expecting to take a decision to move forward, on an enhanced cooperation basis, the financial-transaction tax," Irish Finance Minister Michael Noonan said. Reuters (21 Jan.), Bloomberg (22 Jan.) LinkedInFacebookTwitterEmail this Story
  • Labor board backs workers who talk shop on social media
    The National Labor Relations Board, in a series of rulings and public statements, has defended the right of employees to discuss work on social media, such as Facebook and Twitter. The U.S. agency says employer policy restricting social media use is illegal if it bars workers from communicating with one another for the purpose of getting better wages, benefits or working conditions. The New York Times (tiered subscription model) (21 Jan.) LinkedInFacebookTwitterEmail this Story
  • BoE official calls for simpler alternative to Basel III
    Andrew Haldane, executive director of financial stability at the Bank of England, has again spoken out about complex challenges in Basel III. "Regulators cannot really police this complex beast," he said. "There are moves afoot with the Basel Committee [on Banking Supervision] to seek ways to simplify and streamline the move to a proper regulatory, rather than self-regulatory, edifice." Haldane says the U.K. Financial Services Authority is ahead of the Basel Committee in developing a simpler model. Reuters (21 Jan.) LinkedInFacebookTwitterEmail this Story
  • France proposes leader for ECB bank supervisor
    France has nominated a candidate to head the European Central Bank's bank supervisor, which will oversee at least 150 eurozone institutions beginning in March 2014. Finance Minister Pierre Moscovici declined to identify the person, who is speculated to be Bank of France official Daniele Nouy. "We have a candidate for this post," Moscovici said. "It's not a mystery, and I hope that she will convince." Reuters (21 Jan.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • First Trust aims to debut 2 stock ETFs
    First Trust filed with the Securities and Exchange Commission to launch two equity exchange-traded funds that focus on paying out income. The First Trust Enhanced High Income ETF and the First Trust Enhanced Low Beta Income ETF would seek to generate extra income by selling out-of-the-money call options on the Standard & Poor's 500 index. Benzinga.com (18 Jan.) LinkedInFacebookTwitterEmail this Story
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