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05 December 2012
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  • EU transaction tax moves forward without U.K. input
    The EU is proceeding with a plan for a financial-transaction tax despite objections from the U.K., which wants wording changes to the proposal. The European Parliament and all EU nations must approve the measure before 11 interested countries can proceed. Bloomberg (03 Dec.) LinkedInFacebookTwitterEmail this Story
  • Obama stands by demand for higher tax rates on richest
    President Barack Obama said in an interview with Bloomberg television that there will be no deal in averting the "fiscal cliff" that doesn't include an increase in tax rates for the wealthiest Americans. "We're going to have to see the rates on the top 2% go up, and we're not going to be able to get a deal without it," Obama said. Bloomberg (05 Dec.), Reuters (04 Dec.), CBS News (04 Dec.) LinkedInFacebookTwitterEmail this Story
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Asset Allocation for a Non-Normal World

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  Market Activity 
 
  • Asian-Pacific markets gain, with China in the lead
    Chinese markets led an increase on Asian-Pacific markets Wednesday, rebounding from a four-year low as bargain hunters picked up property and financial stocks. China's Shanghai Composite advanced 2.9%. Hong Kong's Hang Seng Index rose 2.2%. Japan's Nikkei 225 and Australia's S&P/ASX 200 each added 0.4%. South Korea's Kospi gained 0.6%. India's Sensex was up 0.2% at midafternoon. The Economic Times (India) (11 Dec.), The Wall Street Journal (05 Dec.) LinkedInFacebookTwitterEmail this Story
  • "Fiscal cliff" concerns ease among global investors
    Optimism that U.S. budget debate will eventually lead to avoidance of the "fiscal cliff" prompted investors to increase equity overweight positions to a 20-month high in November in Europe and the U.S., according to a Reuters poll. "All eyes are now on the fiscal cliff, where a muddling-through until the end of [the first quarter] can be expected," said Boris Willems, a strategist at UBS Global Asset Management. Reuters (04 Dec.) LinkedInFacebookTwitterEmail this Story
Sector SPDRs carve the S&P 500 into nine sector exchange-traded funds (ETFs) that conveniently, efficiently, and affordably provide sector exposure while giving investors the unique ability to customize the S&P 500 to meet specific investment objectives.
See sectorspdrs.com for complete details.
  Economics 
  • ECB is ready to launch bond-buying program, Asmussen says
    European Central Bank Executive Board member Joerg Asmussen said the bank is prepared to activate its effort to buy government bonds, the Outright Monetary Transactions program. He told Portuguese newspaper Jornal de Negocios that the ECB is ready to act when there is a need to purchase bonds. Bloomberg (04 Dec.) LinkedInFacebookTwitterEmail this Story
  • Few taxpayers claim mortgage-interest deduction
    Placing limits on the U.S. mortgage-interest deduction, an idea raised in the debate over how to cut the budget deficit, would have consequences for relatively few homeowners, according to government data. The Internal Revenue Service said only 25% of people filing tax returns claim it. USA Today (05 Dec.) LinkedInFacebookTwitterEmail this Story
  • Advisers strive for proper tech incorporation
    For the first time, having the right technology to make it through difficult times is a top concern of financial advisers, according to the 2012 Scottrade Advisor Services Study. Almost half of advisers polled said the economy has changed how they run their business; as a result, many have updated software or hardware. AdvisorOne (03 Dec.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Central banks need politicians to set clearer goals
    Politicians and central banks have roles in establishing monetary policy, but they are different from each other, according to The Economist. "The decision over whether central banks should target inflation or nominal [gross domestic product] should be made by politicians, not central bankers alone," the magazine notes. "It is not good enough for politicians to call vaguely for 'financial stability': they need to give central bankers more concrete guidance, defined in terms of avoiding asset bubbles, excessive borrowing and large concentrations of risk." The Economist (01 Dec.) LinkedInFacebookTwitterEmail this Story
Dark Trading: Is It Hurting Market Quality?
CFA Institute report examines impact of internalization and dark pool trading on market quality.
  Geopolitical/Regulatory 
  • Global regulators vow to fix derivative-rule problems
    Regulators worldwide recently met in New York and identified potential problems with derivatives rules. "We have identified various potential conflicts, inconsistencies, and duplicative requirements within our respective contemplated rules and we will continue to discuss measures to ameliorate the challenges they raise," the regulators said in the joint statement. For example, the regulators will strive to minimize issues arising from extraterritoriality. Nasdaq.com/Dow Jones Newswires (04 Dec.), Reuters (04 Dec.) LinkedInFacebookTwitterEmail this Story
  • ESMA's Ross indicates delay with derivatives reform
    Verena Ross, executive director of the European Securities and Markets Authority, said at an industry conference that European market participants likely won't face mandatory derivatives clearing before mid-2014. Her comment signals further delay to the global timetable for derivatives reform. Ross also said the buy side should make itself heard more in rule creation. "The buy side has historically only posted collateral, but under the new [over-the-counter] derivatives rules, ESMA is supportive of a two-way system, where collateral moves both ways," she said. The Trade News (U.K.) (04 Dec.), Financial Times (tiered subscription model) (04 Dec.) LinkedInFacebookTwitterEmail this Story
  • U.K. reports of suspicious trades surge from 2009 level
    The U.K. Financial Services Authority says it is on track to have 900 reports of suspicious trading in 2012, triple the number from 2009. However, the regulator doesn't see such data as evidence that market abuse is rampant. "Rather, we think our messaging around the requirement for and importance of market participants submitting [suspicious-trade reports] is hitting home," said Jamie Symington, head of wholesale enforcement. Bloomberg (04 Dec.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • DoubleLine readies bank-loan mutual fund
    DoubleLine Capital aims to bring a mutual fund investing in bank loans to the retail market in 2013. The preliminary prospectus filed with the Securities and Exchange Commission says that in addition to loans, the DoubleLine Floating Rate Fund would also be allowed to invest in inflation-indexed securities, as well as mortgage-backed securities and other asset-backed securities. InvestmentNews (free registration) (03 Dec.) LinkedInFacebookTwitterEmail this Story
  Ethics 
  • Ranking: New Zealand, Denmark, Finland have lowest corruption
    Transparency International's ranking of public corruption has the U.S. as the 19th-least-corrupt country. Nations faring better include Canada, Hong Kong, Germany and the Netherlands. Denmark, Finland and New Zealand are tied for "cleanest," the organization says. CNBC (05 Dec.), Reuters (05 Dec.) LinkedInFacebookTwitterEmail this Story
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