| November 16, 2022 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Lead Stories | | | Is The Stock Market Overreacting to Inflation Data?
Eric Wallerstein - WSJ
Wall Street is wrestling with the latest inflation reports, trying to decide whether cooling price pressures mean less aggressive interest-rate moves from the Federal Reserve.
Ever-hopeful investors piled into stocks after the most-recent price data. Their reaction was an anomaly relative to similar events this year.
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Bets On $200 Oil Surge As Traders Eye Extreme Volatility
Markets Insider
A week ago, the U.S. Energy Information Administration cut its crude oil demand outlook for 2023 by 320,000 bpd, with supply also falling, by 300,000.
This week, OPEC also revised down its oil demand forecast for next year by 100,000 bpd, citing economic challenges on the global oil scene. It also warned supply might become more problematic.
/jlne.ws/3OdUIyH
Hedge Funds Bullish On Oil Despite Demand Fears
Markets Insider
Money managers are betting again on rising oil prices, positioning themselves for a potential large disruption in the market in just three weeks when the EU embargo on Russian crude oil imports by sea and the EU-UK-G7 price cap on Russian oil are set to enter into force.
/jlne.ws/3EMiChP
What If the Fed's Own Forecasts Are Wrong?
Bill Dudley - Bloomberg
The Federal Reserve's summary of Economic Projections in September doesn't anticipate a recession in the next three years. And Chair Jerome Powell still seems to think that a soft landing for the economy is possible. In my view, however, a US recession is highly likely in the next 12 to 18 months. Why don't I share the Fed's optimism?
/jlne.ws/3UYYEp8
Energy firms' derivatives are financial stability risk, says ECB
John O'Donnell and Balazs Koranyi - Reuters
Energy companies' use of derivatives poses a wider financial risk, the European Central Bank said on Wednesday, cautioning that those firms could encounter further difficulties if prices rose again.
Energy providers are known for buying and selling oil, gas and electricity but they are also big traders of derivatives, such as an option to buy or sell gas at a fixed price in the future, activity that has exacerbated the energy crisis.
/jlne.ws/3X8Q5tD
LME Nickel Prices Plunge as Illiquid Trading on LME Sparks Fresh Turmoil
Mark Burton - Bloomberg
The London Metal Exchange is stepping up surveillance of trading in the nickel market after sharp price swings revived memories of the extreme volatility seen during a runaway short squeeze.
The move comes after nickel prices fell rapidly Wednesday afternoon, unraveling dramatically after supply fears sparked erratic rallies in thin trading conditions earlier in the week. It's the most extreme bout of volatility since a historic price spike in March, and it's heightening concerns that plunging liquidity in the wake of the controversial squeeze risks wreaking fresh havoc.
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| | | | | | Exchanges | | | NYSE, NYSE American, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Bonds, NYSE Chicago, NYSE National service trading
NYSE
In observance of Thanksgiving, the New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago Equities, NYSE National Equities, NYSE Arca Options, NYSE American Options, and NYSE Bonds markets will be closed on November 24, 2022, and will operate on a shortened trading schedule on November 25, 2022. Regular trading sessions will close for all markets at 1:00 p.m. Eastern Time (ET).
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| | | | | | Regulation & Enforcement | | | OCC Receives No Objection Notice from SEC on Cloud Infrastructure Proposal
OCC
On October 20, 2022, the U.S. Securities and Exchange Commission (SEC) issued a 'Notice of No Objection' regarding OCC's Advance Notice filing in connection with our Cloud infrastructure proposal. OCC is the first Systemically Important Financial Market Utility (SIFMU) to request regulatory approval to use the Cloud for our new clearing, risk management and data management applications launching in 2025. "The SEC's 'Notice of No Objection' represents the culmination of several years of collaborative work with our regulators and marks a critical milestone in our transformation," said John P. Davidson, Chief Executive Officer.
/jlne.ws/3UNAr5G
SEC Announces Enforcement Results for FY22
SEC
The Securities and Exchange Commission today announced that it filed 760 total enforcement actions in fiscal year 2022, a 9 percent increase over the prior year. These included 462 new, or "stand alone," enforcement actions, a 6.5 percent increase over fiscal year 2021; 129 actions against issuers who were allegedly delinquent in making required filings with the SEC; and 169 "follow-on" administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders. The SEC's stand-alone enforcement actions in fiscal year 2022 ran the gamut of conduct, from "first-of-their-kind" actions to cases charging traditional securities law violations.
/jlne.ws/3hOE7W8
| | | | | | Miscellaneous | | | FTX's Bankruptcy Will Take Lawyers Down a Crypto Rabbit Hole
Bill Alpert - Barron's
When the cryptocurrency enterprise FTX filed for bankruptcy protection Friday morning, it said creditors were owed somewhere between $10 billion and $50 billion from its more than 130 entities. That exact sum may prove one of the hardest calculations in the history of bankruptcy.
"The value of crypto assets varies so much, day to day," says University of Wisconsin law professor Megan McDermott. "How you value themâand at what point in timeâwill really affect what customers and creditors can recover."
/jlne.ws/3GiJffn
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Editor-in-Chief
| | | Jeff Bergstrom
Editor
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