| November 06, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Congratulations to President-Elect Donald Trump and Vice President-Elect J.D. Vance on their victory in the U.S. election. Congratulations to the GOP for taking control of the U.S. Senate as well. The U.S. House's fate remains unknown, but it looks like it also could end up in GOP hands.
With the Senate in GOP hands it will be much easier for transition co-chair's Howard Lutnick to recommend Trump administration officials be confirmed. That opens the door for a wider group of officials to serve.
It is with deep sadness that I report that Gareth Roberts passed away suddenly last Friday. He was head of sales at AMT Futures Ltd. Roberts career saw him also serve as head of the London office and EMEA head of sales at AP Capital/Mamoru, head of clearing strategy at ED&F Man Capital Markets, executive director in futures & options and OTC Clearing sales at J.P. Morgan, and head of sales at GNI Limited. He left an indelible mark on our industry and touched the lives of countless colleagues and clients. Our thoughts are with Gareth's family, friends, and everyone who had the privilege of working with him. Roberts' colleague James Proudlock originally shared his passing on LinkedIn.
Peak6 Investments has sold its minority stake in Premier League club Wolverhampton Wanderers back to Fosun Sports Group for approximately $50 million, Bloomberg reported. Peak6 acquired the stake three years ago in the Fosun unit, which had initially bought Wolves in 2016. Fosun Sports manages other assets, including e-sports teams and a music label. Wolves, currently at the bottom of the Premier League, recorded a net loss of £67 million on £168.6 million in revenue for the year ending May 2023. This sale reflects a broader trend of Chinese firms, like Fosun, divesting from foreign sports clubs amidst China's shifting economic policies.
Here are the headlines from in front of FOW's paywall from some recent stories: ANALYSIS: Buyside adoption key for Eurex's credit, FX plans, Debate forming in Europe about government bond clearing mandate - Eurex, CME sees surge in Treasury options on US election, HKEX latest to report busiest month for trading in 2024, ICE reports all-time record month for volume traded and ANALYSIS: Eurex committed to retail and raising crypto derivatives demand.
Our apologies for the newsletter being late today. I had a doctor's appointment right in the middle of our normal time to edit it, which delayed its publication.
Thank you to all who have subscribed to the John Lothian News YouTube channel. Yesterday we broke the 1000 level and are currently at 1007 subscribers. Our next challenge is to meet a number of hours of video played metric, which we should pass after our EXPO videos are published following the conference. There are currently 996 videos published in the JLN YouTube channel.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Wall Street's 'fear gauge' shows traders are on edge as America heads to the polls from MarketWatch.
- DJT Stock Options Potentially Bracing for a Kamala Harris Victory from Barchart.
- Trump or Harris Trades? Wall Street Is Ready to Find Out from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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| Sponsored Content |
"FIA Forum - Tokyo 2024" held at JPX
Together with FIA and FIA Japan, OSE successfully hosted the FIA Tokyo Forum on October 10, 2024, at the Tokyo Stock Exchange. The event welcomed over 220 attendees representing more than 100 companies.
The program opened with remarks from Mr. Nakaso, Chairman of FinCity.Tokyo, and Mr. Yokoyama, President and CEO of OSE. These introductions were followed by two engaging panel discussions and an insightful address by Mr. Ito, Commissioner of the Financial Services Agency.
During the panel discussions, industry leaders from global exchanges and brokerages shared their perspectives on the Japanese market and their development plans. They also explored practical applications of OSE's recent innovations in the interest rates market, including the newly launched 3-Month TONA Futures.
Mr. Kazuhisa Kakizaki, Executive Officer of OSE/TOCOM, joined a panel to discuss JPX's product advancements. He highlighted developments such as the 3-Month TONA Futures, TOCOM Electricity Futures, and the revival of the Single Stock Options market.
For further details , please refer to the following link: https://www.fiajapan.org/post/fia-forum-tokyo-2024-co-organized-with-fia-japan.
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The Crypto Skeptic Who Went Down the Rabbit Hole
JohnLothianNews.com
On a crisp autumn morning in Brooklyn, Zeke Faux sat in his home office in front of a Zoom virtual background featuring a mocked up gold cryptocurrency coin with Sam Bankman-Fried's profile on it and inscribed with a Latin phrase Faux described as an Easter Egg that means "It is worth nothing." The Bloomberg investigative reporter had just released the paperback version of his first book, "Number Go Up," a searing exposé of the cryptocurrency world that has already made waves in financial circles. A chapter is included in the paperback edition that contains new information, since the hardback edition was released just before Bankman-Fried went on trial. But Faux's journey into the heart of crypto mania wasn't one he initially sought out.
Watch the video »
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Mount Fuji is still without its iconic snowcap in November for the first time in 130 years
Mari Yamaguchi - Associated Press
Japan's iconic Mount Fuji, known for its snowcap forming around this time of the year, is still snowless in November for the first time in 130 years, presumably because of the unusually warm temperatures in the past few weeks. The lack of snow on Mt. Fuji, a UNESCO World Heritage site, as of Tuesday breaks the previous record set on Oct. 26, 2016, meteorological officials said. Usually, the 3,776-meter- (nearly 12,300-foot-) high mountain has sprinkles of snow falling on its summit starting Oct. 2, about a month after the summertime hiking season there ends. Last year, snow fell on the mountain on Oct. 5, according to the Japan Meteorological Agency, or JMA.
/jlne.ws/40tVxvr
***** You can't buy a postcard, t-shirt or poster of Mount Fuji without its iconic snowcap on it. ~JJL
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Hurricane Rafael Menaces Florida Keys on Path to US Gulf
Lauren Rosenthal - Bloomberg
Hurricane Rafael is quickly strengthening as it churns toward the Gulf of Mexico, threatening to bring damaging gusts and heavy rains to populated areas from the Cayman Islands to South Florida. Winds reached 100 miles (160 kilometers) per hour as the storm barrels toward Cuba, where it's expected to make landfall later Wednesday, the US National Hurricane Center said in an update at 7 a.m. New York time. That makes it a Category 2 hurricane on the five-step Saffir-Simpson scale. Rafael is "expected to be near major hurricane intensity" upon landfall, the agency said. Even if the storm weakens slightly over Cuba, it will likely re-emerge as a hurricane in the Gulf of Mexico, it added.
/jlne.ws/3CgdpzS
***** Rafael, don't you know it is November and hurricane season is supposed to be over? ~JJL
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Tuesday's Top Three
Our top story Tuesday was the John Lothian News video interview with Zeke Faux, The Crypto Skeptic Who Went Down the Rabbit Hole. Second was another John Lothian News video, Thomas Peterffy on ForecastEx: Building a Buy-Only Market to Transform Event Trading and Crowd-Based Insights. Third was John Lothian's LinkedIn post sharing the video interview with Zeke Faux.
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| Lead Stories | Trump victory to reverberate through global economy
Balazs Koranyi - Reuters
Donald Trump's victory in the race to become the next U.S. president will have economic consequences for the rest of the world that are likely to be deep and quite immediate. If Trump enacts just a fraction of his pledges - from higher trade tariffs to deregulation, more oil drilling and more demands on America's NATO partners - the strain on government finances, inflation, economic growth and interest rates will be felt in every corner of the world. Trump recaptured the White House on Wednesday by securing more than the 270 Electoral College votes needed to win the presidency, Edison Research projected. His Republican Party also secured the Senate and may even win the House of Representatives, which would make it easier for the president to legislate his proposals and push through key appointments. "Trump's fiscal pledges are seriously troublesome - for the U.S. economy and for global financial markets - as they promise to vastly expand an already excessive deficit at the same time as he threatens to undermine key institutions," Erik Nielsen, UniCredit's Group Chief Economics Advisor, said.
/jlne.ws/3YUEUYH
'A New American Renaissance:' Crypto Celebrates Trump's Return
Anna Irrera and Emily Nicolle - Bloomberg
Crypto advocates took a victory lap on Wednesday as the vast amounts of money they poured into the US elections yielded huge dividends, from Donald Trump's reelection to down-ballot wins for politicians friendly to the sector. Once a crypto skeptic, Trump corralled tens of millions of dollars in industry support for Republican candidates by promising to make America the Bitcoin superpower of the world. On the campaign trail this summer, he pledged to fire US Securities and Exchange Commission Chair Gary Gensler, create a government-owned Bitcoin reserve and ensure all future Bitcoin is mined on US soil.
/jlne.ws/4fxIIEt
Stocks Surge and Bonds Fall as Trump Wins Election: Markets Wrap; Thirty-year treasury yields post biggest jump since 2020; Tesla shares surge in premarket trading, US lenders rally
Andre Janse Van Vuuren and Cecile Gutscher - Bloomberg
Donald Trump's victory in the US presidential election unleashed a shockwave in global markets as traders prepared for dramatic policy and economic change under the new administration. S&P 500 futures climbed 1.9%, the dollar had its biggest gain since 2020 and Bitcoin spiked to a record. Tesla Inc., led by Trump's biggest backer Elon Musk, surged 15% in premarket trading. US bonds tumbled on expectations of faster inflation, with 30-year yields jumping 20 basis points to 4.65%.
/jlne.ws/48GoA12
Shale Drillers Risk Creating a 2025 Oil Supply Glut, Diamondback Says
David Wethe - Bloomberg
Diamondback Energy Inc., the largest independent oil and gas producer in the Permian Basin, warned that the US shale industry may be growing to its own detriment again. The company is planning to hold its own output growth to 2% next year and said it can be flexible with spending if the oil market is oversupplied in 2025. The problem, though, is how other companies are viewing their ability to grow based on calculations such as lower break-even costs.
/jlne.ws/4ehkTQq
Saudi Bourse Plans to Dial Up M&A Amid Capital-Markets Push; Tadawul to focus on 'digestible' acquisitions for time being; Group exploring services like indices, collateral management
Pablo Mayo Cerqueiro - Bloomberg
Saudi Arabia's stock exchange operator is eying mergers and acquisitions as a means to broaden the kingdom's capital markets amid a flood of local offerings, a senior official said. "M&A will play more of a role in our future than it has done in our past," Lee Hodgkinson, chief strategy officer at Saudi Tadawul Group Holding Co., said in an interview in London. The company will aim for "digestible" and "strategically relevant acquisitions," he said, without providing details of any potential targets.
/jlne.ws/4fqlyjw
CME customers criticise futures exchange after it wins approval to also act as broker; Derivatives traders warn of potential 'conflicts of interest' as Chicago group gains licence
Nikou Asgari in London and Jennifer Hughes in New York - Financial Times
Customers of CME Group have strongly criticised the US futures exchange after it was given the green light to become one of their main competitors. Banks and small brokers have sharply criticised the Chicago group after it won approval last week to also act as a futures broker - blurring the traditional dividing line between operating an exchange and being a member of it. "[It] raises serious concerns about market regulation and systemic risk," said Walt Lukken, chief executive of the Futures Industry Association. CME is the world's largest derivatives exchange, handling an average of 28.3mn contracts a day during the third quarter on futures tied to interest rates, Treasuries, energy and equities.
/jlne.ws/3YwdXci
CFTC's Mersinger wants new rules for vertical silos; Republican commissioner shares Democrats' concerns about combined FCMs and clearing houses
Janice Kirkel - Risk.net
A change of administration in the White House on November 5 could result in a change of direction at the US Commodity Futures Trading Commission, but on one vexed issue it appears there may be an emerging bipartisan consensus. Whoever runs the CFTC, Republican commissioner Summer Mersinger thinks the agency should prioritise rulemaking that responds to changes in derivatives market structure. "We need to undertake conflicts of interest rulemaking related to what we are calling vertically
/jlne.ws/4fwyGDK
ADM Discloses More Accounting Issues, Cuts Profit Outlook; The company said it found more misclassified intersegment transactions between all of its major business segments
Patrick Thomas - The Wall Street Journal
Agriculture company ADM disclosed more accounting problems and will amend some past financial results while slashing its profit forecast for the year. ADM said Monday that it found more misclassified intersegment transactions between all of its major business segments-Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition-during its third quarter that ended Sept. 30. The company said it plans to restate its 2023 annual filing and quarterly reports for the first half of this year after discussions with the U.S. Securities and Exchange Commission. The changes aren't expected to have a material impact on its results, the company said.
/jlne.ws/3YTMXoB
China's New Stock Accounts Hit Nine-Year High as Market Booms; Almost all new accounts opened by individual investors; Retail traders rush in after Beijing's stimulus bonanza
Henry Ren - Bloomberg
Chinese investors opened new stock trading accounts at the fastest pace in nine years as equities surged following a stimulus boost from Beijing. Investors created 6.8 million accounts for trading onshore shares in October, the biggest monthly reading since June 2015, according to a Bloomberg tally of data released by the Shanghai Stock Exchange. The figure also exceeds the combined total of accounts opened between May and September.
/jlne.ws/4fDKiFb
Golub Capital Combines Four CLOs Into Biggest Reset on Record; The $2.2 billion deal surpasses formerly largest Antares reset; Nearly $30 billion of CLO resets priced in October 2024
Immanual John Milton and Scott Carpenter - Bloomberg
Asset manager Golub Capital issued the largest reset of a collateralized loan obligation on record late last week, created through an amalgamation of multiple CLOs. Golub fused four different CLOs together, a type of transaction that's been performed at least once before. Its combination formed a massive $2.2 billion reset, surpassing a $2 billion record previously set by Antares in 2021, according to data from JPMorgan Chase & Co.
/jlne.ws/48L3bnd
Europe's chocolate groups lead opposition to EU deforestation law delay; Nestle, Ferrero and more than 50 other companies say the uncertainty is putting investment at risk
Alice Hancock - Financial Times
Nestle, Michelin and more than 50 other companies have said the EU's decision to delay its landmark deforestation law is causing uncertainty across business and putting investment at risk. The law, which was due to come into force on December 30, bans goods from being sold within the bloc which are made with commodities grown on deforested land from seven sectors including cocoa, palm oil, rubber and wood.
/jlne.ws/3AjZMzb
UK government launches new AI safety platform for businesses; Science and tech secretary Peter Kyle wants country to be global leader in testing safety of new technology
Anna Gross - Financial Times
The UK government will provide businesses with a new platform to help assess and mitigate the risks posed by artificial intelligence, as it seeks to be the global leader in testing the safety of the novel technology. The platform, launched on Wednesday, will bring together guidance and practical resources for businesses to use to carry out impact assessments and evaluations of new AI technologies, and review the data underpinning machine learning algorithms to check for bias.
/jlne.ws/3NWNGio
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Trump's victory could mean US withdraws support for Ukraine in war with Russia
Jennifer Hansler - CNN
With the reelection of Donald Trump, Ukraine may soon have to adjust to a dramatic reduction in US support that could have a decisive impact on the war with Russia. Throughout his campaign, the Republican president-elect and his running mate, JD Vance, have cast strong doubts on continued US commitment to Kyiv as the war drags on more than two and half years after Russian forces invaded. Moreover, Trump has made comments that suggest the US could pressure Ukraine into an uneasy truce with Russia.
/jlne.ws/4hCZCne
Kremlin says 'let's see' if Trump victory will help end Ukraine war
Guy Faulconbridge, Andrew Osborn and Dmitry Antonov - Reuters
The Kremlin reacted cautiously on Wednesday after Donald Trump was elected U.S. president, saying the U.S. was still a hostile state and that only time would tell if Trump's rhetoric on ending the Ukraine war translated into reality. Russia's invasion of Ukraine in 2022 triggered the biggest confrontation between Moscow and the West since the 1962 Cuban missile crisis when the Soviet Union and the U.S. came close to nuclear war.
/jlne.ws/3AxMBul
Russian Drone Jockeys Hunt Front-Line Shop Clerks and Repairmen in Ukraine; Drone attacks have made any time outdoors in the city, even a cigarette break, potentially deadly.
Ian Lovett and Nikita Nikolaienko - The Wall Street Journal
The first time a drone attacked Olha Chernishova, she was just getting home from a grocery run. As she carried the bags toward her house, she heard the telltale whirring overheard and sprinted toward the door. Before she made it inside, a grenade detonated as it hit her car, showering her with glass. Her injuries were minor, but a few weeks later, she found herself hiding under a tree while another drone circled above. At the end of October, she watched from the window of her house while a drone dropped a grenade on a car parked nearby.
/jlne.ws/4hA8DgM
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel's Netanyahu Fires Defense Minister Over War Conduct; Premier says Gallant acted against decisions of government; Netanyahu and Gallant have long clashed over national issues
Ethan Bronner - Bloomberg
Israeli Prime Minister Benjamin Netanyahu fired Defense Minister Yoav Gallant, saying longstanding disagreements between them over the conduct of the conflicts with Hamas and Hezbollah had become impossible to bridge. The disputes between the two men "were accompanied by statements and actions that contradicted the decisions of the government and the security cabinet," Netanyahu said late Tuesday.
/jlne.ws/3YU6HZ6
**** Here is the story from the Financial Times.
Lebanon reports deadly raid as Israel strikes Hezbollah depot in Syria
AFP
Lebanon said Israel struck locations across the country on Tuesday, killing one person, as the Israeli military said it struck a Hezbollah weapons depot in a Syrian town near the Lebanese border. The strikes came more than a month into the Hezbollah-Israel war which has left at least 1,964 dead in Lebanon since September 23, according to an AFP tally of health ministry figures.
/jlne.ws/3Avbmr6
Hamas Draws on Arms Training in Iran, Class Notes Reveal
Dan Williams and Fares Akram - Bloomberg
Besieged and degraded after more than a year of war, pockets of Hamas fighters in northern Gaza have been dogging the Israeli army with what are often makeshift munitions. That's precisely what their sponsors in Tehran intended. Fourteen pages of notes, interspersed with sketches of drone avionics and rocket nose-cones, provide a glimpse of what intelligence officers say has been secret training within Iran for Hamas members tasked with creating a homegrown arsenal.
/jlne.ws/3NUKWSI
Hezbollah rocket fired from Lebanon hits Israel's main airport
Neil Johnston - The Telegraph
A Hezbollah rocket has landed within the area of Israel's main airport as the terror group continued to launch daily missile attacks. The projectile was one of a barrage of 10 missiles fired over the border from Lebanon this morning. Sirens were heard across central and northern Israel as rockets were fired around 11.30am.
/jlne.ws/4fzEkov
In One Day, Two of the Biggest Brakes on Israel's Netanyahu Disappeared; Israeli prime minister is expecting a freer hand from Washington as he pursues conflicts in Gaza, Lebanon and with Iran
Anat Peled - The Wall Street Journal
Two significant constraints on Israeli Prime Minister Benjamin Netanyahu's ability to shape security policy are now gone. He fired his defense minister, Yoav Gallant, his fiercest opponent within his own government, and Donald Trump won the U.S. election. Trump was widely believed to be less critical of Netanyahu's policies than his opponent, Vice President Kamala Harris. Both domestically and internationally, Netanyahu now has more room to maneuver.
/jlne.ws/48Fcoxx
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Boerse Stuttgart Digital partners with Fenergo to scale regulatory compliant crypto solutions across Europe; Partnership between Boerse Stuttgart Digital and Fenergo accelerates the onboarding of banks, brokers and asset managers launching their own crypto offerings
Boerse Stuttgart Digital
Boerse Stuttgart Digital, the leading infrastructure provider for cryptocurrencies and digital assets in Europe, partners with Fenergo, a renowned leader in AI-powered KYC, client lifecycle management, and transaction monitoring solutions. Through this partnership, Boerse Stuttgart Digital embraces the next wave of growth in Europe's crypto market by enhancing the scalability of its infrastructure solutions, while streamlining compliance processes in collaboration with Fenergo.
/jlne.ws/4fgaFAY
Cboe Global Markets Reports Trading Volume for October 2024
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported October monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain October trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/48zLYNz
Driving the electronification of FX futures
Eurex
The FX derivatives market's structure currently consists of two highly electronified spaces, with a manual bridge that transfers flow between the two. In the larger OTC market, which dictates norms throughout the FX derivatives ecosystem, swaps and forwards are executed bilaterally. This model is firmly entrenched in firms' working patterns and not a feature that many are willing to move away from, given the strength of their dealer relationships and embedded workflows.
/jlne.ws/4fCyS4y
HKEX to Digitalise ETP Servicing Capabilities With Online Platform
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) plans to digitise and automate the in-kind creation and redemption process for relevant exchange-traded products (ETP) in 2025 through the adoption of a web-based platform, subject to technical readiness and regulatory approval. This platform will be integrated into the ETP creation and redemption process, connecting key ETP participants with the use of Distributed Ledger Technology (DLT) and smart contracts, and will help increase overall ETP market efficiency, supporting the continued growth of secondary market activity for ETPs.
/jlne.ws/40u4PaP
HKEX to use smart contracts, DLT to automate ETP issuance, redemption
Ledger Insights
Today the Hong Kong Exchanges and Clearing (HKEX) announced plans to automate the creation and redemption of some exchange traded products (ETPs) in 2025. The new web based platform will use distributed ledger technology and smart contracts and is subject to regulatory approval. The aim is to boost efficiency and encourage more secondary market activity.
/jlne.ws/40FOGiJ
MIAX Options Exchange - MIAX Product Feed Will Stop Disseminating The VSPIKES Index Cash Value On Monday, November 11, 2024
MIAX
The MIAX Options Exchange will stop disseminating the VSPIKES Index cash value (symbol: VSPKE) on the MIAX Product Feed (MPF) on Monday, November 11, 2024. For more information, please contact ProprietaryProducts@miaxglobal.com.
/jlne.ws/3NVnox2
SGX Group Wins Exchange of the Year at 2024 Regulation Asia Awards
Editors - Regulation Asia
Singapore Exchange (SGX Group) has once again been awarded Exchange of the Year at the 7th Regulation Asia Awards for Excellence 2024, celebrated in person on 4 November 2024, in recognition of its continued leadership in market expansion, technological innovation, and commitment to sustainability across Asia's financial markets. Presented within the Market Infrastructure category, the Exchange of the Year award recognises exchanges that demonstrate exceptional leadership, competitive strengths, and a steadfast commitment to sustainability. This category celebrates innovation, transparency, market integrity, and the ability to provide market participants with a secure trading environment.
/jlne.ws/4ehuua2
Tradeweb Reports October 2024 Total Trading Volume of $54.7 Trillion and Average Daily Volume of $2.35 Trillion
Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of October 2024 of $54.7 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.35tn, an increase of 34.1 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of October was up 18.4% YoY.
/jlne.ws/48FJZqM
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple warns investors future products may never be as profitable as iPhone; Analysts say artificial intelligence and virtual reality headsets might have lower margins than smartphones and App Store
Tim Bradshaw and Michael Acton - Financial Times
Apple has warned investors that future products may never be as profitable as its iPhone business, as it pushes into unproven new markets such as artificial intelligence and virtual reality headsets. The iPhone maker added the new warning on growth and profit margins to its latest annual report, in the list of "risk factors" facing the tech group's business. "New products, services and technologies may replace or supersede existing offerings and may produce lower revenues and lower profit margins," Apple said, "which can materially adversely impact the company's business, results of operations and financial condition".
/jlne.ws/4fgw2Ch
Nvidia Rides AI Wave to Pass Apple as World's Largest Company; Stock is now the world's largest by market capitalizaton; AI is a theme across biggest companies, top 2024 gainers
Ryan Vlastelica - Bloomberg
Nvidia Corp. became the largest company in the world on Tuesday, surpassing Apple Inc. and underscoring just how dominant artificial intelligence has become on Wall Street. Shares rose 2.9% to $139.93, resulting in a market capitalization of $3.43 trillion, ahead of Apple at $3.38 trillion. Microsoft Corp., which Nvidia passed last month, has a market cap of $3.06 trillion. Nvidia has soared more than 850% since the end of 2022.
/jlne.ws/4hwJaol
Perplexity raising new funds at $9 billion valuation, source says
Jaspreet Singh - Reuters
Perplexity is raising new investment that would value the search startup at $9 billion, a source familiar with the matter said on Tuesday, a sign of heightened investor enthusiasm around artificial intelligence companies. California-based Perplexity is set to raise $500 million in the new funding round led by venture capital firm Institutional Venture Partners (IVP), which also holds a board seat in the startup, the source said.
/jlne.ws/3CgwVMA
Microsoft Co-Founder Bill Gates Says Everyone In Future Will Have A 'Utilitarian AI Agent' That Will Help You At Work
Pooja Rajkumari - Benzinga
Microsoft co-founder Bill Gates has shared his insights on the future of workplace efficiency, emphasizing the transformative role of AI agents. In a conversation with Reid Hoffman and Aria Finger during Wednesday's episode of "Possible" podcast, Gates highlighted that AI will drastically change task execution.
/jlne.ws/4ehnj1A
Nvidia Rides AI Wave to Pass Apple as World's Largest Company
Ryan Vlastelica - Bloomberg
Nvidia Corp. became the largest company in the world on Tuesday, surpassing Apple Inc. and underscoring just how dominant artificial intelligence has become on Wall Street. Shares rose 2.9% to $139.93, resulting in a market capitalization of $3.43 trillion, ahead of Apple at $3.38 trillion. Microsoft Corp., which Nvidia passed last month, has a market cap of $3.06 trillion. Nvidia has soared more than 850% since the end of 2022.
/jlne.ws/3YznJdD
AI Revealed a New Trove of Massive Ancient Symbols; The 2,000-year-old geoglyphs offer clues to ancient Nazca people and their rituals
Aylin Woodward - The Wall Street Journal
Anthropologists have spent decades documenting a mysterious collection of symbols etched into the Peruvian desert, depicting everything from human decapitation and domesticated animals to knife-wielding orcas. In the past century or so, 430 of these geoglyphs have been found. Now, an analysis using artificial intelligence has nearly doubled the number in just six months. Constructed primarily by ancient South American people known as the Nazca millennia ago, the geoglyphs, which can be as long as a football field, are concentrated on a roughly 150-mile-square area called the Nazca Pampa.
/jlne.ws/3Ay1gWp
Vermiculus opens new office in Umea to support continued growth; New location in one of the strongest fintech hubs in the Nordics strengthens Vermiculus' capacity to meet global demand.
Vermiculus
Vermiculus, a global provider of trading, clearing, and CSD technology, is growing rapidly and is pleased to announce the opening of its new office in the university town Umea, in Northern Sweden. "We are so excited to welcome our first colleagues to the Umeå office and this marks another new milestone for Vermiculus. I am looking forward to the journey ahead with our growing team in Umea and to work so closely with many brilliant minds," said Nils-Robert Persson, Chairman of Vermiculus.
/jlne.ws/3AxFbaz
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| Cybersecurity | | Top stories for cybersecurity | Canadian police arrest alleged hacker behind cyberattacks that compromised 'nearly all' AT&T accounts; Bloomberg says Canadian Alexander Moucka used leaked credentials in online forums to access Snowflake clients' accounts.
Will Shanklin - Engadget
A man allegedly behind a series of corporate cyberattacks is reportedly in custody in Canada. Bloomberg reported on Monday that the suspect, 26-year-old Alexander "Connor" Moucka, was apprehended by authorities on a provisional arrest warrant on October 30, following a request from the US. The hacks targeted corporate customers of Snowflake, a cloud data partner of AT&T, Live Nation and others. The hacks targeted over 100 organizations, leading to millions of users' personal data theft. In addition to AT&T and Ticketmaster, that list included Lending Tree, Advance Auto Parts and Neiman Marcus. AT&T declined to comment for this story. We also contacted Live Nation but haven't heard back. (We'll update this story if we do.)
/jlne.ws/40FcZ0d
FBI Statement on Additional Inauthentic Uses of Bureau Name, Insignia in Promoting False Election-Related Narratives
FBI
Today, the FBI was made aware of three instances of its name and insignia being misused to promote false narratives surrounding the election. These three instances are the latest in a series of fabricated videos and statements falsely attributed to the FBI designed to mislead the American public. The first is a fabricated FBI written statement warning media and bloggers against publishing information about violence at polling stations. The false statement claims active dissemination of information about attacks at polling stations may provoke a spontaneous increase in such incidents and that withholding such information would ensure the safety of U.S. citizens. This statement is not authentic, is not from the FBI, and its contents are false.
/jlne.ws/3YUpvHU
Hackers demand France's Schneider Electric pay a $125k ransom in baguettes
Mark Tyson - Tom's Hardware
Hungry hackers have demanded that France's Schneider Electric pay a $125,000 ransom in baguettes. Bleeping Computer's report indicates that a hacker group may have stolen 40GB of data from the major French energy management and automation engineering group, after successfully penetrating the firm's JIRA system.
/jlne.ws/40BpGc5
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| Cryptocurrencies | | Top stories for cryptocurrencies | FBI finds $8.3 million embezzled by 'pure evil' Kansas banker in a cryptocurrency account in the Cayman Islands
Martha Mendoza and The Associated Press
Sobs of relief broke out in a federal courtroom in Kansas on Monday as dozens of people whose life savings had been embezzled by a bank CEO learned that federal law enforcement had recovered their money.
/jlne.ws/3YTsKz1
Bitcoin hits record above $75,000 as industry celebrates Trump win; Republican presidential victor has vowed to end regulatory crackdown on cryptocurrency industry
Nikou Asgari and Will Schmitt - Financial Times
Bitcoin surged to a record high on Wednesday as crypto investors celebrated the election victory of Donald Trump, who has pledged to make the US "the bitcoin superpower of the world". The world's biggest cryptocurrency rallied more than 7 per cent to an all-time high of $75,389 as Trump won the race to the White House. The milestone surpassed the previous peak of $73,803.25, set in March, and lifted the prices of a host of other cryptocurrencies.
/jlne.ws/4hEhT3g
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| Politics | | An overview of politics as it relates to the financial markets | Republicans Win Control of US Senate Ahead of Key Tax Fight; Progressives' hopes of shifting the burden of taxation dashed; Trump victory extended a sharp bond selloff, US yields jumped
Steven T. Dennis - Bloomberg
Republicans won control of the US Senate amid a slew of victories by allies of Donald Trump, giving the GOP powerful leverage in high-stakes tax and spending battles next year. GOP candidates defeated Banking Chairman Sherrod Brown in Ohio, unseated Montana's Jon Tester and picked up the open Senate seat in West Virginia. Nebraska Republican Deb Fischer also fended off an unexpectedly tough challenge, giving the party at least 52 seats in the 100-member Senate. That means the GOP will have the final say in the Trump's executive and judicial nominations.
/jlne.ws/3As6bs0
Four things Trump could do with full control of Congress
Rozina Sabur - The Telegraph
Donald Trump claimed an "unprecedented and powerful mandate" to govern in his victory speech. If Republicans control all of Congress, he will have just that. Republicans have already flipped several Democratic seats to seize control of the Senate. The party is odds on favourites to retain the House. A GOP trifecta of the House, Senate and the White House would grant the 78-year-old unfettered power to push through his agenda for the next two years. All potential guardrails will be off.
/jlne.ws/48BE6Lu
Black Women Break a US Senate Barrier, Winning Two Seats; Only 12 Black people have served in US senate, 3 of them women; Alsobrooks and Rochester won races in Maryland and Delaware
Steven T. Dennis and Jarrell Dillard - Bloomberg
Two Black women, Angela Alsobrooks and Lisa Blunt Rochester, have won US Senate seats representing Maryland and Delaware, breaking another barrier in a 235-year-old institution long dominated by White men. Only 12 Black people have served in the Senate, and only three of them have been women. Never before have two Black women been seated at the same time.
/jlne.ws/4elyBlj
How election misinformation thrived online during the 2024 presidential race-and will likely continue in the days to come
Jenn Brice - Fortune
The rapid rise of generative artificial intelligence and deep-fake technologies had many dreading the year of the AI election. And as the 2024 campaign winds down, misinformation and disinformation about the election is everywhere online, from foreign bot accounts to billionaire-backed ad campaigns and the candidates themselves. Since the 2020 presidential election, the volume and methods for disinformation campaigns have grown, says Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance. "The biggest red flag is that they're going to try to make you reactionary and get you out of your critical thinking process and into your reactionary, emotional thinking process," he told Fortune.
/jlne.ws/3YU9rpo
Polymarket paid U.S. social media influencers for election content
Margi Murphy, Teresa Xie and Bloomberg - Fortune
The predictions-betting platform Polymarket has been paying US-based social media influencers to promote election betting on the site - even though it's barred from letting anyone in the country use the tool to place wagers, including on Tuesday's presidential race. In September, Polymarket's senior director of growth, Armand Saramout, canvassed for sponsorship deals with US influencers, according to outreach messages seen by Bloomberg News.
/jlne.ws/3AGuaDL
China Hack Enabled Vast Spying on U.S. Officials, Likely Ensnaring Thousands of Contacts; Hackers scooped up call logs, unencrypted texts and some audio, piercing America's communications infrastructure
Dustin Volz, Aruna Viswanatha, Drew FitzGerald and Sarah Krouse - The Wall Street Journal
Hackers linked to Chinese intelligence used precision strikes to quietly compromise cellphone lines used by an array of senior national security and policy officials across the U.S. government in addition to politicians, according to people familiar with the matter. This access allowed them to scoop up call logs, unencrypted texts and some audio from potentially thousands of Americans and others with whom they interacted. The emerging picture of the intrusion's reach helps confirm the intelligence community's concerns about the potentially dire national security consequences of the attack, the people said.
/jlne.ws/3YUWDzd
Andy Kim Becomes First Korean-American Senator With NJ Win; Kim, a former Obama advisor, defeats Republican Bashaw; Gained national attention with photo following Jan. 6 riot
Alisa Parenti and Sam Kim - Bloomberg
/jlne.ws/4eiHhJf
Warren Buffett skipped endorsing a presidential candidate this election as many CEOs retreat from politics
Greg McKenna - Fortune
/jlne.ws/4fv7wNm
US Lumber Industry Set to End Canada's Dominance as Tariffs Take Toll
Ilena Peng and Thomas Seal - Bloomberg
/jlne.ws/3Cpxt2E
India issues notice to Wikipedia over concerns of bias
Manish Singh - TechCrunch
/jlne.ws/4fDxej7
Russia Is Accused of Terrorism in Alleged Incendiary-Device Plot
Max Colchester - The Wall Street Journal
/jlne.ws/4hxL0Fv
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Needs to Prepare for More Regulatory Challenges, Agency Watchdog Says'; Inspector General says the regulator must better ensure rule making can withstand increasing judicial scrutiny
Mengqi Sun - The Wall Street Journal
The U.S. Securities and Exchange Commission needs to prepare for more legal challenges to its rule making by developing a thorough administrative process, the agency's watchdog said. The SEC Office of Inspector General, which investigates and audits the regulator's operations, said in a report Monday the SEC's rule-making agenda has seen more frequent court challenges in recent years and the agency will face additional judicial scrutiny after the Supreme Court's ruling on the so-called Chevron deference pared back federal regulatory power.
/jlne.ws/3NVwPfW
ASIC's proceedings against Dixon Advisory director Paul Ryan dismissed
ASIC
The Federal Court has dismissed ASIC's case against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty Limited, for alleged breaches of directors' duties. ASIC alleged Mr Ryan breached his duties as a director by his involvement in decisions made at a time when Dixon Advisory was approaching insolvency. ASIC alleged those decisions were to the advantage of Dixon Advisory's holding company, E&P Operations Pty Ltd (of which Mr Ryan was a director), and he failed to properly consider the interests of Dixon Advisory's creditors.
/jlne.ws/3AvSdFo
FCA to allow fund managers to combine dealing and research payments
Emma Wallis - Trustnet
The Financial Conduct Authority (FCA) plans to permit asset managers to pay for sell-side research and trade execution in a single all-in fee, reversing MiFID II 'unbundling' rules. The regulator has set out proposals and launched a consultation today to seek feedback from the investment industry, which will close on 16 December. If it chooses to proceed, any rules or guidance will be published in the first half of next year. The proposals follow recommendations from the UK Investment Research Review in July 2023, which highlighted the "paucity of research coverage of smaller-cap companies" and argued that 'bundling' has enabled the US to produce superior research to the UK. As a first step, institutional investors were granted greater flexibility on how they purchase investment research in July. The FCA said it now wants to make it easier for fund managers to "buy insight and analysis across borders".
/jlne.ws/4hEJ65Z
All aboard: strong infrastructure for smooth journeys
FCA
Speech by Emily Shepperd, FCA chief operating officer, delivered at the UK Sustainable Investment and Finance Association (UKSIF) Leadership Summit, IET London. The building we're in, Savoy Place, was designed by one of our greatest architects: Charles Holden. He's known today for his work for London Underground. The local stations he worked on - each modernist masterpieces in their own right - populate the outer reaches of the Tube. His designs are a visible reminder of the change London was going through at the time. Of an overcrowded city, dense and unforgiving, expanding to provide Londoners with somewhere greener to live and raise their families. Metroland, as poet John Betjeman called it.
/jlne.ws/3YABVTK
"Japan Fintech Week 2025" website is now officially launched.
FSA
We are delighted to announce the Japan Fintech Week 2025, an event poised to illuminate the dynamic Japanese fintech landscape to a global audience. Taking place from March 3 to 7, this core week is set to catalyze business opportunities, fostering the continued growth of fintech innovation. In conjunction with the 9th iteration of FIN/SUM 2025 (hosted by the Financial Services Agency and Nikkei Inc.), the week will feature a diverse array of fintech-related events organized by various entities. Japan Fintech Week aspires to provide a unified platform for fintech professionals from Japan and around the world.
/jlne.ws/4hucD2e
SFC bans Jonathan Dominic Iu Wai Ching for 15 years
SFC
The Securities and Futures Commission (SFC) has prohibited Mr Jonathan Dominic Iu Wai Ching from re-entering the industry for 15 years (Note 1). The disciplinary action follows the Market Misconduct Tribunal's (MMT) determination that Iu, a former responsible officer of Tarascon Capital Management (Hong Kong) Limited (Tarascon), had engaged in market misconduct by false trading in the shares of Sinopharm Tech Holdings Limited and Quantum Thinking Limited. He carried out the trades through the brokerage accounts of the hedge fund managed by Tarascon and of his mother, resulting in gains of $5.6 million in his mother's brokerage account at the expense of the hedge fund (Notes 2 and 3).
/jlne.ws/3UEhnbZ
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Credit Markets Face Risk of a $60 Billion Wave of Fallen Angels
Caleb Mutua - Bloomberg
Some of America's biggest businesses may lose their coveted investment-grade ratings, flooding US junk-bond markets with as much as $60 billion of debt after soaring inflation has driven up many companies' operating costs. Barclays Plc expects between $40 billion to $60 billion worth of 'fallen angels' in 2025, industry parlance for companies that have lost their investment-grade ratings. It would be the highest level in nearly a decade, excluding 2020 when the Covid-19 pandemic broke out.
/jlne.ws/3CgGATl
Bets on 'Trump 2.0' winners and losers whip up markets
Amanda Cooper - Reuters
Donald Trump's rapid confirmation as the next U.S. president propelled the dollar and punished the euro as investors bet on tariffs on imports affecting trade while tax cuts could benefit U.S. business. U.S. stock futures rallied almost by the most in a year, while the dollar was set for its largest one-day jump since 2022. Bitcoin hit record highs and Treasuries were battered.
/jlne.ws/4hPP9oH
Euro Parity in Play as Trump Win Spurs Biggest Drop Since 2016; ABN Amro, ING see one euro buying one dollar in coming months; Options traders boosted euro-dollar parity bets pre-election
Alice Atkins, Vassilis Karamanis, and Greg Ritchie - Bloomberg
Currency traders are turning against the euro as Donald Trump's victory in the US presidential race boosted the chance of aggressive European interest-rate cuts, driving the common currency toward parity with the dollar. The euro tumbled as much as 2.1% on Tuesday, poised for its biggest decline since 2016. ABN Amro Bank NV, ING Groep NV and Manulife warn the rout will extend over the coming months to the level where one euro buys one dollar. Mizuho Financial Group Inc. and Deutsche Bank AG anticipate the currency will slide to $1.03 and $1.05, respectively, by year-end.
/jlne.ws/48Dqsr4
MarketAxess Founder, Executive Chairman Richard McVey Retiring
Colin Kellaher - The Wall Street Journal
MarketAxess Holdings on Wednesday said its founder and executive chairman, Richard McVey, plans to retire at the end of the year. The New York trading platform for fixed-income securities said board member Carlos Hernandez will succeed McVey as chairman on Jan. 1. Hernandez, who served as a MarketAxess director from 2006 to 2019 and rejoined the board in September 2023, spent 37 years with JPMorgan Chase before retiring last year.
/jlne.ws/3YAttUG
Apollo Charts a Path to Individual Investors; The asset manager's in-house insurer, Athene, brought in $57 billion this year through September, including $28 billion through retail channels
Luis Garcia - The Wall Street Journal
Apollo Global Management is seeking to become the asset-manager of choice for insurers as its own insurance business, Athene, posted strong results through the third quarter, including retail sales of annuities. Apollo Chief Executive Marc Rowan said the New York firm has placed partner Jeff Jacobs in charge of its capital management business for insurers. Apollo expects the unit's total assets to double in five years from the $100 billion it currently oversees, Rowan said Tuesday during an earnings call with securities analysts. Expanding its insurance business would boost Apollo's ability to make new investments. The firm deployed $76 billion during the third quarter.
/jlne.ws/4hEOB4D
TP ICAP Trading Update for the nine months ended 30 September 2024
TP ICAP
Third quarter performance in constant currency, unless in brackets, which denotes reported currency. Record Group revenue in the third quarter of £557m, up 10% (+9% in reported currency). Global Broking revenue increased 9% (+8%), maintaining the good second quarter momentum. Rates, the largest and most profitable asset class, grew 14% (+15%), benefitting from interest rate volatility. Liquidnet delivered a very strong third quarter, with revenue up 28% (+26%). Liquidnet Equities recorded a 24% (+21%) increase, against a backdrop of continued institutional block market activity. Multi-asset agency brokerage revenue was up 33% (+33%), driven by strong growth in Relative Value strategies.
/jlne.ws/4fA2gYX
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | European clean energy stocks tumble as Trump wins presidency
Stine Jacobsen - Reuters
Shares in European clean energy groups plummeted on Wednesday after Donald Trump was elected president of the United States, as investors fretted over a potential dismantling of U.S. support for renewables and climate policy.
Trump had vowed to scrap offshore wind projects through an executive order on his first day in office and to roll back climate regulations implemented under President Joe Biden.
/jlne.ws/4egAeAH
Trump victory seen as blow to climate action ahead of UN summit; World's most important climate negotiations undermined by anticipated US policy shift
Attracta Mooney, Alice Hancock and Kenza Bryan - Financial Times
The Trump victory in the US election was seen as a blow to global climate action and cast a pall over the UN COP29 summit next week, but leaders of the historic climate agreement struck in Paris said they believed the momentum behind decarbonisation would not be halted. The Trump campaign had said the incoming president would again withdraw from the Paris Agreement, as he had in his first term in office.
/jlne.ws/3NUoNUq
From Oil to EVs, Here's What a Trump Victory Means for Energy; Win empowers him to attack climate policies he's dubbed a scam; Republican will also push policies to produce more oil and gas
Jennifer A Dlouhy and Ari Natter - Bloomberg
Donald Trump's victory promises to shake up US energy and environmental policy, with sweeping implications for oil production, offshore wind development and electric vehicle sales. The win empowers him to deliver on his campaign pledges to go after climate policies he's dubbed the "green new scam" while reorienting the federal government toward pumping more crude and building more power plants. Though some efforts would face long odds on Capitol Hill - where many of Trump's fellow Republicans would oppose a wholesale repeal of the Inflation Reduction Act's energy and manufacturing tax credits - Trump can use his executive authority to put other changes in motion. Oil and gas companies are set to be prime beneficiaries.
/jlne.ws/3NZnmEt
Trump 2.0 Climate Tipping Points; A guide to what a second Trump White House can - and can't - do to the American effort to slow global warming.
Jennifer A. Dlouhy - Bloomberg
For the first time ever, the entire US government has taken up the fight against climate change. President Joe Biden unleashed hundreds of billions of dollars toward clean energy and enacted new regulations throttling planet-warming pollution from cars, oil wells and power plants. Some of those policies were explicitly designed to be popular - winning over hearts and minds as tax breaks turned homeowners into solar enthusiasts and dollars flowed into factories, creating new jobs. The dynamic has been especially pronounced in deeply red districts where voters are more likely to be skeptical of climate change.
/jlne.ws/3YRTmAB
Climate Change Has Dangerously Supercharged Fires, Hurricanes, Floods and Heat Waves. Why Didn't It Come Up More in the Presidential Campaign?; Trump calls climate change a "scam" and a "hoax." Harris understands it's an emergency. But it's not among her top issues on the campaign trail.
Kiley Bense, Georgina Gustin, Liza Gross, Marianne Lavelle, Phil McKenna - Inside Climate News
Though the stakes could hardly be higher for a planet increasingly imperiled by global warming, the topic surfaced only occasionally in the run-up to the presidential election, puzzling analysts who said that climate change is a key issue for voters that Vice President Kamala Harris needed to court. The Democratic platform recognizes climate change as a global emergency and warns that protecting Americans' lives and futures requires urgent action. Yet the economy, abortion rights and threats to democracy were the central issues of the Harris campaign, with climate getting just passing mentions. That remained true even after Hurricanes Helene and Milton battered key swing states and scientists said climate change supercharged their intensity.
/jlne.ws/3NXyrpG
Jefferies Tells ESG Bosses to Keep Lawyers Close After Trump Win; Jefferies says Trump victory likely to boost anti-ESG efforts; Increase in 'greenhushing' now likely, Jefferies analysts say
Frances Schwartzkopff - Bloomberg
ESG fund managers are being urged to keep their lawyers very close, after Donald Trump emerged as the winner of the US presidential race. Trump's return to the White House threatens to turbo-charge a years-long GOP assault on environmental, social and governance investing strategies. Investors intending to continue with ESG portfolios will need to ensure they understand the intricacies of the US legal system well, according to analysts at Jefferies Financial Group Inc.
/jlne.ws/4fcMDHi
UAE's Adnoc Agrees 15-Year LNG Supply Deal With Germany's SEFE
Anthony Di Paola - Bloomberg
Abu Dhabi National Oil Co. agreed to sell liquefied natural gas to Germany's SEFE for 15 years starting 2028, a deal that expands the United Arab Emirates' efforts to become a key supplier of the fuel. The agreement for 1 million tons a year converts a preliminary deal signed in March to a definitive sales agreement, Adnoc said in a statement. Adnoc will supply the fuel from an LNG export facility it's building in Ruwais near Abu Dhabi.
/jlne.ws/48CVXBz
'Dunkelflaute' sends wind power generation plummeting in UK and Germany
Matt Oliver - The Telegraph
/jlne.ws/4fbfNq4
PG&E Cuts Power to California Customers As Wildfire Risk Builds; Shutoffs come as drying Diablo winds arrive late Tuesday night; Residents of 17 counties may lose power during prolonged winds
Lauren Rosenthal - Bloomberg
/jlne.ws/4fv1VGQ
Spain's Flooding Tragedy Shows Need for Better Weather Alerts; As meteorological disasters become increasingly common, more investment in civil warning systems is essential.
Lara Williams - Bloomberg
/jlne.ws/3UH3lpP
Drought conditions cover a record swath of the U.S. What to know.; A remarkable 87 percent of the country had fallen into dry or drought conditions as of Oct. 31.
Ian Livingston - The Washington Post
/jlne.ws/4f636Nj
Nuclear Energy's AI Boom Blew a Fuse-Here's What Could Happen Next; Regulator's decision puts one type of contract at risk, but won't close the door on nuclear power plants looking to sign agreements with data centers
Jinjoo Lee - The Wall Street Journal
/jlne.ws/3CgnFYU
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman, Citi Soar on Hopes of Less Tax, Regulation Under Trump; Regulatory pendulum 'will swing back somewhat:' Pipe Sandler; Trump promised to eliminate 10 regulations for every new one
Marion Dakers - Bloomberg
Shares of US banks including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. surged in premarket trading as investors wagered that Donald Trump would make good on his promises to lower taxes and reduce regulation for the industry. During the campaign, Trump vowed to cut the corporate tax rate to as low as 15% from 21%, and to eliminate 10 regulations for every new one - offering a more attractive environment for banks than his rival Kamala Harris, who had planned to raise corporate taxes.
/jlne.ws/3YAZFHs
UBS, Credit Agricole Lose Fight Over EU Bond Cartel Fines; Judges side with EU in antitrust case over chatroom collusion; UBS was contesting Credit Suisse's EUR11.9 million penalty
Samuel Stolton - Bloomberg
Credit Suisse's new owner UBS Group AG and Credit Agricole SA lost a European Union court fight against multimillion-euro penalties for a bond trading cartel between rival banks. Judges at the EU's General Court in Luxembourg backed the European Commission's 2021 decision to slap Credit Suisse and Credit Agricole SA with fines of EUR11.9 million ($12.8 million) and EUR3.9 million for allegedly colluding in chatrooms on trading of U.S. supra-sovereign, sovereign and agency bonds.
/jlne.ws/3CpEhNI
Commerzbank Plans to Curb Risk Assets Growth to Lift Payouts
Arno Schuetze and Anna Edwards - Bloomberg
Commerzbank AG Chief Executive Officer Bettina Orlopp is intensifying a plan to cut back the expected growth in risk-weighted assets as a cornerstone of her strategy to keep the lender independent. The German bank lowered the amount of RWA it expects to have in 2027 to EUR186 billion ($200 billion), according to a presentation on Wednesday, from an expectation of EUR189 billion given in late September. The move, which confirms an earlier Bloomberg report, means the bank will need to hold less capital as a backstop, creating more room for investor payouts and investments.
/jlne.ws/48G67Bp
A New Boss Is Taking Over at Blackstone's $37 Billion Tac Opps Arm
Dawn Lim - Bloomberg
A changing of the guard is underway at a key Blackstone Inc. business. Billionaire dealmaker David Blitzer, 55, is scaling back his role to become chairman. He'll cede day-to-day management of the firm's $37 billion "Tactical Opportunities" unit to his top lieutenant, Chris James. The firm told investors about the moves Tuesday. Blitzer, a fast-talking and blunt dealmaker who has built his own sports empire, is a cultural mainstay at Blackstone, the world's biggest alternative asset manager.
/jlne.ws/3ACfFAQ
Pimco, DoubleLine Pounce on Wamco Havoc to Poach Assets
Laura Benitez, Loukia Gyftopoulou and Silla Brush - Bloomberg
West Coast bond houses have long honored an unofficial pact that they would avoid aggressively poaching staff from one another. But when it comes to pursuing clients, all bets are off. Managers at Pacific Investment Management Co., DoubleLine Capital and Capital Group are scooping up mandates worth billions of dollars from pension funds that have yanked money from Western Asset Management Co., which is grappling with the fallout of a US Securities and Exchange Commission investigation into its star trader, Ken Leech.
/jlne.ws/48KOZdV
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 'I haven't seen sunlight in 3 months': American law firm trainees in London endure 13-hour days for eye-watering six-figure starting salaries
Prarthana Prakash - Fortune
U.S. law firms offer starting salaries of roughly £170k, but that comes with long hours. A survey of trainees and junior lawyers at American law firms' offices in London shows that they spend as much as 13 hours a day at work-roughly twice the average work week in the U.K.
/jlne.ws/3NXzaXW
Hundreds of German workers on a 4-day workweek trial got better sleep, more exercise, and felt less stress than their 5-day peers
Ryan Hogg - Fortune
German participants of a four-day week trial gave hair samples, wore smartwatches, and tracked their sleep to give an alternative view of the benefits of a shortened working week, and the results are promising.
/jlne.ws/3UFAmCG
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| Wellness Exchange | | An Exchange of Health and Wellness Information | 'Walking Pneumonia' Is Surging Ahead of Cold and Flu Season; Children are experiencing the largest rise in mild respiratory infection characterized by a lingering cough
Sumathi Reddy - The Wall Street Journal
If you've had a lingering cough recently, there is a chance the culprit wasn't Covid-19, flu or RSV, but mycoplasma pneumoniae. Levels of this milder lung infection-which can lead to "walking pneumonia"-are 10 times greater than last year, according to the Centers for Disease Control and Prevention. Though the CDC doesn't officially track the disease, it issued an alert last month noting the rise in cases. Levels of walking pneumonia, so named because patients often feel well enough to go about their normal daily activities, typically peak every three to seven years.
/jlne.ws/3UIfRWi
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The New Investment Superpower Outflanking China and the U.S. in Africa; The United Arab Emirates has poured billions of dollars into mines, ports and other projects
Nicholas Bariyo - The Wall Street Journal
Across the world, the U.S., China and Russia are rubbing up against each other as Beijing and Moscow try to establish a new international order. The tiny United Arab Emirates is looking closer to home. The petrostate has invested billions of dollars on the other side of the Arabian peninsula, in Africa, where it is now emerging as a significant player, at times muscling out China and annoying the U.S. and others. It has taken sides in local wars and spent heavily on buying farmland, ports and other projects that could help reduce its own dependence on oil in the decades to come.
/jlne.ws/4fhCity
Australian Explosives Giant Sees Dynamite Opportunity in North America; The CEO expects the region to account for 30%-40% of revenue in the next few years.
Rhiannon Hoyle - The Wall Street Journal
The world's biggest commercial-explosives maker, Australia's Orica, made North America the centerpiece of a recent global buying spree that has included eight acquisitions in four years. As a result, North America-Orica's second-largest market after Australia-should account for between 30% and 40% of the company's revenue within the next few years, said Chief Executive Sanjeev Gandhi. In the first half of Orica's 2024 fiscal year, the region accounted for 22%. Orica's acquisitive run has been part of a strategy to grow beyond its core blasting business. The $5.5 billion company wants to be bigger in specialty chemicals and digital technologies that can help miners recover metals, like those needed to make batteries, more efficiently.
/jlne.ws/3C9ltSP
Bad Weather Sinks Philippine Farm Output to Worst Since 2020
Andreo Calonzo - Bloomberg
The Philippines' farm output dropped the most in nearly four years last quarter due to bad weather, showing a potential drag to growth in one of Asia's fastest-expanding economies. Farm production value fell 3.7% from a year ago in the July-to-September period, the statistics agency said on Wednesday. That's the biggest quarterly contraction since the fourth quarter of 2020, according to government data compiled by Bloomberg.
/jlne.ws/3Z4xEJX
Colombia's Petro Says Bogota Faces 'Structural' Water Shortage
Andrea Jaramillo - Bloomberg
President Gustavo Petro said that Bogota is entering a "structural problem" due to water shortages that have led the capital to reinstate strict rationing. The Chingaza system, which includes the Chuza reservoir and is where the capital usually gets most of its water, is close to 52% of its capacity, well below a 70% goal set for the end of October. Bogotá tightened restrictions on water use in September after the lowest rainfall in more than half a century stopped reservoir levels from recovering.
/jlne.ws/4feUOma
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| Miscellaneous | | Stories that don't quite fit under the other sections | Contraband Whiskey and a Secret Royal Dinner: Wall Street Goes to Riyadh; Are you an international business titan on the hunt for billions of dollars of Saudi oil cash? Prepare for "a mind game."
Rob Copeland - The New York Times
For this article, Rob Copeland made laps around a $93 lunch buffet and strolled the halls of the Ritz-Carlton in Riyadh, Saudi Arabia.
At exactly 6:19 p.m. last Tuesday, in a gold-trimmed hallway snaking off the lobby of the Ritz-Carlton, Riyadh, a lesson emerged in money, power and what Arabs call wasta, or influence. The scene was opened by Marc Rowan, the private equity billionaire, pacing the carpet leading up the unremarkably named Meeting Room B - where a few minutes earlier chairs had been arranged in a semicircle. Mr. Rowan, clad in a neat suit rather than his usual sweaters, was 11 minutes early - he actually doubled back a few times, apparently unwilling to arrive first - but was soon followed by a dozen or so titans of technology and finance, including top executives of the Carlyle Group, BlackRock, Citi and Standard Chartered, and founders of the giant hedge funds Bridgewater Associates and Third Point.
/jlne.ws/3ADpX3F
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