1. Sysco Gain Shows No Buyer’s Remorse as Deals Applauded: Real M&A
2. Emerging Markets Lead Stocks Higher as S&P 500 Tops Record Close
3. Pimco’s El-Erian Forecasts Faster Global Economic Growth in 2014
4. Gross Unheeded by Japan Seeing Disinflation Buoying Bonds
5. Swiss Officials Press Banks to Meet U.S. Disclosure Deadline
6. Hologic CEO MacMillan Says No Sale as Icahn Adds Directors
7. Trading Led by Funds as Collusion Probes Roil Market: Currencies
8. ING U.S. Wins Fixed-Annuity Deal as Allstate Narrows Focus
9. Oppenheimer’s Sirianni Suspended for Muni-Bond Price Gouging
10. Oil Traders Get Bullish as Global Demand Gains: Energy Markets
11. Dollar Gain Versus Emerging Peers Outpace G-10: Chart of the Day
12. Blankfein to Black Said to Buy Into Miami Tower Boosted by Art
13. Budget Accord in U.S. Would Reduce Automatic Spending Curbs
14. Airline Immunity on Threat Reports Tested at U.S. High Court
15. China Adopts Board-Game Strategy to Blunt U.S. Rebalance in Asia
16. Christmas Has Lowest Car-Theft Rate as Criminals Wait for Summer
17. New York Area Transit Agencies Prepare for Super Bowl 2014 Crowd
1) Sysco Gain Shows No Buyer’s Remorse as Deals Applauded: Real M&A
Sysco Corp.’s biggest intraday stock jump since at least 1980 is the latest blow to the conventional wisdom that acquirers should brace for a selloff. After announcing today its agreement to buy US Foods for $3.5 billion, Sysco’s shares rose as much as 26 percent and are now up 9.9 percent.
2) Emerging Markets Lead Stocks Higher as S&P 500 Tops Record Close
Emerging-market stocks led global equities higher as China’s better-than-estimated exports bolstered optimism in the global economy. The Standard & Poor’s 500 Index and India’s benchmark gauge climbed above record closing levels, while natural gas jumped on cold U.S. weather. The MSCI Emerging Markets Index added 1.1 percent at 3 p.m. in New York for its biggest gain in three weeks.
3) Pimco’s El-Erian Forecasts Faster Global Economic Growth in 2014
World economic growth will pick up next year, paced by improvements in the U.S. and the euro area, Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said in an interview. The Newport Beach, California-based asset manager said the the world economy is likely to expand 2.5 percent to 3 percent in 2014, up from 2.3 percent this year. U.S. growth will accelerate to 2.25 percent to 2.75 percent from 1.8 percent.
4) Gross Unheeded by Japan Seeing Disinflation Buoying Bonds
Honed by 15 years of falling consumer prices that burnished the appeal of fixed-income assets in Japan, the Asian nation’s bond buyers are amassing long-term Treasuries as disinflation emerges in the U.S. Led by Mizuho Asset Management Co., at least five money managers that oversee a combined $236 billion are snapping up Treasuries due in about a decade as inflation-adjusted yields approach the highest level
5) Swiss Officials Press Banks to Meet U.S. Disclosure Deadline
Swiss authorities are urging banks to quash their doubts and enter a U.S. voluntary disclosure program aimed at uncovering American tax evaders. The Swiss financial watchdog Finma requested banks to decide by today whether they will join the first stage of the U.S. Department of Justice program by applying for non- prosecution agreements by the end of 2013.
6) Hologic CEO MacMillan Says No Sale as Icahn Adds Directors
Hologic Inc.’s Stephen MacMillan, appointed chief executive officer today as the medical tool company reviews its operations, said his focus is on accelerating growth rather than preparing for a sale. “My mission is to grow the business, it’s not to sell it,” MacMillan,
7) Trading Led by Funds as Collusion Probes Roil Market: Currencies
Fund managers and electronic traders for the first time account for more than half the $5.3 trillion- a-day currency market as regulators investigate at least 11 dealers for alleged collusion on benchmark rates. Hedge funds, pension managers, central banks and smaller lenders made up 67 percent of the increase in daily trading, from about $4 trillion in 2010
8) ING U.S. Wins Fixed-Annuity Deal as Allstate Narrows Focus
ING U.S. Inc. will begin selling fixed annuities through Allstate Corp. agencies as the largest publicly traded U.S. auto and home insurer ceases to offer its own brand of the retirement products. The deal gives ING U.S. access to one of the biggest insurance customer bases in the country
9) Oppenheimer’s Sirianni Suspended for Muni-Bond Price Gouging
David Sirianni, Oppenheimer Holdings Inc.’s head municipal bond trader, was fined $100,000 and suspended for 60 days by the Financial Industry Regulatory Authority for overcharging customers. Sirianni marked up bonds as much as 16 percent from July 2008 through June 2009, Finra said today in a statement.
10) Oil Traders Get Bullish as Global Demand Gains: Energy Markets
Hedge funds boosted bullish bets on crude by the most since July as economic growth accelerated in the U.S. and China, bolstering demand in the world’s two largest oil-consuming countries. Money managers increased net-long positions, or wagers on rising prices for West Texas Intermediate crude, by 7.8 percent in the week ended Dec. 3
11) Dollar Gain Versus Emerging Peers Outpace G-10: Chart of the Day
The dollar is performing better versus emerging-market counterparts than against developed- nation peers in the second half of 2013 as rising Treasury yields spur inflows to the U.S. currency. The CHART OF THE DAY shows that, since the start of July, the dollar has strengthened more versus both the Bloomberg JPMorgan Latin America Currency and Asia Dollar Indexes than against a basket of 10 developed-nation currencies tracked by Bloomberg.
12) Blankfein to Black Said to Buy Into Miami Tower Boosted by Art
“For people who have seen everything, this is something you haven’t seen yet,” billionaire Len Blavatnik told 150 dinner guests in Miami last week during the largest U.S. art fair. They came to celebrate the $1 billion Faena Miami Beach, an oceanfront development for the mega-rich whose advance buyers include Goldman Sachs Group Inc.
13) Budget Accord in U.S. Would Reduce Automatic Spending Curbs
U.S. budget negotiators are nearing a deal to trim automatic spending cuts that might break a three- year cycle of failed fiscal talks in Washington. Reaching agreement is only the first step. Rounding up enough votes to pass in Congress will be the real challenge.
14) Airline Immunity on Threat Reports Tested at U.S. High Court
The U.S. Supreme Court debated the reach of airlines’ legal immunity when they report potential security threats, as the justices heard the case of a pilot upset about losing his job.
15) China Adopts Board-Game Strategy to Blunt U.S. Rebalance in Asia
The foreign policy strategy emerging from China’s new leadership may include a series of incremental steps calibrated to blunt U.S. influence across Asia and sow doubt about America’s commitment to its allies in the region.
16) Christmas Has Lowest Car-Theft Rate as Criminals Wait for Summer
Christmas Day has the lowest auto- theft rate of the year in the U.S., as criminals spend time with their families and put off stealing until warmer months. There were 1,432 thefts reported on Dec. 25, compared with more than 2,400 on peak days in June, July and August of last year, according to a statement today from the National Insurance Crime Bureau.
17) New York Area Transit Agencies Prepare for Super Bowl 2014 Crowd
New York and New Jersey mass-transit agencies will add service, offer special deals and suspend work ahead of the 2014 Super Bowl, the first one that relies largely on public transportation to get fans to and from the stadium. The Feb. 2 championship game at MetLife Stadium in East Rutherford, New Jersey, is projected to bring 400,000 visitors to the New York City region.
Monday, December 9, 2013
Sunday, December 8, 2013
1) Abe Calls for China Talks Citing 2006 Trip as Tensions Rise Japanese Prime Minister Shinzo Abe called for a summit with Chinese President Xi Jinping to reset relations after an escalation in bilateral tensions, invoking a 2006 visit to Beijing during his first administration.
2) Citigroup Expands in Commodities as Biggest Rivals Plan Retreat Citigroup Inc. plans to hire more commodities salespeople in a multiyear effort to add revenue and market share while some of its biggest rivals scale back. 3) Volcker Rule Will Force U.S. Banks to Comply With Five Regimes U.S. banks that must comply with the proprietary-trading ban known as the Volcker rule are facing inconsistent future demands from the five agencies responsible for enforcing it. 4) Gold Bearish Outlook Extended as Price Nears $1,200: Commodities Gold analysts are bearish for a third week, the longest stretch since February 2010, as prices approach $1,200 an ounce and a stronger U.S. economy improves the chance that the Federal Reserve will reduce fiscal stimulus. Sixteen analysts surveyed by Bloomberg News expect gold to fall next week, 11 are bullish and two neutral.