Archives of “news media” tag

rss

EU reportedly set to call Boris Johnson’s bluff on no-deal Brexit

  
  Analysis
#  #  #  #

The Sun reports, citing sources from the European Commission

Brexit

The report says that European leaders can see that it is clear Boris Johnson is trying to build pressure by running down the clock and try to use the European Council meeting in October to demand major concessions on Brexit.

Hence, they are instead planning to turn the October meeting into one preparing for a no-deal Brexit by 31 October instead – by discussing contingency measures and communiques bracing businesses and financial markets ahead of deadline day.
Citing a senior EU source, the report adds:

“It’ll be about where are we heading with the Brits, where do we stand with the implementation of contingency measures. If we’re really in the deal making business this is not a thing you invent on a small piece of paper on the corner of a table at 3am. You don’t do a deal by simply arriving on the 17th after having had a kind of general exchange about what they think in Britain now.”

The political game of chicken resumes again as Johnson is trying the same old trick that May pulled in March this year, only to have led to an extension of the Brexit deadline.

FOMC meeting next week – most expect a rate cut but there are still a couple of holdouts

  
  Analysis
#  #  #  #  #

Reuters polling of 111 economist on what they expect from the fres Federal Reserve on July 31:

  • 95% predict a 25 basis point cut
  • Two of the 111 said it’d be 50bps
  • Two said Fed to remain on hold
Reuters add a good point from Capital Economics:
  • “The biggest reason for the Fed to cut rates is because it has been priced into the markets for a while now. If they didn’t follow through and cut, it would cause a bit of a shock” 
It would be bedlam in the stock market I reckon, yep
Anyway, more:
  • “I think the recent general message from the Fed seems to be that it’s more about downside risks to growth rather than the economy being already weak” 
Reuters polling of 111 economist on what they expect from the fres Federal Reserve on July 31:

US tariffs news – to impose levies on structural steel from China and Mexico, but not from Canada

  
  Analysis
#  #  #  #  #

Update crossing news wires

via Reuters:

The U.S. Commerce Department said on Monday that domestic producers were being harmed by imports of fabricated structural steel from China and Mexico and it will instruct Customs and Border Protection to collect cash deposits from importers of such steel.

The Commerce Department said it had found that imports from Canada were not being unfairly subsidized.

Floored

  
  Education
#  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #

You must see this movie.

People lament the decline of the print news media, the victim of computer culture. The trading floors of the exchanges have also had a sharp decline in the number of floor traders who populate the floor, as the trading business is being increasingly facilitated by computers. In 1992, there were 10,000 traders on the floors in Chicago, today there are only a few hundred and 95% of the volume is electronic. James Smith, the producer of “Floored,” the movie, examines the life of past and present traders both off and on the floor. He discusses the culture, environment, wins, losses, personalities and future of traders, past and present. He pays close attention to the struggles the ex floor guys are having without the edge that the pit gave. He examines the character of the players involved, and lets them reminisce about their floor days. He compares and contrasts the differences between local traders and computer traders. He interviews ex floor traders trying to make it on the screen. He pays particular attention to the off floor lives of traders and gives them a free reign in telling their stories. The stories are great as everyone that was successful in the pit has a great story, and ego to boost. The movie has many great shots of the action in the pits a few years ago and today. Many of the floor traders don’t realize that they’re subjects of the forces of natural selection, just like any other creature in nature. One of the interviewees said that a big difference between watching the pit and watching a screen would be equivalent to watching an entire football game on TV or just watching the scoreboard. This, and many other observations bring clarity, and numerous trading lessons that might be useful to anyone interested in trading. Also interesting to note is the obvious lesson in humility that is learned by ex-denizens of the trading pits. “Floored” is 87 minutes long, and can be found in its entirety in 8 segments, here.

(I highly recommend this movie to anyone interested in trading, futures, trading floors, etc. It’s a 150 year old way of life that’s sadly disappearing very quickly.)

Incidentally, for what it’s worth, there’s still some floor action in the cattle and hog markets, which have resisted the encroachment of electronic trading to some degree. Also, many options are still primarily traded by open outcry.

Go to top