McKinsey

Macquarie Identifies The Winners And Losers Of MiFID II

Macquarie's equity research team has just offered up a valuable economics lesson which seems to perfectly, if inconveniently, explain why their business model is doomed by the upcoming implementation of MiFID II.

Frontrunning: September 14

  • Trump Says No Deal Reached on DACA (WSJ); Trump Denies Democrats’ Claim That They Made a Deal on ‘Dreamers’ (BBG)
  • Weak China data knocks global stocks off record highs (Reuters)
  • GOP to Release Tax Overhaul as Trump Says Rich Won’t Benefit (WSJ)
  • North Korea threatens to 'sink' Japan, reduce U.S. to 'ashes and darkness' (Reuters)
  • Saudi Arabia Clamps Down as Prince Consolidates Power (WSJ)

World Stocks Hit Fresh Record High As Irma, Korea Rally Continues; Pounds Surges

World stocks hit new record highs on Tuesday amid a continuation of Monday's risk-on theme which unleashed a dramatic relief rally on easing North Korea tensions and signs that Hurricane Irma caused less damage than feared. The MSCI All-Country World Index gained 0.2%, hitting the highest on record with a fifth consecutive advance.

Why Google Made The NSA

"The origins trace back to a secret Pentagon-sponsored group, that for the last two decades has functioned as a bridge between the US government and elites...The results have been catastrophic: NSA mass surveillance, a permanent state of global war, and a new initiative to transform the US military into Skynet."

Why Wage Growth Will Remain Elusive

"Even if we rebuild factories here and you build plants here, they’re just not going to employ thousands of people — that just doesn’t happen.  Find a factory anywhere in the world built in the last 5 years - not many people work there.”

Frontrunning: July 10

  • World stocks rally, dollar up to two-month high against yen (Reuters)
  • Oil Prices Fall Amid Rising U.S. Production (WSJ)
  • Trump’s ‘America First’ Policy Proves to Be an Immovable Object at G-20 (WSJ)
  • Russia says joint cyber unit with U.S. will take time to set up (Reuters)
  • Senate Health Bill Fails to Pick Up Support After Week of Recess (BBG)