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Frontrunning: November 19
- Soothing Fed sounds send shares, emerging markets higher (Reuters)
- Belgian Police Conduct Raids in Connection With Paris Attacks (WSJ)
- The Paris Attacks Can’t Lead to a Closed Europe (BBG)
- Alleged Mastermind of Paris Attacks Was ‘Emir of War’ (WSJ)
- U.S. Eyes Russia-Iran Split in Bid to End Syria Conflict (WSJ)
- Despite tensions, Asia-Pacific nations close ranks against terrorism (Reuters)
- Why U.S. Efforts to Cut Off Islamic State’s Funds Have Failed (BBG)
- Pfizer-Allergan talks accelerate amid new inversion clamp-down (Reuters)
- Starboard Urges Yahoo to Drop Alibaba Spinoff Plan (WSJ)
- Belgravia Mansion Sales Slump as Russians Vanish From London (BBG)
- Hip to be Square? Not for this IPO (Reuters)
- RBS Plans to Scrap Bonuses for Branch Staff, Raise Fixed Pay (BBG)
- Trump adviser Icahn chilly on GOP, tax reform (Reuters)
- ECB's Solution to Oil Puzzle May Decide December QE Debate (BBG)
Overnight Media Digest
WSJ
- Skeptical investors forced Square Inc to sell shares in its initial public offering for less than what the mobile payment startup had hoped, further souring the market for new technology company stock. The company, founded and run by Twitter Inc Chief Executive Jack Dorsey, priced at $9 a share late Wednesday, according to people familiar with the matter.(http://on.wsj.com/1X079jX)
- The Obama administration, European and Arab allies are seeking to peel Russia away from its alliance with Iran, a partnership that bolstered Syrian President Bashar al-Assad, said senior diplomats involved in efforts to end Syria's lengthy conflict. (http://on.wsj.com/1X07xie)
- ConAgra Foods Inc said it plans to shed part of itself for the second time this year, extending Chief Executive Sean Connolly's transformation of the company by spinning off a line of frozen potato products with nearly $3 billion in annual sales. (http://on.wsj.com/1X07EdO)
- Ford Motor Co's tentative four-year labor deal is in jeopardy as more than half of those voting so far have rejected the pact, and two days remain for workers to cast ballots, posing another potential setback for the United Auto Workers. Final votes on the contract will be cast on Friday, and include major Ford assembly plants in Michigan and Chicago, whose members are yet to vote. (http://on.wsj.com/1X07F1a)
- Barclays PLC agreed to pay $150 million to resolve an investigation by New York's banking regulator into a trading practice that allowed the bank to exploit a milliseconds-long lag between an order and its execution that sometimes hurt its clients, the latest fallout from the bank's foreign-exchange business. (http://on.wsj.com/1X07FOM)
FT
Overview World's largest asset manager BlackRock Inc is winding down its Global Ascent fund, which makes bets on bond and currency markets, and returning money to investors, the company said in a statement.
Syngenta AG is actively considering deals with rival companies, after it has rejected Monsanto Co's offer, Syngenta Chairman Michel Demare said in an interview to the Financial Times.
Barclays PLC has been fined $150 million by the New York Department of Financial Services for abusing the 'last look' trading system.
NYT
- Square Inc priced its initial public offering at $9 after it was unable to get demand from investors within the $11 to $13 range it was seeking. (http://nyti.ms/1I0fgRn)
- Pfizer Inc is nearing a deal to buy Allergan Plc , a rival drug maker that has its headquarters in Ireland, for as much as $150 billion, potentially helping the company move its corporate citizenship abroad and reduce its tax bill, a person briefed on the matter said on Wednesday. (http://nyti.ms/1I0fqrX)
- Leaders of United Automobile Workers union said on Wednesday that a slight majority of workers at Ford Motor Co have so far voted against a proposed new labor agreement. (http://nyti.ms/1I0fzvi)
- Robert Dall, an investment banker and pioneer of the mortgage bond market on Wall Street, died on Sunday at Lenox Hill Hospital in Manhattan. He was 81. (http://nyti.ms/1PBhfTW)
- The New York attorney general, Eric Schneiderman, has named two top lieutenants, who will split oversight of criminal and civil cases brought by the office. (http://nyti.ms/1PBhhv9)
China
SHANGHAI SECURITIES NEWS
- The total assets under management in trust companies by the end of the third quarter dropped 1.58 percent from the end of the second quarter, according to China Trustee Association. It was the first decline since the first quarter in 2010.
SECURITIES TIMES
- More than 500 A-share listed companies have bought wealth management products so far this year, with a total value of nearly 400 billion yuan ($62.66 billion), according to the paper's calculation and financial data provider Choice.
CHINA BUSINESS DAILY
- Chinese investors cut their holdings of United States bonds by $12.5 billion to $1.258 trillion in September, according to the U.S. Department of the Treasury.
CHINA SECURITIES JOURNAL
- China Europe International Exchange (CEINEX), a joint venture established by Germany's Deutsche Boerse AG, Shanghai Stock Exchange and China Financial Futures Exchange, started business on Nov. 18, putting the first batch of Exchange-Traded Funds and yuan-denominated bonds into trade.
CHINA DAILY
- Beijing will "substantially cut back" on market access restrictions for foreign investment, President Xi Jinping told leaders at the Asia-Pacific Economic Cooperation CEP Summit in Manila on Wednesday.
Britain
The Times
* National Grid and offshore wind in the eye of a storm
British Energy Secretary Amber Rudd has signalled a further retreat from spiralling green subsidies, pledging that there would be "no more blank cheques" written for costly offshore wind projects.
* Ladbrokes is also-ran in Coral deal, financier warns punters
The billionaire Irish financier, Dermot Desmond, who controls the Celtic Football Club has called on shareholders of Ladbrokes Plc to block its proposed 3.2 billion pounds ($4.88 billion) merger with Gala Coral, branding it "the death of Ladbrokes as an independent company".
The Guardian
* Worldpay appoints first woman to main board
Worldpay, the payments-processing company chaired by City veteran Mike Rake, has appointed the first woman to its main board, weeks after floating on the stock market.
* FCA warns it could force investment managers to provide value for money
The Financial Conduct Authority has said it is prepared to intervene to increase competition and reduce charges to the 25 million customers of Britain's 6.6 trillion pounds investment management industry.
The Telegraph
* Cook Defence Systems wins 70 million pounds army deal
The British Army's tanks and armoured vehicles will be kept rolling by Cook Defence Systems after the privately owned business secured a 70-million-pound deal with the Ministry of Defence.
* UK Mail shares plunge after troubled move to new automated plant
UK Mail Group Plc saw its shares plunge by more than 17.5 percent after the company issued a fresh profit warning as its parcel delivery service struggles with a move to a new fully automatic processing facility.
Sky News
* Watchdogs to examine grounds for HBOS ban
Banking regulators are to examine whether there are grounds for a formal City ban on HBOS's former chiefs as a three-year inquiry concludes that they must shoulder much of the blame for the bank's collapse.
* Barclays in new $150 mln forex rigging penalty
Barclays Plc is to pay an extra $150 million penalty to U.S. regulators to settle allegations of foreign exchange rate rigging. The New York Department of Financial Services also said the British bank would "terminate" a senior employee - its global head of electronic fixed income, currencies and commodities automated flow trading.
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Washington is deluded. The empire of dumbness blunders on.