Thursday, September 07, 2017

Today's Headlines

  • Draghi Says Euro a Concern as ECB Targets October Decision on QE. (video) Mario Draghi said the European Central Bank is watching the euro’s gains as policy makers edge toward settling the future of their bond-buying program. “The recent volatility in the exchange rate represents a source of uncertainty which requires monitoring” for its impact on price stability, the ECB president told reporters in Frankfurt on Thursday. He said the decisions on QE are “many, complex, and always naturally one thinks about risks that may materialize in the coming weeks or months, so that is the caution behind not specifying a date -- probably the bulk of these decisions will be taken in October.”
  • China Cities Face Surging Funding Costs on Default Concerns. China’s cities, towns and counties are facing surging borrowing costs as investors anticipate landmark defaults. A local government financing vehicle in the country’s east was recently forced to pay a coupon on a bond that matched a record. Average financing costs in credit markets for the units that finance roads, bridges and sewers have jumped, with yields for some borrowers surging the most in six years.
  • Microsoft(MSFT), Facebook(FB) Gear Up for New Battle on DACA Program. Technology companies’ vociferous support for the children of undocumented immigrants could set the industry up for its biggest showdown yet with President Donald Trump and Republicans in Congress. Executives from Microsoft Corp., Facebook Inc. and Alphabet Inc. were among the strongest in condemning Trump’s decision on Tuesday to end the Deferred Action for Childhood Arrivals program. Known as DACA, it lets children brought to the U.S. as undocumented immigrants work, drive and enroll in college. The president gave Congress six months to pass laws to replace the program. If that doesn’t happen, it could open a new front in the intermittent flame war between the world’s most powerful tech companies and the U.S. government.
  • FDA Vows Modernization to Keep Up With Biotech Advances.
Wall Street Journal:
Zero Hedge:

No comments: