Business

Authored by Paul Craig Roberts,

PCR Takes a Look at Today’s “Top Stories” on Bloomberg

“Jeff Bezos briefly overtook Bill Gates as the world’s richest person. A surge in Amazon shares Thursday morning in advance of its earnings report gave Bezos a net worth of $92.3 billion, surpassing the Microsoft founder’s $90.8 billion fortune.

 

 

In afternoon trading, Bezos remains ranked second on the Bloomberg Billionaires Index. Gates has held the top spot since May 2013.”

We've spent a lot of time of late discussing Europe's new MiFID II regulations that will go into effect in January 2018 and require investment banks to charge institutional clients separately for trading commissions and research.  As we've noted (here and here), initial offer prices are coming in relatively high at around $450,000 per bank...all of which led us to the following conclusions:

Some folks' stocks turmoiled but the message is clear...

Mixed bag on the week with Trannies tumbling most since Brexit, Dow outperforming on earnings beats, and tech weighing on Nasdaq and S&P...

Authored by Wolf Richter via WolfStreet.com, 

Magnitude unknown but huge. Brokerages push it to new heights.

The drums of doom from BofA's Michael Hartnett (most notorious for his recent prediction of when "the Fed will crash the market", and warning that "The Most Dangerous Moment For Markets Will Come In 3 Or 4 Months") are beating louder, and in his latest Flow Show report titled "Tick Tock", he doubles down on his recent forecast that "positioning is becoming more consistent with autumn top in risk assets", but more importantly than just making a forecast, Hartnett lays out the key catalysts that would confirm an imminent market "crack": a dollar