Europe

Submitted by Nick Colas of Convergex

Is Public Equity A Broken Concept

European Union Chief  Jean-Claude Juncker is apparently not thrilled with Trump's support of the Brexit referendum and, in speaking at the centre-right European People Party’s (EPP) annual conference today, has vowed to "promote the independence of Ohio and Austin, Texas in the United States of America" if he "goes on like that."

It's not just the HFT industry that has cannibalized itself so much, while spooking regular traders out of the markets, there is hardly any revenue growth left (as the WSJ showed last week). After suffering a substantial drop in bank equity trading revenues over the past several years, there was hope that finally this key P&L items of sales and trading would post a modest pick up.

Yesterday the UK government triggered Article 50 and fired the starting gun on a two-year negotiation towards the UK's exit from the EU. These negotiations will be complex and contentious, and as Goldman writes this morning, the open question is whether they will prove constructive or adversarial.

Authorerd by Mike Krieger via Liberty Blitzkrieg