Frontrunning: July 21
By Tyler Durden
- Global stocks nurse nine-month highs before ECB meeting (Reuters)
- Kuroda Says No Need and No Possibility for Helicopter Money (BBG)
- As Republican Party tries to heal wounds, discord rules at convention (Reuters)
- GOP Divided as Cruz Snubs Trump (WSJ)
- Trump Chooses War With Cruz at Convention Aimed at Unification (BBG)
- Trump considering fracking mogul Harold Hamm as energy secretary (Reuters)
- Turkey says no return to past repression despite state of emergency (Reuters)
- UK says unlikely to trigger formal EU divorce before year end (Reuters)
- Citadel Hiring About 17 Portfolio Managers From Shuttered Hedge Fund Visium (WSJ)
- Goldman Sachs under spotlight in Malaysian fund scandal (Reuters)
- Tesla CEO Elon Musk Announces Heavy Truck, Ride Sharing Fleet of Cars (BBG)
- France orders Nice policing inquiry after July 14 attack (Reuters)
- Another First for S&P 500 as Record Comes With Yuan in Reverse (BBG)
- Komatsu to buy U.S. mining equipment rival Joy Global in $3.7 billion deal (Reuters)
- Cryptocurrency Platform Ethereum Gets a Controversial Update (WSJ)
- Exxon Grabs Reins in InterOil Hunt as Rivals Bow Out of Deal (BBG)
- Son of Bangladesh opposition leader gets seven-year jail term for money laundering (Reuters)
- Chinese Private Equity Funds Are Taking on the World’s Giants (BBG)
Overnight Media Digest
WSJ
– Texas Senator Ted Cruz upstaged Republican vice presidential nominee Mike Pence Wednesday night by refusing to endorse Donald Trump for president, disrupting a night that was supposed to be devoted to party unity. http://on.wsj.com/2acF2gg
– U.S. prosecutors have linked the prime minister of Malaysia to hundreds of millions of dollars allegedly siphoned from an economic development fund, and are seeking the seizure of more than $1 billion of assets. http://on.wsj.com/2acFcEp
– A foreign-exchange executive of HSBC Holdings Plc was arrested for allegedly front-running a $3.5 billion currency trade for a client, in a deal that netted millions in profits for the bank. http://on.wsj.com/2acEUNJ
– The custodians of the popular cryptocurrency platform Ethereum implemented a controversial change to it Wednesday. The change, called a “hard fork,” essentially undoes the transactions that allowed a June theft of $60 million worth of the digital currency, thereby allowing the money to be returned its rightful owner. http://on.wsj.com/2acFvis
– Kenneth Griffin’s Citadel Llc hedge fund hired about 17 portfolio managers this week from fallen rival Visium Asset Management, imperiling Visium’s plan to sell its last remaining part to another money manager. http://on.wsj.com/2acFhrB
– The U.S. Justice Department on Wednesday signed off on Anheuser Busch InBev SA’s acquisition of rival SABMiller Plc, removing one of the last major hurdles standing in the way of a roughly $108 billion deal to create a global beer giant. http://on.wsj.com/2acFOK8
FT
*Two HSBC foreign exchange traders have been arrested and charged for allegedly making $8 million in profits and fees by “front running” a client’s $3.5 billion foreign exchange trade.
*German exchanges operator Deutsche Borse remains short of a 60 percent threshold it needs to merge with the London Stock Exchange.
*FirstGroup will be the first UK bus and rail operator …read more
Source: Frontrunning: July 21
