21 November 2018 FT — Articles to Read

21 November 2018


Question: According to MSN: Lifestyle, what are seven (7) signs you are utterly average?


Global equity markets tumble as tech sell-off wipes $1tn from ‘Faang’ stocks – Pg. 1

–          The savage US tech sell-off broadened into a global equities markets retreat yesterday, sparked by growing investor fears over trade, economic growth and corporate earnings in the US, Asia and Europe

–          …the Nasdaq remained 1.3% down, almost wiping out its gains for 2018, and the S&P was 1.5% lower by midday in New York, ….

–          The FTSE All-World index declined 1.4% yesterday, taking the benchmark’s 2018 losses to more than 7% and setting it on track for its worst annual performance since 2011

–          In addition to trade tensions, investors are worried that a global synchronized growth phase that started in 2017 will shift into becoming a broad-based economy slowdown in 2019 as the impact of US corporate tax cuts begins to fade.  The additional threat of over-supply sent oil prices down more than 7% in intraday trade yesterday, wiping out gains for the year


Fed governor to head global finance police – Pg. 7

–          Randal Quarles, a governor of the Federal Reserve, appointed by Mr Trump, is set to take the chair of the FSB for a three-year term beginning next month, succeeding Mark Carney, the Bank of England governor

–          Mr Quarles will be the first US official to head the Basel-based board…

–          The FSB was set up in 2009, as the successor to the Financial Stability Forum, to make recommendations to the G20 nations, which make up the vast majority of global GDP, on financial rules and regulations

–          One focus is the $45tn “shadow-banking” sector – those parts of the financial system that perform bank-like functions such as lending but do not have the same safeguards.  That will also require co-operation with China, one of the leading centres for shadow banking activities until it led a concerted crackdown


Crypto assets ‘panic time” as bitcoin crash puts watchdogs on the spot – Pg. 11

–          Pressure is building on regulators to increase scrutiny of cryptocurrencies after a $15bn crash in bitcoin and irregularities at one of the largest virtual trading platforms

–          Cryptocurrencies suffered another battering yesterday, with bitcoin, the most actively traded digital currencies, falling more than 10% to a low of $4,237


US retailers hit by share sell off ahead of Black Friday – Pg. 14

–          Shares in several of the biggest names in US retail sold off heavily yesterday as disappointing earnings reports intensified concerns about the competitive onslaught from Amazon, just ahead of the crucial festive shopping season


Answer: (1) You are not getting as much exercise as you should; (2) You are dealing with impostor syndrome at work; (3) Your net worth is less than six figures; (4) You owe tens of thousands in debt; (5) Your IQ is 100; (6) You have about 6 close friends; (7) You are unhappy