8 January 2019 FT — Articles to Read

8 January 2019


Question: According to www.healthcentral.com, what are ten (10) signs of Bipolar Disorder?


Wall St big hitters back new exchange to challenge NYSE-Nasdaq dominance – Pg. 1

–          The venue – Members Exchange, or MEMX – will be backed by US financial heavyweights, including Fidelity Investments, TD Ameritrade and Morgan Stanley, …

–          Though more than a dozen exchanges and 30 alternative trading venues vie for business on Wall Street, three groups – owners of the NYSE, Nasdaq and CBOE – account for two-thirds of daily trading in US equity markets

–          The planned launch comes amid a long-running battle between the biggest exchanges and their users over trading practices, including rising fees for market data and rebates for sending business to a particular venue.  MEMX said it would offer lower pricing on market data, connectivity and transaction fees

–          …the need for competition had become particularly acute since the mutually owned Bats Global Markets and Direct Edge were sold in the past decade.  Both venues, which account for just under a fifth of the US market, are now owned by CBOE Global Markets

–          MEMX is assembling a management team with potential CEO candidate Roger Staiger


Eurozone gloom as growth forecasts fall – Pg. 2

–          Eurozone growth forecasts for this year have dropped to fresh lows, reflecting how global trade war concerns and political uncertainty are weighing on economic activity

–          Germany is now forecast to grow more slowly than France while Italy, the eurozone’s third-largest economy, is also expected to be one of the worst performers, with growth of just 0.7% forecast for 2019

–          …expect Eurozone GDP to rise just less than 1.6% this year – 0.4% lower than forecast last March…

–          Germany is now forecast to expand at less than 1.5% in 2019, 0.4% below consensus forecasts from March

–          Trade is one of the components with the largest downward revision, reflecting global tension over a tariff war between the US and China


America’s students should take the less indebted path – Pg. 9

–          Average tuition increased 498% between 1985 and 2011.  US student loan debt has soared to $1.5tn, causing many borrowers to delay home ownership, marriage, children and retirement.  Nearly 40% of student borrowers may default on loans by 2023, …

–          In this casino-like system, the house (the college) always wins the student loan dollars


We must prepare now for the likelihood of a recession – Pg. 9

–          …credit spreads have widened considerably, commodity prices have softened and investors have started demanding higher yields for short-term US bonds than for those with longer terms

–          The overall judgment of financial markets is that recession is significantly more likely than not in the next two years

–          In the US, inflation is again running below the Federal Reserve’s 2% target and comparisons of the yields on ordinary and inflation-adjusted bonds suggest investors expect this to continue for the next decade….employment is usually a lagging statistic

–          Given that we are starting from very high debt levels and low unemployment, a recession is more likely outcome

–          There is more likely to be too little credit flow than too much, asset price deflation is more probable than a bubble and excess austerity is a bigger risk than profligacy


Answer: (1) Decreased need for sleep; (2) Racing thoughts and accelerated speech; (3) Restlessness and agitation; (4) Overconfidence; (5) Impulsive and risky behavior; (6) Hopelessness; (7) Withdrawal from family and friends and lack of interest in activities; (8) Change in appetite and sleep; (9) Problems with memory, concentration, and decision-making; (10) Preoccupation with death and thoughts of suicide