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Tradeweb Markets Files for IPO, Months After Blackstone Deal
March 7, 2019--Tradeweb Markets Inc., the bond and derivative platform co-owned by financial-data platform Refinitiv, filed for a U.S. initial public offering, kicking off plans to go public five months after being acquired as part of a $17 billion buyout.
Tradeweb filed with an initial offering size of $100 million, typically a placeholder amount used to calculate fees that's likely to change. The IPO is being led by JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley, according to a filing with the U.S. Securities & Exchange Commission Thursday.
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Source: bnnbloomberg.ca
CBO-Monthly Budget Review for February 2019
March 7, 2019--The federal budget deficit was $537 billion for the first five months of fiscal year 2019. CBO estimates. $146 billion more than the deficit recorded during the same period last year. Revenues were $4 billion lower and outlays were $142 billion higher than during the first five months of 2018.
However. outlays in the first five months of last year were reduced because certain payments were shifted from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). That occurred because October 1. 2017. the first day of fiscal year 2018. fell on a weekend. If not for that timing shift. the deficit for the first five months of last year would have been $44 billion greater. and the deficit increase so far this year would have been $102 billion rather than $146 billion.
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Source: Congressional Budget Office (CBO)
The FED Beige Book-March 6, 2019
March 6, 2019--Overall Economic Activity
Economic activity continued to expand in late January and February, with ten Districts reporting slight-to-moderate growth, and Philadelphia and St. Louis reporting flat economic conditions. About half of the Districts noted that the government shutdown had led to slower economic activity in some sectors including retail, auto sales, tourism, real estate, restaurants, manufacturing, and staffing services.
Consumer spending activity was mixed across the country, with contacts from several Districts attributing lower retail and auto sales to harsh winter weather and to higher costs of credit. Manufacturing activity strengthened on balance, but numerous manufacturing contacts conveyed concerns about weakening global demand, higher costs due to tariffs, and ongoing trade policy uncertainty. Activity in the nonfinancial services sector increased at a modest-to-moderate pace in most Districts, driven in part by growth in the professional, scientific, and technical services sub-sector. Residential construction activity was steady or slightly higher across most of the U.S., but residential home sales were generally lower.
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Source: federalreserve.gov
BlackRock steps up 'sin' stock and ESG disclosures
March 6, 2019--BlackRock is to make public how much each of its exchange traded funds are exposed to "sin stocks", such as tobacco producers and weapons makers, as well as how they score on environmental, social and governance principles.
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Source: BlackRock
Swanest Helps Investors Paint a Holistic Picture of their Finances
March 6, 2019--Swanest Helps Investors Paint a Holistic Picture of their Finances
Company launches global portfolio tracking service across any stocks, ETFs, mutual funds and cryptocurrencies
Swanest, a robo-advisor that makes intelligent investing simple, announces that its smart, global investment hub is now live. As part of this investment technology platform, the first service consists of a digital portfolio tracker that helps investors create a holistic view of their savings and investments consisting of any stocks, ETFs, mutual funds and cryptocurrencies. In doing so, the fintech firm combines an unprecedented range of financial assets, personalization capability and user experience, further expanding its digital advisory services footprint.
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Source: Swanest
US trade gap jumped to 10-year high; record gap with China
March 6, 2019--The U.S. trade deficit jumped nearly 19 percent in December, pushing the trade imbalance for all of 2018 to widen to a decade-long high of $621 billion. The gap with China on goods widened to an all-time record of $419.2 billion.
The Commerce Department figures released Wednesday undermined a key commitment by President Donald Trump, who promised to cut the trade imbalance on the belief that it would bring back overseas factory jobs and bolster the broader U.S. economy.
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Source: AP
CBO-The Budget Outlook for 2019 to 2029 in 16 Slides
March 6, 2019--CBO projects a 2019 deficit of $897 billion, equaling 4.2 percent of gross domestic product (GDP). The projected shortfall (adjusted to exclude the effects of shifts in the timing of certain payments) grows to 4.7 percent of GDP in 2029.
Federal debt held by the public is projected to reach $16.6 trillion at the end of 2019. That amount would equal 78 percent of GDP-nearly twice its average over the past 50 years. Debt is estimated to reach $28.7 trillion, or 93 percent of GDP, by 2029, a larger amount than at any time since just after World War II. It would continue to grow after 2029, reaching about 150 percent of GDP by 2049.
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Source: Congressional Budget Office (CBO)
CFTC.gov Swaps Report Update
March 6, 2019--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
VanEck Announces Changes to VanEck Vectors(R)ETF Product Line
March 5, 2019--VanEck, one of the largest providers of exchange traded funds ("ETFs") in the U.S. and worldwide with approximately $47.8 billion in assets under management as of January 31, 2019, announced today that it plans to close and liquidate three VanEck Vectors ETFs.
On March 4, 2019, the Board of Trustees of VanEck Vectors ETF Trust approved the liquidation and dissolution of the following funds (the "Funds"):
ETF Name: VanEck Vectors Generic Drugs ETF
Ticker: GNRX
Exchange: NASDAQ Stock Market.
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Source: VanEck
Democrats Introduce Bill to Tax Stocks, Bonds, Derivatives
March 5, 2019--Lawmakers argue the bill would generate billions in revenue while reducing inequality and market volatility.
Sens. Brian Schatz, D-Hawaii, Chris Van Hollen, D-Md., and Rep. Peter DeFazio, D-Ore., introduced Tuesday the Wall Street Tax Act, legislation to tax the sale of stocks, bonds and derivatives at a rate of 10 cents per $100 of transactions, with the goal of reducing "speculative trading."
In a joint statement, the lawmakers said their bill would create a new progressive tax on financial transactions "that would generate billions in revenue, while addressing economic inequality and reducing high risk and volatility" in the market.
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Source: thinkadvisor.com
