Malaysia's police department has had no contact from the U.S Federal Bureau of Investigation (FBI) on any investigation into state fund 1MDB or Prime Minister Najib Razak, the police chief said on Saturday. 1MDB has debts of more than $11 billion and is under investigation by national and foreign authorities over allegations of financial mismanagement and graft. The Wall Street Journal reported on Sept. 20 that the FBI had launched an investigation into 1MDB over allegations of money-laundering.
The United States is a long way from putting in place rules that will protect the financial system and economy from broad risks, due in part to regulatory structure and to the difficulties of predicting the next crisis, a top Federal Reserve official said on Saturday. New York Fed President William Dudley, an influential Wall Street supervisor speaking at a conference in Boston, warned against hastily putting in place so-called macroprudential tools, which would go beyond regulating specific banks and firms and focus on the broader financial sector. "While the use of macroprudential tools holds promise, we are a long way from being able to successfully use such tools in the United States," he said in prepared remarks.
The global market volatility of the past month that sent U.S. stocks to their worst quarter in four years shows no signs of letting up just because the calendar turned to October. Investors say they are bracing for another leg down in the S&P 500 stock index despite its positive showing last week by increasing cash and other defensive positions in their portfolios. "Do I think we go into a bear market?
NEW YORK (AP) ? News of slower hiring last month jolted markets early Friday, driving government bonds up and the dollar down. The stock market, after slumping in early trading, finished the day with a solid gain.
The three major indexes clawed back losses of more than 1.5 percent as poor payroll data hinted at economic weakness while strengthening the argument for delaying a long-awaited interest rate hike. "The silver lining with this disappointing jobs number is that possibly this could push the rate hike off to the first quarter of 2016," said Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa. Analysts on average expect third-quarter earnings to decline 4.2 percent, according to Thomson Reuters data.
Quote of the Day
What you can do, or dream you can, begin it. Boldness has genius, power, and magic in it. - Goethe