Bank of England press conferences were leaked to traders seconds before broadcast - CNN

The Bank of England said Thursday that an audio feed of some of its press conferences had been leaked to "external clients" by the third party supplier of the feed since earlier this year.

"This wholly unacceptable use of the audio feed was without the Bank's knowledge or consent, and is being investigated further," the Bank of England.

A spokesperson for the central bank said it has referred the matter for investigation to the Financial Conduct Authority, which regulates UK financial markets. The regulator said in an emailed statement that it is "looking at the issue."

The Times was the first to report the breach. The British newspaper said that high-speed traders, who hoped to profit by being first to act on Bank of England Governor Mark Carney's comments to journalists, were the recipients of the audio feed.

The central bank said that the leaks related only to press conferences that followed monetary policy statements where announcements on interest rates are made.

These press events are closely followed by market watchers for clues on the future direction that interest rates might take. Market participants use this information to trade currencies, government bonds and other financial assets.

The audio feed had been installed to act as a backup in case the video recordings of the press conferences failed, the central bank said, adding that the third party supplier's access has been permanently disabled and that it did not have access to the most recent press conference on the Financial Stability Report.

Bloomberg manages the live video footage of the press conferences, but is not responsible for the backup audio feed, a Bank of England spokesperson said.

A spokesperson for the European Central Bank told CNN Business it has offered a fast audio feed of its press conferences since September, after it suspected that people other than journalists in the room were accessing live audio transmissions 20 to 30 seconds ahead of video broadcasts. The audio feed is freely available on the ECB's website.

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2019-12-19 10:17:00Z
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Bank of England Audio Was Leaked, Giving Some Traders an Edge - The New York Times

LONDON — The Bank of England said Thursday that an audio feed from its news conferences had been released to some investors before it had been made public, giving them a leg up on the rest of the market.

The central bank said it was investigating how a third-party supplier had gotten early access to policymakers’ remarks since earlier this year. In the world of high-speed trading, just a few seconds’ lead time can offer some investors a trading advantage.

The Financial Conduct Authority, which regulates Britain’s financial markets, also said it was investigating the leak.

After queries from The Times of London, the bank said the audio feed of its news conferences, which is used as a backup in case the video feed fails, had been “misused by a third-party supplier to the bank since earlier this year to supply services to other external clients.”

The audio feed provides traders a five- to eight-second advantage over the video feed, The Times reported.

The supplier of the audio feed was not identified.

Comments from the Bank of England’s news conferences are closely monitored for indications about the bank’s thinking on interest rates and the state of the economy.

The bank said that it had disabled the supplier’s access. “As a result, the third-party supplier did not have any access to the most recent press conference and will no longer play any part in any of the bank’s future press conferences,” it said in a statement.

“The bank operates the highest standards of information security around the release of the market sensitive decisions of its policy committees,” the statement added. “The issue identified related only to the broadcast of press conferences that follow such statements.”

Any trades made on the basis of leaked information or insider dealing would come under the review of the Financial Conduct Authority.

A spokeswoman for the agency said in an email that it was looking into the Bank of England leak, but declined to comment on whether any trading had occurred on the basis of the leaked information.

The bank routinely puts reporters through tight precautions to prevent leaks that could prove valuable to traders. Before they are allowed to view policy announcements and forecasts ahead of their release, reporters are locked in a room with a security guard standing by and cellphone connectivity is cut. They are not allowed to leave the room until after the embargo is lifted.

Premature access to potentially market-moving information is a crucial concern to financial regulators around the world. In a 2015 case, prosecutors and regulators in the United States asserted that 32 traders and hackers had reaped more than $100 million in illegal proceeds from a scheme that provided a look at corporate news releases before they were made public.

Elian Peltier contributed reporting.

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2019-12-19 08:39:00Z
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Dow Jones Futures Ignore Trump Impeachment: Micron Earnings Guidance Weak, But Micron Stock, Chip Stocks Rally - Investor's Business Daily

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1. Dow Jones Futures Ignore Trump Impeachment: Micron Earnings Guidance Weak, But Micron Stock, Chip Stocks Rally  Investor's Business Daily
2. S&P 500 inches into the red, ending five day winning streak  CNBC
3. Stocks Hit Record Highs as Investors Ignore Impeachment  Breitbart
4. Wall Street near flat amid economic optimism, FedEx swoon  Investing.com
5. Dow Jones closes Tuesday at another record high  The Courier-Express
6. View full coverage on Google News

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2019-12-19 07:40:00Z
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Stocks amble higher as bulls look to extend winning streak - MarketWatch

U.S. stocks were slightly higher Wednesday as investors hoped to keep a five-day winning streak going in the wake of a preliminary U.S.-China trade deal and fading worries over the global economic outlook.

The likely impeachment of President Trump by the U.S. House of Representatives in Washington later Wednesday held little geopolitical risk for investors, analysts noted.

What are major indexes doing?

The Dow Jones Industrial Average DJIA, +0.10%   was about 26 points, 0.1%, higher, near 28,293, while the S&P 500 SPX, +0.09%   rose about 1 point, less than 0.1%, to touch 3,194. The Nasdaq Composite Index COMP, +0.11%   was up about 4 points, trading near 8,827.

The S&P 500 hit a new intraday record high at 3,198.34 before giving back early gains Wednesday.

Major indexes scored their fifth straight gain Tuesday, with all three logging the latest in a series of record finishes, albeit after modest gains. The Dow on Tuesday rose 31.27 points, or 0.1%, to end at 28,267.16, while the S&P 500 eked out a gain of 1.07 points, or less than 0.1%, to finish at 3,192.52. The Nasdaq Composite closed at 8823.36 after a gain of 9.13 points, or 0.1%.

What’s driving the market?

The U.S. - China trade deal announced last Friday contiunes to provide support for equities as it includes a partial roll back on some existing tariffs on Chinese imports and the scrapping of plans for additional levies ahead of a Dec. 15 deadline. While it could benefit American farmers there is skepticism over the targets set by U.S. negotiators.

“In the absence of fresh details on the terms of the deal or when it is expected to be signed, there was some nervousness in the markets,” said Raffi Boyadjian, senior investment analyst at XM, in a note. “However, even without any new drivers, the injection of positive sentiment from the announcement of the deal is likely to be enough to last till the end of the year as trading winds down during the Christmas and New Year period.”

In an interview with Fox Business on Tuesday, Robert Lighthizer, the US trade representative, also suggested the Trump administration was ready to escalate its trade confrontation with the EU, potentially through new tariffs, after sealing a truce with China and enacting the USMCA agreement with Canada and Mexico to replace Nafta.

Meanwhile, investors appeared less gloomy over global economic prospects. A gauge of German business sentiment, the Ifo business-climate index, came in at a stronger-than-expected 96.3 points Wednesday morning, rising from an upwardly revised 95.1 in November and topping forecasts for a reading of 95.5.

Investors so far remain largely unfazed by impeachment proceedings against President Donald Trump led by House Democrats. The House is widely expected to vote in favor of two articles of impeachment against the president Wednesday, setting the stage for a trial in the Republican-controlled Senate, which is viewed as likely to acquit Trump.

Read: Here’s what’s happening next in Democrats’ effort to impeach President Trump

“Chalk up one more reason why US equity markets have the wind in their sails just now,” said Nicholas Colas, co-founder of DataTrek Research. “The odds of a distracting political contretemps in 2020 are diminishing. The 2020 Presidential race, at least by current measures, is shaping up to be more about personalities (Trump vs. Biden) than a vote on US economic norms. That said, there’s plenty of time for things to change. But that’s where things are today.”

Chicago Federal Reserve President Charles Evans is due to deliver remarks in Indiana at 12:40 p.m. Eastern. Evans, who was a voting member of the rate-setting Federal Open Market Committee in 2019, becomes an alternative member next year.

Which companies are in focus?

FedEx Corp. FDX, -9.98%  shares slumped 9% after it reported fiscal second-quarter earnings and an outlook that fell short of Wall Street forecasts . The stock took a beating Tuesday after the Wall Street Journal reported that Amazon.com Inc AMZN, +0.05%  . had blocked third-party vendors from using FedEx Ground shipping for Prime Deliveries.

Shares of General Mills Inc. GIS, +0.98%  ticked up after the consumer foods company reported a fiscal second-quarter profit that topped expectations, though revenue came up a bit short of forecasts.

Shares of Nio NIO, +0.00%   dipped in pre-market trading after a 15% run-up over the past few days.

Boeing BA, +1.28%  remains on watch after its decision to halt production of its 737 Max jets on Monday fanned concerns about the U.S. economy, although the stock itself stabilized.

The boards of Peugeot maker PSA Group PUGOY, +0.71%   and rival Fiat Chrysler Automobiles FCAU, -1.08%   late Tuesday backed a binding merger agreement that includes sweeteners to make the trans-Atlantic tie-up more attractive to U.S. regulators.

Results are due after the closing bell from chip maker Micron Technology Inc. MU, +0.05%  , which rose Tuesday to a more-than-one-year high on signs of improvement for the industry.

What are other markets doing?

The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, +2.56%   rose 1 basis point to 1.90%.

The price of crude oil drifted down after four straight sessions of higher prices. West Texas Intermediate crude CL00, +0.02%   was 50 cents, 0.8%, lower on the New York Mercantile Exchange.

The price of an ounce of gold for February delivery GCG20, -0.01%    fell $3.00, or 0.3%, to $1,477.60.

The U.S. dollar DXY, +0.15%   rose 15 cents, 0.2%, against a basket of its peers.

In Europe, the STOXX Europe 600 SXXP, -0.01%   rose 0.1%. The U.K. FTSE 100 UKX, +0.27%    was about 6 points, 0.1%, higher.

In Asia overnight, the China CSI 300 000300, -0.22%  was little changed at 4,032, Hong Kong’s Hang Seng Index gained 40.50 points, 0.2%, and Japan’s Nikkei NIK, -0.55%    tumbled 131.69 points, 0.6%.

Related: Here’s what may drive stocks even higher (hint: not the trade war or the Fed)

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2019-12-18 15:16:00Z
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Fiat Chrysler and Peugeot owner agree deal to create world's third largest automaker - CNN

The companies said in a joint statement Wednesday that they expect the 50-50 merger to be completed within 12 to 15 months, pending approval from shareholders and regulators.

The deal, which was first announced in October, should help spread the huge cost of developing electric and autonomous vehicles and help the mid-sized carmaker compete with larger rivals. The combined company would have roughly 410,000 employees and annual revenues of $190 billion.

Fiat Chrysler (FCAU) and PSA (PUGOY) sold a combined 8.7 million vehicles last year, just ahead of General Motors (GM), which sold 8.3 million, and not far behind Volkswagen and Toyota (TM), which each sold over 10 million. Renault, Nissan and Mitsubishi Motors, which share some resources as part of an alliance, sold a combined 10.8 million cars last year.

In a statement on Wednesday, the companies said that Chinese carmaker Dongfeng Group had agreed to sell part of its stake in PSA back to the French automaker, a move that could appease US regulators.

The planned sale of 30.7 million shares would reduce Dongfeng's stake in PSA from 12.2% to just 4.5%.

The combined company will be based in the Netherlands, which is the current headquarters of Fiat Chrysler, although it will keep a head office for its North American operations near Detroit.

John Elkann, the US-born scion of the Italian family that founded Fiat, will be chairman of the combined company, while PSA chief executive Carlos Tavares will be CEO.

The merger comes amid a global auto sales slowdown, which could worsen as economies around the world slow or even fall into recession.

At the same time, carmakers are scrambling to invest in the electric and hybrid technologies needed to meet strict new emissions targets in China and Europe.

The huge amount of capital needed to meet these new challenges has forced some automakers to find partners and turned others into acquisition targets.

The carmaker with the most urgent need to combine in this case was PSA, which has fallen behind on developing clean cars.

Electric vehicles account for less than 0.3% of its overall sales, and it had to pay Tesla for credits needed to comply with EU emissions standards. Fiat Chrysler has also trailed larger rivals in developing electric vehicles.

Even the biggest players in the industry are making changes.

Volkswagen (VLKAF) and Ford (F) are working together to develop electric and self-driving vehicles, while German carmakers BMW (BMWYY) and Daimler (DDAIF) have formed a joint venture that will develop driverless technology. Honda has invested in General Motors' self-driving car unit.

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2019-12-18 12:15:00Z
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Fiat Chrysler and Peugeot owner agree deal to create world's third largest automaker - CNN

The companies said in a joint statement Wednesday that they expect the 50-50 merger to be completed within 12 to 15 months, pending approval from shareholders and regulators.

The deal, which was first announced in October, should help spread the huge cost of developing electric and autonomous vehicles and help the mid-sized carmaker compete with larger rivals. The combined company would have roughly 410,000 employees and annual revenues of $190 billion.

Fiat Chrysler (FCAU) and PSA (PUGOY) sold a combined 8.7 million vehicles last year, just ahead of General Motors (GM), which sold 8.3 million, and not far behind Volkswagen and Toyota (TM), which each sold over 10 million.

In a statement on Wednesday, the companies said that Chinese carmaker Dongfeng Group had agreed to sell part of its stake in PSA back to the French automaker, a move that could appease US regulators.

The planned sale of 30.7 million shares would reduce Dongfeng's stake in PSA from 12.2% to just 4.5%.

The combined company will be based in the Netherlands, which is the current headquarters of Fiat Chrysler, although it will keep a head office for its North American operations near Detroit.

John Elkann, the US-born scion of the Italian family that founded Fiat, will be chairman of the combined company, while PSA chief executive Carlos Tavares will be CEO.

The merger comes amid a global auto sales slowdown, which could worsen as economies around the world slow or even fall into recession.

At the same time, carmakers are scrambling to invest in the electric and hybrid technologies needed to meet strict new emissions targets in China and Europe.

The huge amount of capital needed to meet these new challenges has forced some automakers to find partners and turned others into acquisition targets.

The carmaker with the most urgent need to combine in this case was PSA, which has fallen behind on developing clean cars.

Electric vehicles account for less than 0.3% of its overall sales, and it had to pay Tesla for credits needed to comply with EU emissions standards. Fiat Chrysler has also trailed larger rivals in developing electric vehicles.

Even the biggest players in the industry are making changes.

Volkswagen (VLKAF) and Ford (F) are working together to develop electric and self-driving vehicles, while German carmakers BMW (BMWYY) and Daimler (DDAIF) have formed a joint venture that will develop driverless technology. Honda has invested in General Motors' self-driving car unit.

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2019-12-18 10:40:00Z
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US futures point to slightly lower open - CNBC

U.S. stock index futures were slightly lower Wednesday morning.

At around 2:45 a.m. ET, Dow futures dipped 12 points, indicating a negative open of more than 7 points. Futures on the S&P and Nasdaq were both slightly lower.

On Tuesday, the S&P closed higher for the fifth consecutive session, notching its longest winning streak since November. The Dow and Nasdaq ended with record closing highs in the previous session.

Market focus is largely attuned to global trade developments, as investors await more details about a preliminary trade agreement between the U.S. and China.

Late last week, President Donald Trump and Chinese officials announced that the world's two largest economies had agreed on a so-called "phase one" deal.

It is understood that Beijing agreed to billions of dollars in agricultural purchases from the U.S., while Trump said he would not move ahead with a new round of planned tariffs, among other items.

The deal, which is not yet signed, is set to be confirmed in the first week of January, according to U.S. Trade Representative Robert Lighthizer.

Corporate earnings

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2019-12-18 07:24:00Z
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