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Target-date funds 101

Savings Accounts and Money Market Rates provided by 1 December 2011 Target date funds offer many benefits to potential investors, but there are caveats that should be observed when picking the appropriate fund to use. Target-date funds allocate assets based on the date by which investors want to be able to actually spend their money.

Bankrate.com reports that one benefit of these funds is that they simplify investment decisions that will be made over a long time horizon – for example 30 years – according to Ronald J. Rough, who is a chartered financial analyst and director of portfolio management at Financial Services Advisory in Rockville, Maryland.

The funds generally begin with most of their assets invested in equities and then shift larger and larger fractions to cash. Read more text…

FX: Big Week For Europe And Rest Of The World

If you thought the financial markets were chaotic this week, just wait until next week when the action really heats up.  Leaders of the European Union are gathering in Brussels on the same day that the European Central Bank meets on monetary policy.  Earlier this week, central banks showered the markets with liquidity and even though U.S. stocks and some of the higher yielding currencies have held onto their gains, the rally in European currencies fizzled quickly.   The divergent price action in the financial markets show that investors are still worried about Europe and realize that the liquidity measures taken this week help to ease the strains in the market but do not resolve the region’s structural problems.  Asid Read more text…

AT&T Sets Aside $4B For T-Mobile Breakup Fee

In a sign that its merger prospects are dimming, AT&T said Thursday that it will take a $4 billion accounting charge this quarter to cover part of the break-up fee it will owe, if its bid to acquire T-Mobile fails to gain regulatory approval.

The move comes two days after the Federal Communications Commission took the unusual step of recommending that AT&T’s proposed $39 billion takeover of T-Mobile go to an administrative hearing. The maneuver, a sign of opposition to the deal, makes the FCC the second regulatory to object.

The Department of Justice filed an antitrust lawsuit in August to block the merger. AT&T and Deutsche Telekom AG, the parent company of T-Mobile, are preparing to go to trial on the case in February.

AT&T also said Thursday that it is temporarily withdrawing its pending applications before the FCC. Read more text…

Commodities sold as liquidity rules

The financial stress in global markets continues unchecked and the longer it takes before a resolution to the European debt crisis is found the higher the risk of a global recession re-emerging. This has resulted in the near-term demand outlook for commodities being lowered and prices have suffered as a consequence.

Many traders have begun to scale back early due to year-end considerations and investment funds have been deleveraging speculative positions, as a result of banks reducing credit lines. On this basis further headwinds cannot be ruled out during the coming weeks, also considering the continued dollar rally which erodes support for commodities traded in dollars.

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India’s Stock Market Tanks

As shown below, Indias SENSEX has completely fallen out of bed over the past few weeks.  Since gapping sharply higher on October 27th, the index is down 12.33%.  Today the SENSEX experienced a major breakdown as it collapsed below key support levels that were formed by the indexs August and early October lows.  This breakdown has many saying Look out belooooooow!

Sovereign Bond Markets Continue To Attract Attention

Fx markets remain hostage to shifting headlines and persistent evidence of contagion in european debt markets. Deeply concerning to traders is the aggressively rising funding costs across europe. Yesterday’s spanish 10yr bond auction came in at 6.975 (out pacing the recent Italian auction), while bid to cover was an uninspired 1.54. In Italy, the new technocratic government, lead by Prime Minister Monti, took a big step forward by passing his first confidence vote. In his prepared remarks to the senate, Monti would look to reinforcing fiscal discipline, assist potential growth, and move forward a more populist agenda by setting taxes. Italian government yield spreads vs. German counterparts, rallied somewhat in reaction to Monti’s statements, but still remain extremely wide. H Read more text…

Update: Proposed Changes to SEC Registration Thresholds for Bank Holding Companies and Banks

Trade groups are pushing for Senate action on recent legislation (S. 556) introduced by Senators Kay Bailey Hutchison (R-Texas) and Mark Pryor (D-Arkansas) to increase the Securities and Exchange Commission (“SEC”) registration thresholds for banks and bank holding companies. On November 2, 2011, a companion bill (H.R. 1965) passed the House of Representatives by a vote of 420-2.

The House bill (H.R. 1965) amends the Securities Exchange Act of 1934 (“Exchange Act”) shareholder registration thresholds for banks and bank holding companies. The bill bifurcates SEC registration of a class of equity security based on the type of registrant, as follows:

• 2,000 shareholders of record if the company is a bank (or Federal savings association) or a bank holding company; and
• 500 shareholders of record for all other companies.

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USD/JPY Breaking Below Support

The JPY is moving early this morning following a bout of USD weakness. With the USD/JPY breaking below the 76.80 support level there is little support remaining on the charts to stand in the way of the pair’s all-time low.

Most of the majors have been consolidating in the latter half of the week but the USD is weaker across the board to begin the London trading session. There is little data on the economic calendar to affect the majors with the exception of CPI numbers from Canada later this afternoon.

The USD/JPY has been on the move early this morning, breaking through support at 76.80. The pair has retraced more than 61% of the most recent Japanese government intervention. Expectations are for the USD/JPY to continue to decline towards its all-time low at 75.55. R

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