Your Daily Dose of Financial News

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The hotly anticipated US jobs report (flaws and all) is out today: the official numbers show 173,000 jobs added—fewer than expected, though perhaps ripe for revising next month—while the jobless rate ticked down to 5.1% – NYTimes and WSJ

The report is receiving particular focus because of its likely impact on the Fed’s decision to finally push interest rates off of the ground floor for the first time in years. Something north of 200,000 jobs was expected to be the magic number that indicated growth sufficient to prompt the Fed to move. Please enjoy the exercise of comparing the actual numbers with the official pre-release “things to watch” lists – NYTimes and WSJ

[And keep an eye on the markets today, because we’re in that interesting territory where a strong report could actually move stocks lower out of Fed action fears – (see, e.g., Europe)]

The Fed will also consider the impact of the ECB’s continued commitment to QE, as announced by ECB President Mario Draghi yesterday, who confirmed that the bank will intervene in order to stimulate European growth (though failed to provide a timetable for action) – NYTimes and WSJ and Bloomberg

Despite the 2008 crisis, the Financial Industry Regulatory Authority (FINRA) hasn’t addressed rules insulating research analysts from bankers and others in more than a dozen years.  That changed this summer, with the SEC signing off in July on rules that address not only equities research departments but also debt-securities analysts—which could seriously affect the bond world. Law360 highlights 5 aspects of the new rule that are likely to rock the financial world’s boat the most – Law360

Blackstone Group’s Stephen Schwarzman is continuing on his existential crisis tour—moving on from college admissions and into stock valuation, which he believes should be much higher given Blackstone’s mega success – NYTimes

An Illinois grand jury has formally indicted Navinder Singh Sarao on 22 counts of manipulation and wire and commodities fraud for his alleged role in the 2010 Flash Crash on Wall Street – Law360

Phil Falcone is hoping to challenge Fitzgerald’s “no second acts” quip by launching a third, another in the series of Gatsby-esque moves that have taken him from Chisolm, MN to Wall Street (with some pretty significant detours along the way) – NYTimes

China’s regulators are again stepping into the markets in hopes of calming recent turmoil—this time with a new set of rules “aimed at stopping speculation of stock index futures” by raising margin requirements, reducing upper transaction limits on single products, and increasing the transaction fee for same-day buyers-and-sellers – Law360

Commodities-linked ETFs: not for the investing faint of heart these days – WSJ

Restaurant chains are putting the “secret’s in the sauce” mantra to the test, at least when it comes to millennials – Bloomberg

The Force may be with you, too (for a price) – NYTimes

 

Enjoy the long weekend,

MDR

Follow me on Twitter: @reifmd

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