Salient to Investors: Michael Mandel at CompStak said the financial industry, the traditional driver of New York City office rents, is giving way to technology, media and advertising firms, who tend to steer clear of midtown Manhattan’s skyscrapers, preferring the older, low-rise buildings of midtown south, the area roughly between 34th
READ MORE... →Salient to Investors: Robert Shiller at Yale said the housing recovery is fragile and should be spurred by reducing the role of government in the mortgage-finance system. The economy needs further fiscal stimulus to create jobs, with increases in spending offset by higher taxes on the wealthy to avoid enlarging the national debt. Read the full article
READ MORE... →Salient to Investors: Dublin, the epicenter of Western Europe’s worst housing-market crash, is showing signs of life for those with cash. Keith Lowe at Douglas Newman Good said people are going to look back and see a lot of missed opportunities in Ireland if they had the cash. Goodbody Stockbrokers says cash now accounts for
READ MORE... →Salient to Investors: So far in 2012, hedge funds’ gains are 1.1 percent, macro funds are down 1.3 percent, multi-strategy funds are down 7.1 percent, long-short equity funds are up 1.5 percent; versus 13 percent for equities worldwide, including dividends. Hedge Fund Research said hedge fund assets grew 3.6 percent to a record $2.19 trillion in
READ MORE... →Salient to Investors: Knight Frank said: UK home prices will fall 2 percent in 2013 as values in every region decrease for the first time since the financial crisis began in 2008. Residential properties will increase 1 percent in 2014 prices and 2 percent gain in 2015. Welsh home prices will slide 3.6 percent in
READ MORE... →Salient to Investors: Wilshire Associates said US public pensions ended Q3 with a median gain of 4.67 percent as bond managers bought riskier debt and fixed-income securities with longer maturities. The median public pension was 55.5 percent in stocks, 25.7 percent in bonds, almost 3.7 percent in real estate, and 1.9 percent
READ MORE... →Salient to Investors: Douglas McWilliams at Centre for Economics and Business Research said London’s financial-services jobs may drop to a 20-year low in 2013 due to the weak economy, hangover effect from the financial crisis, and increasing regulation. Read the full article at http://www.bloomberg.com/news/2012-11-06/london-financial-jobs-to-fall-to-20-year-low-in-2013-cebr-says.html
READ MORE... →Salient to Investors: German factory orders fell for a second straight month and by the most since September 2011. Thomas Harjes at Barclays said today’s data are a catastrophe – the huge problem in the rest of the euro area seems to be reaching Germany and its labor market. Harjes said the economic outlook is gloomy for
READ MORE... →Salient to Investors: Halifax said UK house prices fell for a fourth month in October, down 2.8 percent from a year ago. Nationwide Building Society said home prices rebounded in October to erase September losses. Hometrack said prices declined in October and a market recovery is unlikely without sustained economic growth. Martin Ellis at Halifax said
READ MORE... →Salient to Investors: Credit-derivatives traders are being replaced by machines as automated trading makes humans too expensive. Michael Karp at Options Group said that as late as 2005, managing directors on credit-derivative trading desks were being paid an average $250,000 in salaries and $1.75 million in bonuses. Peter Tchir at TF Market Advisors said
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