Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
It turns out a bullish signal for Wall Street isn’t really that accurate.
Wall Street bankers often talk about their deal pipeline, hinting at better days ahead. According to research from Fitch, however, the comments count for little, and there is a low correlation between investment bank revenues and the number of banks citing “strength” in their backlog of deal activity.
The retail sector is dominating the headlines today. Here are the highlights:
Staples and Office Depot have scrapped their planned merger. Macy’s cut its earnings guidance, sending the stock tumbling. The company is now in danger of becoming the new Sears. The entire retail sector is now taking a hammering. Here’s one paragraph that nails everything that’s wrong with big-box retailers.
In other news, the level of risk that Tesla faces is terrifying and unprecedented.
Lastly, check out this incredible collection of Ford and Shelby race cars that is worth millions.
Here are the top Wall Street headlines at midday:
Hillary Clinton’s son-in-law is shutting down one of his funds – Marc Mezvinsky, Democratic presidential nominee Hillary Clinton’s son-in-law, is shuttering one of his funds.
RUBENSTEIN: The next president will likely face a recession in their first term – Private-equity billionaire David Rubenstein, who co-founded Carlyle Group, said Wednesday that the next US president will probably see “something close to a recession or something that might be close to very low growth.”
The computers have won, and Wall Street will never be the same – The rise of quant-driven hedge funds is a part of the evolutionary shift that is taking place on Wall Street that encompasses how investment decisions are made and how they are put into action.
Central banks are loading up on gold – This has been a great year for gold.
Damian Lewis opened the London Stock Exchange to promote Sky’s hedge fund drama Billions – Actor Damian Lewis, best known for starring in Homeland, turned up at the London Stock Exchange on Wednesday to promote his new hedge fund drama Billions.
16 essential terms every beginning watch collector should know – For beginners, the world of watches can be a mysterious and intimidating place.
30 of the most impressive new buildings in the world – Architecture is important. It constitutes our built habitat, and when done well, it has the power to improve lives.