Media Navel Gaze: August 29, 2016
The Fed policy confab in Jackson Hole produced remarks, especially from Chief Yellen, that suggests a rate hike is coming (probably middle of next month or December but this is a bit of a broken record); focus no doubt on the unemployment report on Sep 2; stay tuned.
- EpiPen took the spotlight at $600 a two-pack, raising the discussion around big pharma and drug pricing, insurance and high exec pay;
- Gloves off as Ackman and Ichan battle it out on Herbalife but now with a puzzling twist: Icahn has reportedly signaled to Ackman he wants to sell the massive short seller his shares??? Nutrients never had so much fun;
- Lost most, win some: Ryan Lochte lost all of his endor$ements but looks like Pine Bros. cough drops will come to his rescue, a company known for unusual spokespeople at inopportune times in the past: Martha Stewart and Waka Flocka Flame, for example;
- The Dow gave back a little ground last week, falling 0.8 percent to close at 18,395;
- Qatar is buying a piece of the Empire State Building through a 9.9 percent investment in the Empire State Realty Trust; and
- The New York Times Moscow bureau was the target of a hack but I would still check that.
- Colombia celebrated a monumental moment after its government reached a peace treaty with the FARC guerilla group they had been at war with for over 5 decades.
- In Brazil ex-president Dilma Rousseff’s impeachment trial, which started on Thursday, continues this week with an address from Dilma on Monday to Brazil’s senators during which she will defend the allegations brought against her. The Bovespa closed the week relatively flat, down 0.11 percent.
- Bolivian authorities have detained over 100 individuals following the kidnapping and murder of vice-minister Rodolfo Illanes by a group of miners who had been lobbying for workers’ rights and with whom Illanes had been trying to negotiate a resolution.
- On the week, Mexico’s BMV closed the week down 0.46 percent, Chile’s Bolsa de Santiago just about broke even (-0.16 percent), and Argentina’s Merval finished up 1.72 percent.