Media Navel Gaze: June 20, 2016
It’s Brexit week with the in/out referendum scheduled for Thursday, June 23 and media attention ever increasing especially after the stunning murder of Pro-EU British MP Jo Cox, which apparently has increased “remain” support. From a markets standpoint, the dollar will swing no doubt this week based on changing sentiment with an exit likely adding support. Stay tuned.
- Microsoft buys LinkedIn for $26.2 billion in its biggest deal ever with no paid amplification needed;
- Russia’s track and field teams were barred from the Rio Olympics because of doping (or illegal amplification);
- Disney opened its Shanghai park, a celebration marred by the deadly alligator attack on a small boy at one of its Orlando properties;
- President Obama and Veep Biden visited Orlando to pay respect to Pulse victims;
- Stocks slid with the Dow down a little more than 1 percent to end at 17,675 with focus on Brexit; VIX game way strong, though;
- There’s a new stock exchange in town as the SEC approved IEX Group, the 13th in the US, but one now with “speed bumps” because “flash boys” are behind the concept; and
- Garrison Keillor is saying good bye to Lake Wobegon after four decades on PBS, with Prairie Home Companion expected to stay led by a hand-picked successor, Chris Thile.
- A Brazilian congressional ethics panel voted to expel House Speaker Eduardo Cunha from the Chamber of Deputies. The vote will then be presented to the full Chamber. Cunha engineered the movement to impeach former Brazilian President Dilma Rousseff.
- MSCI will include Argentina in its 2017 market review to consider including the nation in its emerging market index after several moves from Argentine President Mauricio Macri (elected in December 2015).
- Mexico’s senate approved a new set of anti-corruption laws that extend to government contractors the same disclosure requirements that government employees are held to, which includes disclosure of assets, interests and proof of tax filings.