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Archive for 30. September 2017

EU Leaders Look for Reform, Greater Unity Ahead of Brexit

Posted by hkarner - 30. September 2017

Date: 30-09-2017
Source: The Wall Street Journal

Leaders ‘pretty much all on the same page’ on the need for reforms, says Juncker

TALLINN, Estonia—The European Union is officially out of crisis mode,  EU leaders signaled at a summit in the Estonian capital on Friday, where they addressed overhauls to reshape the bloc once Britain leaves in two years time.

Over the past seven years, EU leaders have stumbled from emergency summit to emergency summit, initially caused by the global financial crisis and later, by Russia’s intervention in Ukraine, terrorist attacks and the unprecedented wave of migrants and refugees from the Middle East who entered the bloc in 2015.

Last year, the U.K.’s vote to leave the bloc and the rise of nationalist, anti-EU politicians seemed to leave the EU on the brink.

But at a four-hour dinner on Thursday night and discussion Friday on fostering the bloc’s digital innovation, the mood had visibly changed even if different views remained on the bloc’s future.

Leaders “were pretty much all on the same page, so I was very pleased with the debate,” said European Commission President Jean-Claude Juncker. Den Rest des Beitrags lesen »

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Remembering Black Monday: ‘It Was Relentless’

Posted by hkarner - 30. September 2017

Date: 30-09-2017
Source: The Wall Street Journal By Jason Zweig

Next month is the 30th anniversary of the crash of “Black Monday,” Oct. 19, 1987, when U.S. stocks dropped nearly 23% in a single day. My “Intelligent Investor” column this weekend looks back at the crash; here are some additional thoughts from (and about) people who lived through it.

Peter Low, a trader on the floor of the New York Stock Exchange, had started his career there just before John F. Kennedy was assassinated. On that day in 1963, he recalls, “there was this groundswell of noise and mayhem that came up out of nowhere on a quiet, orderly afternoon.” But that was nothing compared to Oct. 19, 1987.

On Black Monday, Mr. Low kept getting orders from an institutional client to sell stocks, not a couple hundred shares at a time, but in huge blocks of tens of thousands of shares.

He remembers racing back and forth across the trading floor to sell Tandy Corp. (then the parent of RadioShack) in 50,000-share lots. Every time he got back to his post, the phone would ring again with another order to sell 50,000 more shares of Tandy.

“It was relentless,” recalls Mr. Low. “There was no letup. The sheer volume of selling was terrorizing. The pressure of doing so many orders all telescoped into such a short period of time filled us all with the fear of making a mistake. My undershirt was dripping with sweat.” Den Rest des Beitrags lesen »

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