news

Glencore вчера но конференции заявил что спрос на цинк и нектр.другие металлы превысит/превышает предложение. Glencore usually has a right call www.bloomberg.com/news/articles/2016-05-10/glencore-says-stage-set-for-further-metals-rally-as-supply-ebbs

China
· China will hit its economic targets this year — China's vice premier Zhang Gaoli said the country would hit its economic targets for this year despite facing downward pressure – Reuters goo.gl/vzNUdM
· China will pour almost Rmb5tn into transportation infrastructure over the next three years, the Ministry of Transport said on Wednesday – FT goo.gl/IToZ7G
· China moves to contain technology bubble – the gov’t is preventing companies from selling new shares to fund investments in non-core businesses such as internet finance, online gaming, and virtual reality, in a bid to ward off a bubble in certain tech categories – CNBC
goo.gl/D1dqbd

inflection

· Bear leveraged ETFs could soon see assets outpace bullish peers – bear assets close to surpassing long ETFs for first time since 2013 in another sign of investor skepticism – Bloomberg goo.gl/ePYiIO

Investment banking
·  M&A bypassing Wall St investment banks. The WSJ discusses how Corporate America increasingly is deciding to do deals w/o using Wall St advice. 26% of deals worth >$1B in ’15 were completed w/o Wall St involvement (that compares to 13% in ’14). So far in ’16 the percent of Wall St-less M&A is up to 27%. “Corporate executives attribute the rise to a desire to keep transactions confidential, move quickly when needed and, of course, save money. There is also a view by some that all bankers don’t always have their best interests at heart”. Meanwhile, not only are more deals being done w/o advice but smaller boutique advisory firms are eating into the market share of bulge bracket firms (boutique firms have captured ~18% of total fees so far in ’16, nearly double the ratio in ’08). WSJ goo.gl/moKJmX