Prime Finance is Business Insider’s midday summary of the top stories of the past 24 hours.
The big story of the morning is the downing of a Russian warplane by the Turkish military. It is safe to assume that geopolitical instability will continue to weigh on markets on both sides of the Atlantic.
(Here is a great cheat sheet from Citigroup on what everyone involved in the Syria conflict wants.)
In finance land, reaction to the proposed Pfizer-Allergan merger continues to filter in.
Democratic presidential candidates Bernie Sanders and Hillary Clinton were quick to speak out against the deal, while Donald Trump called the proposed megamerger “disgusting.” Investors meanwhile are already wondering what this means for a completely different kind of deal: the breakup of Pfizer into two or more companies.
Here are the top Wall Street headlines at midday –
A sign that Wall Street is going to have a lousy Christmas – It was a rough quarter for Wall Street banks last time around, and at least one team of analysts doesn’t think this one will turn out any better.
Deutsche Bank CEO sounds off on bonuses – John Cryan said banks promise high bonuses and are then put “in the ridiculous position where the baby’s been given the candy and you’ve got the difficulty of taking it away.”
We asked 4 Wall Street recruiters about the hottest trends in hiring – Winter is coming to Wall Street. That means hiring is slowing down and the biggest banks are starting to think about their plans for next year.
Wall Street’s nightmare stock has been pulling out all the stops to raise cash, and now it’s exploding higher – Former hedge-fund favourite SunEdison is selling projects in India for $231 million.
The biggest risk for global bond investors has nothing to do with the bond market – The Federal Reserve is preparing to raise interest rates, just as other regions like Europe are pushing ahead with easy money policies.
In case you missed it –
2 Wall Street firms have made billions betting on a hot consumer trend – A couple of private equity investors are set to cash in on a big bet on increased spending on pets.
Argentina has to pull off a next-to-impossible trick – The incoming president Mauricio Macri will have to move quickly to address a number of challenges facing the Argentinian economy.
Carl Icahn has taken a stake in Xerox – The billionaire has taken a 7% stake.
These are the 25 stocks that hedge funds love the most right now – Apple, Amazon, Time Warner Cable, Alphabet, Facebook and Allergan are on the list.
GOLDMAN: Hedge funds are betting billions that these 19 stocks are going down – Exxon Mobil and Walt Disney are the top two shorts.
Elsewhere on the web –
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