Prime Finance is Business Insider’s midday summary of the top stories of the past 24 hours.
The big news of the past 24-hours relates to central bank policy in Europe and the US.
In Europe, ECB president Mario Draghi announced that the central bank will extend and broaden its quantitative easing program. In the US, in contrast, all signs point towards the Federal Reserve lifting interest rates this month.
In other news, former global macro fund manager Raoul Pal says there’s now a 65% chance of a global recession. Pal has a history of making bold calls ― and being proven right.
Separately, a crackdown on credit card fees has saved consumers $20 billion, according to a report out Thursday.
Here are the top Wall Street headlines at midday –
Allergan’s CEO says his dad gave him a hard time about dodging taxes – Saunders told his father that an inversion isn’t much different from moving from a state with a higher income tax, like one in the Northeast, to Florida, which his dad has done.
S&P just cut its ratings for the 8 major ‘too big to fail’ banks – The US ratings agency Standard and Poor’s cut its ratings for eight major American banks on Thursday, saying they cannot count on government help again in case of trouble.
Barclays’ new CEO wants ‘Queen of Commodities’ Blythe Masters to run its investment bank – New Barclays chief executive Jes Staley has approached his former JPMorgan colleague Blythe Masters to run the British bank’s investment bank division.
Morgan Stanley on the stock market: ‘?’ – “So, what’s up for 2016?” Morgan Stanley’s Adam Parker asks.
The unofficial Goldman Sachs holiday gift guide for 2015 – It’s that time of year again — when children everywhere discover that Santa Claus loves rich kids more.
IMMELT: ‘There’s going to be trillions of dollars of wealth created in the industrial internet’ – The days where people thought of General Electric as “an old industrial company” are over.
A long financial winter is heading to Hong Kong – Hong Kong is being pushed into a protracted financial winter by the actions of two world powers.
Elsewhere on the web –
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