Updated throughout the day
December 15, 2015
U.S. stocks joined the rally in Europe, opening about 1% higher as oil pushed sharply higher after nearing 11-year lows on Monday. The markets have been volatile, especially after Third Avenue Management abruptly shuttered its high-yield bond fund, telling investors they would have to wait for their money until the managers could liquidate the assets in an orderly fashion. Investors are expecting that the Federal Reserve Open Market Committee will vote this week to raise interest rates for the first time in nine years. The two-day gathering begins Tuesday and despite the widespread certainty of what comes next, markets are jittery. Tuesday evening, the GOP candidates will take the stage in Las Vegas for their sixth debate.
Here’s what else you need to know:
The S.E.C. is investigating Third Avenue. The feds are taking a look at whether the highly unusual steps the value manager took to close the fund — preventing further redemptions — were legal. The Focused Credit Fund was stuffed with highly illiquid investments. Wall Street Journal (paywall)
OPEC may hold emergency meeting if oil prices fall. The next regularly scheduled meeting is for June 2 but the ministers may gather in February if prices continue to slump. West Texas Intermediate crude was up 1.43% in early trading at $36.83. WBP Online
U.S. car brands profit from European sales. European car sales were up 13.7% in November, with the U.S. brands edging out the embattled Volkswagen. VW’s core brand market share fell to 12.2% from 13.5%. Reuters
French authorities detain more terror suspects. Three people have been apprehended in connection to both the November Paris attacks and the siege of a kosher grocery store in January. It’s still unknown if the attacks are related. CNN
U.K. inflation climbs 0.1% year-on-year. The November CPI reading came in largely in-line with forecasts, and was much better than the previous month’s -0.1% showing. Transport costs and tobacco prices were apparently the main drivers of the move, but was offset by a slump in clothing prices. Office of National Statistics
U.K. public evenly slit on Brexit. An ICM poll for the Vote Leave campaign found that when undecided voters are excluded, half of voters would choose to leave the E.U. Immigration is one of the big issues and there could be a referendum as early as June 2016. Telegraph
Japanese regulators may launch criminal case against Toshiba. Seemingly unhappy with the record fine it slapped on Toshiba for its creative accounting measures, Japan’s Securities and Exchange Surveillance Commission is apparently examining the feasibility of launching a criminal case against the disgraced electronics giant. Nikkei Asian Review
CITIC securities halts massive bond issue. Facing increased scrutiny from China’s regulators, the nation’s largest brokerage apparently shelved its plans to raise nearly $3.5 billion in the corporate bond market. Huatai Securities was supposedly the issuance’s main underwriter. Reuters
You won’t believe this:
Eat at McDonalds to support the environment. Surprisingly, McDonalds is one of the top brand name companies consciously cutting its greenhouse gas emissions. So is Costco and Abercrombie and Fitch. Check out the list at BuzzFeed.
Photo: Charley