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Jumat, 20 Oktober 2017

FINANCE INSIDER: BlackRock, SoftBank and Madison Square Garden

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October 20, 2017

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

The Senate passed its fiscal-year 2018 budget resolution Thursday, opening the door for the passage of Republican leadership's massive package to overhaul the tax code. Here's what you need to know:

In finance news, Wall Street has been embroiled in a civil war between traders and exchanges over the rising cost of market data. A recent hire by the Securities and Exchange Commission is being viewed as a win by the traders.

We talked to the chief investment strategist at $6 trillion fund giant BlackRock about stocks, bitcoin, and the Fed. Billionaire hedge fund manager Dan Loeb's Third Point is crushing the competition. The first artificial intelligence-powered exchange-traded fund just launched, and it's already beating the market.

And Hong Kong's stock exchange is to shut after more than 30 years as automated trading takes over.

In deal news, SoftBank plans to invest roughly $880 billion in tech through more Vision Funds. Stitch Fix just filed for an IPO.

And the founder of a fresh hedge fund launch pitched the Madison Square Garden Company to a high-profile Wall Street investor conference on Thursday, touting the growing number of billionaires – who may in turn buy more sports teams – as a bullish sign for MSG.

The September jobs report showed a stunning drop in net nonfarm payrolls by 33,000, the first time the US economy shed jobs since 2010.  State-level data released on Friday made clear that most of the job losses occurred in Florida.

In markets news and views:

Lastly, Bombardier's next generation $73 million Global 7000 private jet just made its air show debut.
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