Prime Finance is Business Insider’s midday summary of the top stories of the past 24 hours.
Wall Street is back in action today after a quiet week due to Thanksgiving.
The big news of the day is the International Monetary Fund officially designating the Chinese yuan a global reserve currency. In Brazil meanwhile, investment bank BTG Pactual has named a new leadership team following the arrest of its former chief executive, and it may need to be rescued by a buyer.
There are also reports that Morgan Stanley is about to launch a brutal round of job cuts in its fixed-income business.
Here are the top Wall Street headlines at midday –
It’s unfortunate what happens to ETFs right after you’re able to invest in them – People love exchange-traded funds, commonly known as ETFs.
HSBC reduced your entire life to one line on a chart – HSBC global economist James Pomeroy divides your entire life into just five economically relevant periods.
One of the hottest gift items this Christmas just got a huge endorsement from Wall Street – Wearables are one of the hottest gift categories this Christmas.
The commodities bloodbath of 2015 in one chart – “Unfortunately for commodities, there’s no waking up from this nightmare.”
A star Silicon Valley entrepreneur explains how bitcoin is going to change the world – “[There’s] more people in the world who need a currency they can trust than the opposite.”
A critical shift is taking place in China ― and it could have brutal consequences – China is beginning to “talk the walk.”
In case you missed it –
Former Goldman programmer accused of insider trading says ‘there is a lot of misunderstanding’ – Yue Han said in a message that “there is a lot of misunderstanding and what they sued against me is not true.”
A booming Wall Street business is about to be tested for the first time – The marketplace-lending business has boomed in the post-financial-crisis era, with loan volumes swelling and the leading companies going public.
It is getting worse in Houston – A severe slowdown could be on its way to Houston.
SALLIE KRAWCHECK: The economy is changing so fast that no one is safe – The economy is moving so quickly now that delivering great results doesn’t guarantee a job.
Elsewhere on the web –
JPMorgan Leaves Bonus Pool for Traders, Bankers Unchanged – Bloomberg
A Wealthy Governor and His Friends Are Remaking Illinois – The New York Times
Forget Going Public, U.S. Companies Want to Get Bought – The Wall Street Journal
BATS Global Markets plans 2016 IPO – The Wall Street Journal
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