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<keyword id="6373044" type="CITY" weightage="100" keywordseo="Forbes">Forbes</keyword> list of America's top wealth advisors is out, featuring 200 members who collectively manage USD 675 billion, and four Indian-origin persons are a part of the list. 
 
Raj Sharma and Ash Chopra, both of whom work in Merrill Lynch’s Private Banking &amp; Investment Group, have been ranked 17th and 129 respectively, while Sonny Kothari of Merrill Lynch Wealth Management has been ranked 176. Raju Pathak of Morgan Stanley Wealth Management, on the other hand, is placed at 184th rank. 
 
As per Forbes, the 200 members serve clients ranging from Silicon Valley billionaires to Wall Street titans, along with small business owners and family fortunes. 
 
"Most great fortunes have their roots in hard work, brilliant business decisions or savvy investing somewhere along the way (more often than not all three), But once the money is made, growing, preserving and passing it on to the next generation becomes paramount," Forbes said. 
 
"That's where a wealth advisor can come in handy," it added. 
 
The top spots have been grabbed by advisors affiliated with big wirehouses, including Morgan Stanley, Merrill Lynch and UBS Regarding services. 
 
<a href="http://blogs-images.forbes.com/rjshook/files/2016/08/Top-Wealth-Advisors-Logo.jpg">Image source</a>

Forbes list of US' top wealth advisors has four Indian-origin names in it

<keyword id="1492983" type="PERSON" weightage="100" keywordseo="Shinjini-Kumar">Shinjini Kumar</keyword>, a former Reserve Bank of India (RBI) executive and PricewaterhouseCoopers (PwC) executive director, is all set to join <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>'s payments bank as the CEO, multiple sources with direct knowledge of the matter told TOI. In the past, Kumar has also had a stint at Bank of America Merrill Lynch. 
 
She is expected to join Paytm in March, as the company gets ready to start its payments bank operations after June this year. While they had earlier planned to start operations in the first quarter, there has been some delay in the operation. 
 
The Noida-headquartered company is looking for fresh capital and discussions with investors are said to be at an early stage. 
 
At PwC Mumbai, Kumar led the banking, capital market and financial services regulatory practice for 5 years. It was in 2010 that she had quit Bank of America's investment division, where she was heading the India compliance, managing regulatory and compliance risk across product lines, including corporate and investment banking, global markets, equities and private banking. 
 
Paytm is funded by Chinese e-commerce giant Alibaba, and is one of the 11 entities to have got a license from the RBI to establish a payments bank. The list also includes Reliance Industries, Aditya Birla Group, Airtel and Vodafone. 
 
To make the launch a grand and successful affair, Paytm has been making key senior-level appointments from companies like Amazon, Airtel and ITC. Presently, it is in the process of hiring about 3,000 people for handling the operation of its payments bank. 
 
<a href="https://pbs.twimg.com/profile_images/378800000738982431/41322cf9beaebab3a1fb58cdf8226eea_400x400.jpeg">Image source</a>

Paytm payments bank to be headed by former RBI and PwC executive Shinjini Kumar

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersTourist binoculars offer users the chance to pay in Pounds or Euros in Gibraltar.</div></div></div><ul><li>April is a traditionally a strong month for the pound.</li><li>Sterling has ended every April for the last 14 years at a higher level against the dollar than it started the month.</li><li>That trend looks set to continue in 2018, according to Kamal Sharma, a strategist at Bank of America Merrill Lynch.</li></ul> <a href="https://www.poetryfoundation.org/poems/47311/the-waste-land">When poet T.S. Eliot said that April is the cruelest month</a>, he clearly wasn't talking about <a href="http://uk.businessinsider.com/category/pound">the pound.</a>If history repeats itself, April is likely to see big gains for Britain's previously downtrodden currency.The pound has traditionally performed strongly in April, regardless of both the political and economic situations in the UK and globally."April seasonality is approaching again for GBP, which tends to rally no matter what the political/macro backdrop," Kamal Sharma, a strategist at Bank of America Merrill Lynch wrote in a note to clients in late March.Sharma calculates that the pound has ended every April for the last 14 years at a higher level against the dollar than it started the month."Within the G10 FX complex, there is no stronger seasonality than in GBP through April," Sharma wrote."This remarkable outperformance covers major events such as the financial crisis, general elections, and the Brexit referendum, and suggests to us a consistently strong underlying flow which has trumped these idiosyncratic factors."Here's Sharma's chart:<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Bank of America Merrill Lynch" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5ac34b13b9fd1426008b4987-960/screen shot 2018-04-03 at 103256.png"></a>Bank of America Merrill Lynch</div></div></div>The pound is so far enjoying a solid 2018 as it recovers from a year and a half of pain following the UK's vote to leave the EU back in June 2016. <a href="http://uk.businessinsider.com/pound-to-dollar-exchange-rate-rising-2018-1">S</a><a href="http://uk.businessinsider.com/pound-to-dollar-exchange-rate-rising-2018-1">everal factors have played a role,</a> ranging from increased market confidence that the UK and EU can strike a Brexit deal, to falling confidence in the agenda of US President Donald Trump.<a href="http://uk.businessinsider.com/uk-economy-q4-gdp-brexit-2018-3">Britain's better than expected economic performance in the last 18 months</a> has also boosted sterling in the first quarter of 2018. Sharma notes that such outperformance is likely to help the pound in April as it increases the likelihood of the Bank of England raising interest rates."With a <a href="https://www.poundsterlinglive.com/gbp-live-today/8733-british-pound-today-uk-wages-and-unemployment-in-focus-at-pivotal-point-for-sterling">strong print</a> on average hourly earnings and with reports that the public sector wage cap will be lifted in the coming months, market expectations are likely to maintain further policy tightening in 2018," Sharma wrote.Bank of America's bullish forecast for the pound in April is matched by Deutsche Bank, which turned "structurally bullish" on the currency late in March. Prior to this, Deutsche Bank was one of the most bearish pound forecasters in the period since the EU referendum.Deutsche Bank analyst Oliver Harvey wrote to clients on March 20 that Britain is "entering a period in which seasonal gains for GBP have been very strong as a result of dividend repatriation flows."Dividend repatriation is the process by which companies convert money made overseas into their local currency, in this case, the pound. Doing so tends to help support the local currency's price as it inflates the number of buyers for sterling."GBP TWI [trade weighted index, a measure of sterling's value against a basket of major currencies] has rallied each of the last fourteen years during the month of April. While sterling denominated dividends are in structural decline, they might buck the trend this year as income from commodity-based FDI investments should be strong."Viraj Patel, a strategist at Dutch lender ING, believes that <a href="https://think.ing.com/articles/strong-g10-fx-seasonal-trends-in-april/">the pound's upward move over the course of April could be around 2%-2.5%.</a>"The average performance since 2010 has been +2.20%, while over the past five years the average has been +2.35%. We think the cards are aligned for GBP/USD to post a similar bullish move this month - not least as cyclical economic factors also favour a move higher in the pair," he wrote on Tuesday.Get the latest Bank of America stock price<a href="http://markets.businessinsider.com/stock/BAC-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/earnings-growth-can-rescue-stocks-from-trade-war-disaster-2018-3">There's only one thing that can rescue stocks from a trade war disaster</a></h3> <div> </div> </div>

The pound could be about to take off - and there's a strange reason why

In a world where the corporate landscape has traditionally been male-dominated, Indian women have been making remarkable strides in the business arena. Here, we highlight the achievements of ten influential businesswomen in India who have successfully steered their companies to new heights, breaking through glass ceilings and inspiring the next generation. 1. Zia Mody - Renowned as one of India's leading corporate lawyers, Zia Mody has been the brains behind several high-profile corporate deals. Notably, she orchestrated the successful Airtel and Telenor Group merger and the Schneider Electric acquisition of Larsen &amp; Toubro's electric and automation business. Her firm serves as a trusted advisor to some of India's most successful businesses. 2. Kiran Mazumdar-Shaw Kiran Mazumdar-Shaw, a self-made entrepreneur and one of India's wealthiest women, founded Biocon, a biopharmaceutical company. What began as a venture by accident has now grown into a major player in the pharmaceutical industry, producing a wide range of drugs. 3. Suneeta Reddy's leadership has propelled the Apollo chain of hospitals to unprecedented success. Under her guidance, the company's revenue surged by 14% in FY2018, while Apollo's pharmacy business recorded an 18% growth. Notably, the company also made a significant acquisition by taking over Fortis Healthcare. 4. Alice G. Vaidyan As the Chairman and Managing Director of the General Insurance Corporation of India (GIC), Alice G. Vaidyanathan has achieved remarkable milestones. Under her stewardship, GIC ascended to become one of the top 10 global reinsurers, increasing its market share from 55% to 65%. 5. Mallika Srinivasan, as the Chairman and CEO of Tractors and Farm Equipment (TAFE), transformed her company into the third-largest tractor manufacturer in the world, measured by volume. Her leadership led to diversification of the company's product offerings and remarkable mergers. 6. Zarin Daruwala, who recently held the esteemed position of being the highest-ranking banker in India, took over as the CEO of Standard Chartered Bank in 2016. Within just two years, she steered the bank out of financial turmoil, restoring profitability after a period of declining incomes. 7. Kaku Nakhate Under Kaku Nakhate's guidance, Bank of America Merrill Lynch established a strong presence in India and emerged as a prominent player in the Asia-Pacific region. She played a pivotal role in facilitating several lucrative mergers, such as Infratel and Indus, and Idea Cellular's $1 billion stake in Indus Towers. 8. Shobhana Bhartia has overseen a significant transformation in the editorial segment of HT Media. She played a crucial role in the company's expansion in the Hindi media outlets, effectively doubling its net profit by 213 crores in FY 2017-18. 9. Renuka Ramnath is a trailblazer in the private sector, where she established an independent equity platform managing assets exceeding $1 billion. As the sole board member of EMPEA, a non-profit organization overseeing over $5 trillion in assets across 130 countries, she delivered a fivefold return on investments. 10. Shikha Sharma, a highly respected banker in India, achieved remarkable success as the CEO of Axis Bank. During her leadership from June 2009 to August 2018, the bank's stock prices quadrupled, underscoring her exceptional leadership. These remarkable <keyword id="15506" type="PERSON" weightage="20" keywordseo="Business-women" source="Orion">business women</keyword> serve as inspirational figures, demonstrating that determination, vision, and perseverance can lead to exceptional success in the corporate world. See Also- <a href="https://www.businessinsider.in/entertainment/news/top-10-richest-actresses-of-india/articleshow/72018327.cms">Top 10 Richest Actress in India </a> <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/meet-the-top-10-richest-actors-in-india/articleshow/69645149.cms">Top 10 richest actor in India</a>

Meet the top 10 business women in India

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Money Sharma/AFP/Getty ImagesTravis Kalanick</div></div></div>Former Uber CEO Travis Kalanick has appointed Xerox chairwoman Ursula Burns and former Merrill Lynch CEO John Thain to the $69 billion ride startup's board of directors.Kalanick made the announcement via a statement on Friday evening. These appointments seem to be a direct challenge to Benchmark Capital, the <a href="http://www.businessinsider.com/judge-kicks-benchmark-kalanick-suit-to-private-arbitration-2017-8">Uber investor that's suing Kalanick personally for fraud</a>.At the core of the Benchmark lawsuit are two seats on the board that Kalanick fully controls - meaning he can appoint whoever he wants to fill them. Benchmark <a href="http://www.businessinsider.com/benchmark-letter-uber-employees-why-suing-travis-kalanick-2017-8">alleges that Kalanick promised to relinquish</a><a href="http://www.businessinsider.com/benchmark-letter-uber-employees-why-suing-travis-kalanick-2017-8">h those seats to independent directors</a> after he resigned in June, but never followed through. The seats have been empty, until now.In his statement, Kalanick drops a strong hint that these appointments are a direct refutation of Benchmark's demands."I am appointing these seats now in light of a recent Board proposal to dramatically restructure the Board and significantly alter the company's voting rights," Kalanick writes. "It is therefore essential that the full Board be in place for proper deliberation to occur, especially with experienced board members as Ursula and John."In other words, Kalanick is saying that if Benchmark (or anybody else) wants to change how the Uber Board of Directors is run, then every seat on the board needs to be filled before it can move forward. And, under the current rules, he's allowed to fill those seats with his hand-picked choices. Kalanick already has a rough reputation in the court of public opinion after Uber was rocked with so many scandals under his leadership that investors, led by Benchmark, forced him to resign from the CEO role in June. Those scandals also led to the exodus of many other top Uber execs.Kalanick still owns about 10% of the company, including so-called "super-voting shares" that give him about 16% of the voting rights of Uber. Meanwhile, new Uber CEO Dara Khosrowshahi has been working hard to repair the company's reputation amid all this drama.An Uber spokesperson did not immediately respond to a request for comment.Here's Kalanick's full statement:I am happy to announce that Ursula Burns and John Thain have agreed to join Uber's Board of Directors. Until earlier this year, Ursula was Chairman and CEO of Xerox, while John was formerly CEO of CIT Group, Merrill Lynch, and NYSE. Ursula and John are two highly accomplished corporate leaders with extensive board experience.Their backgrounds include successfully leading large public companies as chief executives and chairs, navigating dynamic, technology-powered and regulated industries, and guiding tens of thousands of employees around the world. Both Ursula and John have engineering degrees and are incredibly talented and proven problem solvers. There is no doubt the Board will be well-served by their valuable insights, counsel and independent perspective as Uber moves into the next phase of growth and prepares for a public offering. I am grateful for their enthusiastic support of Uber.I am appointing these seats now in light of a recent Board proposal to dramatically restructure the Board and significantly alter the company's voting rights. It is therefore essential that the full Board be in place for proper deliberation to occur, especially with such experienced board members as Ursula and John.I am confident that, with their additions and Dara's appointment, Uber will be well situated to focus on the future and continue to revolutionize how cities move. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/former-expedia-head-dara-khosrowshahi-new-ceo-of-uber-2017-8">Uber's pick for its new CEO is the head of Expedia and an Iranian refugee who has criticized Trump</a></h3> <div> </div> </div>

Uber's former CEO has appointed two new directors to the board, escalating a battle with a major investor

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul><li>The pound is the "darling of the currency world" right now, according to ING FX strategist Viraj Patel.</li><li>That's because the pound has stopped trading on Brexit developments for the time being, and is moving more on its fundamentals.</li><li>"Gone are the days of noisy Brexit headlines stirring sharp - and almost sentimental rather than fundamental - knee-jerk moves in the currency," Patel wrote.</li><li>The pound is currently trading at around $1.42, close to its highest level since the Brexit vote. <a href="http://markets.businessinsider.com/currencies/gbp-usd">You can track its progress on Markets Insider.</a></li></ul> LONDON - <a href="http://markets.businessinsider.com/currencies/gbp-usd">The pound</a> is the "darling of the currency world" right now as it finds a sweet spot during a lull in developments over Brexit, and benefits from continued weakness in the dollar.Writing on Friday, Viraj Patel, currency strategist at Dutch bank ING noted that "2018 is very much a different Brexit trading environment for the pound," compared to the last year and a half of pain following the UK's vote to leave the EU back in June 2016. <a href="http://uk.businessinsider.com/pound-to-dollar-exchange-rate-rising-2018-1">S</a><a href="http://uk.businessinsider.com/pound-to-dollar-exchange-rate-rising-2018-1">everal factors have played a role in this recent resurgence,</a> ranging from increased market confidence that the UK and EU can strike a Brexit deal, to falling confidence in the agenda of US President Donald Trump.<a href="http://uk.businessinsider.com/uk-economy-q4-gdp-brexit-2018-3">Britain's better than expected economic performance in the last 18 months</a> has also boosted sterling in the first quarter of 2018."Gone are the days of noisy Brexit headlines stirring sharp - and almost sentimental rather than fundamental - knee-jerk moves in the currency, with the buffer of last month's Brexit transition deal buying GBP investors some extra time to assess the Brexit facts," Patel wrote.The pound has shifted, Patel said, from trading on political developments around Brexit, and moved towards trading on cyclical factors like data, which provide a view of the state of the British economy."With the next stage of negotiations surrounding a future UK-EU trade deal, which begin next week, likely to be long-winded and complex, it appears that we're back to good old-fashioned UK data watching to determine the short-term direction for the currency," he said.That data driven trading means that the next week or so could be a big one for the pound, with numerous data releases on the immediate horizon."The week ahead shouldn't disappoint here given the array of key data releases to watch out for - including the latest UK labour market report (Tue), CPI data (Wed) and retail sales (Thu)," Patel said.Strong data next week, he added, should boost the pound even further, as it is likely to increase the chances of the Bank of England raising interest rates at its May meeting, which is now just over two weeks away. Higher interest rates are, broadly speaking mean higher currencies - so if the BoE does raise rates from 0.5% to 0.75% on May 3, the pound should benefit."We think signs of firming wage growth next week may seal the deal for a May BoE rate hike - though it is the UK activity side that may hold the key to the pace of BoE normalisation and GBP's cyclical re-pricing," Patel said.Another factor helping the pound be a currency darling right now, <a href="http://uk.businessinsider.com/april-great-month-pound-dollar-exchange-rate-2018-4">is its traditionally strong performance in the month of April.</a>The pound has traditionally performed well in April, regardless of both the political and economic situations in the UK and globally."April seasonality is approaching again for GBP, which tends to rally no matter what the political/macro backdrop," Kamal Sharma, a strategist at Bank of America Merrill Lynch wrote in a note to clients in late March.Sharma calculates that the pound has ended every April for the last 14 years at a higher level against the dollar than it started the month."Within the G10 FX complex, there is no stronger seasonality than in GBP through April," Sharma wrote.That trend includes major events including the financial crisis, general elections, and the Brexit referendum.The pound is currently trading at around $1.42, close to its highest level since the Brexit vote, as the chart below shows:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div>ING's forecast, considering all the above information, is that the pound will continue to appreciate, ending the second quarter at around $1.45. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tech-volatility-facebook-tesla-amazon-stock-earnings-larry-hatheway-gam-2018-4">A Wall Street chief economist explains what could be the saving grace for mega-cap tech companies</a></h3> <div> </div> </div>

The pound is the 'darling of the currency world' right now - and it's only going to get better

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Neil Hall</div></div></div><ul><li>The pound has risen against the dollar in every single April for the last 14 years.</li><li>2018 looks set to be the year that pattern is broken, as the pound weakens significantly against its transatlantic partner.</li><li>Reasons for the slide in April include indications from the Bank of England that it may not raise interest rates next month - a factor that had pushed the pound higher.</li></ul> LONDON - April has been a cruel month for <a href="http://markets.businessinsider.com/currencies/gbp-usd">the British pound</a>, with the currency set to decline against the dollar over the period for the first time in close to 15 years.A combination of factors, from waning expectations of a UK interest rate hike in May, to a resurgent dollar, have helped subdue the pound, which as recently as two weeks ago was being described as the "darling of the currency world."Kamal Sharma, a strategist at Bank of America Merrill Lynch, <a href="http://uk.businessinsider.com/april-great-month-pound-dollar-exchange-rate-2018-4">noted at the start of the month</a> that for the last 14 consecutive Aprils, the pound has finished the month higher against the dollar than it started."April seasonality is approaching again for GBP, which tends to rally no matter what the political/macro backdrop," Sharma wrote in late March."Within the G10 FX complex, there is no stronger seasonality than in GBP through April.""This remarkable outperformance covers major events such as the financial crisis, general elections, and the Brexit referendum, and suggests to us a consistently strong underlying flow which has trumped these idiosyncratic factors," he added.With the pound trading at close to $1.44 on April 17, it's record for having a stellar fourth month of the year looked set to sustain itself, but all of a sudden, Britain's currency fell off a cliff, and in the 10 days since, has declined by nearly 3.5% against the dollar. On Friday morning in London, the pound is at just $1.3877, and around 0.5% lower than it The trigger for the initial sell-off in the pound came from Bank of England Governor Mark Carney, who suggested in an interview with the BBC that the central bank may not raise interest rates in May - something that was widely expected in the markets."I don't want to get too focused on the precise timing, it is more about the general path. The biggest set of economic decisions over the course of the next few years are going to be taken in the Brexit negotiations and whatever deal we end up with," he told the BBC."And then we will adjust to the impact of those decisions in order to keep the economy on a stable path."Carney then cited mixed data coming out of the UK economy in April as a reason for the bank's possible reticence."On the softer side some of the business surveys have come off. Retail sales have been a bit softer - we are all aware of the squeeze that is going on in the high street. We'll sit down calmly and look at it all in the round."Carney's comments helped subdue the pound for several days, with further trouble coming for sterling thanks to the recent appreciation of the dollar.The dollar had seen a virtually opposite story to the pound in 2018 before April, losing ground sharply against all its major rivals. However, in the last couple of weeks the tide has seemed to turn, with the US dollar index - which tracks the greenback against a basket of currencies - rising more than 2% since the middle of the month."My best regards to all dollar bears," Ulrich Leuchtmann, a currency analyst at Commerzbank, and long-term dollar dull said in a note to clients,<a href="https://www.ft.com/content/d186d14c-49e7-11e8-8ee8-cae73aab7ccb"> cited by the Financial Times.</a>Here's more from Leuchtmann :"The amount of ridicule, malice and criticism my colleagues and I had to face over the past months, was overwhelming! Our view that the dollar depreciation in December and January was fundamentally unfounded, that the market would not be able to ignore the dollar-positive arguments forever and that therefore we would see a recovery of the US currency was rejected by many: by readers, by clients, by colleagues."The pound's misery was then compounded on Friday morning when the latest GDP figures from the Office for National Statistics <a href="http://uk.businessinsider.com/uk-economy-growth-at-slowest-rate-in-5-years-2018-4">showed the UK economy growing just 0.1% in the first quarter of 2018.</a>That data, which showed the worst quarter for the economy since 2012, means - in the words of Samuel Tombs of Pantheon Macroeconomics - that the "chance of a May rate hike is now close to zero" from the Bank of England. The pound dropped sharply on the news, as the chart below shows:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/facebook-stock-price-data-protection-privacy-regulation-2018-4">Facebook's recent struggles have investors in a panic - and looming regulation could forever change how it does business</a></h3> <div> </div> </div>

The pound is about to do something it hasn't done in 15 years

<div style="padding: 15px; border: 1px solid #999999; margin-bottom: 10px; font-size: 15px!important; line-height: 25px; overflow: auto; vertical-align: middle;">This is part of <a href="http://www.businessinsider.com/category/monday-scouting-report">"Monday Scouting Report,"</a> a weekly look at the stories and issues affecting mid-market businesses. <a href="http://www.businessinsider.com/category/monday-scouting-report">"Monday Scouting Report"</a> is sponsored by GE Capital. <a href="http://www.businessinsider.com/category/monday-scouting-report" target="_blank">Get more »</a></div><div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="https://www.flickr.com/photos/mikemcd/11257967725/">Flick / Michael McDonough</a></div></div></div>Markets got <a href="http://www.businessinsider.com/closing-bell-july-17-2014-7">rocked on Thursday</a> after we learned Malaysia Airlines flight MH17 was shot out of the sky in Eastern Ukraine, killing all 298 souls aboard.
However, markets bounced back <a href="http://www.businessinsider.com/closing-bell-july-18-2014-7">sharply on Friday</a>.
Markets continue to be incredibly resilient despite these shocks that threaten to destabilize the geopolitical status quo.
For now, investors seem to be more focused on the major economic themes that are out there. They're paying attention to the recent boom in M&amp;A. And they're continuing to consider what all of the improving economic data means for monetary policy and the timing of higher interest rates.
Here's your Monday Scouting Report:
Top Story
<ul>
<li>MH17 And Geopolitics: The CBOE Volatility Index spike on Thursday in the wake of the Malaysia Airlines flight MH17 tragedy. <a href="http://www.businessinsider.com/vix-jumps-30-percent-july-17-2014-7">Surging 32%</a>, the "fear gauge" had its biggest one-day gain since April 2013. However, it plunged again on Friday as stocks rebounded. "It's one thing to add to the geopolitical risk premium - that's how you get a 1 percent move," <a href="http://www.businessinsider.com/r-wall-street-week-ahead-one-volatile-day-does-not-a-correction-make-2014-18">said Bespoke Investment Group's George Pearkes to Reuters</a>. "But it's another thing to say we're going to be in a bear market because of some conflict between the United States and Russia, or the West and Russia. For that to happen, you'd have to see some trade war but we don't see that as likely." "Over time MH17 will be seen as a human tragedy with regional implications more than a geo-political crisis and next week should see the focus return to yield-hunting," <a href="http://www.businessinsider.com/opening-bell-july-18-2014-2014-7">said Societe Generale's Kit Juckes</a>. But this is also no time to get complacent. "Geopolitical risk is ever-present but unpredictable by nature," <a href="http://www.businessinsider.com/young-males-may-undermine-political-stability-2014-7">warn Deutsche Bank's Raj Hindocha and Marcos Arana</a>. "While a large scale geopolitical risk event is not our base case, investors should be mindful of alternative scenarios relative to the benign outcome currently expected by markets."</li>
</ul>
Economic Calendar 
<ul>
<li>Consumer Price Index (Tues): Economists estimate CPI climbed by 0.3% month-over-month in June and 2.1% year-over-year. Excluding food and energy, prices are estimated to risen 0.2% and 2.0%, respectively. "Higher energy prices should boost headline CPI," said Credit Suisse economists. "Unadjusted gasoline prices moved up in June, and seasonal factors expect a decline... Recent CPIs suggest core is normalizing from a period of unusual weakness. Goods prices have stabilized, and the more "persistent" segment of inflation (especially shelter) seems to have turned up. Labor costs remain subdued, however, so any pickup should be gradual."</li>
<li>FHFA House Price Index (Tues): Economists estimate prices increased by 0.2% in May. "We look for the FHFA Home Price Index to remain unchanged in May, consistent with the behavior of other home price indices during the same period," said Barclays economists.</li>
<li>Richmond Fed Manufacturing Index (Tues): Economists estimate this regional activity index climbed to 5 in July from 3 in June. "The New York and Philadelphia Fed surveys already have been released for July," said UBS's Kevin Cummins. "Both suggested further improvement in the growth of manufacturing output."</li>
<li>Existing Home Sales (Tues): Economists estimate sales climbed 2.0% to an annualized rate 4.99 million. "Pending home sales surged 6.1% in May, which suggests improvement in closed contracts in subsequent months," said Bank of America Merrill Lynch economists. "Moreover, inventory has picked up, even controlling for the typical seasonal patterns, which should allow for greater transactions. The inventory figures are worth monitoring, as months supply has already reached 5.6 months."</li>
<li>Initial Jobless Claims (Thurs): Economists estimate weekly initial claims ticked up 310,000 from 302,000 a week ago. "Initial jobless claims probably remained near the 300,000 mark as seasonal factors likely continued to misestimate actual claims activity during the July auto factory shutdown season," said Citi's Peter D'Antonio. "We posit that filing have been artificially low, relative to the May-June average, reflecting in part the inability of the seasonal factors to account for two post-crisis trends in the auto sector: (1) the auto sector is much smaller, resulting in fewer hourly worker claims than before; and (2) many factories stay open in order to accommodate stronger demand. Separately, beneficiaries and the insured rate likely also remained low due to factory retooling period seasonal factor idiosyncrasies."</li>
<li>Markit US Manufacturing PMI (Thurs): Economists estimate this index climbed to 57.5 in July from 57.3 in June. "The Markit PMI has been rising gradually, in parallel with the traditional ISM index," said UBS's Cummins. "Based on the solid gains already reported in the New York and Philly Fed manufacturing indexes, we expect a solid rise in the Markit PMI."</li>
<li>New Home Sales (Thurs): Economists estimate sales fell 5.8% to an annualized pace of 475,000. "Given the outsized increase in May, a downward revision is also possible," said Bank of America Merrill Lynch economists. "Smoothing through some of the monthly swings, we see an improving trend for housing demand after a weak winter.This is also consistent with the modest recovery in the NAHB homebuilder sentiment survey."</li>
<li>Kansas City Fed Manufacturing Activity (Thurs): Economists estimate this regional activity index was unchanged at 6 in July.</li>
<li>Durable Good Orders (Fri): Economists estimate orders climbed 0.4% in July. Nondefense capital goods orders excluding aircraft is forecasted to have climbed by 0.4%. "Pullbacks in the volatile defense goods and civilian aircraft categories will probably restrain overall orders for a second month, but business surveys continue to point to improvement in core capital goods orders, including our MBSCI survey, which showed the highest capital spending plans of the year in June," said Morgan Stanley's Ted Wieseman. "The 0.5% rise we're forecasting for nondefense capital goods ex aircraft orders would leave them up 15% annualized in the past four months after a winter weak patch."</li>
</ul>
Market Commentary
In his new quarterly letter to GMO clients, <a href="http://www.businessinsider.com/grantham-ma-to-fuel-stock-market-bubble-2014-7">Jeremy Grantham warns</a> that the current M&amp;A boom we're witnessing could expand to never-before-seen levels.
"Don't tell me there are already a lot of deals," he wrote. "I am talking about a veritable explosion, to levels never seen before."
Grantham's reasons include cheap debt, high profit margins, slack in the labor market, and low capital spending.
"I think it is likely (better than 50/50) that all previous deal records will be broken in the next year or two," he continued. "This of course will help push the market up to true bubble levels, where it will once again become very dangerous indeed."
He believes this could send the S&amp;P 500 to 2,250.
For more insight about the middle market, visit <a href="https://urldefense.proofpoint.com/v1/url?u=http://mid-marketpulse.com&amp;k=S62Tl7vLGjW6AAK5ZFwEoQ%3D%3D%0A&amp;r=%2B2sEypbBAnV2mc5PLhBR08ZBMT%2BquZZGjxd0T7NNaP4%3D%0A&amp;m=UtLLChRIkxZLioNs9a5IxKFS7RONkU%2FjCuvoQ68P2Hw%3D%0A&amp;s=28acf971eb6ce00a636a9e28c206665a00dc8a6b849c5fbdd6236e929e9008ce" target="_blank">mid-marketpulse.com</a>.

Here's Your Complete Preview Of This Week's Big Economic Events

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Bryan Bedder/Getty Images for The New York TimesGoldman Sachs Group chairman and CEO Lloyd Blankfein.</div></div></div><section><article><div><div><section data-share-hash=""><div>Goldman Sachs just announed a new class of managing directors.</div><div></div><div>Here's the statement:</div></section></div>NEW YORK, November 8, 2017 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has selected a new class of Managing Directors, effective from January 1, 2018, the start of the firm's next fiscal year."Our new Managing Directors have demonstrated an outstanding commitment to our people, clients and culture during their tenures at the firm, and we wish them continued success as they take this important next step in their careers," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs.The following individuals have been promoted to Managing Director: Gregg Abramson Sanjay Acharya Khalid Albdah Amal Alibair Karthikeyan Anbalagan Rolf Andersson Volker Anger Jonathan Armstrong Ken Ashley Lavanya Ashok Sebastian Ayton Jonathan Babkow Julio Badi Amitayush Bahri Soren Balzer Robert Barlick Jr. Philip Barreca Santiago Bau David Bauer Oksana Beard Lee Becker Virender Bedi Stuart Beer Christian Beerli Amanda Beisel Yumiko Bekku David Bell Pierre Benichou Andrew Benito Marco Bensi Laura Benson Stephen Bergin Daniel Berglund Greg Berry Shital Bhatt Dipanjan Bhattacharjee Anu Bhavnani Carissa Biggie Vineet Birman Daniel Bitel Anne Black Richard Blore Emmanuel Bodenstein Timothy Braude Sean Brenan Hugh Briscoe Nathaniel Bristol Leo Brito Troy Broderick Levee Brooks Eric Brothers Robert Bruns III Anthony Bunnell Meg Burke Susan Burt Sean Butkus Russell Byrne Edward Byun Adam Cahill Alessandro Calace Cristiano Camargo Ken Cawley Swapan Chaddha Patrick Chamberlain Richard Chambers Daphne Chan Lily Chan Ben Chance Ginger Chang Vikram Chavali Alex Cheek Jae Joon Choi Ken Choi Paul Choi David Clark Denis Cleary Daniel Cleland-James Ayanna Clunis Pamela Codo-Lotti Jesse Cohen Paul Coles Simon Coombes Jenny Cosco Philip Coureau Nathan Cowen Matthew Cox (Securities) Shaun Cullinan Christine D'Agostino Emile Daher Hiren Dasani Russell Day Pierre De Belen Merche del Valle Caitlin DeSantis Jack Devaney Thomas Devos Mats Dewitte Hristo Dimitrov Tim Dinsdale Isabella Disler Christian Ditullio Terence Doherty Yakut Donat Nicola Dondi Brian Dong Jason D'Silva Stefan Duffner Jane Dunlevie Marie Duval Julien Dyon Rohini Eapen Zach Eckler Sayaka Eda Jason Eisenstadt Chris Emmerson Tiffany Eng Chendan Esvaran Erkko Etula Liz Ewing Michael Fargher Matteo Farina Leigh Farris Sarah Faulkner Tom Favia Brett Feldman Jennifer Feng Jon Ferguson Alex Field Herbert Filho Alex Finston Dean Flanagan Greg Flynn Trip Foley Andrew Ho Kwon Fong Moran Forman Michael Fox Caroline Fraser Daniel Freckleton Tim Freeman Reto Frei Giles French Kirsten Frivold Michael Fu Rob Fuentes Kenji Fujimoto Carrie Gannon Chantal Garcia Akhil Garg Alex Garner Nick Gelber Andrew Gent Gizelle George-Joseph Andrea Gift Sean Gilbride Andreas Glaser Yong Suan Goh Sona Gohel Amir Gold Jeremy Goldstein Steven Gonzalez Jeff Gowen Adam Greene Tom Groothaert Hannes Gsell Ashwin Gupta Ali Haji Ayaz Haji Robert Hamilton Kelly Victoria Hampson Raja Harb Andy Harding Ryan Harster Selma Hassan Stephen Hawinkels Jacqueline Haynes Jason He* Craig Hempstead David Herrmann David Hickey Thomas Hilger Mitch Hochberg Jodi Hochberger Jane Hodges Peter Hodgkinson Dylan Hogarty Tim Holliday Naftali Holtz Amy Hong Jason Hudes Earl Hunt Joseph Hwang Yoshinori Ide Kazuya Iketani Daniel Jackson Ankit Jain (Risk) Gaurav Jaitly Jan Janssen David Jeria Alnawaz Jiwa Kim Johns Scott Johnson Elis Jones Neil Jones Robert Jones Philip Joseph Anand Joshi Shawn Joshi Ritu Kalra Michael Kaprelian Nadeem Kayani Alicia Keenan Neil Kelleher Tom Kennedy Aqil Khan Sarah Kiernan Daniel Kim Eugene Kim (IMD) Jason Kim (GIR) Sora Kim Kristy Kinahan Eugene King Laura Kirk Kunal Kishore Elliot Klapper Jayee Koffey Jason Koon Jennifer Kopylov Daniel Korich Ichiro Kosuge Vladimir Kotlyar Samuel Krasnik Katherine Krause David Kraut Sergey Kraytman Nitin Kulkarni Ram Kulkarni Dileep Kumar (Securities) Santosh Kunnakkat Wendy Kwong JP Lall Bill Lambert David Landman Yi Larson Niccolo Laudiero Nick Laux David Lee Phillip Lee Samuel Lee Shawn Lee Michael Leister David Lerner Naomi Leslie Matt Levine Na Li Haining Liang Nancy Licul Monica Lim Michelle Ling Srujan Linga Philip Linton Alan Liu Daniel Liu Eric Liu Heiman Lo Juan Lorenzo Tian Lu Wayne Lu James Lucas Dennis Luebcke Martin Luehrmann John Lynch Gina Lytle Leo Ma* Caesar Maasry Geoff MacDonald Robert Magnuson Toshiyuki Makabe Mariano Mallol Geydar Mamedov Kara Mangone Donna Mansfield Ajit Marathe Gilberto Marcheggiano James Marchese Michael Marcus Joshua Matheus Ann Mathews Chris Mathie Brian McCallion Graham McClelland Anne McCosker Michael Meehan (Compliance) Taylor Mefford Neil Mehta Adam Meister David Mericle Vitali Meschoulam Eric Meyers Alex Mignotte Andras Mikite Christopher Milligan Rahul Mistry Mike Mitchell Neil Moge Waleed Mohsin Babak Molavi Joel Monson Guy Morgan James Morris Antoine Munfa Aimee Mungovan Yuji Murata Dan Murphy Josh Murray Brian Musto Shehzad Nabi Devarajan Nambakam Ramanathan Narayanan Ganapathy Natarajan Danielle Natoli Murad Nayal Karim Nensi Scott Neu Dennis Ng Ken Ng Benjamin Ngan Joy Nguyen Salman Niaz Anders Nielsen (IMD) Howard Nifoussi Jun Niki Leah Nivison Laura Noble James Nolan Lauren Oakes Lynn Oberschmidt Allison O'Connor John O'Connor Shunil Ohrie Damian Ordish Leke Osinubi David Ossack Sathiya Padmanaban Danielle Pallin Salvador Pareja Dalmir Pasini Clorinda Pasqua Chris Pawson Paris Pender Patrick Perkins Philippe Perzi Wendy Peters Andy Phillips Flavio Picciotto Michael Pieck Sam Pirog Thomas Plank Joseph Plotkin Wade Podlich Ashish Pokharna Caitlin Pollak Charles Pollock Joe Porter Travis Potter Rohit Prabhu Richard Privorotsky Andrew Pucher Jay Rabinowitz Ankit Raj Harsha Rajamani Dmitry Rakhlin Yasser Rathore Edoardo Rava Elizabeth Reed Alexandre Reinert Stephen Reinhard Irfan Rendeci Christian Resch Andrew Rhee Riccardo Riboldi James Rinsler Caroline Riskey Helen Robinson Mark Rosen Amit Roy Joe Ryan Bernhard Rzymelka Takehiro Sakuramoto John Sales Rob Sarazen Vineeta Saxena Dominik Schaefer Andrea Scott Majid Sebti Bipin Sehgal Arseni Seregin Irma Sgarz Paulomi Shah Shreyas Shah Sunny Shah Faisal Shamsee Daniel Shapiro Mahesh Sharma Shripal Sharma Mai Shin Romy Shioda Toshimichi Shirai Mark Short Pankauz Shrestha David Shrimpton Obaid Siddiqui Mike Sidorov Scott Silverglate Stefani Silverstein Amy Silverzweig Jasdeep Singh Gabriella Skirnick Michael Sklow Maxine Sleeper Michael Slomienski Michael Sloyer Nicholas Smith (IBD) Ruth Smithson Christine Smyth Ben Snider Stacy Sonnenberg Cleaver Sower Ro Spaziani Brian Steele Johannes Steffens Duncan Stewart Stephen Stites Laurent Storoni Caroline Styant Joel Sulkes Mancy Sun Winnie Tam Nachiket Tamhane Ken Tang MK Tang Amish Tanna Melissa Teng Ross Tennenbaum Greg Thompson Fiona Thomson Justin Tobe Jason Tofsky Brad Tuthill Masahiro Uchiyama Nehal Udeshi Saad Usmani Meg Vaden Pramod Vaidyanathan Adam Van de Berghe Fred van der Wyck Suzanne van Staveren Andrew Vass Mahesh Vellanki Kadambari Verma Christopher Vilburn Iva Vukina Heng Vuong Ketan Vyas Joe Wall Jeffrey Wang Jiantao Wang Joshua Wang Lily Wang (Technology) Sherry Wang Victoria Ward (Compliance) Jeff Warren Noriko Watanabe Ramey Watkins Sam Watkins Heiko Weber Niki Webster Scott Weinstein Ryan Westmacott James Westwood Keith Wetzel Mark Wetzel James Whittingham Sabine Wick Robert Wieser Devin Wilde David Wilkins John Wilkinson Andrew Williams Ed Wong (IBD Technology) Eric Wong (Internal Audit) Kate Wood Amanda Wu Douglas Wu Joanne Xu Liang Xu** Rupam Yadav Kazushi Yamaguchi Hubert Yang Lisa Yang Basak Yavuz Zeynep Yenel David Yu Brian Zakrocki Thomas Zeppetella Yi Zhang* Adib Zouein Patrik Zumstein Piotr Zurawski Jonathan Zwart*Employee of Goldman Sachs Gao Hua Securities Company Limited **Employee of Beijing Gao Hua Securities Company Limited</div></article></section>Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/interview-with-kristina-hooper-chief-investment-strategist-at-invesco-2017-11">We talked to the chief investment strategist at $920 billion fund giant Invesco about where you should invest right now</a></h3> <div> </div> </div>

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