Your daily dose of financial news

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Chair Yellen will report on the Fed’s latest meeting at 2pm EDT today. Thanks to the Journal, we’ve got 5 Things to Watch when she does – WSJ

All is not well at Valeant, the struggling drug maker whose stock dropped more than 50% yesterday after the company released “weak earnings guidance and warned of a possible default on some of its debt.” The report comes two weeks after Valeant canceled its planned earnings release—right around the time its CEO J. Michael Pearson returned from a two-month medical leave—and while investors remain waiting for the company to file audited resultsNYTimes and WSJ

The Valeant mess has also meant trouble for Pershing Square’s Bill Ackman, whose big bet on the company has cost him billions and his investors 19.3% in 2016 – NYTimes

The London Stock Exchange and Deutsche Borse have agreed to merge. The result will be Europe’s “biggest securities-markets operator worth more than $30 billion” – WSJ

Britain’s Serious Fraud Office is shutting down its criminal investigation into potential Forex rigging after nearly three years without any charges.  Though Forex inquiries have produced billions in penalties and even guilty pleas to criminal charges in the US, Britain’s SFO determined there was “insufficient evidence for a realistic prospect of a conviction” – NYTimes and Law360

Rough Q1 results for Morgan Stanley and Jeffries Group appear indicative of a difficult environment for Wall Street’s trading desks during what’s usually their most active quarter – WSJ

The Times profiles Robert W. Seiden, a Boba Fett of sorts when it comes to executives of Chinese companies “that listed on stock exchanges in the United States and then blew up” – NYTimes

Finra’s telling firms to keep a close eye on their robo-advisers. Which means those algorithms better work – Law360

The latest from SXSW, fresh off a visit from the President, including the sense that “tech ethos has escaped the bounds of hardware and software” and has become “a lifestyle brand”—which translates into far fewer apps and far more innovation – NYTimes

MDR

Follow me on Twitter: @reifmd

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