(New York)

If we were to tell you that median sales price per square foot was down 18% from a year ago in New York City, would that make you worry about the real estate market? Well, that is exactly what has happened, all alongside sales volume hitting its lowest level in six years in the Big Apple. The developments have brokers and real estate developers worried there, but perhaps the whole country should be paying attention. New York has experienced a great deal of new apartment inventory over the last few years as developers have pushed through many new projects, all of which seems to have conspired to oversupply the market.

FINSUM: The boom in real estate since the Crisis was always urban-driven, and so the downfall may be an urban-led one too. New York’s real estate woes are not unique, so we would not be shocked to see prime urban property fall in value across the country, especially with mortgage rates on the rise.

(Washington)

The SEC has already faced some stiff criticism for its “fiduciary rule” that does not include the word “fiduciary” in it. The SEC’s proposal makes for a rule much lighter than many expected and it is viewed as very industry-friendly. However, Investment News has put out a piece defending the rule. Investment News thinks that both the SEC and DOL have the same intent, but used a different approach. In its own words, Investment News says “The SEC initiative seeks to raise standards and let investors understand the motivations of their adviser, without limiting choice”.

FINSUM: We think those very last few words really hit at the heart of the SEC effort: it does not limit choice. One of our big gripes with the DOL rule was that it effectively constrained product choice. We feel the SEC likely won’t do that.

(New York)

In an unusually blunt, but refreshing statement, Morgan Stanley put out a statement today calling George Soros’ warning of a financial crisis “ridiculous”. Morgan Stanley CEO James Gorman said while some of Soros’ concerns are warranted, others are not. For instance, Gorman said about Soros’ view of the EU that “I don’t think we are facing an existential threat at all”.

FINSUM: Gorman doesn’t know much about Europe if he does not think it is facing an existential crisis. It very well may not break up (we do not think it will), but it is certainly facing a reckoning about its own meaning and the value of being a member.

(Madrid)

While all eyes are on Italy and its political/markets crisis, the answer to the really scary question—will the Eurozone and EU fall apart—might lay in Spain. Italy is going to go down the road it chooses, but the big consternation is really about whether others will follow. To see the extent of the crisis, one needs to follow Spain, which will be holding a no confidence vote for its PM on Friday, with socialists likely to take over in his party’s absence.

FINSUM: If Italy falls, the next domino seems likely to be Spain. If the pair indicate they are leaving the Euro we will probably have a financial crisis unfold.

(San Francisco)

Remember all those privacy policy email updates you got over the last few weeks? Well in case you were not paying attention, they arrived because of a landmark change in the way the EU is governing data, and even US companies needed to comply if they had any European customers. Well, under the new rules, Google is already seen as the big winner, which we thought investors might like to know. Google has been able to get data use consent from users much more successfully than others, and in turn, it has been routing many of its ad customers to its own ad exchanges instead of those of vendors.

FINSUM: As was always going to be the case, it looks like the big tech powers will be able to use the new data regulations to their advantage. Theoretically this could be a boost to Google’s cash cow Adsense business.