What I Am Reading

December 17 (Tuesday) Markets As stocks surge, they are sending a bullish signal about further gains (C) European Stocks Hit All-Time Record (W) Energy Investors Doubt OPEC Cuts Can Boost Oil Prices (W) Oil Holds Near $60 as U.S.-China Trade Deal Lifts Demand Outlook (B) Central banks New York Fed Adds $86.4 Billion in Day of Key Money-Market Pressures (W) Global Global Economy Regains Its Footing (W) US U.S. consumers show greater demand for credit, rejection rates drop: NY Fed survey (R) These 91 companies paid no federal taxes in 2018 (C) China Upbeat Chinese Economic Data Buoy Commodities (W) US politics GOP Senators Seek Quick Acquittal for Trump. The President Wants More. (W) Senate advances massive defense policy bill (R) More On-the-Fence Democrats Back Impeachment of Trump (W) U.S. spending deal would raise tobacco age, deny some Trump border wall money (R) Geopolitics & trade Kudlow: U.S.-China deal ‘absolutely’ done, U.S. exports to China will double (R) China’s Xi Jinping Voices Support for Hong Kong Leader’s Handling of Protests (W) Mexico, U.S. seek to dispel tension over labor tweak to trade deal (R) U.S. issues final order on duties on certain steel products from Vietnam (R) Industries & companies Aerospace: Boeing will suspend 737 Max production in January (C) Autos: Tesla put up tents to hide its ‘solar test house’ in California (C) FAANGs: Netflix Says 90% of Subscriber Growth Comes From Overseas (W) FAANGs: Amazon blocks sellers from using FedEx ground-delivery shipping (C) Retail: Facing a ‘Food Desert,’ Oklahoma City Wants Dollar Stores to Sell Fresh Food (W) Wireless: T-Mobile-Sprint Trial: A Debate About Phone Bills (W) Technology Intel Deepens AI Push With $2 Billion Purchase of Habana Labs (W) YRI Daily Markets Overview

December 16 (Monday) Markets I We Have a Trade Deal and Brexit Clarity. That’s Good News for Stocks. (BR) Investors Exit Havens as Worries Ease, Lifting Stocks (W) The Bull Market Almost No One Saw Coming (B) Popular ‘Dogs of the Dow’ investing strategy fails in 2019 (C) Markets II Stocks Are Headed Higher in 2020, Strategists Say. Here’s Which Sectors Will Benefit the Most. (BR) Wall Street predicts a high-single-digit gain next year, but history shows that is likely wrong (C) Currencies & commodities US isn’t weaponizing the dollar; sanctions are the alternative to war, Mnuchin says (C) Shale Slowdown Takes Economic Toll (W) US Disparity in Corporate Profits Hints at Something Amiss (W) Is Inflation Hot or Not? It Depends on the Gauge. (BR) Economists Got the Decade All Wrong. They’re Trying to Figure Out Why. (W) Europe Victory for Boris Johnson’s all-new Tories (E) Painful Brexit Is a Lesson to EU Members: Don’t Try This at Home (W) China PBOC Tells Property Speculators That ‘Homes Are For Living In’ (B) US politics Lighthizer Scores a Trifecta of Wins for Trump’s Trade Agenda (B) Trump’s Impeachment Rebuke Bookended by Policy Victories (W) Impeachment Backlash: 31 Democrats at Risk After Trump Vote (B) Supreme Court to Decide Cases on Access to Trump’s Financial Records (W) Geopolitics & trade ‘Historic’ phase one deal with China will be very good for global growth, Treasury Secretary Steven Mnuchin says (C) China Threatens Retaliation Should Germany Ban Huawei 5G (B) Why North Korea Might Wait Things Out With U.S. (W) Industries & companies FinTech: Venmo Glitch Opens Window on War Between Banks, Fintech Firms (W) Media: Disney’s Big Draw Is Its Parks, Not Baby Yoda. (BR) Retail: Investors Fight Over Future of Saks Fifth Avenue  (W) Technology: Tech Regulation Is Finally Here and It Could Get Messy (BR) Technology: Why You Can’t Have a Decent Conversation With Your Voice Assistant Yet (W) Corporate finance Aramco Stock Briefly Hit a $2 Trillion Valuation. It’s Worth $1.36 Trillion at Today’s Oil Prices, Analysts Say. (BR) Offbeat Your complete guide to investing with a conscience, a $30 trillion market just getting started (C) Space investing became real this year as Morgan Stanley hosts packed NYC investor summit (C) How the 1% Scrubs Its Image Online (W) Volcanoes and Other Adventures in Tourism Are Seductive—but They Can Be Deadly (W) YRI Daily Markets Overview

December 14 (Saturday) Markets Market Clouds Have Lifted. That Doesn’t Ensure a New Stock Market Boom. (W) The Three-Year Crisis Cycle and a Case for a Reborn Bull Market (B) Opinion: Brace yourself for mediocre stock market returns in the next decade (MW) Here’s what the new trade deal means for the markets (C) Path is clear for a year-end rally with key hurdles like the trade war removed (C) The Markets Have Spoken: Phase One Trade Deal Between the U.S. and China Is ‘No Victory’ Central banks Fed’s Clarida Dismisses Weak Retail Sales, Says Outlook Solid (B) Fed’s Williams Says Central Bank Should Be Flexible as Data Evolves (W) Fed Adds $56.45 Billion in Liquidity to Navigate the Weekend (W) Europe After Decisive Election, U.K. Business Seeks Brexit Clarity (W) Johnson Sees Win as Mandate for Swift Brexit (W) Corbyn is Finished But His Radicalism Changed U.K. Politics (B) China Bond Defaults Reach Once-Safe Corners of Chinese Finance (W) US politics House Panel Approves Trump Impeachment Articles (W) Trump’s Impeachment Rebuke Bookended by Policy Victories (W) Supreme Court will hear three cases over Trump’s financial records (C) All the 2020 Democrats in next week’s debate threaten to skip event, refuse to cross picket line (C) Geopolitics & trade U.S., China Agree to Limited Trade Deal (C) U.S.-China Deal Eases, But Doesn’t End, Business Uncertainty (W) Goldman is disappointed in trade deal: Tariff rollback ‘smaller than expected’ (C) Industries & companies FAANGs: The Decade of Netflix FAANGs: FTC Weighs Move Against Facebook Over How Its Apps Interact (W) Retail: Holiday Retail Sales Had a Lackluster November Start (W) Tech: Adobe’s stock jumps to record close as investors cheer cloud transition (C) Corporate finance Saudi Aramco Is the World’s First $2 Trillion Company. But Is It Overvalued? YRI Daily Markets Overview

December 13 (Friday) Markets S&P 500 jumps to record as US and China get set to finalize ‘phase one’ trade deal (C) Sterling surges as Boris Johnson’s Conservative Party is projected to win UK election (C) U.S. 10-Year Yield Makes Sharpest Climb Since 2016 (W) Central banks ECB Keeps Rates Steady as Lagarde Makes Debut (W) Fed’s Lesson: Keep Your Errors Manageable (W) ‘Boneheads’ no more? Fed’s rate cuts appear to defuse Trump’s Twitter rage (R) New York Fed Again Upsizes Liquidity Plans for Turn of the Year (W) US U.S. producer prices tepid; jobless claims at more than two-year high (R) Americans’ Credit Card Debt Poised to Reach 10-Year High (B) Europe British PM Johnson heads for big Brexit election win (R) China China Signals More Efforts to Ensure Economic Growth (W) Chinese Chip Makers Get Biggest State Boost, Report Finds (W) US politics U.S. House committee nears vote on impeachment articles against Trump (R) U.S. Congress negotiators, White House set tentative deal on fiscal 2020 funding (R) Warren Wealth Tax Would Raise Nearly 30% Less Than Projected, Study Finds (W) Geopolitics & trade US reaches a phase one trade deal with China in principle pending Trump’s approval (C) A U.S. ‘deal in principle’ with China on trade may be more limited than October pledge (R) Industries & companies Aerospace: Boeing’s MAX Fixes Not Likely to Get FAA Approval Until February (W) FAANGs: FTC Weighs Move Against Facebook Over How Its Apps Interact (W) Media: Your Internet Provider Likely Juiced Its Official Speed Scores (W) Retail: Costco Sales Continue to Rise (W) Tech: Lyft announces car rental service; Hertz and Avis shares plunge (C) Corporate finance Global Banks Earn Low Fees on Saudi Aramco IPO (W) Offbeat Books of 2019 YRI Daily Markets Overview

December 12 (Thursday) Markets U.S. Stocks Gain After Fed Decision W China’s Unfazed Yuan Traders Bet Tariffs Won’t Be Hiked B Central banks Fed Decision: Interest rates left unchanged, indicates no changes through 2020 C Fed Chair Powell says he would want to see persistent rise in inflation before hiking rates again C Parsing the Fed: How the December Statement Changed From October W Fed Open to Going Beyond T-Bill Buying, But Not at This Stage B US Gasoline, rents lift U.S. consumer inflation in November R Europe Whoever Wins in Britain’s Election, Big Government Spending Is Back W US politics Justice Watchdog Testifies About Disagreement With Attorney General Over Report on FBI’s Russia Probe W Democrats’ January Plans Scrambled by Likely Impeachment Trial W Biden Proposes Immigration Overhaul in Shadow of Obama Era B Geopolitics & trade Signs Point to China Tariff Delay, but Decision Rests With Trump N Jamie Dimon Says He Expects U.S.-China Phase-One Trade Deal B Industries & companies Aerospace: FAA Review Saw High Risk of Boeing 737 MAX Crashes W Aerospace: FAA probes Boeing 737 MAX production, ex-manager warns of ‘a factory in chaos’ R FAANGs: Facebook Rebuffs Barr, Moves Ahead on Messaging Encryption W Financials: JPMorgan Takes Aim at Rivals in Wealth Business Revamp W Retail: Home Depot Ties Opioid Crisis to Recent Surge in Store Theft B Utilities: Northern California Power Outages Could Soar If Aging Lines Aren’t Replaced, PG&E Study Finds W Corporate finance Aramco Soars in Debut to Hit Market Value of $1.88 Trillion B The Wall Street Bankers Who Burst Aramco’s $2 Trillion Bubble B Chevron is writing down as much as $11 billion worth of assets, and it could cost the entire market C Technology Twitter CEO Jack Dorsey has an idealistic vision for the future of social media, and is funding a small team to chase it C Offbeat OK Millennials… And Gen X, Too The Securities and Exchange Commission wants bad guys to know: ‘We’re watching’ C YRI Daily Markets Overview

December 11 (Wednesday) Markets Stocks Pare Losses on U.S.-Mexico-Canada Trade Pact W Trade, Growth Uncertainties Weigh on Outlook for Materials Stocks W China’s Yuan Punches Below Its Weight W A Massive Loan Trade Highlights Rifts in Junk-Debt Markets W Central banks How Fed Chairman Forged Rate-Cut Consensus W The Twittersphere may be shaping the Federal Reserve’s thinking more than we know C Underpriced Repo Risks May Push Fed Toward QE4, Pozsar Says B Europe Worried, Scared and Paralyzed: Lives Caught in Brexit Limbo N China China’s Consumer Inflation Skyrockets, Boosted by Pricey Pork W US politics House Democrats announce articles of impeachment against Trump: Abuse of power, obstruction of Congress C Democrats Plan to Impeach Trump for Abuse of Power, Obstruction B Attorney General William Barr says FBI may have acted in ‘bad faith’ in Trump-Russia probe C Attorney General Barr Calls FBI’s Trump Probe ‘Travesty’ W Geopolitics & trade U.S. and Chinese Negotiators Planning for Delay of Tariffs W Larry Kudlow says December tariffs are ‘still on the table’ C House Democrats and the White House have a deal to move forward with USMCA trade agreement C Industries & companies Aerospace: Boeing reports 30 new orders for the troubled 737 Max in November C Biotech: Investors fear Pelosi’s drug price plan will kill small biotech firms C FAANGs: Facebook Tells Barr It Won’t Open Up Encrypted Messages N Tech: Big Tech’s Critics, Flush With Cash, Try to Build a Movement N Corporate finance Saudi Aramco Sounds Out Investors on Asia IPO W New York Life in Talks to Buy Cigna’s Nonhealth Benefits Unit W McAfee Considers Making Bid for Rival NortonLifeLock W Offbeat Exxon Found Not Guilty of Fraud in Climate-Change Accounting Case W Inspector General Report Renews Scrutiny of FBI Surveillance Practices W Oracle will move its annual OpenWorld conference to Las Vegas because San Francisco is too expensive C YRI Daily Markets Overview

December 10 (Tuesday) Markets U.S. Stocks Slip as Trade War Weighs on Chinese Exports W As Tariff Deadline Looms, Investors’ Other Worries Fade W It could be time to buy defensive stocks if the rally slows down. Here are some favorites C Junk Bonds Set for Pain if Economic Pessimists Are Right W Cash Is Back. Here’s Why. W US U.S. consumer inflation expectations rebound from five-year low: NY Fed R American Factories Demand White-Collar Education for Blue-Collar Work W US politics Trump says DOJ report ‘far worse than I would have ever thought possible,’ despite no finding of political bias C Mistakes, but no political bias in probe of Trump 2016 campaign, watchdog says R Opposing Sides Make Their Impeachment Arguments in House W Amazon Claims ‘Improper Pressure’ From Trump on Pentagon Contract W Trump family member had ‘personal’ relationship with dossier author Christopher Steele, report says — it may have been Ivanka C Geopolitics & trade Democrats and the Trump administration near a tentative North American trade deal C Trump says doing well with China in putting together trade deal R Industries & companies FAANGs: Google under investigation for ‘Thanksgiving Four’ firings, allegedly discouraging unions C Financials: Morgan Stanley Eliminates About 1,500 Jobs in Year-End Cuts B Media: Elections, Olympics to Boost U.S. Ad Spending in 2020, Industry Forecast Says W Pharma: Big Drugmakers Push Deeper Into Cancer Treatment W Retail: Big Brands, Online Startups Find Success Rests on Store Shelves W Utilities: PG&E Charges to Swell to $25 Billion After Wildfire Settlement W Corporate finance Sanofi Chief Signals Focus on Cancer With $2.5 Billion Deal W Judge Puts T-Mobile Merger Trial on Fast Track W Goldman Jumps Into WeWork Cleanup With Debt-Financing Plan B Cash from selling CBS’ New York headquarters may be used in stock buyback, Viacom CBS CEO says C SoftBank Is Selling Wag Stake Back to Company W Technology Scientists Store Data in Synthetic DNA Embedded in a Plastic Toy W Offbeat Paul Volcker, Fed Chairman Who Tamed Inflation, Dies W Russia banned from next Olympics and World Cup soccer W YRI Daily Markets Overview

December 09 (Monday) Markets The Jobs Numbers Were Great. The Dow Still Finished Down for the Week. BR What Trump does before trade deadline is the ‘wild card’ that will drive markets in the week ahead C Investors Bail on Stock Rally, Fleeing Funds in Droves W A Pivotal Week Confronts Emerging Markets as Traders Look to 2020 B Central banks The Shock and Awe Era for Central Banks Is Over B Repo Blowup Was Fueled by Big Banks and Hedge Funds B US In the Next Downturn, Fiscal Policy May Have to Step Up W China China exports fall for fourth consecutive month as Beijing demands tariff rollback as part of trade deal C China’s Unexpected Export Drop Shows Why It Wants a Trade Deal B China’s Influencers Livestream Product Demos to Followers, Drive Web Advertising W Europe Britain’s Coming Election Will Decide Brexit’s Fate. Here’s What to Expect. W US politics Nadler Says Without Impeachment, Trump May Try to ‘Rig’ Election B Why a Win by Elizabeth Warren Won’t Tank the Market BR John Kerry Rallies With Joe Biden, Evoking Some 2004 Parallels B Geopolitics & trade Hong Kong Protesters Fill Streets in Biggest March in Months W Trump says North Korea must denuclearize after North claims ‘very important’ test C Trump Downplays North Korea Missile Tests, Says Kim ‘Too Smart’ B Industries & companies FAANGs: Amazon, Facebook Expand in New York W FAANGs: Apple’s New Buds Sing an Old Tune W Media: Disney nears $10 billion global box office record and ‘Rise of Skywalker’ isn’t even out yet C Retail: Macy’s Stock Shouldn’t Expect a Miracle on 34th This Holiday Season BR Tech: Bezos says ‘the country is in trouble’ if big tech turns its back on the Pentagon: ‘We are the good guys’ C Tech: The future of the US wireless industry in limbo as T-Mobile and Sprint begin battle to win merger approval C Utilities: PG&E Caused Over 400 Fires in 2018. Where Were the Regulators? W Corporate finance T-Mobile, Sprint Head to Court to Defend Merger W Cybersecurity Brace for the Digital-Money Wars W YRI Daily Markets Overview

December 07 (Saturday) Markets Dow surges more than 300 points on blockbuster jobs data, S&P 500 erases losses for the week C Does the stock market even need a U.S.-China trade deal with the jobs report this hot? MW Why the Bull Market Is Only at Mid-Cycle B Stocks and Bond Yields Climb W Muni-Bond Ratings Are All Over the Place. Here’s Why. W US Strong U.S. Hiring Eases Concerns About Economy W The U.S. Added 266,000 Jobs in November. Here’s the Bottom Line. N Job Market’s Decade-End Bang Risks Fizzling in Less-Roaring ’20s B America is too focused on the unemployment rate. Here’s what we need to be looking at NN U.S. Consumer Sentiment Hits Seven-Month High Amid Stocks Cheer B U.S. Wage Growth Eclipses Mortgage Rate for First Time Since 1972 B Central banks Blowout jobs report means Fed may sound even less likely to move on interest rates C November Jobs Report Affirms Fed Officials’ Make-No-Moves Stance W US politics White House tells Congress it will refuse to participate in impeachment hearings C States’ Shift From Caucuses Is Challenge for Sanders, Warren W Geopolitics & trade Trump’s tricky decision: Hit Chinese goods with new tariffs or hold off C Kudlow says a trade deal is close, but Trump is prepared to ‘walk away’ if some conditions not met C Trump Official Says ‘No Arbitrary Deadlines’ for China Trade Deal W Industries & companies FAANGs: Trump Administration Weighs Putting Amazon Foreign Sites on ‘Notorious Markets’ List W FAANGs: Google Management Shuffle Points to Retreat From Alphabet Experiment W Corporate finance The Prince Got His World-Beating IPO. Now Hard Work Begins B How Aramco’s Huge I.P.O. Fell Short of Saudi Prince’s Wish N Technology & cybersecurity Robots in Finance Could Wipe Out Some of Its Highest-Paying Jobs B A World With a Billion Cameras Watching You Is Just Around the Corner W Top U.S. Cybersecurity Officials to Depart as Election Season Enters Full Swing W Offbeat Disney Disturbs the Force: Pleasing Star Wars Fans Complicates Skywalker Saga W YRI Daily Markets Overview

December 06 (Friday) Markets Wall Street inches higher as Dec. 15 tariff deadline looms R OPEC meeting drags on with market expecting deep production cut C US Gazing into the recession crystal ball R The $3.7 Trillion Corporate Debt Question W The U.S. Furniture Industry Is Back—but There Aren’t Enough Workers W Low Interest Rates Leave Retired Investors With Tough Choices W Europe France Grinds to a Halt as Massive Strike Begins W Emerging India’s Economy Is Sputtering. But Its Stock Market Powers Ahead B US politics Pelosi Says House Will Draft Trump Impeachment Articles B Biden finally finds social media buzz with viral Trump video, voter spat R Lawmakers Expand List of Issues to Resolve as Spending Deadline Nears W Trump’s Tax Cuts Reduce U.S. Burden to One of Lowest in the World W Geopolitics & trade I U.S. Trade With China Extends Decline as Tariff Talks Drag On B American Firms Import Fewer Chinese Goods W Chinese Investment in U.S. Commercial Real Estate Is Plunging B US and China disagree on the size of agriculture purchases, report says C Geopolitics & trade II China Says U.S. Trade Talks Remain on Track W Trump upbeat on U.S.-China talks as Beijing underscores tariff-cut demands R Huawei Unveils Latest Legal Challenge Against the U.S. W Pentagon Official Says More Troops Might Be Sent to Mideast W Industries & companies Airlines: United Airlines CEO to Step Down W Autos: GM, LG to Spend $2.3 Billion on Electric-Car Battery Venture W FAANGs: How Amazon Dodges Responsibility for Unsafe Products: The Case of the Hoverboard W Financials: MetLife Expands into Fast-Growing Sector: Pet Insurance W Pharma: Sage Therapeutics Shares Plummet on Depression-Treatment Study Results W Corporate finance Saudi Aramco Raises $25.6 Billion in World’s Biggest IPO B Digital bank Chime quadruples valuation in less than a year to $5.8 billion as it takes on megabanks  C SoftBank Vision Fund 2 has held talks to invest $150 million in home health-care start-up Honor, sources say C Offbeat Shh! Companies Are Fixing Accounting Errors…Quietly W YRI Daily Markets Overview