What I Am Reading

December 05 (Thursday) Markets Bull markets often end with a euphoric rally called a ‘blow-off top.’ We may have just had one C New Link Between Stocks, Bonds Shows How Markets Have Changed W Odd Calm in China Markets Has Traders Suspecting State Support B Pound Hits Fresh High on Boris Johnson’s Election Prospects W Central banks The repo market is ‘broken’ and Fed injections are not a lasting solution, market pros warn MW US A Growing Share of S&P 500 Companies’ Earnings Are Contracting W U.S. Services Sector Grew Solidly in November W Next year will be hard on the housing market, especially in these big cities C U.S. Private Sector Added 67,000 Jobs in November W Japan Japan to Unveil Details of Fiscal Stimulus as Early as Thursday B US politics Democrats Signal Impeachment May Go Beyond Ukraine W Treasury Secretary Mnuchin warns of new global taxes, opposes digital services duty C Biden Proposes $1 Trillion in New Corporate Taxes W Biden proposes minimum federal tax aimed at Amazon and others who pay $0 MW Biden Says He’d Consider Harris for VP: Campaign Update B Georgia Gov. Brian Kemp defies Trump in appointing Kelly Loeffler to Senate seat C Geopolitics & trade Pelosi Pushes to Remove Legal Protections for Online Content in Trade Pact W On Trade, France and U.S. Go It Alone—to World’s Detriment W Here’s Help Decoding Trump’s Trade Brain, Bluffs and Bluster B U.S. Considers Sending More Troops to Middle East W Industries & companies Autos: Tesla promises Roadster owners dedicated service advisors, technicians and repair centers C Autos: Fiat Chrysler Workers to Get Better Health Care, Bigger Bonus Checks W Media: Here Comes the Merch: Sony Strikes Deal for Beatles Memorabilia W Corporate finance Italy Claims Fiat Undervalued Chrysler by $5.6 Billion B Offbeat This depressing chart shows the jaw-dropping wealth gap between millennials and boomers MW Stephanie Kelton, Modern Monetary Theory Evangelist B White House to Tighten Work Requirements for Food-Stamp Aid W YRI Daily Markets Overview

December 04 (Wednesday) YRI Trump says trade deal with China could wait until after 2020 election; Dow plunges 400 points WP Daily Markets Overview Markets & investing Dow drops more than 250 points, falling for a third day as Trump hints at trade deal delay C Trump Volatility in Markets Is Back N How the market sell-off could get much worse: ‘Better put on your helmet’ C When Trump Tweets on China Trade Talks, Buy Canadian Stocks B Oil Trading in Sweet Spot Adds to Improving Economic Signals W US These CEOs Were Planning for Trump’s Dec. 15 Tariffs All Along B Europe Germans Keep on Saving Their Money, Even When It Hurts W China China Uses DNA to Map Faces, With Help From the West N US politics Trump Compromised Security, Abused Office, House Report Says B House Democrats’ impeachment report accuses Trump of obstruction, other misconduct C Swing-District Democrats Wary of Broad Impeachment Push W Senate Republicans Warm to Theory of Ukrainian Election Interference W Kamala Harris drops out of presidential race after plummeting from top tier of Democratic candidates C Geopolitics & trade France Vows Retaliation as Luxury Industry Braces for U.S. Tariffs W Iran, Cut Off From Vital Cash Reserves, Faces Deeper Economic Peril, U.S. Says W Industries & companies Autos: Foreign Auto Makers Report Higher U.S. Sales W FAANGs: Amazon’s cloud business bombards the market with dozens of new features as it looks to preserve its lead C Media: Spending by Streaming TV Expected to Give Ad Growth a Long-Term Boost W Restaurants: Starbucks Is Replicating Its Too-Fast U.S. Growth in China B Retail: Thanksgiving Weekend Shoppers Boosted Spending by 16% W Tech: U.S. Tech Giants Bet Big on India. Now It’s Changing the Rules. N Tech: Salesforce’s stock bounces around after revenue and profit beat C Tech: Twitter Plans First Sale of High-Yield Debt W Utilities: PG&E Failed to Maintain Power Lines, Probe Finds W Wireless: Sprint Overcounted Subsidized Customers for Years W Cybersecurity Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War? B Offbeat U.S. Retail Worker Injuries Now Higher Than on Factory Floor B New Gums Promise to Help You Sleep and Make You Skinny W

December 03 (Tuesday) Markets & investing Stocks Fall on Manufacturing Report, Fresh Trade Tensions W Steel Stocks Rally on Trump’s Tariff Move W This is where the Dow would be this year without Apple and Microsoft C Natural gas is one of the few trades that hasn’t worked on Wall Street, down 50% in 12 months C ‘Peak’ Private-Equity Fears Are Spreading Across Pension World B Central banks Lagarde Says ECB Will Be ‘Resolute’ on Inflation Mandate B US U.S. manufacturing contracts further, tempers economic growth hopes R U.S. factory sector contracts again in November: ISM R American Dominance in Global Services Economy Weakens W Europe What the Key Actors Want in Germany’s Latest Political Drama B China China’s Insurance Giant Is Morphing Into a Tech Company B Chinese Citizens Must Scan Their Faces to Register for New Mobile-Phone Service W US politics The Impeachment Wild Cards Trump Confronts in a Senate Trial B Trump Questions Timing of Impeachment Hearing W Trump campaign revokes credentials for Bloomberg News reporters over decision not to investigate 2020 Dems C Buttigieg Won’t Be ‘Mayor Pete’ for Long, a Possible Plus In Iowa W Geopolitics & trade Trump Puts Tariffs on Brazil, Argentina, Citing Currencies W Trump says U.S. bill on Hong Kong doesn’t help China trade talks R China Bars American Sailors From Hong Kong R&R W Industries & companies FAANGs: Amazon Rolls Out Quantum-Computing Service W Retail: Cyber Monday shoppers on track to hit a record $9.4 billion, Adobe says C Retail: Target, Best Buy, Walmart, Lululemon Won the Black Friday Weekend B YRI Daily Markets Overview

December 02 (Monday) Markets & investing The S&P 500 Notches Its 26th Record This Year Before Falling Back BR December could be a good month for the stock market, but there’s one big risk C Not Even a Blockbuster Jobs Report Will Move the Needle for Treasury Bulls B Hong Kong Stocks’ Sudden Tumble Catches Traders Off Guard B Energy How Iran and OPEC Could Help Fuel Oil Prices BR Supplying clean power is easier than storing it E Central banks Why You Shouldn’t Expect Rates to Head Upward for a While W ECB’s Nominees Back Negative Rates and Warn of Side Effects B China China Financial Warning Signs Are Flashing Almost Everywhere B Hong Kong’s democracy movement has gained a big electoral boost E Japan A growing number of Japanese have become recluses E US politics House Intelligence Committee to vote on impeachment report C House Judiciary Panel Asks Trump if He Will Present Impeachment Defense N Long Before Trump, Impeachment Loomed Over Multiple Presidents N ‘Tax Cuts 2.0’ could include a rate reduction for the middle class. Here’s who would benefit most C Warren Wealth Tax Has Wide Support, Except Among One Group N Geopolitics & trade China and Russia Are Partners—and Now Have a $55 Billion Pipeline to Prove It W China wants rollback of tariffs in phase one trade deal with US, Chinese state media says C China Criticizes U.S. Support for Protests, Signals Trade Hope W Huawei Manages to Make Smartphones Without U.S. Chips W Industries & companies FAANGs: How Amazon Wove Itself Into the Life of an American City N Industrials: GE Pitches Investors on Its Health-Care Unit W Media: ‘Frozen 2’ Sets Thanksgiving Holiday Box-Office Record W Retail: Black Friday shoppers spend record $7.4 billion in second largest online sales day ever C Retail: Investors Bet on More Pain for Retailers W Tech: Is There New Life in Legacy Tech? BR Tech: 5G broadband is an existential threat to the cable industry, but executives and investors aren’t worried C   Corporate finance Tech M&A: A Long—Not Proud—History BR Offbeat Economists are rethinking the numbers on inequality E A Pennsylvania Election Nightmare Underscores Voting Machine Concerns N What to Do When Your Kid Is a YouTube Millionaire BR Retirement Can Be Tough Psychologically. Some Ways to Adapt. BR YRI Daily Markets Overview

November 30 (Saturday) Markets & investing Wall Street’s 2020 Prediction: The Stock Market Will Have a So-So Year W Stocks fall to end November, but post biggest monthly gains since June C Warren Buffett is sitting on $128 billion, raising questions about whether the market is overvalued C Warren Buffett’s latest attempt to put his cash to work is thwarted C Energy U.S. Posts First Month in 70 Years as a Net Petroleum Exporter B Oil Slides as Oversupply Fears Resurface W Republican Fervor Ebbs for Offshore Drilling W Central banks Powell Says Fed’s Rate Cuts Reflect More Bearish View of Economy W US Shoppers ring up record Thanksgiving sales online. Black Friday’s tally to exceed $7 billion, Adobe says C Shoppers might not be flocking to stores on Black Friday. But they’re still spending C U.S. Consumer Spending Rose 0.3% in October W The Richest U.S. Counties Are Getting Even Richer B Europe Daimler to ax at least 10,000 jobs in latest car industry cuts R Block Friday: French activists try to disrupt discount shopping day R China China Financial Warning Signs Are Flashing Almost Everywhere B Exclusive: U.S. weighs new regulations to further restrict Huawei suppliers – sources R US politics Judiciary Committee gives Trump deadline to call witnesses, present evidence in impeachment hearings C Bloomberg has too many negatives to win the Democratic nomination, Barney Frank says C Geopolitics & trade Trump is expected to discuss China, Russia challenges with NATO leaders next week C China threatens to take ‘strong counter-measures’ against US after Hong Kong bill signings C The Big Question on Hong Kong: How Will China Hit Back at Trump? B Canada PM: a ‘little more work’ is needed on USMCA trade deal R After Trump’s Afghan visit, Taliban say they are ready to resume peace talks R Global unrest Iraq PM says he will quit after cleric’s call but violence rages on R Why Iraqis Are Taking Aim at Their Leaders and Iran’s B Students stage global strikes to pressure U.N. climate summit R Industries & companies Retail: Many retailers continue to lose against Amazon. But not Target and Best Buy, analyst says C Retail: The direct-to-consumer strategy is making a run at Amazon’s throne C Offbeat Tourists Ruined Venice. Now Floods Are Making It Uninhabitable B YRI Daily Markets Overview

November 27 (Wednesday) Markets & investing Stocks rise to another record as Best Buy leads retailers higher C OPEC and Russia likely to extend oil production cuts at upcoming meeting C Central banks Fed Has Taken ‘Significant Action’ to Offset Risks to Economy, Brainard Says W US Home-Price Growth Picked Up in September W U.S. Consumer Confidence Declined in November W Storms Make Thanksgiving Travel `Impossible’ in U.S. West B US politics U.S. House Judiciary panel invites Trump to December 4 impeachment hearing R Trump Denies Sending Rudy Giuliani to Ukraine for Biden Probe B Net support for impeachment grew steadily during U.S. congressional hearings, poll shows R Elizabeth Warren Loses Momentum in 2020 Race After Steady Rise B Supreme Court Temporarily Blocks Disclosure of Trump’s Financial Records N Geopolitics & trade Trump Says China Deal in ‘Final Throes’ as Top Officials Speak B US-China trade optimism is overdone, Asia expert Stephen Roach warns C Trump says U.S. will designate Mexican drug cartels as terrorists R Industries & companies Aerospace: FAA says it again: Boeing’s 737 Max is not ready for certification C Autos: Musk Accepts Ford Challenge to Apples-to-Apples Truck Tug of War B Health Care: FDA warns about lack of research, possible risks of CBD C Retail: Black Friday is losing its clout. And that’s more bad news for department stores C Retail: Chasing Amazon, Retailers Are in a Never-Ending Arms Race N Tech: HP rises on earnings beat C Tech: HP Earnings Slide as Printing Business Continues to Struggle W Tech: Dell cuts full-year revenue forecast on PC chip shortage R Offbeat How does your salary and income impact your credit score? C Trump jokes about impeachment probe at annual turkey pardon R First lady Melania Trump loudly booed at opioid event on same day that President Trump donates salary to drug-fighting efforts C After $1 Billion Theft, German Museum Finds It Has No Insurance B YRI Daily Markets Overview

November 28 (Thursday) Markets & investing Blackstone’s Byron Wien says stocks have ‘room to move up’ and this is ‘nothing like 2006 or 1999’ C Don’t Expect Another Rough December for Stocks W Texas Oil Explorers Say Predictions of Growth Contradict Dire Reality B Bitcoin Going Berserk in November Makes Holidays Awkward B US Economy growing better than economists had expected just a few weeks ago C Fed Report Says Economy Grew Modestly With Outlook Positive B U.S. Consumer Spending Rose 0.3% in October W Blue states file appeal in legal battle over SALT tax deductions C Europe UK PM Johnson on course to win majority of 68: YouGov model R China No excuse for silence on China’s camps for Uighurs: exiled leader R TikTok Blocks Teen Who Posted About China’s Detention Camps N How Hong Kong’s greatest tycoon went from friend of China to punching bag R US politics Justice Department asks appeals court to block McGahn impeachment testimony C Trump denies sending Rudy Giuliani to Ukraine to push Biden, election probes C Bloomberg is crushing all other 2020 Democrats with his ad spending in Super Tuesday states C Global unrest It’s Getting More Expensive to Eat, and Economists Are Worried B In Latin America, Pot-Banging Signals Trouble for Those in Power W Violence in Chile resurges, peso plunges to historic low R Iraq protesters torch Iran consulate in Najaf, curfew imposed R Fears of violence grow as Lebanese crisis deepens R Industries & companies Aerospace: FAA tightens grip on Boeing with plan to individually review each new 737 Max jetliner C FAANGs: Apple is reportedly planning to shake up its iPhone sizes in 2020, including its biggest screen yet C Food: America’s Cattle Ranchers Are Fighting Back Against Fake Meat W Finance: Robinhood pulls bank charter application as fintechs face hurdles to disrupting financial system C Financials: In Deutsche Bank’s Giant Yard Sale, Goldman Is Eager Buyer B Retail: Top U.S. retailers absorb tariff pressure ahead of holiday shopping season R Retail: Toys R Us is back. Here’s a look inside its first new store C Tech: Intel chip shortage is pulling down PC makers’ revenue expectations C Tech: Blockchain, 3-D Printing Combine to Make Aircraft Parts W Weed: FDA Warns of Potential Harm From CBD Products W Offbeat Everything you need to know to help save on taxes in 2020  C Widespread snow, storms create Thanksgiving travel headaches across U.S. R Giuliani calls Trump to tell him he was joking about having an ‘insurance policy’ R YRI Daily Markets Overview

November 26 (Tuesday) Markets & investing S&P 500, Nasdaq hit new highs as chips rally on trade optimism R Stocks Are Finally Diverging After Trading in Tandem W Goldman says political gridlock to propel stocks in 2020: ‘United we fall, divided we rise’ C Bitcoin sinks to lowest level since May, falling $3,000 in a month as China accelerates crackdown C Central banks Fed economists warn of ‘economic ruin’ if Modern Monetary Theory policies are ever adopted C ECB has made government borrowing 1 percentage point cheaper: Lane R US A Booming Corner of Private Credit Has Some Investors on Edge B Europe European Companies Hunt for Growth With $53 Billion Acquisition Spree B Britain is a dangerous mess, former PM Blair says R Socialist Group Works to Pull U.K. Labour Party Leftward W China Landslide democratic win puts pressure on leader of Chinese-ruled Hong Kong R Going whole hog: U.S. tells exporters to report pig carcass sales as China buying soars R US politics On Trump impeachment, divisions between urban and rural Democrats R Geopolitics & trade China and U.S. moving closer to trade deal, but no agreement on tariff rollbacks: report R Iran stages pro-government rallies after days of violent unrest R Special Report: ‘Time to take out our swords’ – Inside Iran’s plot to attack Saudi Arabia R Saudi Arabia Arrests More Opponents Despite Sensitivity Amid IPO Push W Industries & companies Auto: Elon Musk says Tesla has received 200,000 orders for its Cybertruck despite botched debut C Financials: Charles Schwab to buy TD Ameritrade in a $26 billion all-stock deal C Pharma: Teva, Drugmakers in Talks With U.S. to End Generics Probes B Corporate finance EBay to sell ticketing unit StubHub for $4.05 billion R LVMH Bets It Can Restore Tiffany’s Shine With $16 Billion Deal W Offbeat ‘China is the enemy’ on trade, not Trump — Cramer blasts media over love of Chinese leader Xi C Israeli attorney-general declines to recommend Netanyahu step aside R Trump Meets Conan, Military Dog Wounded in al-Baghdadi Raid B YRI Daily Markets Overview

November 25 (Monday) Markets & investing Wall Street Weekahead: Conditions may be set for Santa Claus rally R Wall Street’s stock forecasters see just a 5% gain in 2020 C Wall Street strategists cool on tech stocks, recommend steady income of financials for 2020 C Investors are left to wonder if the stock market rally is resting or rolling over C A Bear Market Could Still Hit Next Year. Here’s How to Prepare. BR World’s largest hedge fund is reportedly betting on a sell-off, but founder Ray Dalio denies it C US California’s Housing Crunch is Pushing Developers Deeper into Dangerous Fire Zones B China ‘Time to calm down’: Hong Kong protests simmer ahead of local elections R US politics U.S. Republican senators ask Treasury for any reports on Hunter Biden R A Senate Trial Could Put Trump’s Use of Aggressive Defense Tactics to Their Biggest Test N Trump accuses impeachment witness of lying, defends use of Giuliani R Russia Inquiry Review Is Said to Criticize F.B.I. but Rebuff Claims of Biased Acts N Bloomberg vows to refuse donations and presidential salary C Geopolitics & trade US wants China trade deal but won’t turn blind eye to Hong Kong, Trump national security advisor says C China attacks US at G20 as the world’s biggest source of instability C Around the world The Common Forces Propelling the New Popular Revolts W Iran faces its most critical moment since the 1979 Revolution C All King Bibi’s men: Netanyahu’s inner circle key to criminal cases R Colombian protests roll on for third day amid tear gas, injury R On Iraq visit, Pence reassures Kurds and discusses protests with prime minister R Tens of thousands march in France to condemn domestic violence R Industries & companies Autos: Elon Musk says Tesla has received 146,000 orders for its Cybertruck after botched debut C Energy: Winter Is Coming. But Natural Gas Prices Are Sliding, Even With an Arctic Blast BR Financials: Charles Schwab Stock Could Surge After a TD Ameritrade Deal BR Pharma: Pfizer Is the Dow’s Worst Stock. A New Strategy Makes It Worth Another Look. BR Retail: Kohl’s Stock Is in a Bad State. This Strategy Will Let the Market Pay You to Buy It. BR Retail: Home Depot’s Soft Outlook Isn’t a Sign of Recession. Here’s Why. BR Retail: In a Class By Itself: How Target Became the Model in U.S. Retail B Corporate finance Novartis nears deal to buy U.S. biotech firm Medicines Co for about $7 billion: WSJ R Offbeat Giuliani Says Biden Documents to Be Released ‘If I Disappear’ B YRI Daily Markets Overview

November 23 (Saturday) Markets & investing World’s largest hedge fund reportedly bets over $1 billion on a big stock market sell-off soon C Here are the energy stocks some strategists would buy as the S&P’s worst-performing sector catches a bid C Slowing Business Activity Sounds Alarm for Global Economy W Central banks Weidmann Says He Backs Lagarde Plan for ECB Strategy Review B Trump’s Fed Pick Judy Shelton Cast Doubt on Central Bank Independence B Democratic Senators Want the Fed to Better Prepare Banks for Climate Change W US U.S. manufacturing, services sector PMIs improve in November MW US consumer sentiment comes in higher than expected for November C Lenders Brace for Private-Equity Loan Defaults W Europe Eurozone flash manufacturing PMI limps up to 3-month high in November MW Germany’s PMI Slide Eases Slightly in November N Germany’s finance minister is not expecting a recession R Japan Japan November factory activity shrinks for seventh month, increases economic strains: flash PMI R China China Is Out of Economic Ammo Against the U.S. B US politics Trump predicts report on origins of Russia probe will be ‘historic’ R Trump says will stick with Vice President Pence as 2020 running mate R Trump says had lawyer Giuliani work on Ukraine because he is a ‘great crime fighter’ R Geopolitics & trade Trump says trade deal with China is ‘very close’ C China’s Xi says he wants to work out initial trade deal with U.S. R Weeks before vote, Algerian protesters pile on the pressure R Iraqi forces kill four protesters, cleric warns of crisis R ‘Give and Take’: the charges against Israel’s Netanyahu R Industries & companies Aerospace: Aerospace suppliers prepare for prolonged grounding of 737 MAX R Autos: Tesla claimed its pickup truck was ‘bulletproof’ — then smashed its windows with a metal ball C Energy: U.S. Silica cuts 10% of workforce as frac sand demand wanes R FAANGs: A Billion People’s Data Left Unprotected on Google Cloud Server B Pharma: AstraZeneca shares rise on early U.S. approval for leukemia drug R Retail: Inside Home Depot’s efforts to stop a growing theft problem at its stores C Retail: Walmart’s Jet to Cease Its New York City Fresh Grocery Business B Offbeat The 10 most expensive US ZIP codes for buying a home C Los Angeles Condo Sales Plunge as Chinese Capital Stays at Home B Pope says tech, globalization endanger youth individuality R ‘Sopranos’ Convention Treats Fans Like Family W YRI Daily Markets Overview