What I Am Reading

August 31 (Saturday) Markets Stocks Break Losing Streak to End Volatile August (W) Investors say goodbye to choppy August markets but September may be no better (C) The Unstoppable Surge in Negative Yields Reaches $17 Trillion (B) Ray Dalio warns of ‘serious problems’ and a bond ‘blow-off’ as a repeat of the late 1930s looms (C) Euro Tumbles to Two-Year Low After Weak Economic Data (W) Emerging Markets Are Often Bad in August, But Rarely This Bad (B) US Inflation Picked Up in July (W) Consumer Spending Rise Bolsters Confidence in Economy (W) Historic Asset Boom Passes by Half of Families (W) Companies Say They Can Ignore Cost of U.S. Tax Rule (W) China China August factory activity shrinks for fourth month: official PMI (R) Emerging India’s Economic Growth Slows to Six-Year Low (W) Geopolitics & trade Trump says tariffs on Chinese goods are still set to go into effect on Sunday (C) Trump Trade War With China Will Hit Apple for Real This Weekend (B) China claims fentanyl progress in trade call, sources say (C) European Diplomats Swing Behind French Bid to Ease U.S.-Iran Tensions (W) Trump says the US wasn’t involved in apparent launch pad explosion in Iran (C) Trump Iran photo tweet raises worries about disclosure of U.S. surveillance secrets (R) Industries & companies Autos: Tesla Raises Price of Model 3 in China Ahead of Tariff Jump (W) Energy: Energy Bankruptcies Rise as Investors Lose Taste for Shale (W) FAANGs: Google’s report on massive iPhone security flaw doubles as dig against Apple’s privacy stance (C) Cybersecurity Fraudsters Used AI to Mimic CEO’s Voice in Unusual Cybercrime Case (W) Offbeat Dorian Upgraded to Category 4 as It Heads Toward Bahamas, Florida (W)

August 30 (Friday) YRI One Book Could Change How the Federal Reserve Looks at Stock Buybacks (BR) Daily Markets Overview Markets Dow surges more than 300 points after China hints it won’t retaliate for now in trade war (C) As U.S. Treasuries sizzle, some bond investors brace for possible sell-off (R) US U.S. Growth Slows, Corporate Profits Rise Europe Britain’s Labour plans to use parliament to thwart no-deal Brexit (R) China Young Chinese Spend Like Americans—and Take on Worrisome Debt US politics DOJ declines to prosecute Comey despite finding that he leaked info (R) Democratic candidate Beto O’Rourke releases trade plan that would end Trump’s China tariffs (C) Geopolitics & trade U.S. Companies Say Trade War Is Hitting China Operations (W) Trump says US and China resume trade talks Thursday ‘at a different level’ (C) China says it’s willing to resolve the trade war with a ‘calm attitude,’ hints it won’t retaliate for now (C) China Studying Tech Companies’ Exposure to U.S. Suppliers (W) China says troops will defend Hong Kong’s prosperity ahead of planned pro-democracy march (R) U.S. Prosecutors Probe Huawei on New Allegations of Technology Theft (W) In Iran’s Hierarchy, Talks With Trump Are Now Seen as Inevitable (N) US intel report says mysterious Russian explosion was triggered by recovery mission of nuclear-powered missile, not a test (C) Industries & companies FAANGs: Apple likely to unveil latest iPhone on September 10 (R) FAANGs: Senators ask Jeff Bezos to crack down on thousands of unsafe products on Amazon (C) FAANGs: How Amazon’s Shipping Empire Is Challenging UPS and FedEx (W) Technology Mobile payments have barely caught on in the US, despite the rise of smartphones (C) Corporate finance Aramco Proposes Two-Stage IPO, Shunning London, Hong Kong (W) Disney sells its stake in YES Network to investor group that includes Amazon in $3.47 billion deal (C) Offbeat Organoids Are Not Brains. How Are They Making Brain Waves? (N) Hurricane Dorian Possibly Growing to Category 4 (W)

August 29 (Thursday) Markets Dow Industrials Surge 258 Points (W) Few Places to Hide When Markets All Move Together (W) While Wall St. Talks of Recession, Bond Investors Make a Killing (N) Why record low bond yields could keep heading lower as market fears ‘disaster scenario’ (C) U.S. 30-year bond yields hit record low, curve inversion grows (R) The Big Short’s Michael Burry Sees a Bubble in Passive Investing (B) Central banks The Federal Reserve Resistance (W) Fed’s Barkin Not Convinced Low Inflation Calls for Rate Cut (W) Transcript: WSJ Interview With Dallas Fed President Robert Kaplan (W) Dalio Says Central Banks Are Losing Ability to Reverse Downturns (B) US New recession warning: The rich aren’t spending (C) More Americans Say the Economy Is Declining, and They’re Blaming Trump (B) Europe British PM to suspend parliament before Brexit, opposition denounces ‘coup’ (R) New Government Takes Shape in Italy, Sidelining Salvini and the Hard Right (N) Emerging India’s Spending Spree Slows as Debt Problems Become More Widespread (W) US politics Mnuchin Says U.S. Doesn’t Intend to Intervene on Dollar for Now (B) The Tea Party Didn’t Get What It Wanted, but It Did Unleash the Politics of Anger (N) Trump slams ‘corrupt’ Puerto Rico as Hurricane Dorian menaces island (R) Industries & companies FAANGs: Apple’s data shows a deepening dependence on China as Trump’s tariffs loom (R) FAANGs: Facebook Ad Prices Surge as Democrats Target Voters (W) Retail: Retailers howl as U.S. trade agency locks in 15% tariffs on Sept. 1 (R) Geopolitics & trade China Prepares for the Worst on Trade War After Trump’s Flip-Flops (B) China’s playing the long game, and is making key moves to hedge against Trump’s tariffs (C) Mainland Chinese Sneak Into Hong Kong’s Protests—to Support the Cause (W) Security Concerns Threaten Data Link Backed by Google, Facebook (W) Huawei plans high-end phone launch under cloud of Google ban (R) The Iran-Israel War Is Here (W) U.S. Cyberattack Hurt Iran’s Ability to Target Oil Tankers (N) Corporate finance How Bayer-Monsanto Became One of the Worst Corporate Deals—in 12 Charts (W) Offbeat The Amazon, Siberia, Indonesia: A World of Fire (N)

August 28 (Wednesday) Markets Stock dividends are yielding more than the 30-year Treasury bond for the first time in a decade (C) Insiders are selling stock like it’s 2007 (NN) U.S. yield inversion deepens, stokes recession fears (R) The US is about to send a lot more oil into an already oversupplied world market (C) Glut in Natural Gas Goes Global (W) Currencies A Dollar Rising Into a Possible U.S. Recession Could Be a Bad Omen (B) Investors Betting Against the British Pound Fear a Reversal (W) The US dollar’s days as the world’s most important currency are numbered – it’s official (MoneyWeek) Central banks Fed Rejects Call to Consider Politics in Policy Decisions (W) Fed rejects call to deny Trump rate cuts; Trump keeps up pressure (R) Fed divided on policy, discount rate votes show (R) US Home-Price Growth Continued to Slow in June (W) U.S. consumer confidence falls but only slightly despite trade fight (R) A recession in 2020 would hurt Trump, but it wouldn’t necessarily sink his reelection (C) The Next Recession Will Destroy Millennials US politics Democrats’ Emerging Tax Idea: Look Beyond Income, Target Wealth (W) Geopolitics & trade Wary of Trump’s Flip-Flops, China Prepares for the Worst on Trade (B) Hasbro CEO: Moving out of China has ‘gone very well for us’ (C) Iran’s President Won’t Meet Trump Unless the U.S. Lifts Sanctions (W) Trump-Backed U.S.-British Trade Deal Faces Hurdles (W) Industries & companies Autos: As Automatic Braking Becomes More Common in Cars, So Do Driver Complaints (W) Consumer: Smucker Is Hit by Weaker Prices for Its Coffee and Peanut Butter (W) FAANGs: Google Warns Against Blocking ‘Cookies’ Entirely, Triggering Criticism (W) Pharma: Purdue Pharma in discussion on $10 billion-$12 billion offer to settle opioid claims: sources (R) Pharma: Oklahoma uses century-old property law to win J&J opioid suit — other states could follow (C) Corporate finance Fall in Tobacco Sales Spurs Philip Morris, Altria to Talk Merger (W) Saudi Aramco’s Path to the World’s Largest IPO (W) Offbeat Former Google Engineer Charged With Stealing Trade Secrets (W)

August 27 (Tuesday) Markets U.S. Stocks Gain as Trump Says China Wants a Deal (W) Trump’s aggressive, mixed signals on China whiplash Wall Street (R) Wall Street sees elevated recession risk, market woes after US and China stoke trade fears (C) A sell-off worse than December can arrive in a week, says analyst who is predicting ‘Lehman-like’ drop (C) US Democrats float a short-term funding bill to avoid another government shutdown US politics Exclusive: U.S. officials fear ransomware attack against 2020 election (R) Trump took a page out of the WWE’s playbook (P) Geopolitics & trade Trump says China sincerely wants a trade deal: ‘I’m not sure they have a choice’ (C) Trump Softens Tone on China, Iran at G-7 Summit (W) Cramer warns investors that believing China over Trump on trade is dangerous and costly (C) Here’s everything that happened over the weekend with the US-China trade war (C) Trump sees possible U.S.-EU trade deal that would avert car tariffs (R) Huawei Launches AI Chip in Push to Unseat U.S. Makers (W) Industries & companies FAANGs: Big Tech Shares Lose Their Luster (W) Pharma: Johnson & Johnson Ordered to Pay $572 Million in Oklahoma Opioid Case (W) Pharma: Johnson & Johnson Shares Rise After Opioid Fine Is Less Than Expected (B) Pharma: Investigators Use New Strategy to Combat Opioid Crisis: Data Analytics (W) Pharma: Bristol-Myers Moves Closer to Buying Celgene (W) Retail: Dollar-Store Chains to Pay $1.2 Million Over Expired-Product Claims (W)

August 26 (Monday) YRI Don’t Blame Buybacks for Boosting Stock Prices–Or Promoting Inequality (BR) Daily Markets Overview Markets The Dow’s Week Turned Ugly After Trump Sparred With China and Powell (BR) Mounting China trade tensions to keep Wall Street on edge and the economy under a cloud (MW) Stocks Near Highs and Bonds Yields Head to Zero. One Answer: Convertible Bonds. (BR) Central banks Central bankers face political shocks, and hope to avoid the worst (R) Fed’s commitment to act upstaged by Trump’s furor (R) Fed’s Mester sees downside risk from escalating trade war (R) Europe German finance minister backs plans for wealth tax: Handelsblatt Emerging Latin America Hangs On to Its Economic Gloom (W) US-China Trade War Trump on US-China trade war: ‘I could declare a national emergency’ (C) Kudlow does not expect China to retaliate against Trump’s latest tariffs despite Beijing’s warning (C) Trump will raise tariff rates on Chinese goods in response to trade war retaliation (C) China warns U.S. to stop ‘wrong’ trade actions or face consequences (R) White House says Trump regrets not raising tariffs on China higher (C) Trump Gambles That Trade War Will Pay Off in 2020 (W) Explainer: What tools could Trump use to get U.S. firms to quit China? (R) Global trade Trump, Abe say U.S. and Japan have agreed in principle on trade deal (R) Trump hints at a ‘very big trade deal’ with Britain post Brexit (C) US-UK trade deal within a year of Brexit will be tight, UK PM Johnson (C) EU chief Tusk says will ‘respond in kind’ if US imposes tariffs on France over digital tax (C) Trump says U.S. would tax French wine in response to digital tax (R) Geopolitics Hong Kong Protests Force Companies to Choose: Their Employees or China (W) At G-7, Trump says he is not happy about North Korea missile tests (C) Britain sends another warship to boost presence in the Gulf (R) White House blindsided by Iranian Foreign Minister Zarif’s G7 appearance (C) Exclusive: Iran says it will not negotiate missile work, wants to export more oil (R) Israel says air strike in Syria sent ‘no immunity’ message to Iran (R) Industries & companies Consumer: Nestlé Stock Still Looks Appetizing After Big Gain (BR) Financials: Bank Stocks Are Slowing. Why JPMorgan Chase, American Express, and Discover Look Good. (BR) Financials: Deutsche Bank and UBS Explored European Banking Alliance (W) Media: Disney Enlists Superfans as It Prepares to Face Off Against Netflix (W) Media: Football and the Future of TV (BR)

August 24 (Saturday) Markets Dow plummets more than 600 points after Trump orders US manufacturers to leave China (C) Stocks, Bond Yields Fall on Escalating Trade Tensions (W) Yield curve inverts again Friday as Trump reignites fears the trade war will lead to a recession (C) Fed’s Powell vs. Trump: who’s got a ‘feel’ for markets now? (R) Oil Slides as Latest China Tariffs Reignite Demand Fears (W) Central banks Powell Issues Warning Over Trade, Signals More Rate Cuts Are Possible (W) Fed’s commitment to act upstaged by Trump’s furor (R) Fed Vice Chair Clarida says the global economic outlook has worsened since July meeting (C) US How Trump’s tax cuts and the trade war have set the stage for a self-inflicted recession (NN) US politics Biden Slams ‘Irrational’ Foreign Policy as Trump Departs for G-7 (B) Democratic Leaders Aren’t Weeping for Those Who Miss Debate Cut (W) Justice Ginsburg Undergoes Treatment for Pancreatic Tumor (W) Geopolitics & trade Trump will raise tariff rates on Chinese goods in response to trade war retaliation (C) Trump heaps another 5% tariff on Chinese goods in latest tit-for-tat escalation (R) Here’s a list of American products targeted by China’s new tariffs (C) Latest Round in Trade War Set to Hit U.S. Vehicles, Agriculture Hard (W) In a bad sign for trade talks, Trump deploys a new label for China’s Xi – ‘enemy (C) Hong Kong Protesters Form Human Chains in Latest Opposition Tactic (W) Industries & companies Autos: BMW, Mercedes-Benz Ensnared Again in U.S.-China Trade War (B) FAANGs: Amazon Has Ceded Control of Its Site. The Result: Thousands of Banned, Unsafe or Mislabeled Products (W) Industrials: U.S. Steel to idle Indiana plant, 150 jobs at risk (R) Retail: Retailers Dealt Another Blow as Trump Steps Up China Tariffs (B) Offbeat Illinois Death Could Be First Linked to Vaping (W) Customers Handed Over Their DNA. The Company Let the FBI Take a Look. (W)

August 23 (Friday) Markets Markets doubt Fed’s ability to defend economy, spur inflation (R) Yields Plumb New Lows, but ‘Century Bonds’ Remain Scarce (W) Central banks Fed’s Powell, under pressure, likely to stick to ‘mid-cycle’ message (R) Powell Faces Challenge Defining Doctrine Around When to Cut Rates (W) Two Fed officials see no case for rate cut now; Kaplan ‘open-minded’ (R) Three Fed Officials Offer Diverging Views on Rate Cuts in TV Interviews (W) Cramer says Trump is basically risking recession over trade to force the Fed to cut rates again (C) Switzerland Tried Negative Rates in the 1970s. It Got Very Ugly (B) US The economist who first linked the yield curve to recessions sees ‘pretty high’ chance of downturn (C) Emerging As Amazon burns, Brazil’s Bolsonaro tells rest of world not to interfere (R) US politics Should I stay or should I run? Pompeo under pressure over U.S. Senate seat (R) Trump drops bid to slash foreign aid after Congress objects (R) Bernie Sanders Releases $16 Trillion ‘Green New Deal’ Plan (N) Joe Biden’s Poll Numbers Mask an Enthusiasm Problem (N) Ocasio-Cortez slammed for calling the Electoral College a racist ‘scam’ (P) Geopolitics & trade To Gain Leverage in China Trade Talks, Trump Shows Solidarity With Hong Kong (N) G-7 summit set to end without an agreement for the first time in history (C) Trump’s message to G7 leaders this weekend: Be more like U.S. (R) Uighurs Use Videos to Draw Attention to Missing Family Members (W) Imported repression: How Cuba taught Venezuela to quash military dissent (R) Industries & companies Retail: Gap same-store sales disappoint as Old Navy struggles (R) Tech: Salesforce sees higher quarterly, FY revenue; shares rise 7% (R) Cybersecurity Ransomware Attacks Cripple Cities Across America (N) Offbeat Baby Boomers Are Leaving Behind a Trail of Luxury Ranches (W) Barack and Michelle Obama are buying a $15M estate in Martha’s Vineyard (P) Large Telecoms, State Enforcers Make Pact to Combat Robocalls (W)

August 22 (Thursday) Markets Wall Street rises as Target, Lowe’s results point to consumer confidence (R) Germany Sells 30-Year Bonds With Negative Yields (W) Central banks Fed Officials Saw July Rate Cut as ‘Recalibration’ of Policy (W) Fed says July rate cut was ‘recalibration’ and not part of ‘pre-set course’ for more easing (C) Fed was divided on rate cut, wanted to avoid appearing on path for more cuts (R) Fed sees tariffs as ‘persistent headwind’ to economic growth (C) Trump praises Germany’s negative yields, but doesn’t mention that its bond sale failed (C) US Trade woes are slowing U.S. economy, U.S. budget experts say (R) U.S. home sales rise, boosted by lower mortgage rates (R) Job Growth Was Weaker Than Believed, Government Says (N) Federal Deficits to Grow More Than Expected in Next Decade, CBO Says (W) Deficit Will Reach $1 Trillion Next Year, Budget Office Predicts (N) US politics Trump’s Message: The Economy Is Great. But We Need a Big Stimulus. (N) In Reversal, Trump Says He No Longer Is Weighing Tax Cuts (W) Trump says he is seriously looking at ending birthright citizenship (R) Trump imposes rule allowing U.S. to detain migrant families indefinitely (R) Geopolitics & trade Trump: ‘I am the chosen one’ to take on China over trade (R) Manufacturers Want to Quit China for Vietnam. They’re Finding It Impossible. (W) Ahead of G7 summit, Macron presses U.S. to help reform taxes on big tech (R) After Germany hints at compromise, France tells UK: no new Brexit deal (R) Industries & companies Retail: Retail Divide Widens as Shoppers Seek Value and Convenience (W) Retail: Lowe’s Reports Higher Profit, Beating Estimates (W) Corporate finance Slowing Buybacks Remove Pillar of Stock Market (W) The Stock-Buyback Swindle (Atlantic) Offbeat 50 States. 50 Archival Photos. How Many Can You Guess? (N)

August 21 (Wednesday) Markets Investing in the strange negative yield world — ‘It’s very hard to wrap your arms around’ (C) Junk-Bond Investors Turn Picky as Slowdown Talk Swirls (W) McKinsey Sees ‘Ominous’ Signs of Another Asian Debt Crisis (B) Wall Street U.S. regulators hand Wall Street a major win with stripped-down ‘Volcker Rule’ (R) Central banks China may have a new way of boosting its economy. Here’s what the central bank just did (C) DoubleLine’s Jeffrey Gundlach says Federal Reserve has lost control (R) US Historic Rise of College-Educated Women in Labor Force Changes Workplace (W) Europe Italian PM resigns, denounces Salvini for sinking government (R) US politics Trump says he’s ‘thinking about’ a payroll tax cut — a day after the White House denies it (C) Trump Examining Various Tax Cuts to Bolster the Economy (W) Biden’s Lead Is Wider Than Ever, But It Won’t Necessarily Last (B) Geopolitics & trade Trump says Europe will give him anything he wants: ‘All we have to do is tax their cars’ (C) Twitter, Facebook Act Against Disinformation on Hong Kong Protests (W) Industries & companies Aerospace: Boeing hiring hundreds of temporary workers to maintain parked 737 Max planes (C) Energy: Hess Has Been 2019’s Top Oil and Gas Stock, but Shale Isn’t the Reason (W) FAANGs: Apple health team faces departures as tensions rise over differing visions for the future (C) FAANGs: Goldman CEO memo calls Apple Card ‘a beginning’ on launch day (R) Retail: Home Depot Cuts Sales Forecast (W) Retail: Urban Outfitters shares rise on mixed earnings report, Free People stands out (C) Corporate finance Bayer to Sell Animal-Health Unit for $7.6 Billion Amid Roundup Lawsuits (W) Technology Walmart sues Tesla over solar panel fires at seven stores (C)