What I Am Reading

December 24 (Monday) Markets I In the Stock Market, It’s a Dog-Eat-Dow World (W) ‘Just call it what it is’: BofA’s Stephen Suttmeier declares a bear market (C) Why Wall Street is freaking out and economists aren’t (NN) The Worst May Not Be Over for Tech Stocks (BR) Markets II Presidents play with fire when they brag about the stock market (NN) Where To Find Treasures in Europe’s Bear Market (BR) Gas Prices Are Falling, but Refiners Keep Making More (W) Central banks Yes, the Fed Cares What the Stock Market Does (BR) A Vocal Minority Is Echoing Trump’s Concern About Fed Tightening (B) US Once Hot Housing Market Likely to Cool Further in 2019 (W) China China Applies Xinjiang’s Policing Lessons to Other Muslim Areas (W) US politics For Trump, ‘a War Every Day.’ Waged Increasingly Alone (N) Trump Foundation Will Dissolve, ‘Accused of Shocking Pattern of Illegality” (N) Top Trump aide says government shutdown may go into New Year (R) James Mattis to depart Pentagon by January 1; Trump to name acting Defense Secretary (C) Geopolitics & trade I China’s Hacking State (W) Behind the Myth of China’s Great Technology Grab (B) China mulls new foreign investment law Canada Presses China on ‘Arbitrary’ Detention of Citizens (N) Geopolitics & trade II China’s Huawei faces new setbacks in Europe’s telecom market Is China getting too close to Israel? Days before he resigned, US envoy Brett McGurk warned that ISIS will take years to defeat (C) Industries & companies FAANGs: Amazon to Lease 10 More Freighters from Air Transport Services (W) Health Care: The Right Rx for Health-Care Investors (BR) Retail: Retailers Wrapping Up Holidays With Cheer (W) Tech: Evan Spiegel’s Imperious Style Made Snapchat a Success—Until Users Fled (W) Tech: Tech’s Next Act (BR) Offbeat The top 10 YouTube influencers earned $180.5 million in 2018 (C)

December 22 (Saturday) Markets I Dow dives 400 points to end its worst week in 10 years (C) Nasdaq confirms bear market; economic worries sink Wall Street (R) Stocks enter final full week of the year on the brink of a bear market (C) Energy is in worst month since 2011, and more pain could be ahead (C) Markets II White House advisor Peter Navarro says ‘China is trying to steal our future’ — Comments knock stocks (C) Trump has lost his once golden touch with investors: ‘He’s just created so much uncertainty’ (C) A government shutdown typically doesn’t hurt the stock market, history shows (C) An economist put together a list of things investors should worry about for 2019 and it’s long (C) Central banks NY Fed President John Williams: The central bank is listening to the market, but believes the US economy is strong (C) Williams Says the Fed’s Rate Hike Guidance Isn’t a Commitment (B) Mohamed El-Erian: Fed chief Jerome Powell looks to break the market’s central bank ‘co-dependence’ (C) Japan Finally Concedes Its Crazy Low Prices Can’t Be Beat (W) US US third-quarter economic growth revised down to 3.4% (C) Inflation Fell Below Fed’s Target in November (W) U.S. Durable Goods Orders Grew in November (W) This is the message the yield curve is sending about the economy (MW) US politics 380,000 federal employees could be furloughed in shutdown, and 420,000 would work without pay (MW) Coming Soon to Iowa: Lots and Lots of Democratic Contenders (W) Geopolitics & trade White House adviser says deal with China difficult without deep policy changes (R) U.S. and China Navigate Hacking Allegations Warily (W) U.S. Grants Iraq Sanctions Relief in Bid to Boost Business Deals (W) Corporate finance Federal Judge Won’t Block CVS-Aetna Integration (W) Offbeat Failure of Anti-Drone Tests Exposes U.S. Airport Vulnerability (B)

December 21 (Friday) Markets Dow drops 470 points to 14-month low in second day of big losses following Fed rate hike (C) As fear rises on Wall Street, strategists warn the worst is yet to come (C) How a looming government shutdown could affect federal services — and stocks (MW) Asia stocks shunned as investors flee for safety (R) Bulk Up on Cash as 2019 Look Volatile, Pimco Says (B) Why the Yen Hasn’t Been a Safe Bet (W) Central banks Powell’s Bet: The Data Is Right, the Market Is Wrong (W) Treasury Secretary Says Market Has Overreacted to Fed (W) Cramer feels ‘powerless’ after Fed hike, tells investors to buy gold (C) US A Booming Job Market Can’t Fill the Retirement Shortfall (W) Europe There’s Room for Optimism on the Euro Economy After a Tough 2018 (B) US politics House passes spending bill with border wall money — setting up shutdown stalemate with Senate (C) Mattis to Depart Over Order to Pull Out of Syria (W) Defense Secretary James Mattis is quitting because he doesn’t agree with Trump (C) Read James Mattis’ resignation letter to Trump: ‘We must be resolute’ against Russia and China (C) Geopolitics & trade Exclusive: China hacked HPE, IBM and then attacked clients – sources (R) U.S., allies slam China for economic espionage, spies indicted (R) Some Global Banks Break Ties With Huawei Technologies (W) Industries & companies FAANGs: Apple Infringed on Qualcomm Patent, German Court Rules (W) Financials: Major Banks Suspected of Collusion in Bond-Rigging Probe (W) Retail: Nike crushes earnings expectations, helped by strong online sales, shares surge (C) Retail: Nike still ‘bullish’ on China despite uncertainty about US tariffs (C) Corporate finance SoftBank’s Biggest Backers Balk at Planned $16 Billion Acquisition of WeWork (W) Juul employees get a special $2 billion bonus from tobacco giant Altria — to be split among its 1,500 employees (C) Offbeat ‘Deliberate’ drone flights shut down London Gatwick airport, stranding thousands of travelers (C)

December 20 (Thursday) Markets Here’s what spooked the market about the Fed today (C) Cramer: Dow could have ‘easily’ been down 1,000 points on Fed hike (C) Most of the S&P 500 is already in a bear market (C) Major Investors in Leveraged Loans Are Unloading Big Chunks (B) Central banks Fed hikes rate, lowers 2019 projection to 2 increases (C) Powell says he doesn’t see Fed changing its strategy for shrinking the balance sheet (C) Jerome Powell Tries a Nuanced Fed Policy. Markets Don’t Like It. (N) PBOC Ratchets Up Monetary Support With `Low-Profile’ Rate Cut (B) US U.S. Population Grew at Slowest Pace in 81 Years (W) ‘I Thought I Was Done For’: Tight Job Market Opens Doors for Ex-Convicts (W) The Loneliest Job in a Tight Labor Market (W) China China M&A Loans Slump for Second Year (B) US politics Senate Nears Vote on Averting Shutdown as Trump Fumes About Wall (B) President Trump is telling allies he wants Vice President Mike Pence to stay on the ticket in 2020 (C) Trump Directs Pentagon to Set Up a Space Command (W) Geopolitics Trump Orders Full Syria Pullout in Abrupt Policy Shift (B) Industries & companies FAANGs: Facebook plummets following burst of bad news (C) Logistics: As FedEx shares tank, CEO blames ‘bad political choices’ for company’s woes (C) Retail: Here’s why the ‘retail apocalypse’ won’t happen (C) Corporate finance Marlboro Maker Nears Deal That Values Juul at $38 Billion (W) SoftBank’s Biggest Backers Balk at Planned $16 Billion Acquisition of WeWork (W) Pfizer, Glaxo to Create Over-the-Counter Drug Giant (W) Pinterest Prepares for Early 2019 IPO (W) Sears Bankruptcy Battle Tests Credit Default Swaps Market (W) Technology Inside Musk’s Tunnel to Fix ‘Soul-Destroying’ Traffic (W) Room for Improvement? New Hotelier Tests an Algorithmic Pricing System (W)

December 19 (Wednesday) Markets S&P 500 closes near its low for the year in volatile session on Wall Street (C) Mnuchin Blames Volcker Rule, High-Speed Trading for Volatility (B) Stan Druckenmiller Says Algos Are Robbing Markets of Trade Signals (B) Crude Down Almost 40% From October (W) Central banks Smaller Fed Moves Have Bigger Market Impacts (W) Fed’s 2019 Path May Produce Surprise That Flattens Yield Curve (B) Caroline Baum: How the idea of the Fed ‘stockpiling ammunition’ could blow up the economy (MW) US U.S. Housing Starts Grew in November (W) Mnuchin Dismisses Flatter Yield Curve as Sign of Weak Economy (B) Europe Brexit Revote? Calls for a Second Referendum Grow Louder (W) China China’s Economic Reforms Are Having a Midlife Crisis (B) US politics Flynn Sentencing Is Delayed After Judge Admonishes Him (W) Trump Foundation to Dissolve Amid Allegations of Misusing Funds (W) Here Are All the Headlines From Mnuchin’s Bloomberg Interview (B) Geopolitics & trade Mnuchin Says China and U.S. Planning for Trade Talks in January (B) How to Make the Trade War Even Worse (N) Huawei to spend $2B over five years to beef up cybersecurity (N) Industries & companies FAANGs: ‘It’s Been a Rout’: Apple’s iPhones Fall Flat in World’s Largest Untapped Market (W) Financials: Goldman Ignored Worrisome Signals in Malaysian Fund (W) Logistics: FedEx tumbles after lowering earnings guidance, cites global trade slowdown (C) Corporate finance Tech Unicorns Are Going Public at Near-Record Pace (C) Stock buybacks hit a record $1.1 trillion, and the year’s not over (C) FedEx Starts Buyout Program as Express Struggles (W) Technology Europe Tackles Chinese Competition With Investment in Microelectronics (W) Offbeat One of the first crypto millionaires says bitcoin is ‘dead’ (N) The Financial System Should Be Less Than Half The Size of Today (F)

December 18 (Tuesday) Markets Stocks Fall Sharply as Investors Fret Over Growth Outlook (W) The stock market is on pace for its worst December since the Great Depression (C) Jeffrey Gundlach says the S&P 500 is headed to new lows: ‘I’m pretty sure this is a bear market’ (C) Small-cap stocks enter bear market, with Russell 2000 benchmark down 20% from highs (C) Oversupply Fears Drag U.S. Crude Under $50 (W) Central banks Fed Faces Communication Challenge on Rates (W) US politics Trump: ‘Incredible’ That Fed Is Considering Another Rate Increase (W) Trump Opposes Short-Term Funding to Avoid Shutdown (B) These Democrats Will Soon Have the Power to Investigate the White House (N) Social Media’s Forever War (N) Geopolitics & trade Why the US thinks Huawei has been a massive national security threat for years (C) From Silk to Smartphones: China’s Emergence as a Trade Leviathan (W) Industries & companies FAANGs: Amazon Cutting the CRaP (W) Financials: Malaysia Files Criminal Charges Against Goldman Sachs Over 1MDB Scandal (N) Mobile: T-Mobile Takeover of Sprint Clears U.S. Security Panel (W) Tech: Oracle quarterly results beat on strength in cloud business (R) Corporate finance Boeing raises its dividend 20%, boosts buyback plan to $20 billion, reaffirming its bullish outlook (C) J&J announces $5 billion share buyback program after report wipes out $50 billion in market value (C) Cybersecurity Twitter tumbles on concerns about hacking activity (R)

December 17 (Monday) YRI Dr Ed’s Latest Video Podcast Daily Markets Overview Markets 2019 Outlook: U.S. Stocks Could Rally More Than 10% (BR) The global stock market sell-off was ‘not an isolated event’ — expect more sharp falls next year (C) Why the Fed won’t save the stock market, despite the worst December start since 1980 (MW) The Rocky Stock Market Still Pays Dividends to Investors (W) Worried About ETFs Exacerbating a Market Downturn? Don’t. Here’s Why. (BR) Central banks & BIS The Fed’s Critical Role for 2019 (BR) Will landing be soft or ‘chaotic’ as Fed begins to stop rate hike cycle (R) Recent market ‘jolt’ will be first of many as easy money era ends, says BIS (R) Fed’s trip to zero redefined central banking (R) At Year’s End, Emerging Markets Beholden to Fed (B) BOJ Watchers See Economic Risks Pushing Back Rate-Hike Prospects (B) Japan BOJ tankan: Japan firms expect CPI to rise 0.9 percent a year from now (R) US politics Leaders at Impasse on Border Wall as Shutdown Nears (W) Russia used every major social network to aid Trump, report finds (MW) Geopolitics & trade Shipping costs from China to the US have more than doubled as trade war sparks a ‘bonanza’ (C) Industries & companies Airlines: How air carriers are experimenting with biometric scanning to speed up lines (C) Autos: Toyota struggles to save breakthrough Prius hybrid (C) FAANGs: Amazon Targets Unprofitable Items, With a Sharper Focus on the Bottom Line (W) Financials: Higher Interest Rates Pinch Small Banks (W) Financials: A Financial Canary in a Coal Mine (B) Health Care: How Many More Tears at Johnson & Johnson? (W) Media: How ‘Aquaman’ could be a chance to turn the tide for DC’s troubled superhero movie franchises (C) Media: Bruce Springsteen, Taylor Swift Tours Head for Netflix Encore (W) Corporate finance Rising Interest Rates Complicate the Corporate Borrowing Spree (BR) Technology Possible Drone Collision Renews Focus on Safety Systems (W)

December 15 (Saturday) Markets Dow’s Sharp Decline Puts Three Major Indexes in Correction (W) Stocks broke key level and could aim for the year’s low (C) Stocks could struggle after record outflows, history shows (C) Recession Signs Hard to Miss If Stock Message Is Taken Seriously (B) The Stock Market Is the Most Divorced It’s Been From the Economy Since 2010 (B) Leveraged Loans Are Looking ‘Scary’ to These Money Managers (B) US Slower Overseas Growth Fans Worries on U.S. Expansion (W) Holiday Season Retail Sales Heat Up (W) ‘Historic’ Tax Refunds Will Extend Retail Boom Into 2019 (B) Pay Rises in Tight Labor Market (W) Trouble in Housing? It’s More 1994 Than 2007 (B) Cold Weather Drove Industrial Production Growth in November (W) US politics Cohen Describes Trump’s Involvement in Hush-Money Payments (W) Trump names Mick Mulvaney acting White House chief of staff, replacing John Kelly (C) Nancy Pelosi put down a Democratic rebellion and battled Trump this week. Now comes the hard part (C) Geopolitics & trade Old U.S. Trade War With Japan Looms Over Fight With China (W) China to Suspend Punitive Tariffs on U.S. Cars, Auto Parts (W) Chinese Hackers Breach U.S. Navy Contractors (W) Industries & companies Autos: GM Says 2,700 Workers Slated for Layoffs Can Transfer (W) Consumer: J&J loses $39.8 billion in market value after report claims J&J knew about asbestos in baby powder (C) FAANGs: Amazon has explored getting into consumer health diagnostics — testing for disease at home (C) FAANGs: Apple Heads to 7-Month Low as More Analysts Cut iPhone Estimates (B) FAANGs: The parts in an iPhone came from all over the world — here’s a look at each iPhone’s complex journey (C) FAANGs: Why Apple Chose Austin, Seattle and Culver City for Its Jobs Push (W) FAANGs: Facebook Bug Potentially Exposed Millions of Users’ Unshared Photos (W) Industrials: GE Powered the American Century—Then It Burned Out (W) Corporate finance Intel and TPG in talks to sell McAfee to Thoma Bravo for significantly more than $4.2 billion (C) LVMH Seals $2.6 Billion Deal for Hotel Operator Belmond (W) Tesla Sells $837 Million of Auto-Lease Bonds (W) Companies Ramp Up Stock Buybacks as Market Swoon Continues (W)

December 14 (Friday) YRI Legendary economist Ed Yardeni gave a presentation to Trump’s top economic advisers at the White House – here’s what he told them (BI) Daily Markets Overview Markets Opinion: Look to these stock market sectors in 2019 instead of FAANGs and tech (MW) Four experts weigh in on key market factors for 2019. Here’s what you need to know (C) The perils of trying to time the market (E) Growth Fears Pinch Commodities (W) Central banks ECB Cuts Growth Forecasts as It Ends Bond-Buying Program (W) After a hike next week, the Fed would be ‘nuts to keep tightening’: Cramer (C) US US auto sales are expected to drop below 17 million for first time since 2014 (C) Trump’s Tax Cuts Made a Difference in 2018. Just Not the One Backers Were Hoping For (B) Europe EU to Step Up Plans for No-Deal Brexit as Bloc Plays Hardball With May (B) Japan Japan business mood steady but outlook sours: BOJ tankan (R) China China Shows Off the Transformation It Wants You to See (B) US politics Trump inauguration spending reportedly under criminal investigation by federal prosecutors (C) Trump: Campaign finance charges against Cohen were meant ‘to embarrass me’ (C) Geopolitics & trade White House to Officially Delay China Tariff Hike to March, Sources Say (B) Aides Warn Trump Against Intervening in Huawei Case (W) Industries & companies Autos: Trump says GM shift to electric vehicles is ‘not going to work’ (R) Airlines: Delta forecasts higher profits, revenue in 2019. Here’s what’s ahead for investor day (C) FAANGs: Apple Says China iPhone Ban Would Force Settlement With Qualcomm (B) FAANGs: Apple to invest $1 billion in new Texas campus (C) FAANGs: Amazon Invasion in New York and Virginia Will Be a Slow One (W) FAANGs: Amazon ran a sting to root out counterfeit textbooks, but some small sellers were unfairly targeted (C) Retail: Sales Rise at Costco, but Fall Short of Expectations (W) Retail: Starbucks cuts long-term earnings per share forecast; shares fall (C) Retail: Starbucks to Offer Coffee Delivery Across U.S. (W) Technology Researchers are turning bumblebees into live drones (C) Once More With Feeling: Teaching Empathy to Machines (W) Offbeat Does Anyone Care About Year-Ahead Outlooks? (II) Making of a Computer-Generated Influencer (W) Vitaminwater is offering $100,000 if you can stay off smartphones for a year (C)

December 13 (Thursday) Markets Dow rises more than 150 points on trade-deal hopes, but closes well off session highs (C) The Great Cheapening: Global Stock Valuations Now at Five-Year Lows (W) Small-Cap Stocks on Edge of a Bear Market (W) Corporate Bonds Are Selling Off at the Fastest Pace Since 2016 (B) Private Equity Seen as Top Investment for Endowments in 2019 (B) Central banks U.S. Consumer Prices Flat in November, Posing Dilemma for Fed (W) ECB Stimulus’s Mixed Legacy: Economic Success, Political Fiasco (W) US Nearly half of corporate CFOs are expecting a US recession by the end of 2019 (C) No recession — if Fed doesn’t screw up, says MarketWatch forecaster of the month (MW) Europe U.K.’s Theresa May Survives Party Confidence Vote by 200 to 117 (B) China China’s Rich Rush to Shelter $1 Trillion From New Taxes (B) US politics Prosecutors Bolster Case for Trump’s Involvement in Hush-Money Payments (W) Kelly’s Exit Only a Part of Looming White House Staff Remake (W) GM CEO Is Under Fire From Trump, Lawmakers Over Restructuring (W) Geopolitics & trade I China looks like it’s going to give Trump a huge symbolic trade war win, fueling hope for a big deal (BI) China to Consider Delaying High-Tech ‘Made in China 2025’ Plans (B) China Makes Moves to Address U.S. Economic Concerns (W) China Prepares to Increase Access for Foreign Companies (W) FBI Says China’s Espionage Poses ‘Severe’ Threat to U.S. Security (W) Geopolitics & trade II Trump says he’ll step in over Huawei executive if needed, cites progress over trade (MW) Huawei Drama Sparks Concern Canada’s Exports Could Become Target (B) This could be the best measure of how well trade talks are going between the US and China (C) China bought 500,000 tons of U.S. soybeans. But that’s just a drop in the U.S. export bucket (C) Industries & companies FAANGs: Apple now has dozens of doctors on staff, showing it’s serious about health tech (C) Financials: Banks Get Kinder, Gentler Treatment Under Trump (W) Retail: CVS takes on Amazon, Walgreens and health-care industry in pivotal shift (C) Corporate finance Germany Intensifies Plans to Fix Deutsche Bank With Merger (B) China’s Tencent Music climbs 11 percent in US market debut (NYP) Offbeat Morgan Stanley is serious about investing in outer space and just had its first conference about it (C)