What I Am Reading

February 22  (Wednesday) Markets Why Trump’s much-awaited tax plan announcement could be a ‘sell the news’ event (C) Global stocks hit record highs, dollar rises on rate-hike view (R) Goldman Sachs Warns U.S. Stocks Are Now Reaching Peak Optimism (B) US uncertainty offers opportunities, says Goldman (FT) Wal-Mart helps Wall Street’s record-setting rally march on (R) Central banks The Fed and the market are having a hard time getting on the same page (C) Fed’s Williams Says Historically Low Interest Rates Will Persist (B) | Economic Letter US Here’s how Trump may overhaul US trade data — and why it matters (C) Europe Europe Combats a New Foe of Political Stability: Fake News (N) US politics Trump Team Maps Sweeping Deportations for Undocumented Migrants (B) Trump to exclude U.S. ‘dreamer’ migrants from crackdown (R) How CEOs across America feel about Trump — and what they think he’ll do to their businesses (BI) Trump Condemns Anti-Jewish Threats as ‘Painful and Horrible’ (B) Geopolitics & trade Ex-NATO Chief praises Trump’s national security team ‘now that Flynn has been dismissed’ (BI) Mexico and Canada Say Nafta Should Be Re-Negotiated Trilaterally (B) Vietnam Shrugs Off the Loss of TPP (B) Homeland Security staff locked out of networks (R) Industries & companies Autos: Tesla’s Stock Now Rivals Ford and GM (B) Logistics: UPS Tries Arming Its Brown-Clad Drivers With an Octocopter Drone (B) Mining: Mining Companies Return to the Black (W) Pharma: Bristol-Myers shares jump on report that Carl Icahn has taken a stake (BI) Tech: Apple’s stock surges to another record after Morgan Stanley boosts price target (MW) Technology The Age of the Giant Battery Is Almost Upon Us (B) Fed’s Williams touts potential benefits of blockchain technology (MW) Paul Tudor Jones Rallies at Palm Beach Party to Rescue the Swamp (B)

February 21  (Tuesday) Markets European stocks start week on firmer note (FT) Europe’s Periphery Debt Market Welcomes New Member: France (W) Le Pen poll lead hits Franco-German bond spread (FT) Oil A Billion Barrels Bet Oil Prices Will Rally (B) Russia Overtakes Saudi Arabia as World’s Top Crude Producer (B) Saudi Arabia Breaks Records on Oil Exports and Output for Year (B) Saudis Kick Off $50 Billion Renewable Energy Plan to Cut Oil Use (B) Central banks President Trump Will Be Able to Recast the Fed by Filling Vacancies (W) Europe U.K. Factory Orders Rise to Highest Level in Two Years, CBI Says (B) U.K. Will Need Low-Skilled EU Migrants After Brexit, Davis Says (B) France is frightening the market, but Italy could be the real threat for investors (C) France’s far right denounces ‘media stunt’ over fake jobs probe (R) Greece Misses Another Bailout Deadline as Talks Set to Resume (B) After seven years of bailouts, Greeks sink yet deeper in poverty (R) Japan Japan’s Trade Deficit Widens on Drop in Car Exports, Oil Imports (B) US politics Trump’s Agenda Is Beset by Opposition on Many Fronts (W) GOP Tax-Cut Plan Mired Down in Trump Discord (W) Republicans are struggling to get their act together on Obamacare repeal (BI) Iconoclast McMaster Tapped as U.S. National Security Adviser (B) Don’t Dismiss President Trump’s Attacks on the Media as Mere Stupidity (Time) Trump supports free press: Pence (R) U.K. Lawmakers Sound Off About Trump’s State Visit (B) Verify What You Spread, Sweden Premier Says After Trump Comments (B) EU welcomes Pence assurance of Trump’s support (R) Geopolitics Mattis Says U.S. Isn’t in Iraq to Take Its Oil (W) Pence Pledges EU Support on Ukraine, Terror, Economy (W) Russia’s Ambassador to U.N. Dies Suddenly (W) Kim Jong Nam Killing Caught on Video (W) North Korea is a major threat to the country most people think is its friend: China (C) Industries & companies Consumer: Kraft’s Interest in Unilever Comes Right Out of 3G’s Playbook (W) Industrials: Wall Street Starts to Contemplate GE After Jeff Immelt (W) Retail: Alibaba Teams Up With Traditional Retailer (W) Tech: Apple claims Brussels tax case breached its rights (FT) Tech: Samsung Heir, Seeking to Remake Family Legacy, Instead Faces Scandal (W) Technology Robot tax, odd as it sounds, has some logic (FT) Mark Cuban: Robots will ‘cause unemployment and we need to prepare for it’ (C) Offbeat Texting and Driving: Higher Smartphone Usage Drive Up Insurance Rates (W) Warren Buffett Lists Longtime Laguna Beach Home for $11 Million (W) The 15 worst cities for rush hour traffic (NN)

February 20  (Monday) Markets ‘Massive exodus’ continues from active funds, and Vanguard is reaping the gains (C) European Bond Investors Seek Havens as Political Risks Increase (B) Flows and France: big market questions this week (FT) A Quiet Revolution May Be Underway in Japanese Stocks (B) Gold Isn’t Doing in Practice What It Should in Theory, Yet Again (B) US There’s one thing going right for Trump: The economy (NN) White House Weighs Change in Trade Deficit Calculation (W) Europe Schaeuble denies ‘Grexit’ threat, says Greece on right path (R) Italy’s Ruling Party Faces Quandary as Renzi Steps Down (W) EU targets UK’s €60bn exit bill before trade talks (FT) Germany aims to deport record number of rejected asylum seekers in 2017 (R) Japan Japan’s Trade Deficit Widens on Drop in Car Exports, Oil Imports (B) US politics Trump, an Outsider Demanding Loyalty, Struggles to Fill Top Posts (N) Trump administration drafts plan to raise asylum bar, speed deportations (R) McCain defends a free press: ‘That’s how dictators get started’ (C) Trump Says ‘Life Is a Campaign’ as He Seeks Validation From Fans (B) Trump isn’t adjusting well to life in the White House — he’s reportedly experiencing ‘cabin fever’ (BI) U.S. Weighs Prosecuting Parents Helping Children Enter Illegally (W) Geopolitics War Is the Climate Risk That Europe’s Leaders Are Talking About (B) China’s Message to Trump With North Korea Coal Ban: Let’s Deal (B) US sends strike group to South China Sea in ‘routine operation’ (C) Lindsey Graham Says 2017 Is All About Hitting Back at Russia (B) Priebus Says No Known Trump-Related Contacts With Russian Agents (B) Iran Mocks Trump Threats, Sets Sights on Gulf Nation Deals (B) How Do You Say ‘Drain the Swamp’ in Chinese? (B) Trump cited a nonexistent incident in Sweden during his rally on Saturday (BI) Corporate finance Kraft Withdraws $143 Billion Offer for Unilever (W) Technology Bill Gates calls for income tax on robots (FT) Offbeat SpaceX just flew a rocket back to Cape Canaveral Air Force Station — and the footage is epic (BI) Mexico City, Parched and Sinking, Faces a Water Crisis (N) Trump’s ‘Winter White House’: A Peek at the Exclusive Members’ List at Mar-a-Lago (N)

February 18  (Saturday) Markets The S&P could hit 2,500 by the end of the year: Yardeni (C) Bank of America: Davos Man Vs. Joe Six-Pack (BI) Oil More Oil Drillers Decide to Leave It in the Ground (W) Shale Drilling Is on a Roll as OPEC Cuts Keep Oil Above $50 (B) Central banks Bullard Speaks with Fox Business, Part 1: Monetary Policy Outlook (FRB-SL) US Why Small Business Favors Trump—So Far (BR) Americans have $12.58 trillion of debt — here’s what it looks like (BI) Student Debt in America Has Hit a New Record (B) Europe Marine Le Pen wants to leave the euro — here’s what that might mean for the ‘new French franc’ (BI) French Left Weighs United Front Against Le Pen; Bonds Drop (B) Brexit Bulletin: Blair Calls for an Uprising (B) UK retail sales had a horrible month in January as post-Brexit inflation starts to bite (BI) Greece will run out of money in July and its creditors can’t agree on what to do (BI) OECD Economic Surveys: Italy China China’s Growth Odyssey Japan Japan Quietly Reflates, Buying Time for Reckoning With Debt (B) US politics As Tax Debate Heats Up, Lawmakers Struggle to Think of a Plan B (W) Trump Team’s Growth Forecasts Far Rosier Than Those of CBO, Private Economists (W) Climate doubter Pruitt takes EPA reins as Trump targets regulations (R) Four Candidates ‘In Play’ for National Security Adviser (W) Congress Goes Home, and Constituents Fired Up Over Health Care Are Waiting (N) Popular Domestic Programs Face Ax Under First Trump Budget (N) A Tale of Two Trumps (BR) Trump’s approval rating is off to the worst start for a president in recent history (BI) Trump goes to his comfort zone: campaigner-in-chief (R) Trump’s In-Laws May Put Fannie Mae, Freddie Mac in a Tough Spot (B) Geopolitics Pence Pledges to Hold Russia Accountable (B) Pence pledges U.S. support to Europe, NATO (R) Tillerson Urges China to Confront North Korea (W) China to suspend all imports of coal from North Korea (R) North Korea’s young marshal flexes his muscle (FT) German business chief hits back at Trump attack (FT) Trump was going to be super tough on China — then they granted his company trademark rights (BI) Industries & companies Autos: GM Shares Could Drive 35% Higher (BR) Autos: Auto Parts Maker Adient Could Have 35% Upside (BR) Biotech: Why Biotech Looks Like a Good Bet in 2017 (BR) Consumer: Nestlé Drops Targets as Consumer Giants Struggle (W) Defense: Trump Hints at Large Order for Boeing’s Super Hornet Fighter Jet (B) Financials: Fannie Mae Will Pay U.S. $5.5 Billion After Reporting Profit (B) Financials: Pimco’s Turnaround Gathers Pace With $5 Billion in January (B) Financials: Global insurance market trends (OECD) Retail: At Home With Home Depot (BR) Retail: US Census Bureau: Quarterly Retail e-Commerce Sales Tech: AT&T to Sell Unlimited Wireless Data Plan Without Pay TV (W) Tech: Future Phones: Technology You Can See and Touch (BR) Technology Bershidsky: Facebook Plans to Rewire Your Life. Be Afraid. (B) Industrial Revolution Comparisons Aren’t Comforting (B) Offbeat Financials: Fund’s $600 Million Lost Week Captivates Traders (W) Dog Walkers to Be More in Demand Than Teachers in Next Decade (B)

February 17  (Friday) Markets Investors Look Past Headlines as Bull Market Roars Ahead (N) Stocks pause for breath as reflation trade falters (FT) BlackRock Backs Gold to Hedge Market Risk (B) French bond trading soars on fear of populist wave (FT) Central banks Markets brace for a shakeup at the top of the Fed — Deutsche Bank economists (BI) Scoring the Fed’s Decision: Will It Be Wise to Tighten in March? (B) BOJ’s Kuroda warns low rates may sow the seeds of a new financial crisis (BI) US While We’re Distracted by the Drama, the Economy Seems to Be Taking Off (N) Philly Fed index rockets to 33-year high in another postelection blast (MW) Short-Run Effects of Lower Productivity Growth: A Twist on the Secular Stagnation Hypothesis The US economy may be catching up to America’s Trump-inspired enthusiasm (BI) U.S. Housing Starts Slide in January (W) U.S. Household Debts Climbed in 2016 by Most in a Decade (W) Europe Eurozone set to miss deadline for Greek deal (FT) Don’t Expect a Fake News Epidemic in Europe (B) China China Moves to Keep Its Deadly Opioids Out of U.S. (W) US politics Rahm Emanuel: The tax code will be easier for Trump to reform than Obamacare (C) Administration Plans New Immigration Order Next Week (W) Alexander Acosta Nominated for Labor Secretary (W) Trump, in unprecedented fashion, airs grievances in an epic 77-minute press conference (BI) Trump says ‘press is out of control’ in news conference (R) Trump Defends Himself, Denies Links to Russia (W) Trump Rejects Portrait of Chaotic White House in Attack on Media (B) Trump says Flynn did nothing wrong in Russia calls (FT) Geopolitics Zuckerberg: Building Global Community Trump, Meeting With Netanyahu, Backs Away From Palestinian State (N) U.S. ambassador at U.N. says Trump supports two-state solution Industries & companies Financials: Goldman Sachs climbs to a record high (BI) Tech: Google boasts of a big sudden improvement in its plan to connect the world with internet-beaming balloons (C) Offbeat Tillerson Forced to Stay at Sanitarium in German Village for G-20 (B) Here’s a giant image of Putin caressing a pregnant Trump projected on a New York Apple store (BI)

February 16  (Thursday) Markets Stocks post best winning streak in 25 years (NN) U.S. Stocks Again Close at New Highs (W) Political fears hit Europe’s corporate bond market (FT) Central banks Markets Learn to Live With a More Hawkish Yellen (B) Yellen Defends Fed’s Large Balance Sheet During House Questioning (W) FED’S ROSENGREN: I think we could hike rates at least 3 times in 2017 (BI) | Speech US No More Waiting: Inflation May Have Already Hit Fed’s Target (B) Consumer Prices Up 0.6% in January (W) U.S. Retail Sales Rose More Than Expected (W) U.S. Industrial Output Slipped in January (W) U.S. Home Builder Confidence Slips in February (W) Europe French Election Puts Possibility of ‘Frexit’ on the Agenda (W) EU Approves Long-Awaited Trade Deal With Canada (W) Stop Dithering Over Greece (B) Rise of refugee ‘fake news’ rattles German politics (FT) People are ignoring the biggest threat to the eurozone — and it isn’t the French or Dutch elections (BI) Japan Lost Sleep Is Costing Japan’s Economy Billions (B) China Goldman Warns of China Economy Risks During Year of the Rooster (B) From ‘Made in China’ to ‘Made by China for China’ (B) US politics Trump blasts ‘criminal’ leaks by intelligence agencies, calls Flynn ‘wonderful’ (R) Spy Agencies, FBI Probe Trump Team’s Russia Calls (B) The Political Assassination of Michael Flynn (B) Congress struggles to deal with White House chaos (FT) Puzder Withdraws as Trump’s Nominee for Labor Secretary (W) Three Charts That Show Markets Aren’t Betting on GOP Border Tax (B) The Trump administration just proposed big changes to Obamacare (BI) Geopolitics The Kremlin Is Starting to Worry About Trump (Foreign Policy) Trump Drops Two-State Solution as Cornerstone of Mideast Peace (B) Trump directly tells Israeli Prime Minister Benjamin Netanyahu to ‘hold off on settlements for a bit’ in Israel (BI) U.S. Defense Secretary Warns NATO Allies on Military Spending (W) Industries & companies Financials: Trump Administration Aims to Calm Insurers During Health-Law Limbo (W) Financials: Bank of America Misses a Big Options Payday, Goldman Cashes In (W) Retail: Trump Tells Retail Executives Tax Overhaul Plan Coming Soon (B) Media: Verizon, Yahoo Near Revised Deal That Cuts Price (W) Media: Fox probed on sexual-harassment deal disclosures (FT) Telecom: Amazon, Google Consider Turning Smart Speakers Into Home Phones (W) Technology For the Blind, an Actual-Reality Headset (W) Offbeat Trump is reportedly ‘especially upset’ by portrayal of Steve Bannon as the Grim Reaper on ‘SNL’ (BI) What Impeachment Meant to the Founders (B) Americans Just Broke the Psychologists’ Stress Record (B)

February 15  (Wednesday) Markets U.S. Stocks Again Close at New Highs (W) Warren Buffett’s Berkshire takes huge bite of Apple shares, ups stakes in airlines (C) Don’t write off investment research (FT) Central banks Yellen Says Fed Will Consider Raising Rates at Coming Meetings (W) | Testimony US Small-business sentiment keeps up post-election groove, NFIB says (MW) PPI shows biggest gain in wholesale inflation since 2012 (MW) When It Comes to Moving, Millennials Are Stuck in the Mud (B) No tax reform without border adjustment tax, Rep. Nunes says (C) Europe Eurozone Economy Weaker Than Previously Reported (W) Greece Wants Concessions on Creditor Demands (W) Italy considers €5bn bailout of regional banks (FT) China Inflation in China is heating up fast (BI) US politics Trump Knew Weeks Ago of Misleading Statements by Flynn (W) After Flynn Tumult, Trump White House Is at a Crossroads (W) Pressure builds for probe into Trump-Russia ties (FT) Omarosa Manigault reportedly said the Trump administration is compiling ‘dossiers’ on journalists (BI) Geopolitics & trade A quick guide to the ‘border adjustments’ tax (Brookings) U.S. business in China warms to possible Trump trade policy shake-up (R) Russia has secretly deployed a cruise missile that US says violates an arms treaty, report says (C) Industries & companies Autos: Ditching Opel Is Next Step in GM CEO’s Profit Drive (W) Financials: Cigna Faces Off With Anthem, Escalating Fight by Scrapping Deal (B) Financials: AIG Posts $3.04 Billion Loss, Adding to CEO Hancock’s Woes (B) Financials: Credit Suisse just made a $2.3 billion loss (BI) Financials: Goldman Stock Hits Record on Bets Trump Will Unleash Wall Street (B) Financials: Yellen Rejects Trump Attacks on Dodd-Frank, Says Banks Now Safer (B) Financials: The Dodd-Frank Rule Banks Want to Keep (W) Financials: How Fintech can take off without getting hampered by regulations (Brookings) Health Care: Humana says it plans to pull out of Obamacare exchanges in 2018 (C) Offbeat North Korean Leader Kim Jong Un’s Brother Killed in Malaysia (W)

February 14  (Tuesday) Markets America’s Biggest Creditors Dump Treasuries in Warning to Trump (B) Bond Buying Surges, Tightening Corporate Spreads (W) Oil Oil Prices Slip Despite OPEC Cuts (W) Oil and gas discoveries hit 60-year low (FT) Central banks It’s Way Too Early for the Fed to Consider a March Rate Increase (B) Yellen Unlikely to Rule Out March Hike in Capitol Hill Testimony (B) No Laughing Matter for Kuroda With BOJ Near 40% of Bond Market (B) US The head of the IMF says Trump is good for the US economy for now (BI) The Status Quo Would Be Better Than Trump for Growth: Goldman (B) Did Dodd-Frank really hurt the US economy? (FT) Europe Greece Doing Better Than IMF Concedes, Top EU Official Says (W) France warned on austerity to meet EU budget rules (FT) China China mulls radical output cuts, port coal ban in war on smog (R) Steel Rebound Seen Cooling as China’s Property Market Slows (B) Japan Japan GDP missed (BI) US politics Ex-Banker Gary Cohn Emerges as Economic-Policy Powerhouse in Trump Administration (W) Speed Limits on Trump’s Infrastructure Drive: Federal Laws, Rare Species and Nimbys (W) Steven Mnuchin Is Confirmed as Treasury Secretary (W) Trump on Immigration: ‘Doing What We Said We Would Do’ (W) Trump’s national security adviser Flynn trying to survive crisis (R) Turmoil at the National Security Council, From the Top Down (N) Geopolitics & trade Trump Hands Xi a Diplomatic Victory (B) U.S. Eyes New Tactic to Press China (W) Few good options in Trump arsenal to counter defiant North Korea (R) Trump Plans Only ‘Tweaking’ of Canada Trade Pact (W) Marchers across Mexico vent anger over Trump, and their own president (R) Netanyahu opposes Palestinian state, Israeli minister says ahead of U.S. visit (R) EU gears up for WTO challenge to US border tax (FT) Why Europe Is Warning of Pax Americana’s End (B) Industries & companies Autos: Ford CEO reveals a major fear about self-driving cars (BI) Pharma: Allergan to buy fat-freezing company for $2.47bn (FT) Tech: Apple Shares Hit New Closing High on iPhone Optimism (W)

February 13  (Monday) Markets Like The Dow, The Boom-Bust Barometer Is Making New All-Time Highs (ETF) The Aging Market’s Meltup Continues (BR) Energy Shares: Last Year’s Winners, This Year’s Laggards (W) Border Tax Could Upend Global Markets, but Investors Shy Away From Any Bets (W) Oil OPEC’s Amazing and Shortlived Compliance (B) Central banks ‘Significant uncertainty’ about fiscal policy under Trump: Fed’s Fischer (R) Investors don’t trust the Fed anymore (BI) China’s Monetary Policy Is Looking Like Alphabet Soup (B) US U.S. Consumer Sentiment Steps Back From Last Month’s High (W) U.S. Homeownership Rate Hits a 35-Year Low (BR) The Jobs Surplus Is Real—Even in Manufacturing (BR) The New Face of American Unemployment (B) The Obamacare repeal ‘could be a disaster’ for states fighting the opioid epidemic (BI) Europe Germany Picks Anti-Trump President (B) Even a Le Pen Win Won’t Be Enough to Break Up Euro, Banks Say (B) Market questions: what next for French bonds? (FT) Tsipras warns IMF and Germany over bailout talks (FT) Swiss voters reject corporate tax reforms (FT) Asia Why Chinese Real Estate Stocks Are Rallying (BR) A Quarter of the World’s GDP Is Undergoing Big Experiments (B) US politics Ex-Goldman Executive Takes Lead Role on Economic Policy (W) Trump Team Leery of Too Many ‘Goldman Guys’ in Top Posts (B) Something missing from Trump’s Cabinet: Economists (C) Immigrant communities fearful after hundreds arrested in what feds call routine ‘surge’ (C) Rowdy Anti-Trump Crowds Target GOP Town Halls (W) Geopolitics & trade Donald Trump’s Diplomatic Moderation (C) While Trump and Abe Bond, Their Deputies Talk Trade (B) Japan’s Abe Calls North Korea Missile Launch ‘Intolerable’ (W) U.S. to weigh options on North Korea missile test (R) Russia Considers Returning Snowden to U.S. to ‘Curry Favor’ With Trump: Official (C) Industries & companies Media: Walt Disney Increases Theme Park Ticket Prices (B) Offbeat Germans outraged as U.S. plays wrong version of their anthem (R) Americans Renouncing Citizenship at Record High (B) Yale Renames Calhoun College Over Slavery Ties (W)

February 11  (Saturday) Markets Wall Street at record levels as risk appetite improves (FT) Blankfein is so bullish on Wall Street, existing words don’t describe it (MW) Fitch warns Trump poses risk to global economy (FT) Bulls Are Back for European Stocks as Earnings Stagnation Ends (W) Vanguard Reaches $4 Trillion in Assets for First Time (W) Oil Oil up on widespread OPEC deal compliance, U.S. rig count rises (R) Central banks Resignation at Fed Will Help Trump Reshape Bank Rules (W) US U.S. Consumer Sentiment Steps Back From Last Month’s High (W) Housing Shortage Fuels Price Gains (W) US politics White House Says Cohn-Led Tax Plan Is Real and It’s Phenomenal (B) US senators ask Blankfein to disclose Cohn links (FT) Top Democrats to Trump: Fire Flynn (BI) Geopolitics & trade Trump changes tack, backs ‘one China’ policy in call with Xi (R) U.S., China military planes come inadvertently close over South China Sea (R) Trump embraces Abe after move to heal Beijing rift (FT) Trump says U.S. committed to Japan security, in change from campaign rhetoric (R) Shootouts in Mexico show Trump’s drug cartel fight will be tough (R) Trump says Israel should be ‘reasonable’ in peace process (R) Trump May Turn to Arab Allies for Help With Israeli-Palestinian Relations (N) Industries & companies Autos: Ford Invests $1 Billion in Startup Founded by Two Autonomous Car Pioneers (B) Autos: Trump Wants More American Cars in Japan. Japan’s Drivers Don’t. (N) Financials: Financial Stocks Spike on Fed Regulatory Chief’s Plan to Resign (B) Retail: Amazon Takes Aim at Victoria’s Secret (W) Retail: Sears shares surge on Lampert’s restructuring plan (FT) Technology Apple CEO Tim Cook believes augmented reality is ‘a big idea, like the smartphone’ (BI) Dodge to use its parking tech to protect police from ambush attacks (C) Offbeat Abby Joseph Cohen, Famous for Bullish Calls, Plans to Retire (B) What it’s like to stay at Mar-a-Lago, Trump’s ‘winter White House’ (BI)