What I Am Reading

January 6 (Friday) Markets Markets Dangerously Price in Trump-Era Perfection (W) BARCLAYS: These 13 ‘black swans’ could cause market chaos in 2017 (BI) The glass is half full for Wall Street earnings expectations (FT) Why an Infrastructure ETF May Be a Bad Way to Play an Infrastructure Boom (B) Central banks Fed’s Williams Sees Three-Hike 2017 Outlook as ‘Very Reasonable’ (B) Fed officials think Trump tax cuts could lead to higher rates (FT) The Fed’s Point Man on Productivity (W) US U.S. Consumer Comfort Gauge in 2016 Was Strongest in Nine Years (B) How Low Can the Unemployment Rate Go? (W) China China’s choices narrowing as it burns through FX reserves to support yuan (R) Wave of spending tightens China’s grip on renewable energy (FT) US politics I Ghosn asks Trump to clarify rules of the road for carmakers (FT) Ford’s Bow to Trump Benefits Robots, Not Workers (B) Toyota Will Take Trump’s Decisions Into Account on Mexico Plant (B) Trump Battle Puts GM in Tough Spot (W) Top US oil industry group lobbies Trump for lighter regulation (FT) Trump Tells Confidant He Remains Opposed to AT&T Deal (B) US politics II TRUMP: ‘Obamacare was a lie from the beginning’ (BI) Trump Picks Dan Coats as Nominee for Intelligence Chief (W) Trump Plans Spy Agency Revamp (W) Trump’s Debts Are Widely Held on Wall Street (W) Geopolitics & terrorism Chinese Media Say ‘Big Sticks’ Await Trump If He Seeks Trade War (B) China turns screw on corporate South Korea over US missile shield (FT) Trump Needs a Win-Win Deal. Putin Is a Win-Lose Guy (B) In Turkey, U.S. Hand Is Seen in Nearly Every Crisis (N) German Officials Met Seven Times to Discuss Berlin Attacker Before Assault (W) Report Shows How Badly Belgium Mishandled Hunt for ISIS Operatives (W) Cybersecurity Intelligence Chief Confident Russia Behind Hacks (W) Report on Hacking by Russia Will Be Released Next Week (W) Trump and Julian Assange, an Unlikely Pair, Unite to Sow Hacking Doubts (N) Assange tells Hannity that Podesta’s password was, um, ‘password’ (MW) Industries & companies Defense: Defense Firms Cash In Amid Soaring Demand for Munitions (W) Retail: Macy’s, Kohl’s slash 2016 profit forecasts citing weak holiday sales (R) Retail: Macy’s warns jobs losses could top 10,000 (FT) Retail: Amazon’s rumored bid for American Apparel could solve its Trump problem (BI) Tech: Apple’s App Store Sales Top $28 Billion (W) Technology Auto Makers Showcase Cars Equipped With Virtual Assistants (W) Ford enlists Amazon’s Alexa as driver assistant (FT) AI is everywhere at CES (FT) Offbeat Guy Standing, advocate of Universal Basic Income: How UBI can battle against neofascism and populism (BI) YouTube (2013): Obama To GOP: ‘Go Out There And Win An Election’ If You Want To Stop Health Care Law

January 5 (Thursday) Markets America’s Roster of Public Companies Is Shrinking Before Our Eyes (W) Consumer Stocks Push Dow Higher (W) UBS: Trump rally has risks, but now is not the time to be a contrarian (BI) How Trumponomics will set the pace for market uncertainty in 2017 (FT) The 10 biggest risks the world faces in 2017 (BI) Harvard Academic Sees Debt Rout Worse Than 1994 ‘Bond Massacre’ (B) Central banks Fed officials think Trump tax cuts could lead to higher rates (FT) | Minutes Fed policymakers agree Trump fiscal boost poses inflation risk (R) Fed Minutes Cite ‘Uncertainty’ About Trump’s Impact on Economy (W) US December US auto sales come in at pace of 18.4 million, vs. 17.7 million estimate (C) Europe Eurozone inflation soars to highest level since 2013 (FT) British consumers borrow at fastest rate in 11 years as inflation threat rises (R) China Yuan Surges as China Seeks New Tools to Block Outflows (B) China Goes on $26 Trillion Commodity Binge as Shortages Seen (B) US politics I With Choice of Trade Negotiator, Trump Prepares to Confront Mexico and China (N) Trump Tariff on GM Would Violate NAFTA. That May Not Stop Him (B) Why Trump Tariffs on Mexican Cars Probably Won’t Stop Job Flight (B) Chided by Trump, Ford scraps Mexico factory, adds Michigan jobs (R) Repealing Obamacare Could be Trump’s First Lesson in the Glacial Pace of Congress (B) Obama Tries to Save Parts of Health Law Amid GOP Attack (W) Rand Paul Endangers Health Law Repeal (W) Trump to Nominate Wall Street Lawyer Clayton as SEC Chair (W) US politics II Rough start for U.S. Republicans on first day of Trump-era Congress (R) Republicans Retreat From Ethics Change Following Backlash (W) California Democrats hire Eric Holder to fight Trump (BI) Trump’s desire for longer maturity debt will be a hard sell (FT) Schumer Says a Trump ‘Twitter Presidency’ Won’t Work (W) Kissinger’s Washington Is Coming Back Around (B) Geopolitics & cyber-security Trump’s Four Options for Stopping North Korean Missiles (B) Trump’s North Korea red line could haunt him (R) Trump Attacks of U.S. Intelligence on Russia Unnerve Lawmakers (W) Trump mocks US intelligence officials over Russian cyberattacks (BI) Industries & companies Autos: Auto Makers on Track to Set Annual Record (W) Financials: Big banks are gearing up to fight the Volcker rule (BI) Financials: We now know how Wall Street banks stack up in dealmaking, and it isn’t even close (BI) Tech: New Qualcomm Chip Will Mean Thinner Phones, Better Battery Life, Company Says (B) Tech: Apple Confirms $1 Billion Investment in SoftBank Fund (W) Technology Mark Zuckerberg to study impact of globalisation with US tour (FT) Start-ups take aim at errant drones (R) Offbeat Manhattan Home Prices Are Tumbling Down (B) Megyn Kelly to Leave Fox News to Join NBC (W)

January 4 (Wednesday) Markets Earnings Recovery Set to Propel Stocks Higher in 2017 (W) Why chart master Louise Yamada is bullish on 2017 (C) Summers and Eurasia Start the New Year With Dire Global Warnings (B) US ISM: U.S. Factory Activity Accelerated in December (W) That Bubbling Sound Coming From U.S. Factories May Be Inflation (B) Europe German Inflation Jumps to Fastest Since 2013 on Oil Prices (B) Paris Wants to Lure 20,000 Bankers From London (B) China China Caixin manufacturing PMI climbs to 51.9 in December, fastest improvement since January 2013 (C) China tightens control of personal forex purchases (FT) China’s Debt Boom Looks Eerily Familiar (W) China’s Credit Engine Is Running Out of Gas (B) China needs to let companies go bust to support the system (E) China to London Freight Train Kicked Off as Xi Boosts Trade (B) China Suffers From Glut of Shopping Malls (W) Emerging Mexican Economy Faces Tough 2017 With or Without Trump’s Wall (B) Singapore’s Economy Expands More Than Economists Estimated (B) Indonesia Cuts Ties With J.P. Morgan Over Downgrade (W) US politics I Trump Targets GM on Mexican Imports; Ford Drops Factory Plan (W) Ford Decision Cements Mexico as ‘Front Line’ for Trump’s Policy Agenda (B) Trump blasts General Motors: Make Chevy Cruze model in US or ‘pay big border tax’ (C) Trade Representative Nominee Signals Focus on Curbing Imports (W) Treasury Pick Mnuchin Declines Senator’s Policy Questions (B) US politics II GOP Congress Faces Sobering Moment as Trump Takes Power (B) Battles Await Ambitious GOP Agenda, Including Repeal of ACA (W) After Obama, Some Health Reforms May Prove Lasting (N) Trump era needs more productivity: Strategist (C) US politics III Paul Ryan Re-Elected House Speaker (W) President Obama to Give Farewell Address Jan. 10 (W) Obama’s hesitant approach to foreign policy resulted in the biggest stain on his legacy (BI) Inside Trump Defense Secretary Pick’s Efforts to Halt Torture (N) Geopolitics & terrorism 2017 Will Be the Riskiest Year for Geopolitics Since WWII, Eurasia Group Says (B) Trump, Putin, Xi and the rise of nostalgic nationalism (FT) Trump aware of ‘urgency’ of North Korea nuclear threat: South Korea (R) Trump Picks China Critic for U.S. Trade Representative: Source (B) Trump Chides North Korea, China on Twitter (W) China Shrugs Off Trump Twitter Jab on North Korea (W) U.S. Gears Up to Restrict Chinese Investment in Chip Industry (W) Tension in GOP Rises Over Russia (W) Turkey Seeks to Extend State of Emergency (W) Industries & companies Energy: Oil business seen in strong position as Trump tackles tax reform (R) Energy: Solar Could Beat Coal to Become the Cheapest Power on Earth (B) Financials: Basel postpones bank reform vote amid policy differences (FT) Offbeat France’s 6pm e-mail ban: Not what it seemed (E) Finland just launched an experiment giving 2,000 people free money until 2019 (BI)

January 3 (Tuesday) Markets Beware the Foreign Exodus From Treasuries (B) Oil prices should be a lot lower than where they are now (BI) The Champions of the 401(k) Lament the Revolution They Started (W) Corporate finance M&A in the Trump Era: Huge? (B) They’re Not Jamie Dimon: Few CEOs Bought Their Own Stock in ’16 (B) The World’s Best-Value CEOs (B) Europe European Stocks Power Into New Year on Strength of Manufacturers (B) Europe’s Fate: Caught Between Low Rates and Populist Politics (W) Emerging China Tripled Pace of Investment in U.S. in 2016, but Hurdles Loom (W) The boss of one of the largest accounting firms in the world says we should stop freaking out about China (BI) The Most Popular Investor Picks for Emerging Markets in 2017 (B) US politics GOP Agenda Is Ambitious but Faces Complicated Path (W) Trump to Continue Making News, Policy via Unconventional Twitter (B) The Method in Trump’s Messaging Habits (W) Trump Ally Poised to Bring Populist Note to New York Mayoral Race (W) New Congress Reflects Diversity of America (W) With New Congress Poised to Convene, Obama’s Policies Are in Peril (N) Obama looks back on 8 years of ‘remarkable progress’ in New Year’s Day tweetstorm (BI) Geopolitics & terrorism Islamic State Claims New Year’s Massacre at Istanbul Nightclub (B) Israeli police to question Netanyahu over alleged gifts: media (R) Industries & companies Financials: Bitcoin jumps above $1,000 for first time in three years (R) Media: ‘Rogue One’ Takes in $64.3 Million for Disney Over Holiday Weekend (B) Tech: Chipmaker Nvidia tops S&P 500 as best performer of the year (FT) Offbeat ‘Hollyweed’: Prankster alters LA’s landmark sign (R) The Smart Way to Trade In Old Gadgets for Cash (W) Second Avenue Subway Finally Ready to Roll (B)

January 2 (Monday) Markets Active Management is Back (BR) Europe: A Downbeat Year for Many Indexes, but Not All Sectors (BR) More Pain Than Gain for Asian Markets in 2016 (BR) Emerging Markets Scored Solid Gains in 2016 (BR) Will 2017 Be the Year of the Trump-Rooster? (BR) Re-Energized Dollar Looms Over the Rest of the World (W) Get Set for 2017: Your Guide to Navigating the Year Ahead (B) China China Manufacturing Stabilizes Near a Post-2012 High (B) Growth in China’s factories, services slows in December: official PMI (R) China Tripled Pace of Investment in U.S. in 2016, but Hurdles Loom (W) China Tries to Recalibrate Credit (W) Emerging Putin: 2016 Wasn’t Easy (W) US politics White House Transition Turns Tense (W) Teams of Rivals Prepare to Govern (BR) Republicans Take Control Facing Internal Tensions (W) GOP’s Freedom Caucus Shows Readiness to Work With Ryan (W) Obama, Democrats to Huddle Over Defense of Health Law (W) Trump Considering Aide Conway’s Husband for Top Legal Job (B) Geopolitics & cyber-security Report on Russian Hacking (N) Rolling Stone: Something About This Russia Story Stinks Trump to Press Intelligence Agencies on Russia Hack Claim (W) Industries & companies Autos: Low Fuel Prices Spur Shift in U.S. Auto Market (W) Autos: The Chevy Bolt Is the Ugly Car of the (Very Near) Future (B) Consumer: Nestlé Turns to New CEO to Boost Health Push (W) Defense: Defense Stocks: Raytheon, General Dynamics (BR) Financials: PNC Financial: A Win-Win for Investors (BR) Pharma: Drug Pricing Report Shows Limits of Transparency Push (W) Tech: Google Makes So Much Money, It Never Had to Worry About Financial Discipline—Until Now (B) Offbeat Think Like a Futurist to Be Prepared for the Unexpected