Dr. Ed's Blog

June 28 (Thursday)

Markets
Tech Stocks Slide With Trade Angst Growing (B)
This Inverted Market Curve Is Already Causing Investors Pain (B)

US
For Young Adults, Economic Security Matters for Marriage (Census)
The Economic Effects of the Opioid Crisis (FRB-RIC)
The GDPNow estimate for real GDP growth (saar) in Q2 is 4.5% on 6/27, down from 4.7% on 6/19 (FRB-ATL)

US politics
A huge Democratic upset, and Trump’s choices prevail: Here are Tuesday’s notable primary results (C)
Trump says search to replace Supreme Court Justice Anthony Kennedy ‘will begin immediately’ (C)
Ex-Fox News Executive to Be Offered White House Communications Post (W)
Lawsuit Challenges Trump’s Authority to Impose Tariffs (W)

Geopolitics & trade
Trump Decides Against Harshest Measures on China Investments (B)
Trump hits Harley Davidson again: ‘I’ve done so much for you, and then this.’ (C)
North Korea Upgrading Nuclear Site Despite Promises (W)

Industries & companies
Autos: Automakers to Trump: Tariffs will drive up auto prices and cost thousands of jobs (C)
Autos: Musk Says ‘Rude Awakening’ Awaits Bearish Goldman Sachs Analyst (B)
FANGs: This Amazon job post may reveal the e-commerce giant’s next move in China (C)
FANGs: Google just rebranded its $100 billion advertising business because the desktop is dying (C)
FANGs: Facebook’s Latest Problem: Tracking Where the Data Went (W)
Retail: Amazon Prime deals roll out to Whole Foods stores this week — here’s what you can expect (C)

Corporate finance
U.S. Gives Approval for Disney’s $71 Billion Deal for Fox Assets (W)
A Frozen Foods Deal to Melt the Competition (W)
Lyft is now worth $15.1 billion (C)

Technology
We Have Reached Peak Screen. Now Revolution Is in the Air. (N)
AI Is About to Make Video Ads a Lot Less Annoying (FN)
Fancy a Margherita? Robot serves up pizzas in France (R)
I answered the restaurant phone when Google’s human-sounding AI called — this is what it’s like (C)

June 27 (Wednesday)

Markets
‘Godfather’ of chart analysis says stock market now dealing with ‘uglier action’ (MW)
Dollar inches up; China’s yuan remains a focus as trade uncertainty weighs (MW)
The Scariest Place for Investors in a Trade War (W)

US
CBO: Rising Interest Rates Would Increasingly Pressure U.S. Finances (W)
U.S. Consumer Confidence Drops in June (W)

US politics
Companies’ New Tax Goal: Beat the BEAT (W)
Senate Considers Ways to Limit Trump’s Authority on Tariffs (B)
Kudlow moves to restock White House economic team (C)
Gallup poll: Nancy Pelosi’s favorability rating falls to 9-year low among Democrats (C)

Trade
Trump Eases Demand for Tools to Limit Chinese Investment (W)
China should take ‘self defense measures’ in trade war: Global Times (R)
Automakers to warn Trump of $45 billion higher vehicle costs if tariff imposed (R)
Trump threatens Harley-Davidson: If it moves operations overseas, ‘they will be taxed like never before!’ (C)
Harley-Davidson may be out of options other than moving some production overseas: Analyst (C)
What people are really buying when they buy a Harley-Davidson (C)

Industries & companies
FANGs: Apple never meant for you to spend so much time on your phone, Tim Cook says (MW)
Financials: Banks Failing Stress Tests? Not for Much Longer (W)

Corporate finance
Confusion: Sky is trying to figure out why Fox/Disney hasn’t upped its bid (C)

Technology
Boeing unveils rendering of hypersonic jet that would fly from US to Japan in 3 hours (C)
‘It’s real, it’s coming, it’s a matter of time:’ Missile Defense Agency director on hypersonic weapons (C)

June 26 (Tuesday)

Markets
U.S. Stocks Fall as Trade-War Fears Rattle Markets (W)
Highflying tech stocks hammered by China fears (MW)
Hulbert: This hit to the Dow could be triggering a buy signal (MW)
Junk Debt Is Outdoing Its Peers (W)
China’s sudden currency slide sparks rumors of an anti-Trump policy move (C)

Central banks
ECB Official Signals No Debate on Rate Rises Before October 2019 (W)
The Fed’s effort to control the rise of its key interest rate is running into some problems (C)

US
Rebound in South powers U.S. new home sales, dampens prices (R)

Trade I
Trade advisor Navarro says no plans for investment restrictions on China, other countries (C)
U.S. Investment Restrictions Won’t Name China, Mnuchin Says (W)
Trump Plans to Curb Chinese Investments in U.S. Tech Firms (W)
Xi Tells CEOs China Will Strike Back at U.S. Trade Penalties (W)
China Begins to Question Whether It’s Ready for a Trade War (B)

Trade II
Europe to retaliate if U.S. imposes auto tariffs: France (R)
Harley-Davidson to Shift Production Overseas to Offset European Tariffs (W)
Trump’s tariffs on auto imports will hurt entire industry — including General Motors, Ford: Moody’s (C)
China to pursue more trade with France, EU raises ‘difficult issues’ (R)
We Fight About Trade Because Politics Fails (W)

Industries & companies
Consumer: Packaged food category not likely to grow: Analyst (C)
FANGs: Instagram Is Estimated to Be Worth More than $100 Billion (B)
Industrials: GE Agrees to Sell Industrial-Engines Unit (W)
Pharma: First Marijuana-Based Medicine Is Approved for Sale in U.S. (B)
Media: AT&T Plots Marketplace for TV, Digital Video Ads (W)

Corporate finance
Gray TV to Buy Raycom in $3.65 Billion Deal (W)

Offbeat
Supreme Court decision on cell phone data sets stage for other privacy cases (C)
Elon Musk is reportedly running an exclusive private school out of SpaceX’s headquarters (C)

June 25 (Monday)

Markets
Dow Drops 2%, but U.S. Is Winning the Trade War (BR)
Trade Is an Afterthought in a Stock Market Still Glued to Earnings (B)
Are highflying tech shares too close to the sun? (FT)

Central banks
China to Unleash $108 Billion in Reserve Cut for Some Banks (B)
China Eases Credit Policy Amid Tariffs (W)
Fed Rate Cuts and QE Will Resume Soon (BR)

US
Trump’s Trade War Sets Bigger Booby Trap for Strong U.S. Economy (B)

Europe
France and Germany finally have a common position on euro-zone reform (E)

China
China is trying to turn itself into a country of 19 super-regions (E)
China steelmakers shift focus to south-east Asia (FT)

Trade
China considers its response to Donald Trump’s proposed tariffs (E)
A full-blown trade war between America and China looks likely (E)
Tariffs Are the Wrong Response to China (BR)
Tariffs’ Toll on Trade (BR)
As Tariffs Take Hold, It’s Corporate Crunch Time (BR)

Industries & companies
Financials: These Bank Customers Are Making a Bundle on Their Deposits (W)
Retail: Online Shopping Is About to Get More Expensive (W)
Tech: Intel’s Chip Stumble Is Letting Rivals Pull Ahead (W)

Corporate finance
Big Banks Poised to Supersize the Buyback Boom (BR)
U.S. IPOs Set for Busiest Week in Three Years (B)
SEC Probes Whether Firms Rounded Up Earnings Results (W)

Cybersecurity
Ransom Demands, Frozen Computers: Hackers Hit Towns Across the U.S. (W)

Offbeat
BlackRock’s Larry Fink: The New Conscience of Wall Street? (BR)
Does Sustainable Investing Lead to Lower Returns? (BR)

June 23 (Saturday)

Markets
Trump’s Tariff Tweet Sends Daimler, BMW Shares Careening (B)
Global equity funds suffer record outflows (FT)

Credit & commodities
Corporate Bond Spreads Jump to 16-Month High (B)
OPEC Agrees to Raise Crude Output (W)
Big Oil eyes U.S. minority groups to build offshore drilling support (R)
Why Gold’s Tumble Signals Confidence in U.S. Economy (W)

US
A Generation of Americans Is Entering Old Age the Least Prepared in Decades (W)

Europe
Salvini Tells Germany the Next Year Will Determine Future of EU (B)
Franco-German eurozone reform plan faces growing opposition (FT)
Eurozone Gives Greece Debt Relief as Bailout Nears End (W)

China
China’s Belt And Road: Bigger Than The Marshall Plan (Seeking Alpha)

US politics
Trump urges Republican lawmakers to drop immigration bill effort (R)
Pentagon Had Spurned U.S. Space Force, Prompting Trump’s Decree (W)

Geopolitics & trade
Trump Threatens 20% Tariff on European Cars (W)
Europe Retaliates Against Trump Tariffs (N)
EU Warns of ‘Severe Disruption’ as Trump Threatens Car Tariffs (B)
Putin and Moon pledge economic links with N Korea (FT)

Industries & companies
Retail: State Sales-Tax Officials Rev Their Engines (W)
Retail: Retailers’ Careful Strategy to Overturn Sales-Tax Precedent (W)
Retail: Why the Supreme Court Sales Tax Ruling May Benefit Amazon (Wired)
Tech: Intel CEO Challenge: Pick From a Thin Bench or Look Outside (W)

Corporate finance
Rocky Relations Divide Comcast and Fox (W)

Technology & data privacy
The Unavoidable Folly of Making Humans Train Self Driving Cars (Wired)
Bill Could Give Californians Unprecedented Control Over Data (Wired)

Offbeat
Trump’s Fix for Postal Service: Privatize It (W)

June 22 (Friday)

Markets
U.S. Stocks Retreat as Trade Tensions Linger (W)
Small-Cap Stocks: Where Investors Hide in a Trade War (W)
Markets appear calm, but are behaving abnormally (FT)
Trade Concerns Hammer Global Auto Stocks (W)
Italian debt and equities hit by another sell-off (FT)

Commodities & currencies
Iran Threatens to Upend Possible OPEC Deal (W)
Japan’s Yen: A Currency for All Seasons? (W)

Central banks
Central Banks Go Their Separate Ways (W)

Europe
Italy blocks Merkel bid to outwit immigration rebels (FT)

US politics
The rise of a new generation of anti-Americans (FT)

Geopolitics & trade
U.S. Weighs Resuming China Talks with Split on Trump’s Trade Team (B)
India joins fightback against US steel tariffs (FT)
Eh Tu? Canada’s Tariff Response Targets U.S. Hankies, Boats, Jam (W)
Daimler warning over tariffs hits European carmakers (FT)
US business fears choppy waters due to trade tariffs (FT)
U.S. Military Aircraft Targeted By Lasers in Pacific Ocean, Officials Say (W)

Industries & companies
Financials: Wall Street Clears First Stress Test Hurdle With Ample Capital (B)
Financials: Fannie-Freddie Rise After White House Proposes Privatization (B)
Financials: Deutsche Bank Breaks Up Its Global Corporate-Strategy Group (W)
Media: A Spotify for Videogames? Companies Look Up to Cloud for Game Services (W)
Retail: High Court Rules States Can Require Online Retailers to Collect Sales Tax (W)
Retail: Kroger’s New Approach to Stocking Shelves Is Boosting Earnings (W)
Tech: Intel CEO Resigns Over Relationship With Employee (W)

Corporate finance
Media titans duel for perfect ending in Fox bid battle (FT)

Technology & cryptocurrency
Fast Food: The Restaurant Where a Robot Makes Your Burger (W)
Amazon’s Face-Scanning Surveillance Software Contrasts With Its Privacy Stance (W)
Trend Analysis Suggests Bitcoin’s Bad Year Is About to Get Worse (B)

Offbeat
Dying at your desk is not a retirement plan (WP)

June 21 (Thursday)

Markets
Investors Agree With Trump: The U.S. Will ‘Win’ Any Trade War (B)
These Stocks Have Left Amazon Behind This Year (W)
Flat yield curve sends a grim message (FT)
Limitations Facing Other Oil Producers Enhance OPEC’s Power (W)
SoftBank: inside the $100bn fund shaking the tech world (FT)

Central banks
Monetary Policy at a Time of Uncertainty and Tight Labor Markets (Powell Speech, FRB)
Powell Says Solid Economy Supports More Fed Rate Rises (W)
Fed’s Powell says US can add more jobs without triggering 70s-style inflation (FT)
U.S. Trade Brawls Get Top Central Bankers Worried for Growth (B)
Central bankers play inflation waiting game (FT)

US
Disability Applications Plunge as the Economy Strengthens (N)

Emerging
Economic scramble for North Korea picks up pace (FT)

US politics
Trump Signs Order to End Separation of Immigrant Families Amid Firestorm (W)
American Airlines Asks Government Not to Use Its Flights to Carry Immigrant Children (N)
Michael Bloomberg: Why I’m Supporting Democrats in 2018 (B)

Trade I
Germany’s Largest Auto Makers Back Scrapping EU-U.S. Car Import Tariffs (W)
White House Sees Edge in Trade Dispute With China (W)
Wilbur Ross Announces First Results From 20,000 Tariff-Exclusion Requests (W)
Opinion: Trump is right to confront China’s high-tech theft (MW)
Why the U.S. Should Drop All Tariffs (N)

Trade II
Ross blames speculators for driving up steel price (FT)
There Are Signs China Soy Buyers Are Already Reacting to Tariffs (B)
US consumers poised for impact of China tariffs (FT)

Industries & companies
Autos: As Auto Industry Transforms, Ford and Volkswagen Consider an Alliance (N)
FANGs: How Amazon Became One of Washington’s Most Powerful Players (W)
FANGs: Facebook Surges Past $200 as Privacy Woes Fade, Instagram Grows (B)
Health Care: Berkshire, Amazon, JPMorgan Pick Surgeon to Lead Health-Care Venture (W)
Retail: Walgreens Is What You Get When You Can’t Put Amazon in the Dow (B)
Retail: Starbucks Shares Slide as Company Plans More Store Closures (W)
Tech: Oracle’s Cloud Thickens (W)

Corporate finance
Disney Sweetens Deal for Fox Assets, Topping Comcast Bid (W)
Disney Is Near U.S. Antitrust Approval on Fox in a Blow to Comcast (B)

Offbeat
Immigration Myths and Global Realities (N)
How Tech Companies Conquered America’s Cities (N)

June 20 (Wednesday)

Markets
Trade War Starts to Ripple Through Global Markets (W)
U.S. Stock Bulls Refuse to Listen to the Warnings to Bail (B)

Credit & commodities
Bond Traders Get Ready for Yield-Curve Inversion as Soon as Next Week (B)
The Other Yield Curve Investors Should Watch as Trouble Mounts (W)
Italian bond yields find a floor after crisis (FT)
Commodities Slide as U.S.-China Spat Hits Soy to Steelmakers (B)
Oil Industry Tries to Take the Fracking Boom Global (W)

Central banks
Draghi Says ECB Could Restart Bond Buying-Program If Required (W)
Don’t Fight the Fed’s Balance Sheet Taper (W)
Countries Face the Tricky Task of Undoing Negative Interest Rates (W)

US
U.S. Housing Starts Rebound in May (W)

Europe
Merkel, Macron Unite on Europe’s Future (W)

US politics
Cuomo Threatens to Sue Trump Administration Over Family Separations (B)
US withdraws from UN Human Rights Council (FT)

Geopolitics & trade I
Trump Threatens New Tariffs on $200 Billion in China Imports (W)
China readies non-tariff weapons in US trade spat (FT)
Trump has a point about China’s technology abuses (FT)
Trade Fight With U.S. Complicates China’s Campaign to Contain Debt (W)

Geopolitics & trade II
Tariffs Start to Ripple Their Way Through U.S. Economy (W)
Caterpillar Becomes Trade-War Casualty Even With Record Profit (B)
Administration Working on Measures to Protect Farmers in Trade Fight (W)
Kim Jong Un Is Heading to China After His Summit With Trump (W)

Industries & companies
Autos: Ford and Volkswagen Discuss Developing Vehicles Together (W)
Industrials: GE Kicked Out of Dow, the Last 19th Century Member Removed (B)
Restaurants: Starbucks Pumps the Brakes in Its Home Market (B)

Corporate finance
KKR Explores Sale of $3.5 Billion European Telecom Operator (W)

Technology, cybersecurity, & data-privacy
Verizon, AT&T, Sprint to Cut Off Access to Data Providers (W)
The Future of Digital Marketing in a Data-Privacy World (W)
Should the U.S. Follow Europe in Imposing Stricter Data-Privacy Regulations? (W)
Online Ads That Follow You Around the Web Get New Scrutiny (W)
Advertisers Look to Voice Assistants as the Next Marketing Platform (W)

Offbeat
Florida Officials Approve Plan to Build Largest U.S. Mall (W)

June 19 (Tuesday)

YRI
Video: I’ve never recalled a president this bullish or bearish at the same time (C)
Daily Markets Overview
Markets
U.S.-China Trade Standoff Weighs on Stocks (W)
An Investor’s Guide to Managing Escalating Global Trade Tensions (B)
OPEC Discusses Output Hike of Up to 600,000 Barrels a Day (B)
Distressed debt funds tap into credit cycle fears (FT)
Rush Into Hot CLO Market Leaves Latecomers Fighting for Scraps (B)

Central banks
No Need for a Tantrum Yet; The Fed Is Just Treading Water (W)

US
Economic Confidence Rises Among Lower-Income Americans (W)
Are the Tax Cuts Working? What to Watch in 12 Charts (W)

Europe
Merkel wins breathing space on German political crisis (FT)
Germany’s troubled relations with the Visegrad states show the limits to its power (E)

US politics
Trump Falsely Blames Democrats While DHS Chief Defends Family Separation (B)
New U.S. ‘Space Force’ Would Add to Already Stretched Defense Budget (B)

Geopolitics & trade
Trump is right: Canada’s protectionist food policies rip the world off (BI)
Pompeo Calls China’s Appeals for More Trade Openness a ‘Joke’ (B)
Japan Views China as Ally in Trump Trade Fight (W)
North Korea reportedly offered to abandon a key weapon — and it has nothing to do with nukes (BI)

Industries & companies
Autos: Audi CEO Arrested in Emissions-Cheating Probe (W)
Financials: Big Banks Could Use More Excitement (W)
Financials: JPMorgan Is Fined $65 Million for Trying to Rig Benchmark Rate (B)
Media: Disney Tests Pricing Power at Theme Parks (W)
Real Estate: As Interest Rates Rise, Real-Estate Stocks Lose Luster (W)

Corporate finance
Disney plans to add cash to Fox bid (FT)
Mergers Would Make AT&T, Comcast World’s Most Indebted Companies (W)
AT&T and Time Warner’s merger could be good news for a series of healthcare mega-mergers (BI)
$2 billion SurveyMonkey just confidentially filed to go public (BI)
GameStop Surges on Report About Potential Private Equity Deal (B)
Fujifilm Sues Xerox for More Than $1 Billion After Canceled Merger (W)

Cryptocurrencies
Regulated Crypto Custody Is (Almost) Here. It’s a Game Changer (B)

June 18 (Monday)

Markets
Tariffs, Nukes, Rates: More Sound Than Fury (BR)
Market Worry Shifts to Nafta’s Fate (W)
How Investors Can Protect Themselves in a Trade War (BR)
The Bull Market’s Next Test: Slower Earnings Growth (W)
Crunch time nears for highly leveraged US companies (FT)
Stock Dividends That Still Beat Out Bonds (BR)

Central banks
Long-Term Rate Outlook Is Surprisingly Tame (BR)

Europe
The Force Behind Europe’s Populist Tide: Frustrated Youth (W)

China
Global pharma bleeds talent to China start-ups (FT)

Trade
Xi to Counter Trump Blow for Blow in Unwanted Trade War (B)

Industries & companies
Autos: Sizing Up Tesla’s $10 Billion Debt Stack (W)
Autos: U.S. Auto Makers Put Smaller Engines in Big Trucks So They Guzzle Less Gas (W)
Financials: US banks poised for $170bn in shareholder payouts (BR)
Financials: Beyond Warren Buffett: What Berkshire Should Do (BR)
Tech: Microsoft Is Fixing Office, But Not Fast Enough (W)

Corporate finance
Reeling From Netflix, Media Turns to Mergers (BR)
Why Media Deal Making Could Free CBS From Viacom (W)

Technology
Bitcoin Could Break the Internet, Central Bank Overseer Says (B)