Dr. Ed's Blog

June 05 (Tuesday)

Markets
Nasdaq Composite Climbs to Record (W)
Goldman Sachs Doesn’t Think There’s a Bubble in Tech Stocks (B)
A Decade Later, Stocks Behave Like Lehman Never Happened (W)
Value Investors Face Existential Crisis After Long Market Rally (W)
Italian companies insulated from market turbulence (FT)
Investor Confidence in Euro Economy Knocked by Italy Turmoil (B)

Central banks
ECB bond buying under scrutiny from Rome (FT)

Europe
Italy’s Populist Government Prepares to Face Parliament Vote (B)
Italy’s Sovereign Debt Holdings Still Manageable, Data Show (B)
Pro-Europe Spain looks to keep its distance from Italy (FT)

US politics
President Trump Asserts ‘Absolute Right’ to Pardon Himself (W)
Bernie Sanders—So 2016? His Support Does Little for Candidates in 2018 (W)

Trade
Global Trade Tensions Intensify (W)
How China Skirts America’s Antidumping Tariffs on Steel (W)
Canada Growth at Risk Due to Heightened Trade Anxiety: IMF (W)
Trump thinks he’s saving trade. The rest of the world thinks he’s blowing it up. (WP)

Geopolitics
Trump and Kim to Meet at 9 A.M. Singapore Time on June 12, White House Says (B)
As Trump Plans North Korea Summit, Defectors Tell Harrowing Stories (W)
South Korea Tamps Down Hopes for Peace Declaration With North (W)

Industries & companies
FANGs: Apple Unveils Ways to Help Limit iPhone Usage (W)
FANGs: Apple Upgrades Augmented-Reality Features With Multi-Player Mode (B)
FANGs: Facebook’s Latest Data Lapse Draws Critique From Lawmakers (B)
Restaurants: Starbucks Says Howard Schultz Is Stepping Down as Executive Chairman (B)
Retail: Walmart Sheds Majority Stake in Brazil Operation (W)
Tech: Microsoft’s GitHub Deal Is a Clean Break From Its Past (W)

Offbeat
Book Retailing Woes Undercut Excitement Over Clinton, Obama Titles (W)

June 04 (Monday)

YRI
Veteran strategist Ed Yardeni on what’s keeping him so bullish (C)
Consumer Staples ETFs Could Find Some Relief (ETF Trends)
Daily Markets Overview
Markets
Dow Shows Nerves of Steel Amid Trade Tensions (BR)
Global Growth Story Fades, Dimming Market Optimism (W)
Where to Find Safe 5% Yields (BR)
Emerging markets face a dollar double whammy (FT)
Dollar’s Strength Adds Stress to Emerging Market Currencies (W)

Europe
Merkel sets out views on eurozone reform (FT)
Lack of reform, not Italy, will break the eurozone (FT)
Italy’s Crisis Is Also Europe’s Opportunity (BR)
Tragedy or farce? Italy’s political crisis (E)
Italy needs to be handled with care (E)
How Do You Solve a Problem Like Italy? (BR)

Europe II
Why Italy Is Flirting with Euro Exit and Spain Isn’t (W)
Italy Likely to Keep Euro, Even Under Populists (BR)
Italy’s eclectic new cabinet raises eyebrows (FT)
Matteo Salvini’s quest for power (E)
UniCredit pushes for merger with SocGen (FT)

US politics
Trump probably has power to pardon himself, says lawyer (FT)
In Race to Succeed Paul Ryan, More Names Pop Up (W)

Trade
U.S., China End Latest Trade Talks Without Settlement (W)
Kudlow Says Don’t Blame Trump as China Warns of Trade Pullback (B)
Trump’s ‘America First’ Disrupts Yet Another European Project (B)
U.S. Allies Issue Rare Rebuke of American Trade Actions (W)
Steel Tariffs Are Taxing Some American Companies (W)
Tariffs Won’t Dent Steelmakers (BR)

Geopolitics
Potential Summit Between Trump and Putin Is Being Discussed (W)
US pledges total N Korean de-nuclearisation (FT)

Industries & companies
Autos: GM’s Rebuilt Finance Arm: Profits Minus the Mortgage Mess (W)
FANGs: Facebook to Drop Trending-Topics Feature (W)
Health Care: In Health Care, Fidelity Targets Secular Growth (BR)
Media: ‘Solo’ Plummets in Second Weekend Despite Little New Competition (B)
Pharma: Merck cements its dominance of immunotherapy (FT)
Tech: American tech giants are making life tough for startups (E)

Technology
Does China’s digital police state have echoes in the West? (E)
Google to disclose ethical framework on use of AI (FT)
Blockchain start-up raises more than $4bn (FT)

Offbeat
Doctors Suggest Less Chemo, Surgery for Some Cancer Treatments (W)

June 02 (Saturday)

Markets
Markets rally as US jobs growth calms volatility (FT)
It Didn’t Feel Like It, But May Was a Win for U.S. Equity Bulls (B)
Risks of more drama in repricing of Fed rate policy (FT)
Italian bonds’ volatility exposes liquidity strains (FT)
It’s 2007 Again for Commercial Mortgage Bonds, Moody’s Says (B)
The Trump Trade Slump May Yet Happen: DealBook Briefing (N)

US I
Brisk Hiring Pushes Unemployment Rate Down to 3.8% as Wages Rise (W)
Breakneck Pace of U.S. Job Gains Will Get Tougher to Sustain (B)
The Jobs Recovery: A Longer View (N)
Less-Educated Workers See Sharpest Drop in Unemployment (W)
Retail Workers’ Gains Drive Long-Awaited Pickup in U.S. Wages (B)

US II
U.S. Factory-Sector Activity Accelerated in May (W)
Mighty May Auto Sales Show U.S. Economy Cruising in Sweet Spot (B)
Rising Wages, Trade Tensions Are Nasty Brew for Business (W)

Europe
Italy Hands Antiestablishment Parties New Task: Governing (W)
Italy’s new government puts Europe on edge (FT)
The Italian Saga Is Far From Over (W)
Why Italy’s Political Struggles Stoke Euro Worries (B)
Spanish Prime Minister Rajoy Ousted by Lawmakers (W)
Sánchez grasps his moment to seize power in Spain (FT)

Emerging
Modi Lays Out Strategy to Bolster India’s Regional Role (W)

US politics
Energy Department Eyes New Plan for Nuclear, Coal-Fired Power Plants (W)
Trump’s Coal, Nuke Push Pegged to Security Threats to Gas Pipes (B)
Trump Breaks Protocol With Jobs Report Tweet Before Data Is Released (N)

Trade I
Europe Launches WTO Challenge to U.S. Tariffs (W)
White House to Impose Metal Tariffs on E.U., Canada and Mexico (N)
Within Hours, Trump Tariffs Force Firms to Confront New Threats (B)
Trump’s Trade Policies Threaten Millions of Jobs, U.S. Chamber of Commerce Says (W)
The Economy Can Handle Steel and Aluminum Tariffs. The Real Risk Is Erratic Policy. (N)

Trade II
Trump Raises Prospect of Separate Trade Deals With Canada, Mexico (W)
Trump and Trudeau Spar as U.S.- Canada Ties Sour Over Tariffs (W)
How Trudeau’s Push for a ‘Skinny Nafta’ Deal Hit a Trump Wall (B)
Nafta Haggling Could Slide Into 2019 After Metals Tariffs (B)

Trade III
China Cuts Tariffs Ahead of U.S. Commerce Secretary’s Visit to Beijing (N)
U.S., China Haggle Over Purchases of American Goods (W)

Geopolitics
Trump Says North Korea Summit Back On for June 12 in Singapore (B)
Feldman: With Talks Back On, Kim Bets Trump Will Accept Half a Deal (B)
Kim Jong Un’s Quest to Make North Korea Normal Again (B)

Industries & companies
FANGs: Tech’s Titans Tiptoe Toward Monopoly (W)
FANGs: Apple Looks to Expand Advertising Business With New Network for Apps (W)
FANGs: ‘You’re Stupid if You Don’t Get Scared’: When Amazon Goes From Partner to Rival (W)
FANGs: AggregateIQ had data of thousands of Facebook users (FT)
Financials: Deutsche Bank Is Sick but Not at Death’s Door (W)
Tech: Samsung Plans Camera Revamp for Aug. 9 Note Unveiling (B)

Technology & cybersecurity
Fiat Chrysler Unveils Plan to Invest in Electric, Self-Driving Vehicles (W)
Visa payment systems in Europe suffer major outage (FT)
IRS to Spend Nearly $300 Million on IT in Tax Overhaul (W)

Offbeat
Should You Pay Off Your Mortgage? (W)
A Vote to Upend Banking as We Know It (in Switzerland) (W)
Second Act for Corporate Titans: Startup Whisperers (W)
How Companies Use the Latest Profits Fad to Fool You (W)

June 01 (Friday)

Big Story
A little-known part of Italy’s constitution makes it almost impossible for the country to leave the euro (BI)

Markets
Global stocks drop as trade war worries resurface (FT)
Why Italian Markets Were Primed for a Blowup (W)
Italy turmoil accelerates outflows from Europe (FT)
Chinese shares to transform emerging market investing (FT)
A Calm Chinese Stock Market? It’s Engineered by the State (W)
Brent-WTI oil spread above $11 a barrel (FT)

Central banks
Brainard: Sustaining Full Employment and Inflation around Target (FRB)
Bond Traders’ Fed Wagers Now Hinge on Jobs With Italy Angst Fading (B)
Guts of Inflation Data Show Why Fed Hesitant to Declare Victory (B)

US
U.S. Consumer Spending Strengthened Further in April (W)

Europe
Italian Populists Strike New Deal on Coalition Government (W)
Italy’s president approves populist Rome government (FT)
Spain’s Rajoy Poised to Fall From Power (W)

Japan
Japan’s Fiscal Discipline Wavers as Aging Pressure Mounts (B)

Emerging
India’s Economic Expansion Outpaces Rival China (W)

Geopolitics & trade
U.S. Tariffs Raise Fear of Trade War (W)
Trump’s Tariff Assault Risks Sideswiping His Strongest Allies (B)
US fires first shot in trade war with allies (FT)
Canada Adds Inflatable Boats and Nail Polish to U.S. Trade Spat (B)
Trump Awaits Top North Korean Official Carrying Letter From Kim (B)

Industries & companies
Autos: GM Surges as Softbank Fund Invests in Its Driverless-Car Unit (W)
Autos: Alphabet’s Waymo Unit to Buy Up to 62,000 Chrysler Minivans (W)
FANGs: Google Proves Early Winner From New Data Privacy Law (W)
FANGs: Zuckerberg Faces Shareholders at Contentious Facebook Meeting (B)
Financials: Deutsche Bank’s U.S. Operations Deemed Troubled by Federal Reserve (W)
Retail: Sears Closing More Stores as Sales Continue Shrinking (W)
Tech: Now Fighting for Tech Talent: Makers of Turbines, Tools and Toyotas (W)

Offbeat
People are so obsessed with trading cryptocurrencies that a hospital just launched a program to treat addictive behavior (BI)
Driving-Fatality Tests Find Opioid, Pot Use Rising (W)

May 31 (Thursday)

Markets
Italian assets rally as political concerns recede (FT)
Italy’s a Blip in Global Equity Markets When Put in Perspective (B)
Italy’s Astonishing Bond Reaction Tests Global Markets (W)
Stronger dollar poses challenge for US blue-chips (FT)

Central banks
Federal Reserve Seeks to Loosen Volcker Rule for Banks (W)
Fed’s Beige Book Finds Manufacturing Shifting Into Higher Gear (W)

US
Corporate Profits Boosted in Early 2018 by Tax Cuts (W)

Europe
Most Vulnerable to Italy’s Troubles? Europe’s Banks (W)
Italy’s President Searches for Solution to Political Impasse (W)
Italy populists rekindle talks to form government (FT)

Japan
Japan’s Industrial Production Rises Less Than Expected in April (B)

China
China’s Role as Creditor to the World is Fading (B)

US politics
GOP Lawmaker Disputes Trump Claim of Campaign ‘Spies’ (W)

Geopolitics & trade
U.S. Is Planning to Hit EU With Steel, Aluminum Tariffs (W)
Wilbur Ross rebuffs EU demands for tariff exemptions (FT)
U.S. Tariff Threat Could Scuttle Trade Talks With China (W)
U.S. Toughens Visa Process for Chinese Nationals (W)

Technology
Consumer Reports Thought a Tesla Took Too Long to Stop. The Company Fixed It Via a Software Update. (W)

Offbeat
‘I’m Sorry’ Gets More Expensive for Wells, Uber and Facebook (W)

May 30 (Wednesday)

Markets
U.S. Stocks Tumble as Italian Woes Jolt World-Wide Markets (W)
Global financial shares hit by Bank of Italy warning (FT)
Defaults of Crises Past Haunt China’s Markets (W)

Credit & currencies
Italian Political Impasse Envelops Country’s Corporate Bonds (B)
Good luck making sense of the two-year Italian bond explosion (FT)
Bond Traders’ Confidence in Fed Rate Path Crumbles (B)
The Silver Lining to Italy’s Political Storm: A Tumbling Euro (B)

Central banks
Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy (Dallas Fed)

US
Home Prices Continued to Rise in March (W)
Americans Buoyed by Job Conditions, But Wage Outlook Is Cooling (B)

Europe
Political Drama in Italy Revives Fears of Eurozone Crisis (W)
Mattarella gambles on facing down Italy’s populists (FT)
Driving Italy out of the euro makes no sense (FT)
Europe’s banking problems are a major concern (FT)
EU leaders spar as Italy crisis deepens (FT)

Emerging
‘Gradualism Is Dead’: Argentina Faces Pressure to Hasten Economic Overhaul (W)

Geopolitics & trade
Pompeo to Meet With High-Ranking North Korean Ahead of Summit (W)
U.S. Catches China Off Guard With Plan to Move Ahead on Trade Curbs (W)
White House tariffs move reboots China trade war (FT)
Europe Must Brace for U.S. Curbs on EU Metals, Malmstrom Says (B)

Industries & companies
Consumer: Food Companies Churn Through CEOs, Desperate for Fresh Ideas (W)
FANGs: The iPhone may not be what pushes Apple over $1tn (FT)
Financials: Citi Flirts With Reviving Debit-Card Rewards at New Online Bank (B)
Pharma: Allergan Recalls Taytulla Birth-Control Packs After Pills Placed Out of Order (W)
Restaurants: Pret A Manger Overshadowed by Starbucks But It Sees Growth Ahead (B)

Corporate finance
DOJ Approves Bayer-Monsanto Deal but Requires Asset Sales
Deal-hungry JAB to buy Pret A Manger for £1.5bn

Cybersecurity
Are Huawei and ZTE a Real Cybersecurity Threat?

Technology
The Operating Room of the Future
Brain Surgeons Get a Better View From Augmented Reality

May 29 (Tuesday)

YRI
Why the FANG Stocks’ Dominance May Not Be So Bad for the Market (The Street)
Daily Markets Overview

Markets
The Real Danger for Stocks (BR)
China’s Equity Market Is About to Score a Rare and Timely Win (B)
China’s Hottest Stocks Are Drugmakers as Other Industries Falter (B)
Italian Banks Lead Stock Declines After Government Plan Unravels (B)
Emerging markets turmoil can be navigated profitably (FT)
Playing the Oil Rally Ahead of a Key OPEC Meeting (BR)

US
As Global Growth Loses Steam, U.S. Investors Find There’s No Place Like Home (W)

Europe
The growing strains between Angela Merkel and Emmanuel Macron (E)
Italy’s Populists Mobilize in Protest for Early Elections (B)
Fresh Elections in Sight for Italy After Political Crisis (W)
Spain’s Rajoy to face no confidence vote on Friday (FT)

China
When the Chips are Down, China’s Tech Giants Will Step Up (W)
Chinese Smartphone Maker Xiaomi Stakes Its Future on Europe (W)
Volkswagen Opening Three New Factories in China to Handle SUV, Electric Boom (B)
China’s $10 Trillion Shadow Bank Crackdown Has a Long Way to Go (B)

Emerging
Argentina and Turkey: A Tale of 2 Crises (BR)

Geopolitics
New U.S. Sanctions On Hold as North Korea Talks Progress (W)
For Trump, the Challenges From China Multiply (W)
China Set to Approve Qualcomm-NXP Deal, a Sign of Easing Trade Tensions (W)

Industries & companies
Health Care: J&J Gets Different Outcomes in Baby-Powder Trials (W)
Retail: India’s Biggest Competitors to Walmart and Amazon? Mom and Pop (W)

Technology
AI Technology Revolution Is Just Getting Started (BR)

Offbeat
EU plans to ban plastic straws, cutlery and plates (FT)

May 26 (Saturday)

YRI
Book Review: Predicting The Markets Is Tough But Worthy Task (Forbes)
Daily Markets Overview

Markets
Stocks Sit Still While Investors Cheer Up (B)
Instability in Italy and Spain jolt European markets (FT)
U.S. Government Bonds Surge After Weak Data, Shifting Sentiment (W)

Oil
Under Pressure From Trump, Saudis Put Brakes on Oil’s Rally (B)
Putin Says Oil at $60 Suits Russia With OPEC Weighing More Supply (B)

Central banks
Fed’s Powell Says Central Banks Can’t Take Independence for Granted (W)
Lack of ‘Powell put’ tightens financial conditions (FT)
Central Bankers Give Their Crisis Policies an Incomplete Grade (B)
ECB Officials Aren’t Ruling Out June Meeting to Tweak QE (B)

US
Business Investment Rebounds in April (W)
Americans’ Confidence in the Economy Stalls (W)

Europe
Italy May Be Cut by Moody’s on Concerns Over New Government (B)
Spanish opposition calls for Rajoy confidence vote (FT)
U.S. Websites Go Dark in Europe as Data Rules Kick In (W)

US politics
The Tax Law Slashed This Break. Here’s How Companies Are Trying to Keep It. (W)
Trump Signs Orders Cracking Down on Federal Workers’ Unions (B)

Geopolitics
Trump Says N.Korea Summit May Go Ahead After `Productive Talks’ (B)
Trump Says China’s ZTE to Pay $1.3 Billion Fine to Re-Open (B)
Trump Team Seeks Truce With Congress Over ZTE (W)

Industries & companies
Autos: Cruise-Control Software Glitch Prompts Fiat Chrysler Recall (W)
FANGs: Netflix Is Now as Big as Disney (W)

Offbeat
Security troops on US nuclear missile base took LSD (AP)
The Data You Agree to Surrender to Big Tech (W)

May 25 (Friday)

YRI
Ed Yardeni Discusses Global Investment Strategy with Barry Ritholtz (B)
Daily Markets Overview

Markets
Opinion: Stock market bulls have to admit that the bears might be right (MW)
Yields at 3% Fail to Entice Some of the Biggest Treasuries Fans (B)
Should bond-market investors sell in April and go away? (MW)
3 Misconceptions About Interest Rates
Emerging Markets Are Worrying Investors, Again (N)

Central banks
Europe’s Economy Throws a Wrench in the ECB’s Plans (W)

US
U.S. Existing Home Sales Fell in April (W)
U.S. Home Values Are Rising at Their Fastest Pace in 12 Years (B)
Rising U.S. Bond Yields Are Being Felt Across the Economy (W)
U.S. Pump Prices Highest Since 2014 for Memorial Day (B)
Record $319 Billion Stashed in U.S. College 529 Savings Plans (B)

Europe
Macron to Silicon Valley: Embrace Europe’s Regulations (W)

Japan
In Booming Japan, the Phillips Curve Is Dead (W)

US politics
1,000 Cuts to Dodd-Frank: Tracking Trump’s Wave of Deregulation (B)
New Jersey Warns IRS Against Banning Property Taxes as Charitable Gift (B)
Trump’s GOP Allies Worry Over Possible New U.S. Auto Tariffs (W)

Geopolitics
Trump Calls Off Summit With Kim, Cites ‘Hostility’ (W)
Trump Declares Military ‘Ready’ After Kim Summit Collapses (B)
Trump’s Threat of Auto Tariffs Complicates Nafta Talks (B)

Industries & companies
Pharma: Pfizer under pressure to resolve EpiPen shortage (FT)
Retail: Best Buy Shares Fall After Company Signals Slowing Growth (W)

Technology
Self-Driving Uber That Hit Pedestrian Wasn’t Set to Stop in an Emergency (W)
Amazon’s Alexa Eavesdropped and Shared the Conversation (B)

Offbeat
Bond Trader Reaps 2,000% Profit by Just Trusting the Fed (B)

May 24 (Thursday)

Markets
Emerging Market Malaise Makes American Stocks Look Good to Citi (B)
Selling Euro Against Havens May Be the Way to Play Europe Slump (B)

Central banks
Fed Minutes Signal June Rate Increase (W) | Minutes
Fed says trade tensions may dampen business (FT)
How the BOJ Crushed Trading in Japan’s $10 Trillion Bond Market (B)

US
New Home Sales Post Weak Spring Start (W)

Europe
Eurozone Business Activity Continues to Slow for Fourth Straight Month (W)
U.S. Profit Boom Leaves Europe’s Firms Trailing (W)

US politics
Trump lawyer ‘paid by Ukraine’ to arrange White House talks (BBC)

Trade
Trump’s Shifts on China Underscore Fragile State of Trade Talks (B)
US to consider security probe into car imports (FT)
Trump Weighs Tariffs On Auto Imports (W)
Trump’s ‘Big News’ for U.S. Auto Workers: China’s Cut in Tariffs (B)
Nafta Talks Stalled on U.S. Auto Demands (W)
Merkel Visits China With a Host of German Business Concerns (W)

Geopolitics
U.S. Retracts Invitation to China to Participate in Military Exercise (W)
Pompeo: Denuclearization of North Korea Is Top Security Priority (W)
Iran’s Supreme Leader Fires Back at U.S. Demands (W)

Industries & companies
Industrials: GE Chief Gives Cautious Outlook for Power Business (W)
Energy: Trump’s steel tariffs could hit the epicenter of the US oil industry (BI)
Energy: Exxon Pledges to Cut Methane Emissions 15% by 2020 (W)
Financials: Wall Street dominance over Europe’s struggling banks hits record (R)
Financials: Deutsche Bank Considers Plans for 10,000 Job Cuts (W)
Media: Netflix Is Now Worth More Than Comcast (B)
Retail: Ackman Builds $1 Billion Stake in Retailer Lowe’s (B)

Corporate finance
Comcast Goes Public on Plan for Fox Bid to Challenge Disney (W)
Uber’s First-Quarter Sales Rise 70% as It Preps for IPO (W)
Why Does Uber Need an IPO? (B)
Kroger Buys Home Chef in Latest Online Acquisition (W)
US has more than 5,600 banks. Consolidation is coming (FT)

Technology
Uber Shuts Down Arizona Self-Driving Vehicle Operations (W)
Hundreds of Thousands of Routers Are Being Primed for a Cyberattack (W)

Offbeat
New York City’s Subway, Bus Overhaul Will Take 15 Years, Cost $43 Billion (W)
Musk’s New Proposal: Website to Rate Media Credibility (W)
Musk Filed for Pravda Business Months Before Scorning the Media (B)