Dr. Ed's Blog

Jan 12 (Friday)

Markets
Shares Are Overpriced, but Bonds May Be Worse (W)
Are You Missing Out on the Great Market Melt-Up? (W)

Central banks
Fed’s Dudley says tax cuts lift prospect of rate rise (FT)
ECB Minutes Signal Pivot on Stimulus, Sending Euro Higher (W)

Emerging
Blow for Temer as S&P cuts Brazil credit rating (FT)
Jawboning the Won: Decoding Comments by Korean Policy Makers (B)
Taiwan Stocks’ Bull Run Seen Coming to a Halt as Rates Rise (B)

US
Take-Home Pay Is Set to Increase (W)
Business-Level Inflation Falls Unexpectedly (W)

US politics
White House Rejects Senate Immigration Proposal, Seeks Changes (B)

US tax reform
Wal-Mart Raises Its Minimum Wage, Plans Bonuses After Tax Overhaul (W)
Fiat Chrysler to Invest $1 Billion, Pay Bonuses on U.S. Tax Cut (B)
Delta confirms $800m boost from US tax reforms (FT)
Corporations may dodge billions in U.S. taxes through new loophole: experts (BI)

Geopolitics
Trump Signals Openness to North Korea Diplomacy (W)

Industries & companies
Autos: Fiat Chrysler to Move Some Truck Production to Michigan (W)
FAANGs: Inside Amazon’s Quest for Global Domination (W)
FAANGs: Apple’s mountain of cash is about to get even bigger — here’s how it could use it (BI)
FAANGs: Facebook Considers Prioritizing Trustworthy News Sources in Feed (W)
Media: U.S. Case Against AT&T Sets Up Court Fight Over Future of TV (W)
Retail: Walmart’s closure of 63 Sam’s Club stores shows what the company is willing to do to take on Amazon (BI)
Tech: Intel Fumbles Its Patch for Chip Flaw (W)

Corporate finance
Nomura Sees Strong Year in M&A, Fueled by Equity Finance (B)
Qualcomm Set to Win European Approval for $39 Billion NXP Buy (W)
Dropbox Files for IPO Three Years After $10 Billion Private Valuation (W)

Technology
Your Robot Pal Is On Its Way (W)

Cryptocurrencies
Bitcoin Mining Fees Surge After Chinese Officials Clamp Down (B)
Bitcoin Plunges as South Korea Crafts Crypto Crackdown (W)
Surging China Stocks Downplay Blockchain Links Amid Crackdown (B)
How Blockchain is transforming the energy industry

Offbeat
Here’s another bullish indicator on the state of the global economy (BI)
An Alleged Theft of a Billion-Dollar Fund Grips ETF World (W)

Jan 11 (Thursday)

Markets
One of Peter Lynch’s top metrics shows stocks getting cheaper (B)
US government bond sell-off triggers warnings (FT)
Bond Traders Question the Bear Market (B)

Central banks
For New Fed Chief, Stock Boom May Bring Bubble Déjà Vu (W)
Fed’s Evans Wants to Hold Off on Rate Rises Until Midyear (W)

Global
World Bank Raises Outlook as Growth Hits Fastest Pace Since 2011 (B)

US
It’s Getting Harder to Find Good Help in the U.S. (B)
Bigger Companies Once Meant Bigger Pay. Not Anymore. (W)
Cheap Drugs, Not Economic Woes, Drive Opioid Overdose Deaths, Paper Argues (W)
Michael R. Bloomberg: A Seven-Step Plan for Ending the Opioid Crisis (B)

Europe
Brussels eyes new taxes to cover post-Brexit shortfall (FT)
Berlusconi lures Italian voters with flat tax plan (FT)

Japan
Japan is ill prepared for coming labour shock (FT)

China
China’s U.S. Debt Holdings May Be an Ace Card in Trade Dispute (B)
Real News on Fake Data in China (W)

Emerging
India Welcomes More Foreign Investment in Retail and Airlines (W)
Dear Mexican Companies: Your Time to Tap Markets Is Running Out (B)

US politics
Republicans Want Bigger Increase for Military Spending in Budget Talks (W)
IRS Needs Funding for GOP Tax Overhaul, Report Says (W)
Trump Calls Courts ‘Broken’ After Ruling on DACA Program (W)
Trump to Crash Davos Party of Global Elites (B)

Geopolitics
Canadian Officials See Increasing Likelihood of Trump Leaving Nafta (B)
With U.S. Aid to Pakistan Cut, China Seeks to Fill the Void (W)

Industries & companies
FANGs: U.S., French Officials Question Apple Over Battery Slowdowns (W)
Financials: What the Tax Law Will Do to Bank Earnings (W)
Financials: Discount Brokers Win Bonuses to Push Costlier Products (W)
Financials: Buffett Promotes Two, Setting Up Succession Contest (W)
Retail: A Bright Christmas Reignites Nordstrom Buyout Hopes (W)
Telecoms: Telecoms companies bet on content but at a cost (FT)

Corporate finance
Qualcomm set to win EU approval for $47bn NXP deal (FT)
Ferrero nears $2.8bn deal for Nestlé’s US chocolate business (FT)
Sears Obtains New Financing Amid Lower Sales (W)

Cryptocurrency
It Is Silly Season in the Land of Cryptocurrency (Atlantic)
China Quietly Orders Closing of Bitcoin Mining Operations (W)
Bitcoin Could End Up Using More Power Than Electric Cars (B)
No, JPMorgan Chase CEO Jamie Dimon Has Not Changed His Stance on Bitcoin (FN)

Offbeat
Yellow Cabs Losing Turf at NYC Airports to Ride-Hailing Services (W)

Jan 10 (Wednesday)

Markets
S&P 500 Ends Again at New High, Best Start Since 1964 (W)
Optimistic Investors Send 10-Year Treasury Yield Above 2.5% (W)
Euro’s Surge Against Dollar Defies Market’s Gravitational Pull (W)

Global
The Global Economy’s Output Gap Has Closed (W)
Global economic growth has peaked, says World Bank (FT)

Central banks
Fed Officials Encourage Reassessment of Inflation Target (W)
Swiss Central Bank Made More Than Apple Last Year (W)

US
A Tight Labor Market Should Prompt Job-Hopping. It’s Not (W)

Europe
Blow to Mifid II as regulator halts trading shake-up (FT)
EU Could Deploy Spending Threats in Fight With Poland (W)

Emerging
China’s Strategy to Psych Out the West Is Paying Off (W)
Macron targets deals during China state visit (FT)
Mexican Inflation Ended 2017 at Highest Level in 17 Years (W)

Industries & companies
Autos: New rechargeable batteries that use iron instead of cobalt could be a game changer for electric cars (BI)
Shipping: Air-Cargo Space Is Tight as Even Dog Food Is in an ASAP Rush (W)
Tech: AMD Hits a Snag Over Patch for Chip Flaw (W)
Tech: Chip Stocks Set to Break Their 2018 Winning Streak (B)
Tech: Akamai Is Working With Morgan Stanley on Strategic Review (B)

Corporate finance
Penguin Random House Acquires Rodale Books (W)

Cryptocurrency
Kodak Surges After Announcing Plans to Launch Cryptocurrency Called (B)
Jamie Dimon: I ‘Regret’ Calling Bitcoin a Fraud (W)
A factor driving bitcoin’s rally could be that people think owning it gives them social status (BI)

Jan 09 (Tuesday)

Markets
Dow off to best start since 2003 (NN)
How to Survive a Stock Market Bubble (W)
As Stocks Reach New Highs, Investors Abandon Hedges (W)
Quant hedge funds set to pass $1tn management mark (FT)
Retail Investors Are on Their Longest Buying Spree of the Bull Market (B)
A $6 Billion Manager Says India Equities Rally has Room to Run (B)

Credit & commodities
The Treasury Market Has a Demand Problem (W)
Copper set to keep its shine on industrial demand (FT)

Central banks
Trump Is Close to Picking Fed Vice Chair (B)

US
Conference Board’s Employment Trends Index Rose in December (W)

China
Jack Ma’s Debt Giant Grinds to Halt as China Curbs Micro-Loans (B)
China’s Internet Giants Face Users’ Anxiety Over Privacy (W)

US politics
Regulators Rule Against Trump Administration on Power Plants (W)
Book Publisher: White House Demand Unconstitutional (W)

US tax reform
High-Tax States Get Fleeting Financial Boost From New Law (B)
Cuomo’s New York Tax Plan Could Face Hurdles (W)
Trump Touts Tax Cuts to Farmers (B)
Berkshire may get $37 billion book value boost from U.S. tax cuts: Barclays (R)

Geopolitics
North and South Korea Prepare for Face-to-Face Talks (W)

Industries & companies
Tech: Samsung Electronics profit guidance misses expectations as won weighs (R)
Tech: GoPro to Cut 20% of Workforce, Exit Drone Market (W)

Corporate finance
Intel CEO’s Stock Sale ‘Unusual,’ Private Securities Experts Say (W)

Cryptocurrency
Fund managers say bitcoin ETF proposals withdrawn due to SEC concern (R)
In North Korea, Hackers Mine Cryptocurrency Abroad (W)

Offbeat
Oprah Speech Inspires Visions of a 2020 Presidential Run (W)

Jan 08 (Monday)

Markets
Are we seeing a peak in bullish equity sentiment? (FT)
Earnings Could Boost Asia Stocks to New Record Highs (B)
Sizing Up the Future of the ETF Market (BR)

Central banks
White House Doesn’t See Need for Faster Fed Hikes (B)

US
Economists Stick With Long View for Slower U.S. Growth Despite Recent Uptick (W)
Life expectancy in America has declined for two years in a row (E)

Europe
Merkel Begins Last-Ditch Effort to Form Coalition Government (W)
French Presidents Once Acted Like Referees. Then Came Emmanuel Macron (W)

China
China’s Foreign Reserves Extend Rising Streak Amid Capital Curbs (B)
Wall Street Need Not Fear China’s Banks. Yet (B)
Chinese Car Buyers Like a New Option: Used (W)

Emerging
Vietnam seeks to purge ‘corrupt’ Communist leaders (FT)

US tax reform
Tax charges set to muddy a bright US earnings season (FT)
How states may try to circumvent Republicans’ tax reform (E)

US politics
Incendiary book on Trump released early (FT)
Bannon Regrets Role in Book Critical of Trump White House (W)
Steve Bannon Issues Apology as Trump Allies Flood the Airwaves (B)

Industries & companies
Energy: Shell looks to shale production for rapid growth (FT)
FAANGs: Time to De-FAANG Your Portfolio? (BR)
Financials: The Noise in the Bank Numbers (BR)
Pharma: Pfizer Ends Hunt for Drugs to Treat Alzheimer’s, Parkinson’s (W)
Retail: Retail’s Tax Windfall Provides Ammunition Against Amazon (W)
Shipping: FedEx on Track to Deliver Outsize Returns (BR)
Tech: Don’t Blame Intel for the Failures of Computer Security (BR)

Corporate finance
The Promise and Peril of M&A in 2018 (BR)
Celgene Nears Deal to Buy Impact Biomedicines (W)

Technology
Amazon’s Alexa to Meet Google’s Assistant in a Las Vegas Showdown (W)

Cryptocurrency
Little Guys and Big Traders Square Off in Bitcoin Futures (W)

Offbeat
Why Uber Can Find You but 911 Can’t (W)

Jan 06 (Saturday)

Markets
It was a year of wins for investors: Will stocks keep climbing in 2018?
Euphoria suggests equity bulls are on borrowed time (FT)
Global stocks shrug off underwhelming US data (FT)
High-flying energy stocks retreat as oil sinks (FT)

Central banks
Fed’s Bullard Says Tax Overhaul May Light Fire Under Investment (B)
Transcript: WSJ Interview With San Francisco Fed’s John Williams (W)
Yellen’s 2012 Worry Foretold Fed Taper Tantrum Five Months Later (B)
Powell Cautiously Backed Fed’s Bond-Buying Plan in 2012 (W)

US
U.S. Employers Slowed Pace of Hiring in December (W)
U.S. Trade Gap Grew 3.2% in November (W)
Americans are dying younger than people in other rich nations (WEF)

Europe
Europe Can’t Afford a Leaderless Germany (B)
Italy’s Renzi struggles for allies in comeback bid (FT)
Now Italy Is Growing, Can It Lighten Its Huge Debt Load? (W)

US tax reform
Morgan Stanley, Deutsche Bank Detail Tax-Law Charges (W)
New Jersey’s Incoming Governor Joins Tax Fight (B)
Gary Cohn Says U.S. May Push Back Against State Tax Workarounds (B)

Geopolitics, cybersecurity & trade
North, South Korea Will Meet Against Backdrop of Nuclear Threats (W)
China land grab on Lake Baikal raises Russian ire (FT)
Why the U.S. Suspects Kaspersky’s Software Is a Russian Spy Tool (W)
Companies scramble to fix computer flaws (FT)

Industries & companies
FANGs: Tim Cook Stumbles at His Specialty, Shipping Apple Products on Time (W)
Financials: Capital One CEO Becomes Billionaire After Stock Hits Record High (B)
Media: Peak TV Continues With 487 Scripted Shows in 2017 (W)
Solar: Clouds drift over US solar industry (FT)

Corporate finance
Drug Industry Is Ripe for a Wave of Deals (W)
Uber Co-Founder Kalanick Plans to Sell 29% of His Shares in Company (W)
Brazil happy for Embraer-Boeing tie-up, not a takeover (FT)

Technology
First Amazon Alexa-Enabled Digital Glasses to Debut at CES (B)

Cryptocurrency
Ripple Steals Bitcoin Thunder, Surges 1,184% in a Month (W)
Bitcoin Rises as Ripple’s Allure Fades for Manic Crypto Traders (B)
Long Blockchain Cashes In on Crypto Craze With Stock Offering (B)

Offbeat
Former UBS analyst casts research in harsh light (FT)
Mark Mobius, Emerging-Market Guru, to Retire After 30 Years (B)

Jan 05 (Friday)

Markets
U.S. Stocks Have Had Few Years Start as Well as 2018 Has (B)
Don’t Trust Dow 25000. The Economic Cycle Is Broken (W)
Fewer Listed Companies: Is That Good or Bad for Stock Markets? (W)
Commodities Are on Their Longest Winning Streak in History (B)

Central banks
Fed Puts Positive Spin on Wall Street’s Trusty Recession Signal (B)
Randal K Quarles: Thoughts on prudent innovation in the payment system (BIS)

US
Here’s How the Winter Deep Freeze Will Affect the U.S. Economy (B)
How Did Consumer Borrowing Change After the Great Recession? (FRB-SL)

China
China’s manufacturing sector is picking up steam (BI)

US politics
Trump Administration Proposes Massive Expansion of Oil Drilling (W)
Proposal Exempts Small Businesses From ACA Health-Insurance Rules (W)
Breitbart Owners Debate Ousting Bannon Amid Trump Feud (W)
Trump Lawyer Demands Book Critical of President Be Shelved (W)

Geopolitics
U.S., South Korea Agree to Forgo Military Exercises During Olympics (W)

Industries & companies
Autos: VW, Hyundai Turn to Driverless-Car Startup in Silicon Valley (W)
Tech: Tech Giants Race to Address Chip Flaws With a Potentially Vast Impact (W)

Corporate finance
Toshiba sells Westinghouse in $4.6bn deal (FT)

Technology
Google and Intel Beware: China Is Gunning for Dominance in AI Chips (W)
As Cars Gain Autonomy, Traffic Deaths Hit 69-Year Low in Japan (W)

Cryptocurrency
Bitcoin Is a Hit in Nations That Lack Stable Financial Systems (W)
Bitcoin price is a distraction, says big tech investor (FT)

Offbeat
Blizzard Conditions Threaten East Coast (W)
The Rise of Untraceable ‘Ghost Guns’ (W)

Jan 04 (Thursday)

Markets
As ‘Mifid’ Regulations Roll Out, Bond Volumes Fall (W)
Investor relief at smooth launch of Mifid II (FT)
ETF providers hope Mifid II will spur European growth (FT)
OPEC Holds Production Steady as Compliance Exceeds Promised Cuts (B)

Central banks
Fed Minutes Reveal Uncertainties Over Tax Cuts (W)
Fed board unsure of boost from Trump tax cuts (FT)

US
Manufacturing in the U.S. Just Accelerated to Its Best Year Since 2004 (B)

Europe
Upstart Parties Write New Political Playbook in Europe (W)
Berlin deadlock stymies Macron’s eurozone plans (FT)

Japan
Japan Inc: a corporate culture on trial after scandals (FT)

China
The Cashless Society Has Arrived—Only It’s in China (W)
China, Moving to Cut Emissions, Halts Production of 500 Car Models (N)

Emerging
Petrobras to Pay $2.95 Billion to Settle U.S. Corruption Suit (W)

US politics
Two New Democratic Senators Take Oath (W)
Trump Says Bannon ‘Lost His Mind’ After Leaving White House (B)

US tax reform
American Express Sees $2.4 Billion Earnings Hit From Tax Bill (B)
Cuomo Plans to Sue U.S. Government Over State Tax Break Change (B)

Geopolitics
North and South Korea Test Hotline, Signaling Thaw (W)
Foreign Firms Rush Washers, Solar Panels Into U.S. Amid Trade Fears (W)

Industries & companies
Autos: Ford, GM Sales Beat Estimates (B)
FANGs: Apple Battery Replacement May Mean 16 Million Fewer iPhones Sold (B)
Financials: The New Floor for Bond Underwriting Fees: $1 (W)
Media: Hollywood Had a Terrible 2017 (B)
Pharma: Drug Firm Will Charge $850,000 for Vision-Loss Gene Therapy (W)
Tech: Verizon, Samsung Will Team Up to Bring Faster 5G to California (W)
Tech: Intel Says Broad Range of Chips Vulnerable to Hack, Denies ‘Bug’ (B)

Corporate finance
How Much Can Buybacks Rise on Tax Cuts? This Estimate Says 70% (B)
Ant-Moneygram’s Demise Spells the End for China-U.S. Deal Making (W)
Spotify Files to Go Public With Direct Listing, Cutting Out Underwriters (W)

Technology
How an A.I. ‘Cat-and-Mouse Game’ Generates Believable Fake Photos (N)

Offbeat
Massive Winter Storm May Bring Snow From Florida to Canada (B)
Deep Freeze in U.S. Creates Heating Squeeze for Homeowners and Utilities (N)

Jan 03 (Wednesday)

Markets
Outlook for U.S. Corporate Earnings Is at a Six-Year High (B)
Retail stocks surge as sub-index hits all-time high (FT)
The Market Could Get Wild in 2018, Blackstone’s Wien Predicts (W)
Chinese stocks start the year with a bang (FT)
Wild Swings in Money-Market Rates Highlight Limits of Regulation (W)

Commodities
Record-Setting Cold Shakes Up America’s Commodities Markets (B)
Oil price climbs to its highest level since 2015 (FT)
Gold Bulls Expect Rally to Continue in 2018 (W)

Currency
US asset investment surge raises dollar worries (FT)
Euro hits 4-month high as Europe misses stocks rally (FT)

Central banks
Draining of QE punchbowl sobers up bond bulls (FT)

US
Why Inflation Stays Low Even Though Unemployment Is Down (B)

Europe
Bankers to burn midnight oil ahead of ‘MiFID’ dawn (R)
Europe’s MiFID II Challenge to U.S. Finance (B)
‘Big Data’ Worries Europe’s Antitrust Regulator (W)

US politics
Utah Republican Hatch to Retire, Opening Up Race for Senate Seat (W)
Moderate Democrats Get a Boost as Jones Joins the Senate (W)
California Poses Problem for Republicans as 2018 Dawns (W)
There Aren’t Enough Vacancies for Trump to Push the Courts to the Right (B)

US tax reform
BP Expects $1.5 Billion Charge Related to U.S. Tax Overhaul (W)

Geopolitics
Seoul Proposes Talks With North Korea, Testing U.S. Isolation Effort (W)

Industries & companies
Autos: Car Sales to Top 90 Million Globally for First Time (W)
FANGs: Amazon says over 5 billion items shipped in 2017 via Prime (R)
Financials: Europe’s bank bosses see need for consolidation (FT)
Financials: The Mastermind Behind Chase’s Sapphire Reserve Card Sets Her Sights on Banking (B)
Financials: Who’s the Most Valuable Online Lender? After This Deal, It’s GreenSky (W)
Financials:  Why Jefferies is surging and snatching back business from Wall Street’s top investment banks (BI)
Financials: Property reinsurance rates rise less than expected (R)
Retail: Outfoxed by Small-Batch Upstarts, Unilever Decides to Imitate Them (W)

Cryptocurrency
Bitcoin spikes after reports Peter Thiel’s fund owns ‘hundreds of millions of dollars’ of the cryptocurrency (BI)
The Criminal Underworld Is Dropping Bitcoin for Another Currency (B)

Offbeat
Who Wins When It’s This Cold: Natural Gas, Boot-Makers, Wheat Futures (W)

Jan 02 (Tuesday)

Markets
What Inflation Could Mean for the Market (BR)
A healthy economy is a risk for stock markets (FT)
Pension Funds Ask: What to Buy When Nothing Is Cheap? (W)

Credit & commodities
The Big Players in the Bond Market? Small Investors (W)
Sharp Reversal: Natural-Gas Investors Are on Edge (W)

US
Feds Employ Data-Driven Early Warning System in Opioid Fight (B)
In Cities With Low Unemployment, Wages Finally Start to Get Bigger (W)

Europe
European finance sector scrambles over Mifid II rules (FT)
No Idea What MiFID Stands For? Here’s What You Need to Know (B)
Brussels set for battle over EU’s post-Brexit budget (FT)

China
China tightens cap on bank card withdrawals abroad (FT)

US politics
Proposed Changes to Offshore Drilling Rules Raise Questions (W)
Tax overhaul adds to IRS challenges amid cuts (FT)

Geopolitics
Kim Jong Un Offers Opening to South Korea But Warns of Nuclear Option (W)
France Looks to Deepen Trade Ties With Russia and China (W)

Industries & companies
FANGs: The Limits of Amazon (W)
FANGs: A Browser You’ve Never Heard of Is Dethroning Google in Asia (W)
Financials: Goldman expects $5bn hit from US tax reforms (FT)
Industrials: What New Tax Law? Caterpillar Fights to Protect Its Swiss-Made Profits (W)
Media: ‘The Last Jedi’ Is 2017’s Highest-Grossing Film (W)
Pharma: Glaxo: Expect a Speedy Recovery (BR)

Corporate finance
Hoping for an Avalanche of Huge IPOs in 2018? Get Ready to Wait (W)
Stock Buybacks: Separating Myth from Reality (BR)
Why Facebook May Consider a Cash Dividend (BR)

Cryptocurrency
For Bitcoin, A Year Like No Other (W)

Technology
Nobody’s Ready for the Killer Robot (B)
Clothes company backs humans over sewing robots (FT)

Offbeat
California Launches the First Legal Retail Sales of Marijuana (B)