Dr. Ed's Blog

Nov 09 (Thursday)

Markets
What Has Driven Markets Since Election Day 2016 (W)

Cryptocurrency
Nearly a Third of Millennials Say They’d Rather Own Bitcoin Than Stocks (B)
Bitcoin hits record high after developers suspend plans to ‘fork’ currency (R)

US
GOP Tax Plan Would Slam California Housing Market (W)

Europe
Eastern Europe Set for Strongest Economic Growth Since Crisis (W)

US politics
Democrats Win by Reclaiming Coalition That Failed Them in 2016 (B)
Senate Plans to Unveil Tax Bill Thursday Morning (B)
Speaker Ryan opens door to delayed corporate tax cut (R)
House Faces $74 Billion Revenue Gap in Tax Bill After Amendments (W)
A ‘Millionaires Tax’ Is Now New Jersey Democrats’ Top Priority (B)
Should Hospitals And Universities Be Able to Borrow Tax Free? (W)
Tightening Carried-Interest Loophole May Not Choke Private-Equity Firms After All (W)
Trump Should Give Thanks, Not Take Credit, for Economic Growth (W)

Geopolitics
Trump’s China Trip Brings Admonitions Along With Deals (W)
Trump Team Plans $250 Billion in Deals From China Visit (B)
Vladimir Putin: Russia’s Role in Securing Asia’s Prosperity (B)
Eleven Nations Pursue TPP Deal, Minus U.S., at Pacific Rim Summit (W)

Industries & companies
FANGs: FANG Lovers Get a New Way to Bet on Stocks With Futures Trading (B)
FANGs: Apple Is Working on 2018 iPad Redesign With Facial Recognition (B)
Financial: Deutsche Bank chief hints at thousands of job losses (FT)
Media: Behind Disney’s Play for Fox: Determination to Beat Netflix (W)
Restaurants: Panera’s Ron Shaich to Step Down as CEO (W)
Retail: America’s ‘Retail Apocalypse’ Is Really Just Beginning (B)
Tech: Snap Is Looking a Lot Like Twitter After Another Earnings Miss (B)

Corporate finance
AT&T Clashes With U.S. Over Time Warner Asset Sales (B)
U.S. demands CNN or DirecTV sale to approve AT&T/Time Warner deal: sources (R)
China’s Tencent Buys 12% of Snap (W)
Clamor for Tech IPOs Reaches Fever Pitch in Asia (W)

Nov 08 (Wednesday)

Markets
Tech sector leads pullback for investment grade debt (FT)

Central banks
10 Things to Know About Jerome Powell (W)
Tricky Balancing Act Faces New York Fed Search Committee (W)

US
Americans Feel Like It’s a Better Time to Sell Than to Buy a Home (W)
Millennial Home Buyers Send a Chill Through Rental Markets (W)
Police Recover Texas Shooter’s Phone but Can’t Get Into It (W)

Europe
Wall St warns on Brexit ‘point of no return’ (FT)
Italy’s centre right draws hope from Sicily poll (FT)

Emerging
Brazil’s crisis creates an opportunity (FT)

US politics
Majority Would Benefit From Tax Bill, but Effects Peter Out, Study Says (W) | JCT Study
A Tax Cut for Business and Not for People (B)
Debt and equity should be taxed the same way (FT)
Here’s Where the GOP Tax Bill Stands Right Now (B)
In Early Draft, Comey Called Clinton ‘Grossly Negligent’ in Handling Emails (W)
Wilbur Ross Inflated His Net Worth by $2 Billion, Forbes Reports (B)

Geopolitics
U.S. Allies Fear Trump Will Pull a Nixon in China (W)
In Seoul, Trump Urges North Korea to ‘Come to the Table’ (W)

Industries & companies
Autos: Toyota Hits Rough Patch in U.S. (W)
Autos: BMW profits fall on higher investments (FT)
FANGs: EU competition chief looks again at Apple (FT)
Media: Taylor Swift Will Keep New Album From Streaming for a Week (B)
Tech: Snap Quarterly Loss More Than Triples (W)

Corporate finance
Broadcom Bid Marks Upheaval in Chip Industry (W)

Technology
Alphabet Launches the First Taxi Service With No Human Drivers (B)
Google Earth Has Cars Sniffing U.S. Cities to Guard Your Health (B)

Cryptocurrencies
Tame Bitcoin’s Price Swings? There’s a Plan for That (W)
Cryptocurrency Pioneer Sees a ‘Total Bubble.’ Just in a Good Way (B)
Are Cryptocurrencies an Asset Class? Yes and No (B)
Bitcoin proves hard to kill in China (FT)

Offbeat
The Paradise Papers Data Dump: What’s Been Reported So Far (B)
Jet-Set Debt Collectors Join a Lucrative Game: Hunting the Superrich (W)

Nov 07 (Tuesday)

Markets
The Great Bond Bull Market May Be Coming to an End (B)
The Bottom Is About to Fall Out for This Credit Market: CLOs (B)
Oil rises above $64 a barrel after Saudi crackdown (FT)

Central banks
Fed’s Williams Lays Out Case for Considering Price Level Target (B)
The Perennial Problem of Predicting Potential (Williams, FRB-SF)
Implementing Monetary Policy with the Balance Sheet (Potter, FRB-NY)
Speech by Governor Kuroda in Nagoya (Kuroda, BOJ)
Minutes of the Monetary Policy Meeting on September 20 and 21, 2017 (BOJ)

US
GDPNow Forecast for Fourth Quarter Falls to 3.3 Percent (FRB-ATL)

US politics
Here’s Where the GOP Tax Bill Stands Right Now (B)
Lawmakers Begin Marking Up Tax Bill (W)
Analysis Finds 12% of Taxpayers Would Owe More Under GOP Plan (W) | TPC Preliminary Distributional Analysis of the TCJA
Get the Housing Industry Out of the U.S. Tax Code (W)
Ross fights back over links to Russian company (FT)

Geopolitics & trade
Trump Is Leaving Japan Empty-Handed on Trade (B)
Decoding Trump’s China Trade Strategy (W)
Assignment for Trump, Xi and Putin: Stop North Korea (W)
Trump Urges Japan to Buy More U.S. Military Equipment (W)

Industries & companies
FANGS: Amazon Push Into Private-Label Sportswear Makes Quiet Debut (B)
Financials: GOP Tax Plan Jeopardizes Bermuda Reinsurer Loophole
Retail: Toys R Us highlights supply chain fragility (FT)
Telecom: Sprint Says It Will Spend Billions More on Network (W)

Corporate finance
Broadcom Ready to Go Hostile for $105 Billion Qualcomm Deal (B)

Offbeat
Fast Food in China? Tuna-Pesto Paninis, Paying by Facial Recognition (W)
These Hot Restaurants Aren’t on Maps, Only in Apps (W)

Nov 06 (Monday)

Markets
Investors push $2bn into total return bond funds (FT)
A China Expert’s Favorite Asian Stocks (BR)

Central banks
New York Fed President Dudley to Announce Early Retirement (W)
Gross Says Powell Needs to Find ‘Magical Neutral Interest Rate’ (B)
As the global economy picks up, inflation is oddly quiescent (E)

Emerging
Saudi Arabia’s unprecedented shake-up (E)

US politics
What Investors Need to Know About the Tax Bill (BR)
Offshore Tax-Haven Reports Stir Call to Slow Pace of House Bill (B)
Ross linked to stake in shipping group with Russia ties (FT)

Industries & companies
FANGs: Despite Security Issues, Facebook Still Looks Like a Buy (BR)
Financials: As Wildfires Raged, Insurers Used Private Firefighters (W)
Industrials: JPMorgan Analyst: The Case Against GE (BR)
Media: Investors Look to Disney’s Streaming Plans (W)
Retail: Amazon Cuts Prices on Third Party Items Ahead of Holiday Onslaught (W)

Corporate finance
Broadcom dealmaker readies for $100bn Qualcomm bid (FT)

Technology
Artificial Intelligence’s Winners and Losers (BR)

Cryptocurrency
Here Are the Big Names Who Are Backing and Slamming Bitcoin (B)

Offbeat
Sexual Harassment Is Becoming a Serious Investment Risk (BR)

Nov 04 (Saturday)

Markets
Apple Gains Help Push Major Indexes To Records (W)
The Gap Is Growing Between the Stock Market’s Winners and Losers (B)

Central banks
Booming Labor Market Could Pose Challenge for Powell and the Fed (W)

US
Payrolls Rebound as Jobless Rate Falls to 17-Year Low (W)
Blame These Three Industries for Holding Back U.S. Wage Growth (B)
U.S. Trade Gap Expanded Modestly in September (W)
As Economy Gains Strength, Firms Sell (and Spend) More (W)

Europe
Merkel says three-way coalition can work, Greens skeptical (R)

US politics
Brady to offer ‘substantive’ U.S. tax bill amendment on Monday: statement (R)
House Tax-Cut Plan Hurtles Toward Senate Roadblock (B)
In GOP Tax Bill, How You Get Rich Matters (W)
Concerns Mount Over the Pass-Through Tax Cut (W)
Private-Equity Firms Oppose Tax Bill—but Things Could Be Worse (W)
US tax reform plan hits buyout groups and homebuilders (FT)
Trump urges adding anti-Obamacare provision to tax bill: lawmaker (R)

Corporate finance
Broadcom Plans $100 Billion Qualcomm Deal to Build Chip Colossus (B)

Nov 03 (Friday)

Markets
Homebuilders tank as the GOP’s tax plan caps a big benefit for homeowners (BI)
The Global Economy Looks Good for 2018 (Unless Somebody Does Something Dumb) (B)

Central banks
Mr. Ordinary: Who Is Jerome Powell, Trump’s Fed Pick? (W)
Powell as Fed pick may not be the non-event it seems (FT)
Trump Considered Keeping Yellen at Fed, Until Mnuchin Spoke Up (B) | Yellen Statement
Powell Inherits a Fed That’s Slowly Earning Bond Traders’ Trust (B)

US
U.S. Worker Productivity Jumped in Third Quarter (W)

US politics
GOP Sticks With Big, Permanent Corporate Tax Cuts in House Bill (W)
The GOP finally unveiled its massive tax plan that proposes a sweeping overhaul to the system (BI)
House GOP Tax Bill Estimated to Add $1.49 Trillion to Deficit (B)
Trump’s tax plan could bring $250 billion into the US — here are the companies set to benefit most (BI)
The GOP’s tax plan could make it harder to get tax deductions for medical expenses (BI)
Tax Cuts and Jobs Act | Summary (House Ways & Means)

Industries & companies
Autos: Tesla Reveals Time Frame for China Factory (W)
FANGs: Facebook Vows to Sacrifice Growth for Secure Operations (W)
FANGs: Facebook, Take Note: In China’s ‘New Era,’ the Communist Party Comes First (W)
Media: Discovery Communications Says Subscriber Loss Accelerating (W)
Tech: Microsoft’s Futuristic Headset Strategy: Pilots Over Zombie Hunters (W)
Tech: Apple Holiday Sales Outlook Tops Estimates on iPhone X (B)

Corporate finance
U.S. Considers Suit Against AT&T’s Deal for Time Warner (W)

Bitcoin
Bitcoin Hits $7,000 as Wall Street Interest Gets Real (W)
Bitcoin soared above $6,900 despite strong regulatory warning from the Securities and Exchange Commission on ICOs (BI)

Offbeat
Climate Change to Affect 10 Million Americans by 2075, CBO Warns (B)

Nov 02 (Thursday)

Markets
Stock market poised for a ‘melt-up’ as it begins strongest months of the year (C)
Market shrugs off Fed’s ‘bland’ comments on economy as it awaits Yellen replacement (C)
Jack Bogle says Vanguard is getting too big. Now what? (MW)

Central banks
Trump to Tap Fed’s Jerome Powell for Central Bank Chief (W)
What a Jerome Powell-led Fed may look like (MW)
Fed Governor Powell, expected to be the next Fed chair, is watching bitcoin closely (C)
Fed Signals December Hike On Track a Day Before Trump Announces Next Chair (B)

US
The US economy is strong, and it’s about to get even stronger, Atlanta Fed model shows (C)
U.S. Factory-Activity Index Slipped in October, But Still Solid (W)
ADP: U.S. Private Sector Adds 235,000 Jobs in October (W)

Europe
Eurozone growth beats forecasts despite stronger euro (FT)

China
Xi Jinping Summons ‘Red Boat Spirit’ of China’s Communist Revolutionaries (W)

US politics
White House, House Budget Chief Say Tax Bill Still Coming Nov. 2 (B)
Who’s really going to pay for Trump’s big tax cut? (WP)
GOP Tax Plan Won’t Cut Rate for Highest Earners (W)
Repeal of ACA’s Individual Mandate Could Be Part of Tax Overhaul (W)
Trump reportedly demanding tax reform bill be called ‘The Cut Cut Cut Act’ (C)
GOP Goes With the Global Flow: Tax People, Not Companies (W)
History Shows Phasing in Tax Cuts Is a ‘Terrible’ Idea (B)

Geopolitics & terrorism
How China Swallowed the WTO (W)
South Korea Warns Against Attack on North (W)
New Data Shows Russian Ads Targeted Facebook Users by Profile (W)
N.Y. Suspect Followed ISIS Blueprint (W)

Industries & companies
Autos: America’s SUV Thirst Hits Luxury Carmakers With Hidden Hangover (B)
Autos: October Was Apparently Pickup Truck Month in the U.S. (B)
Autos: Tesla Delays Model 3 Goals After Record Cash Burn (B)
FANGs: Facebook Profit Jumps 79% (W)
FANGs: Facebook Tops Sales Projections While Russia Ad Inquiry Unfolds (B)
Pharma: Ballot Measure to Cap Ohio Drug Prices Unleashes Expensive Ad Battle (W)
Pharma: Pharma industry faces hypocrisy charge over patents (FT)
Retail: Gap is selling subscription boxes for kids through Old Navy, after a successful run with baby clothes (C)
Tech: Qualcomm beats earnings expectations amid legal battle with Apple (C)

Cryptocurrency
ICO Craze Spurs Warning: Be Careful of Celebrity Endorsements (B)
One of the Most High-Profile Initial Coin Offerings Has Crashed 50% (B)
Euphoria for Bitcoin Futures Conjures Bad CDO Memories for One Firm (B)

Offbeat
Two Months After Harvey, Houston is Still Counting Costs (W)

Nov 01 (Wednesday)

Markets
In Mainstream Move, Bitcoin Poised to Join Oil, Gold in Futures Trading (W)
Bitcoin Futures Could Open the Floodgates for Institutional Investors (B)
Bitcoin ETFs Are the Next Step After Futures (B)

Central banks
US monetary tightening set to endure after Yellen (FT)

US
U.S. Home Price Gains Accelerated in August (W)
U.S. Misses Top 5 for Best Places to Do Business (W)
Americans Are Spending More, Saving Less (W)

Europe
Catalonia’s Former Leader Says He Will Respect Election Results (W)

China
Chinese Property Shopping Spree Fades as Beijing Hits the Brakes (W)

Emerging
IMF Expects U.A.E. Economy to Rebound in 2018 as Abu Dhabi Grows (B)
 
US politics
Trump Says ‘Hopefully Not’ on Phasing In Corporate Tax-Rate Cut (B)
We’re starting to see how tax reform efforts will fall apart (BI)
We Must Get the SALT out of American Taxpayers’ Diets (The Hill)
To Understand the Benefits of Tax Reform, Start by Understanding Apple’s Taxes (FN)

Geopolitics
Tech Executives Testify on Russian Election Meddling (W)
Google Commits to Better Security After Russia Meddling (B)
Trump Seeks Distance From Allegations in Russia Probe (W)
U.S. Presses Persian Gulf States to Scale Back North Korea Ties (W)
Democrats want a law to stop Trump from bombing North Korea (R)
U.S. Trade Panel Backs Solar Tariffs (W)

Industries & companies
Autos: Tesla Labor Discord Grows as It Pushes Model 3 Production (W)
FANGs: Why Google and Amazon Aren’t in the Dow (B)
FANGs: Kindle Oasis Review: Amazon’s Top E-Reader Goes Waterproof (W)
FANGs: iPhone X Review: How We Tested (and Tricked) FaceID (W)
FANGs: Apple to Stop Using Chips From Qualcomm (W)
Retail: Inside the Decline of Sears, the Amazon of the 20th Century (W)
Tech: Samsung Shakes Up Leadership (W)

Oct 31 (Tuesday)

Markets
Investors are running out of cash — and that’s terrible news for the stock market (BI)
Dollar’s Recent Comeback is Mostly About the Euro (W)

US
U.S. Consumer Spending Rose in September (W)
GDPNow Forecast for Third Quarter Decreases to 2.5 Percent (FRB-ATL)
Rich millennials are ditching the golf communities of their parents for a new kind of neighborhood (BI)

Europe
Eurozone economic confidence at almost 17-year high (FT)

China
China’s Push to Lower Debt Levels Boosts Results at Big Banks (W)
China’s New, Severe Curbs on the Internet Leave Little Left to Censor (B)
Chinese universities embrace Xi Jinping’s theories (FT)

US politics
House to Consider Five-Year Phase-in for Corporate Tax Cut (B)
How a $2,400 Cap on 401(k) Deductions Would Affect Your Savings (W)
Why Tax Deductions Are Stupid (and Why We Love Them) (B)
The Trump Deregulatory Juggernaut Is Rolling (W)
Manafort Charged in Russia Probe; Trump Campaign Aide Pleads Guilty (W)
O’Brien: Why Manafort’s Indictment Should and Shouldn’t Terrify Trump (B)
Russian-Backed Facebook Accounts Staged Events Around Divisive Issues (W)

Cybersecurity
AI Helps Alleviate Shortage of Human Cybersecurity Experts (W)

Industries & companies
FANGs: Google’s Dominance in Washington Faces a Reckoning (W)
Financials: Higher bonus costs take shine off HSBC’s rise in revenues (FT)
Industrials: GE’s Numbers Game: Pick From Four Earnings Figures (W)
Tech: Square Unveils Hardware Register to Attract Larger Sellers (B)

Corporate finance
America’s biggest companies are investing more in themselves (BI)
US groups unveil merger plans valued at $22bn (FT)
SoftBank to Drop Effort to Merge Sprint, T-Mobile (W)

Technology
Walmart rolls out robots to make sure shelves stay stocked (NYP)

Offbeat
The asset management industry is going to boom in the next decade — but it’s set for ‘seismic changes’ (BI)

Oct 30 (Monday)

Markets
Why Are Markets Rising Everywhere? Investors Can’t Stop Buying Every Dip (W)

Central banks
Trump Likely to Name Jerome Powell Next Fed Chairman—Source (W)
Our Next Fed Chief (BR)
Inflation: The Slumbering Giant Begins to Stir (W)

US
U.S. Consumer Sentiment Rises to Highest Level Since Early 2004 (B)

Europe
Italy Faces Challenge of Living Without ECB Alchemy (W)
Italy’s fourth-biggest bank returns to the stockmarket (E)

Japan
Japan to Young Investors: Loosen Up (W)
After his election success, Japan’s leader takes aim at pacifism (E)

US politics
Businesses Step Up Lobbying on Taxes, Deploying Workers (W)
House Tax Writer Gives Ground on a State and Local Tax Break (B)
Home Builders Will Oppose Republican Tax Bill (W)
No Tax Cut? No Worry for Wall Street (BR)
Will corporate tax cuts boost workers’ wages? (E)
Trump Fires Off Tweets a Day Before Russia Probe Charges May Drop  (B)

Geopolitics
Mattis seeks to tone down war talk on Korean border (FT)
Foreign Companies in China Get a New Partner: the Communist Party (W)
Big Tech forced to answer public questions on Russia ads (FT)

Industries & companies
Biotech: Biotech in the Bargain Bin (BR)
eCommerce: The age of Amazon and Alibaba is just beginning (E)
FANGs: The Race to Rein In Facebook Has Begun (W)
Pharma: The Wonder Drug for Aging (Made From One of the Deadliest Toxins on Earth) (B)
Retail: Target’s Renovation Could Pay Off Nicely for Investors (BR)
Tech: What Blowout Earnings Say About Big Tech (BR)

Corporate finance
The Virtues of a CVS Deal for Aetna (BR)

Offbeat
Jeff Bezos Passes Bill Gates to Become the World’s Richest Person (B)
The Most Amazing Futuristic Cars at the Tokyo Motor Show (B)