Dr. Ed's Blog

Aug 29 (Tuesday)

Markets
Insurers Among Biggest Decliners in S&P 500 as Harvey Costs Loom (B)
Wall Street Vets From Dalio to Gundlach Warn on Emerging Markets (B)
In a Blast From a Financial Crisis Past, CDOs Are Back (W)

Oil
Oil prices are surging on Harvey as the storm brings refinery closings (BI)
10 oil refineries in Texas have been shut down because of Hurricane Harvey (BI)

Central banks
What would a Gary Cohn-led Fed look like? (FT)

US
Unemployment’s Steady Fall Could Signal Trouble—or a Broader Structural Shift (W)
In St. Louis, a Rare Effort to Lower the Minimum Wage (W)
Smith: How the Top 1% Keeps Getting Richer (B)
This Is How Much Your Kids Are Worth (B)

Europe
It’s getting less likely that Britain will actually secure a Brexit deal (BI)

Japan
A happier Japan is a concern for investors (FT)

China
China Is Creating the World’s Largest Power Company (B)
Chinese regulators are preparing new regulations on digital coin offerings (BI)

US politics
Trump’s Pivot to Taxes Is Fraught With ‘Pitfalls Everywhere’ (B)
Are Trump’s August Controversies Careless—Or Calculated? (W)
Lawyer Says He Discussed Moscow Tower Plan With Trump Three Times (B)

Geopolitics
Can Trump deliver on his threat to pull out of Nafta? (FT)

Industries & companies
Energy: Harvey’s Hit Offers Lessons for Energy (W)
FANGs: Amazon Cuts Whole Foods Prices as Much as 43% on First Day (B)
FANGs: Amazon Rewrites Rule Book for Grocers (W)
FANGs: Apple to Hold Product Launch Event on Sept. 12 (W)
Financials: Regulators, Auto Lenders Dig Into Customer-Refunds Process (W)
Pharma: Gilead to Buy Kite Pharma for Roughly $11 Billion (W)
Retail: Best Buy and Amazon Bring Back the Traveling Salesman (W)
Technology: Uber Gets a Lift From CEO Pick (W)
Technology: New Uber CEO Khosrowshahi Faces Daunting Fix-It List (B)
Technology: Samsung’s Message to Employees: Keep Calm and Carry On (W)
Tobacco: NYC Boosts Price of Cigarettes to $13, Bans Sales by Pharmacies (B)

Harvey
Harvey to Hit Flooded Houston Again (W)
Harvey Costs Seen at Catastrophic Levels With Many Uninsured (B)
Harvey Unlikely to Damage Insurers’ Balance Sheets (W)

Offbeat
Who is the sucker when robot trades against robot? (FT)
FDA Expanding Authority Over Stem-Cell Facilities (W)
Kenyans risk 4 years in jail for using plastic bags (FT)

Aug 28 (Monday)

Markets
Bracing for the Aging Bull Market’s Last Hurrah (BR)
Stocks, Not Bonds, Are Market to Watch Amid U.S. Funding Drama (B)
The Stock Market: the Best Defense Against a Shutdown (BR)
Wall St bankers sell own shares as Trump rally reverses (FT)
New Space Age Offers Promise, Peril for Investors (BR)

Central banks
Kaplan Says Fed Should Begin Reducing Its Balance Sheet ‘Very Soon’ (W)
Central Bankers Can’t Savor Their Stimulus Success (W)
China Money Rate Confusion Shows How PBOC Keeps Traders on Edge (B)

US
Why Wage Growth Should Rise (BR)
Does ageing explain America’s disappointing wage growth? (E)
Tapping Your Home Equity for Cash Is Big Again (W)
Your Car Is Now Worth Less Than You Think (B)
Manhattan on Sale? That’s the Case With Two Cheap REITS (BR)

Europe
May under pressure as Labour makes single market U-turn (FT)
Britain cannot escape the long arm of European law (E)
Germany’s far-right party will make the Bundestag much noisier (E)
Emmanuel Macron finds change is often unpopular (E)

China
China’s Markets Can’t Agree on How Good Nation’s Economy Is (W)
China Industrial Profits Keep Pace as Factory Inflation Holds (B)
Early China Data Show Diverging Sentiment, Stable Growth Outlook (B)

US politics
Large Companies Oppose Idea for Taxing Foreign Profits (W)
Arpaio on Criticism of His Pardon: GOP Should Rally Behind Trump (W)
House Speaker Paul Ryan Criticizes Donald Trump’s Pardon for Joe Arpaio (W)
States Pressure Trump to End ‘Dreamers’ Program (W)
The future of Bannonism (E)

Geopolitics & trade
Tillerson Still Wants North Korea Talks After ‘Provocative Act’ (B)
Trump Afghan Strategy Poised to Fail, Pakistan Premier Says (B)
Chicago Exchange Sale Looks Shaky as China Tensions Rise (W)

Industries & companies
Autos: Tesla: A Canary in the Wall Street Coal Mine (BR)
Energy: Energy Shares Set for Worst Month Since 2015 (W)
FANGs: Why Amazon Isn’t Ready for Prime Time in China (W)
Health Care: Medtronic: Healthy and Getting Healthier (BR)
Restaurants: At Yum China, Growth Is on the Menu (BR)
Technology: Can Networking Chips Revive Intel’s Start-Up Mojo? (BR)
Technology: Uber Favors Whitman for CEO as Immelt Withdraws (B)
Technology: Nintendo’s Switch Hit: Game Console Is in Short Supply Ahead of Holidays (W)

Harvey
Flooding Is Now Harvey’s Biggest Threat to Texas Gulf Coast (B)
Lack of a Storm Surge Keeps Harvey From Katrina, Sandy Status (B)
More Refineries Shut Down (W)

Offbeat
The Great Gatsby’s Long Island Mansion Listed for $17 Million (B)
Floyd Mayweather Stops Conor McGregor in 10th Round (B)

Aug 26 (Saturday)

Markets
Stocks Emerge as the Only Vigilante on Wall Street (B)
Trillion-Dollar Earnings Yield Keep Stocks Out of Fed Reach (B)
Small-Cap Stocks Make a Comeback (B)

Central banks
Yellen Distances Herself From Trump in Jackson Hole Speech (B)
Fed’s Yellen Defends Postcrisis Regulations (W)
Draghi Holds Off on Monetary Policy Clues, Criticizes Deregulation Push (W)
Draghi Says Protectionism Is a Threat to Global Economic Growth (B)
Draghi’s Drama-Free Jackson Hole Message Reaffirms Slow QE Exit (B)
Kuroda Vows to Maintain Very Accommodative Policy for Some Time (B)

US
Anti-Inflationary Amazon Is Overpowering the Fed (Forbes)
Mobile phone price wars create a data puzzle (FT)
Low rates had little benefit for ordinary Americans (FT)
Business Investment Gains Renewed Momentum (W)

US politics
Mnuchin Says He Was ‘Wrong’ About a Tax Overhaul by August (B)
Mnuchin Confident Congress Will Raise Debt Ceiling (W)
Trump to push for tax reform by year end, says Cohn (B)
Trump Border Wall Shutdown Fight Can Wait, Key Conservative Says (B)
Cohn: Trump Administration Must Do More to Condemn Hate Groups (W)
Mueller Probes If Flynn Had Role in Clinton Emails Hunt (W)

Geopolitics
North Korea Fires Unidentified Projectile to Eastern Sea: South Korea (B)
North Korea fires short-range missiles into Sea of Japan (FT)
Kushner Wraps Up ‘Productive’ Middle East Talks (W)
US business fires warning shot over Nafta shake-up (FT)

Industries & companies
Autos: GM to Address Bolt Cars’ Battery Defect Using Onstar System (W)
Autos: Ford to Look Beyond Credit Scores in Sales Push (W)
Retail: Costco Is Playing a Dangerous Game With the Web (B)
Technology: Google Issuing Refunds Over Invalid Web Traffic (W)

Technology
Amazon robots bring a brave new world to the warehouse (FT)

Offbeat
Hurricane Harvey Bears Down on Texas (W)

Aug 25 (Friday)

Markets
Stocks Slide, Dragged Lower by Consumer Staples (W)
Big News for Stock Pickers: You Only Lost $100 Billion This Year (B)
The U.S. Replaces Europe as the Market’s Political Problem Child (B)

Oil
OPEC Keeps Options Open, Including Extending Cuts (W)

Central banks
Fed’s George and Kaplan Stake Out Inflation Debate at Jackson Hole (B)
Video: Fed’s George Sees Another 2017 Hike Despite Low Inflation (B)
Dallas Fed chief rejects looser curbs on big banks (FT)
Future of Fed Chief Hangs Over Meeting at Jackson Hole (W)
Amazon’s Plans to Cut Food Prices Will Be a Headache for the Fed (B)
YRI Press: We could do without investing commentary from the Federal Reserve’s Janet Yellen (MW)

US
Home Sales Decline in July to Slowest Pace This Year (W)

Japan
Japan Stuck in Inflation Doldrums With Core CPI at 0.5% (B)

China
Xi’s Great Deleveraging Is Set to Collide With Rising Real Rates (B)
China reliance on infrastructure stimulus surges (FT)
The News Reads You in China—and People Can’t Get Enough of It (W)

Emerging
India court deals blow to biometric ID system (FT)

US politics
Markets Eye Looming U.S. Debt-Ceiling Deadline With Unease (W)
Trump Blames Debt Ceiling ‘Mess’ on GOP Leaders (B)
All U.S. Counties to Have an ACA Plan After Ohio Plugs Gap (W)
How Obamacare’s Marketplaces Are Shaping Up for 2018 (B)

Geopolitics
Russia sends strategic bombers around Korean peninsula (FT)
China’s Big Businesses Risk Trump’s Punishment Over North Korea (B)
China prepares for an era of asymmetric warfare (FT)

Industries & companies
Autos: Tesla’s Self-Driving Push Sparked Dissent Among Its Engineers (W)
FAANGs: Amazon Clobbers Grocers With Price Cuts at Whole Foods (W)
Retail: Sears posts double-digit sales slide (FT)
Technology: Apple Is Planning a 4K Upgrade for Its TV Box (B)

Corporate finance
SoftBank Finalizes $4.4 Billion WeWork Investment (W)

Offbeat
Labor Department Names Ronald Reagan to Hall of Honor (W)

Aug 24 (Thursday)

Markets
This indicator says the ‘billionaire bears’ are wrong (MW)
Wall Street doesn’t want this Trump official to quit (NN)
Hedge funds pour back into crisis-era credit product (FT)

Oil
Aramco Sparks Rush to Privatize in Middle East (W)

Global
Big Economies Are Growing in Sync for First Time in Years (W)

Central banks
Yellen’s Fed legacy hangs over Jackson Hole (FT)

US
New-Home Sales Plunged in July as Supply Shrivels (W)

Europe
Eurozone Maintains Solid Growth Path in August (W)

China
China reform plans could be stifled as economy cools (FT)

US politics
Trump Shutdown Threat Complicates Congress’s Debt Ceiling Plans (B)
Trump Asks Americans to Heal Divisions (W)

Geopolitics
Kim Orders More Warheads After Tillerson’s Praise for Exercising ‘Restraint’ (W)
Canada, Mexico Are Skeptical of Trump’s Nafta Remarks (W)

Industries & companies
Airlines: How Budget Carriers Transformed the Airline Industry—in 14 Charts (W)
FAANGs: Wal-Mart and Google Team Up to Challenge Amazon (W)
Financials: Big U.S. Banks Could See Profit Jump 20% With Deregulation (B)
Financials: Bloomberg reshapes business with added consulting (FT)
Media: European media stocks slide after WPP warning (FT)
Retail: Stock Markets Are Calm But Clothing Stocks Are Crazy (B)
Retail: The Problem With Dissing Teen Retailers (W)
Technology: First Look: Samsung’s Big Galaxy Note 8 (W)
Technology: Uber Narrows Loss to $645 Million, Boosts Revenue Amid Turmoil (B)

Corporate finance
Companies Promote Corporate-Tax Overhaul (W)
New Trick for Reluctant Tech Unicorns: Bring the IPO to Them (W)
FTC Approves Whole Foods-Amazon Merger (W)

Technology
This Robot Ship Experiment Could Disrupt the Global Shipping Industry (B)

Offbeat
In Memoir, Clinton Says She Let Down Millions in Election (W)

Aug 23 (Wednesday)

Markets
Wall Street Banks Warn Winter Is Coming as Business Cycle Peaks (B)
Why the Chinese Yuan’s Hot Streak Will Cool Off (W)

US
Home Prices in U.S. Rose 6.6% in the Second Quarter, FHFA Says (B)
Millennial Americans Are Moving to the ‘Burbs, Buying Big SUVs (B)
Condo Owners Eye Cashing in on Rental Market (W)

Europe
Ireland to double diplomatic trade presence by 2025 to combat Brexit (FT)

Emerging
Philippines, Indonesia and India Have Got a Fed Problem (B)

US politics
GOP Eyes Budget Maneuver to Allow $450 Billion More in Tax Cuts (B)
Trump to Renew Call for Wall Funding in Arizona (B)

Geopolitics & terrorism
U.S. Expands North Korea Sanctions, Seeks to Seize Millions (B)
U.S. Sanctions Chinese, Russian Firms for Aiding North Korea (W)
North Korea Threatens ‘Absolute Force’ as U.S. Holds Military Drills (W)
Tillerson Pushes Pakistan to Get Taliban to the Negotiating Table (B)
U.S. Warns Citizens About Traveling to Cancun (B)

Industries & companies
Energy: Chevron CEO to Resign as Oil Giant Seeks Change (W)
Financials: Think Interest Rates Are Going Up? Banks Don’t (W)
Home Builders: The Price Isn’t Right for Home Builders (W)
Mining: Miners Are Flush With Cash Again (W)
Railroads: Trains in Vain: Epic CSX Traffic Jam Snarls Deliveries, From Coal to Fries (W)
Retail: Wal-Mart Nears a Pilot Deal to Offer Customers Installment Loans (W)

Corporate finance
‘Serious Doubts’ Over Bayer and Monsanto’s $57 Billion Megadeal, Says EU (W)
Tesla Bonds Tumble in Sign of Concern Over Finances (W)
Rival’s Volvo Merger Sets Path for Great Wall’s Pursuit of Jeep (W)

Technology
China’s Robot Revolution May Affect the Global Economy (B)

Offbeat
Famed Plaza Hotel Is On the Block (W)

Aug 22 (Tuesday)

Markets
Trump’s market honeymoon turning into a risky divorce (FT)
Booming Metals Signal Optimism on Global Growth (W)
Are Long-Term Investors the Market’s True Gamblers? (W)

Central banks
Draghi Is Likely to Lay Out End to Europe’s Quantitative Easing (W)
The Fed’s Big Bond Unwind May Clobber U.S. Stocks, Corporate Debt (B)
Why Monetary Policy Isn’t the Only Game in Town Anymore (W)

US
How Retiring Baby Boomers Hinder U.S. Wage Growth (W)
U.S. Job-Seekers Willing to Accept Lower Wages, Fed Survey Shows (B)
Housing recovery suffers, but don’t blame the millennials (C)

Europe
European Populists Who Aped Brexit and Trump Rethink Their Approach (W)
Germany’s working class turns away from SPD (FT)

Emerging
The Calm in Emerging Markets Suddenly Broke (W)
Why the ‘Fragile Five’ aren’t quite so fragile (FT)

US politics
Stay or Go? Some Trump Aides Are Pressed From All Sides (W)

Globalization & trade
Globalisation in retreat: capital flows decline (FT)
In U.S.-Canada Trade Fight, the Border Watches, Warily (W)

Corporate finance
Sempra Reaches Deal to Buy Oncor (W)
Total Buys Maersk Oil for $5 Billion (W)
Cisco to Buy Springpath for $320 Million (W)
Chinese Auto Giant Great Wall Wants to Buy Jeep (W)
SEC Is Studying Spotify’s Plan to Bypass IPO in NYSE Listing (B)

Offbeat
Historic Eclipse Puts U.S. Power Grid Under the Microscope (B)

Aug 21 (Monday)

Markets
Investors Grapple With Signs of Unrest (W)
Investors focus on Trump trade and asset prices (FT)
Investors Chasing Faster Growth Look Abroad (BR)

Oil & gas
Old Oil Is New Again (W)
U.S. Exports Gas to Europe, and Russia Aims to Counter (W)

Funds
Be Wary of Volatility ETFs (BR)
Lessons from the Quant Quake resonate a decade later (FT)
Investors Pull Back From Gundlach’s Biggest Fund at DoubleLine (W)

Europe
Merkel Tested on Refugees, Diesel as Campaign About to Heat Up (B)
Macron thinks big in vision for French unicorns (FT)

China
China modernises its monetary policy (E)
With Some Countries, China Is in the Red (B)
Why China is Apple’s greatest hope and headache (FT)
China’s Debt Swaps Surpass $100 Billion (B)

US politics
Trump targets tax reform to reconnect with GOP (FT)
Trump Gets Little Air Cover From Fellow Republicans (W)
Trump and the CEOs: Behind the Collapse of an Uneasy Alliance (W)
Trump’s Secret Weapon: Deregulation (BR)
Mnuchin Defends Decision to Stay as Trump Sees Healing Ahead (B)
Republicans Face Looming Deadline on Health Law (W)
Right-Wing Rally Overwhelmed by Counterprotesters in Boston (W)

Geopolitics & terrorism
China has most to lose from US trade war, says report (FT)
U.S., South Korea Brace for North’s Fury Over War Games (W)
Trump to Unveil Afghanistan Strategy in Televised Address Monday (W)
Nafta Nations Say Quick Deal on Table as Inaugural Talks End (B)
Police Hunt Focuses on One Suspect in Barcelona Attacks (W)
Finland Stabbing Probe Continues With Terror Focus (W)

Industries & companies
Defense: In a World of Danger, Lockheed Looks Like Safe Bet (BR)

Technology
Artificial Intelligence Gets a Lot Smarter (BR)
Why Your Face Will Soon Be the Key to All Your Devices (W)
Starbucks Teaches Silicon Valley a Lesson in Tech (BR)
Is There Value in Tech Funds? Yes and No (BR)

Aug 19 (Saturday)

Markets
Pet Stocks Are Beating the Market (B)
Traders Might Be About to Get a Big Buy Signal for U.S. Stocks (B)

Credit & commodities
Risk Off: High-Yield Bond Fund See Biggest Redemptions in 6 Months (B)
‘Bitcoin Cash’ Jumps 86%, Now the Third-Most Valuable Digital Currency (W)

Central banks
Yellen to Speak on Financial Stability at Jackson Hole Next Week (W)

SEC
New Audit Rule Could Bring Sunshine to U.S. Markets (W)
SEC dropped case against 2 ex-JPMorgan traders over $6.2 billion ‘London Whale’ fiasco (BI)

US
U.S. Consumer Sentiment Rose in August (W)

China
China Tightens Rules on Cash Leaving Country as Growth Slows (W)
China Codifies Crackdown on ‘Irrational’ Outbound Investment (B)
The Chinese government is limiting overseas investment in property (BI)
Cambridge University Press Removes Articles From Chinese Website (W)

Emerging
EM funds see first weekly withdrawals in five months (FT)

US politics
Steve Bannon, Controversial Aide to Trump, Is Out (W)
Manchin Says He Won’t Join Trump’s Cabinet as Energy Secretary (B)
Boston Prepares for Right-Wing Protests (W)

Geopolitics & terrorism
Mattis, Tillerson Say North Korea Could Face U.S. Military Response (W)
North Korean Threat Spurs an Identity Crisis on Guam (W)
Japan plans new missile shield against North Korea (FT)
Barcelona Terrorists Planned Bigger Attack With Explosives (B)
Trump Pressures Courts on Border Restrictions, Says U.S. Must Be ‘Tough’ (W)

Cybersecurity
Trump Boosts U.S. Cyber Command’s Status in Military Chain (B)

Industries & companies
Consumer: Congress Weighs Expanding FDA Power to Regulate Beauty Products (W)
FAANGs: Google Tests Subscription Tool for Publishers (B)
Financials: Credit card providers count the cost of freebies (FT)
Financials: Wrong-Way Gas Bet Fueled Goldman’s Swoon (W)
Industrials: Deere beats on earnings and boosts its forecast for the year (BI)
Retail: Wal-Mart Applies for Patent for Blimp-Style Floating Warehouse (B)
Retail: RBC: ‘Everyone who was going to shop at Walmart already shops at Walmart’ (WMT) (BI)
Retail: Gap crushes earnings and raises guidance (BI)
Retail: Old Navy Is Wearing the Pants in Gap’s Turnaround Effort (B)
Retail: Foot Locker is crashing after a big earnings miss (BI)
Technology: Higher Costs Chip Away at Lenovo’s Profitability (W)

Corporate finance
AT&T-Time Warner Deal Review Nears Final Stages (W)

Offbeat
Superstitious Stock Traders: Beware of an Eclipse Crash (B)
A Viewer’s Guide to How, When and Where to Watch the Eclipse (W)
What Happens to Solar Power in an Eclipse? We’ll Find Out Monday (N)

Aug 18 (Friday)

Markets
U.S. Stocks Tumble, Dow Slides Over 250 Points (B)
Dip Buyers Beware, This Selloff Came With Slew of Worrying Signs (B)

Asset Management
World’s Biggest Pension Fund Wants to Stop Index Trackers Eating the Economy (W)
Pension Funds Sue Six Banks, Claiming Stock-Lending Abuses (W)
EM worries over swelling influence of ETF flows (FT)
Blackstone Adds $10 Billion in Energy Assets With Harvest Deal (B)
Goldman’s sketchy case to buy (and then sell) bitcoin (FT)

Central banks
The Fed just fired off a stark warning — and it highlights one of the biggest risks for stocks (BI)
ECB Searches for Stimulus Flexibility as End of QE Approaches (B)
The ECB’s Good-News Problem: the Euro (W)

US
U.S. Industrial Output Up Modestly in July (W)
Why a repeat of the 2007 crisis is unlikely (FT)
An Even Wider Generational Wealth Gap? (FRB-SL)

China
China debt bear warns of $6.8tn in hidden losses (FT)
Alibaba’s Net Income, Revenue Surge on Growth in Online Sales (W)

US politics    
Key Republican Calls for ‘Radical Changes’ in Trump’s Presidency (B)
Trump Abandons Plan for Council on Infrastructure (B)
Apple’s Cook Joins Business Leaders Criticizing Trump’s Remarks (W)
Trump Tweets Further Defense of Confederate Statues (W)
Pressed to Fire Bannon, Trump Instead Channels Him (W)
Bannon and Cohn struggle for White House supremacy (FT)
Cohn to Remain in White House Economic Post, Official Says (B)

Terrorism & cybersecurity
Death Toll Climbs to 13 in Barcelona Terror Attack (W)
HBO hacked again in Twitter accounts breach (FT)

Industries & companies
Consumer: Coca-Cola Wins Arby’s Away From PepsiCo in Latest Showdown (B)
Media: Netflix Co-Founder’s Crazy Plan: Pay $10 a Month, Go to the Movies All You Want (B)
Pharma: Mylan Settles EpiPen Medicaid Overcharge Claims for $465 Million (W)
Pharma: Generic drugmakers feel pinch as prices crumble (FT)
Retail: Trump Says Amazon Does ‘Great Damage’ to Retailers (B)
Retail: Charting the US retail revolution (FT)
Retail: Wal-Mart Sales Rise as Retailer Dodges Industry Malaise (W)
Technology: Cisco’s Feud With Former Executive Turns Personal—and Costly (W)

Corporate finance
Global Biotech M&A Takes a Breather on Looming Tax Reform (B)
China’s Anbang Hits a Wall in South Korea (W)
Private equity fundraising hits post-crisis high (FT)