Dr. Ed's Blog

Jul 13 (Thursday)

Markets
Dow Industrials Climb to Record Close (W)
Stocks and Treasuries lifted by ‘dovish’ Yellen (FT)
Earnings Party Fades for the Stock Market (B)
The U.S. stock market is 66% higher than it should be (MW)
The most popular measure of the stock market’s value ‘deserves to be trashed’ (BI)
Tech stocks are scaring traders silly (BI)

Credit
Pool of Negative-Yield Debt Shrinks Rapidly as Bond Market Turns (B)
Why Credit Spreads Are Resisting Threats From Rising Rates (B)

Commodities
Oil Lingers Near $45 as U.S. Supply Draw Meets Tepid Reaction (B)
Halliburton Says Oil Will Spike in 2020 After $2 Trillion in Industry Cuts (B)
Nigeria Signals Willingness to Agree on Oil Production Cap (B)
U.S. Wheat Output Is Looking Better Than Analysts Had Feared (B)

Central banks
Beige Book Adds to Fed’s Conundrum Over Jobs and Wages (B) | Beige Book
Yellen Expects Fed to Stick to Gradual Rate-Increase Plan (W) | Testimony
Yellen Keeps a Gradual Rate-Hike Outlook as Inflation Puzzles the Fed (B)
Only in Trumpland is Gary Cohn suitable Fed chair (R)
Janet Yellen went to Congress and got grilled about the Fed’s leaks and secret speeches (BI)
The Bank of Canada rate hike sends the loonie to an 11-month high (BI)

US
As U.S. Infrastructure Ages, Waterways Face Critical Point (W)
An Airport Awaits Infrastructure Takeoff (W)

Europe
Germany Bolsters Veto Powers Over Foreign Takeovers (W)

China
China’s Bid to Curb Its Booming Housing Market Has Only Made It Hotter (W)

Japan
Japan needs Abenomics, with or without the man (FT)

US politics
GOP Sets Health Vote for Next Week (W)
What happens if Congress doesn’t repeal Obamacare (NN)
Here’s How the Obamacare Marketplaces Are Doing, State by State (B)
Trump Defends Son After Emails on Russia Meeting (W)
Trump family’s Russia interactions — a timeline (FT)
Trump’s FBI Pick Vows to Resist Political Pressure (W)
Trump nominates Quarles as Fed banking watchdog (FT)
CITI: Trump’s ‘risk of impeachment’ is higher after the Donald Trump Jr. email bombshell (BI)

Geopolitics
Russian, NATO Planes Play Risky Game Over Baltic Sea (W)

Industries & companies
Autos: Nine Reasons To Be Bearish On Tesla (BR)
Biotech: Amicus Gets Nod From FDA to Submit Experimental Drug for Approval (W)
Consumer: Pepsi Says It’s Facing the Same Trends That Are Battering Retail (B)
FAAMGs: Amazon’s Prime Day Generates Estimated $1 Billion in Sales (B)
FAAMGs: Apple Agrees to Store Cloud Data in China (W)
FAAMGS: French Court Throws Out Google’s $1.3 Billion Tax Bill (W)
Financials: Wells Fargo trims auto loans as market cools, risk overhaul kicks in (R)
Industrials: The Amazon Threat Has Its Limits for This Industrial (B)

Offbeat
WeWork Becomes World’s Fifth Most-Valuable Startup (B)

Jul 12 (Wednesday)

Markets
It Took the Market 30 Minutes to Digest Trump Jr. Email Drama (B)
Red-hot tech stocks could be derailed by the Fed (BI)

Funds
Top Emerging-Market ETF Hit by Record Outflow (W)
New funds bet on decline of bricks-and-mortar chains (FT)

Commodities & currencies
U.S. Cuts 2018 Crude Production Forecast Amid Lower Prices (B)
US oil exports forecast to top most in Opec by 2020 (FT)
Cryptocurrencies Are Getting Crushed (B)

Central banks
Fed’s Brainard Backs Balance-Sheet Runoff ‘Soon,’ Wary on Rates (B)
Fed’s Brainard sees low cap on interest rates (FT)
Dimon Says QE Unwind May Be More Disruptive Than You Think (B)
Canada Braces for Its First Rate Increase in Seven Years (W)

Europe
Dimon warns EU could force banks to move staff out of UK (FT)

China
Shoppers Can Buy Bad Debt on China’s Equivalent of Ebay (B)
Companies can no longer bank on the Chinese for funds (FT)

US politics
Senate Delays Recess, as GOP Plans to Keep Taxes on Wealthy in Health Bill (W)
Trump Looks to Wall Street for Fed Bank Regulator (W)
Email to Trump Jr. Says Clinton Info Was Part of Moscow’s Trump Support (W) | Emails
Here Are Trump Jr.’s Shifting Explanations for His Russia Meeting (B)
Who is the Russian lawyer who met Donald Trump Jr? (FT)
Trump Sued for Blocking Twitter Users (B)

Geopolitics & trade
Email to Trump Jr. Says Clinton Info Was Part of Moscow’s Trump Support (W)
China Gets Failing Grade on North Korea (W)
North Korea Missile Might Not Survive Re-Entry, Seoul Says (W)
The Canary in the Coal Mine for World Trade Is Taiwan Exports (B)

Industries & companies
Autos: Tesla Readies for Model 3 by Adding Repair Vans (W)
Consumer: PepsiCo makes healthy profit thanks to price rises (FT)
FAAMGs: Amazon Discounts Make Echo Speaker Best Seller on Prime Day (B)
FAAMGs: Paying Professors: Inside Google’s Influence Campaign (W)
FAAMGs: Facebook to Show Ads on Messenger (W)
Financials: Asset Management Revenue Falls in 2016 for First Time Since 2008 (B)
Media: Time Inc., Seeking Refresh, Explores Renaming Company (W)
Pharma: Pharma turns to big data to gauge patient care and pricing (FT)
Technology: China Is a Wild Card for Chip Stocks (W)
Technology: Snap downgraded by lead IPO underwriter as shares fall (FT)

Technology
The Next Job Humans Lose to Robots: Real Estate Appraiser (B)
House panel to unveil self-driving car legislation soon: aide (R)

Offbeat
Buffett’s Berkshire Moves Away From Stock Picking (W)

Jul 11 (Tuesday)

Markets
Traders are the most confident since the early days of the financial crisis — and that’s a huge red flag (BI)
Investors Beware: Bond Prices Are Threatening the Stock Market (W)
Oil Up? Oil Down? Blame the Algorithms (W)
Quant Funds That Chase Trends Are This Year’s Biggest Losers (B)

Central banks
Warning of BoJ battle to keep bond yields near zero (FT)
The Inflation Numbers Yellen Should Be Talking About (B)
What’s Holding Back Business Formation? (FRB-SF)

US
Working Past 70: Americans Can’t Seem to Retire (B)

Europe
French PM eyes tax cuts for the wealthy in 2018 (FT)

China
Chinese inflationary pressures steadied in June (BI)

Japan
Shinzo Abe approval slides after raft of scandals (FT)

US politics
Trump’s Massive Tax-Cut Plan Faces ‘Train Wreck’ of a Calendar (B)
Trump Jr. Met With Russian Claiming to Have Clinton Intel (W)

Geopolitics
U.S. Prepares to Act Alone Against North Korea (W)

Industries & companies
Autos: Red flags from the US car industry — in charts (FT)
Retail: Department Stores Are Starting to Discount Cosmetics (W)
Retail: New ETFs Bet Against the Shopping Mall by Shorting Traditional Retail Stores (B)

Corporate finance
Merger Monday Arrives in Asia With $19 Billion Flurry of Deals (B)
China’s Wanda is selling a chunk of its assets for $9.3 billion (BI)
Abercrombie Shares Dive 20% After Buyout Talks Stall (W)

Offbeat
Career of the Future: Robot Psychologist (W)

Jul 10 (Monday)

Markets
Stocks Threatened by Looming End of Low Rates (BR)
Stocks Gain Despite Talk of Easy Money Ending (BR)
Volatility flickers back to life in markets (FT)
Low Volatility Is Not Low Risk (BR)

Oil
Libya, Nigeria May Be Asked to Cap Oil Output Soon, Kuwait Says (B)

Funds
Smart beta funds on course to pass $1tn milestone (FT)
Goldman Sachs is worst-selling fund manager in 2017 (FT)

Central banks
Emerging market investors wary of taper talk (FT)
BOJ Draws Line in Sand But Faces Long Battle to Cap Bond Yields (B)
Weak Inflation Raises Questions About Traditional Model Linking Output and Prices (W)

US
Five Signs Point to Skill Shortages in the United States (B)

Europe
Why Germany’s current-account surplus is bad for the world economy (E)

Japan
An electoral defeat puts Japan’s prime minister on the back foot (E)
Foreigners Are Shoring Up Japan’s Shrinking Population (B)

China
China trade offers clues to N Korea economic health (FT)
China’s Army Turns on Charm With Weekend Shows (B)
China prepares fresh round of megamergers (FT)
China’s Cosco to Buy Orient Overseas (W)

US politics
New Hurdles for GOP Health Bill (W)
Health and tax overwhelm the Republicans (FT)
Mnuchin Dismisses Idea of 40 Percent Top Tax Rate for the Rich (B)
Trump Jr. Was Promised Damaging Info About Clinton: NYT (B)

Geopolitics
Trump’s America First Policy Proves to Be an Immovable Object at G-20 (W)
The World’s Learning How to Handle Donald Trump, but It’s Tricky (B)
Trump Says ‘Time to Move Forward’ With Russia After Putin Talks (W)
Trump and Xi Brush Aside North Korea Divide in ‘Excellent’ Meeting (B)
North Korea condemns US bombing exercises (FT)
Scared About North Korea? You Aren’t Scared Enough (B)
Containing Kim Jong Un (E)

Industries & companies
Energy: Plans for Offshore Wind Farms Face Headwinds in U.S. (W)
Financials: Big US banks’ profit forecasts take a fall (FT)
Retail: Tiffany Hunts for Path to ‘Cool’ (W)

Technology
Why Your Phone Will Be the Key to Future ATMs (W)
Tech battle to create the elevator of the future (FT)

Offbeat
How Do You Put a Price on Investment Research? (B)

Jul 08 (Saturday)

Markets
Cross-Asset Quants Are Facing Their Worst Losses in a Decade (B)
Top Bond Buyers Are Pivoting From Best Emerging-Market Picks (B)
Rosenberg: Fed Unwinding Balance Sheet Could Impact Stocks not Bonds (BI)

Commodities & currencies
Wall Street Cash Pumps Up Oil Production Even as Prices Sag (W)
When will the US fracking spree finally slow down? (FT)
Forget an IPO, ‘Coin Offerings’ Are New Road to Startup Riches (W)

Central banks
What Will ECB Tapering Look Like? (W)
Fed Says Post-Crisis Rules May Sap Bond-Market Liquidity (B)
Fed’s Powell calls for housing finance reform (FT) | Speech
Government Policy and Labor Productivity (Fischer, FRB)

US
U.S. Added 222,000 Jobs in June; Wages Inched Up (W)
Americans Lured Back to Workforce May Also Be Limiting Pay Gains (B)

Europe
Paris rolls out ‘red-white-and-blue carpet’ for banks (FT)

US politics
GOP Tax Overhaul’s Fate Rests on ‘Big Six’ Talks (W)

Geopolitics & terrorism
US pursues North Korea funds through global banks (FT)
South Korean Leader Says He’s Ready to Meet Kim Jong Un (W)
U.S. Bombers Fly Over South China Sea, Sparking Rebuke From Beijing (W)
Trump Raises Election Meddling in Two-Hour Meeting With Putin (B)
Russians Are Suspects in Nuclear Site Hackings, Sources Say (B)
U.S., Russia Reach Deal on Cease-Fire in Southwest Syria (W)

Industries & companies
Autos: Tesla Plans Giant Lithium-Battery System in Australia (W)
Autos: Tesla battery to provide power to 30,000 homes (W)
Autos: Tesla’s Stock Selloff Messes Up Musk’s Big Week (B)
FAAMGs: Apple Expands Bet on Cutting Edge Privacy Tech (W)
Utilities: Warren Buffett’s Berkshire Hathaway is buying an electric-utility giant for $9 billion (BI)

Technology
Amazon’s Alexa has gained 14,000 skills in the last year (BI)

Offbeat
Chernobyl Radioactive Zone May Get Giant French-Built Solar Park (B)
Penn Station’s Summer of Hell Arrives Monday. Don’t Get Scorched (B)
Lake: Julian Assange Joins Trump’s War on CNN (B)

Jul 07 (Friday)

Markets
Wall Street is boldly ignoring stock market history (BI)
Everything Is Awesome! Now Is the Time to Sell (W)
Charts Getting Ominous in S&P 500 as Selloff Shakes Foundations (B)
How Do Investors Price in Nuclear Armageddon? (B)

Credit, currencies, & commodities
Surge in German Bond Yields Triggers Fresh Rout in Global Debt (B)
Gundlach Sees More Pain for Bond Bulls (B)
The Daily Prophet: Blame the French for the Latest Selloff (B)
Emerging Currencies Are in the Bull’s-Eye as More Central Banks Signal Hikes (B)
Food Prices Near 2-Year High Thanks to a Record Surge in Butter and Wheat (B)

Central banks
ECB Considered Dropping a QE Guarantee at June Meeting (W)
ECB minutes stir debate over retreat from QE (FT)
Japan Shows Europe How to Quietly Pare Stimulus (W)

US
ADP Report Shows Job Gains Slowed in June (W)
It’s Boom Times for Recruiters After U.S. Job Market Tightens (B)
U.S. Trade Deficit Narrowed 2.3% in May (W)
Goldman Economists See Drug Epidemic Taking Toll on U.S. Economy (B)

US politics
Ted Cruz’s Plan to Save Republican Health-Care Bill Gains Traction (W)

Geopolitics & trade I
Trump Says West Must Defend Its Civilization (W)
Mattis Says U.S., North Korea Not Near War After ICBM Test (B)
U.S. to Give Diplomacy More Time to Resolve North Korea Threat (W)
The Global Web That Keeps North Korea Running (W)
Trump Is Right: China Could Press North Korea on Trade (W)

Geopolitics & trade II
Trump Says Russia Interfered in Election, But May Not Have Acted Alone (W)
The Kremlin is already seizing on Trump’s comments casting doubt that Russia meddled in the 2016 election (BI)
Mexico No Longer No. 1 Buyer of U.S. Corn After Trade Tensions (B)

Industries & companies
Autos: Tesla’s Value Drops $12 Billion Ahead of Model 3 Rollout (B)
Consumer: So Long, Hamburger Helper: America’s Venerable Food Brands Are Struggling (W)
Energy: Renewables Top Nukes in U.S. Power Mix for First Time Since 1984 (B)
Energy: Buffett’s Berkshire Nears Deal to Buy Electric-Grid Giant Oncor (W)
FAAMGs: Amazon, not Google, is the most popular starting point for Americans looking to buy products online (BI)
FAAMGs: Amazon and Dish Network: A Match in the Making? (W)
Hotels: Hilton Sees Room for Growth With Low-Price Brand (W)
Tech: Qualcomm calls for iPhone ban in Apple patent case (FT)

Corporate finance
QVC to Acquire Rival HSN for More Than $2 Billion (W)

Technology
Quantum Computers Compete for “Supremacy” (Scientific American)

Offbeat
Ritholtz: The World Is About to Change Even Faster (B)

Jul 06 (Thursday)

Markets
Signals show equities bull run may have more legs (FT)
Hotels, Cruise Lines, Casinos Among Top U.S. Stocks So Far This Year (W)
Bond sell-off fails to derail Fed’s QE unwinding plans (FT)

Oil
Bear Market for Oil Caused by ‘Fake News,’ Says Raymond James (B)
One of Oil’s Most Prominent Bulls Is Sounding Like a Pessimist (B)
Oil No Longer Has All Emerging Market Assets Over a Barrel (B)

Central banks
Fed Officials Ready to Start Shrinking Portfolio in Months (W)
Fed Eyes September Announcement on Balance-Sheet Reduction (W)
Fed Officials Divided on When to Begin Balance-Sheet Unwind (B)
Inside the Fed’s June Meeting: The Annotated Minutes (B)

US
Retail Apocalypse Can Lead to Suburban Renaissance (B)
U.S. Gas Slides to a 4-Month Low (B)

Europe
Eurozone Economy Picked Up Speed in Second Quarter (W)
EU approves Monte Paschi di Siena restructuring (FT)

Japan
Japan suffers record decline in population (FT)

Emerging
China to Hold High-Level Meeting Aimed at Streamlining Financial Regulation (W)
Iran needs more than the gas deal with Total (FT)
Venezuela’s Default Risk Is Rising (B)

US politics
Republicans bogged down in healthcare quagmire (FT)

Geopolitics & trade
U.S. Warns North Korea It’s Ready for War if Provoked (W)
US options narrow on North Korea military action (FT)
Saudi Bloc Slams Qatar ‘Complacency’ Over Gulf Crisis Demands (B)
Global Trade Rebounds Despite Trump’s Protectionist Threats (B)
EU strikes free trade deal with Japan (FT)

Industries & companies
Autos: Volvo to Switch to Electric, in First for Major Auto Firm (W)
Autos: Tesla Sales Fall Flat, Clouding Outlook for Musk’s Bold Targets (B)
FAAMGs: Google’s Record Fine Is Only the Start From the EU (B)

Corporate finance
Many Startups Remain IPO Holdouts (W)
China’s HNA Discovers the Struggles of U.S. Dealmaking (W)

Offbeat
MSNBC’s ‘Morning Joe’ Sets Viewership Record After Trump Tweets (B)
After Penn Station ‘Summer of Hell,’ More Delays, Disruption Expected (W)
In China, Videogames Will Now Start Limiting Screen Time for You (W)

Jul 05 (Wednesday)

US markets
Global Stocks Retreat as Investors Question Tech’s Dominance (W)
Market’s Euphoric Turn May Point to End of Bull Run, BofA Says (B)
How a Glitch Made It Look as If Apple Lost $104 Billion in Market Value (W)

Global markets
Big U.S. Funds Aren’t Buying the European Recovery Story (W)
Two Decades After Crisis, These Three Asia Markets Are Still Down (B)
El-Erian Says Bet on Emerging Markets Due to Better Valuations (B)

Oil
U.S. Oil Prices Rise Again, in Longest Streak of Gains in Nearly 8 Years (W)
OPEC’s Output Rose to the Highest This Year (B)

Central banks
Fed Eyes September Announcement on Balance-Sheet Reduction (W)
‘Regime Change’ at BOJ Would Boost Confidence, Says Abe Adviser (B)

US
Manufacturing Pickup Signals Boost to U.S. Economic Growth (B)
U.S. Auto Sales Fall as Fewer Vehicles Go to Rental Chains (W)
SUVs Save the Day Again in June as U.S. Car Demand Languishes (B)
Ill-funded Police Pensions Put Cities in a Bind (W)
Illinois Rushes to Enact Budget to Avoid Junk Rating (B)

Europe
Merkel team trumpets ‘best Germany’ ever at manifesto launch (FT)
Macron Calls for Changes to France’s Parliament, Voting (W)

China
China’s $162 Billion of Dealmaker Debt Raises Alarm (B)
China Robots Displace Workers as Wage Spiral Pressures Profits (BW)

Japan
Japanese Manufacturers Are Bullish, Survey Says (W)

Geopolitics
North Korea Missile Launch Threatens U.S. Strategy in Asia (W)
Trump phones Xi as US-China friction grows (FT)
China, Germany Step Up as U.S. Retires From World Leadership (B)
Qatar Responds to Saudi Bloc Demands as Trump Works Phones (B)

Industries & companies
Autos: Tesla Sales Rise (W)
Autos: Tesla’s Model 3 Hits Production This Week (N)
Energy: Total Plows Into Iran, Leaving Shell, BP on Sidelines (W)
Energy: GE’s Oilfield Giant Is Ready to Prosper, If the Crude Recovery Cooperates (B)
FAAMGs: Apple Tests 3-D Face Scanning to Unlock Next iPhone (B)
FAAMGs: Microsoft Shuffles Sales, Marketing to Focus on Cloud, AI (B)
Financials: J.P. Morgan’s Worldpay Move Signals Loosened Curbs on Banks (W)

Offbeat
How the iPhone Built a City in China (W)

Jul 03 (Monday)

Markets
Second quarter ends with fierce rotation away from tech stocks (FT)
Oil Enters Bear Market as Investors Lose Faith in OPEC’s Cuts (W)

Credit
Bond sell-off fails to derail Fed unwinding plans for QE (FT)
Surprise! High-Yield Bonds Are Still Holding Up (BR)

Funds
Beware Too-Clever ETFs (BR)
Are Trendy New Robot Funds Making Suckers of Us All? (B)

Central banks
Will more central banks shift policy towards tightening? (FT)

US
New Jersey, Maine Shut Down Governments Amid Budget Impasses (W)
Illinois Lawmakers Work Through Weekend on Budget (W)
Judge Orders Illinois to Start Paying Medicaid Backlog (B)
America’s urban-rural divides (E)
Middle-Class Medicaid (BR)

Europe
Is Europe’s framework for resolving banks broken? (E)
EU considers tough new competition powers (FT)

Emerging
Asia Can Power Through Another Financial Crisis (B)
Reasons You Shouldn’t Worry About Money Flowing Out of China (B)
Latin America: Bad Headlines, Good Bets (BR)
Brazil’s president is charged with bribery (E)

US politics
Trump Tweets a Video of Him Wrestling ‘CNN’ to the Ground (N)
Trump’s CNN smackdown opens new front in media war (FT)
To Comprehend Trump, Read This (B)
Trump Joins Fray Over Request for Voter Records (W)

Geopolitics & trade
Xi, Abe to Get Calls From Trump as North Asia Tensions Rise (B)
China’s Xi Jinping Warns of ‘Red Line’ as Hong Kong’s New Leader Is Sworn In (W)
U.S. Navy Sends Warship Near Disputed South China Sea Island (B)
EU, Japan Push Toward Trade Deal (W)
City delegation to press Brussels for free-trade deal (FT)

Cybersecurity
Blinded by Cyberattack, Shipping Giant Maersk Slowly Restarts Operations (W)

Industries & companies
Energy: Iran to sign $4.8bn gas deal with Total (FT)
Chemicals: From Oil Gushers to Golf Balls: Saudi Aramco Bets on Chemicals (B)
FAAMGs: Amazon’s Land Grab for Its Growing Grocery Empire (BR)
Pharma: Shortages of Simple Drugs Thwart Treatments (W)

Corporate finance
A Surge of Dealmaking Ahead for Cable, Wireless (BR)

Technology
Beyond Bitcoin: How Blockchain Is Changing Banking (BR)
3D printers will change manufacturing (E)

Offbeat
Fake news: you ain’t seen nothing yet (E)

Jul 01 (Saturday)

Markets
Stocks Notch Strong First Half, but Some Fear What’s Ahead (W)
Volatility Might Be Awakening From a Coma, But It’s Still Groggy (B)
Latest Salvo in the Active-Passive War: Stock-Bond Correlations Are Gone (B)
Small Companies Are Gone, but Should They be Forgotten? (W)
Taper Tantrum II lacks summer blockbuster status (FT)

Commodities & currencies
Shale Boom Falters as Oil Lingers Near $45 on Stubborn Glut (B)
Iron ore is suddenly in a bull market (BI)
The dollar just had its worst quarter in years, and that’s exactly what Trump wants (BI)
The 45-Millisecond Ether Flash Crash Prompts Search for Remedies (B)

Funds
The Tech Selloff Couldn’t Come at a Worse Time for These Funds (B)

Central banks
How central bankers rattled global markets (FT)
Eurozone Inflation Falls Again in Setback for ECB (W)
ECB Official Urges Bank to Prepare to Return to ‘Normal’ Policy (W)
Atlanta Fed Taylor Rule Utility Updated (FRB-ATL)

US
GDPNow model forecast for real GDP growth Q2’17  is 2.7%, down from 2.9% (FRB-ATL)
Inflation Eases for Third Consecutive Month (W)
Tepid U.S. Consumer Spending Keeps Economic Rebound On Track (B)
Economy Is Losing a Big Booster (W)
Illinois Moves Toward Budget but Warns of Deadline Miss (W)
The Deficit Picture Darkens (B)

Europe
Europe’s Car-Leasing Boom Sets Off Alarm Bells (B)
EU’s Juncker Cautions That Far Right Sentiments Remain (W)

Japan
Don’t look now, but inflationary pressures are building in Japan (BI)

Emerging
China’s economy continued to produce the goods in June (BI)
India Rolls Out Massive Tax Reform, Businesses Brace for Chaos (B)

US politics
Senate GOP Leaders Aim for New Health Plan in Two Weeks (B)
GOP Operative Sought Clinton Emails From Hackers, Implied a Connection to Flynn (W)
Trump’s Travel Ban Takes Effect, Setting Strict Entry Limits (W)

Geopolitics & terrorism
Trump’s considering a tariff that could put the economy on a path to ‘global recession’ (BI)
Trump and Moon Assert Unity on North Korea (W)
N Korea threat tests US faith in missile defences (FT)
China lashes out at US over Taiwan arms deal (FT)
U.S. to Sanction Chinese Bank Over North Korea Financing (W)
No Thaw Likely at Trump-Putin Meeting (W)
U.K. to Start U.S. Trade Talks on July 24 in Early Brexit Test (B)

Cybersecurity
Russia Threatens Retaliation If Pentagon Bans Kaspersky Software (B)
Cyberattack Launched for Pain, Not Profit, Experts Say (W)

Industries & companies
FAAMGs: Google’s Main Strategy Is Under Threat From EU (W)
FAAMGs: Brussels sets stage for more battles with Silicon Valley (FT)
FAAMGs: Microsoft Is Planning Sales Reorganization Focused on Cloud (B)
Financials: Buffett Is About to Make $12 Billion on His Bank of America Bet (B)
Pharma: Bayer shares slide as it warns on profits (FT)
Retail: Nike Confirms Partnership With Amazon (W)
Retail: ‘Spider-Man:’ A $175 Million Commercial for Disney Toys (W)

Corporate finance
The SEC is going to start letting any company file in secret for an IPO (BI)

Offbeat
Inside the Push to Reclaim a Texas School’s Gold Stash (W)