Dr. Ed's Blog

May 26 (Friday)

Markets
Wall Street Signals Bond Yields to Stay Lower, Fed Hikes or Not (B)
US energy junk bonds shine as equity investors suffer in 2017 (FT)
Vanguard takes tilt at fast-growing Chinese market (FT)
Machine learning set to shake up equity hedge funds (FT)

Oil
OPEC Leaves Market Guessing on Exit Strategy After Historic Pact (B)
OPEC Extends Oil Output Cuts but Glut Fears Persist (W)
The Daily Prophet: OPEC Flexes Its Muscles And No One Cares (B)

Central banks
How the Fed plans to unwind massive market stimulus (FT)
Moodys China Downgrade and Federal Reserve Impact (BI)
China Hitches Yuan to the Dollar, Buying Rare Calm (W)
China’s Monetary Turbocharger Is Running at an All-Time High (B)
Some Reflections on Japanese Monetary Policy (Bernanke Lecture, BOJ)

US
Millennials Want to Buy Homes but Aren’t Saving Up (W)
Luxury Homes in Manhattan Are Finally Getting Cheaper (B)
Counting on Student Loan Forgiveness? Don’t Bet on It (B)

Europe
Le Pen Wavers on Euro as Parliamentary Election Looms (W)

China
Chinese Money Funneled to Far-Flung Homes Heralds Bubble Trouble (B)

Emerging
Tigers, Tiger Cubs and Economic Growth (FRB-SL)
South Korean Consumer Confidence Soars on Moon Election Victory (B)
S Korea’s zombie companies an ‘economic powder keg’ (FT)
One Thing Modi Hasn’t Brought: Jobs (B)
Saudi Aramco Struggles to Disengage From Royal Family’s Whims (W)
Nigeria moves closer to overhaul of oil sector (FT)

US politics
Trump Officials Offer Differing Views on Tax Plan (W)
`Mnuchin Rule’ Against Wealthy Tax Cuts Comes Back to Bite Him (B)
Senate Weighs Health-Law Rewrite Pushing Obamacare Repeal to 2020 (B)
Private money might save Trump’s infrastructure plans (FT)
Court Won’t Restore Trump’s Travel Ban (W)
Sessions Says DOJ Will Seek Supreme Court Review of Travel Ban (B)

Geopolitics & terrorism
Trump Rolls Into Awkward First G-7 Summit With Echoes of Reagan (B)
Trump Omission in NATO Comments Rankles European Allies (W)
As Trump Meets NATO, Obama Tells Berlin ‘We Can’t Hide Behind a Wall’ (W)
Trump Tells NATO to Pay Up for Military (W)
Trump fails to endorse Nato mutual defence (FT)
Manchester Leaks Prompt Trump to Call for Probe (W)

Industries & companies
Autos: GM Sued by Diesel Truck Owners Over Emissions (W)
Energy: Activist Investor’s Pressure Builds on BHP Over Energy (W)
Financials: Banks Want to Raise Debit-Card Swipe Fees. Republicans Say No (B)
Retail: Best Buy Defies Retail Doldrums With Higher Sales (W)
Retail: Sears Jumps After Posting First Quarterly Profit Since 2015 (B)
Tech: FAANGtastic Five pull tech into bubble territory (FT)
Tech: Lyft Courts Uber’s High-End Clientele With Black Car Service (B)

Corporate finance
Tech Startups Are Infatuated With Not-IPOs (B)

Offbeat
Trump and Macron Display White-Knuckle Diplomacy (W)
Zuckerberg Asks Harvard Grads to Fight Isolationism, Nationalism (B)
‘Smartphone addiction’ seems to only be getting stronger (BI)

May 25 (Thursday)

Markets
U.S. Stocks Climb as Fed Hints at June Rate Increase (W)
Why Earnings Have Investors Feeling So Happy (W)
China’s Stocks, Yuan Erase Losses Triggered by Moody’s Downgrade (B)
S&P’s Famous FANG Trade Has Nothing on Chinese Four-Stock Frenzy (B)

Bonds
China’s downgrade reaction jars with bond market move (FT)
The Bond Market Bodes Badly for the Euro’s Eye-Watering Surge (B)
Illinois Bonds an Opportunity for ‘Bold’ Investors, Citi Says (B)

Funds
Fiduciary Rule: What’s Next for Investors, Brokers (W)
ETF providers float idea of setting up their own market indices (FT)
This Old School Hedge Fund Is Going Quant (W)

Oil
OPEC Committee Recommends Nine-Month Oil Cuts Extension (B)
How American Shale Drillers Flipped OPEC’s Script (W)

Central banks
Fed Minutes Signal Officials Ready to Raise Rates Soon (W) | Minutes
Most Fed Officials Saw Tightening ‘Soon,’ Favored Unwind Plan (B)
ECB Leadership Doubles Down on Guidance as June Meeting Nears (B)

Global
World Trade Flows Suggest Strong Economic Growth This Year (W)

US
Home Sales Slip amid Housing Shortage (W)
San Francisco Goes From First to Worst in U.S. Home-Price Gauge (B)

China
China Hit by First Moody’s Downgrade Since 1989 on Debt Risk (B)
China’s Downgrade Could Lead to a Mountain of Debt (B)
Shanghai’s Financial Center Was a Swamp Last Time Moody’s Cut China’s Rating (B)

Emerging
Brazilian Ministry Building Set on Fire as Protests Turn Violent (B)
Indian disruption offers promise and threats for investors (FT)

US politics
Mnuchin Urges Congress to Raise U.S. Debt Limit by August Recess (B)
Ryan Rejects Trump’s Branding of Comey as ‘Nut Job’ (B)
Trump’s Go-To Lawyer Kasowitz: A Pit Bull Loyal to the Boss (B)
Democrats Ask Deutsche Bank to Produce Documents on Trump Family Loans (B)

Geopolitics & terrorism
U.S. Plans Military Boost for NATO (W)
U.K. Police Probe ‘Network’ Linked to Manchester Attack (W)
Father and Brother of Manchester Bomber Arrested in Libya (B)
Get Ready to Unpack for Airport Security (W)
TSA Will Heighten Electronics Screening at Test Airports in U.S. (B)

Cybersecurity
In Modern Cyber War, the Spies Can Become Targets, Too (W)

Industries & companies
Health Care: Another Insurer Leaves Missouri’s Affordable Care Act Exchange (W)
Industrials: GE Chief Adds Some Caution to 2018 Profit Goal (W)
Materials: US steel industry says imports threaten security (FT)
Materials: Glencore keen to bulk up in agricultural trading (FT)
Retail: J.Crew Boss Mickey Drexler Confesses: I Didn’t Get the Web (W)
Retail: Cerberus, American Eagle Work on Abercrombie Bid (W)
Tech: IBM fights to keep up with rivals in the cloud (FT)

Technology
Man vs. Machine: Google Takes on China’s Go Champion, but Fans Are Blocked From Watching (W)
China’s DJI Unveils $499 Drone That Flies From Palm of Your Hand (B)
Robo-Advisers Battle Wall Street for Rich Investors (B)
Cryptocurrency Mania Goes Beyond Bitcoin (B)

Offbeat
So Much for IBM’s Bright Idea on Remote Work (B)
Toronto Homeowners Are Suddenly in a Rush to Sell (B)

May 24 (Wednesday)

Markets
US investors warm up to Europe but are not yet convinced (FT)
Why investors downplay US debt binge risks (FT)

Commodities & currencies
OPEC’s Worst Cheater Will Get Harder to Ignore as Curbs Falter (B)
White House wants to sell half of the US’ strategic petroleum reserves (BI)
Euro enjoys renaissance as investors pivot to continent (FT)
Euro retreats from 6-month high against dollar (FT)

Funds
Investors Just Pulled the Most Cash From Small Caps in a Decade (B)
Goldman Sachs says these 14 VIP stocks matter most to hedge funds (BI)
Japan Post Bank ramps up push into alternatives (P&I)
Stock investors are making a killing chasing smart money (BI)
Religious ETFs Are About to Hit the Bond Market (B)

Central banks
Investors keen to hear Federal Reserve balance sheet details (FT)
‘Still a Question Mark’ Around Full Employment, Fed’s Brainard Says (W)
How will Fed react to Trump’s pump priming? (Brookings)

US
U.S. New-Home Sales Fell More Than Expected in April (W)
America’s Cities Are Running Out of Room (B)
What we know and don’t know about declining labor force participation: A review (Brookings)
New analysis turns up surprise on long-term wage trends (Brookings)
Less-Educated Workers Face Erratic Schedules, Unpredictable Incomes (W)
Mall Troubles Threaten a Rite of Passage: The Teen Job (W)
Americans Are Taking More Paid Vacation Days (B)

Europe
Eurozone growth holds steady at six-year high in May (Markit)
Eurozone economic recovery gathers pace (FT)
IMF and eurozone explore cash lifeline for Greece (FT)

Emerging
India may be more populous than China, research suggests (FT)
Big Brother Comes for Foreign Firms in China (W)
How to Earn Millions in China’s App Economy (B)

US politics I
Donald Trump’s Balanced Budget Goal Rests on Questionable Math (W)
Trump, White House 2018 fiscal-year budget, Mick Mulvaney call (BI)
Trump’s 3% Growth Target Looks Out of Reach (W)
Trump’s $575 Billion Defense Budget Delays Promised Buildup (B)
Trump’s Budget Bites Deeply Into Programs Benefiting His Voters (B)
Trump’s Budget Seeks Fraction of U.S.-Mexico Border-Wall Cost (B)

US politics II
Mnuchin Says No Guarantee Tax Reform Won’t Benefit the Rich (B)
House GOP Tries to Keep Border-Adjusted Tax Alive (W)
Democrats Find Numbers Don’t Mean Much for Them in State Senate (W)
White House Seeks Delay in Suit Over Health Law Subsidies (W)
Jeff Sessions Defines ‘Sanctuary Cities’ Narrowly, Sidestepping Fight (W)
Former CIA Chief Brennan Says Russians Were in Contact With Trump Campaign Associates (W)

Industries & companies
Financials: Dwindling numbers in the financial industry (Brookings)
Materials: Glencore Makes Takeover Approach to U.S. Grain Trader Bunge (B)
Retail: AutoZone Joins Retailers Stifled by U.S. Tax Refund Delays (B)
Retail: The Future of Whole Foods Isn’t About Groceries (B)
Retail: Target to Pay $18.5 Million to Settle Massive 2013 Data Breach (W)
Tech: Google vs. Uber: How One Engineer Sparked a War (W)
Telecom: AT&T’s Vision of TV: ‘Game of Thrones’ in Mobile-Size Bites? (W)

Geopolitics & terrorism
China, EU and Canada Form Climate Pact as Trump Stands Alone (B)
Suicide Bomber Kills 22, Including Children, at Ariana Grande Concert in Manchester (W)
Security to Tighten in U.S. Cities After Manchester Bombing (W)

Technology
Alexa’s New Avatar: Financial Adviser (W)
Fidelity is allowing clients to see digital currencies on its website (BI)
Google’s Waymo could eventually be a $70 billion company (BI)
Ford is no longer a car company (BI)
Driverless cars inspire a new gold rush in California (FT)
Insurance: Where Humans Still Rule Over Machines (W)

Offbeat
Longest-Serving James Bond Star Roger Moore Dies at 89 (W)

May 23 (Tuesday)

Markets
Wall Street gains as defense, tech stocks rise (R)
Stockpickers, It’s Time to Bring Back the Pre-Trump Playbook (W)
Bond Bulls Get the Most Hedge-Fund Support Since 2007 (B)

Funds
The Quants Run Wall Street Now (W)
Low Volatility Raises Paranoia Over Leverage in the Quant Fund World (B)
Only Robots Can Tally What the Largest U.S. Pension Fund Pays in Fees (W)
SoftBank fund now world’s biggest private equity fund with $93 billion (BI)

Central banks
Here’s Why the Fed Will Stay Central to Markets [Balance Sheet] (W)
Economic Research | Reserve Requirements as a Chinese Macro Policy Tool (FRB-SF)

Global
Economic Growth in Developed Countries Slows, Says OECD (W) | Report
The global economy is looking OK, based on Japan’s latest trade report (BI)

US
Investment, Hiring Plans Show Rising U.S. Business Optimism (B)
Hard Data, Soft Data and Forecasting (FRB-SL)
Why Millennials Are (Partly) to Blame for the Housing Shortage (W)
Baby boomers are making it harder for millennials to buy homes (BI)
America’s Cities Are Running Out of Room (B)
The Future Of Work For People 50+ Will Surprise You (F)
Another reason workers are so stressed? The slow death of Summer Fridays (MW)

Europe
Hope for Italy with Monte dei Paschi rescue deal now close (FT)

Emerging
Brazilian President Temer: ‘I won’t resign. Oust me if you want’ (R)
China’s Bond-Yield Curve Gets Bent Out of Shape (W)

US politics
Trump signs massive $110 billion deal with Saudi Arabia that focuses on defense (BI)
White House to Roll Out Trump’s First Budget Proposal With Little Fanfare (W)
Mike Flynn Won’t Comply With Senate Subpoena in Russia Probe (W)
Trump Hints at Israel Role in Spy Data He Shared With Russians (B)
Sen. McCain Softens ‘Watergate’ Statement on Trump Administration Turmoil (W)

Industries & companies
Autos: Ford Replaces CEO Mark Fields With Jim Hackett Amid Pressure on Profit (W)
Chemicals: Huntsman and Clariant are joining forces to create a $14 billion chemical behemoth (BI)
Financials: Morgan Stanley on paradigm shift in financial technology (BI)
Health Care: Delay on Obamacare Subsidy Decision Leaves Insurers in Limbo (B)
Media: Remember ‘Avatar’? Disney Hopes So With Big Bet on Theme Park (W)
Telecom: S&P may disconnect the telecom services sector index (R)

Geopolitics
Trump Meets With Israeli Leader in Bid to Revive Peace Process (W)
New Russia claims cloud Trump’s first foreign trip (FT)

Offbeat
The most important finance books (BI)
5 Good Summer Reads (Gates notes)
Fox News Faces Three New Employee Discrimination Lawsuits (B)

May 22 (Monday)

Markets
Stocks don’t need the Trump bump anymore (BI)
Goldilocks Is in the House (BR)
Bond Buyers Forgive and Forget, Flock Back to Online Lenders’ Debt (W)
Gundlach [EM] Trade Comes With a Sell-By Date (B)
Argentina Rises As Brazil Sinks (BR)

Oil
Saudis See All ‘on Board’ to Extend Oil Cuts for Nine Months (B)
Saudi Arabia and Russia Are at Odds on Almost Everything, Except Oil (B)
The markets frustrate OPEC’s efforts to push up oil prices (E)
OPEC Needs Shock and Awe to Drain the Glut (B)

Funds
Fear These ETFs, Not the Volatility (BR)
Blackstone Unveils $100 Billion Ambition for Infrastructure (B)
SoftBank’s Son Chases Boyhood Dreams With $100 Billion [Tech] Fund (B)

Central banks
Here’s the ECB’s `Strong Logic’ for Ending QE Before Rates Rise (B)

US
Economists are puzzled about why incomes aren’t rising (BI)
U.S. Infrastructure Shows Signs of Improvement (W)
US Hispanics: Too scared to spend (FT)
How Cell-Phone Plans With Unlimited Data Limited Inflation (W)

Europe
Taking Eurozone Growth Seriously (Jim O’Neill, Project Syndicate)
Spain’s Socialist primary is a battle for the left’s future (E)
Athens calls on creditors to strike a deal (FT)

China
Nine Stocks to Play China’s New Silk Road (BR)

Emerging
Pressure Mounts on Temer as Brazil Lawyers Vote for Impeachment (B)
Political Crisis Grips Brazil as Firm Admits to Bribing Nation’s Leaders (W)

US politics
Week of chaos leaves Trump’s party hoping for a break (FT)
Fired FBI Director James Comey to Testify in Public (W)
The 205 Open Jobs at Justice (W)

Geopolitics & cybersecurity
North Korea Tests Another Missile in Latest Kim Provocation (B)
James Mattis says a military solution in North Korea will ‘be tragic on an unbelievable scale’ (R)
Philippines’ Duterte Says Chinese Leader Raised Threat of War Over South China Sea (W)
U.S., Saudi Arabia Expect Deals, Investments Worth $300 Billion (W)
Trump set to conclude $10bn Saudi arms sale (FT)
Trump Dials Back Islam Critique After Inking Saudi Mega-Deals (B)
All IT Jobs Are Cybersecurity Jobs Now (W)

Industries & companies
Autos: Subaru Considers Electric Versions of Its Cars to Leverage Brand (B)
Financials: Insurers get a new global accounting regime (E)
Materials: BHP reconsiders its foray into US shale (E)
Retail: 5 Retailers That Can Survive Amazon (BR)
Tech: Impinj and Everspin Could Be the Next Big Thing (BR)
Tech: SK Hynix, Bain to Join in Bid for Toshiba Chip Business (W)

Technology
Video: The Silicon Valley Startup Creating Robot DNA (B)

Offbeat
Here are some videos of Trump and his cabinet members awkwardly dancing with swords in Saudi Arabia (BI)
Who’s in Charge of Outer Space? (W)
For Business School Naming Rights, the Price Is Only Going Up (B)

May 20 (Saturday)

Markets
Trump woes no match for the ‘Buy the Dip’ mindset (FT)
Stocks Higher, Wiping Out Most of Midweek Tumble (W)
Europe Inc. Sprints Ahead of U.S. (W)
Mutual Funds Get Crushed by Brazil (B)
The Political Crisis Isn’t Stopping Brazil Bulls (B)

Currencies & commodities
Dollar suffers worst week in year on Trump jitters (FT)
Real leads emerging market currencies rebound (FT)
Oil Climbs Above $50 as OPEC Expected to Prolong Curbs Next Week (B)

Global
Global Expansion Is in Sync, Even If Everything Else Is in Chaos (B)

US
U.S. Household Financial Health Improved in Recent Years (W)
The Share of Foreign-Born Workers in the U.S. Labor Force Reaches a New High (W)
Unemployment in the U.S. Is Falling, So Why Isn’t Pay Rising? (B)
Americans Are Paying $38 to Collect $1 of Student Debt (B)

Europe
Monte Paschi Bailout Plan Faces ECB Pushback on Capital Concerns (B)
Spain’s Socialists prepare to choose new leader (FT)

China
China faces ‘acid test’ over credit bubble (FT)

US politics
Trump Aims to Balance Budget (W)
Trump Pushes Back As Russia Probe Expands (W)
Rosenstein Defends Memo Condemning Comey Before Trump Fired Him (B)
Federalism for the Left and the Right (W)
Impeaching Trump is more a political question (FT)
Trump’s crisis launches a thousand Watergate references (FT)
Donovan Withdraws as Nominee for U.S. Treasury Deputy Secretary (B)
US looks at extending laptop ban to all flights (FT)

Geopolitics & terrorism
With Mideast Trip, Trump Shifts to Global Relations (W)
What is at stake as Iranians pick next president? (FT)
Trump Ordered Changes to ‘Annihilate’ Islamic State, Mattis Says (B)
China and South Korea Try to Ease Missile Tensions (W)
U.S. Examines Russia’s Grip on Citgo Assets (W)

Industries & companies
Financials: The Trump administration just handed Wall Street some great news (BI)
Tech: Tech Sector Is Seeing Its Biggest Annual Inflows in 15 Years, BofA Says (B)
Tech: This is the age of the Microsoft and Amazon economy (FT)

Corporate finance
How SoftBank and Saudi Arabia Settled Their Differences to Birth the World’s Biggest Tech Fund (W)
Bain makes $10bn bid for Toshiba’s chip business (FT)
Facebook Slapped With EU Fine Over WhatsApp Deal (W)

Offbeat
David Blitzer: The Stock Picker Behind the S&P 500 (W)
Florida’s Bone Dry and Burning While Rest of U.S. Is Soaking Wet (B)
Americans Die When They Have to Work at Being Healthy (B)

May 19 (Friday)

Markets
Investors face the ‘buy the dip’ dilemma (FT)
Passive’s aggressive march poses thorny questions (FT)
Jim Chanos Says Markets Hope Pence Replaces Trump as President (B)
It May Be Time for Markets to Worry About North Korea (B)

Currencies
Citigroup Says It’s Time to Sell the Dollar for the Summer (B)

Central banks
ECB Wary of Repeat of Fed’s ‘Taper Tantrum’ (W)

US
Conference Board’s Leading Economic Indicators Index Rises (W)
U.S. jobless claims fall; continuing claims at 28-1/2-year low (R)

Japan
Japan scores longest growth run in a decade (FT)
Japan Has What Trump Wants: Manufacturers Driving Growth (W)

Emerging
China’s Demographic Time Bomb Continues to Tick (B)
EM hit as Brazil bears brunt of investor unease (FT)
Brazil Markets Sink, Triggering Circuit Breaker on Fresh Crisis (B)
Brazil Graft Probe Targets President, Markets Drop Amid Impeachment Talk (W)
Brazil president taped discussing pay-off for witness in graft probe: O Globo (R)
Mexico Unexpectedly Raises Rate to Avoid Inflation Spreading (B)
Rebellion in Venezuela: 43 Dead in 44 Days of Relentless Protest (B)

US politics I
Trump Claims He Is Victim of ‘Greatest Witch Hunt’ in U.S. (W)
Trump’s campaign had at least 18 undisclosed conversations with Russian officials (BI)
Trump Denies Asking Comey to Drop Flynn Investigation (B)
FBI’s Russia Probe Gains Credibility With Mueller In Charge (B)
Special Counsel Can Examine Trump From All Angles (B)
Lake: The Special Counsel Who Might Save Trump (B)
Talking Impeachment Is Easy. History Shows Why Impeachment Is Hard (W)
Could Donald Trump really be impeached? (FT)

US politics II          
Republicans worry Trump scandals may doom legislative agenda (R)
GOP’s Path to Tax Changes Slowed by Upcoming Budget Fight (W)
Mnuchin to Review Request to Provide List of Trump’s Business Contacts (W)
Mnuchin Warns Some Partnerships and LLCs Won’t Get Tax Break (B)
House May Be Forced to Vote Again on GOP’s Obamacare Repeal Bill (B)
Immigration Arrests Rose Sharply in Trump’s First 100 Days (W)

Geopolitics & terrorism
Trump Imposes Iran Missile Sanctions and Keeps Nuclear Deal (B)
Trump willing to try engagement with North Korea, on conditions: Seoul (R)
U.S. Plans to Start Nafta Talks (W)
NATO Mulls Arctic and Atlantic Command to Counter Russia (W)
Israeli Source Seen as Key to Countering ISIS Threat (W)

Cybersecurity
The Global Hack Could Have Been Much, Much Worse (B)

Industries & companies
Autos: Mercedes just made a huge play that could threaten Tesla’s home battery business (BI)
Financials: Trump’s Glass-Steagall Won’t Be as Tough as Banks Fear (W)
Media: Facebook makes biggest pitch yet for taking on TV (FT)
Media: FCC Votes to Scale Down Net Neutrality Rules (W)
Retail: Walmart just proved it’s immune to the retail apocalypse (BI)
Retail: Walmart reports surge in online sales (FT)
Retail: Ralph Lauren sales, profit beat as it reins in discounts (R)
Tech: Salesforce Lifts Its Outlook (W)
Tech: IBM Orders Its Remote Workers Back Into the Office (W)
Wireless: T-Mobile Calls Sprint Most Logical Partner as Deal Talk Heats Up (B)

Technology
Third Point Deploys AI, Big Data With Half Dozen Quants (B)
Google puts artificial intelligence centre stage (FT)
How Uber and Waymo Ended Up Rivals in the Race for Driverless Cars (N)

Offbeat
Roger Ailes, Founder of Murdoch’s Fox News Channel, Dies at 77 (B)

May 18 (Thursday)

Markets
Critical Question for Stocks Is How Much Trump Bump Baked In (B)
Washington Tumult Hits Stocks, Drags on Dollar (W)
Trump stimulus doubts buoy US muni bonds (FT)
Chinese Stocks Are Finding Favor, as Long as You’re Not in China (B)

ETFs
Harvard, Yale, Stanford Make Big Bets on Exchange-Traded Funds (B)
Blackrock Says Some ETF Investors Are Making This Classic Mistake (B)
Quadruple-Levered ETF? SEC Hits Pause on Its Approval of an Exotic Investment (W)
Active and Passive: Complementary, Not Competing, Strategies (P&I)

Currencies
Move Over Dollar, the Euro Is in the Driver’s Seat (W)
White House noise proves distracting for dollar investors (FT)
China Investors Aren’t Buying Central Bank’s Yuan Fix (W)

Central banks
Fed’s Rate-Hike Odds Tumble After Washington Chaos Hits Bond Market (B)
Full Employment Poses Tough Choices for Trump, Fed (W)
Bernanke Says Economy Nearing Capacity With Jobless Rate Low (B)
Benoît Cœuré: Dissecting the yield curve – central bank perspective (BIS)

US
U.S. Household Debts Hit Record High in First Quarter (W)
Household Debt Reaches New Peak Driven by Gains in Mortgage, Auto, and Student Debt (FRB-NY)
Household Borrowing in Historical Perspective (FRB-NY)
Banks Tighten Auto Lending as More Borrowers Fall Into Default (B)
Auto Loan Borrowers May Be Gaming Their Credit Scores, UBS Says (B)
Buyers With Excellent Credit Are Getting the Lion’s Share of U.S. Mortgages (B)
Where Jobs Have Yet to Recover Since the Recession (W)

Europe
Macron Names Bruno Le Maire Economy Minister (W)

China
Topic: Belt and Road Initiative (SCMP)
Trump Trade Reboot Spurs U.S. Push by China Investment Corp (W)

US politics
Wall Street Loses Faith in GOP Tax Cut Promise Amid Trump Chaos (B)
Paul Ryan pledges to advance tax cuts amid the Trump bombshells (BI)
Trump Asked Comey to End Flynn Probe: Memo (W)
Congress Seeks Comey Testimony After Russia Turmoil Engulfs Trump (B)
Trump defends sharing terrorism ‘facts’ with Russia (FT)
Putin Dismisses Accusation That Trump Shared Secrets (W)
Russian State-Run Bank Financed Deal Involving Trump Hotel Partner (W)
Billionaire Zell Says Trump ‘Cacophony’ Doesn’t Make Him Unfit (B)
Ivanka Trump Criticized Over Chinese Factories Allegedly Paying $1 an Hour (B)
Everything You Need to Know About Impeachment (B)

Geopolitics & trade
Five Times Trump’s Foreign Policy Milestones Have Been Overshadowed By Other Events (W)
Trump Rules Out Moving Israel Embassy to Jerusalem for Now (B)
Trump Administration Weighs Adding Currency Rules to Nafta (W)

Cybersecurity
New Threats Fuel Fears of Another Global Cyberattack (W)

Industries & companies
Amazon: Amazon’s Australian Expedition to Rattle Retailers (W)
Autos: Ford to Cut 10% of Salaried Workforce in Asia, North America (W)
Financials: Banks Stocks Don’t Deserve a Battering (B)
Financials: Goldman Sachs piles into US leveraged loans market (FT)
Pharma: States Wage Battles Over High Drug Prices (W)
Pharma: The world’s largest drugmaker thinks it has 11 billion-dollar drugs in the pipeline (BI)
Retail: Target Aims to Reshape Image as a Leader on Low Prices (W)
Tech: Apple Falls on Concerns About Trump’s Tax Reform (B)
Tech: Twitter cofounder Biz Stone is rejoining the company, and its stock is up (BI)
Tech: Microsoft will make the most from WannaCry (FT)

Technology
Google to Offer New AI `Supercomputer’ Chip Via Cloud (B)
Google Expands Voice-Based Assistant Service to Apple’s iPhone (B)

Offbeat
How a Bitcoin Clone Helped a Firm Raise $12 Million in 12 Minutes (W)

May 17 (Wednesday)

Markets
Nasdaq Composite Climbs Toward Fresh Record (W)
Germans are right to be nervous over soaring Dax (FT)
Hedge fund manager earnings drop to lowest in a decade (FT)
Brevan Howard’s Hedge Fund Suffered $1 Billion Outflows in April (B)
Activist Investors Have a New Bloodlust: CEOs (W)

Credit & currencies
Bond Math Tells One Analyst That Ultra-Long Treasuries Would Save the U.S. Money (B)
French long-dated bond draws in €31bn of orders (FT)
Seven Banks Said to Be Focus of Mexico Bond Collusion Probe (B)
Bullish Dollar Bets Were the Most Crowded Trade. Not Anymore. (B)

Oil
IEA: Extending Output Cuts Isn’t Enough to Reduce Oil Glut (W)
Oil market rebalancing needs ‘much work’, says IEA (FT)

Central banks
Equity investors should hope BoJ joins tapering pack (FT)

US
U.S. Industrial Production Surged in April (W)
These Charts Show There’s More to U.S. Factory Gains Than Autos (B)
U.S. Housing Starts Fell in April for Third Time in Four Months (W)
Labor Force Poses Limits to 3% Growth (W)
More American Workers Are Testing Positive for Drugs (W)
Rich Retirees Are Hoarding Cash Out of Fear (B)

Europe
Eurozone Trade Surplus Hits Record as Exports Rise (W)
Europe’s Top Court Says Broad Trade Pacts Need Consent From All EU Countries (W)
Austria Readies for Snap Election This Fall (W)

China
China’s Copy of Manhattan Is No Longer a Ghost Town (B)
China’s Web Giants Expected to Post Sales Growth Above 40% (B)

Emerging
India the next frontier for China property groups (FT)
Putin Is Playing the Melting Arctic for Everything It’s Worth (B)
Asia’s Most Overworked Hope to Gain the ‘Right to Rest’ (B)

US politics
McConnell Calls for ‘Less Drama’ From White House (B)
McConnell Won’t Guarantee All Tax Cuts Stay in Health-Care Bill (B)
McConnell Is Pessimistic Congress Will Overhaul Dodd-Frank (B)
Trump’s Pentagon Budget Adds One Ship and No Planes to Obama Plan (B)

Geopolitics & terrorism
Israel Provided Intelligence Trump Shared With Russia (W)
Trump Defends Sharing Intelligence ‘Facts’ With Russia (W)
McMaster Says Trump Disclosure Was ‘Wholly Appropriate’ (W)
Trump’s disclosures to Russians spook US allies (FT)
Japan’s Abe: China Has Pivotal Role on North Korea (W)
Assad Regime Mocks U.S. Claims of Prison Killings, Crematorium (W)

Cybersecurity
Researchers Identify Clue Connecting Ransomware Assault to Group Tied to North Korea (W)
Cybersecurity Firm: U.S. Hacker Linked to Fake Macron Documents (W)
Hackers Face Tough Task Converting Bitcoin Ransom Into Cash (W)
New Wave of Ransom Threats Seen in Unprecedented Attack (B)

Industries & companies
Airlines: Boeing Delivers First 737 Max to Lion Air (B)
Amazon: Amazon’s 49,000% Gain: The Most Super of ‘Superstocks’ (W)
Autos: Despite Promises, Car Makers Are Set on Job Cuts (W)
Materials: Glencore Says Electric Car Boom Is Coming Faster Than Expected (B)
Materials: BHP says it is willing to sell US shale business (FT)
Media: Disney’s Iger Isn’t About to Let Go as CEO (W)
Media: Unreleased Disney Film Target of Online Piracy Threat (W)
Restaurants: Starbucks Payment Systems Crash After Company Updates Technology (B)
Retail: U.S. Retailers Urge Trump’s New Trade Envoy to Save Nafta (B)
Retail: From Prices to Patents, Target Is Losing the Battle to Wal-Mart (B)
Tech: Apple Plans Laptop Upgrades to Take on Microsoft (B)
Tech: Facebook Refunds Some Advertisers After Finding New Measurement Bug (W)

Technology
Humans and Robots Team up in New SoFi Wealth Management Push (B)
Robots learn the business of risk (FT)

Offbeat
Why Carrying Concealed Weapons Could Get Easier (W)
Research on Strokes Extends the Window for Clot Removal (W)

May 16 (Tuesday)

Markets
There Are Now More Indexes Than Stocks (B)
Should We Fear the Stock Market’s Lack of Fear? (W)
Investors Come Home to Gains (W)
Wave of Cyber Attacks Sends Online-Security ETF Surging (B)
China, Japan Increase Holdings of U.S. Government Treasuries (B)

SEC filings
Snap surges after Wall Street heavyweights reveal stakes (R)
Soros places big bet on Snap, dumps Amazon stake (MW)
Warren Buffett’s Berkshire is betting more on banks and airlines (C)

Oil
Oil Jumps as Saudis, Russia Favor Extending Output Deal to 2018 (B)

Central banks
Fed’s new normal balance sheet could be huge (C)

US
Can Trump Deliver 3% Growth? Stubborn Realities Stand in the Way (W)
Economists See Modest Growth Rise From Trump Plan (W)
Fewer Home Builders, Happier Home Builders (W)
Real Estate’s New Normal: Homeowners Staying Put (N)

Europe
Germany’s Merkel Advocates German-French Cooperation (W)
JPMorgan Buying $137 Million Dublin Office for 1,000 Staff (B)

China
China’s new Silk Road promises trade and riches, with President Xi at helm (R)
U.S. Firms Want In on China’s Global ‘One Belt, One Road’ Spending (N)
Cruises Boom as Millions of Chinese Take to the Seas (B)

US politics
Retail CEOs Renew Border-Tax Fight at Meeting With Mnuchin (B)
U.S. lawmakers ask Trump to turn over any Comey tapes (R)
Former FBI agent says Trump’s move to fire Comey could backfire (BI)
Hillary Clinton Is Launching a New Political Group (B)

Geopolitics & cybersecurity
Inside North Korea’s Plan to Build a Viable Missile (W)
US says Syria using crematorium to hide mass killings (FT)
Iranians See Little Hope Elections Will Alleviate Economic Strain (N)
Global cyber attack slows; search on for hackers (R)
Putin Blames U.S. for Global Attack (W)
Hackers prime second classified US cyber weapon (FT)
For Many Companies, a Good Cyber Chief Is Hard to Find (W)

Industries & companies
Amazon: Amazon stock price return since IPO (BI)
Autos: Technology and Car Companies Are More Intertwined Than Ever (B)
Heath Care: Life-science tool stocks thrive away from Obamacare glare (R)
Retail: Sears CEO Lashes Out at Suppliers Trying to ‘Take Advantage’ (B)
Tech: Apple Headquarters Signals Tech’s Boom, Bravado (W)

Corporate finance
Thermo Fisher to Buy Patheon for $5.2 Billion (W)

Technology
Lyft and Waymo Reach Deal to Collaborate on Self-Driving Cars (N)

Offbeat
Mini-Trumps Are Running for Election All Over the World (B)