Dr. Ed's Blog

April 21 (Friday)

Markets
Stocks Gain on Upbeat Earnings (W)
U.S. Stocks Jump on Tax Bets as Treasuries Slump: Markets Wrap (B)
Rattled Investors Seek Shelter Amid Global Tensions (W)
China bond party attracts few takers (FT)

Central banks
The Fed’s Sticking to Its Rate-Hike Plan Despite Soft Patch (B)
Trump Signals Provide Comfort to Central Bankers, Finance Ministers (W)
Governor Jerome H. Powel Speech (FRB)

IMF
World Economic Outlook April 2017

US
YRI Press: Bank lending is rolling over, giving economists some ‘hard’ data to worry about (C)
The Changing Economics and Demographics of Young Adulthood From 1975 to 2016 (Census)
A Quarter of Millennials Who Live at Home Don’t Work — or Study (B)
Millennials aren’t job-hopping any faster than Generation X did (Pew)
U.S. Farmers, Who Once Fed the World, Are Overtaken by New Powers (W)

Europe
French campaign reaches climax with all to play for (FT)
Le Pen Rise Before French Vote Fueled by Industrial Malaise (W)

US politics
Mnuchin Says Tax Overhaul Plan Will Still Happen by Year’s End (B)
White House, GOP Leaders at Odds Over Obamacare Vote Plans (B)
Insurers Offer Early Sign of ACA Exchange Plans for 2018 (W)
Democrats Reload for Georgia Runoff, But Party Divisions Remain (W)

Geopolitics & terrorism
Trump Launches National-Security Probe on Steel Imports (W)
Trump moves towards imposing steel import tariffs (FT)
South Korea Tells Trump It Has Never Been Part of China (B)
Paris Police Say Officer and Attacker Shot, Killed (B)

Industries & companies
Autos: Tesla Recalls 53,000 Cars to Replace Faulty Parking Brakes (B)
Autos: Tesla Sued Over ‘Dangerously Defective’ Autopilot Software (B)
Financials: BlackRock’s AUM tops $5.4tn for first time amid record ETF flows (FT)
Industrials: GM Ceases Venezuela Operations After Plant Is Seized (W)
Retail: Wal-Mart Steps Up Price War, Boosts Pressure on Big Grocers (W)
Wireless: Verizon Loses Core Wireless Customers For First Time (W)

Offbeat
Robots are pretty bad at value investing (BI)

April 20 (Thursday)

Markets
Big-money investors haven’t hated US stocks this much since the financial crisis (BI)
Who is buying all these ETFs? Increasingly, it’s mutual-fund managers (MW)
Trump ‘absolutely not’ trying to talk down dollar: Mnuchin (R)

Oil
OPEC Chief Sees Oil Producers Closer to Re-Balancing Market (B)
Oil slides toward $50 after spike in stockpiles (FT)
Citi Sees Oil Surging $10 as OPEC Combats Roaring U.S. Shale (B)

Credit
Japan’s 10-year bond yield falls below zero (FT)
Muni Bonds See Record-Setting Winning Streak (B)
Does the market have the appetite for ultra-long bonds? Treasury wants to know (MW)

IMF
IMF urges countries to use fiscal policy wisely amid uncertainty (R)
IMF says Trump corporate tax cuts could lead to financial risk-taking (R)
IMF Warns High Corporate Debt Could Threaten Financial Stability (W)

Central banks
Markets Start to Ponder the $13 Trillion Asset Gorilla in the Room (B)
Fischer Says Foreign Economies Better Able to Handle Fed Hikes (B) | Speech
Fed June Hike Odds Below 50% on Inflation Expectations (B)

US
Fed Beige Book: Modest Wage Growth Is Broadening (W) | The Beige Book
Surprise: The Economy Isn’t Heating Up (W)
Larry Fink: ‘Warning Signs Are Getting Darker’ for the U.S. Economy (B)

Europe
Mainstream European Leaders Try New Election Tactic: Full Embrace of the EU (W)
French Election Shocker: Pollsters Baffled by Four-Way Race (B)
Macron clings on to lead in tense French election race (R)
Britain’s May calls on parliament to back snap election plan (R)
Theresa May is a tactical genius — the snap election locks Labour into an impossible dilemma (BI)

China
China’s $8.5 Trillion Shadow Bank Industry Is Back in Full Swing (B)
As Zeal for China Dims, Global Companies Complain More Boldly (N)

US politics
Trump signs ‘Buy American, Hire American’ order (FT)
Interview with Steven Mnuchin: Transcript (FT)
Runoff likely in much-watched Georgia congressional race (R)
Here’s Gorman’s Wish List for Changes to U.S. Bank Regulations (B)
New book suggests Hillary Clinton blamed everyone but herself for her humiliating defeat to Trump (BI)

Geopolitics
U.S. says Iran complies with nuke deal but orders review on lifting sanctions (R)
PENCE WARNS NORTH KOREA: ‘The sword stands ready’ (BI)
As Trump warned North Korea, his ‘armada’ was headed toward Australia (R)
White House Says It Didn’t Mislead With Ship Location (W)
Xi Jinping restructures military, consolidates control (R)

Industries & companies
Energy: Exxon Seeks U.S. Waiver to Resume Russia Oil Venture (W)
Financials: Fidelity predicts wave of M&As among asset managers (FT)
Financials: Morgan Stanley Trades Its Way Past Goldman (W)
Financials: BlackRock Managed Assets Continue to Rise (W)
Financials: American Express Revenue Beats Estimates After Marketing Push (B)
Tech: Big Blue’s big miss (R)
Tech: Mark Zuckerberg Sees Augmented Reality Ecosystem in Facebook (N)
Tech: Alphabet to help researchers predict disease (FT)

Offbeat
Bill O’Reilly Is Out at Fox News (W)

April 19  (Wednesday)

Stocks & bonds
Defensive Stocks Are Getting Expensive Even With an Economy That’s Doing Fine (B)
Follow $17 Trillion of Fund Money to See Reflation Trade Retreat (B)
Hunt of PGIM Says Bet on China, Europe Rather Than Trump Meeting Targets (B)
Treasurys Rebound on Political Uncertainty (W)
Market indicators to watch in France’s election (FT)
IMF Boosts Global Growth Forecast to 3.5% Despite Geopolitical Angst (W)

Commodities & currencies
Industrial Metals Are Diving (B)
Iron Ore Ignores China Data, Index as Decline Accelerates (B)
Beware the Rally in Emerging-Market Currencies (B)

Central banks
Fed’s George Says Continuing With Rate Rises Is ‘Necessary’ (W)
Expected Fed Pick on Collision Course With Current Members on Rates (W)

US
U.S. Housing Starts Fell 6.8% in March (W)
US inflation expectations at lowest levels for 2017 (FT)
Young White America Is Haunted by a Crisis of Despair (B)
Group of Addiction Experts, Insurers Unites to Combat Opioid Abuse (W)

Europe
May calls snap poll to strengthen Brexit hand (FT)
Le Pen steps up anti-immigration rhetoric (FT)
Leadership feuds threaten Germany’s populists (FT)

China
Missing Billionaire Has Ties to China’s Military (W)

Emerging
Observers Question Result of Turkish Referendum (W)

US politics
Trump Takes Aim at Tech Outsourcing (B)
Trump to Boost ‘Buy American,’ ‘Hire American’ Directives (W)
H-1B Applications Drop as U.S. Employers Anticipate Reforms (B)
Health Insurers Scramble to Price Plans as Policy Seesaws (W)
Georgia Votes in Critical House Race Seen as Part of Trump Referendum (W)
Trump Resumes Early-Morning Twitter Attacks (W)
Mnuchin sets out Trump administration’s softer side (FT)
Eric Trump Says Presidency Is Bad for Business (W)

Geopolitics & terrorism
U.S. Jet Fighters Intercepted Russian Bombers Near Alaska (W)
Pence Reaffirms U.S.-Japan Alliance Amid North Korea Provocations (W)
Men Accused of Plotting Attack in France Pledged Allegiance to ISIS (W)
French find arms, bomb equipment and Isis flag in Marseille (FT)

Industries & companies
Airlines: United Airlines Says Corporate Clients Seek Policy Fixes (W)
Autos: Volkswagen earnings beat market expectations (FT)
Financials: No Joy for Goldman, Its Mighty Traders Strike Out (W)
Financials: Goldman, BofA Cash In on a Leveraged-Loan Frenzy Like No Other (B)
Media: Netflix’s Subscriber Growth Slows at Home and Abroad (W)
Retail: Malls Deploy Technology to Lure—and Keep—Shoppers (W)
Tech: Facebook’s Zuckerberg Sets His Sights on Augmented Reality (W)

Corporate finance
Verizon’s CEO Is Open to Deal Talks, From Comcast to Disney (B)

Offbeat
Hollywood’s New Script: You Can’t Make Movies Without China (W)

April 18  (Tuesday)

Markets
U.S. Stocks Climb as Earnings Season Ramps Up (W)
This Is a Risky Time to Own Emerging Markets (W)
Investors Pile Into Risky Chinese Debt (W)
Gold Seen Climbing on Weak Dollar, Global Political Tension (B)

North America
The retail apocalypse is creating a ‘rolling crisis’ that is rippling through the US economy (BI)
Homebuilder Sentiment in U.S. Cools From Almost 12-Year High (B)
Canada Is the G-7’s Surprise Growth Leader, For Now (B)

Europe
Will the French election shake the euro? (FT)
Far-left veteran Melenchon draws big crowd as French election enters final straight (R)
EU Investigates How Its Cash Is Being Used by Its Critics (W)

China
China Roars Back to Lift Global Outlook as U.S. Consumer Weakens (B)
China’s Economy Accelerates as Retail, Investment Pick Up (B)
Behind China’s Pickup in Growth: the Strong Hand of the State (W)
China’s Economy Grows 6.9%, but Warning Signs Persist (N)

Turkey
Erdogan Claims Vast Powers in Turkey After Narrow Victory in Referendum (N)
Monitors criticize Turkey referendum; Erdogan denounces ‘crusader mentality’ (R)
Turkish Opposition Plans Challenge to Results (W)

US politics
Treasury Secretary Mnuchin admits Trump’s next big economic promise will take longer than expected (BI)
Trump’s Renewed Focus on Health Bill Vexes GOP Tax Strategy (W)
US admits tax reforms will be hit by healthcare blow (FT)
Obamacare’s Insurers Struggle for Stability (B)
Donald Trump Criticizes Democrat in Georgia House Race (W)
Exxon and Shell Join Ivanka Trump to Defend Paris Climate Accord (B)

Geopolitics
US warns of ‘significant international response’ if North Korea conducts another nuclear test (BI)
Trump Is Willing to Consider a Sudden Strike on North Korea (B)
Pence warns North Korea of U.S. resolve shown in Syria, Afghan strikes (R)
A ‘Cuban Missile Crisis in Slow Motion’ in North Korea (N)
U.S. Pressures China to Act on North Korea (B)
Trump Ties China Currency Decision to Help With North Korea (B)
Trump Is Finding China’s Blind Spot on North Korea (W)
In Japan talks, Pence to seek market access, investment (R)

Industries & companies
Airlines: United Airlines beats on earnings and sales (BI)
Amazon: Amazon’s NFL Deal Includes $30 Million in Free Marketing (B)
Autos: What Is Tesla Really Worth? (W)
Manufacturing: Boeing to Dismiss Hundreds of Engineers Amid Sales Slowdown (B)
Media: Netflix Falls Short on Users Without a ‘House of Cards’-Size Hit (B)
Tech: Google Makes Nevada Land Grab for Data Center (W)

Corporate finance
Cloudera IPO Terms Point to Potential $1.79 Billion Valuation (W)
Ant Financial Raises Bid for MoneyGram to $1.2 Billion (W)
The Activist Battle That Felled Arconic’s Kleinfeld (W)

Offbeat
Robots May Help Build Your Next Home and Fill the Labor Gap (B)

April 17  (Monday)

Markets
A New Dawn for Active Investment Managers? (BR)
JPMorgan Is Watching for Treasury Yields to Break Out, One Way or the Other (B)
Commodities in Your Portfolio? It’s All Hogwash, Says Wall Street Dissenter (W)
ETFs Show Limits in World of Emerging-Market Bonds (W)
Calpers Is Sick Of Paying Too Much For Private Equity (W)

Central banks
YRI Press: The Great Unwinding: What Happens To Treasury Yields When The Fed Trims Its Balance Sheet? (BR)
Bond Investors: Don’t Panic as Fed Cuts Balance Sheet (BR)
Fed Tightening May Not Require Many Rate Hikes (BR)
Fed Puts Together Plan to Unwind Securities Portfolio (W)

Global
Global economic recovery ‘broad-based and stable’ (FT)
IMF warnings of US protectionism ‘rubbish’, says Ross (FT)

US
Economic Gains Elusive Despite Strong Confidence (W)
Here’s Why Robust Job Market Isn’t Producing Better Pay (B)
Builders Bet Tiny Apartments Will Lure Renters (W)

Europe
How a Scrappy Newspaper Is Roiling the French Election (W)

China
Informal Lending in China Ramped Up in March (W)

Japan
A $165 Billion Manager Says the Japanese Stock Gloom Is Overdone (B)

US politics
Trump’s big shifts come at a dizzying pace (BI)
Trump to Speak at NRA Forum, First President to Do So Since 1983 (B)
White House to Keep Its Visitor Logs Secret (N)
Cohn’s Goldman Sachs Shares Sold While He Touted Financial Overhaul (B)
Lee Cooperman’s Omega on Trump administration (BI)

Geopolitics
North Korea Likely Conducted Failed Missile Test, South Korea Says (B)
North Korea Missile Launches, Nuclear Detonations: Timeline (B)
McMaster: North Korea’s Behavior ‘Can’t Continue’ (W)
China Warns of ‘Storm Clouds Gathering’ in U.S.-North Korea Standoff (N)
Trump Ties China Currency Decision to Help With North Korea (B)

Industries & companies
Airlines: Lawyer Battling United Airlines: Plain-Spoken, Affable, Media-Savvy (W)
Media: Will Comcast Really Cut the Cord? (W)
Pharma: As Drug Prices Fall, These Stocks Could Rise (BR)

Offbeat
As millions watch via webcam, giraffe gives birth in New York zoo (R)

April 15  (Saturday)

Oil
Saudi Aramco chief warns of looming oil shortage (FT)

Central banks
Falling Inflation, Retail Sales Bolster Fed’s Go-Slow Approach (B)
The Fed Is Watching Wall Street (B)
Trump warms up to Janet Yellen. Really? (NN)

US economy
Retail Sales Declined for a Second Month in March (B)
Fall in US consumer prices dents ‘Trumpflation’ hopes (FT)

Europe
French presidential race tightens further as vote looms (R)
Le Pen Ready to Be ‘Crucified’ for France as She Slides in Polls (B)

Emerging
Asia Becomes Bright Spot in Global Trade as Exports Rebound (W)
China’s economic picture brightens as trade beats forecasts, Trump softens tone (R)

US politics
Trump’s Morphed From Spy Agency Critic to Fan, CIA’s Pompeo Says (B)
U.S. Urges China to Open Trade After Sparing It Manipulator Tag (B)
Trump’s Policies and Jibes Suggest Bannon’s Star Is Fading (B)
Separate mothers and children: How a Trump threat deterred illegal migrants (R)
Trump’s top economic adviser says Washington is a ‘s—show’ (BI)
U.S. Treasury Declines to Label Any Country a Currency Manipulator (W)
For Trump, a Steep Learning Curve Leads to Policy Reversals (N)
Trump Threatens Health Subsidies to Force Democrats to Bargain (N)

Geopolitics & trade
Pentagon taking steps to secure US cyber infrastructure from attacks as war looms with North Korea (BI)
China Warns of War Risk as Trump Rattles Saber at North Korea (B)
U.S. Raid Against IS Killed 36 With Biggest Non-Nuclear Bomb (B)
Russia Says Evidence Growing Syria Chemical Attack Was Staged (B)
China says North Korea tensions must be stopped (R)
China’s dilemma over North Korea on show at border (R)
Here’s what’s going on with Chinese troop movements on North Korea’s border (BI)

Offbeat
Here Are the Secrets to the Insane Car Scenes in Fate of the Furious (B)
As Solar-Panel Prices Fall, Leasing Model Loses Market Share (W)

April 14  (Friday)

Markets
Stocks Fall as Bonds Extend Rally (W)
Geopolitical risks will cause markets to bend before they break (FT)
These Assets Would Benefit From a Weaker Dollar (B)
Dollar finds support after hit from Trump rhetoric (FT)

Oil
IEA says global oil market ‘very close’ to reaching a balance (FT)

US
U.S. Producer Prices Down 0.1% in March (W)
U.S. Consumer Sentiment Climbs on Upbeat Assessment of Economy (B)
Forecasters Lower Growth Outlook as Hopes for Quick Stimulus Fade (W)

China
China’s Gamble: How a Crusade to Prop Up the Yuan Imperils Other Pressing Mandates (W)

Emerging
Brazilian President Michel Temer Allegedly Linked to $40 Million Bribe (W)

US politics
The astonishing reinvention of Donald Trump (FT)
Trump Threatens to Withhold Payments to Insurers to Press Democrats on Health Bill (W)

Geopolitics & terrorism
U.S. Drops Its Largest Nonnuclear Bomb on ISIS Tunnel Complex in Afghanistan (W)
How much the MOAB ‘mother of all bombs’ costs (BI)
Syrian president Assad accuses US of fabricating reports of chemical attack (FT)

Industries & companies
Airlines: United Promises Refunds After Man Dragged From Flight (W)
Airlines: Boeing’s Largest 737 Max Takes Flight (B)
Autos: Musk Lays Out Timeline for Tesla Semi Truck, Electric Pickup (B)
Financials: Wall Street Banks Are Beating Main Street Banks at the Start of the Trump Era (B)
Financials: Loan Growth Slowdown Hurts Some Banks More than Others (W)
Financials: Big US banks defy calls they should be broken up (FT)
Financials: J.P. Morgan’s Earnings Climb, Boosted by Bond Trading (W)
Financials: Jamie Dimon on mortgage market (BI)
Financials: Citigroup Profits Jump 17%, Rising Rates Boost Bond Trading (W)
Financials: Wells Fargo Results: High Costs, Weak Mortgage Results Keep Profit in Check (W)
Financials: AIG’s board denies CEO 2016 cash bonus after dismal earnings (R)
Media: Netflix scorecard to test mettle of tech rally (R)
Retail: J.C. Penney Delays Plan to Close Stores After Sales Pick Up (B)
Tech: Samsung’s Galaxy S8 Gets Strong Orders Ahead of Debut (W)
Tech: Toshiba Puts Temporary Hold on Memory Chip Sale Process (B)

Technology
Society ‘flying blind’ over robots’ impact on jobs (FT)

Offbeat
One of Saturn’s Moons Has Potential for Life (B)

April 13  (Thursday)

Markets
Financial Stocks Drop Ahead of Bank Earnings Season (W)
Trump Says Dollar ‘Getting Too Strong,’ Won’t Label China Currency Manipulator (W)
Wall Street Rout: Indexes Beat Stockpickers 92% of the Time (W)
Weird Thing Happening to Global Profit Estimates: They’re Rising (B)

Central banks
Trump Says He’s Open to Renominating Yellen at Fed, WSJ Says (B)

IMF
IMF Hails Global Momentum, Warns of Protectionism (W)
World Economic Outlook, April 2017 (IMF)

US
U.S. Budget Gap Reaches $176.2 Billion in March: Treasury (W)
Inflation Is Back, But Don’t Worry (W)

Europe
EU Threatens Hungary With Legal Action (W)
Forget France, Italy May Be Markets’ Big Risk (W)

China
Higher Yields Damp China’s Corporate Bond Market (W)

Geopolitics & trade
Trump Says NATO Allies Must Meet Defense Spending Obligation (B)
Trump Offered China Better Trade Terms for Help on North Korea (W)
Trump labels North Korea ‘menace’ after phone call with Xi (FT)
US and Russia try to tackle ‘low trust’ over Syria (FT)
Tillerson Says Russia Ties at Low Point After Putin Meeting (W)
Trump Taps Another Trade Hawk, Invokes New Import Penalties (W)

Industries & companies
Airlines: Delta upbeat on outlook despite higher fuel costs (FT)
Airlines: Delta Is Reviewing Its $14 Billion Wide-Body Jet Deal With Airbus (B)
Airlines: United Says It Won’t Use Police to Remove Paid Passengers (W)
Amazon: Bezos Discusses How He Keeps Amazon in Startup Mode (W)
Autos: GM Idling Truck, SUV Factories 10 Weeks to Retool for New Models (B)

Technology
Bezos Says Artificial Intelligence to Fuel Amazon’s Success (B)
How Technology Liberates Human Capital (W)

Offbeat
For Real Innovation, Try a Desktop PC (W)
People Love Talking About Bitcoin More Than Using It (W)

April 12  (Wednesday)

Markets
Gold, Yen Climb to 5-Month Highs as Refuges Sought (B)
Stretched valuations warning is key for US earnings (FT)
DALIO: There’s not going to be another 2008-style crash, but there will be ‘a gradual noose tightening’ (BI)
Top Mexico Stock-Picker Says Country’s Benchmark Gauge Expensive (B)

Central banks
Yellen Says Era of Stimulative Monetary Policy Is Ending (W) | Video

US
Hiring and Quitting Rates Show No Signs of Renewed Labor Market Vigor (W)
U.S. job openings rise to seven-month high in February (R)
If Everyone Is So Confident, Why Aren’t They Borrowing? (W)
Sorry America, Your Taxes Aren’t High (B)
Why the U.S. Overtaxes Labor (B)
Coming to America: How Immigration Policy Has Changed the U.S. (W)

Europe
Investors Dump French Assets as Presidential Race Opens Up (W)
Banks Stick to Market-Friendly Scenario for French Elections (B)
France’s Volatile Presidential Race Puts Far-Left Crusader in the Mix (W)
The French town that shows how Le Pen could win (FT)
Setting Up in Euro Area After Brexit? Do It Right, ECB Says (B)

China
China Is Playing a $9 Trillion Game of Chicken With Savers (B)
China Powers Up in Biotech (W)
China Moves to Further Tighten Regulation of Digital Information (W)

US politics
Fitch changes its mind: Trump isn’t a threat to the world economy after all (C)
Trump says he’s still thinking about scrapping Dodd-Frank law (MW)
Fight Looms Over Planned Rollback of Net-Neutrality Rules (W)
Newly Energized Liberals Pour Record Effort Into Local Races (W)

Geopolitics & trade
Trump Issues New Warning to North Korea (W)
North Korea state media warns of nuclear strike if provoked (R)
Seoul Plays Down Possibility of Pre-Emptive U.S. Strike on North Korea (W)
Syria Clearly to Blame in Chemical Attack on Town, U.S. Says (B)
White House Says Russia Tried to Cover Up Syrian Chemical Attack (W)
Tillerson Says Russia Should Give Up ‘Unreliable Partner’ Assad (B)
U.S. Unlikely to Tag China Currency Manipulator, Schwarzman Says (B)
Trump Promises ‘Pleasant Surprises’ on Nafta in Session With CEOs (W)

Industries & companies
Airlines: United Struggles to Extinguish Social Media Firestorm (B)
Autos: Tesla’s Valuation Is ‘Inexplicable’: AutoNation CEO (B)
Energy: The Oil Giant Hidden in the World’s Biggest Mining Outfit (B)
Financials: Goldman Sachs wants to become the Google of Wall Street (BI)
Media: Casinos Get Into the Esports Game (W)
Media: Facebook has reached its Microsoft Bing moment, and history shows the results won’t be pretty (C)
Pharma: Mylan Gets FDA Warning on Drug Quality at Factory in India (B)
Retail: ‘The dominoes are starting to fall’: Retailers are going bankrupt at a staggering rate (BI)
Tech: Microsoft Opens Store in ‘Minecraft’ to Outside Sellers (W)

Corporate finance
KKR Among Lyft Investors at $7.5 Billion Valuation for Startup (B)
Toshiba Says It May Be Unable to Stay in Business (W)
Gymboree Prepares to File for Bankruptcy Ahead of Debt Payment (B)

Offbeat
In Graying Japan, Caregiving Concerns Drive Some Families to Murder (W)
Elon Musk Has an Awkward Problem at Tesla: Employee Parking (W)

April 11  (Tuesday)

Markets
Contrarian Oppenheimer Call Says Ditch European Stocks for U.S. (B)
U.S. Steelmakers Press Their Luck With Price Increases (W)
Junk-Bond Investors Can’t Make Up Their Mind About Oil Prices (B)
Should the Social Security Trust Fund Invest in Stocks? (W)

Central banks
This Is What Dimon and Kashkari Are Really Fighting About (B)

US
Conference Board Employment Trends Index Rose in March (W)

Europe
Merkel seeks to strengthen EU’s liberal voice (FT)
France’s wealth tax divides presidential candidates (FT)
Le Pen Calls Multiculturalism a Weapon for Islamic Extremists (B)
Le Pen opponents seize on Jewish round-up ‘insult’ (FT)

Japan
Japan’s population set to fall to 88m by 2065 (FT)

US politics
In Trump’s White House, Family Comes First (B)
Five Big Players Steer Trump’s Foreign Policy Toward Mainstream (W)
White House Plays Down Rifts Among Top Staff (W)

Geopolitics & trade
U.S. Reroutes Warships Toward Korean Peninsula in Show of Force (N)
U.S. Hints at Tougher Stance on Syria (W)
White House Warns Syrian Use of Barrel Bombs Could Trigger Response (W)
Putin Has Eastern Europe Hearing Trump’s Call to Arms (B)
Global Finance Institutions Go to Bat for WTO (W)

Industries & companies
Airlines: United in social media storm after man dragged off flight (FT)
Amazon: Amazon’s Third-Party Sellers Hit By Hackers (W)
Autos: Tesla Rivals GM as the Most Valuable Auto Maker in U.S. (W)
Autos: Quarter of Miles Traveled in the U.S. by 2030 Seen as Driverless (B)
Energy: BHP Billiton Urged by Activist Investor to Shed Oil Operations (W)
Energy: Drillers in Biggest U.S. Gas Play Get More Bang for Their Buck (B)
Financials: Tangled web of Cohn, Goldman and Glass-Steagall (FT)
Financials: Wells Fargo Claws Back $75 Million From Executives for Sales Abuses (W)
Financials: Auto Insurers Chase an Elusive Motorist: The Uber Driver (W)
Media: Comcast Is Planning a Netflix Rival Using NBC Shows (B)
Media: In the $75 Billion Videogame Industry, Hiring People Is a Last Resort (W)

Corporate finance
Foxconn Offers Up to $27 Billion for Toshiba Chip Business (W)
Germany’s Stada Backs $4.4 Billion Private-Equity Takeover Offer (W)
Truckers Swift and Knight to Merge (W)
Activist Takes Stake in Whole Foods, Will Seek Possible Sale (W)

Offbeat
Scammers Used SeekingAlpha for Bogus Stock Promotions, SEC Says (B)
Barclays CEO Investigated Over Aim to Unmask a Whistleblower (W)
WSJ’s Noonan Wins Pulitzer Prize for Commentary (W)