What I Am Reading Archive

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January 4

Markets
Earnings Recovery Set to Propel Stocks Higher in 2017 (W)
Why chart master Louise Yamada is bullish on 2017 (C)
Summers and Eurasia Start the New Year With Dire Global Warnings (B)

US
ISM: U.S. Factory Activity Accelerated in December (W)
That Bubbling Sound Coming From U.S. Factories May Be Inflation (B)

Europe
German Inflation Jumps to Fastest Since 2013 on Oil Prices (B)
Paris Wants to Lure 20,000 Bankers From London (B)

China
China Caixin manufacturing PMI climbs to 51.9 in December, fastest improvement since January 2013 (C)
China tightens control of personal forex purchases (FT)
China’s Debt Boom Looks Eerily Familiar (W)
China’s Credit Engine Is Running Out of Gas (B)
China needs to let companies go bust to support the system (E)
China to London Freight Train Kicked Off as Xi Boosts Trade (B)
China Suffers From Glut of Shopping Malls (W)

Emerging
Mexican Economy Faces Tough 2017 With or Without Trump’s Wall (B)
Singapore’s Economy Expands More Than Economists Estimated (B)
Indonesia Cuts Ties With J.P. Morgan Over Downgrade (W)

US politics I
Trump Targets GM on Mexican Imports; Ford Drops Factory Plan (W)
Ford Decision Cements Mexico as ‘Front Line’ for Trump’s Policy Agenda (B)
Trump blasts General Motors: Make Chevy Cruze model in US or ‘pay big border tax’ (C)
Trade Representative Nominee Signals Focus on Curbing Imports (W)
Treasury Pick Mnuchin Declines Senator’s Policy Questions (B)

US politics II
GOP Congress Faces Sobering Moment as Trump Takes Power (B)
Battles Await Ambitious GOP Agenda, Including Repeal of ACA (W)
After Obama, Some Health Reforms May Prove Lasting (N)
Trump era needs more productivity: Strategist (C)

US politics III
Paul Ryan Re-Elected House Speaker (W)
President Obama to Give Farewell Address Jan. 10 (W)
Obama’s hesitant approach to foreign policy resulted in the biggest stain on his legacy (BI)
Inside Trump Defense Secretary Pick’s Efforts to Halt Torture (N)

Geopolitics & terrorism
2017 Will Be the Riskiest Year for Geopolitics Since WWII, Eurasia Group Says (B)
Trump, Putin, Xi and the rise of nostalgic nationalism (FT)
Trump aware of ‘urgency’ of North Korea nuclear threat: South Korea (R)
Trump Picks China Critic for U.S. Trade Representative: Source (B)
Trump Chides North Korea, China on Twitter (W)
China Shrugs Off Trump Twitter Jab on North Korea (W)
U.S. Gears Up to Restrict Chinese Investment in Chip Industry (W)
Tension in GOP Rises Over Russia (W)
Turkey Seeks to Extend State of Emergency (W)

Industries & companies
Energy: Oil business seen in strong position as Trump tackles tax reform (R)
Energy: Solar Could Beat Coal to Become the Cheapest Power on Earth (B)
Financials: Basel postpones bank reform vote amid policy differences (FT)

Offbeat
France’s 6pm e-mail ban: Not what it seemed (E)
Finland just launched an experiment giving 2,000 people free money until 2019 (BI)

YRI
Daily Markets Overview
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Calendars
US. Wed: ADP Employment 172k, Total & Domestic Motor Vehicle Sales 17.7mu/13.8mu, MBA Mortgage Applications, Gallup US Job Creation Index and US Consumer Spending Measure, FOMC Minutes. Thurs: ISM NM-PMI 56.8, Jobless Claims 260k, Challenger Job-Cut Report, Weekly Consumer Comfort Index, FOMC Minutes. (Bloomberg estimates)
Global. Wed: Eurozone CPI Headline & Core Flash Estimates 1.0%/0.8% y/y, Eurozone, Germany, France, and Italy Composite PMIs 53.9/54.8/52.8/53.0, Eurozone, Germany, France, and Italy NM-PMIs 53.1/53.8/52.6/52.6, Japan Composite & NM-PMIs. Thurs: UK Composite & NM-PMIs 55.0/54.7. (DailyFX estimates)

Latest Morning Briefing: Who’s Afraid of the Big Bad Wolf? (link)
(1) He will huff and puff, but will he blow the house down? (2) Time for lots of little piggies to shape up? (3) Wish list full of wishful thinking? (4) Lil’ Kim and the Supremes. (5) Impressive, but not unprecedented, rally in stocks since T-Day. (6) Investors are front-running Trump’s tax cuts. (7) Reaganomics faced completely different economy than Trumponomics. (8) Lots of upbeat M-PMIs. (9) Boom-Bust Barometer booming, which is bullish for S&P 500 forward earnings and stock index. (10) China’s M-PMI price index confirms upturn in PPI inflation rate.

January 3

Markets
Beware the Foreign Exodus From Treasuries (B)
Oil prices should be a lot lower than where they are now (BI)
The Champions of the 401(k) Lament the Revolution They Started (W)

Corporate finance
M&A in the Trump Era: Huge? (B)
They’re Not Jamie Dimon: Few CEOs Bought Their Own Stock in ’16 (B)
The World’s Best-Value CEOs (B)

Europe
European Stocks Power Into New Year on Strength of Manufacturers (B)
Europe’s Fate: Caught Between Low Rates and Populist Politics (W)

Emerging
China Tripled Pace of Investment in U.S. in 2016, but Hurdles Loom (W)
The boss of one of the largest accounting firms in the world says we should stop freaking out about China (BI)
The Most Popular Investor Picks for Emerging Markets in 2017 (B)

US politics
GOP Agenda Is Ambitious but Faces Complicated Path (W)
Trump to Continue Making News, Policy via Unconventional Twitter (B)
The Method in Trump’s Messaging Habits (W)
Trump Ally Poised to Bring Populist Note to New York Mayoral Race (W)
New Congress Reflects Diversity of America (W)
With New Congress Poised to Convene, Obama’s Policies Are in Peril (N)
Obama looks back on 8 years of ‘remarkable progress’ in New Year’s Day tweetstorm (BI)

Geopolitics & terrorism
Islamic State Claims New Year’s Massacre at Istanbul Nightclub (B)
Israeli police to question Netanyahu over alleged gifts: media (R)

Industries & companies
Financials: Bitcoin jumps above $1,000 for first time in three years (R)
Media: ‘Rogue One’ Takes in $64.3 Million for Disney Over Holiday Weekend (B)
Tech: Chipmaker Nvidia tops S&P 500 as best performer of the year (FT)

Offbeat
‘Hollyweed’: Prankster alters LA’s landmark sign (R)
The Smart Way to Trade In Old Gadgets for Cash (W)
Second Avenue Subway Finally Ready to Roll (B)

YRI
Daily Markets Overview
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Calendars
US.
Tues: ISM M-PMI 53.8, Construction Spending 0.6%. Wed: ADP Employment 172k, Total & Domestic Motor Vehicle Sales 17.7mu/13.8mu, MBA Mortgage Applications, Gallup US Job Creation Index and US Consumer Spending Measure, FOMC Minutes. (Bloomberg estimates)
Global. Tues: Germany CPI 0.6%m/m/1.4%y/y, Germany Unemployment Change & Unemployment Rate -5k/6.0%, China Markit/Caixin Composite & NM-PMIs. Wed: Eurozone CPI Headline & Core Flash Estimates 1.0%/0.8% y/y, Eurozone, Germany, France, and Italy Composite PMIs 53.9/54.8/52.8/53.0, Eurozone, Germany, France, and Italy NM-PMIs 53.1/53.8/52.6/52.6, Japan Composite & NM-PMIs. (DailyFX estimates)

Latest Morning Briefing: Rogue One (link)
(1) Prequels and sequels. (2) Going rogue on 2017 earnings outlook. (3) Does it matter whether tax cuts start in 2017 or 2018? (4) S&P 500 forward revenues and earnings rising to record highs. (5) Energy industry’s recession is over, and it didn’t spill over to the broader economy. (6) Consumer optimism booming since Election Day. (7) Trump’s “America First” inspired by Lord Palmerston. (8) Radical regime change: From community organizers to dealmakers. (9) Two kinds of rogues. (10) May the force be with us. (11) “Rogue One” (-).

January 2

Markets
Active Management is Back (BR)
Europe: A Downbeat Year for Many Indexes, but Not All Sectors (BR)
More Pain Than Gain for Asian Markets in 2016 (BR)
Emerging Markets Scored Solid Gains in 2016 (BR)
Will 2017 Be the Year of the Trump-Rooster? (BR)
Re-Energized Dollar Looms Over the Rest of the World (W)
Get Set for 2017: Your Guide to Navigating the Year Ahead (B)

China
China Manufacturing Stabilizes Near a Post-2012 High (B)
Growth in China’s factories, services slows in December: official PMI (R)
China Tripled Pace of Investment in U.S. in 2016, but Hurdles Loom (W)
China Tries to Recalibrate Credit (W)

Emerging
Putin: 2016 Wasn’t Easy (W)

US politics
White House Transition Turns Tense (W)
Teams of Rivals Prepare to Govern (BR)
Republicans Take Control Facing Internal Tensions (W)
GOP’s Freedom Caucus Shows Readiness to Work With Ryan (W)
Obama, Democrats to Huddle Over Defense of Health Law (W)
Trump Considering Aide Conway’s Husband for Top Legal Job (B)

Geopolitics & cyber-security
Report on Russian Hacking (N)
Rolling Stone: Something About This Russia Story Stinks
Trump to Press Intelligence Agencies on Russia Hack Claim (W)

Industries & companies
Autos: Low Fuel Prices Spur Shift in U.S. Auto Market (W)
Autos: The Chevy Bolt Is the Ugly Car of the (Very Near) Future (B)
Consumer: Nestlé Turns to New CEO to Boost Health Push (W)
Defense: Defense Stocks: Raytheon, General Dynamics (BR)
Financials: PNC Financial: A Win-Win for Investors (BR)
Pharma: Drug Pricing Report Shows Limits of Transparency Push (W)
Tech: Google Makes So Much Money, It Never Had to Worry About Financial Discipline—Until Now (B)

Offbeat
Think Like a Futurist to Be Prepared for the Unexpected

YRI
Daily Markets Overview
Global PMIs
Request customized chart books

Calendars
US. Tues:
ISM M-PMI 53.8, Construction Spending 0.6%. Wed: ADP Employment 172k, Total & Domestic Motor Vehicle Sales 17.7mu/13.8mu, MBA Mortgage Applications, Gallup US Job Creation Index and US Consumer Spending Measure, FOMC Minutes. (Bloomberg estimates)
Global. Tues: Germany CPI 0.6%m/m/1.4%y/y, Germany Unemployment Change & Unemployment Rate -5k/6.0%, China Markit/Caixin Composite & NM-PMIs. Wed: Eurozone CPI Headline & Core Flash Estimates 1.0%/0.8% y/y, Eurozone, Germany, France, and Italy Composite PMIs 53.9/54.8/52.8/53.0, Eurozone, Germany, France, and Italy NM-PMIs 53.1/53.8/52.6/52.6, Japan Composite & NM-PMIs. (DailyFX estimates)