wiar 12-07-17

Mary FanslauWhat I Am Reading

Dec 07 (Thursday)

Markets
Investors Down in December Are Still Up Big For the Year (B)
Tech Rout Drags Down Funds That Had Been Crushing Their Benchmarks (B)
Retail Investors Just Made a Historic Move Into U.S. Stocks (B)
China equities sell-off targets highest flyers (FT)
Wall Street’s Fracking Frenzy Runs Dry as Profits Fail to Materialize (W)

US
GDPNow model forecast is 3.2 percent on December 5, down from 3.5 percent on December 1 (FRB-ATL)
Goldman Sachs doesn’t think the Republican tax bill would be a big boost to the US economy (BI)
The GOP Tax Plan Would Make America’s Housing Shortage Even Worse (B)

Europe
Brussels calls for creation of European Monetary Fund (FT)
Divided SPD faces tortuous choice on coalition talks (FT)

US politics
GOP Considers Allowing State Income Tax Deduction (B)
The fight over the Republican tax plan isn’t over — here are the biggest differences between the House and Senate bills (BI)
The next tax shelter for wealthy Americans: C-corporations (Brookings)
Democrats Urge Franken to Resign (W)
Socialism, Capitalism Seen in New Light by the Young (W)

Geopolitics & terrorism
Apple’s Tim Cook: No Point Yelling at China (W)
China’s Blurry Cyber Laws Give U.S. Tech Companies No Security (W)
Trump recognises Jerusalem as capital of Israel (FT)
Putin announces he will seek re-election in 2018 (FT)
South Korea to create ‘drone-bot’ unit to swarm North (FT)

Industries & companies
FANGs: Apple will see up to $47bn potential tax benefit (FT)
FANGs: It’s Amazon’s World—But Do You Want to Live There? (W)
Financials: Why the CFPB showdown threatens the independence of financial regulator (Brookings)
Media: Robert Iger Likely to Extend Tenure as Disney CEO Past 2019 (W)
Retail: Wal-Mart’s New Name: It’s Not Just a Store Anymore (W)

Corporate finance
UnitedHealth to Buy Large Doctor Group for $4.9 Billion (W)
Home Depot to Launch $15 Billion Share Buyback (W)

Cryptocurrency
Bitcoin posts another record high as JPMorgan touts its potential as ’emerging asset class’ (BI)
Big banks push back on bitcoin futures plan (FT)
Proxies for Bitcoin Slump as Crypto Goes Mainstream (B)
Hedge Funds Try a Quant Approach to Tackling Cryptocurrencies (B)

Offbeat
Could Crispr Help to Knock Out Superbugs? (W)
Thousands Evacuate in Southern California as Wildfires Grow (W)