wiar 01-19-18

Mary FanslauWhat I Am Reading

Jan 19 (Friday)

Markets
The Dow’s 31% gain during Trump’s first year is the best since FDR (C)
Citigroup Predicts That This Year Will Have a Record $140 Billion of CLOs (B)
Japan Dumping U.S. Treasuries Puts Spotlight on Euro-Area Debt (B)

Central banks
Trump’s plans to remake the Federal Reserve are starting to hit snags (WP)
Fed’s Dudley backs review of 2% inflation target (FT)
Fed and markets strike uneasy rapprochement (FT)

US
U.S. Jobless Claims Fell to Near 45-Year Low (W)
New Home Building Dropped Sharply at End of 2017 (W)
How the U.S. Ended Up Enthralled by Unions (B)

Europe
Merkel’s Future Hinges on German SPD’s Vote on Forming Coalition (W)
EU Confronts Deep Divisions Over Legal Standards (W)

China
China’s Economic Growth Looks Strong. Maybe Too Strong (N)
China’s economy grows 6.9% in 2017 as exports shine (FT)
China’s Getting More Bang for its Credit Buck (B)
China births fall despite relaxation of one-child policy (FT)

US tax reform
Who gets a serving of Apple’s tax pie? (FT)
Walmart hits record high on US tax reform optimism (FT)
Banking on Lower Tax Rates (W)
Tax Law Saves Verizon $17 Billion In Deferred Taxes (W)
With Tax Savings, Some Employers Will Boost 401(k) Contributions (W)
Cuomo Proposes Ending Carried Interest Loophole for Hedge Funds (B)

US politics
Trump Angry at His Chief of Staff Over Comment President ‘Not Fully Informed’ on Border Wall Issue (W)
Trump Visit to Pennsylvania Aims to Boost GOP House Candidate (W)
CFPB Requests $0 Budget, Will Draw Down Reserves Instead (W)
Trump’s Chance to Save American Steel (N)

Geopolitics
Six Chinese Ships Covertly Aided North Korea. The U.S. Was Watching (W)

Industries & companies
Energy: Keystone XL Pipeline Obtains Enough Shipper Commitments to Proceed (W)
FAANGs: Amazon Narrows Choices for Second Headquarters to 20 (W)
FAANGs: Trump Says He Called Apple’s Tim Cook to Thank Him for Investments (B)
FAANGs: Apple’s Home Court Disadvantage (W)
Financials: What We Learned From Wall Street’s Fourth-Quarter Results (B)
Financials: Morgan Stanley’s Brokers Push Its Profits Higher (W)
Financials: Countrywide’s shares dive after profit warning (FT)
Media: Fickle Cord-Cutters Vex TV Streaming Services (W)
Pharma: Hospitals Plan to Produce Generic Drugs in Bid to Fix Troubled Market (W)
Pharma: Drugmaker Raises U.S. Price of Muscular-Dystrophy Treatment (W)

Corporate finance
ADT IPO Drawing Muted Interest (W)

Cryptocurrency
IMF Calls for Global Talks on Cryptocurrencies (B)
Hackers Have Walked Off With About 14% of Big Digital Currencies (B)

Offbeat
One Year in, Trump Has Broken All the Rules (W)
Talking to Trump: A How-To Guide (W)