Your Evening Briefing
Your Evening Briefing
Flush with cash from the tax overhaul a year ago, corporate America has been buying back stock like it’s going out of style (raising wages, not so much). Still, it’s not enough to fight off the bears. From their September peak, stocks have erased more than $7 trillion in value.
Here are today’s top stories
Yesterday’s happy news about holiday spending was replaced with grim tidings about consumer confidence. Markets dutifully tanked before managing a respectable comeback.
The U.S. oil industry is delivering a one-two punch to Middle East producers already reeling from a collapse in prices.
A rush to get ahead of the trade war has motivated U.S. companies to increase orders. China, the prime target of American tariffs, is bracing for more demands.
Are you worried (like everyone else) that corporate debt will blow up the U.S. economy, 2008-style? This Bank of America strategist isn’t.
Republican donors Robert Mercer and daughter Rebekah Mercer might be backing away from political giving after two years of bad publicity.
The shutdown over Donald Trump’s border wall is a week old. First the president said furloughed government employees support his wall. Then he said most of the 750,000 affected workers are Democrats. In both cases, he presented no evidence.
Guess who the most admired man and woman in America are, according to a Gallup poll? A hint: they used to live in the White House.
What you’ll need to know tomorrow
- Trump reportedly disclosed a Navy SEAL unit’s presence in Iraq.
- Saudi Arabia shuffles officials amid fallout from Khashoggi’s murder.
- It’s been a really bad year for hedge funds.
- Asset managers, too.
- The Justice Department is using the shutdown to slow litigation.
- Your corner Starbucks may not be there next year.
- Sick of bad news? Luxuriate in our favorite Pursuits photos of 2018.
What you’ll want to read tonight
How ICE triggered a crisis in a small Iowa town. Employers in Mount Pleasant are desperate to hire hundreds of workers, but the usual pool of rural Guatemalans has dried up. For years, they traveled thousands of miles to work in the factories here. But no more, Bloomberg Businessweek reports.
©2018 Bloomberg L.P.