Your Evening Briefing
In Wall Street-speak, a gray swan is an event that, while unlikely, may wreak havoc on markets when it comes to pass. Just how much havoc is unclear. It’s also possible that, if this uncommon bird appears, it could arrive in the form of a positive development for investors. But don’t count on it.
Here are today’s top stories
China may cut tariffs on imported U.S.-made cars to 15 percent from the current 40 percent, bringing America back in line with other countries.
Asian nations are souring on China’s “Belt and Road” plan as they discover that the promise of Xi Jinping’s program is too good to be true.
Christmas came early for Morgan Stanley, which won the contest to lead Uber’s IPO and rake in the most fees from a listing valued at as much as $120 billion.
Remember Bernie Madoff? We do, and so does the hedge fund industry, which was turned inside-out after his monster fraud was revealed.
‘Tis the season to give your loved ones the latest gadgets. The only problem is that a lot of those electronics are listening, watching and tracking us. This edition of Decrypted looks at Santa’s Orwellian side.
What’s Joe Weisenthal thinking about? Well, 2019. The Bloomberg news director is eager to see how the IPOs of Uber and Lyft work out.
What you’ll need to know tomorrow
- Trump threatens a shutdown during the Chuck & Nancy show.
- His Oval Office outburst didn't help markets very much, either.
- Hong Kong’s flirtation with nano-apartments may be over.
- Slate’s newly unionized editorial staff authorizes a strike.
- The criminal justice reform bill looks like it will become law.
- How the iPhone Max compares with Samsung’s Galaxy Note 9.
- Volvo asks why buy a car when you can subscribe?
What you’ll want to read tonight
The only non-U.S. school to crack the top 10 in Bloomberg Businessweek’s Best B-Schools global ranking is IMD, in Lausanne, Switzerland. Just four schools outside the U.S. made the top 30. Why? Money, of course. Survey respondents overwhelmingly identified compensation—the potential for high-paying work after graduation—as their No. 1 factor in choosing a business school.
©2018 Bloomberg L.P.