Your Evening Briefing
The quandary remains: Growth, jobs and a lot of other things point to a healthy, albeit more sedate, U.S. economy in 2019. But another round of bad news added more doubt to the existing pile on Wall Street. First it was Apple’s $5 billion revenue miss; then it was an unforeseen drop in U.S. factory activity. Oh, and the market tanked again in spectacular fashion. What’s going on? You know.
Here are today’s top stories
Hours before the S&P 500 began its dive, the yen went wild, surging against every currency tracked by Bloomberg. Apple’s depressing numbers may have been to blame.
President Donald Trump has been happy to take credit for an economy that hummed under the policies of President Barack Obama. Bloomberg Businessweek’s Peter Coy asks whether Trump will take the blame now that it’s heading south.
Bristol-Myers Squibb agreed to acquire Celgene Corp. in a record $74 billion deal. The tie-up unites two drugmakers battling for advantage in the crowded market for innovative cancer treatments.
The National Rifle Association is going global with its gun industry fueled agenda, Bloomberg Businessweek reports. However, the NRA has a problem: Russia. The FBI and Congress are looking into possible ties to Russian money, espionage and interference in U.S. elections. The NRA’s self-identity as a patriotic American organization may be at stake.
What’s Joe Weisenthal thinking about? The Bloomberg news director said everyone knows Chinese growth is mediocre. So Apple taking a big hit because China sales of expensive iPhones are down was predictable.
What you’ll need to know tomorrow
- Before Pelosi even took the gavel, progressives gave her a warning.
- House Democrats move quickly to protect the economy from Trump.
- These are some issues to watch in the 116th Congress.
- Hedge funds just lost $2 billion on Apple.
- China is hunting for foreign buyers of its sovereign debt.
- Tesla stock on a Blockchain? This is where cryptocurrency might go.
- Zuckerberg said he’d sell his Facebook shares. Then the stock fell.
What you’ll want to read tonight
It’s been decades since Manhattan was home to a diverse collection of the world’s best and brightest, rich or poor. Now hyper-gentrified, it’s become a trust-fund Disneyland. So why are home prices falling there? Interest rates and last year’s partisan tax bill are two reasons. But who cares? Maybe it’s finally your time to buy.
©2019 Bloomberg L.P.