The most-read Bloomberg News reports from the past week are listed below. See NI READSUMS for previous lists. The rankings below are based on daily statistics through Jan. 22.
1. S&P 500 Falls to 21-Month Low as Oil Slides Past $27, Bonds Gain
(Bloomberg) -- U.S. stocks fell as oil’s plunge beyond $27 a barrel sent global equities to near bear market territory, fueling demand for haven assets.
2. Barclays Said to Cut 1,200 at Investment Bank in Asia Exits
(Bloomberg) -- Barclays Plc Chief Executive Officer Jes Staley unleashed a fresh round of cuts at the investment bank that will eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said.
3. Hedge Fund That Called Subprime Crisis Urges 50% Yuan Drop
(Bloomberg) -- Mark Hart, the hedge fund manager whose bets against U.S. subprime mortgages and European sovereign debt proved prescient, said China should weaken its currency by more than 50 percent this year.
4. Global Stocks Surge Most Since 2012 on Stimulus Bets, Oil Rally
(Bloomberg) -- Global stocks surged the most in 3 1/2 years, as U.S. equities joined a rally that pushed oil to its best two days since 2009 on speculation that central banks will expand stimulus measures to counter turmoil in financial markets. Haven assets from Treasuries to gold retreated.
5. U.S. Stocks Recover After Testing Lows Amid Oil Slump; Yen Falls
(Bloomberg) -- U.S. equities erased losses that brought them to the brink of lows not seen since last August’s selloff, with gains in consumer and utility shares outweighing losses among commodity stocks as oil resumed its tumble. Haven assets retreated.
6. The Saudi Debt Secret That U.S. Treasury Has Kept for 41 Years
(Bloomberg) -- It’s a secret of the vast U.S. Treasury market, a holdover from an age of oil shortages and mighty petrodollars: Just how much of America’s debt does Saudi Arabia own?
7. How Much Will Markets Fall? Top Investors See No Bottom Yet
(Bloomberg) --Investment managers are warning that markets probably have further to fall as China’s growth slows, oil prices plunge and central bankers lack tools to prop up economies.
8. U.S. Stocks Rebound as Oil Surges; Treasuries Slip With Gold
(Bloomberg) --U.S. stocks overcame an afternoon slump to rebound from the lowest level in 21 months, as crude surged toward $30 amid signals from China and Europe that officials will add to stimulus if needed. Treasuries fell with gold as haven demand waned.
9. Some Bankrupt Oil and Gas Drillers Can’t Give Their Assets Away
(Bloomberg) -- Oil is in free fall and Terry Clark couldn’t be happier.
10. Stock Slump Extended in Europe, Asia as Iran Stokes Oil Decline
(Bloomberg) -- Stocks in Europe and Asia extended the global rout Monday, as crude oil hemorrhaged at a 12-year low on the prospect of a bump in exports from Iran.
1. Global Stock Market Rout Has Deeper Causes: Mohamed A. El-Erian
(Bloomberg View) -- To shed light on one of the worst starts to a new year for global stock markets, some analysts are turning to macroeconomic explanations, such as China’s economic slowdown and its uncharacteristic policy slips. Others prefer to focus on the cascading influence of unhinged markets, such as oil. Yet neither explanation is sufficiently comprehensive; and each fails to account for major changes in liquidity and volatility.
2. Sanders’s Siren Song in Democratic Debate: Jonathan Bernstein
(Bloomberg View) -- Hillary Clinton, Bernie Sanders and Martin O’Malley held their final pre-Iowa, pre-New Hampshire debate tonight. It was surprisingly illuminating.
3. Tennis Scandal Shouldn’t End Like Cycling’s: Therese Raphael
(Bloomberg View) -- We may never find out whether some of the players in the 2016 Australian Open are guilty of throwing matches. Tennis’s governing authorities deny allegations that they have ignored widespread match-fixing. But the self-immolation of cycling, soccer and other sports shows that denial and obfuscation are the wrong way to deal with accusations of impropriety.
4. Race to Build Mosques Abroad Is a Waste of Money: Noah Feldman
(Bloomberg View) -- For most of the last thousand years, building mosques was a way of consolidating an Islamic empire’s prestige and spreading its beliefs. In recent decades, Saudi Arabia has been the leading global mosque builder, erecting sanctuaries and paying imams to spread its Wahhabi brand of fundamentalist state religion.
5. Donald Trump Is Repaying Debt to Sarah Palin: Margaret Carlson
(Bloomberg View) -- Returning to the political stage this week to endorse Donald Trump, Sarah Palin showed that she is, well, still Sarah Palin.
1. ECB’s Draghi on Monetary Policy: Full News Conference
(Bloomberg) -- European Central Bank President Mario Draghi speaks at the ECB’s six-weekly news conference in Frankfurt.
2. Poloz: Canada Holds Rate, Sees Recovery From Oil Slump
(Bloomberg) -- Bank of Canada Governor Stephen Poloz speaks at a news conference in Ottawa about the central bank’s quarterly Monetary Policy Report.
3. Lagarde, Fang, Dalio Discuss China Outlook at Davos
(Bloomberg) -- International Monetary Fund Managing Director Christine Lagarde, Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing, China Securities Regulatory Commission Vice Chairman Fang Xinghai, Goldman Sachs Group Inc. President Gary Cohn, Bridgewater Associates Inc. Founder Ray Dalio and Soho China Ltd. Chief Executive Officer Zhang Xin speak at the World Economic Forum’s Annual Meeting in Davos, Switzerland. Bloomberg’s Francine Lacqua moderates the discussion.
4. Is It Market Low Today, Tomorrow Followed by Rally?
(Bloomberg) -- DeMark Analytics CEO and founder Tom DeMark weighs in on the global markets rout.
5. Cameron Speaks at World Economic Forum in Davos
(Bloomberg) -- U.K. Prime Minister David Cameron speaks at the World Economic Forum’s Annual Meeting in Davos, Switzerland.