The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Feb. 12. See READSUMS for previous lists.
1. Stocks Worldwide Tumble as Credit Weakens Amid Signs of Distress
(Bloomberg) -- Signs of distress in financial markets accumulated amid deepening concern over the health of the global economy, with U.S. stocks sliding to a 22-month low as the cost of protecting against default by junk-rated companies soared to the highest level since 2012.
2. Cryan Says Deutsche Bank ‘Rock Solid’ Amid Capital Fears
(Bloomberg) -- Deutsche Bank AG co-Chief Executive Officer John Cryan told employees that Germany’s largest bank is “rock solid” as investor concern about capital and funds drove down the value of its stock and bonds.
3. Goldman Sachs Abandons Five of Six ‘Top Trade’ Calls for 2016
(Bloomberg) -- Goldman Sachs to clients: whoops. Just six weeks into 2016, the New York-based bank has abandoned five of six recommended top trades for the year.
4. Global Stocks Slide Into Bear Market Amid Oil Rout as Yen Jumps
(Bloomberg) -- World equities descended into a bear market, as an afternoon comeback in U.S. shares failed to erase losses that sent the Standard & Poor’s 500 Index to its lowest level since 2014. Oil pared declines after sliding to a 12-year low, while the yen climbed.
5. Dimon Just Spent a Year’s Pay on JPMorgan Stock After Rout
(Bloomberg) -- Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., spent $26.6 million to buy shares of his bank Thursday after they tumbled to the lowest price in more than two years.
6. U.S. Stocks Pare Losses While Oil Rout Deepens; Yen Extends Jump
(Bloomberg) -- Volatility flared on global financial markets, as U.S. stocks attempted a rebound that prevented global equities from entering a bear market. Crude oil maintained its march lower, while Treasuries held onto gains with gold amid demand for haven assets.
7. Deutsche Bank Jumps as Lender Said to Consider Bond Buyback
(Bloomberg) -- Deutsche Bank AG shares jumped the most in almost seven years and credit risk fell as Germany’s biggest bank considers a bond buyback to help ease investor concerns about its funds, according to a person with knowledge of the matter.
8. Yellen Signals Rate Path Hinges on Whether Turmoil Persists
(Bloomberg) -- Chair Janet Yellen said the Federal Reserve still expects to raise interest rates gradually while making it clear that continued market turmoil could throw the central bank off course from the multiple increases that policy makers have forecast for 2016.
9. U.S. Stocks Halt 5-Day Slide Amid Oil Rally; Treasuries Weaken
(Bloomberg) -- U.S. stocks halted a five-day slide that dragged global equities into a bear market, as oil rebounded with its best day in seven years and bank shares jumped the most since 2011. Treasuries had the biggest drop of the year.
10. U.S. Stock Rally Fades as Commodity Shares Slip; Dollar Weakens
(Bloomberg) -- The rally in U.S. stocks evaporated in the final hour of trading as speculation that the Federal Reserve will hold off on raising interest rates gave way to renewed concern over the strength of the American economy. The dollar fell, while Treasuries rose.
1. Uber’s Surge Pricing Applied to Smoothies: Mohamed A. El-Erian
(Bloomberg View) -- How could this be: A “healthy casual” restaurant that demands a 35 percent surcharge if customers want just one kind of fruit in their smoothie, rather than a combination?
2. Janet Yellen Has 5 Big Questions to Answer: Mohamed A. El-Erian
(Bloomberg View) -- Federal Reserve Chair Janet Yellen will deliver her semi-annual testimony to House and Senate committees this week. Her remarks will be closely monitored, especially in light of the recent increase in global economic insecurity -- which has intensified talk of a recession threat -- and global financial volatility.
3. Investors Try to Ride Out Improbable Storm: Mohamed A. El-Erian
(Bloomberg) -- This week, financial markets were buffeted once again by events that not so long ago would have been improbable, if not unthinkable. The result has been considerable intraday volatility with a downward trend.
4. Stacks of $100 Bills Aren’t Just for Drug Dealers: Mark Gilbert
(Bloomberg View) -- Peter Sands, the former chief executive officer of Standard Bank, is among those who want to abolish high-denomination currency notes, "the preferred payment mechanism of those pursuing illicit activities." In the wacky world of negative interest rates, though, pallets of $100 bills and 500-euro notes are poised to become a fashionable store of value for any cash-rich company unwilling to pay for the privilege of keeping its funds in a bank account.
5. Worried About Bond Liquidity? Blame the Regulators: Mark Gilbert
(Bloomberg View) -- Bond market liquidity, as my colleague Matt Levine frequently notes, has a lot of investors worried. In a surprising twist to the debate, Britain’s Treasury points a finger straight at European regulators for strangling the market. Her Majesty’s Treasury is right.
1. Yellen Testifies on Fed Policy, Economy to House
(Bloomberg) -– Federal Reserve Chair Janet Yellen testifies before the House Financial Services Committee in Washington, about the outlook for the economy and Fed policy. (This is her prepared statement from Feb. 10.)
2. Yellen Testifies on Fed Policy, Negative Rates to Senate
(Bloomberg) -- Federal Reserve Chair Janet Yellen testifies before the Senate Banking Committee in Washington about monetary policy, negative interest rates, the economy and the banking system. (This is the first part of the second day of testimony, which occurred on Feb. 11)
3. CoCo Primer: What They Are and How They Work
(Bloomberg) -- In today’s “Morning Must Read,” Bloomberg’s Tom Keene discusses the function of CoCo bonds in light of concerns at Deutsche Bank. Included in the discussion are Mohamed El-Erian, chief economic advisor at Allianz and Bloomberg View columnist, and Martin Gilbert, chief executive officer at Aberdeen Asset management.
4. Rubio’s Rivals Hit Him Hard Over Leadership at GOP Debate
(Bloomberg) -- In a debate on ABC News, Donald Trump was back on the stage with his Republican rivals, but Marco Rubio was the center of attention.
5. S&P at Lowest Level Since 2014: How Much Lower Will It Go?
(Bloomberg) -- Tom DeMark, DeMark Analytics founder and chief executive, discusses the selloff in U.S. stocks with Bloomberg’s Scarlet Fu.