The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Feb. 19. See READSUMS for previous lists.
1. Saudi Arabia, Russia to Freeze Oil Output Near Record Levels
(Bloomberg) -- Saudi Arabia and Russia agreed to freeze oil output at near-record levels, the first coordinated move by the world’s two largest producers to counter a slump that has pummeled economies, markets and companies.
2. Banks Cutting Most-Experienced Bond Traders in Fixed-Income Cull
(Bloomberg) -- Banks are taking a hatchet to their bond-trading businesses and the biggest casualties are proving to be the people with the most experience.
3. The Big Long: Making a Killing in Market Everyone Left for Dead
(Bloomberg) -- First came the big short. Then, for Milan Patel, came the big long.
4. U.S. Stocks Track Chinese Rebound as Oil Slips Amid Output Deal
(Bloomberg) -- U.S. stocks capped their steepest two-day gain since August following a bounce back in Chinese equities. Crude retreated amid bets that a pledge by the world’s two largest oil producers to freeze output won’t succeed in tackling the global surplus.
5. Marks’s Oaktree Seen Nearing $1 Billion Gain on Gundlach Bet
(Bloomberg) -- Oaktree Capital Group LLC co-founder Howard Marks is known as a shrewd investor. One of his best decisions was spending about $20 million in 2009 for a one-fifth stake in Jeffrey Gundlach’s upstart investment firm.
6. Apple Refuses to Unlock IPhone in Key Privacy Clash
(Bloomberg) -- Apple Inc. rejected a court order to help U.S. investigators unlock an iPhone used by one of the shooters in a terrorist attack in California, setting up a pivotal confrontation with the government over the sanctity of personal information.
7. U.S. Equities Retreat as Oil Supply Surge Reignites Haven Demand
(Bloomberg) -- U.S. stocks fell, snapping a three-day rally as the highest American oil inventories in 86 years sent crude below $31 a barrel, fueling demand for haven assets from Treasuries to gold.
8. Stocks Rally With Oil as Risk Assets Rebound; Treasuries Retreat
(Bloomberg) -- Stocks rallied as investors piled back into riskier assets, sending emerging-market currencies and equities higher after a retreat in the yuan triggered losses in Asia. U.S. crude oil rose back above $30 a barrel.
9. Top Stock Picker With $9 Billion Says He’s Still Happy in Cash
(Bloomberg) -- Well before things went wrong for global stocks last year, one $9 billion fund manager decided it was time to play safer, and nothing he sees now convinces him to change that call.
10. Shares Jump From Europe to Japan as Oil Holds Rally; Yuan Soars
(Bloomberg) -- Stocks came back with a vengeance amid speculation losses that sent global equities into a bear market had gone too far, with rallies in crude oil and the Chinese yuan burnishing sentiment.
1. Apple’s ‘Error 53’ Could Upend a Lucrative Business: Adam Minter
(Bloomberg View) -- Imagine if Ford remotely disabled the engine on your new F-150 pickup because you chose to have the door locks fixed at a corner garage rather than a dealership. Sound absurd? Not if you’re Apple.
2. Deutsche Bank Analyst Kept Some Doubts to Himself: Matt Levine
(Bloomberg View) -- Modern capitalism does not, as a general matter, demand that workers believe in their work in their inmost souls. Teetotalers can be bartenders, doctors can smoke, Ford salesmen can drive Hondas, or bicycles, in their private lives. Mental reservations are allowed. There are a few careers that are exceptions to this general rule of laissez faire. A loss of faith is, I gather, disqualifying for the priesthood.
3. Trouble With Banks Is Contained, for Now: Mohamed A. El-Erian
(Bloomberg View) -- Three asset classes -- energy, high-yield corporate bonds and emerging-market currencies -- became unhinged last year amid abnormal asset price volatility. Now the banking segment seems to be getting a lot closer to following the same route. Should this occur -- thankfully, that’s still a big if at this stage -- the consequences for the real economy and global financial markets would be much more consequential.
4. ’Dear Abby’ Tells the Fed to Refill the Punch Bowl: Mark Gilbert
(Bloomberg View) -- Suppose central bankers had their own version of the "Dear Abby" advice column. What might a trusted agony aunt recommend for them today?
5. Starbucks Threatens Closing Time for British Pubs: Mark Gilbert
(Bloomberg View) -- Tim Page, chief executive of the Campaign for Real Ale lobbying group, reckons 27 British pubs are closing every week. While that’s down from 30 per week in 2014, it suggests the industry is still reeling from cheap supermarket booze, a general decline in alcohol consumption and a housing boom that makes turning pubs into flats a lucrative enterprise. And now, pubs face yet another competitor for their dwindling bar crowd: Starbucks.
1. ECB’s Draghi Speaks in EU Parliament
(Bloomberg) -- European Central Bank President Mario Draghi speaks before lawmakers in European Parliament in Brussels about monetary policy, recent financial-market turmoil and the global economy.
2. Videgaray, Carstens News Coference
(Bloomberg) -- Mexico’s Finance Minister Luis Videgaray and Central Bank Governor Agustin Carstens speak at a news conference in Mexico City. (This is in Spanish.)
3. Oaktree’s Marks: Fits of Market Volatility Are Normal
(Bloomberg) -- Oaktree Capital Group co-Chairman Howard Marks discusses the volatile markets and his investment thoughts.
4. The End of the Line for the U.S. Dollar Rally
(Bloomberg) -- Themos Fiotakis, co-head of FX and rates strategy at UBS, and Lena Komileva, chief economist at G Plus Economics, explain why U.S. dollar appreciation is behind us and discuss China’s pursuit of a weaker currency.
5. Oaktree’s Marks on His Outlook for Energy Sector
(Bloomberg) -- Oaktree Capital Group co-chairman Howard Marks discusses his outlook for high-yield debt and the energy sector.
--With assistance from Anny Kuo
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Bob Brennan, James Amott