Most Read on Bloomberg: Carnage in France, May Succeeds Cameronby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through July 16.
See READSUMS for previous lists.
1. French Killer Not on Terror List, Used Islamic State Tactics
(Bloomberg) -- The man who killed 84 people and injured 202 during a Bastille Day celebration in Nice Thursday was known to law enforcement for petty theft and domestic violence but wasn’t on any list of people known to be radicalized, France’s chief anti-terror prosecutor said.
2. May to Succeed Cameron as U.K. Leader to Deliver on Brexit
(Bloomberg) -- Home Secretary Theresa May will succeed David Cameron as U.K. prime minister on Wednesday after her only challenger for the role dropped out, giving her the task of steering the country out of the European Union.
3. Bye-Bye Bonus: Brexit Seen Biting Profit for Years at U.S. Banks
(Bloomberg) -- When U.S. banks post second-quarter results in days, it’ll boil down to this: Bonus cuts are coming for just about everyone this year, says Wall Street recruiter Richard Lipstein. “If you are break-even, it’s an achievement.”
4. Banker Sitting in U.S. Prison Has a Most Incredible Tale to Tell
(Bloomberg) -- Eugene Gourevitch, a 39-year-old Berkeley-educated finance whiz, spends his days working in the library in a federal prison in Montgomery, Alabama. He’s serving a five-year sentence for wire fraud related to insider trading.
5. Global Stocks Erase Brexit Losses as Investors Bail on Debt, Yen
(Bloomberg) -- Global stocks erased losses sparked by the Brexit vote and the Dow Jones Industrial Average reached its first record in 13 months as the prospect of ongoing global stimulus spurred demand for commodities and other risk assets. Treasuries tumbled.
6. S&P 500 Climbs to Record High as Dollar Rallies; Treasuries Drop
(Bloomberg) -- Stocks rose, sending the S&P 500 Index to an all-time high on speculation the U.S. economy remains strong enough to propel global growth without forcing the Federal Reserve to raise interest rates. The dollar climbed with industrial metals.
7. U.S. Stocks Rise on Earnings While Stimulus Bets Sink Bonds, Yen
(Bloomberg) -- U.S. stocks extended gains at an all-time high amid corporate results that pointed to resilience in the global economy, while Treasuries slid with the yen as speculation central banks will add to stimulus sapped demand for havens.
8. The World’s Most Powerful Stock Pickers Don’t Manage a Penny
(Bloomberg) -- MSCI Inc. isn’t usually a name that springs to mind when one thinks of the most powerful players in the global equity market.
9. Credit Suisse Said to Lift Salary, Chop Allowance for Some Staff
(Bloomberg) -- Credit Suisse Group AG changed the structure of compensation for some of its senior London bankers, increasing fixed pay while eliminating the so-called allowances that have come under regulatory scrutiny, people familiar with the plan said.
10. U.S. Stock Rally Sputters as Crude Plunges; Bonds Rise With Gold
(Bloomberg) -- The S&P 500 Index eked out a third straight closing record, overcoming a drop in the price of oil that dragged energy shares lower as a let-up in political turmoil in the U.K. kept demand for risk assets alive. Metals advanced with emerging-market equities.
1. Why Terrorists Keep Succeeding in France: Leonid Bershidsky
(Bloomberg View) -- France is in the line of fire. Of the 16 terrorist incidents that took place in Western nations this year, five were in France, including the deadliest one -- Thursday’s apparent lone wolf attack in Nice, which killed at least 84 people.
2. Traders Leaving London Would At Least Escape Rain: Mark Gilbert
(Bloomberg View) -- Have you heard? The platforms of London’s St. Pancras train station and the departure lounges of its airports are packed with anxious investment bankers, ordered by their employers to relocate following Brexit.
3. This Is the Beginning of the End of the NRA: Francis Wilkinson
(Bloomberg View) -- The NRA is not only a constituent part of the Republican Party. It is in some ways a microcosm of it. Its demographics: an aging, male, non-urban, racially anxious, white base. Its policy prescriptions: outlier positions unsupported by science. Its politics: defensive and bitterly opposed to compromise.
4. Why Today’s Traders Have Lost Their Midas Touch: Satyajit Das
(Bloomberg View) -- Today’s traders and portfolio managers -- self-described Masters of the Universe -- have hardly covered themselves in glory recently. Their surprise and initial panic at the Brexit result doesn’t say much for the extraordinary foresight, skill at managing risk and large pay packages many of them claim.
5. Mike Pence Is the Perfect Not-Trump Running Mate: Albert R. Hunt
(Bloomberg View) -- Donald Trump has selected the perfect non-Trump as his running mate. Mike Pence, the phlegmatic Republican governor of Indiana, has strong credentials with the social right and mediocre political instincts.
1. Cameron Bows Out in Last Parliamentary Q&A as Leader
(Bloomberg) -- David Cameron takes part in his final parliamentary question and answer session as Prime Minister before being replaced by Theresa May. Opposition Labour Party leader Jeremy Corbyn also speaks.
2. BOE’s Carney Testifies on Financial Stability
(Bloomberg) -- Bank of England Governor Mark Carney speaks before the U.K. Treasury Select Committee in London on the bank’s latest financial stability report. The other witnesses are Deputy Governor Jon Cunliffe and external Financial Policy Committee members Donald Kohn and Richard Sharp.
BOE’s Carney Testifies on Financial Stability: Part 1 (Video)
BOE’s Carney Testifies on Financial Stability: Part 2 (Video) BOE’s Carney Testifies on Financial Stability: Part 3 (Video)
3. BOE Rates Decision: Bloomberg TV Coverage
(Bloomberg) -- Follow Bloomberg Television’s coverage of today’s Bank of England rate decision.
4. Obama Speaks at Memorial for Slain Dallas Officers
(Bloomberg) -- President Barack Obama speaks at a memorial service in Dallas for the five police officers who were killed in a sniper attack last week during a protest against police-involved shootings.
5. Bernie Sanders Endorses Hillary Clinton for President
(Bloomberg) -- Vermont Senator Bernie Sanders formally endorses Hillary Clinton for president at a rally in Portsmouth, New Hampshire. Clinton, the presumptive Democratic presidential nominee, asked Sanders’ supporters to join her campaign and pledged to fight unjust trade practices and Wall Street excess.