Most Read on Bloomberg: Trump and the GOP, Bond-Trading Reboundby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through July 23.
See READSUMS for previous lists.
1. Republicans Divided as Cruz Avenges Trump’s Slight Against Wife
(Bloomberg) -- Donald Trump said he chose his running mate to inspire party unity. The goal of his presidential convention was party unity. But Texas Senator Ted Cruz remained defiant Thursday with his decision to withhold his support from his party’s nominee.
2. Trump Campaign Struggles to Put Plagiarism Controversy to Rest
(Bloomberg) -- Donald Trump’s presidential campaign struggled Tuesday to contain the fallout from revelations that portions of his wife’s Monday night speech before the Republican National Convention were lifted from an address delivered eight years earlier by Michelle Obama.
3. Goldman Seen Struggling to End Dive in Fixed-Income Share
(Bloomberg) -- Goldman Sachs Group Inc.’s fixed-income traders were supposed to take back market share in the second quarter, halting years of declines. That now looks harder, after JPMorgan Chase & Co. and Citigroup Inc.blew past analysts’ estimates last week.
4. BofA Trading Tops Estimates as Moynihan Vows Deeper Cuts
(Bloomberg) -- Bank of America Corp. posted higher profit in each of its four main businesses as bond-trading revenue increased more than analysts estimated and expenses fell.
5. Goldman Bond-Trading Boosts Profit; Cost Cuts Fall Short
(Bloomberg) -- Goldman Sachs Group Inc., the Wall Street bank most reliant on trading, posted a 74 percent increase in second-quarter profit as revenue from fixed-income trading and debt underwriting surpassed analysts’ estimates. Expenses declined less than some projections.
6. Visium Asset Management to Fire 33 People as Funds Shutter
(Bloomberg) -- Jacob Gottlieb’s Visium Asset Management plans to fire 33 employees in New York as the firm liquidates its hedge funds following charges against three former employees.
7. Dad’s Tape Could Jail Banker Son Accused of Offering Tips
(Bloomberg) -- Bob Stewart was always there for his son -- as a soccer coach and Boy Scout leader, as the proud parent of a Yale graduate and then an investment banker.
8. Stocks Take a Breather as Earnings Disappoint, Dollar Advances
(Bloomberg) -- Corporate earnings set the tone on global equity markets, with stocks from Europe to the U.S. slipping after a three-week run added $4.6 trillion in value worldwide. Treasuries rose with gold on haven demand.
9. SoftBank to Buy Britain’s ARM for $32 Billion in Record Deal
(Bloomberg) -- SoftBank Group Corp. agreed to buy ARM Holdings Plc for 24.3 billion pounds ($32 billion), securing a slice of virtually every mobile computing gadget on the planet and future connected devices in the home.
10. Wall Street Whacks Pay Hardest in Four Years to Preserve Profits
(Bloomberg) -- Three of Wall Street’s largest investment banks slashed their first-half compensation pools for employees by the most in at least four years.
1. HSBC Currency Traders Got Too Greedy on Christmas: Matt Levine
(Bloomberg View) -- Oh man: Here is the Justice Department’s announcement of charges against Johnson and Stuart Scott, the former head of FX cash trading for Europe, the Middle East and Africa. Here is the complaint, charging them with front-running the purchase of $3.5 billion worth of pounds sterling by a corporate client, apparently Cairn Energy.
2. Melania Trump’s Plagiarism Confirms Your Fears: Megan McArdle
(Bloomberg View) -- At first after the convention broke for the night on Monday, everyone on the cable news networks agreed that Melania Trump’s speech was good. An hour later everyone was talking about how much her apparent plagiarism from Michelle Obama’s 2008 speech would hurt the Trump campaign.
3. Mr. Trump Doesn’t Write His Own Stuff Either: Timothy L. O’Brien
(Bloomberg View) -- Hours before Melania Trump made her debut at the Republican convention Monday night, she had this exchange about her upcoming speech with the Today show’s Matt Lauer.
4. Trump Has Never Managed to Be a Manager: Timothy L. O’Brien
(Bloomberg View) -- "I realized that America doesn’t need more ’all-talk, no-action’ politicians running things. It needs smart businesspeople who understand how to manage. We don’t need more political rhetoric -- we need more common sense. ’If it ain’t broke, don’t fix it’ -- but if it is broke, let’s stop talking about it and fix it. I know how to fix it." --Donald Trump, "Crippled America"
5. Our Pros Say Melania Almost Saved Trump’s Day: Albert R. Hunt
(Bloomberg View) -- There will be 20,000 people packed into the Quicken Loans Arena in Cleveland for the Republican National Convention on four evenings this week, most cheering every attack on Hillary Clinton and every call to make America great again. What counts, though, is how the proceedings come across to millions of viewers and voters who tune in.
1. Draghi Speaks on Brexit, Stimulus: News Conference (7/21)
European Central Bank President Mario Draghi speaks at the ECB’s six-weekly news conference in Frankfurt after the Governing Council maintained its main refinancing rate at zero and the deposit rate at minus 0.4 percent.
2. Cruz Hears Boos as He Fails to Endorse Trump at RNC (7/21)
Senator Ted Cruz of Texas spoke at the Republican National Convention in Cleveland, Ohio. He congratulated Donald Trump on winning the nomination, but failed to endorse him, sparking boos from the floor and chants of “endorse him.”
3. Melania Trump 2016 vs. Michelle Obama 2008: Their Words (7/19)
Melania Trump’s speech on the first night of the Republican National Convention echoed phrases from Michelle Obama’s speech to the Democratic National Convention in 2008.
4. Theresa May Debuts in Parliamentary Q&A as Leader (7/20)
Theresa May takes part in her first parliamentary question and answer session as Prime Minister after replacing David Cameron. Opposition Labour Party leader Jeremy Corbyn also speaks.
5. Supercut: RNC Day 1 in 3 Minutes (7/19)
The Republican National Convention in Cleveland, Ohio, kicked off with a bang on Monday. The early session was marred by efforts by anti-Trump Republicans to noisily disrupt a vote on convention rules. The evening saw speakers focus on criticizing Hillary Clinton and praising the presumptive GOP nominee. Melania Trump capped off the evening with a speech in which she made the case for her husband as a man, a father and a potential president.
--With assistance from Anny Kuo in New York.