Most Read on Bloomberg: Pokemon’s Fizzle, Harvard Fund Shakeupby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through July 30.
See READSUMS for previous lists.
1. Nintendo Slumps By Most Since 1990 on Dashed Pokemon Go Hopes
(Bloomberg) -- Nintendo Co. shares plunged by the most since 1990 after the company said late Friday that the financial benefits from the worldwide hit Pokemon Go will be limited.
2. Behind Harvard Shakeup, a Star Trading Desk That Unraveled Fast
(Bloomberg) -- Across the Charles River from Harvard Yard, the stewards of the university’s vast fortune were about to embark on an ambitious plan: they wanted to recreate a Wall Street-style hedge fund to trade stocks.
3. Deutsche Bank Flags Deeper Cuts as Trading Drop Hits Profit
(Bloomberg) -- Deutsche Bank AG Chief Executive Officer John Cryan signaled the German lender may have to deepen cost cuts after second-quarter profit was almost wiped out by a slump in trading and restructuring costs.
4. Has Wall Street Been Tamed? Fines, Job Cuts and Anger Take Toll
(Bloomberg) -- Chris Hentemann has two pieces of art on the walls of his corner office in midtown Manhattan. One is an oversize photograph of the cockpit of his twin-engine Beechcraft Baron. The other is an Andy Warhol print of Muhammad Ali with his fists cocked.
5. Treasuries Rally on Fed While Dollar Slips as Stocks Close Mixed
(Bloomberg) -- Treasuries rose, the dollar weakened versus the euro, while U.S. stocks were mixed after the Federal Reserve reiterated its intention to tighten monetary policy gradually, even as the economy shows signs of improvement. Gold rallied.
6. Zero Down on a $2 Million House Is No Problem in Silicon Valley
(Bloomberg) -- It turns out that even the well-off need help in a housing market as crazy as the one in the San Francisco Bay area, and lenders are elbowing each other in a rush to provide it.
7. U.S. Equities Little Changed as Oil Drops Before Fed; Yen Surges
(Bloomberg) -- Earnings from McDonald’s Corp. to Caterpillar Inc. tugged U.S.stocks in opposite directions, leaving benchmark indexes little changed as investors turned attention to Wednesday’s Federal Reserve interest rate review. The yen jumped, while oil slipped to a three-month low.
8. U.S. Stocks Advance as Central-Bank Bets Drive Currency Markets
(Bloomberg) -- U.S. stocks rose, lifting the S&P 500 Index to within striking distance of an all-time high, as investors digested company earnings ahead of data due Friday on the American economy. Stimulus bets colored currency trading ahead of the Bank of Japan’s policy review.
9. U.S. Stocks Retreat as Stronger Dollar Drives Commodities Lower
(Bloomberg) -- U.S. stocks declined as crude oil slid to a three-month low, while a stronger dollar weighed on metals ahead of central bank meetings in the U.S. and Japan this week.
10. BOJ Opts for Limited Stimulus Expansion, Plans Policy Review
(Bloomberg) -- The Bank of Japan kept its key monetary tools unchanged, and will mount a comprehensive review of its policy framework due to "considerable uncertainty" about the outlook for inflation, which has consistently underperformed the central bank’s forecasts. The yen jumped.
1. The Independent’s Case for Hillary Clinton: Michael R. Bloomberg
(Bloomberg View) -- The following is an adaptation of an address delivered to the Democratic National Convention on July 27, 2016: When the Founding Fathers arrived in Philadelphia to forge a new nation, they didn’t come as Democrats or Republicans, or to nominate a presidential candidate. They came as patriots who feared party politics.
2. How Donald Trump Changed My Mind About Gold: Joe Weisenthal
(Bloomberg View) -- If you poke around on the internet, you’ll find a lot of people who have criticized me for being a "gold hater." Here are two different pieces that took me just a few seconds to find. There are plenty of tweets out there saying the same thing.
3. A Belch in Gym Class, Then Handcuffs and a Lawsuit: Noah Feldman
(Bloomberg View) -- Is fake burping in gym class enough to get a seventh-grader arrested? Yes, according to a federal appeals court, which granted immunity to school officials sued by the kid’s family after the 13-year-old was hauled off to juvenile detention in handcuffs.
4. Economists Give Up on Milton Friedman’s Biggest Idea: Noah Smith
(Bloomberg View) -- One of the core pieces of modern macroeconomic theory, handed down to us by the great Milton Friedman, probably missed the mark. And now it might be on the way out. And this shift has big implications for how we think about economic policy and finance.
5. Kaine’s $160,000 in Gifts Was Legal, Unfortunately: Noah Feldman
(Bloomberg View) -- Not all gifts to politicians are illegal. But it can be difficult to draw the line between what the Supreme Court has called “access and ingratiation,” which is protected by the First Amendment, and quid-pro-quo corruption, which isn’t.
1. BOJ’s Kuroda Speaks About Japan’s Economy, Policy (Jpn)
(Bloomberg) -- Bank of Japan Governor Haruhiko Kuroda talks about policy and the nation’s economy at a press briefing in Tokyo.
2. Obama Speaks at Democratic National Convention
(Bloomberg) -- President Barack Obama speaks about Democratic nominee Hillary Clinton’s experience and qualifications to be the next president of the U.S. He speaks at the Democratic National Convention in Philadelphia.
3. Alan Greenspan on U.S. Economy, Inflation, and Rates
(Bloomberg) -- Alan Greenspan, former Federal Reserve chairman and founder of Greenspan Associates, discusses the U.S. economy, signs of inflation, and the impact of stagflation on interest rates.
4. Hillary Clinton Accepts Democratic Presidential Nomination
(Bloomberg) -- Hillary Clinton accepts the Democratic Party’s presidential nomination in a speech at the party’s convention in Philadelphia.
5. El-Erian: Market Too Complacent About Fed Rates
(Bloomberg) -- Mohamed El-Erian, chief economic adviser at Allianz, discusses his expectations for what we’ll hear from the Federal Reserve, Fed influence over markets, and the disconnect between markets and fundamentals. He speaks on "Bloomberg Markets."
--With assistance from Anny Kuo in New York.