Most Read on Bloomberg: Apple’s EU Tax Fight; Annual FX Robotsby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Sept. 3.
See READSUMS for previous lists.
1. Apple Ordered to Pay Up to $14.5 Billion in EU Tax Clampdown
(Bloomberg) -- Apple Inc. was ordered to pay as much as 13 billion euros ($14.5 billion) plus interest after the European Commission said Ireland illegally slashed the iPhone maker’s tax bill, in a record crackdown on fiscal loopholes that also risks inflaming tensions with the U.S.
2. U.S. Stocks Rally on Spending Bounce as Strong Dollar Hits Crude
(Bloomberg) -- U.S. stocks rallied to near a record high after data showing an increase in consumer spending underscored the strength of the world’s largest economy amid speculation over the outlook for interest rates. The dollar maintained gains, while oil retreated.
3. Quant Fund Gives Robots 364 Days Off to Best Currency Rivals
(Bloomberg) -- Like a lot of hedge funds, Principal Global Investors’ Macro Currency Group uses computer-driven models to devise trading strategies. What sets it apart is that its machines only make calls once a year.
4. Treasuries Rise, Dollar Falls as Fed Bets Recede on Factory Data
(Bloomberg) -- Treasuries climbed and the dollar fell as an unexpected malaise in American manufacturing had traders trimming wagers that the Federal Reserve will boost interest rates this month. Oil extended its slide.
5. Trump, Mexican President Emphasize Respect But Clash on Border Wall
(Bloomberg) -- Donald Trump and Mexican President Enrique Pena Nieto came away from Wednesday’s meeting in Mexico City with different accounts on whether they had discussed if Mexico would pay for a wall between the two nations in order to stem illegal immigration.
6. Want a Hedge Fund Job? Knowing About Wavelets Improves Your Odds
(Bloomberg) -- Job seekers with MBAs or experience as securities analysts no longer jump to the front of the hiring line. But if you’re nimble with partial differential equations or wavelets, hedge funds want you.
7. Pimco at Odds With Goldman on Yellen as September Rate Bets Rise
(Bloomberg) -- Federal Reserve Chair Janet Yellen’s speech Friday was hawkish enough for Goldman Sachs Group Inc. to boost the odds of a September interest-rate increase, while Pacific Investment Management Co. said there was nothing of note in her remarks.
8. Winter’s Hated 4 P.M. Sunsets May Become Thing of Past in Boston
(Bloomberg) -- Of all the major cities on America’s eastern seaboard, none is as far north or east as Boston. Which creates a slight problem in winter: The sun sets really early. As in, for most of December, well before happy hour.
9. Payrolls in U.S. Cool in August as Jobless Rate Holds Steady
(Bloomberg) -- U.S. payrolls grew at a slower but solid pace in August while measures of labor slack were little changed, signs the job market is cooling as the economy approaches full employment.
10. Oil Slump Sparks Stock Losses as S&P 500 Wipes Out August Gains
(Bloomberg) -- A selloff in oil sent stocks lower, with the S&P 500 Index erasing its August advance, while the dollar maintained gains as traders awaited U.S. jobs data amid ongoing speculation over the outlook for interest rates in the world’s largest economy.
1. How Next U.S. Jobs Report Could Affect Fed: Mohamed A. El-Erian
(Bloomberg) -- Most of the time, it would be very foolish to suggest that a single data release could determine a policy decision by the Federal Reserve. After all, Fed officials -- board governors, regional presidents or senior staff members -- pride themselves on considering a wide array of numbers and multidimensional models. Yet the jobs report for August that will be released Friday could well come very close to being the exception.
2. Uber Is Trying to Figure Out If It’s a Real Business: Justin Fox
(Bloomberg) -- Uber is still losing lots and lots of money, the world learned last week from Bloomberg’s Eric Newcomer. It may even be losing a lot more money than Newcomer was able to tell us about. As he put it in his weekly e-mail newsletter.
3. What the Fuss Over Burkinis Is Really About: Leonid Bershidsky
(Bloomberg View) -- It was rather obvious that France’s highest administrative court, the Council of State, would strike down bans on unrevealing swimwear instituted this summer by French coastal towns. Last Friday, it reversed the first such ban, by the mayor of Villeneuve-Loubet. Though some mayors still don’t see why they should cancel their orders, rights activists will soon be on their case, too, and the precedent promises similar outcomes in most of these disputes.
4. One Chart Shows What Investors Are Dreaming About: Mark Gilbert
(Bloomberg View) -- You’ve probably heard the old saw about equity markets "climbing a wall of worry." Stock market prices can rise even when the economic backdrop is gloomy as investors look ahead and anticipate better times.
5. Four Ways to Reform the Federal Reserve: Narayana Kocherlakota
(Bloomberg View) -- The expanding responsibilities of the U.S. Federal Reserve have prompted numerous calls for reform, ranging from intrusive audits to outright abolishment. I disagree with most of the proposals, but I do believe that the central bank would benefit from some changes -- four, to be exact.
1. Fed’s Fischer Talks With Bloomberg TV
(Bloomberg) -- Federal Reserve Vice Chairman Stanley Fischer discusses the economy’s influence on the Fed’s rate hike path, the importance of the Fed to the world, avoiding negative interest rates in the United States, and U.S. employment and productivity.
2. Trump, Pena Nieto Speak About U.S.-Mexico Relations
(Bloomberg) -- U.S. Republican presidential candidate Donald Trump and Mexican President Enrique Pena Nieto speak at a joint press conference in Mexico City about relations between the two countries. (English translation)
3. Pimco’s Mather Advises Investors to De-Risk Portfolios
(Bloomberg) -- Scott Mather, chief investment officer of U.S. core strategies at Pimco, discusses bond market volatility and reducing risk in your portfolio.
4. EU’s Vestager Holds Briefing in Brussels
(Bloomberg) -- European Union Competition Commissioner Margrethe Vestager holds a press briefing in Brussels about Apple Inc.
5. Brazil’s Senate Votes to Impeach Rousseff (Portuguese)
(Bloomberg) -- Brazil’s Senate debates and holds a final vote on whether to impeach suspended President Dilma Rousseff. With 61 against 20 votes, the Senate found Rousseff guilty of bypassing Congress to finance government spending, making her the second president to be impeached in the country’s 31-year-old democracy. (This report is in Portuguese.)
--With assistance from Anny Kuo in New York.