Most Read on Bloomberg: a Friday Thump in Markets; Cargill Chaosby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Sept. 10.
See READSUMS for previous lists.
1. Stocks Sink With Bonds, Dollar Rallies as Complacency Broken
(Bloomberg) -- Tranquility that has enveloped global markets for more than two months was upended as central banks start to question the benefits of further monetary easing, sending government debt, stocks and emerging-market assets to the biggest declines since June. The dollar jumped.
2. Cargill Hedge Fund in Chaos as Fat Salary, Feud Sink Sale Plan
(Bloomberg) -- When agricultural giant Cargill Inc. put its investment arm up for sale last year, it had all the looks of a simple and quick transaction. Goldman Sachs was in charge of shopping the $10 billion firm, known as CarVal Investors, and powerhouses like Blackstone and Carlyle were among those sniffing around.
3. Hedge Fund Makes 2,100% From the World’s Most Extreme Mania
(Bloomberg) -- Plenty of professional investors like to tout their talent for turning volatility into opportunity. Few have managed to deliver on that promise as well as Wang Bing.
4. Treasuries Climb, Nasdaq Hits Record as Fed Hike Wagers Decline
(Bloomberg) -- Treasuries rallied, while the dollar slumped after data showing anemic expansion in U.S. services industries bolstered speculation that the Federal Reserve will keep interest rates lower for longer. The Nasdaq Composite Index climbed to a record high.
5. Bonds, Stocks Fall as ECB Downplays Extra Stimulus; Crude Surges
(Bloomberg) -- Bonds declined with stocks, while the euro strengthened after the European Central Bank downplayed the need for more economic stimulus. Oil extended its surge.
6. Gundlach Says It’s Time to Get Defensive as Rates May Rise
(Bloomberg) -- DoubleLine Capital Chief Investment Officer Jeffrey Gundlach said it’s time for fixed-income investors to prepare for rising interest rates and higher inflation by reducing the duration of their positions, moving money into cash and protecting against volatility.
7. Perry’s Assets Plunge 60% to $4 Billion as Wagers Backfire
(Bloomberg) -- Perry Capital, the 28-year-old hedge fund run by Goldman Sachs Group Inc. alumnus Richard Perry, has lost more than half of its assets in less than a year after posting declines since 2014.
8. Cracks Are Appearing in Bond Market That Led Record Global Rally
(Bloomberg) -- One of the pillars of 2016’s record-setting global bond rally is starting to buckle.
9. U.S. Stocks Hover Near Records as Dollar Rises; Oil Extends Jump
(Bloomberg) -- U.S. stock indexes held near record levels, while the dollar gained as traders digested mixed data on the world’s largest economy amid bets interest rates will stay low.
10. Credit Suisse Names Chin to Replace O’Hara as Trading Chief
(Bloomberg) -- Credit Suisse Group AG’s Timothy O’Hara is leaving after 10 months running the bank’s largest division and will be replaced by a deputy who leads the trading unit that blindsided Chief Executive Officer Tidjane Thiam with losses earlier this year.
1. The World Has a Sex Problem. It Hurts Growth: Victoria Bateman
(Bloomberg View) -- When it comes to identifying the causes of the two major economic problems currently facing the developed world -- rising inequality and a slowdown in economic growth -- sex is rarely mentioned. However, as far as Thomas Malthus, the original economic doomster, was concerned, the “passion between the sexes” was central to economic malaise.
2. Ask Colorado If Infrastructure Spending Works: Matthew Winkler
(Bloomberg View) -- Here’s something all of divided America should be able to agree on: Smart infrastructure investment works. For evidence, look at Colorado, where elected officials of both parties trace an economic boom to a decision 27 years ago to spend more than $2 billion on a new Denver airport.
3. A Rock-Star Economist’s Warning About Low Rates: Noah Smith
(Bloomberg View) -- As governor of the Reserve Bank of India, Raghuram Rajan seems to have done a lot of good things. Unfortunately, his political adversaries forced him out of office, which he left on Sunday. During his tenure, Indian growth was steady and robust, while inflation fell.
4. Wells Fargo Opened a Couple Million Fake Accounts: Matt Levine
(Bloomberg View) -- Two basic principles of management, and regulation, and life, are:
5. Sean Hannity Will Own Share of Any Trump Defeat: Ramesh Ponnuru
(Bloomberg View) -- Sean Hannity knows who will be responsible if Hillary Clinton wins the election.
1. Draghi on QE Review, Economy: Full News Conference
(Bloomberg) -- 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, the deposit rate at minus 0.4 percent and asset purchases at around 80 billion euros ($90 billion) a month until March 2017.
2. BOE’s Carney Testifies to Treasury Select Committee
(Bloomberg) -- Bank of England Governor Mark Carney speaks before the U.K. Treasury Select Committee in London on the economy and monetary policy following the Aug. 4 inflation report. The other witnesses are Deputy Governor Jon Cunliffe and Monetary Policy Committee members Kristin Forbes and Gertjan Vlieghe.
3. Hillary Clinton News Conf.: National Security, Trump
(Bloomberg) -- Democratic presidential nominee Hillary Clinton speaks about U.S. national security and Republican rival Donald Trump’s remarks about Russian President Vladimir Putin. She talks with reporters at the Westchester County Airport in White Plains, New York.
4. Lacker, George Testify: Fed Governance Structure
(Bloomberg) -- Federal Reserve Bank of Richmond President Jeffrey Lacker and Federal Reserve Bank of Kansas City President Esther George testify about the central bank’s governance structure and its impact on monetary policy and the economy.
5. El-Erian: Central Bank Community Becoming Less Effective
(Bloomberg) -- Mohamed El-Erian, chief economic adviser at Allianz and Bloomberg View columnist, discusses market expectations of a September rate increase by the Federal Reserve, the effectiveness of global central banks, problems created by low interest rates, and fiscal help needed by central bankers.
--With assistance from Anny Kuo in New York.