Friday, October 4
Most Read Story on the Bloomberg Terminal:
U.S. Payrolls Miss Estimates, Wages Cool in Sign of Downshift (Bloomberg)
U.S. hiring missed projections in September and wage gains cooled, offering a warning that the record-long expansion is poised for further slowing even as the jobless rate fell to a half-century low.
Average hourly earnings rose 2.9% from a year earlier, the weakest in more than a year and missing estimates.
The jobless rate unexpectedly dropped to 3.5% from 3.7%, for the lowest since December 1969.
The jobs report caps a week of U.S. economic data that whipsawed stocks and sent already-low Treasury yields tumbling, led by a key manufacturing gauge that sank deeper into contraction with the worst reading in a decade.
A slowdown also threatens Trump’s re-election prospects next year, with the president frequently staking his message on a strong economy.
See the most read stories on the Bloomberg terminal at READ <GO>.
Boris Johnson Commits to Sending Brexit Extension Letter, Scottish Court Told (Bloomberg)
Prime Minister Boris Johnson agreed to seek an extension to the Brexit deadline in the event that there’s no accord with the EU by Oct. 19, a Scottish court was told, in a filing that appears to contradict his earlier statements that he would do no such thing.
Spillover Effect: How a No-Deal Brexit Could Become a Problem for the World Economy (Bloomberg)
If Britain crashes out of the European Union without a transition pact, the knock-on effects would undermine an already fragile global economy. The spillovers could be bigger than many currently expect and the ECB is running out of ammunition to help if Brexit gets messy.
The worst-case scenario of a no-deal Brexit is guaranteed to damage the U.K. The question is how much pain would be transmitted elsewhere at a time when the U.S.-China trade war has already helped plunge global manufacturing into a slump.
Here’s what you need to know:
Trump Counting on the Senate’s Red Wall to Save Him from Removal From Office (Axios)
Trump believes the combination of right-wing media backing + GOP senators’ fear of crossing Trump voters will save him from removal from office. Right now, there are few noticeable cracks in this wall.
Impeachment, which only takes a majority vote in the House, doesn’t end Trump’s presidency. That only happens if two thirds of the Senate votes to convict and remove him — 67 senators if they all show up.
The Pressure Worked: Ukraine’s New Chief Prosecutor to ‘Audit’ Debunked Biden Case (Washington Post)
‘Smoking Texts’ Reveal U.S. Diplomats Sought Ukraine Probe of Biden on Trump’s Behalf (Bloomberg)
Two top American diplomats tried to strike a deal on behalf of President Donald Trump for Ukraine’s leader to investigate discredited allegations of wrongdoing by Joe Biden and his son in return for improving relations with the U.S., according to documents released by House Democrats late Thursday.
Analysis: Text Messages Show Explicitly Stated Quid Pro Quo, U.S. Helped Shape Statement for Ukraine Officials on Biden Probe (Washington Post)
The Other Whistleblower: IRS Whistleblower Said to Report Treasury Political Appointee Might Have Tried to Interfere in Audit of Trump or Pence Tax Returns (Washington Post)
Trump Raised Joe Biden with Xi Jinping in June Call, Said He Would Remain Quiet on Hong Kong Protests as Trade Talks Progressed (CNN)
Readership Spike on the Bloomberg Terminal: House Speaker Nancy Pelosi tweets: “Congress must not back down from our duty to defend the Constitution as @realDonaldTrump ignores the Founders’ warnings about foreign interference at every turn.”
Hong Kong Update.
Bulletin: Hong Kong MTR Suspends All Train Services after Train Set on Fire (Bloomberg)
Hong Kong Leader Carrie Lam Invokes Emergency Powers to Ban Face Masks, Sparking Fresh Protests (Bloomberg)
JPMorgan Banker Punched by Hong Kong Protester as Tensions Mount (Bloomberg)
Hong Kong’s Richest Man, Li Ka-shing, Donates $127 Million to Local Businesses as Protests Roil City (Bloomberg)
The Li Ka-shing Foundation said Friday that it would donate HK$1 billion ($127 million) to help local small and medium firms weather the “unprecedented challenges” facing the city’s economy. The move comes less than two months after the charity gave $64 million to a local university.
Forget Gordon Gekko: The Rise of the Financial Machines as Computers Increasingly Call the Shots in Financial Markets (The Economist cover)
Trump’s Impeachment Saga Stems From a Political Hit Job Gone Bad (Bloomberg Businessweek)
The president’s obsession with finding dirt on Biden goes back to Steve Bannon and the book, Clinton Cash.
The irony of President Trump’s sudden impeachment peril is that it’s the unintended result of an effort to help him: a political hit job aimed at a likely opponent (Joe Biden) and funded by a major right-wing donor (Rebekah Mercer) that Trump and his lawyer (Rudy Giuliani) impatiently hijacked, with consequences that could turn out to be disastrous for them.
iPhone 11 Pro Review: Apple Now Has the Best Smartphone Cameras (Bloomberg)
This iPhone reclaims the title of mobile camera champion and earns its new Pro designation, as Apple reportedly plans to increase iPhone 11 output by 10%.
Transit Alert: NYC Subway Riders Greeted by Ad Hyping ‘Crazy’ Rudy Giuliani’s Law Offices (Newsweek)
According to the ad that appears to be placed anonymously, Giuliani also works for “free” and has “no shame.” The ad’s phone number leads to a satirical outgoing message that says: “You’ve called the law offices of Crazy Rudy. We specialise in back-channel deals, cable news appearances and will work when drunk!”
Arts Review: The New MoMA Is Here. Get Ready for Change. (New York Times)
The expanded Museum of Modern Art reopens in New York on October 21, and it puts Picasso and Monet next to more recent, diverse artists. The rotating galleries will feature new acquisitions that have diversified and globalized the museum’s Euro-American core. The most noteworthy arrivals are almost 200 works of Latin American art debuting in their own mic-dropping showcase.
World’s 100 Best Bars: Greenwich Village Hangout Wins Title of World’s Best Bar (Bloomberg)
New York’s Dante topples London rivals but British venues still dominate the list of the top 100. Here’s the full list.
Best of Satire.
From The New Yorker’s Andy Borowitz:
Kim Jong Un Told Trump He Was Too Busy Developing Ballistic Missiles to Help Him With Biden Thing (The Borowitz Report)
Kim said that he recalled Trump being “very understanding” and saying that he would “try some other countries.”
Putin Saddened that Trump Asked Other Foreign Country to Meddle in U.S. Election (The Borowitz Report)
“I thought when it came to election meddling that Donald and I were exclusive,” an emotional Putin told reporters. “This feels like a betrayal.”
Obama to Produce Netflix Series About Trump’s Impeachment (The Borowitz Report)
“We’ve already hit the ground running on the script,” Obama said. “Rudy Giuliani has given us a lot to work from.”