Tuesday, May 14
Today in Trade Wars:
China Vows ‘People’s War’ as Trade Fight Takes Nationalist Turn (Bloomberg)
Deere, Apple, Retail in Focus as U.S. Releases Fresh Tariff List (Bloomberg)
JPMorgan flags ‘rapidly deteriorating’ U.S. agriculture sector.
‘No End in Sight’ for Farmers Feeling Pain of Trump’s Trade War (Bloomberg)
As the dispute drags on, China is forging relationships with competing suppliers and farmers in other countries are reorienting operations to cater to the Chinese markets.
Among the hardest hit and most vulnerable to continuing tensions are soybean growers across the U.S. grain belt. Soybean futures on Monday skidded to their lowest prices in more than a decade and are down more than 20% from a year ago.
Another Front in Trade War: EU Is Ready to Retaliate as Trump Auto-Tariff Deadline Nears (Bloomberg)
Trump is expected to announce a decision on car duties on May 18. The EU says it would retaliate against $23 billion of U.S. goods.
Recession Watch: Stock Strategist Who Nailed 2018 Says Recession Bell Is Ringing (Bloomberg)
Hot on the Bloomberg:
Trump Tower Is Now One of NYC’s Least-Desirable Luxury Buildings (Bloomberg)
‘No one wants in that building,’ says one former owner. Most condo owners who sold since 2016 have recorded a loss.
It’s also not great for climate press conferences: NYC Mayor Walks Into Trump Tower. A Circus Follows. (New York Times)
War Drums: White House Reviews Military Plans Against Iran, in Echoes of Iraq War (New York Times)
Why Credibility Matters: U.S. Secretary of State Mike Pompeo Fails to Sway Allies on Iran in Awkward Surprise Visit (Bloomberg)
There are now 22 Democrats officially running for President in 2020:
Montana Governor Bullock Joins Democratic Presidential Field (Bloomberg)
EU Elections: Why A Record Vote for Populists Might Not Mean Much (Bloomberg)
Climate of Hope: Angela Merkel Considers CO2 Neutrality by 2050 – Says Germany Has No Choice but to Double Down on Climate Action (Bloomberg)
Environmental, Social, Governance Rating Agencies Boom as Influence Increases (Financial Times – subscription)
While a single Bloomberg terminal costs $25,000 per year, access for the full suite of sustainability data products from one of the larger providers can cost up to $50,000. “It’s ludicrously expensive,” says Chad Slater, joint chief investment officer at Morphic Asset Management, an Australian fund manager that focuses on responsible investing. “One gets more use out of a Bloomberg terminal,” he said.
Today in Financial News:
Refinitiv Currency Trading and Data Terminals Face ‘Major Incident’ – Disrupts Currency Trading (City A.M.)
Wealth Advisers Fleeing Big Banks for Smaller Firms (Bloomberg)
Personal Finance: Five Podcasts to Help You Keep Up with Investments (CEO Magazine)
Among the best: Bloomberg Opinion columnist Barry Ritholtz’s Masters in Business podcast is cited along with other Bloomberg podcasts that will “keep you up-to-date about what to do with your money.”
Arts in NYC: New York City’s Most Instagrammable Public Art (That’s Not the Hudson Yards Vessel) (Bloomberg)
On the list: Alicja Kwade’s Parapivot at the Metropolitan Museum of Art rooftop, on view through Oct. 27, is meant to evoke miniature solar systems. The exhibition is supported by Bloomberg Philanthropies.
Best of late night.
On the White House website misspelling the name of the Boston Red Sox baseball team before their visit to see President Trump on Thursday. The White House spelled the name the “Boston Red Socks.”
“It’s crazy. Trump finally spelled something right and still got it wrong.”
— Jimmy Fallon
“Game of Thrones might be winding down, but The Bachelorette is just getting started. The season premiere was tonight! You can tell they’re trying to copy the success of Game of Thrones, because one of the contestants is her brother.”
— Jimmy Fallon
“Facebook is introducing a new feature, where you can select up to 9 Facebook friends that you’d like to date. This new feature is called “Cheating”.
— Conan O’Brien
Surprising Video of the Day: ‘Bill Nye the Science Guy’ stressed the enormity of climate change in an appearance on John Oliver’s Last Week Tonight Sunday. Watch the segment here.