Wednesday, October 2
Greetings from Abu Dhabi, where Bloomberg has joined forces with the UAE Ministry of Education and ADNOC to implement a training and development program to equip a new generation of students with the specialized financial skills needed to excel in a globally connected world.
The initiative aims to install up to 200 Bloomberg Terminals at UAE universities, where students can learn how to analyze real-time financial market data, analytics, news and trading tools from the same system used by the most influential decision-makers in the financial services sector and beyond.
The effort is a crucial building block to cultivate a UAE workforce equipped to navigate capital markets, securities and asset classes – from fixed income to equities, to foreign exchange and derivatives.
A big shout out to the terrific Dubai Sales team led by Andrea and Ben. Thank you for surprisingly tasty Chinese food, good cheer, and to those of you who were not already Daily Read subscribers, welcome!
Bulletin: Bernie Sanders Halts Campaign Events After Experiencing Chest Pains (Bloomberg)
Sanders has canceled campaign events “until further notice” after experiencing chest discomfort that required two stents to treat a blocked artery.
2020 National Poll – Joe Biden Maintains Lead in Morning Consult Weekly Tracking Poll (via Hindsight 2020)
Biden 32 (0)
Warren 21 (+1)
Sanders 19 (0)
Harris 6 (0)
Buttigieg 5 (0)
O’Rourke 3 (0)
Booker 3 (0)
Yang 3 (0)
Democratic Presidential Candidates Head to Las Vegas for MSNBC Gun Safety Forum, Two Years After Mass Shooting (CBS News)
Week 3 of UAW Strike: Michigan’s Fragile Economy Could Drive 2020 (Axios AM – Mike Allen)
Conservative Party Conference: Boris Johnson Sets Oct. Deadline for EU Deal, Says UK Is Ready for No-Deal Brexit (Bloomberg)
In his first keynote speech as prime minister at his Conservative Party’s conference in Manchester, Johnson said his team is putting forward details of his “constructive and reasonable” blueprint in Brussels on Wednesday.
There are few signs that European leaders are willing to accept Johnson’s proposals. Ireland, a key voice on the EU side, has already rejected elements of the plan.
Reality Check: UK Stocks Plunge the Most Since 2016 as Brexit Fear Escalates (Bloomberg)
Israel Latest: Netanyahu Plans to Make Last Ditch Effort to Form Government (Bloomberg)
If negotiations fail, Netanyahu might return his mandate from President Reuven Rivlin, Likud has said. Rivlin would likely turn to Benny Gantz, the former general and leader of Blue and White, to try to form a government.
Recession Watch: US Slowdown Spurs Concern Economy Is Near Stalling (Bloomberg)
Payrolls at US Employers Cooled in September (Bloomberg)
Payrolls at companies in the U.S. increased less than forecast in September and the prior month’s gain was revised lower, suggesting a manufacturing recession, a fragile global economic outlook and the lingering trade war with China are gradually impacting hiring decisions.
New Book: Trump’s Ideas for the US-Mexico Border: Shoot Migrants’ Legs, Build Alligator and Snake-Filled Moat (New York Times)
U.S. Secretary of State in Italy: Pompeo Admits ‘I Was on the Phone Call’ With Trump and Ukraine President (Bloomberg)
Alternate Reality: 29% of Republicans Say Trump *Did Not* Mention Joe Biden in Call with Ukraine’s President, Despite White House Transcript Showing He Did (USA Today)
First Ukraine. Then Australia. Now Italy: Italy’s Prime Minister Conte Approved Trump Attorney General’s Meetings With Italian Intelligence: Corriere della Sera (Bloomberg)
Out of Alignment: Tense Relationship Between William Barr and Rudy Giuliani Complicates Trump Impeachment Defense (Wall Street Journal)
Today in Financial News.
Future of Finance: Robots to Cut 200,000 U.S. Bank Jobs in Next Decade (Bloomberg)
Future of Finance II: AI Isn’t Ready to Take Fund Manager Jobs Yet (Bloomberg)
Strategies based on artificial intelligence have underperformed as swings in investor sentiment have befuddled machines as well as humans this year.
Ignore the Hype: Passive Investing Hasn’t Taken Over the World (Bloomberg Opinion – Barry Ritholtz)
Actively managed money dwarfs the assets in low-cost index funds.
Escalation: Schwab Triggers Online-Broker Bloodbath as Price War Deepens (Bloomberg)
The move escalates a long-simmering price war as investors gravitate toward the cheapest products, with Interactive Brokers announcing just last week that it would provide free trades. Since the middle of last year, firms including Fidelity Investments, Vanguard Group and JPMorgan Chase & Co. have eliminated fees and commissions on a range of offerings.
Progress: Yes, We Can Reach Gender Parity in Photojournalism (Nieman Reports)
Bloomberg News, The New York Times and the San Francisco Chronicle are among the news outlets publishing more photographs by women.
In looking at the Photos of the Week slideshows for the first six months of 2019, 8.7 percent of AP’s selected images were credited to women photographers. For Reuters, it was 16 percent. For Bloomberg News? The share is 48.7 percent.
Bloomberg’s Farah Shulman and Graham Morrison describe how Bloomberg has succeeded, citing how the effort comes from the top down and is part of a company-wide conversation about raising the visibility of women both responsible for producing the news and appearing in the news.
It’s HOT: Record Breaking Heat in U.S. Turns Into Hottest October Day Ever (ABC News)
Today, record heat moves from the U.S. Midwest to the East Coast, with temperatures possibly reaching 90 degrees (32 Celsius) in New York City and 95 degrees (35 Celsius) in Washington, DC.
Broadway Alert: Lin-Manuel Miranda’s New Hip-Hop Musical ‘Freestyle Love Supreme’ Opens Today (CNN)
Best of late night.
“It’s officially October, and stores are already putting up their Halloween decorations. But unfortunately, those aren’t fake cobwebs at Forever 21.”
— Jimmy Fallon
“According to a new study, living near a coastline improves mental health. And thanks to climate change, that’s great news for people in Iowa.”
— Seth Meyers
On Lin-Manuel Miranda’s new Broadway show “Freestyle Love Supreme” opening today on Broadway:
“His new broadway show “Freestyle Love Supreme” opens tomorrow. It’s the hottest ticket in town. Prices range from ‘wow that’s expensive’ to ‘sorry kids, no college for you!’”
— Jimmy Fallon