Your Daily Dose of Financial News

Demolition of an old house
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A scary combination of rising bond yields (across the 3% Rubicon!) and a warning from Caterpillar (which called its expectation-beating performance for Q1 the “high watermark for the year”) helped propel stocks significantly downward yesterday – WSJ and Bloomberg and MarketWatch

While both events have global consequences, the Journal helps us understand why Treasury bond yields hitting 3% is likely to have worldwide consequences – WSJ

What a perfect time for bitcoin’s resurgence, no? – Bloomberg

Even as the White House and many bank regulators push for weakening rules for the country’s biggest banks, some agencies and Fed personnel are pushing back over concerns about backsliding into another economic crisis – NYTimes

In today’s “don’t mess with the EC news,” the European Commission has fined telecom provider Altice more than $150 million dollars for “taking control of PT Portugal before receiving final clearance of the deal from the agency – Law360

Who really needs Big Billy Gross anyway when you’ve got a Texas-based bond-trading robot, right Pimco? – WSJ

That guy at the helm of a Fortune 500 company?  Yeah.  It’s probably John – NYTimes

The SEC has fined Yahoo successor company Altaba $35 million for Yahoo’s handling of the 2014 hack of hundreds of millions of user accounts—the “first time a public company has been penalized” by the agency over its response to a cyberbreach – WSJ and Law360

The agency’s also fined Dun & Bradstreet roughly $9 million as part of a deal to resolve claims that the corporate-research firm violated the FCPA by allegedly making improper payments to “procure non-public financial data on Chinese entities and Chinese citizens” that D&B’s China operations offered to customers – Law360

Comcast has made it official, formally submitting its $31 billion bid to buy Sky PLC (and seeking to upend Rupert Murdoch’s bid in the process) – WSJ and Bloomberg

Here’s a deeper dive into Wells Fargo’s decisions that leave it the biggest major-bank source of credit (by a factor of 3) for subprime lenders and other nonbank financial firms—even as Wells has substantially curtailed its direct lending to subprime borrowers – Bloomberg

If you haven’t had your eye to the skies these days, you may have missed that the space race in 2018 has little to do with nation states and everything to do with Elon vs. Jeff – NYTimes

MDR