Your Daily Dose of Financial News

2.1_iStock_3994514_BW
image_pdf

The Fed made news when it backed off of its plan to keep regular rate hikes going in 2019, and the decision has done far more than just make Wall Street happy for a day.  Here’s a look at how the financial world has reacted to the Fed’s new tack – NYTimes

Because economic data from China can, at times, be more than a bit sketchy, the Journal takes a look at some Q4 results from key US manufacturers that function as something of a barometer for Chinese economic growth to get a sense for how broad the current economic slowdown there truly is – WSJ

Another way to gauge Chinese economic strength would be a survey of its credit market. And two recent missed payments from “large Chinese borrowers” show increased risks in its $11 trillion bond market, including a 2018 that saw missed bond payments quadruple – Bloomberg

Thanks to a written ruling months after an 8-day bench trial in August, a series of BlackRock units has “defeated a $1.2 billion suit by shareholders of two mutual funds who allege they paid ‘excessive’ advisory fees compared to those paid by subadvised funds” – Law360

The SEC has offered “initial feedback” to both Uber and Lyft about their confidential IPO filings, a move that “puts the ball back in the companies’ court to submit new drafts for review” – Bloomberg

Meanwhile, Peleton’s laying some IPO groundwork of its own – MarketWatch

Mortgage company Ditech Holding Corp. has re-entered Chapter 11 bankruptcy protection citing “continuing ‘market challenges’” are to blame – Law360

Recent repo-market volatility has wreaked havoc on the SOFR—the new NY Fed-designed benchmark rate meant to replace the scandal-tainted Libor—raising concerns about its viability as the new standard rate of choice – WSJ

Checking in with the first tax filing season under 2017’s tax overhaul shows that more than a few in the US (say, upwards of 5 million) who have banked on refunds will now be going without – Bloomberg

The latest on from our Brexit beat shows that the looming separation is really starting to make bad economic waves in the UK (in Q4 2018, the British economy grew at its slowest pace since 2012), even as other European countries are looking to capitalize on the split – NYTimes

The FDA has accused 17 “nutritional supplement makers of selling more than 58 products with improper claims that they can prevent, treat or cure serious diseases, including Alzheimer’s.” The companies now have just more than 2 weeks to explain how they’ll be correcting the allegations – WSJ

In search of new cash or not, SoftBank’s not passing up the chance to drop nearly $1 billion on Nuro, a “robotic-delivery vehicle startup,” that could help “accelerate the race to put driverless vehicles on the road” – WSJ

Meanwhile, Rivian’s emerging as a serious Tesla competitor by focusing on e-pickups and SUVs (with considerable carmaking talent and a lower profile on its side) – Bloomberg

I’ve been a Costas guy since his Coast-to-Coast radio days live from Runyon’s in New York.  So this ESPN feature on his rather unceremonious departure from NBC Sports after nearly 40 years was a must-read – ESPN [and NYTimes]

MDR

Leave a Reply

Email addresses and comments are not displayed publically.