Financial Daily Dose 9.17.2019 | Top Story: WeWork to Delay Planned IPO Until at Least October

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Shared office-space company WeWork, which had committed to moving forward with its planned IPO this week despite recent turmoil, appears likely to postpone the offering until at least October in an effort to shore up its sinking valuation – Bloomberg and NYTimes and WSJ and Barron’s

Additional reaction (market and otherwise) to Sunday’s attacks on Aramco oilfields and what it’s likely to mean for oil, which jumped nearly 15% by yesterday afternoon – NYTimes and WSJ and Bloomberg and MarketWatch

The attack is prompting Aramco officials to consider further delaying the company’s own forthcoming IPO – WSJ

Netflix, which last year paid $100 million to “keep ‘Friends’ on its platform for another year,” dropped an undisclosed (but presumably massive) amount to secure the streaming rights to Seinfeld starting in 2021. The show currently appears on Hulu, which paid just $20 million/year for a six-year deal for the show back in 2015 – NYTimes and Bloomberg

Newly unsealed information in a DOJ complaint against three JPMorgan traders accuses the trio of using a spoofing method “inherited” from Bear Stearns to rig futures trades in precious metals for nearly a decade, “making millions of dollars for the bank at the expense of counterparties that include the bank’s own clients” – Bloomberg and Law360 and NYTimes

Wine for cars appears to be a central feature of the new trade deal between the U.S. and Japan that looks set for finalization in the coming weeks – Bloomberg

A new Journal report suggests that Amazon “adjusted its product-search system to more prominently feature listings that are more profitable for the company.” The change, which “could favor Amazon’s own brands,” came after the company’s retail business won out in their “yearslong battle” with search team execs who opposed the switch – WSJ

The World Trade Organization has signed off on the White House’s threats of additional sanctions on the EU “as part of a prolonged scuffle over subsidies given to European plane maker Airbus . . . [–]a move that is likely to exacerbate trade tensions across the Atlantic” – NYTimes and Bloomberg

CFTC Chair Health Tarbert announced that a split Commission has adopted a set of “finalized revisions to the Volcker Rule’s proprietary trading ban, bringing the first stage of the rule’s planned overhaul one step closer to completion” – Law360

Prudential Financial has agreed to pay more than $32 million to resolve claims “that it didn’t disclose how a reorganization of its mutual-fund business would cost the fund millions in lost interest income” – WSJ and Law360

As the Fed prepares to meet this week, some thoughts on the risk it faces of chasing its own tail by lowering rates “until it has next to no rate cuts left to give” – WSJ

And because the central bank doesn’t have enough on its mind, a surge in the overnight repo rate on Monday suggests that the Fed is “having trouble controlling short-term interest rates” – Bloomberg

Shoulder season? Think less exposed clavicles and more travel deals. Here’s how to make the term your new buddy when it comes to a last-minute getaway – NYTimes

MDR

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