- Stocks Hit New Highs, and That Could Be Just the Start (WSJ)
- China Slows as Stimulus Impact Wanes (WSJ)
- How the China Shock, Deep and Swift, Spurred the Rise of Trump (WSJ)
- Italian Economy Unexpectedly Stagnates in Threat to Renzi (BBG)
- Clinton disparages Trump’s economic plan, vows to help workers (Reuters)
- Email Questions Haunt Hillary Clinton (WSJ)
- Congressional leaders were briefed a year ago on hacking of Democrats (Reuters)
- Senior Justice Official Raised Objections to Iran Cash Payment (WSJ)
- Fidelity Plans Non-Transparent Exchange-Traded Product (WSJ)
- Broker-dealer TradeZero launches first ‘dark pool’ exchange for bitcoin (Reuters)
- Turkey prosecutors seek five years in jail for pro-Kurdish party leader (Reuters)
- Fast and furious? China’s stalling box office points to consumer slowdown (Reuters)
- JPMorgan to Liquidate Japan Fund After ‘Significant’ Redemptions (BBG)
- Merkel support slips as attacks put spotlight on migrant policy (Reuters)
- Wall Street Can’t Agree on When to Halt the U.S. Stock Market (BBG)
- Steve Wynn Gets Far Fewer Tables Than He Wants for Macau Casino (BBG)
- Wall St. banks ask Fed for 5 more years to comply with Volcker rule (Reuters)
Overnight Media Digest
WSJ
– The European Union’s antitrust authority opened a full-blown investigation into the proposed merger of Dow Chemical Co and DuPont, which could require the companies to make bigger concessions to clear their blockbuster deal. http://on.wsj.com/2aPKYwu
– Macy’s Inc said it would close 100 stores, admitting that some locations were worth more as real estate than retail outlets as shoppers continue to spend more online and at discount chains. http://on.wsj.com/2aPLqe8
– Hewlett Packard Enterprise Co agreed to pay about $275 million to buy Silicon Graphics International Corp, a once-influential pioneer in computing hardware that wound up settling into a small industry niche. http://on.wsj.com/2aPM7E4
FT
EU antitrust regulators have opened a full investigation into Dow Chemical and DuPont’s proposed $130 billion merger, saying the deal may reduce competition in crop protection, seeds and some petrochemicals.
The European Central Bank and German banking watchdog Bafin have given a green light to China’s Fosun International for its planned takeover of German private bank Hauck & Aufhaeuser, two sources familiar with the situation said on Thursday.
Russia’s anti-monopoly watchdog said on Thursday Google would have to pay a 438 million rouble ($6.81 million)fine for pre-installing applications on mobile devices running its Android operating system.
NYT
– Arania Huffington’s abrupt announcement on Thursday that she is stepping down as editor in chief of The Huffington Post and leaving the company to focus on her new venture, a health and wellness start-up called Thrive Global, leaves the publication in an unfamiliar position. http://nyti.ms/2b2FGKJ
– Macy’s Inc, the country’s largest department store, said on Thursday that it would close 100 stores, saying they were more valuable as real estate properties. http://nyti.ms/2b2FlaW
– A judge on Thursday rejected Citigroup Inc’s bid for a preliminary injunction to stop AT&T Inc from using the phrase “AT&T thanks” on a customer loyalty program, which the bank called too similar to its trademarked “thankyou”. http://nyti.ms/2b2F7AJ
– Bill Miller, the veteran stock picker whose market-beating wisdom defined an earlier era of mutual fund dominance, split ways on Thursday with Legg Mason Inc, his professional home for 35 years. http://nyti.ms/2b2FGdM
– More leading universities – Duke, Johns Hopkins, the University of Pennsylvania and Vanderbilt – have been sued on claims that their retirement plans charged employees excessive fees, following a series of similar suits filed earlier this week. http://nyti.ms/2b2FN93
Canada
THE GLOBE AND MAIL
** Dream Office REIT became the most recent property owner to suffer a material impact from Alberta’s woes by slashing the fair value of its portfolio there with a C$675-million ($520 million ) writedown Thursday. The real estate investment trust deepened a rout that has seen more than C$1.5 billion ($1.16 billion) in property value vanish from Alberta’s office tower market amid the downturn in energy prices. (http://bit.ly/2b34Icw)
** Chief Justice Beverley McLachlin says she’s concerned about the time it is taking to fill a coming vacancy on the Supreme Court of Canada and hopes a new judge is named as soon as possible. Chief Justice McLachlin’s comments come on the heels of the Liberal government’s pledge to change the way Supreme Court justices are selected, in an attempt to make the process more accountable and to diversify the bench. (http://bit.ly/2b35CpF)
NATIONAL POST
** A report released by Canada’s telecom regulator revealed that Canadian citizens continue to pay more for wireless services than the majority of their counterparts living in G7 countries and Australia. Canada won gold for the most expensive low-end wireless telephone service and landed silver for premium mobile phone services that include more minutes and data. (http://bit.ly/2b34d2u)
** Mark Machin, Canada Pension Plan fund’s new chief executive, says even though Brexit may have affected the fund’s performance this quarter, it is also creating opportunities to invest. He said there are at least two deals in the works that popped up in Brexit’s aftermath. (http://bit.ly/2b38L8Y)
Britain
The Times
Steinhoff International, the acquisitive South African conglomerate, has increased its offer for Poundland in a bid to secure a takeover of the discount UK retailer. http://bit.ly/2b9ExlX
The Guardian
The Duke of Westminster’s death has led to calls from tax campaigners to reform the system of trusts which has allowed Britain’s wealthiest families to preserve fortunes through generations by avoiding death duties. http://bit.ly/2b9GGhw
Media mogul turned self-help guru Arianna Huffington is to leave the Huffington Post to launch a health-focused startup called Thrive Global to tackle stress and burnout. http://bit.ly/2b9Gmzn
The Telegraph
Sky and Channel 4 have made a joint investment in a new online service that aims to make it easier for television producers to sell their programmes to foreign broadcasters. http://bit.ly/2b9EfeM
The European Commission is launching a probe into the $130 bln mega-merger between US titans Dow Chemicals and DuPont. http://bit.ly/2b9FiLD
Sky News
Restaurant Group, the struggling owner of the restaurant chains Garfunkel’s and Frankie & Benny’s, is to announce on Friday that CEO Danny Breithaupt will leave after less than two years in charge. http://bit.ly/2b9FIlc
State-owned energy giant China General Nuclear Power (CGN) allegedly used a Chinese-born U.S. citizen to access sensitive information – with the aim of speeding up the progress of reactor technology in China. http://bit.ly/2b9EYg0
The Independent
The Treasury’s Debt Management Office sold debt at a new record low interest rate, underlining the massive appetite from investors for British Government bonds in the wake of the Brexit vote and sparking fresh calls for the Chancellor to take advantage by ramping up its infrastructure investment. http://ind.pn/2b9FNFv
Kentucky Fried Chicken owner, Yum! Brands, has faced renewed pressure from campaigners and investors to stop using chicken routinely treated with antibiotics, a factor in the emergence of drug-resistant superbugs such as MRSA. http://ind.pn/2b9FP05
via http://ift.tt/2aQiHWm Tyler Durden