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Oct 12, 2018

What's News I The Wall Street Journal






What’s News




Good Morning

Here’s what we’re watching as the U.S. business day gets under way:


Global stocks stabilize after steep selloff. The steadied markets seemed to calm jittery investors who had been weighing whether this week’s deep selloff was the start of a broader downturn or simply a two-day blip.

The Fed takes a broader view on interest rate rises. The central bank sees broader forces—declining unemployment, inflation's return to normalcy and a fast-growing economy—pushing interest rates higher.

Tencent Music hit pause on its IPO. The music-streaming company is postponing what would have been one of the largest IPOs in the U.S. this year amid the global selloff.

This is what normal looks like. The Journal's Greg Ip says that the rise in bond yields that has sent stocks tumbling this week is evidence of a return to healthy rates of growth, investment and inflation.



What's Trending







SCOTT EISEN/GETTY IMAGES

The secrets of getting into Harvard were once closely guarded. That's about to change thanks to a trial beginning next week that will examine how the elite institution uses race to shape its student body.

Trump is mulling candidates who could replace Jeff Sessions. The president is considering as many as five people for his new attorney general on the assumption that Mr. Sessions will leave his post later this year.

The U.S. imposed restrictions on nuclear tech exports to China. Officials said the restrictions were brought about amid concerns Beijing was seeking to illicitly acquire the know-how to bolster its military and undermine U.S. industry. Amid trade tensions, Mr. Trump and China's Xi Jinping are on set to meet at the Group of 20 summit in November.


The dissapearance of a Saudi journalist sends chills through foreign firms. The Turkish government has what it describes as audio and video recordings purporting to show that Jamal Khashoggi was killed inside the Saudi consulate in Istanbul. Foreign investors have begun to re-examine their 
relationship with the Kingdom's crown prince. 





Facebook takes down hundreds of U.S. pages it said spread misinformation. Some of the pages being taken down include Right Wing News as well as left-wing pages like the Resistance. The move was one of the social network’s most aggressive efforts to stop misinformation.











Michael blasts a deadly path. At least six people were killed and one million were without power as the damage by Hurricane Michael came into focus. The storm added insult to injury to a Florence-weary North Carolina.


Bank earnings are on tap this morning. Citigroup, Wells Fargo and JPMorgan will release their figures. Big U.S. banks are set to report their most profitable third quarter since the financial crisis—but underneath the blockbuster numbers are reasons for caution.


Turkey is expected to release an American pastor today. The return of Andrew Brunson, held since 2016 on terrorism charges, could improve relations between President Trump and Turkey's Recep Tayyip Erdogan at a sensitive time in bilateral relations.







What's inside the iPhone XS and XS Max? Apple's newest phones have parts manufactured by Samsung, Toshiba and more. Here’s an interactive look at the components inside.


What's Trending

SCOTT EISEN/GETTY IMAGES


The secrets of getting into Harvard were once closely guarded. That's about to change thanks to a trial beginning next week that will examine how the elite institution uses race to shape its student body.

Trump is mulling candidates who could replace Jeff Sessions. The president is considering as many as five people for his new attorney general on the assumption that Mr. Sessions will leave his post later this year.


The U.S. imposed restrictions on nuclear tech exports to China. Officials said the restrictions were brought about amid concerns Beijing was seeking to illicitly acquire the know-how to bolster its military and undermine U.S. industry. Amid trade tensions, Mr. Trump and China's Xi Jinping are on set to meet at the Group of 20 summit in November.




The dissapearance of a Saudi journalist sends chills through foreign firms. The Turkish government has what it describes as audio and video recordings purporting to show that Jamal Khashoggi was killed inside the Saudi consulate in Istanbul. Foreign investors have begun to re-examine their relationship with the Kingdom's crown prince.




Facebook takes down hundreds of U.S. pages it said spread misinformation. Some of the pages being taken down include Right Wing News as well as left-wing pages like the Resistance. The move was one of the social network’s most aggressive efforts to stop misinformation.






In an Oval Office meeting, Kanye West defended his support of Trump. The rapper, who has faced regular criticism from other celebrities on his stance, launched into a soliloquy about his own upbringing, violence in Chicago and his backing of the president.


Several FBI employees were recalled from Asia amid a probe into prostitution. The Justice Department's inspector general is investigating allegations related to parties and interactions with prostitutes by FBI personnel from some half a dozen cities across Asia.


Big lenders are pushing to liquidate Sears. The embattled retailer is in talks with a group of banks, including Bank of America and Wells Fargo, over emergency financing as the company prepares for a bankruptcy filing.








The buyer of a Banksy painting that self-destructed plans to keep it. Sotheby's said the woman who won the $1.4 million piece at auction will keep the work and that the British artist re-authenticated the 2006 artwork to a new 2018 title of "Love Is in the Bin"—an indication that the artist sees it as a new work.






Chart of the Day









Mortgage rates are nearing 5%. A fresh blow to the slumping housing market, rates hit their highest level in more than seven years this week. Lenders and real-estate agents say that all but the most qualified buyers making large down payments face borrowing rates of 5%.



News From Other Sources

The U.K. and Brussels are close to a Brexit agreement. Prime Minister Theresa May briefed her inner cabinet that a historic Brexit deal is close, as Downing Street faced a backlash from Tory Eurosceptics who fear it could leave Britain locked in a customs union with the EU forever.


via the Financial Times


Uber asks SEC to let it give equity to drivers. After being rebuffed several years ago, the company has found new SEC Chairman Jay Clayton more open after he requested comment on the issue.


via Axios


Complaints of voter suppression loom over Georgia governor's race. Tensions escalated in the already bitter race to be Georgia’s next governor after reports that the state had placed tens of thousands of voters’ registrations on a “pending” list, fueling charges of voter suppression and election rigging.


via the New York Times


This Day in History


Oct. 12, 1989


House Approves Ban on Flag Burning


"The House approved a statutory ban on burning the U.S. flag, providing for as long as a year in prison and a $1,000 fine for anyone who desecrates it," the Journal wrote the following day. "The bill was drafted in response to a Supreme Court decision in June that found a Texas law prohibiting such protest violated free-speech protections."

After passing Congress, the Flag Protection Act would go to the Supreme Court in the case United States v. Eichman. The court would rule 5-4 in 1990 that the federal government cannot prosecute a person for burning the United States flag because of First Amendment rights.








THE WALL STREET JOURNAL



—Compiled and edited by Phil Nobile in New York and Cicely K. Dyson in London