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Dec 26, 2018

What's News: Trump Stands Firm on Fed; Guatemalan Boy Dies in U.S. Custody; How Huawei Took Over the World

The Wall Street Journal.
What’s News
Sun icon. Good Morning
Here’s what we’re watching as the U.S. business day gets under way:
As the market rout continues, President Trump stands firm. Amid a diving stock market and a partial government shutdown with no end in sight, the president is digging in, criticizing the Federal Reserve's interest-rate increases and saying the shutdown wouldn’t end until Congress funds a wall along the border with Mexico.
  • Markets plunge. Japan’s Nikkei Stock Average fell 5% and into a bear market on Tuesday, following a 3% fall in U.S. stocks on Monday, the worst Christmas Eve trading day in history.
  • Why is your retirement account in tatters? The majority of trades come from machines, models, or passive investing formulas that move in unison and blazingly fast.
  • Investors find few havens. Defensive sectors known for steady dividend payments are avoiding the steepest declines—for now. “I haven’t seen managers this shell-shocked and confused in a very long time.”
Foreign auto makers in China are facing a dilemma. A downturn in the country's car market has wrong-footed Ford, Peugeot, Hyundai and others, thanks to recent mistimed expansions, opening new plants just as the seemingly unstoppable growth of China’s auto market went into reverse.
Guatemalan boy dies in U.S. custody. An 8-year-old Guatemalan boy died in Border Patrol custody early Christmas morning, U.S. Customs and Border Protection said, adding that the boy started to show signs of illness on Monday and was taken to a hospital.
Japan will resume commercial whale hunting. The government said it would withdraw from the International Whaling Commission and start catching whales in its coastal waters, in a rare break with a multinational organization by Tokyo.
For Turkey, the U.S. exit from Syria is an opportunity—and a risk. President Trump's abrupt decision to withdraw troops from Syria could leave Turkey as the pivotal power. But the country faces complex calculations with the Kurds and Islamic State.

What's Trending

“Some of these cases are 15 years old.” The families of Mexican victims hit by a murder wave suffer twice—first from the pain of violence itself, and then from the relentless failure of the legal system.
Welcome to college. Now take a year off. Gap years, long popular in Europe, have gained ground in the U.S. not just for wealthy teens who can afford a lengthy vacation, but also for students of modest means who want to pause before jumping into academic endeavors.
How Huawei took over the world. Founded in 1987, Huawei is now the world’s largest supplier of telecom equipment and the No. 2 maker of mobile phones. The company’s technology touches virtually every corner of the globe, yet it has long faced scrutiny in the U.S.
Tariffs could affect your kitchen remodel. Just about every material you’d need to remodel a kitchen is now subject to the earlier round of tariffs. Companies across the supply chain have tried to mitigate the impact, but many say they have had to raise prices to offset the effects.
GOP looks for better ways to woo small donors online. The Democrats’ one-stop online fundraising through ActBlue gave many first-time House candidates enough financial firepower to oust Republicans, flipping the chamber back into Democratic control. Republicans are now looking to solve the "ActBlue problem."
The wines we'll be drinking in 2019. Wine in cans? So 2018. It’s time to look ahead to what we’ll be sipping next. Our wine columnist shares her list of resolutions for optimal imbibing—a great list of bottles to consider for this year’s holiday celebrations, too.
The science behind making your child smarter. Dozens of recent studies shed new light on the extent to which parents can—and cannot—help their children score a higher IQ.

News From Other Sources

North and South Korea open rail project. Seoul said the Security Council granted an exemption to U.N. sanctions to allow a symbolic ground-breaking ceremony to proceed, but additional relief would be needed to start construction.
via Bloomberg
Putin seeks to befriend Russia’s rap community. The Kremlin is easing back from a crackdown on musicians with a change of tack toward youth dissent.
via Financial Times
Greenland ice melting even in winter. A team of Scottish scientists has found massive warm waves are melting the ice from below.
via BBC

This Day in History

Dec. 26, 1947
Blizzard in Northeast Kills Dozens
Record snowfall that started on Christmas brought the northeast to a standstill, killing dozens in the process. With 25.8 inches of snowfall in Central Park, it was the largest blizzard in New York City history at the time, and wreaked chaos on the region because no weather reports predicted it. It would take more than 50 years for the next record to be set in New York City, with 26.9 inches in February 2006 and 27.5 inches in a January 2016 storm.
—Compiled and edited by Phil Nobile in New York and Tina Fuhr in London

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