Most Read on Bloomberg: US Stocks Tumble, Wall Street's Ax, Uber, Yuan
New York (Jan 16) The most-read Bloomberg News reports from the past week are listed below. The rankings below are based on daily statistics through Jan. 15.
1. U.S. Stocks Tumble as Risk Flight Intensifies, Brent Oil Sinks
(Bloomberg) -- U.S. stocks tumbled, with the Dow Jones Industrial Average plunging more than 370 points and small caps entering a bear market, as oil’s failure to maintain a 4 percent rally rekindled a flight from risk assets. Treasuries surged amid signs that demand for the relative safety of bonds is rising.
2. Dow Sinks 400 Points in Global Equity Rout as Crude Nears $29
(Bloomberg) -- Stocks tumbled around the world, with U.S. equities headed for their lowest levels since August, and bonds and gold jumped as oil’s plunge below $30 sent markets reeling. Treasuries extended gains as economic data and earnings added to concern that global growth is faltering.
3. Wall Street’s Ax Seen Reaping Best Year-End Profit Since ’06
(Bloomberg) -- In their quest for higher profits, the biggest U.S. banks have seized on the one thing they can reliably control: cutting costs.
4. U.S. Stocks Rally as Consumer Shares Offset Oil, China Selloffs
(Bloomberg) -- U.S stocks rose in the last 30 minutes of trading, bringing to an end a volatile session as gains in consumer and technology shares overshadowed lingering concern over China that continued to fuel a rout in commodities. Treasuries retreated.
5. U.S. Stock Rally Stems Global Rout as Oil Stabilizes; Gold Sinks
(Bloomberg) -- U.S. stocks rallied, with the Dow Jones Industrial Average clawing back some of Wednesday’s selloff, as oil’s advance beyond $31 a barrel bolstered energy producers and helped stabilize global markets rattled by concerns over China and sliding commodity prices.
6. U.S. Stocks Rise as Energy Shares Shrug Off Oil Slump Below $30
(Bloomberg) -- U.S. stocks built on their rally, rising for a second day amid speculation the China-fueled selloff that has coursed through global financial markets this year has gone too far. Treasuries climbed as oil dipped below $30 a barrel for the first time in 12 years.
7. Goldman Said to Mull Cutting Fixed-Income Staff More Than 5%
(Bloomberg) -- Goldman Sachs Group Inc. is considering cutting more than 5 percent of its fixed-income traders and salesmen later this quarter as it contends with an industrywide revenue slump, according to a person with knowledge of the matter.
8. Here’s What Morgan Stanley Is Telling Its Wealthiest Clients About Uber
(Bloomberg) -- Wealthy clients of Morgan Stanley and Bank of America just got dibs on shares of the unlisted Uber Technologies, but that doesn’t mean they’re getting a chance to see the ride-sharing company’s financials, according to an offering document seen by Bloomberg News.
9. Stocks May Fall More - Then It’ll Be Buy Time, Goldman Says
(Bloomberg) -- The China-led rout that is sending shock waves through global markets may get worse, and if it does, that’s when investors should turn back to equities, says Goldman Sachs Group Inc.’s Christian Mueller-Glissmann.
10. China Steps Up Yuan Defense as Soaring Offshore Rates Slam Bears
(Bloomberg) -- China stepped up its defense of the yuan, buying the currency in Hong Kong and sparking a record surge in the city’s money-market rates to deter bearish speculators.