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  1. U.S. stocks’ selloff intensified in afternoon trade Friday as fears mount about the impacts of a trade spat between the U.S. and China. Markets started the day on the back foot, with the S&P 500 and Dow industrials falling at the opening bell. The U.S. threatened late Thursday to impose an additional $100 billion in penalties on Chinese goods. The move would triple the amount of Chinese goods facing levies when entering the U.S., up from the tariffs on $50 billion in imports from China that the president announced last week. China hit back Friday, vowing strong retaliation against the U.S. Stock losses accelerated Friday after Treasury Secretary Steven Mnuchin said in an interview on CNBC that the U.S. is willing to negotiate with China but warned there is “the potential of a trade war.” “On the one hand, we’re willing to continue negotiations,” Mr. Mnuchin said during the interview. “On the other hand, the president is absolutely prepared to defend our interests.” Here’s a snapshot of markets Friday. Industrial companies such as Boeing and Caterpillar are leading declines. Those companies have been under pressure recently due to their exposure to global trade and China’s proposed tariffs. The yield on the 10-year Treasury note also declined as investors sought safety in government bonds. A weaker-than-expected U.S. jobs report has also weighed on Treasury yields by dimming expectations for tighter U.S. monetary policy. Wall Street’s “fear gauge,” the CBOE Volatility Index, spiked. While the dollar also slipped on trade war fears and the disappointing jobs data. View the full article
  2. India's cryptocurrency exchanges plan to fight back against the Reserve Bank's decision to cut them off from financial services. View the full article
  3. submitted by /u/ecurrencyhodler [link] [comments] View the full article
  4. The creator of ethereum is coming out against a proposal that would find the network altering its software to defend against powerful new miners. View the full article
  5. The more flippant the investing cliché, the more you should question it. Consider “the bigger they are, the harder they fall.” At their lows this week, the technology shares that have until recently been the stock market’s darlings — Facebook, Amazon.com, Netflix, Google’s parent company Alphabet and other giants — had fallen more than 17% since March 13. Over the same period, U.S. stocks overall fell 8%. At first, the drop in big tech stocks seems driven by bad news that is bound to worsen: Facebook improperly sharing personal data, President Trump criticizing Amazon, European regulators investigating potential antitrust violations. Or could this just be a stumble? Have big tech companies developed an unstoppable business model? The idea might not be quite as crazy as it sounds. Charlie Munger, Warren Buffett’s business partner, rarely shows much mercy toward investing beliefs he regards as foolish. But when he was asked at the February annual meeting for shareholders in his Daily Journal whether Google, Facebook, Apple and Amazon are overvalued, Mr. Munger said, “I don’t know. Next question.” Traditionally, the bigger companies have gotten, the harder it has become for them to keep growing at the same rate. For today’s leading innovators, however, growing might not have to mean slowing. Unfettered by the costs of raw materials or the burdens of manufacturing, distribution and advertising, these companies plan decades ahead, rather than fixate on hitting Wall Street’s quarterly earnings targets. Consider Amazon. Over the three years ending Dec. 31, 2011, its revenues more than doubled, to $48 billion. Over the next three years, its sales nearly doubled again, to $89 billion. Then, over the three years ending Dec. 31, 2017, Amazon’s revenues doubled yet again, to $178 billion. Investors don’t know exactly how to price such rapid growth. Although the cash Amazon generated from operations grew more than tenfold from 2008 through 2017, the company plowed most of it back into expanding the business. So net income grew only less than fivefold, with enormous fluctuations along the way. James Anderson, head of global equities at Baillie Gifford & Co. in Edinburgh, thinks Amazon, along with some other giants including Chinese firms Alibaba Group Holding and Tencent Holdings, “live in a permanent state of revolution.” They have “a profound distrust of the idea that scale has to impinge on a business’s ability to grow and keep disrupting.” Baillie Gifford, with $290 billion in assets, had a total of more than $22 billion in Amazon, Alibaba and Tencent as of year-end 2017. “A small set of superior companies drive returns in the long run,” says Mr. Anderson, citing research by finance professor Hendrik Bessembinder of Arizona State University. That study shows that the stock market’s entire return over time has come from fewer than 4% of all stocks. Of course, history also suggests that every firm that was expected to dominate indefinitely — from RCA in the 1920s to IBM in the 1980s to Nokia in the 1990s — has ended up slipping. And the idea of virtually limitless growth flies in the face of much of human experience. Trees can’t grow to the sky because they would be bent and crushed under their own weight first. As the epigraph for his 1934 book “Security Analysis,” the fundamental text for evaluating stocks and bonds, the great investor Benjamin Graham chose these words from the Latin poet Horace: “Many shall be restored that now are fallen and many shall fall that now are in honor.” The twin beliefs that high-fliers must fall to earth and that underappreciated stocks should rise again are at the heart of value investing. It’s conceivable that those principles may be less relevant today, when powerful technology companies can pulverize entire industries. [wsj-responsive-more-in tag="The Intelligent Investor" category="" ] Nevertheless, as companies grow, “the more scale you have, the less nimble you become,” says John Linehan, portfolio manager of the $22 billion T. Rowe Price Equity Income Fund. Despite all the recent growth of the tech giants, he says, “I don’t think that’s changed.” In a classic article, “Growth Stocks and the St. Petersburg Paradox,” finance scholar David Durand warned that at ultra-high growth rates over long horizons, even slight shortfalls lead to enormous differences in end results. That makes the shares of such companies extraordinarily volatile. With Amazon and Netflix trading at more than 200 times their net profits, and many of the other new tech giants at more than 40 times earnings, they aren’t exempt from that iron law. It’s impossible to know for sure whether companies like Amazon have broken free from the traditional limits to growth. Unless you can hold them for a decade or more, as Mr. Anderson likes to, you probably will get shaken out before you can even find out. Write to Jason Zweig at intelligentinvestor@wsj.com, and follow him on Twitter at @jasonzweigwsj. View the full article
  6. President Donald Trump, who has said that ending NAFTA will make all three signatories “stronger and better,” just got some surprising backup from an academic study. Researchers published a study in the American Journal of Preventive Medicine asserted that joining the agreement coincided with a rise in the caloric intake of Canadians between 1989 and 2006. During those years, imports of U.S. food and beverages rose by $5.26 billion. The added calories could lead to a weight gain of 4 to 20 pounds for a man over the age of 40, the researchers said. One U.S. proposal in renegotiating NAFTA would have been to ban “front of pack” nutrition labels in Canada spelling out calorie counts and the like. U.S. trade representative Robert Lighthizer dubbed the labels “protectionist” in congressional testimony. Canada’s representative rejected the proposal. View the full article
  7. submitted by /u/Tekafranke [link] [comments] View the full article
  8. Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY China vowed to ‘hit back forcefully’ if the US imposes newly threatened additional tariffs on $100 billion worth of Chinese goods, as trade tensions mount between the world’s two largest economies. Chinese Commerce Ministry spokesman Gao Feng described as ‘very unreasonable’ and ‘extremely wrong’ President Donald Trump’s announcement that he was considering penalties on an additional $100 billion in Chinese goods. A week of mounting tensions between the US and China saw yet more volatility injected in financial markets. Investors shunned riskier assets, moving towards the relative safety of government debt, and commodities that could be affected by the threatened tariffs sold off. There were also important updates about the state of the American and British economies. Here are five takeaways from markets this week. The pace of US hiring slowed in March and the unemployment rate held at a 17-year low, hinting that a tight labour market is making it more difficult for some businesses to find workers. The lacklustre headline jobs number has some investors backing off expectations for a more rapid pace of Fed rate increases. The US dollar and Treasury yields fell on the news. Investor sentiment has quickly shifted from extremely optimistic to outright bearish – an encouraging contrarian signal for those market participants who have long worried Wall Street was overly bullish. Why It Matters: Investors often worry most when everybody else in the market gets very bullish, with many analysts noting that Wall Street optimism has often reached its highs right before big market falls. The Trump administration levied sanctions against more than three-dozen Russian individuals and entities, targeting senior Russian government officials, some of President Vladimir Putin’s closest oligarch allies and the companies they own. The action is in response to what senior US officials say are Moscow’s subversion of democracy, hostile cyber activities and its intervention in the Syrian war. Holding cash is investment heresy after a decade of the lowest interest rates in history. But with reasons to think twice about both stocks and bonds, it’s time to consider the sacrilegious and add cash back into portfolios, writes WSJ’s senior markets commentator James Mackintosh. European Union governments have a fraught history with referendums, writes Valentina Pop for Brussels Beat. The Dutch government is in the process of scrapping a law adopted just three years ago that allows consultative referendums on almost any matter if backers can get 300,000 signatures on a petition. Trump’s personal issues with Amazon, remembering the chef who wanted to changed the world, and the future of office fashion. Kick back with the best of our weekend reading. IN THE PAPERS Three Die as Protests Kick Off Again at Gaza-Israel Fence – The Wall Street Journal Fatal Crash Tests Role of Safety Drivers in Autonomous Cars – Financial Times (£) India Seeks $15 Billion Fighter Jets in World’s Largest Deal – Bloomberg Poisoned Russian Ex-Spy Is No Longer in Critical Condition – The Wall Street Journal South Korean Court Jails Former President Park for 24 Years – Reuters MARKETS TODAY Global stocks dropped sharply as the tit-for-tat rhetoric on tariffs between the US and Chinese governments continued to knock markets. The Dow Jones Industrial Average had fallen around 1.5% in midday trading, while the S&P 500 and tech-heavy Nasdaq Composite were each down 1%. In Europe, the regional Stoxx Europe 600 closed 0.4% lower. The decline in stocks came after China forcefully responded to President Donald Trump’s announcement late on Thursday that the US is considering an additional $100 billion in tariffs on Chinese goods, saying Beijing would ‘resolutely counterattack and take new comprehensive measures in response.’ The trade worries also knocked bond yields lower. The yield on the benchmark 10-year US Treasury note fell to 2.799%, according to Tradeweb, from 2.830% on Thursday. Yields move inversely to prices. Meanwhile, the latest jobs report for March showed that wages grew at a steady rate, tamping down investors’ inflation fears, even as US employers did less hiring than expected last month, suggesting that a tight labour market is making it more difficult for some businesses to find workers. The dollar fell 0.2% against a basket of currencies tracked by the WSJ. Follow our live markets coverage here. View the full article
  9. A publicly traded company that saw its stock price soar after announcing a crypto startup acquisition has been sued by the SEC. View the full article
  10. This week, Verge was the best performing cryptocurrency among top 25 cryptocurrencies by market capitalization. View the full article
  11. submitted by /u/Not_A_Robot11 [link] [comments] View the full article
  12. Brexit & Beyond: Europe in Flux is The Wall Street Journal’s round-up of news and analysis of how Brexit will affect global business, economies and finance. You can sign up here. MUST READS A woman walks in a flooded street in front of the ancient Colosseum. Angelo Carconi/ANSA/Associated Press Initial Talks on Formation of New Italian Government Fail: A first round of consultations to form a new Italian government failed as the main parties remained at loggerheads, meaning more negotiations will be necessary next week. As Referendums Roil Europe, the Dutch Reconsider: European Union governments have a fraught history with referendums, illustrated by the UK’s 2016 vote to leave the bloc. Now referendum remorse among politicians is leading to action in the Netherlands, writes Valentina Pop. U.S. Targets Russian Oligarchs in New Sanctions: The U.S. sanctioned seven Russian oligarchs and 12 companies they own as well as 17 senior Russian government officials. ECB to Challenge Latvia Over Decision to Bar Central Bank Governor Rimsevics: The European Central Bank said it will challenge Latvia’s decision to bar its central-bank governor Ilmars Rimsevics from attending ECB meetings, and seek “interim measures” that allow its decision-making to function as normal. Swiss Central Banker Warns of Cryptocurrency Risks: A top official of Switzerland’s central bank warned that cryptocurrencies should not be seen as a substitute to traditional currencies, despite some of the potential benefits that the underlying blockchain technology has for the financial system. German Court Opens Path for Extradition of Catalan Separatist Leader: A German court ruled to allow Catalonian separatist leader Carles Puigdemont free on bail, paving the way for his extradition to Spain to stand trial for his role in last autumn’s independence drive. The Battle for PrivatBank: Can Ukraine Bring Its Oligarchs to Heel?: When Ukraine’s finance minister went to oversee the nationalization of the country’s biggest bank in December 2016, he took with him a team of bankers — and a security detail of special-forces operatives. IN THE PAPERS EU, Facebook Plan High-Level Contacts Over Data Scandal – Bloomberg UK Universities Face Uncertainty as Brexit Looms – New York Times Trump Slams EU as Being ‘Solidly Against Us’ on Trade – Politico Salisbury Poison ‘Made at Russia’s Porton Down’ – The Times Russia Steps Up War of Words with Britain Over Poison Attack – Financial Times Be the first with intelligence for an ambitious day. Download WSJ City and let us keep you in the loop from 6 a.m. UK time. Upwardly mobile on iPhone and Android, also available in a Newsletter and on the Web. View the full article
  13. Here are some of the companies with shares expected to trade actively in Friday’s session. Stock movements reflect premarket trading. Incyte—Down 21%: The biopharmaceutical company said it was ending a study with Merck & Co. that evaluated a combination of treatments for skin cancer. Merck shares were down 1.4%. JPMorgan Chase—Down 1%: While CEO Jamie Dimon struck an optimistic tone about the bank’s growth prospects in his annual shareholder letter published Thursday, he cited concerns including cybersecurity and the proliferation of exchange-traded funds. Boeing—Down 1.9%: The company’s stock was jolted this week by clashes between the U.S. and China on trade. A Thursday disclosure by the National Aeronautics and Space Administration suggested that a two-person flight in Boeing commercial crewed capsule to the international space station is likely to be pushed back and expanded. WageWorks—Down 4.2%: The company shuffled its top management Thursday and said it will amend financial results for the past two years after an audit found material weaknesses. NetApp—Down 4.2% in low-volume trade: Multiple research firms raised their price targets for NetApp after the company’s investor conference this week. NetApp boosted its dividend and plans to buy back $4 billion of its shares. Shares are up 14% this year. Micron Technology—Down 3.8%: Shares of the highflying chip company fell 6.7% Thursday after UBS analysts initiated coverage with a sell rating and $35 price target. This is an expanded version of the “Stocks to Watch” section of our Morning MoneyBeat newsletter. To receive it every morning via email, click here: https://www.wsj.com/newsletters?sub=263 View the full article
  14. submitted by /u/a_million [link] [comments] View the full article
  15. The Financial Conduct Authority has warned that firms offering services around crypto derivatives and ICOs "likely" need to be authorized. View the full article
  16. The unemployment rate’s expected decline to 4% is likely to be seen as evidence of the U.S. labor market’s increasing tightness. But broader measures of employment continue to show there’s still room for people to join the workforce, suggesting that a much-anticipated acceleration in U.S. wages and inflation isn’t yet on the horizon. The Labor Department’s monthly jobs report, to be released at 8:30 a.m, is expected to show the unemployment rate fell to 4% in March from 4.1% a month earlier. That would be the lowest level since 2000 and well below the rate of about 4.5% that the Federal Reserve thinks should prevail over the long term. But another closely-watched measure of unemployment–the so-called underemployment rate–remains elevated in a sign that the labor market isn’t yet at full capacity. The underemployment rate rose to 8.2% in February from 8% last year, even as the broader jobless rate held steady and hiring accelerated (To be sure, the rate has fallen sharply from levels as high as 17% after the recession). Deutsche Bank said there are about 1.6 million marginally-attached workers–people who want a job but haven’t searched within the last month–though analysts say many won’t ultimately find jobs because the problems they face are structural, such as limited education. Still, Deutsche Bank believes “there is some scope, albeit likely small, for remaining slack from marginally attached workers.” As The Wall Street Journal’s Morning MoneyBeat newsletter noted on Friday, economists also point to the depressed labor force participation rate as evidence that there’s room for more workers in the job market. Labor force participation was at 63% in February, an improvement over recent months but still below a level of 66% in 2007. The participation rate for the group of workers seen as most hireable–those between 25 and 54 years old–remains about a percentage point below the pre-crisis level. Analysts say this pool of untapped workers could be one factor holding down wage growth, as businesses aren’t yet facing a labor shortage that would encourage them to lift pay. The lack of meaningful wage growth has confounded policymakers and analysts, who had expected the falling unemployment rate to spur higher wages and prices. Average hourly earnings are forecast to rise 0.3% in March from the prior month, continuing the modest pace of growth of the past few years and encouraging the Fed to stick to its slow-and-steady approach to raising interest rates. “There are a couple places where it looks like there may be additional slack in the labor force,” said Federal Reserve Chairman Jerome Powell last month. “We don’t see any strong evidence yet of a decisive move up in wages.” To receive our Morning MoneyBeat newsletter via email, click here. View the full article
  17. Most individuals with unreported cryptocurrency income have options available to mitigate and defend against civil penalties and criminal prosecution. View the full article
  18. submitted by /u/BUTT_GETTER [link] [comments] View the full article
  19. Japanese online brokerage Monex Group has confirmed a deal to acquire cryptocurrency exchange Coincheck, which suffered a major breach in January. View the full article
  20. A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: EnergyJournal@wsj.com Sign up for this newsletter: http://on.wsj.com/EnergyJournalSignup U.S. TO CONSIDER TARIFFS ON ADDITIONAL $100 BILLION OF CHINESE GOODS In a situation some investors are likening to a tennis match, President Donald Trump volleyed back against Beijing on Thursday by threatening additional tariffs on $100 billion of imports from China. The move would triple the amount of Chinese goods facing levies when entering the U.S., up from the tariffs on $50 billion in imports from China that the president announced last week, writes the WSJ’s Bob Davis. After the U.S. threatened tariffs on Tuesday, China quickly came up with its own $50 billion hit list of U.S. exports to China, including aircraft and soybeans. That retaliation has led to outcries from agricultural interests and lawmakers for Washington to back off its hard-line stance to China. Beijing has also hinted that it may come after U.S. oil exports as the country put U.S. petrochemicals and liquefied propane on its list of goods to target. U.S. oil net exports to China reached about 435,000 barrels a day last year, up from about 180,000 barrels a day in 2016, Bloomberg reports. Markets are seesawing from the competing announcements from the world’s two largest economies. The Stoxx Europe 600 was down 0.5% in Friday morning trading, following Asian markets broadly lower, while S&P 500 and Dow Jones Industrial Average futures dropped 0.7% and 0.9% respectively. “The Street realizes this isn’t in effect and this is more ‘Art of the Deal’ from Trump,” said Gavin Parry, chief executive at Parry Global Group OIL SLIPS AMID U.S.-CHINA TRADE TENSIONS Meanwhile, oil prices eased further on Friday after an escalation of trade tensions between the U.S. and China pressured markets lower. Brent crude, the global oil benchmark, fell 0.4% to $68.09 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.4% at $63.30 a barrel. DESPITE NEW TARIFFS, ALUMINUM IS ACTUALLY CHEAPER U.S. aluminum prices are falling despite a tariff aimed at boosting domestic production of the metal, reports the WSJ’s Bob Tita. That’s good news for manufacturers of products such as beer cans and car hoods, who are paying 4% less for aluminum than they were before the Trump administration announced the tariff on March 1. The measure also caused some energy executives to voice concern that the barriers to trade on steel could hurt the oil industry due to the coming need for the metal to build new pipelines and other infrastructure. Temporary exemptions for many of the top aluminum-making countries including Canada, Argentina and Brazil have lessened the squeeze the tariff could put on aluminum. RUSSIA SAYS OIL ALLIANCE WITH OPEC COULD CONTINUE PAST THE EXPIRY Russia’s Energy Minister Alexander Novak said the deal with the Organization of the Petroleum Exporting Countries to curb global supply could become indefinite, Reuters reports. Mr. Novak also left the door open for other big producers to join the oil alliance, although he did not cite any specific countries. U.S. oil production is projected to reach 11 million barrels per day in late 2018, rivaling the world’s top producers such as Saudi Arabia and Russia. ACTIVIST INVESTORS TRY TO WAKE UP A SLUMBERING ENERGY SECTOR A private-equity firm with a large stake in Houston explorer Carrizo Oil & Gas Inc. is calling on the company to sell assets or combine with a rival, the latest sign that activist investors are focusing more on the energy sector, writes the WSJ’s Ryan Dezember. Kimmeridge Energy Management Co. has built up an 8.1% stake in Carrizo, according to a securities filing. The firm previously disclosed that it owned 4.9%. The New York investment firm said in the filing that it wants Carrizo to sell its south Texas drilling fields and use the proceeds to pay down debt, buy back stock or invest more in its prolific fields in the state’s western desert. The firm also said it wants Carrizo to explore the possibility of merging with rivals in West Texas. FUTURECURVE Today: Oil-services firm Baker Hughes Inc. releases its count of active drilling rigs, a bellwether for production in the U.S. oil industry. April 18–19: IQPC hosts the Oil & Fuel Theft Summit in Geneva. Speakers include Mahmoud Al-Bayati, the director general for counter-terrorism for Iraq, William J. Waggoner, the chief executive of the Mexico Petroleum Company and Daniel Gianfalla, a member of the national maritime security advisory committee at the U.S. Department of Homeland Security. View the full article
  21. Profits at China’s largest publicly-listed companies last year grew at their fastest clip since 2010, but don’t expect a repeat in 2018. Earnings per share of companies in the MSCI China index—which includes 152 large and mid-cap stocks mostly listed in China, Hong Kong and the U.S.—likely expanded by more than 26% in 2017, according to research from Nomura. The big drivers were tech giants including Alibaba and Tencent, whose profits surged, as well as energy, industrial and real-estate companies that benefited from higher oil and property prices. The country’s top banks also did better thanks to strong interest-income growth. Some companies with March year-ends are yet to report. China’s economy grew 6.9% last year, an expansion rate in line with previous two years but down from a more than 10% increase in 2010. That year, corporate earnings grew 34.3%. Last year’s profit gains helped power a 36.7% increase in the MSCI China index, far exceeding the 18.8% increase in the broader MSCI Emerging Markets Index. Both investing benchmarks are tracked by many foreign investors. Numerous industrial sectors were emerging from low or even negative profits in 2016, hence an “elevated” jump the following year, said Mixo Das, Asia portfolio strategist at J.P. Morgan. Major state-owned enterprises benefited from Beijing’s heavy-handed campaign to tackle excessive capacity and curb supply in sectors including coal and steel last year, said Jacky Zhang, an analyst at BOC International in Shanghai. Energy companies in particular benefited from higher oil prices: Prices for Brent crude futures have risen some 25% in the past year, according to Wall Street Journal data. The earnings outlook for this year isn’t looking so robust. The country’s crackdown on speculative investing, off-balance sheet lending and its campaign to reduce leverage in the financial system could dampen profit margins and growth opportunities for some companies. An escalating trade war between the U.S. and China, meanwhile, has weighed on stocks in recent weeks. It’s too soon to gauge the impact on corporate earnings, as it remains unclear which tariffs will be enforced. But China’s planned 25% tariffs on selected U.S. goods would hurt 2.7% of the Asian country’s total imports, Morgan Stanleyid in a recent note. Wendy Liu, Nomura’s head of China equity research, said she expects earnings at Chinese internet firms to grow 16% in 2018 after expanding the previous year. Profits of hardware technology firms, meanwhile, could slow to 20% after surging 121% in 2017. “There will likely be a moderation in top-line growth from 2017’s high base,” she said, noting that investments and expenses in tech are meanwhile likely to increase. Beijing’s efforts to cut debt in the economy have forced some ailing or heavily-indebted firms out of the market, helping their rivals gain market share and pricing power, Ms. Liu said. Overall, she expects growth in earnings per share at companies in the MSCI China index to slow to 14.6% in 2018, and 16% next year. —Stella Yifan Xie and Gregor Stuart Hunter contributed to this article. View the full article
  22. Bitcoin's retreat from the weekly highs may have set the tone for a drop to $6,000 over the next 24 hours. View the full article
  23. Corporate profitability is expected to have accelerated again during the first three months of the year, offering investors some reason for optimism after a punishing stretch in financial markets, writes Ben Eisen and Akane Otani. S&P 500 firms are forecast to report profit growth of 17% in the first quarter of 2018 from a year earlier, according to reported results and analysts’ forecasts compiled by FactSet. If that holds up when earnings season kicks off in earnest, it would mark another strong period of earnings in what has become a lengthy string of robust quarters. Below, some of the best analysis and insight from WSJ writers and columnists, and occasionally beyond, on investing, the wealth-management business and more. TALKING POINTS Trump, Amazon and the Post Office: The President is firing at the wrong target if he wants to save money. PLANNING & INVESTING Bond Investors Ask What’s Next as Yields Plateau: The yield on the 10-year Treasury note posted its largest quarterly increase since December 2016, despite stalling in March. BUSINESS & PRACTICE New York Fed Picks John Williams as President: The San Francisco Fed president will succeed William Dudley in June. TRAVEL & LIFESTYLE High-End Dining for the High-Chair Set: Forget chicken fingers. Top restaurants are catering to young foodies and their parents with sophisticated, multi-course kids’ menus. $$$ The WSJ Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. It’s delivered to subscribers by email each workday morning; you can sign up for email delivery here: http://on.wsj.com/WealthAdviserSignup. Follow WSJ Personal Finance on Twitter: @WSJpersfinance View the full article