DealBook Briefing: 5G Is the New Arms Race With China


That means Mr. Green may have to give up some up his reserve and step into a more public role.

The back story: Both Lyft and Uber have filed regulatory papers to list their shares on the stock market in the coming months. The offerings are likely to create a bonanza in Silicon Valley.

Why it matters: Lyft, which was last privately valued at $15.1 billion, is tiny compared with its rival and could be overshadowed if Uber debuts first. Uber could go public at a $120 billion valuation.

Stocks sank at the end of last year on fears of an imminent recession, but those concerns have largely abated, with global markets now rallying at the fastest pace in months. But investors are still cautious ahead of a busy week.

The next few days bring an onslaught of quarterly earnings reports from the likes of Amazon, Apple, Facebook, Microsoft and Tesla — many of which are considered to be representative of the broader economy. The Federal Reserve is also holding policy meetings this week, which come after central banks in Europe and Japan sounded cautious notes. And on Friday, the monthly U.S. jobs report will be released.

The world economy “is not in crisis,” writes Neil Irwin. But, he adds:

What the last few months have made clear is that the forces that have held back the global economy for the last 11 years are not temporary, and have not gone away. And that, in turn, makes the world uncommonly vulnerable to a bout of bad luck or bad policy.

The work force is still aging. Productivity growth remains weak, as is consumer demand. Low interest rates could constrain central bankers trying to engineer an escape from a downturn. And a “nasty feedback loop” could result in more political dysfunction, leading to risks of economic disruption like the type posed by the recent government shutdown.

Speaking of which: After a 35-day stalemate, the government is open again, much to the chagrin of some of President Trump’s conservative supporters. The 116th Congress will consider Democratic wage proposals in the house and a Middle East policy bill in the Senate. Lawmakers may also consider whether to ban future shutdowns entirely. Hundreds of thousands of federal employees heading back to work should receive back pay by the end of the week.

Yi Huiman, the chairman of the Industrial and Commercial Bank of China, will take over from Liu Shiyu as the party secretary and chairman of the China Securities Regulatory Commission. (Reuters)



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