1、*THURSDAY,AUGUST 8,2019 VOL.CCLXXIV NO.33 WSJ.com HHHH$4.00DJIA 26007.07 g 22.45 0.1%NASDAQ 7862.83 0.4%STOXX600 368.60 0.2%10-YR.TREAS.19/32,yield 1.675%OIL$51.09 g$2.54 GOLD$1,507.30$34.90 EURO$1.1200 YEN 106.27riskiness of bonds in waysthat were followed by jumpsin market share,at least tem-porar
2、ily,a Wall Street Jour-nal examination found.Thesefirms compete to rate thedebt of borrowers,who payfor the ratings and have anincentive to pick rosier ones.There are signs some in-vestors are skeptical.Somebonds in markets where rat-ings criteria have been easeddont trade at the high bondprices the
3、ir ratings suggestthey should.Investors havealso shown skepticism aboutratings on some corporateand government bonds.“We dont trust the rat-ings,”says Greg Michaud,head of real-estate finance atVoya Investment Management.The problem is particularlyacute in the fast-growing mar-ket for“structured”deb
4、tse-curities using pools of loanssuch as commercial and resi-dential mortgages,studentloans and other borrowings.PleaseturntopageA8Times are tough for theMall at Stonecrest in subur-ban Atlanta.The Kohls closedin 2016.The Sears shut in2018,and the Payless Shoe-Source finished its going-out-of-busine
5、ss sale in May.When a$90.5 million mort-gage came due last summer,the malls owners defaulted.Through it all,S&P GlobalInc.has said a security tied tothe malls mortgage wouldntlose money.S&P says the“sit-uation is fluid”and“we wonthesitate to revisit the rating.”Inflated bond ratings wereone cause of
6、 the financial cri-sis.A decade later,there isevidence they persist.In thehottest parts of the boomingbond market,S&P and itscompetitors are giving in-creasingly optimistic ratingsas they fight for market share.All six main ratings firmshave since 2012 changedsome criteria for judging theBYCEZARYPOD
7、KULANDGUNJANBANERJIRosyBondRatings,AFinancialCrisisDriver,AreBackCredit-gradingfirmsgivemoreoptimisticappraisalsastheyfightformarketshareRapDitchesDollarsforDigitaliiiMobile paymentsfind fans;Hit meon my Cash AppBYPETERRUDEGEAIRForget the flash of Cristalchampagne,Maybach sedans,Gucci loafers and Ba
8、lenciagakicks.One of the trendiestbrand names in rap musicadorns a minimalist mobile-payments business.Cash App,a smartphone-based money-transfer serviceoperated by financial-technol-ogy company Square Inc.,hasfound an ardent fan club inthe tastemakers of hip-hop.Iggy Azalea,Meek Mill andabout 200 o
9、ther hip-hop art-ists name-check Cash App intheir lyrics,according to musicdatabase Genius.“Hit me onmy Cash App,check it in thePleaseturntopageA8A flight to safety that drovedown bond yields globallysparked renewed volatility inthe stock market Wednesday,highlighting uncertainty abouthow the trade
10、and currencybattle between the U.S.andChina will play out.Major U.S.stock indexes fellsharply,then whipsawedthrough a volatile session be-fore clawing back much oftheir losses by the close.TheDow Jones Industrial Averageswung 633 points at its widestspan Wednesday and closeddown just 22.45 points,or
11、 0.1%.Stocks initially fell as theprospect of lower interestrates around the world stokedanxiety about global growthprospects,especially in lightof a trade war between two ofthe worlds biggest economies.Policy makers in India,NewZealand and Thailand movedaggressively to supportgrowth and inflation,a
12、ll cut-ting interest rates by morethan investors had expected.That prompted investors tobuy government bonds andgoldassets considered rela-tively safewhile selling U.S.stocks and oil early in the day.Gold prices topped$1,500 atroy ounce for the first time insix years.U.S.crude futuresdropped 4.7%to
13、their lowestclose since January.The yield on 10-year Trea-surys dipped below 1.6%be-fore settling at 1.675%mid-afternoon,its lowest levelPleaseturntopageA6BYGUNJANBANERJIStocksSeesaw,BondYieldsDeclineHighvolatilityreturnsasfearsintensifyamidtheU.S.-Chinadisputeovertrade,currencyown delivery network,
14、includ-ing leasing cargo planes,buy-ing trucks and funding localdelivery drivers.While it is walking awayfrom the largest e-commerceplayer in the U.S.,FedEx is po-sitioning itself as a go-to car-rier for Target Corp.,WalmartInc.and the world of retailersthat aim to compete with Am-azon.“This change
15、is consistentwith our strategy to focus onthe broader e-commerce mar-ket,”FedEx said.FedExs decision will re-quire Amazon to find a newway to handle millions ofpackages ahead of the criticalholiday shopping season at thesame time Amazon is lookingto speed many home deliveriesto one-day shipping.Amaz
16、on will redistributePleaseturntopageA2FedEx Corp.said it wasending its contract to deliverA Inc.packagesthrough its ground network,essentially severing ties withone of the worlds biggestshippers and gambling it isbetter off filling its truckswith other customers goods.The delivery giant saidWednesda
17、y it decided not torenew the contract when it ex-pires at the end of August.InJune,FedEx said it was endingits air-shipping contract withAmazon in the U.S.but wouldcontinue to handle ground de-liveries.FedEx would still han-dle international shipments.The moves are evidence ofescalating tensions bet
18、weenthe longtime partners as thee-commerce giant builds itsBYPAULZIOBROANDDANAMATTIOLIMourners attended a wake Wednesday for shooting victim Elsa Mendoza,one of 22 people killed in the El Paso,Texas,attack.CHRISTIAN CHAVEZ/ASSOCIATED PRESSIndexperformancethisweekSource:FactSet04321%Mon.Tues.Wed.Dowi
19、ndustrialst1.8%S&P500t1.6%NasdaqCompositet1.8%Trio of central banks cutinterest rates.A6Oracle is the#1EnterpriseApplications vendor inNorthAmericabased on market share and Semiannual SoftwareTracker,April 2019,results for CY2018.NorthAmerica is the USA and Canada.EnterpriseApplications refer tothe
20、IDC markets CRM,Engineering,Enterprise Resource Management(including HCM,Financial,Enterprise Performance Management,Payroll,Procurement,Order Management,PPM,EAM),SCM,and Production andOperationsApplications.Per IDCslatest annual market share results,SALESFORCEINTUITSAPMSORACLECONTENTSBanking&Financ
21、e.B10Business News.B3,6Crossword.A12Heard on Street.B12Life&Arts.A9-11Management.B5Markets.B11Opinion.A13-15Sports.A12Technology.B4U.S.News.A2-4Weather.A12World News.A6-7,16s 2019 Dow Jones&Company,Inc.All Rights ReservedWhatsNews The president met withvictims of mass shootingsin Ohio and Texas,but
22、hisvisits were punctuated byfights with Democrats an-gered by his rhetoric andskeptical of his pledge totackle gun violence.A1 Walmartschiefexecutivesaid he was rethinking thecompanys role in con-fronting gun violence.A4 Retail tycoon Wexnersaid his former moneymanager Jeffrey Epsteinmisappropriated
23、 more than$46 million of his fortune.A3 AChineseofficialwarnedthat Beijing would interveneif Hong Kong proved unableto contain violent protests.A7 Puerto Rico Justice Sec-retary Wanda Vzquez wassworn in as governor aftera court ruling against Ros-sells chosen successor.A4 The House Judiciarypanel fi
24、led a lawsuit in a bidto force ex-White Housecounsel McGahn to testify.A2 Immigration officialsraided Mississippi food-processing plants,detain-ing 680 people suspected ofbeing in the U.S.illegally.A3 Suspected Iranianhackers infiltrated criticalinfrastructure and govern-ment computers in Bahrainwit
25、hin the past month.A16 Separatists in Yementried without success to seizethe presidential palace inthe southern city of Aden.A7 The U.K.governmentlaunched a charm offensivethis week in a bid to securea trade deal with the U.S.quickly after Brexit.A6Aflighttosafety thatdrove down bond yieldsglobally
26、amid fears aboutthe U.S.-China disputesparked renewed volatilityin stocks,which fell sharplybefore largely recovering bythe close.Gold prices topped$1,500 a troy ounce for thefirst time in six years.A1,B1 Central banks in India,New Zealand and Thailandcut rates aggressively asfallout from the U.S.-C
27、hinatrade war intensified.A6 The White House is ex-pected to start implementingprovisions of a law banningthe government from doingbusiness with Huawei.A2 FedEx said it was end-ing its contract to deliverpackages from online-shop-ping giant Amazon throughits ground network.A1 Broadcom is nearing ade
28、altobuySymantecsenter-prise business after its bid topurchase the entire cyberse-curity firm fell apart.B1 Lyftboosted its outlookfor the year,as the companygained more riders andamid new signs that a pricewar with Uber is abating.B1 SoftBanks plans for asecond tech megafund fo-cused on AI startups
29、is poisedto flood an already hypedsector with more cash.B1 CVS posted a secondstraight quarter of strongresults,with Aetna drivingmuch of the gains.B3 FoxCorp.said it will con-tinue to look for acquisitions,as results beat estimates.B4 AIG recorded a nearly18%increase in second-quarter net income.B1
30、0Business&FinanceWorld-WideFedEx,AmazonPartWaysOverDeliveriesgrief and outrage after gun-men over the weekend killed31 people and injured dozens.As he left Washington,Mr.Trump said he“would like tostay out of the political fray,”and the president and firstlady Melania Trump met pri-vately with victi
31、ms,hospitalTrumpVisitsGrievingCitiesAsGun-ControlDebateBoilsPresident Trump met withvictims of mass shootings inOhio and Texas on a trip de-signed to offer comfort duringa moment of national mourn-ing,but his visits were punctu-ated by fights with Democratsangered by his rhetoric andskeptical of his
32、 pledge totackle gun violence.Protesters and smallergroups of the presidents sup-porters showed up in bothDayton,Ohio,and El Paso,Texas,in scenes that under-scored a combustible brew ofstaff and first responders inboth cities.But he blasted crit-ics who said his often-combat-ive language on immigrat
33、ion,race and his political oppo-nents has sowed divisions andencouraged violence.Democrats,meanwhile,continued to press the Repub-lican president to throw hissupport behind gun-controllegislation.Mr.Trump said heis working with members ofCongress,and he expressedoptimism that progress can bemade on
34、the issue of back-ground checks,though hedidnt offer details.“I think background checksare important,”he said,add-ing:“I dont want to put gunsinto the hands of mentally un-stable people or people withrage or hatesick people.”Mr.Trump dismissed calls to banassault-style weapons,sayingthere was“no pol
35、itical appetitefor that at this moment.”PleaseturntopageA4ByAlexLearyandCatherineLuceyinWashingtonandKrisMaherinDayton,OhioWexnerSaysEpsteinTookMillionsL Brands CEO Leslie Wexner,above,said Jeffrey Epsteinmisappropriated more than$46 million.Mr.Epstein,a formermoney manager,is in federal custody on
36、sex-trafficking charges.A3JAMES D.DECAMP/ZUMA PRESS Walmart weighs attackresponse.A4每 日 免 费 获 取 报 告1、每日微信群内分享7+最新重磅报告；2、每日分享当日华尔街日报、金融时报；3、每周分享经济学人4、行研报告均为公开版，权利归原作者所有，起点财经仅分发做内部学习。扫一扫二维码关注公号回复：研究报告加入“起点财经”微信群。A2|Thursday,August8,2019 THEWALLSTREETJOURNAL.The White House is ex-pected to start implem
37、entingprovisions of a law that barsthe U.S.government from do-ing business with HuaweiTechnologies Co.,movingahead despite the Chinesetelecommunications giants ef-forts to block the rule in court.The Office of Managementand Budget issued an interimrule this week laying out stepsto ensure U.S.governm
38、entagencies arent doing businesswith Huawei and several otherChinese companies.The rule,posted Wednesdayon a General Services Admin-istration website,is set to goByCatherineLuceyinWashingtonandDanStrumpfinHongKong WASHINGTONThe Demo-cratic-led House JudiciaryCommittee filed a lawsuit inan attempt to
39、 force formerWhite House Counsel Don Mc-Gahn to testify after negotia-tions broke down over bring-ing him in for questioning.The lawsuit,filed in U.S.District Court for the Districtof Columbia,marks an impor-tant step in the effort to openan investigation into impeach-ing President Trump.Mr.Mc-Gahn,
40、who gave 30 hours oftestimony to former specialcounsel Robert Muellers in-vestigators,is widely consid-ered to be the most significantwitness in a probe into possi-ble obstruction of justice.In May,Mr.McGahn re-buffed a subpoena at the be-hest of the White House,whichargued that as a onetime se-nior
41、 adviser to the president,he was immune from com-pelled congressional testimony.The White House didnt re-spond to a request to comment.Democratic aides said thecommittee had reached anagreement for access to docu-ments that the White Housegave to Mr.McGahn related tohis time at the White House.The a
42、greement with the WhiteHouse will allow the commit-tee to review documents.William Burck,a lawyer forMr.McGahn,said that“peopleshould not forget that Don Mc-Gahn is a lawyer and has an eth-ical obligation to protect clientconfidences,and as I have saidbefore,Don does not believe hewitnessed any viol
43、ation of law.”Mr.Burck said Mr.Trumphad instructed Mr.McGahn tocooperate with Mr.Muellerbut directed him not to testifyto Congress absent an accom-modation between the WhiteHouse and the Judiciary Com-mittee.“When faced with compet-ing demands from co-equalbranches of government,Donwill follow his f
44、ormer clientsinstruction,absent a contrarydecision from the federal judi-ciary,”Mr.Burck said.The Justice Department isexpected to intervene in thelitigation on behalf of the ad-ministration.The matterwould then be left to thecourts to decide.The House committee andMr.McGahn have failed toreach a de
45、al over a central as-pect of his testimony:whetherit would be public or private.BYSIOBHANHUGHESANDREBECCABALLHAUSLawsuitSeeksMcGahnsTestimonyTHE WALL STREET JOURNAL(USPS 664-880)(Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935)(Western Edition ISSN 0193-2241)Editorial and publication
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49、100%sourced fromsustainably certified mills.GOTATIPFORUS?SUBMIT IT AT WSJ.COM/TIPSU.S.WATCHU.S.NEWSinto effect Aug.13.The admin-istration then has anotheryear to comply with a sepa-rate,more restrictive provi-sion that would bar the gov-ernment from contractingwith any company that usesproducts or s
50、ervices fromHuawei or the other bannedcompanies,a senior adminis-tration official said.“The administration has astrong commitment to defend-ing our nation from foreign ad-versaries,and will fully complywith Congress on the imple-mentation of the prohibition ofChinese telecom and video-sur-veillance
