1、*MONDAY,JULY 22,2019 VOL.CCLXXIV NO.18 WSJ.com HHHH$4.00Lastweek:DJIA 27154.20 g 177.83 0.7%NASDAQ 8146.49 g 1.2%STOXX600 387.25 0.1%10-YR.TREASURY 17/32,yield 2.048%OIL$55.63 g$4.58 EURO$1.1222 YEN 107.72PoliceResponseIntensifiesasHongKongProtestsContinueSURGE:Protesters in Hong Kong on Sunday face
2、d a barrage of tear-gas canisters fired by police as public unrest stretched into aseventh weekend.The demonstrators want the full withdrawal of an extradition bill and a probe of the use of force by police.A8ERIC TSANG/HK01/ASSOCIATED PRESSBig-TechStocksUnderpinMarketsAscentFearstradetensionswillsl
3、owglobalgrowthhaveledinvestorstoSiliconValleygiantsClassWarBreaksOutOveraLondonRhubarbPatchiiiGardenerstakeondukeoverplantobuildhousesonhistoricallotmentsLONDONRalph George Al-gernon Percy,the 12th Duke ofNorthumberland,comes from astoried English aristocraticfamily that deposed a king,re-pelled inv
4、asions and raidedFrance.Meet the House of Percyslatest adversary:Annie Aloy-sius,a London health workerwho likes rhubarb.Ms.Aloysius desire to growrhubarb,peas,carrots andother vegetables has broughther into conflict with the cur-rent duke,on whose land sheand around 20 other locals rentsmall allotm
5、ents to grow pro-duce.A century ago,the Percyfamily leased out a small sliceof their 200-plus-acre Londonestate to be used by World WarI veterans and other locals togrow fresh vegetables.Thatlease is up,and the Percys,whoown a castle that was used inthe hit TV series Downton Ab-bey,want to build hou
6、ses.PleaseturntopageA10BYALISTAIRMACDONALDlargest source of illegal im-migrants coming to the U.S.Apprehension of Guatema-lans jumped to about236,000 in the first ninemonths of fiscal year 2019from about 15,000 in 2007,according to U.S.govern-ment data.“You miss them,but thereis nothing to be done,”
7、saidMs.Quezada of her missingstudents.Gaspar Zetino,ashy,undernourished 9-year-old,confided to the teacherthat he would be next.“ImPleaseturntopageA10JOYABAJ,GuatemalaSince the beginning of theyear,schoolteacher TeresaQuezada watched her boysand girls vanish.One by one,eight of 27 second-andthird-gr
8、ade students stoppedshowing up.Itwasnomystery.Theywent north with parentschasing the American dream,part of a migration wavethat has crashed on the U.S.-Mexico border.Guatemala is now theBYJOS DECRDOBAGuatemalasExodus:WhyTheyHeadNorthThousandshaveleftmountainousJoyabaj,drivenbydrought,U.S.policiesan
9、dTrumpSIHANOUKVILLE,Cambo-diaChina has signed a secretagreement allowing its armedforces to use a Cambodiannavy base near here,as Beijingworks to boost its ability toproject military power aroundthe globe,according to U.S.and allied officials familiarwith the matter.The pactsigned thisspring but not
10、 disclosed by ei-ther sidegives China exclu-sive rights to part of a Cambo-dian naval installation on theGulf of Thailand,not far froma large airport now being con-structed by a Chinese com-pany.Some details of the finaldeal were unclear,the officialssaid,but an early draft,seenby U.S.officials,woul
11、d allowChina to use the base for 30years,with automatic renew-als every 10 years after that.China would be able to postmilitary personnel,storeweapons and berth warships,according to the draft.Military operations fromthe naval base,airport,orany plans for a Chinese mili-tary base in the country.“Not
12、hing is happening likethat,”Phay Siphan,a Cambo-dian government spokesman,said on Friday.He called it“fake news.”U.S.and allied officials,however,said a deal had beendone that,while stoppingshort of a full-scale Chinesebase,would give Beijing itsfirst dedicated naval stagingfacility in Southeast Asi
13、a anda second outpost in what thePleaseturntopageA9both,would sharply increaseBeijings capacity to enforceterritorial claims and eco-nomic interests in the SouthChina Sea,to threaten U.S.al-lies in Southeast Asia and toextend its influence over thestrategically important Ma-lacca Strait.Chinese and
14、Cambodian of-ficials have denied there areByJeremyPage,GordonLuboldandRobTaylorNavalOutpostinCambodiaBolstersChinasAmbitionsThe biggest technology com-panies are propelling major U.S.indexes record run,highlight-ing investor enthusiasm for thehottest stock sector as eco-nomic growth softens.Together
15、,Microsoft Corp.,Apple Inc.,A Inc.and Facebook Inc.have ac-counted for about one-fifth ofthe S&P 500s total return thisyear,according to S&P DowJones Indices data throughThursday.That rate is roughlyin line with the contributionsmade by the biggest tech stocksin 2017 and much of last year,before a f
16、ourth-quarter reversalhelped roil markets.Investors in the coming dayswill weigh second-quarter re-sults from Amazon,Alphabetand Facebook,while Apple isset to report July 30.Giant asset managers includ-ing Vanguard Group,StateStreet Corp.and T.Rowe PriceAssociates Inc.generally in-creased their stak
17、es in thesefirms as well as Alphabet Inc.and Netflix Inc.in the firstquarter of this year,FactSetdata show.The concentrated gains con-trast with much of the market.Seven of the S&P 500s 11 sec-tors remain solidly below re-cords,and shares of small com-panies that stand to benefit ifthe Federal Reser
18、ve cuts inter-est rates are well below theirPleaseturntopageA2BYAMRITHRAMKUMARThe U.S.tax overhaul haslowered tax rates for manycompanies,and many othersthat were already toward thebottom of the scale have beenable to stay there so far,aWall Street Journal analysisshows.The lower rates follow tax-la
19、w changes Congress passedat the end of 2017.Since then,the Journal analysis shows,the median effective global taxrate for S&P 500 companiesdeclined to 19.8%in the firstquarter of 2019 from 25.5%two years earlier.That marked the thirdstraight quarter below 20%and is consistent with thegoals and struc
20、ture of the taxoverhaul,which lowered thefederal corporate rate to 21%from 35%.The laws authorswanted to help U.S.multina-tionals compete in foreignmarkets and aid domesticcompanies with high tax bur-dens,while reducing the valueof tax breaks and making itharder to achieve single-digittax rates.Much
21、 of the decline iscoming because fewer compa-nies are paying rates at thehighest end,according to theJournal analysis.Just 28 com-panies,including mining giantPleaseturntopageA6BYTHEOFRANCISANDRICHARDRUBINCorporateTaxRatesDrop,butUnevenlyRetailersFeelPinchOfHighRentsChangeinnetaskingrent,2009to2019S
22、ource:CBRENote:BasedonaveragepricepersquarefootSanFranciscoMiamiHonoluluOakland,Calif.Nashville,Tenn.SanJose,Calif.OklahomaCity53%463230292927Many retailers arestruggling to makethe rent in primeshopping areassuch as Manhattan,Los Angeles andDallas,where leasesremain higher thanprerecession levels.B
23、arneys is lookingat a bankruptcyfiling as an optionto renegotiate itsleases.B1INSIDELIFE&ARTSTofightconcernsoverexoticskins,crocodilefarmersaresettingethicsstandardsA11SPORTSShaneLowrywinstheBritishOpenwithasix-shotvictoryatRoyalPortrushA14JASON CAIRNDUFF/REUTERSCHARLIE SHOEMAKER FOR THE WSJHiddenfe
24、es?Notonourwatch.Geteverythingyouneedtotradeatonelowprice.FindoutmorebyturningtopageB10.ADVERTISEMENTCONTENTSBusiness&Finance B2,5,6Business News.B3Crossword.A14Heard on Street.B10Life&Arts.A11-13Markets.B9Opinion.A15-17Outlook.A2Sports.A14Technology.B4U.S.News.A2-4,6Weather.A14World News.A8-9,18s 2
25、019 Dow Jones&Company,Inc.All Rights ReservedWhatsNews China has signed a se-cret agreement allowingits armed forces to use aCambodian navy base,asBeijing works to boost itsability to project militarypower,according to U.S.and allied officials.A1 Debt-ceiling and spend-ing-level talks are splittingR
26、epublicans,adding to un-certainty as negotiators tryto strike a deal this week.A4 Trumpplans to meet witha group of senators to discusspossible sanctions againstTurkey in the wake of An-karas purchase of a Russianmissile-defense system.A6 Hong Kong police firedtear gas at thousands ofantigovernment
27、protestersas public unrest stretchedinto a seventh weekend.A8 Japansrulingcoalitionre-taineditsmajorityinupper-houseelections,puttingAbeontracktobecomethenationslongest-servingleader.A8 Puerto Ricos governor,faced with calls for his resig-nation,said he would remainin office,but wouldnt standfor re-
28、election in 2020.A3 Ukrainians voted over-whelmingly for the partyof the president in parlia-mentary elections.A18 Died:RobertMorgenthau,retired district attorney forManhattan,99.A6Thebiggesttech compa-nies are propelling majorU.S.indexes record run,high-lighting investor enthusiasmfor the hottest s
29、tock sector aseconomic growth softens.A1 Tax rates at many pub-lic companies have fallensharply as a result of the taxoverhaul,and other firmshave been able to stay towardthe bottom of the scale.A1 The surging popularityof low-cost investmentfunds has raised the pres-sure on some of the firmsmost re
30、sponsible for the in-dustrys transformation.B1 Barneys has become ahigh-profile example of thepressure put on retailers byhigh rents in many primeU.S.shopping areas.B1 Disneys“Avengers:Endgame”is poised to be-come the new all-time box-office champion,surpass-ing“Avatar.”B1 J&J faces a key test of it
31、sdefense against federal talc-safety lawsuits at a hear-ing that begins Monday.B3 Restaurantsare sweeten-ing pay packages and addingperks to attract and retainworkers in the tightest jobmarket in decades.B3 Walmarts finance ex-ecutives are undergoing ashuffle as the company ab-sorbs J into its digi-tal operation.B5Business&FinanceWorld-Wide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。
