华尔街日报-2019-01-28.pdf

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1、* MONDAY, JANUARY 28, 2019 VOL. CCLXXIII NO. 22 WSJ.com HHHH $4.00Lastweek: DJIA 24737.20 30.85 0.1% NASDAQ 7164.86 0.1% STOXX600 357.84 0.2% 10-YR.TREASURY 8/32, yield 2.753% OIL $53.69 g $0.35 EURO $1.1413 YEN 109.54Preferred-shareperformance40100102030%192018FreddieMac FannieMaeSource:SIXHe hopes

2、 to make a bigsplash. Local naysayers saythe whole idea is going to sinklike a stone.“They should use thismoney to fix potholes.” saidJulie Black, a bartender whostopped to check out a mock-up of Mr. Goggins installation.As with any work of art, theperched-tub concept is subjectto interpretation, es

3、peciallyamong the residents who ex-pect to see a lot of it.PleaseturntopageA10PETALUMA, Calif.BrianGoggin rolled into town in agraffiti-covered truck, ferryinga bathtub made of canvas topreview his latest work.The San Francisco artisthad been commissioned by thecitys public art committee tobuild fiv

4、e antique-style tubsand perch them on stilts ashigh as 24 feet on an espla-nade overlooking the PetalumaRiver.BYJIMCARLTONFive Bathtubs Perched Atop Tall Stilts. Why Not?iiiPublic art plan strikes Petaluma, Calif., as fine idea; not all agreeWashing over the skylineDJOKOVIC WINSAUSTRALIANOPEN AGAINS

5、PORTS, A14PARENTINGBOOKS FOCUSON SELF-CARELIFE email: Need assistance with your subscription?By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at By phone: 1-800-843-0008GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPSU.S.WATCHTREASURYRusal Is RemovedFrom Sanctions ListThe Tr

6、easury Department Sun-day removed Russian aluminumcompany Rusal from its sanctionslist after Oleg Deripaska, a black-listed billionaire and close ally ofPresident Vladimir Putin, deliveredon a promise to divest his major-ity ownership stake.The issue had become a hot-button political controversy ami

7、dconcerns the Trump administra-tion was going easy on Russia,but many former Treasury offi-cials said the move was madeunder longstanding rules.The delisting will likely reas-sure aluminum markets con-cerned that the worlds second-largest producer would cut off acritical source of the metal.Under a

8、deal between theTreasury and the board of Rusalsholding company, Mr. Deripaskacut his shares to below 50%.Ian TalleyNORTH CAROLINADuke Dean ApologizesFor Language RebukeDuke Universitys medicalschool dean apologized afterstudents were criticized forspeaking Chinese.Megan Neely, a professor inthe bio

9、statistics masters pro-gram, urged students to “com-mit to using English” in thebuilding housing the program.She said two faculty memberscomplained about studentsloudly speaking Chinese.In response, Dr. Mary Klot-man, the medical school dean,said there was no restriction onusing foreign languages.Dr

10、. Klotman said Prof. Neelystepped down as the programsdirector of graduate studies. Prof.Neely didnt immediately respondto an email seeking comment.Associated PressLOUISIANASuspect in 5 KillingsArrested in VirginiaA 21-year-old Louisiana mansuspected of killing his parentsand three other peopleinclu

11、dinga woman he was datingwas ar-rested Sunday when he showedup at his grandmothers house inVirginia, a sheriff there said.On Saturday, Dakota Theriotallegedly shot and killed threepeoplethe woman believed tobe his girlfriend, her brother andfatherbefore shooting his par-ents, authorities said.Neighb

12、ors said Dakota The-riot had struggled with drugsover the years, had violent out-bursts, and had recently beenkicked out of his parents trailer.Associated PressTHE OUTLOOK | By Bob DavisChinasStateFirmsLurkinTradeTalksWhen U.S.and Chinesetrade negotia-tors start anew round oftalks onWednesday, one o

13、ften-over-looked issue is bound to get alot of U.S. attention: the roleof Chinas state-owned com-panies in its economy.China started overhaulingits state-centric economicmodel 40 years ago underDeng Xiaoping. After joiningthe World Trade Organizationin 2001, Beijing pushed fur-ther to wean the econo

14、my offstate-owned firms. But underPresident Xi Jinping theyhave re-emerged as a center-piece of his economic policiesand a stumbling block for U.S.negotiators.Chinas state firms domi-nate industries that U.S.firms want to enter, includ-ing telecommunications, en-ergy, banking and insurance,and have

15、made inroads intoindustries Mr. Xi is stakingout as top priorities for thefuture. Beijing and local gov-ernments, for instance, haveannounced more than $100billion in financing, mainlyto state-owned firms, to de-velop a domestic semicon-ductor industry.State-owned constructionfirms are building Mr.

16、Xisambitious Belt-and-Road in-frastructure projects acrossAsia and Africa, while state-owned banks are often calledon to ramp up credit to keepthe Chinese economy fromslowing too rapidly.One Chinese economistcalls state businesses “thelegs of the Communist party.”In the 1990s, Chi-nese economic refo

17、rmershad the upper hand. Mil-lions of workers at statefirms lost their jobs as thegovernment sold off smallercompanies to make the econ-omy more market-driven.Gradually the state presencein the economy declined andsome Chinese economistsincluding Liu He, Chinas cur-rent top trade negotiatorlooked fo

18、r ways to curtail itspower further.But the changes only wentso far. China didnt fully pri-vatize bigger firms. It sold offminority stakes, which gaveBeijing the money to buildbanking, energy and telecom-munications behemoths andto import Western manage-ment know-how.Mr. Xi then in many waysreversed

19、changes thatsqueezed the state sector.Since 2014, the share of bankloans to state firms hasdwarfed those that go to pri-vate ones, says China expertNick Lardy at the PetersonInstitute for InternationalEconomics, after years wherethe private sector held theupper hand.Many local governmentspressure ci

20、ty and rural banksunder their control to keepinsolvent firms afloat, Mr.Lardy argues in his book “TheState Strikes Back.” That addsto excess Chinese industrialproduction of steel and othercommodities which get ex-ported at low prices U.S.firms cant match.U.S. officials say negotia-tors discussed Chi

21、nas state-owned firms in talks earlierthis month. In the U.S. view,state-owned enterprises bene-fit from subsidies and indus-trial policies that favor do-mestic firms, fight increasedcompetition from abroad, andsometimes pressure U.S.firms to hand over technologyto do business in Beijing.The Trump a

22、dministrationinsists that Beijing cut tariffsand regulations that benefitstate firms and block U.S.competition. It also wantsChina to reduce subsidies,preferential loans and otherhelp that give state-ownedfirms an added advantage.Mr. Xi and his allies seestate firms as a source of em-ployment and th

23、us social sta-bility and a way for China tocompete internationallythrough national championsin steel, aluminum, construc-tion and other fields. Theyare also an important leverto manage the economy, inpart because the CommunistParty plays a big role in se-lecting top managers.President Trump hastweet

24、ed that the U.S. is mak-ing progress in talks sched-uled to end March 1. His mainnegotiator, U.S. Trade Repre-sentative Robert Lighthizer ismore skeptical. He doubtsthat any Chinese market istruly private, say his col-leagues. Before he recom-mends President Trump ap-prove a deal, they say, hewants

25、Beijing to demonstrateit is willing to change its in-dustrial policies. A spokes-woman for the office of theU.S. trade representative de-clined to comment.The role of state firmspresents other dilem-mas. The U.S. wantsChina to import more U.S.-made goods. Mr. Xi couldsimply order state firms un-der

26、his control to do that.But that would only increasetheir role in the economyand as levers of the state.Beijing has floated the no-tion of “competitive neutral-ity”meaning the statewouldnt favor state firmsover private ones. But U.S. of-ficials are skeptical of Beijingsability to enforce the policy.U

27、.S. officials are debatinghow best to enforce any deal.Some favor what they call the“North Korea model.” WithNorth Korea, the U.S. says itwont lift sanctions untilNorth Korea demonstrates ithas denuclearized. WithChina, the U.S. wouldnt re-move tariffs until Beijingshowed it has changed thepractices

28、 that have made Chi-nese state-owned enterprisesso powerful.Theshareofnewbankloans*inChinagoingtostateenterprisesissurging.*LoansmadetononfinancialfirmsSource:NicholasLardy,PetersonInstituteforInternationalEconomics.whiletheshareofinvestmentsinstate-ownedenterprisesisrisingafteralongdecline.10002550

29、75%2010 15State-ownedenterprisesPrivateenterprises02550%2006 10 15State-ownedenterprisesPrivateenterprisesWednesday: Frances statisticsagency releases growth figuresfor the final three months of lastyear that will record the damagedone to the economy by a seriesof mass protests aimed at derail-ing t

30、he reform plans of PresidentEmmanuel Macron. Business sur-veys suggest output may havecome close to stagnation duringthe period, which would be afresh blow to the eurozone.Thursday: China will releaseits monthly survey of manufac-turers, which will probably showcontinued contraction. Econo-mists exp

31、ect the official manu-facturing purchasing managersindex to have dropped to about49.1 in January from 49.4 in De-cember. That would be the slow-est reading in nearly three years.Figures released by Italys sta-tistics agency will reveal whetherthe eurozones third-largestmember slipped into a technica

32、lrecession in the final threemonths of last year. A similar re-lease for the eurozone is ex-pected to show growth remainedweak as 2018 drew to a close.Friday: The Labor Depart-ment releases the January jobsreport. In December, U.S. em-ployers added jobs at the fast-est pace since February andwages s

33、urged. The January jobsreport will offer insight into theimpact of the government shut-down on the unemployment rateand broader labor market. Econ-omists surveyed by The WallStreet Journal forecast the econ-omy added 163,000 jobs in Jan-uary and the unemployment rateremained at 3.9%.could deter inve

34、stors from re-entering the market, GoldmanSachs analysts said.Even those who remain rela-tively optimistic expect abumpy road ahead for markets.“Itll likely be a volatile yearwith unquantifiable concerns,”said Ron Temple, head of U.S.equities and co-head of multias-set investing at Lazard AssetManag

35、ement.The risk of the U.S. slippinginto recession in 2019 still looksquite low, he said. But “this iswhen you want high-qualitycompanies, great returns oncapital and strong balancesheetsin case Im wrong.”atility in coming months.Morgan Stanley analysts saythe Smarginoferror:+/-3.27pct.pts.Andy Watso

36、n, 45 years old,was furloughed from the U.S.Geological Survey in California.Mr. Watson said he and hiswife, who was also furloughed,drew down savings and negoti-asked if he would agree to citi-zenship for a group of immi-grants illegally brought to theU.S. as children, known asDreamers, in exchange

37、for bor-der-wall funding.“Thats a separate subject tobe taken up at a separate time,”Mr. Trump, a Republican, said.Earlier this month, the presi-dent offered three years of tem-porary protections for Dreamersas part of a broader proposal,but Democrats said they wantedmore permanent protections,inclu

38、ding a path to citizenship,for those immigrants.In the interview, Mr. Trumpsaid he wouldnt rule out an-other shutdown, calling it“certainly an option.”After a shutdown that hasbeen bruising for federalworkers and that taxed thewider economy, the WhiteHouses acting chief of staff,Mick Mulvaney, said

39、on CBSon Sunday that workers by theend of the week should receivetheir first paychecks in morethan a month. The WhiteHouse budget office publishedover the weekend a checklistfor government agencies toconsider as they reopen.But Mr. Trumps commentsmake clear that if keeping thegovernment open hinges

40、onthe issue of immigration, thepath forward will be tricky.Congress has struggled foryears to tackle a broader over-haul of the immigration sys-tem, and while lawmakerswere hopeful that Congressand the White House would beeager to avoid another shut-down, persuading Mr. Trumpto sign it may remain a

41、sepa-rate challenge.Adding to that challenge forMr. Trump: His leverage onthe immigration issue has di-minished since he took office.Republicans, who controlledCongress for much of his pres-idency, lost the House major-ity in the November elections,and polling shows voterslargely blamed Mr. Trump fo

42、ra shutdown that left about800,000 federal workers with-out pay. Over the weekend,Mr. Trump took heat fromsome conservative commenta-tors who said he had caved toDemocrats for reopening thegovernment without wallfunding.Commentator Ann Coulter,for example, described Mr.Trump as a “wimp.”“I hear shes

43、 become veryhostile,” Mr. Trump said in theinterview. “Maybe I didnt re-turn her phone call or some-thing.”Now the focus shifts to thelawmakers tasked with comingto an agreement. Led by HouseAppropriations CommitteeChairwoman Nita Lowey (D.,N.Y.), the group is expected tohold its first public meetin

44、gthis week. Any final compro-mise would need bipartisansupport to advance.“Im going to remain opti-misticif you look at the im-petus from both sides, theshutdown was a miserable ex-perience for everybody,” Sen.Shelley Moore Capito (R.,W.Va.), a member of the group,said Sunday.The thorniest question

45、islikely to be what kinds ofphysical barriers would befunded. Mr. Trump has beeninsistent on a wall in order todeliver on his signature cam-paign promise, while Demo-crats have been equally resis-tant to one.But Democrats and Republi-cans often use different rheto-ric when describing the sameprovisi

46、ons, suggesting theymay be able to agree on somekind of funding that Republi-cans would consider a wall butDemocrats would say consti-tutes border security.Should Mr. Trump declare anational emergency at the bor-der, he could divert funds formilitary-construction projectsto fund a border wall, but s

47、uchamoveisexpectedtofacele-gal challenges.first refused to sign anyspending bills that didnt in-clude at least $5.7 billion to gotoward building a border wall.Asked if he would acceptless than $5.7 billion in thenext round of negotiations,Mr. Trump said: “I doubt it,”adding, “I have to do it right.”

48、Democrats are firmly op-posed to the concept of aphysical wall, but they havebeen willing to fund replace-ment fencing, levees and bol-lard barriers, in addition tomore immigration judges, bor-der agents and technology.On Sunday, Democraticleaders reiterated that theysupport border-security mea-sure

49、s and would negotiatenow that the government isopen. “Shutdowns are not le-gitimate negotiating tacticswhen theres a public-policydisagreement between twobranches of government,” Rep.Hakeem Jeffries of New York,chairman of the House Demo-cratic caucus, said on NBC.In the interview Sunday,Mr. Trump also made clear hewas skeptical about any dealthat trades wall money for awider immigration overhaul.“I doubt it,” he said, whenContinuedfrompageA1