home Latest News WSJ Wealth Adviser Briefing: Oil Industry, Aramco IPO, Teaching Hotels – Wall Street Journal

WSJ Wealth Adviser Briefing: Oil Industry, Aramco IPO, Teaching Hotels – Wall Street Journal

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The Trump administration’s goal of achieving economic growth of 3% or better is looking increasingly remote this year, according to forecasters surveyed by The Wall Street Journal. Private-sector economists surveyed in recent days expect U.S. gross domestic product to expand an inflation-adjusted 2.2% this year on average, measured from the fourth quarter a year earlier. Forecasters expect economic growth will slow to 1.7% in 2020 and will be 1.9% in 2021.

Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.

PLANNING & INVESTING

Investors Should Fade GE’s Oil Patch Trade: A slowdown in the prolific Permian Basin, the center of the shale boom, as well as weakness in crude prices have punished General Electric shares along with those of industry heavyweights Halliburton and Schlumberger. Things may be looking up for investors in the sector, though.

MARKET TALK
From Dow Jones Newswires

The International Monetary Fund’s next disbursement of $5.4B to Argentina doesn’t appear to be coming anytime soon after the latest bout of market volatility led the government to implement currency controls and delay debt payments. An IMF spokesman says fund officials will meet with Argentine Finance Minister Hernan Lacunza in Washington in late September to discuss their response to the crisis and the next disbursement. “The complex market conditions and policy uncertainty going forward make the situation even more difficult,” the spokesman says. “We have tried to help … we continue to be fully engaged.” Argentina’s likely next president, Alberto Fernandez, has criticized the IMF bailout and said he would look to restructure the accord. (ryan.dube@wsj.com; @duberyan)

Selling China’s yuan and buying Japan’s yen is currently the favorite trade of foreign-exchange expert Stephen Hull. Speaking at the TradeTech FX Europe conference in Barcelona, the former head of forex and macro research at Goldman Sachs and Morgan Stanley, says he sees strong demand for the Japanese currency as investors move into the safe currency in response to a likely escalation in the trade impasse between the U.S. and China. This would also weigh on the Chinese currency, which Hull expects to devaluate into next year and drop progressively by around 10% in the next five years. (lorena.ruibal@wsj.com)

BUSINESS & PRACTICE

Big U.S. Investment Banks Crowd Into Aramco IPO: Global investment bankers launched the underwriting process for the initial public offering of Saudi oil giant Aramco in Dubai, a sign financiers who shunned the kingdom in the immediate aftermath of the murder of journalist Jamal Khashoggi are turning the page.

IMPACT INVESTING

Nestle Commits to Zero Net Carbon Emissions by 2050: Nestle said it aims to have zero net carbon emissions from its facilities and products by 2050 as it works toward aligning its business strategy with the Paris Agreement on climate change.

TALKING POINTS

Need Cash? Companies Are Considering Magazine Subscriptions and Phone Bills When Making Loans: For decades, banks and other financiers have relied primarily on consumers’ borrowing history to make lending decisions. Now revenue-hungry companies are considering metrics both mundane and peculiar, like whether applicants shop at discount stores, subscribe to magazines or pay their phone bills on time.

TRAVEL & LIFESTYLE

Teaching Hotels: Why You Might Want to Stay In One: At teaching hotels, including Cornell University’s Statler, you don’t just get top-of-the-class service, you’re part of the lesson plan. Plus: Hotel pros on how to score an upgrade and other tips on acing a hotel stay.

ADVISER CALENDAR

Join us on Sept. 26 for a two-part evening event at Columbia University to discuss how financial advisers can thrive amid disruption. The event will feature proprietary research from WSJ Elevate on millennial investors and a panel discussion with Craig Hawley of Nationwide Advisory Solutions and Nalika Nannayakara of EY. Register here: https://www.eventbrite.com/e/the-wealth-management-program-and-the-wall-street-journal-tickets-64264859926

– The Family Office and High Net Worth Individuals Investment Day/ Sept. 17/ NYC

– NAPFA Fall National Conference/ Oct. 1-4/ Chicago, IL

– Alliance of Comprehensive Planners / Nov. 12-Nov. 15/ San Diego, CA

ABOUT US

The Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. The content is curated by the Dow Jones Newswires team using articles from the Newswires, Barron’s, MarketWatch and The Wall Street Journal. The briefing is delivered to subscribers by email each workday morning at 6:30 a.m. ET. You can sign up here for email delivery.

For more information about our services for financial professionals, please visit DowJones.com

We welcome feedback. Please email newsletters@dowjones.com or contact Glenn Hall, global chief editor of Dow Jones Newswires at glenn.hall@wsj.com.