华尔街日报-2019-3-11.pdf

****** MONDAY, MARCH 11, 2019 ~ VOL. CCLXXIII NO. 57 WSJ.com HHHH $4.00 Lastweek: DJIA 25450.24 g 576.08 2.2% NASDAQ 7408.14 g 2.5% STOXX600 370.57 g 1.0% 10-YR.TREASURY À 1 4/32, yield 2.627% OIL $56.07 À $0.27 EURO $1.1236 YEN 111.16 Trump ToPursue Increased Funding ForWall Angela Merkel and her ad- visers, before a visit to the White House last spring, agreed on a priority: Avoid talk of Nord Stream 2. The German-Russian pipeline proj- ect had been a bone of con- tention between Berlin and Washington, which fears it will make Europe’s largest economy excessively reliant on Russian energy. When the German chancel- lor took her seat at the Oval Office table, though, President Trump left her nowhere to hide. “Angela,” he said, ac- cording to people in the room, “you got to stop buying gas from Putin.” A year later, work contin- ues on the gas link under the Baltic Sea financed by several Western firms and PAO Gaz- prom, the Russian state-con- trolled energy company. The dispute is coming to a head, in a graphic example of how Russia’s estrangement from the West, far from bringing its members closer, is driving a wedge between the closest of allies. The Trump administration contends the pipeline would prop up Moscow, still under Western sanctions for its 2014 Ukraine invasion. “Al- lowing Nord Stream 2 to be built now will simply increase European dependency on Rus- sia,” said Richard A. Grenell, U.S. ambassador to Germany PleaseturntopageA10 BYBOJANPANCEVSKI KIDNEY DONOR EXCHANGE BEATS THE ODDS LIFE hintsofdirtysocks Cannabis drinks are hitting the global market, promising anxiety reduction, pain relief and better sleep. One thing none of them tout is taste. “Like a barnyard,” Ron Sil- ver, owner of Bubby’s restau- rant in New York, says of the cannabis oil used to make weed-infused drinks. The self-described cannabis advocate says he started cook- ing with hemp oil about five years ago and was initially dis- mayed by the results. “The oil tastes terrible, and it floats,” he said. “It’s very grassy and very funky.” He began tinkering with ways to reduce the intensity of the flavor and is confident enough in the results that he recently launched Azuca, a company that sells cannabis- infused sweeteners. With recreational marijuana now legal in 10 states and in Canada, though still banned under U.S. federal law, a host of companies including the world’s biggest brewers are vying for a piece of a budding market for cannabis drinks. Some are experimenting with products that produce a high, others with beverages that stop short. It turns out the oily canna- bis extracts don’t mix with water, so getting the proper blend with each sip requires frequent shaking. And because of the way the body processes the compounds, it takes too long for the drinker to feel the effects. Then there’s the taste, which has been compared to dish soap and urine. PleaseturntopageA10 BYVIPALMONGA ANDJENNIFERMALONEY Booming profits are driving a fresh rally in technology shares from New York to Hong Kong, helping boost stock markets and showing the allure of rapidly growing companies even as the global growth outlook dims. Companies including Face- book Inc., Netflix Inc., Alibaba Group Holding Ltd. and Rakuten Inc. have risen more than 25% this year, well outpacing the gains of the stock indexes on which they are listed. The ad- vance is a marked turnaround from the final months of 2018, when tumbling technology shares wiped out trillions of dollars from the global stock market. An Ethiopian Airlines jet crashed minutes after depart- ing Addis Ababa, killing all 157 aboard—including eight Ameri- cans and 18 Canadians—leading to an usually swift reaction re- garding Boeing Co.’s 737 MAX in the wake of the second deadly disaster involving the would ground those planes starting Monday until it gets more information. An Indone- sian official told The Wall Street Journal that authorities are planning to meet Monday to discuss whether to ground the aircraft there. And a flight attendants union called for an FAA investigation. Shortly after taking off on Sunday, the jetliner’s pilot re- ported an unspecified problem with the plane and asked to re- turn to the Ethiopian capital’s Bole International Airport. Six minutes after departure, com- munication was lost, and the plane plunged to the ground near Bishoftu, just south of Ad- dis Ababa. A number of people on board Flight 302 to Nairobi were heading to a global United Nations Environment Program summit. The U.N.’s World Food Program also had multiple staff members on the flight, said its PleaseturntopageA6 new model in recent months. China’s Civil Aviation Ad- ministration ordered the tem- porary grounding of all Boeing 737 MAX aircraft—which is in growing use in the U.S. and abroad—flown by Chinese air- lines. Cayman Airways, a small operator with two 737 MAX planes, said on its website it ByMatinaStevis- Gridneff, RobertWall andAndrewTangel JetCrashinAfricaKills157 EthiopianAirlinesplane plungestotheground, renewingscrutinyof Boeing737MAX WASHINGTON—President Trump plans to seek $8.6 bil- lion for additional barriers along the southern U.S. border as part of his budget proposal to be released Monday, a po- tential prelude to another fight over funding the president’s long-promised border wall. The White House will pro- pose $2.7 trillion in cuts to non- defense discretionary spending over the next decade, in part by reducing such spending by 5% next year below current federal spending caps, the president’s top budget official said Sunday. The administration didn’t offer specific details of the spending cuts, while also proposing in- creases on certain military mat- ters and on veterans health care. Congress is unlikely to ap- prove anything that closely re- sembles the White House bud- get, as Democrats control the House and spending bills in the GOP-led Senate need bipartisan support. Instead, the blueprint serves to lay out a presidential administration’s priorities each year and represents the open- ing bid in negotiations over new spending bills for the next fiscal year, which begins Oct. 1. The president’s proposed amount for wall funding drew immediate criticism from Dem- ocrats, and some Senate GOP aides said they were wary of Mr. Trump’s request, given the recent government shutdown over the issue. While Republican aides said Mr. Trump’s budget request for the wall was unrealistic, they said his approach of going through the normal budget process was preferable to the shutdown clash and his deci- sion last month to declare a national emergency to try to secure more funds for a wall. The $8.6 billion request for barrier funding—$5 billion for the Department of Homeland PleaseturntopageA4 ByKateDavidson, LouiseRadnofsky andKristinaPeterson RussianGasPlan DividesU.S.,Allies Washingtonfearsunderseaprojectwould makeGermanytooreliantonMoscow INSIDE Fund managers have credited some of the advance to the group’s record of generating ro- bust and, in many cases, record profits as broader earnings growth has cooled. Earnings are a key driver of stock prices, mak- ing industries delivering high growth like technology an ap- pealing bet for investors who are worried about slowing growth across the global economy. “Big tech is looking far more interesting now than it has any time over the past year,” said Jim Tierney, chief investment officer of U.S. concentrated growth at AllianceBernstein, PleaseturntopageA2 BYAKANEOTANI TechStocksBolsterGlobalMarkets Source:SIX Technologysharesaroundtheworldarerallying,anabout-face aftertheyslidinthefinalmonthsof2018. MSCI AllCountry WorldIndex Facebook Netflix Alibaba Jan.’19 Feb. March % -10 0 10 20 30 40 Budget sets high growth expectations............................... A4NASA aims to speed up moon exploration.................... A4 Airline was early to adopt Boeing 737 MAX...................... A6 Riskier shares are paying off, for now.......................................... B9 Hiddenfees?Notonourwatch. Geteverythingyouneedtotradeatonelowprice.FindoutmorebyturningtopageB3. ADVERTISEMENT CONTENTS Business News....... B3 Crossword.............. A14 Heard on Street..... B9 Outlook....................... A2 Life & Arts...... A11-13 Markets................. B8-9 Markets Digest..... B7 Opinion.............. A15-17 Sports....................... A14 Technology............... B4 U.S. News............. A2-4 Weather Watch... A14 World News.......... A6-9 s 2019 Dow Jones & Company, Inc. All Rights Reserved > What’s NewsAn Ethiopian Airlines jet crashed in Ethiopia, killing all 157 aboard and raising scrutiny of the new Boeing 737 MAX 8 model, which wasinvolvedinanother deadly crash last year. A1Trump in his fiscal 2020 budget will seek $8.6 billion for more barriers along the southern border, an admin- istration official said. A1NASA is expected to re- quest a budget increase of more than $500 million for moon exploration and re- lated programs in 2020. A4The administration is preparing for nearly 180,000 migrants traveling as fam- ilies to cross the southern border by May, continuing a record-breaking year. A3Some county sheriffs and other local officials say they won’t enforce new gun-control measures mov- ing through legislatures in Democratic-led states. A3Pressure mounted on Algeria’s ailing leader to step down as oil-and-gas workers went on strike, ex- tending protests calling for Bouteflika’s removal. A7Taliban founder Mullah Omar lived in hiding near a U.S. base in southern Af- ghanistan until his death, according to a report that contradicts long-held the- ories about the leader. A7 B ooming profits are drivinga fresh rally in tech shares, helping to boost stock markets and showing the allure of fast-growing companies even as the global growth outlook dims. A1Investorshave driven the eurozone’s most closely fol- lowed government bond yield close to negative territory for the first time since 2016. B1Top Deutsche Bank ex- ecutives have agreed to hold discussions with ri- val Commerzbank about a potential merger. B1Siemens and a Danish investment fund are back- ing a $2.5 billion project to carry renewable electricity underground in the U.S. B1The chicken industry is spending heavily to deal with meatabnormalities suspected to be side effects of breeding rapidly maturing birds. B3Airbusisallbut ceding the market for the very biggest airliners to rival Boeing after the European maker dumped its A380 earlier this year. B4Helen of Troy has put its beauty business up for sale, as shoppers shun mass-mar- ket personal-care brands. B3Private investors are directly buying a small but growing share of loans that have long been the domain of Fannie Mae and Freddie Mac. B8 Business&Finance World-Wide TIKSA NEGERI/REUTERS The aircraft was carrying eight Americans, 18 Canadians and 32 Kenyans, as well as citizens of other nations, including France, China and the U.K., when it plunged to the ground near the town of Bishoftu, south of the Ethiopian capital, shortly after takeoff. For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com . For personal,non-commercial use only.