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In his first address since U.S. President Donald Trump announced billions of dollars in new tariffs, China President Xi Jinping denounced as “foolish” foreign efforts to interfere in the affairs of other countries. He didn’t refer to the trade dispute directly, but the intensifying conflict may further complicate China’s existing economic woes, especially since the world’s second-largest economy slowed in April.  

Here are today’s top stories

Trade war uncertainty not enough for you? Well it turns out that global markets are showing signs of growing economic weakness.

As we told you earlier this week, the older you are, the more money you need to qualify as wealthy. But an even bigger influence on that magic number is where you live. For example, being wealthy in San Francisco means real estate, whereas in New York, it’s all about the cash.

Speaking of cash, the bucks-burning startup WeWork is turning to financial gymnastics to keep expanding, Bloomberg Businessweek reports: Now it wants to be its own landlord.

Hong Kong’s markets are plagued by stock manipulation, share pledging, cross-ownership and margin lending. Regulators say they’re going to take action. Witness the spectacular implosion of Dr. Cho’s “nefarious network.”

In 1992, Trump the real-estate developer lived in a New York luxury apartment, traveled by limousine and had personal bodyguards. He also reported a negative $750 million adjusted gross income to the IRS.

Tell your college graduate to be a data scientist. It was the highest-paying entry-level job last year, with a median annual base salary of $95,000. 

What’s Joe Weisenthal thinking about? The Bloomberg news director is mulling a hedge funder who exited a short bet on the Chinese yuan. Joe points to a Bloomberg Opinion column on why the move makes sense, even if it seems like this is the moment of China’s vulnerability.

What you’ll need to know tomorrow

  • This Asia bank says the trade war hasn’t had an impact yet.
  • Quants think like amateurs in the world’s wildest stock market.
  • Stocks gained back more of the ground they lost Monday.  
  • Are there enough peas to make all that pretend meat?
  • Saudi Arabia’s hunt for new money includes residency for expats.
  • One-third of female lawyers say they have been sexually harassed. 
  • The NBA shot itself in the foot by not sending Zion to N.Y or L.A.

What you’ll want to see in Bloomberg Graphics

Louisiana’s plan for climate change is to retreat. On Wednesday, the state issued a sweeping blueprint—the first of its kind in the U.S.—for managing the ongoing population movement away from its coastal areas and preparing inland communities to receive an infusion of people. In Louisiana, there’s pretty much only one way to deal with climate change: move.

 

To contact the author of this story: David Rovella in New York at drovella@bloomberg.net

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