Bloomberg It’s been the same trade all year. A recession is coming, so get defensive. Now the strategy is unwinding and stock managers who toed the line all the way into November have furious catching up to do. That’s bad if you’re in charge of an equity portfolio that’s straggling. But for anyone hoping to ride along with more upward …

Bloomberg After sending European stocks surging to multi-year highs on trade optimism, investors may hit the brakes on the rally, according to Morgan Stanley. Optimism about a US-China trade deal and receding risks of no-deal Brexit have boosted shares in recent weeks, with the Stoxx Europe 600 Index now less than 2% away from a record high reached in 2015. …

Bloomberg Saudi Aramco will allow investors to start bidding for shares in the world’s most-profitable company from November 17. The Saudi stock exchange rules prohibits the oil giant from listing additional shares for six months after the start of trading, according to its more than 650-page prospectus. Also, the Saudi government, the company’s sole owner, won’t offer any additional shares …

Bloomberg Alberta loosened crude-oil production limits for second time in two weeks, exempting new conventional wells from output caps in a bid to spur drilling and boost employment. Alberta is trying to allow more oil production without overwhelming the province’s strained pipeline network.

Bloomberg Electricity Supply Board (ESB), the state-owned Irish utility, is in advanced talks to buy a stake in a Scottish offshore wind farm project owned by Electricite de France SA, people familiar with the matter said. A deal for a 50% holding in the Neart na Gaoithe development could be announced as soon as the next few weeks, the people …

Bloomberg Southwest Airlines Co and American Airlines Group Inc said they will remove the 737 Max from their flight schedules through early March — almost a year since Boeing Co’s best-selling jet was grounded worldwide after two deadly crashes. The plan to pull the plane from Southwest’s schedule through March 6 is due to “continued uncertainty around the timing of …

Bloomberg British Airways parent IAG SA will almost halve its planned expansion, reducing expected earnings growth, as it responds to slowing economies and a glut of seats that’s depressed prices. IAG, which also owns Spain’s Iberia, Aer Lingus of Ireland and discount operators Vueling and Level, will now increase capacity by 3.4% a year in the 2020-2022 period, it said. …

Bloomberg Deutsche Lufthansa AG is stepping back from a commitment to buy 14 Boeing Co 777X wide-body jets valued at $6.2 billion as it slows fleet growth in an effort to cut capital spending and rein in capacity. Announced as a regular order six years ago as part of a 34-jet deal, the aircraft have been re-designated as “options,” Lufthansa …

Bloomberg A judge has permanently blocked the union representing Allegiant Travel Co pilots from threatening a strike or staging a work slowdown in a dispute over a work scheduling system. A magistrate judge in a federal district court in Nevada signed a final order in the case. The ruling resolves a case in which Allegiant claimed a threatened walkout by …

Bloomberg No longer the khaki king of the ’90s, Gap Inc has been in need of an overhaul for a very long time — and Art Peck won’t be the one to deliver it after all. Gap fired its chief executive officer after his turnaround efforts failed to reignite sales growth, with disappointing third-quarter performance sending shares plummeting in late …