When the Permian basin sneezes, the US oil and gas sector catches a cold. More accurately, the Permian has a nasty dose of congestion. Also more accurately, some in the industry have stro-nger immune systems than others. Exploration and production stocks that sold off in mid-May, as pipeline constraints started hitting the price of Permian barrels, have staged something of ...

A funny thing happens when the economy booms: Investors crawl out on thinner and thinner limbs. It’s happening right now in the bond markets, where the only part that is lucrative is usually the least appealing to all but the nerviest players: distressed state and local governments with the lowest credit ratings (or none at all). Think of bankrupt Puerto ...

Mark Carney, the Bank of England governor, told Bloomberg Markets this week that predicting the pound would fall after a leave win in the Brexit referendum was “probably the easiest call” in the past 25 years of macroeconomics. Sadly for him, setting monetary policy ahead of Britain’s departure from the EU next March is proving much harder. The Bank is ...