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Lexically dissecting 2018


Lex’s review of 2018 will be one of shortest. Here goes: 56; 26; 11; 5; 2.

“Ouch” is shorter. But our sequence holds richer meaning. It shows the resonance of five stories interesting to Lex readers: Brexit, takeovers, trade wars, Tesla and bear markets.

Each number is a percentage. Each percentage represents the number of articles on a topic on websites of 12 big UK and US newspapers in 2018. Our assumption is that the higher the percentage, the greater the zeal of news editors for the topic. Their choices are, in turn, driven by reader demand, registered via click rates.

Tesla had a strong run in August, triggered by Elon Musk’s buyout blooper. The high figure for Brexit shows journalists wrote of little else in the UK, as their country hurtled towards leaving the EU. Lex prefers subjects penetrable with logic. These include some takeovers. Coverage rose in March and April, as did deal values, at over $480bn each month, according to Dealogic.

Bankers made hay while the sun shone. Ominously, the US-China trade war story was doing good business by March. Lex called the start of a bear market the same month. Mentions of that dreaded topic have tripled since.

Some stock market writers offer new stock tips at Yuletide, in sheepish recompense for the failure of old ones. Lex’s prediction is for phrases that will matter to readers in 2019. “UK food shortages”, “tech tax” and “suspected Chinese cyber attack”. To offset the woe, a harbinger of hope flutters from our Pandora’s box too: “lightweight electric vehicle battery”.

Lex publishes two popular newsletters for premium subscribers. Wednesday: Lex Letter From London, New York or San Francisco. Fridays: Best of Lex, a weekly round-up. Please sign up at ft.com/newsletters.



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