P2JW226000-5-A00100-17FFFF5178F ***** THURSDAY,AUGUST 13,2020~VOL. CCLXXVI NO.37 WSJ.com HHHH $4.00 DJIA 27976.84 À 289.93 1.0% NASDAQ 11012.24 À 2.1% STOXX 600 374.88 À 1.1% 10-YR. TREAS. g 4/32 , yield 0.669% OIL $42.67 À $1.06 GOLD $1,934.90 À $2.30 EURO $1.1786 YEN 106.89 Beijing What’s News Sharpens Focus on Business&Finance Domestic hina’sXiislaying out a Cmajor initiativetoaccel- eratethe country’sshiftto- Economy ward morerelianceonits do- mestic economy, as the world remains in recession and ten- Amid global downturn, sions with the U.S. deepen. A1 frayed ties with U.S., Xi Asteadyrally in stocks has prioritizes shift away pushed the S&P 500 to the cusp of itsfirst record close from foreign markets sincethe pandemic brought the economytoahalt. A1 BY lINGLING WEI Fannie and Freddie said they would impose anew fee Fordecades,Chinese leaders to insulatethemselves embraced foreign investment from losses on refinanced and exportstopowerChina’s mortgages they guarantee. A2 economy. Now, with the world in recession and U.S.-China Goldman is bidding to tensions deepening,President replaceCapital One as GM’s S Xi Jinping is laying out amajor credit-cardissuer.Barclays PRES initiativetoaccelerateChina’s is also in the running. B1 shifttoward morerelianceoN Lyft reported adramatic TED itsdomestic economy. OCIA drop in ridersand revenue SS Thenew policyisgaining forthe second quarter. B1 /A urgencyasChinese companies, ER ST includingHuaweiTechnologies The SEC and FBI are KA Co.and ByteDanceLtd., face examining investments YN increasing resistanceinforeign sold by the online plat- OL markets,Chinese officials said. form YieldStreet. B1 CAR Former Vice President Joe Biden and Sen. Kamala Harris made their first appearance as running mates Wednesday. In speeches to senior gov- Ciscosaid it would adjust ernment officials sinceMay,Mr. investment plans and pursue Xi has trottedout the new deep cost cutsamid shifting strategy, translated as “domes- customer priorities. B4 Harris DrawsPlauditsFrom tic circulation,” prioritizing do- mestic consumption, markets Simon and Brookfield and companies as China’smain have teamed up and areiN growth drivers. Investments advanced talks to buy J.C. and technologies from overseas, Penney’s retail operations. B3 Wall Street as Biden’s Pick though still desirable,would U.S. consumer prices playmoreofasupporting role. rose in July, a sign of firm- Theconcept remains vague ing inflation as demand BY EMILY GLAZER campaign, Ms.Harris managed swingsatWall Street; as Cali- wantstoburn the building in detail, and the notion of for goods rebounded. A2 AND lIZ HOFFMAN to impressaWall Street set fornia attorney general, she down? No.Ithink she wantsto empowering Chinese consum- that tends to be fiscally con- helped take big banks to task strengthen the building.” ersinparticular has been TheU.K.economy shrank When JoeBiden announced servative and socially liberal. fortheir role in the foreclo- Mr.Biden and Ms.Harris around for some time. 20.4%inthe second quarter, Sen. Kamala Harris of Califor- With Ms.Harris as Mr.Biden’s sure crisis and she has pro- made theirpublic debut as As with manytop-level slo- taking the worsthit from the nia as his vice-presidential running mate, they see anon- posed taxing financial transac- running mates Wednesdayat gans in China, Mr.Xi’snew de- coronavirus in Europe. A7 pick,hepointed to her tough- controversial partner—closely tions to pay for a health-care aschool gymnasium in Wil- velopment model is meant to Tencent played down on-banks record.Much of Wall aligned with him on issues overhaul. But they aren’t con- mington, Del., with Mr.Biden guide policy makers and local threats from potential U.S. Street cheered anyway. they care most about—and an cerned that that would dra- praising the 55-year-old Cali- leadersand result in meaning- curbs on itsWeChat app as Thewarm welcome in in- asset with big donors. matically affect their business. fornian as “a proven fighter fulchanges.The goal is to the Chinese firm posted bet- terviews reflectssome relief About half a dozeN leaders “I think she is areasonable, PleaseturntopageA5 makeChina far lessdependent ter-than-expected results. B4 that in choosing Ms.Harris, in business and financesaid rational person who has on foreign firms,technology Mr.Biden has—for nowat they expect Ms.Harris,if worked in the system,” said Biden-Harris ticket makes and markets, though doing so World-Wide least—fended off the more elected, to be amoderate Bill Daley,Wells Fargo&Co.’s public debut................................ A5 won’t be easy,especially when progressivewing of the Demo- voicecommittedtorebuilding head of public affairsand a Running mates differed on PleaseturntopageA6 cratic Party that has called for an economyupended by the former chief of staff to Presi- some policy stances.............. A5 The choice of Harris as tougher financial regulation. coronavirus pandemic.They dent Obama.“Is she aprogres- Senator has financial, other Taiwan seeks to deepen trade Biden’s running mate drew During her ownpresidential expect her to take some sive? Yes. Is she someone who ties to Silicon Valley.............. A5 ties with U.S.............................. A7 plaudits in interviews with leaders in business and fi- nance, who said they ex- Media pect her to be a moderate S&P 500’s Rise voice committed to re- Mogul building the economy if the ticket is elected. They Redstone expect her to take some Puts It Just Short swingsatWall Street. A1, A5 Dies at 97 Astandoff between Dem- Sumner Redstone ocratsand Republicans over Of Precrisis Record turned his family’s another coronavirus-relief movie-theater bill showed no signs of abating,astalks threatened business into a BY BEN EISEN nowabout an environment sprawling to stall until next month. A3 AND SAM GOLDFARB wherethe virus situation gets GES entertainment Thefederal deficit more better, but we still have a toN IMA empire, which than tripled in the first10 U.S. stocks climbed Wednes- of stimulus in the system,” he assembled months of the fiscal year, GETTY day, extending asteady August said IlyaFeygin, amanaging Y/ through a mix of as spending to combat the rally that has pushed the S&P director at broker-dealer Wal- savvy investing, coronavirus continued to 500 to the cusp of itsfirst re- lachBeth Capital. GALLA creative litigation outpacetax collection. A2 cord close sincethe coronavi- TheS&P 500 ended the day and all-around ruspandemic brought the up 46.66points, or 1.4%, at ruthlessness. B1 The U.S. reported more CHARLEY than 46,000 new coronavi- economytoahalt. 3380.35, drawing within 0.2% rus cases, its lowest new Thebenchmark U.S. stock of the Feb. 19 high. It is up 3.3% index has riseN in all but one in August and 4.6% in 2020. daily tally since Aug. 3. A4 tradingsession this month, TheDow Jones Industrial TheU.S.isreadying sanc- buoyedbythe prospect of de- Averageclimbed 289.93 Video Calls tions against some promi- clining coronavirus cases at a points, or 1%, to 27976.84, and Police BudgetsPose nent Lebanese figuresina time thefederal government the Nasdaq CompositeIndex bid to weaken Hezbollah’s and central banks arestill sup- advanced 229.42points, or Are Good for influenceafter last week’s porting the economy. 2.1%, to 11012.24, snapping a BarrierstoCutting deadly blast in Beirut. A16 TheS&P 500 opened mod- three-session losing streak. Laundry, Too Taiwan’spresident estly higher and flirted with re- Shares of semiconductor said she wantstobegin cord levels formuch of the day, companies and beaten-down iii finally eclipsing February’s energy stocks led the way.Ad- talks on afree-trade closing high in the final hour of vanced Micro Devices surged Multitaskers use Cities that try ‘defunding’ find costs fixed, agreement with the U.S. A7 the session. But the index 7. 5%, while ConocoPhillips broad voter support for law enforcement U.S. agricultureofficials couldn’t hold on, ending just gained 4.9% and Apple rose work meetings to said they are working with shyofthe record and setting its 3.3%, edging closer to a$2 China to determine who is second-highest close in history. trillion market value. get chores done BY HEATHER GILLERS apolis. sending mysterious seed “There’soptimism right PleaseturntopageA6 AND ANDREA FULLER But many of the cuts are packages to U.S. residents. A3 BY SHAN lI cosmetic, temporary or rep- Abusinessman whose tip Cities across America are resent a relatively small part led the government to un- At the start of the coronavi- weighing whether to reduce of budgets. In the case of INSIDE ruslockdown, Miguel Arias or redirect spending on po- Minneapolis, they may not ravelthe college-admissions showeduptoevery Zoom call lice. Some, with backing stick. A Minnesota state scam wassentenced to in asuit and tie—giving his from mayors and city coun- commission has delayed a prison in aseparatecase. A3 undivided attention to virtual cils, are already undertaking city council plan to put a CK S Died: Sumner Redstone, TO meetingsascity council presi- efforts to do so, as protest- proposal to disband the po- 97,built amedia empire. B1 dent of Fresno, Calif. ers in their streets call for lice department on the No- PRES Fast forward into summer, “defunding.” vember ballot. TED CONTENTS Opinion.............. A13-15 SHUTTERS and not only is the formal They’re quickly learning On Monday, Seattle’s city A/ Arts in Review.... A11 Personal Journal A9-10 OCIA wardrobe gone, but Mr. Arias that police budgets, built up council approved about a $3 Business News.. B3,5 Sports........................ A12 SS Capital Account.... A2 Technology............... B4 /A said he hastaken to plowing over generations with broad million cut to police spend- Crossword.............. A12 U.S. News............. A2-6 through laundry, cooking and public support, are difficult ing for the remaining budget Heard on Street.