1. Market Update September 14, 2017 Travis Liu, Jisoo Kim
Executive Committee Members
Market Update
September 14, 2017

2. Headlines Chinese Government to Ban All Virtual Currency Trading
China seeks to tighten foreign investment and decrease risk in its financial system
Huge blow to Bitcoin as China was the top market for cryptocurrency trading
Since announcement, Bitcoin has fallen more than 20% from above $4,600 to below $3,600
BTC China tweeted that it will stop all trading of bitcoin on September 30
Apple Unveils 3 New iPhones at Keynote
First time Apple has released 3 iPhones at once - looking to generate buzz for the iPhone X, while still getting people to buy the upgraded iPhone 8 and iPhone 8 Plus
New iPhone X design has raised hopes that Apple can reverse its fortunes in China
Apple usually begins selling its iPhones in September; however, production glitches have delayed the release of the iPhone X until November 3
AT&T to Offer HBO Go to More Wireless Customers
Move comes as rival T-Mobile partners with Netflix on select data plans
In similar vein, Spotify recently partnered with Hulu in a promotion targeting college students as the company seeks to dominate rival Apple Music before going public
AT&T promoting HBO content while still awaiting regulatory approval for its proposed $85bn takeover of HBO parent Time Warner

3. Company of the Week: Equifax (NYSE: EFX)
Hackers Gained Access to Equifax Systems
Equifax, one of the three big credit-reporting firms in the U.S., maintains credit reports on more than 200mm U.S. adults
The hack compromises the personal information of roughly 143mm adults
Breach occurred between mid-May and July 2017, but company announced it this week
More Dangerous Than A Typical Data Breach
Hacked systems contained customer names, Social Security numbers, birthdates, and addresses - “nightmare scenario” because all 4 pieces of information in one place
Will be easier for hackers to get approved for fraudulent credit cards and loans
Smaller financial institutions such as community banks, credit unions, and online personal loan-lenders are more affected because they are more reliant on the 4 pieces of information
Concern of Insider Trading Violations
3 top executives of Equifax, including the CFO, sold shares worth $1.8mm after the breach in early August (breach had not been made public at that time)
Senate Finance Committee is determining when executives learned of the data breach

4. Market of the Week: Oil
W T I
The EIA lowered its U.S. crude output forecast for the next year from an early August estimate of 9.91mm per day to 9.84mm per day due to damage from Hurricane Harvey
OPEC reported output decline in August and optimism about global demand in 2017 and 2018, citing better than expected global economic growth
IEA sees strongest global oil-demand growth in two years, increased estimate by 1.7%
Saudi Arabia led talks to extend OPEC’s deal to cut 1.8mm barrels per day by at least three months past the March 2018 expiration date

5. Upcoming Events
9.21 – Goldman Sachs
9.28 – Citi

6. Up Next: PJT Partners
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