Today's Headlines

Bloomberg:

• Saudi Corruption Purge Snares $33 Billion of Net Worth in Riyadh. Crown Prince Mohammed bin Salman’s crackdown on some of Saudi Arabia’s richest and most powerful men has put $33 billion of personal wealth at risk. The stunning series of arrests has implicated three of the country’s richest people, including Prince Alwaleed bin Talal, who’s No. 50 on the Bloomberg Billionaires Index ranking of the world’s 500 richest people, with $19 billion. Also being held are the kingdom’s second- and fifth-wealthiest people, as well as a travel-agency mogul and Bakr Binladin, a scion of a one of the country’s biggest construction empires.

• CIC Is Said to Join Goldman for $5 Billion U.S. Investment Fund. China’s sovereign wealth fund has tapped Goldman Sachs Group Inc. to help invest as much as $5 billion in the U.S. manufacturing industry, according to people briefed on the matter. Goldman Sachs will run a newly established private equity fund and invest some money alongside China Investment Corp., said the people, who asked not to be identified because the effort hasn’t been publicly announced. The fund is expected to be unveiled this week, when Goldman Sachs Chief Executive Officer Lloyd Blankfein will be in China as part of President Donald Trump’s visit, one of the people said.

• Your Evening Briefing.

Wall Street Journal:

• In Saudi Purge, Echoes of Putin and Xi. With crackdown on elites, the kingdom’s heir to the throne appeals to young Saudis.

• Tax Reform and ObamaCare. How killing the individual mandate can finance rate cuts.

• Sprint, Without T-Mobile Deal, Says It Will Spend Billions More on Network. The wireless carrier plans to increase outlays on its network to $5 billion to $6 billion from $3.5 billion to $4 billion this fiscal year.

• It’s All About (Lack of) Supply As Global Stocks Hit Records. When the supply of stocks is fixed, even modest increases in demand drive prices higher.

Fox News: 

• Texas church shooter Devin Patrick Kelley served in Air Force, was court-martialed for assaulting wife, child. (video)

• Texas church shooting youngest victim was 18-month-old, suspect had threatened mother-in-law. (video)

CNBC:

• Thomas Friedman: 'We're seeing the end of the Saudi ruling family' in its current form.

• 21st Century Fox has been holding talks to sell most of the company to Disney: Sources. (video)

• Goldman Sachs(GS) has a new 'Trump trade' that rides surging small-business confidence.

• Homelessness soars on West Coast as cities struggle to cope.

• Trump era ushered in wave of M&A on hope for deregulation and tax reform.

• There may be a 'Game of Thrones' in Saudi Arabia now and that has big implications for oil. (video)

Zero Hedge:

• Second Saudi Prince Confirmed Killed During Crackdown.

• Israel Begins "Largest-Ever Aerial Military Drill", As Saudis Consider Missile Strike "Act Of War".

• Netflix(NFLX) Slides, Fox Spikes On Disney Acquisition Headlines.

• Here's What We Know About Texas Church Shooter Devin Kelley.

• Gold Spikes Above Key Technical Level As USDJPY, Bitcoin Tumble. (graph)

• WTI Spikes Over $57 For The First Time Since July 2015.

• Twitter(TWTR) Revises Terms Of Service, No Longer Believes In "Speaking Truth To Power".

• Saudi Banks Begin Freezing Accounts Of Arrested Royals, Private Jets Grounded.

• Trump: Texas Massacre A "Mental Health" Problem, Not A "Guns Situation".

• Trump Drafting Executive Order To Kill Obamacare's Individual Mandate, Report.

Reuters:

• European shares take a breather near two-year highs. The pan-European STOXX 600 rose a little more than 0.1 percent to 396.59 points, within range of two-year highs.

The Telegraph:

• Bitcoin is on the same path as every bubble in history.