Financial Markets and Economy
U.S. Corporate Profits on Pace for Third Straight Decline (WSJ)
U.S. corporate profits, weighed down by the energy slump and slowing global growth, are set to decline for the third straight quarter in the longest slide in earnings since the financial crisis.
Weakness was felt across the board, with executives from Apple Inc. to railroad Norfolk Southern Corp. and snack giant Mondelez International Inc. saying the current quarter remains tough.
President Obama Weighs His Economic Legacy (NY Times)
Two months ago, across an assembly-room table in a factory in Jacksonville, Fla., President Barack Obama was talking to me about the problem of political capital. His efforts to rebuild the U.S. economy from the 2008 financial crisis were being hit from left, right and center. And yet, by his own assessment, those efforts were vastly underappreciated. “I actually compare our economic performance to how, historically, countries that have wrenching financial crises perform,” he said. “By that measure, we probably managed this better than any large economy on Earth in modern history.”
U.S. Stock Drop Weighs on Global Markets (Wall Street Journal)
Global stocks were mostly lower Friday following a selloff in U.S. tech shares, but major markets remained on track to end the month with gains.
Futures pointed to a small opening loss for the S&P 500. Changes in futures don't necessarily reflect market moves after the opening bell.
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Unmasking the Men Behind Zero Hedge, Wall Street's Renegade Blog (Bloomberg)
Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.)
[Picture: Brad Pitt as Tyler Durden in Fight Club, 1999. Source: 20th Century Fox Film Corp./Everett Collection]
Traditional banks may be in trouble due to digital banking (Business Insider)
More millennials are moving toward digital banking, and as a result, they're walking into their banks' traditional brick-and-mortar branches less often than ever before.
Hide in these cheap safety stocks as the market rally stalls (Market Watch)
It’s the last trading day of April, and stocks are stumbling toward the finish line.
RBS just lost an obscene amount of money because it wanted to start paying dividends again (Business Insider)
The Royal Bank of Scotland just posted a horrific set of results.
U.S., EU officials say they will not settle for limited trade deal (Business Insider)
U.S. and European Union trade officials said on Thursday they would not settle for a limited trans-Atlantic free trade deal that ignores deep divisions on agricultural products, services, public procurement and dispute resolution.
This holds the key to timing Apple share purchases (Market Watch)
The time to buy Apple’s stock will be when Wall Street’s analysts begin revising their company forecasts upward.
These two key segments are driving Vantiv's growth (Business Insider)
US-based processor Vantiv announced what it called an “exceptional” start to 2016 after posting a 15% annual revenue increase and strong growth across segments in its Q1 earnings report held late Tuesday.
Brexiteers Are Pining for Empire (Bloomberg View)
There are no good reasons for Britain to leave the European Union. "Brexit" makes zero sense geopolitically or economically, as exasperated foreigners, including U.S. President Barack Obama, have repeatedly pointed out. But then, as with many political phenomena today, any explanation of the inexplicable Brexit campaign has to be sought deep in social, cultural and emotional history.
The U.S. Is Sitting on a Mountain of Cheese (Bloomberg)
When bacon was abundant it was everywhere: in your jam, on seemingly every burger, even flavoring bourbon. So if history is any guide, this year's food trend should be extra cheese.
The oil crash caused Exxon to report its worst profit since 1999 (Business Insider)
Exxon Mobil reported its smallest profits in 17 years on Friday, but they were better than forecast.
Amazon wows Wall Street analysts; $900-a-share here we come (Market Watch)
In an earnings season that has been sketchy at best, a company that delivers earnings that double Wall Street’s expectations is a rare bird.
Market Turmoil Hits EFG Revenue as Wealthy Cut Back on Trading (Bloomberg)
EFG International AG, the Swiss private bank controlled by billionaire Spiro Latsis, said revenue fell in the first quarter as clients cut back on investing amid global market turmoil. The shares fell.
Turkish Markets Cheer New Bank Chief as Stocks Gain Fourth Month (Bloomberg)
Turkish shares gained for a fourth month and bonds rallied as a pledge by the nation’s new central bank governor to make inflation his top priority signaled to investors he wouldn’t succumb to government pressure.
Pound Heads for First Monthly Back-to-Back Increase Since 2013 (Bloomberg)
The pound headed for its first back-to-back monthly gain versus the dollar since 2013, in a move traders say reflects a lower perceived risk in Britain voting to leave the European Union in a June referendum.
Chinese cities dive back into debt to fuel growth even as defaults rise (Business Insider)
With a nod from Beijing, China's local governments have embarked on a massive new round of off-balance sheet debt financing, underpinning a fragile pick up in the economy but raising red flags on financial stability.
Gold heads for 15-month high as dollar gets crushed (Market Watch)
Gold futures rallied on Friday and headed for their highest closing level since January 2015, as a continued slump in the greenback lured investors into dollar-denominated commodities.
Politics
The new Donald Trump can beat Hillary Clinton (Market Watch)
The making of a president 2016 has already begun.
Republican frontrunner Donald Trump gave a major foreign policy address this week with all the trappings of a commander in chief — American flags in the background, dark suit with the stars-and-stripes lapel pin, white shirt, red tie, and, wonder of wonders, a teleprompter to stay on script.
Trump praises Sanders but may struggle to win over his voters (Reuters)
As Donald Trump moves closer to clinching the Republican presidential nomination, he has offered lavish praise for Bernie Sanders, who faces increasingly slim chances in his battle with Hillary Clinton in the Democratic race.
Trump has begun calling for Sanders to run as an independent if he does not win the Democratic nomination and said he may borrow talking points from Sanders’ speeches criticizing Clinton to use in a possible matchup with the former secretary of state in the Nov. 8 general election.
Philippine Front-runner Had $51 Million in Banks, Senator Says (Bloomberg)
Rodrigo Duterte, the crime-fighting mayor who is favored to win the Philippines’ May 9 presidential election, failed to declare tens of millions of dollars in assets, according to records released by a senator supporting rival candidate Grace Poe.
Technology
Siemens is building a swarm of robot spiders to 3D-print objects together (Quartz)
3D printing is still in its infancy, but it’s starting to show signs that it might revolutionize the way we manufacture products. That said, current technology won’t allow us to make anything larger than the printing machines themselves. Some smart people have suggested that we should look to nature to see how it builds things—specifically, spiders, and the way they can swarm together to build massive nests for themselves.
Museum Guide Feels Like AI But Is Powered By Humans (PSFK)
For art history and museum experts, the devil is in the details. Something as small as a brushstroke, symbol or flower could signify the creator of a piece or at least the possible era in which a piece was created. As educational institutions, museums are the perfect place for the casual art viewer to hone in on the smaller details in pieces and ask lots of questions. To make this process easier, the Brooklyn Museum has introduced the app ASK Brooklyn Museum.
Health and Life Sciences
'Secret of youth' in ginger gene (BBC)
Scientists say they have made a leap in knowing why some people retain their youthful looks while others age badly.
Determining a Target Heart Rate (NY Times)
“Reaching a heart rate of 160 beats per minute during exercise is safe for someone of his age with a healthy heart,” said Dr. Christine Lawless, the president of Sports Cardiology Consultants in Chicago.
Life on the Home Planet
Every Metropolis Should Have a Wildlife Reserve Like This (Gizmodo)
This is the Woodberry Wetlands in the Borough of Hackney in London. Every city should have something like this: A quiet haven just moments from the bustle of city life in which nature can thrive.
The Wetlands was created by Thames Water and London Wildlife Trust. It’s located on the site of a working water reservoir, originally constructed in 1833 but closed to public access ever since. I can’t imagine a better place to relax after a week of hard work than this oasis.
What is the most expensive object on Earth? (BBC)
"Hinkley is set to be the most expensive object on Earth… best guesses say Hinkley could pass £24bn ($35bn)," said the environmental charity Greenpeace last month as it launched a petition against the project.
This figure includes an estimate for paying interest on borrowed money, but the financing arrangements for Hinkley C are so opaque that it is impossible to calculate exactly what the final cost will be.
Will Moose Thrive or Die Because of Climate Change? (Scientific American)
Lee Kantar lost two moose calves this past weekend. They are just a few among many calves that did not survive their first year in the forests of Maine. Kantar, a moose biologist for the state’s Department of Inland Fisheries and Wildlife, has only been tracking calves for a few years but early death is a trend he and others can see across the animal’s southern range, which stretches through the northern U.S. and Canada. Scientists speculate that young and adult moose alike are plagued by new diseases and parasites. Brain worm and winter ticks, for example, are both worsening as the climate warms.
