Financial Markets and Economy
Investors want out of the stock market (Business Insider)
Retail investors seem to have cooled on the stock market.
According to a note from Bespoke Investment Group, equity mutual funds have experienced their largest weekly outflows since August 2011.
National Living Wage Helps Boost Pay for Lowest U.K. Earners (Bloomberg)
The U.K.’s increased national minimum wage is showing signs of success.
The lowest-paid British workers had the strongest salary growth in the year running up to April 2016, the Office for National Statistics said Wednesday.
'Shadow banks' are setting up the next housing crash (Wolf Street)
The value of the US housing market has ballooned to $26 trillion. In many markets, prices exceed even the peak of the prior house price bubble that blew up so spectacularly. This construct is weighed down by $14 trillion in mortgage debt, or about 76% of US GDP. Of that, $10 trillion is owed on one- to four-family residences. The numbers are big – and they matter.
China's Millennials Are Risk Takers – and They're Dreaming Big (Benchmark, Bloomberg)
“Experimenters, moon-shooters and diverse” are the words 17-year-old Shanghai high schooler Owen Xu uses to define his generation.
The senior at the Stanford Online High School in China's financial capital has co-founded a startup focused on treating and reusing wastewater that aims to one day "solve problems affecting billions of people."
Why India Is A Better Investment Bet Than China (Forbes)
China may be the world’s largest emerging economy, beating India in many economic and financial indicators. But India is beating China in an indicator that matters the most to emerging market investing: financial market development.
Bill Ackman's Pershing Square takes 9.9% stake in Chipotle (CNBC)
Chipotle Mexican Grill shares soared in after-hours trade Tuesday after Bill Ackman's Pershing Square disclosed a 9.9 percent stake in the stock in a filing.
Signs That American Workers Are Winning (Bloomberg)
A bevy of labor market indicators are all saying the same thing: There aren’t a lot of Americans looking for work, so those with jobs are starting to reap the benefit in the form of higher wages.
An Addiction to Pork Has China Searching to Hedge Prices (Bloomberg)
China is looking to hedge the cost of its pork addiction.
Party Like It's 2006! Case-Shiller 20 Home Price Index Rises 5.3% In August (Back To 2006 Peak) (Confounded Interest)
According to the S&P/CoreLogic/Case-Shiller home price index, US home prices are back to the peak of the housing bubble (2006). Of course, home prices had a little help from their friends at The Federal Reserve with their zero interest policies and balance sheet expansion.
The World Is Out of Weapons (Bloomberg)
No one likes to admit defeat. But global policymakers, who continue to insist that there's more they can do to revive growth and inflation, are starting to sound like Monty Python's Black Knight, the limbless and mortally wounded warrior who threatens to bleed on his victorious opponent.
Key Industrial Indicators Say US Is Still In Long Term Depression (The Wall Street Examiner)
Last week we reviewed US industrial production (IP) and saw that it has been contracting for more than a year. The IP indexes represent the production of factories, mines, and utilities in unit volume, not dollar sales, both by total output and output by industry.
Major changes are brewing in Saudi Arabia (OilPrice.com)
Major changes are brewing in Saudi Arabia, and there is no way to stop them if the kingdom’s economy is to survive the oil price rout. This is what has become painfully clear after last week, Deputy Economy Minister Mohammad Al Tuwaijri slammed the country’s bureaucracy for being lazy and inefficient, stressing that the economy is far too oil-dependent.
Asian stocks mostly lower as investors mull company earnings (USA Today)
HONG KONG – Stocks retreated in most Asian markets on Thursday as investors assessed a fresh round of corporate earnings from major companies across the region.
Clothes Out of Fashion as U.K. Store Closings Rise: Chart (Bloomberg)
Fashion and clothing stores were among the hardest hit as Britain’s shopping streets continued to shrink in the first half of 2016, according to data compiled by PriceWaterhouseCoopers.
The US dollar is about to face its next big test (Business Insider Australia)
The US dollar index, or DXY as it is often referred to, just can’t seem to break out of the trading range it has been stuck in over the past two years.
"We Are Late In The Game": David Rosenberg On The Market's Flashing Red Signs (Zero Hedge)
Last week, some readers were left wondering why, if the economy is as strong as the president is pretending it is (even though a leaked email from Donna Brazile revealed the truth behind the propaganda), did Gluskin Sheff strategist recommend unleashing a multi-trillion, "helicopter money" stimulus drop.
Companies
Walmart’s Out-of-Control Crime Problem Is Driving Police Crazy (Bloomberg)
Darrell Ross—Officer Walmart to his colleagues in the Tulsa Police Department—operates for up to 10 hours a day out of the security office of a Walmart Supercenter in the city’s northeast corner.
Nomura Profit Jumps 31%, Beating Estimates on Trading Income (Bloomberg)
Nomura Holdings Inc.’s second-quarter profit jumped 31 percent, beating analysts’ estimates as a surge in trading income made up for a slump in brokerage commissions and investment banking.
Hotel CEO openly celebrates higher prices after anti-Airbnb law passes (The Washington Post)
A hotel executive said a recently-passed New York law cracking down on Airbnb hosts will enable the company to raise prices for New York City hotel rooms, according to the transcript of the executive's words on a call with shareholders last week.
Why Zuckerberg, Gates And Omidyar Are Investing In Fintech For The Poor (Forbes)
According to a report published in early September, Facebook is currently considering acquiring mobile money giant M-Pesa that launched in Kenya in 2007.
Technology
Why Apple Is Very Undervalued (Forbes)
As of the end of last week, 78% of the companies that have reported earnings for the most recent quarter have beaten estimates.
Samsung profits dive 30% following recall fiasco as heir apparent ushered in (The Guardian)
Samsung’s Lee Jae-Yong took a major step towards control of the family-run conglomerate on Thursday, joining the board as the company reported a 30% profit dive following the recall of its flagship Galaxy Note 7 handset.
Twitter will fire around 350 employees in hunt for profits (Engadget)
Twitter's not had a great time of it lately, with several would-be suitors deciding that they didn't want to buy the burgeoning social network anyway. Now, the company has announced its latest financial results and a restructuring plan in the hope of making itself profitable by 2017.
Google halts Fiber rollout in some U.S. cities (Reuters)
Alphabet Inc (GOOGL.O) is halting the rollout of its much-talked about high-speed internet service, Google Fiber, in some cities in the United States.
The company's Google Access division, which provides the service, said its chief executive, Craig Barratt, would step down but stay on as an adviser.
These Are Elon Musk's Top 3 Priorities at Tesla (Fortune)
These are the big ones that are the most important for the electric car company.
In an earnings call following one of Tesla’s best quarters ever, Tesla CEO Elon Musk disclosed the three things he’s currently prioritizing at his electric car company.
Apple launch event: rumours, leaks and new MacBook Pros (The Guardian)
At a press event on the morning of 27 October, San Francisco time, Apple is expected to overhaul its MacBook line of personal computers.
The world's biggest meat producer is planning to test out robot butchers (Business Insider)
In one of Scott Technology's "lamb boning rooms," a production line of about a dozen robots strips meat from 600 carcasses an hour. Automated arms clamp onto pieces of raw lamb, while others wield guillotine-style blades or small knives to cut through them. You only need one human to oversee the process.
DDoS attack that disrupted internet was largest of its kind in history, experts say (The Guardian)
The cyber-attack that brought down much of America’s internet last week was caused by a new weapon called the Mirai botnet and was likely the largest of its kind in history, experts said.
Politics
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The first important test in the drug-price hike controversy is happening in California (The Fiscal Times)
A rash of controversial drug price hikes has triggered protests and sparked calls by Hillary Clinton, lawmakers and consumer groups for regulatory action as early as next year.
CNN’s Chris Cuomo shoots down Rudy Giuliani’s “conspiracy theory” in a heated interview on “New Day” (Salon)
Rudy Giuliani snuck out of “Trumpland” on Wednesday to make an appearance on CNN’s “New Day,” subjecting himself to a combative interview with host Chris Cuomo, who at one point said of the former mayor, “all of a sudden you’re in Trumpland, and the facts are all over the place.”
Tell Chuck Schumer to use his $20 million war chest to help Patrick Murphy #RetireRubio (Daily Kos)
New York Sen. Chuck Schumer will soon become the most powerful Democratic senator in the country. A major reason for his rise through the ranks has been his exceptional fundraising ability, and he’s now sitting on an enormous war chest of $20 million.
Donald Trump and the GOP base: A closed universe of small-minded self-deception (Salon)
The New York Times ran an interesting story this week featuring some 2014 audio interviews for a proposed biography of Donald Trump and a long interview with Michael D’Antonio, the author who conducted the interviews. When asked for comment by the Times, Trump said they were “pretty old and pretty boring stuff. Hope people enjoy it.”
Venezuelans Take to Streets to Oppose President Nicolás Maduro (NY Times)
CARACAS, Venezuela — Hundreds of thousands of Venezuelans dressed in white and chanting “This government will fall!” poured onto the streets of Caracas and other cities on Wednesday to demand a referendum to oust President Nicolás Maduro.
The Democratic National Committee on Wednesday asked a U.S. judge to hold the Republican National Committee in contempt of court over allegations that Donald Trump encouraged his supporters to intimidate minority voters.
US abstains from UN vote against Cuba embargo (BBC)
US Ambassador Samantha Power said the historic decision reflected the new policy of engagement over isolation.
Donald Trump Outlines His 'New Deal for Black America' (NBC News)
CHARLOTTE, N.C. — Donald Trump on Wednesday laid out his "new deal for Black America" to a predominantly white crowd, narrating a bleak and unrealistic picture of black communites and casting himself as the man to fix it.
Trump Created Trump Magazine With the Help of Boiler-Room Penny-Stock Scam Artists (Slate)
It seems like there is sleaze under every rock in Trumpworld. The Trump Foundation takes money from donors and spends it on causes that benefit Donald Trump personally. Trump "University" was a high-pressure sales organization selling basically worthless real estate advice. The Trump SoHo tower was built with a partner who'd been convicted of felony assault and racketeering.
Donald Trump Praises Newt Gingrich for His Exchange With Megyn Kelly (NY Times)
Donald J. Trump interrupted a promotion for his new hotel in Washington to shower praise on Newt Gingrich for confronting the Fox News host Megyn Kelly on Tuesday night, when the former House speaker said in an interview that she was “fascinated with sex” in her reporting on Mr. Trump’s treatment of women.
Health and Biotech
Superfast therapy cracks multidrug-resistant tuberculosis (New Scientist)
Once dubbed “Ebola with wings”, tuberculosis resistant to standard antibiotics could finally be on the run.
A new regime of seven antibiotics has been shown to vanquish multidrug-resistant tuberculosis (MDR-TB) within just nine months, less than half the time it takes with current treatments.
The 12 Most Important Health Innovations Of The Year (Popular Science)
Dengue—a virus most commonly transmitted by the Aedes aegypti mosquito—infects some 400 million people yearly. It causes high fever, severe headaches, vomiting, and sometimes death. About 40 percent of the world’s population is at risk, and as the climate warms and travel increases, that risk will only climb.
Life on the Home Planet
One of the world's biggest archaeological mysteries is melting away before our eyes (Business Insider)
The story of an ancient population that mysteriously disappeared centuries ago might be melting away with the ice in Greenland.
In a recent feature for the New Yorker, science writer Elizabeth Kolbert documented what is happening there.
Strong Tremors Hit Central Italy Two Months After Deadly Quake (Bloomberg)
Temblors of 5.4 and 5.9 magnitude struck central Italy Wednesday, two months after a deadly quake destroyed several towns in the same area and killed almost 300 people.
The first struck at 7:10 p.m. local time, while the second stronger aftershock hit at 9:18 p.m., according to the Italian Institute of Geology and Vulcanology.
As Calais "Jungle" Burns, Refugees Try To Storm Their Way Back In (Zero Hedge)
It has been a harsh week for the 8,000 refugees inhabiting the Calais "Jungle" camp.
Continuing an operation which began on Monday, workers ramped up demolition of France's notorious Calais "Jungle" on Wednesday after fierce blazes cut through a swathe of the camp overnight, sending migrants fleeing for safety.
‘Alien Megastructure’ Star Update: $100 Million Breakthrough Listen Project May Reveal Tabby’s Star’s Secrets (International Business Times)
If there is an alien megastructure around the star KIC 8462852, the $100 million Breakthrough Listen project would be our best bet at detecting it.
Humans to wipe out two-thirds of wildlife by 2020 (DW Made For Minds)
Wild animals are disappearing at an "unprecedented" rate, and humans have already caused their populations to drop nearly 60 percent since 1970, a WWF report says. Earth has entered a new "mass extinction event."
