Financial Markets and Economy
U.S. Stocks Rise in Week as Trump Rally Slows Amid Dollar Surge (Bloomberg)
U.S. stocks added to the rally sparked by Donald Trump’s surprise election, rising for a second week on speculation the president-elect will introduce policies that will spark brisker economic growth.
Canada Stocks Post Best Weekly Gain In Month As Oil Leads Gains (Bloomberg)
Canadian stocks rose a second day, capping the biggest weekly gain in a month, as energy producers advanced with crude on growing optimism OPEC nations will secure an output deal.
Brazil’s Real Gains on Central Bank Support While Stocks Advance (Bloomberg)
Brazil’s real rose to a one-week high as intervention from the central bank helped insulate it from a broad emerging-market selloff, while stocks advanced amid higher commodity prices.
Ritholtz to Trump, investors: chill out (Reuters)
Calm down. That is investment advice from Barry Ritholtz and Josh Brown, the duo atop Ritholtz Wealth Management, in the face of a pickup in volatility following last week’s surprise victory by Donald Trump in the U.S. presidential election.
Turkey Says Central Bank to Do What Is Necessary Amid Volatility (Bloomberg)
Turkey’s top policy board chaired by Prime Minister Binali Yildirim said after a surprise meeting that the central bank will take any measures necessary to keep inflation under control.
Fight Over Puerto Rico Debt Heats Up as Creditors Fire Back (Bloomberg)
A day after general-obligation bondholders filed a motion asking the court to deny the federal oversight board’s request for a legal stay, owners of securities backed by sales-tax revenue, known as Cofinas, accused G.O. bondholders of trying to undermine a federal law enacted to shield the island from investor lawsuits.
STOCKS GO NOWHERE: Here's what you need to know (ANF, CMG) (Business Insider)
The tech-heavy Nasdaq touched its all-time closing high early in the trading session but slipped with the two other major indexes to close red. The dollar continued climbing, and hit a 14-year high versus other major currencies.
Goldman Sachs Sees Downside Risks for Emerging Markets in 2017 (Bloomberg)
Investing in emerging markets will be trickier in 2017, says Goldman Sachs Group Inc.
Retailer Limited Stores Hires Financial Adviser to Help Explore Possible Sale (The Wall Street Journal)
Women’s apparel retailer The Limited Stores has hired Guggenheim Partners as financial adviser to explore a possible sale, people familiar with the matter said.
Trump win a windfall for stock market’s little guys (Market Watch)
The rally following Donald Trump’s presidential election victory has already trickled down to Wall Street’s so-called little guys, with retail investors storming back to the bullish camp and small-capitalization stocks headed toward the longest win streak in over a decade.
Asian Central Banks Struggling to Defend Currencies (The Wall Street Journal)
Central bankers throughout Asia are digging deep into their policy tool kits to find novel ways to respond to a wave of sharp market movements since Donald Trump’s surprise U.S. presidential election victory.
What’s in store for gold, oil and industrial commodities under President Trump (Market Watch)
Volatility in commodities has been high in the wake of Donald Trump’s presidential election victory, but as the initial shock wears off, a more clear picture of what his presidency means for gold, oil and industrial commodities has emerged.
US Bond Market Liquidity Collapses: "It's Worse Than Brexit" (Zero Hedge)
Two weeks ago we warned of the "unintended consequences" of Dodd-Frank which are likely to crush bond market liquidity. On the day of Brexit we got a glimpse of what can happen when the world's most liquid bond market suddenly isn't and as one veteran bond trader exclaimed today, US Treasury market liquidity is "worse than Brexit."
Companies
Wells Fargo Gets Tough New Limits as Regulator Amps Up Sanctions (Bloomberg)
Wells Fargo & Co. is suddenly under an even tighter vise as one of its chief regulators ripped up parts of a recent settlement over bogus accounts, potentially hamstringing new business moves that need government approval.
Under Armour Declines Over Fears That Steph Curry Shoe Is a Flop (Bloomberg)
Under Armour Inc. shares fell more than 5 percent over concerns that the company’s latest Stephen Curry basketball sneaker, part of an ambitious push into footwear, isn’t selling well.
Facebook approves $6 billion stock buyback (CNN News)
The social network's board has approved a plan to buyback as much as $6 billion of its stock starting in the first quarter of next year, according to a filing with the Securities and Exchange Commission on Friday.
Abercrombie & Fitch Profit Tumbles Amid Rebranding Efforts (The Wall Street Journal)
Abercrombie & Fitch Co. posted its third straight quarter of declining same-store sales, as the once-popular retailer’s rebranding efforts are showing little signs of winning back shoppers.
Technology
McDonald’s takes on fast-casual with tech upgrades and table service (Market Watch)
McDonald’s Corp. is taking on the fast-casual restaurant industry with its new restaurant design that includes self-order kiosks, premium menu items and table service.
AT&T customers can now send texts via Amazon Echo (CNN News)
Users of Amazon (AMZN, Tech30) Echo's smart speaker can now tell its built-in assistant Alexa to handle your text messages. That is, if you're an AT&T (T, Tech30) customer.
The Apple TV, Apple’s 50% fee cut, and the walled garden (The Loop)
Apple’s hefty cut of sales made via its App Store has long angered partners, some of whom have accused the technology giant of anti-competitive behavior. The concessions speak to the growing importance of video to Apple, which next month will introduce a new app devoted to TV shows and movies.
Apple to fix 'touch disease' flaw for iPhone 6 Plus (The Guardian)
Apple has acknowledged a significant flaw that causes touchscreens to fail in some iPhone 6 Plus smartphones, claiming the problem can be triggered when devices are dropped multiple times.
Google Bans Hundreds of Accounts For Participating in Pixel Tax-Dodging Scheme (Gizmodo)
Google suspended hundreds of accounts used by people trying to take advantage of a US sales tax loophole in order to make a profit on the resale of Pixel phones. Although the accounts were restored after a few days, this creates an unsettling precedent for Google users.
Microsoft executive bonuses could soon be tied to diversity goals (Engadget)
When we graded Microsoft on its employee diversity last year, its report card wasn't exactly stellar. Despite filling out its leadership team with more women and ethnic minorities than ever in its history, the diversity of the company's general ranks fell year over year.
Some MacBook Pros Confused About Which Intel Graphics Card They're Running (Digital Trends)
Some new MacBook Pro owners are noticing weird inconsistencies in what graphics cards their laptops think they’re running. According to a MacRumors report, in some cases the laptop reports it is running Intel’s Iris Pro 580 integrated graphics card rather than the lower-end Intel HD Graphics 530 that Apple’s own specs list.
Politics
Diplomats Confront New Threat to Paris Climate Pact: Donald Trump (NY Times)
MARRAKESH, Morocco — Diplomats from around the world converged here this week with the plan to put details on last year’s Paris climate accord and move the globe closer to controlling the industrial emissions that are heating the planet.
The Stark Contrast Between GOP’s Self-Criticism in 2012 and Democrats’ Blame-Everyone-Else Posture Now (The Intercept)
It Is Not An Exaggeration to say that the Democratic Party is in shambles as a political force. Not only did it just lose the White House to a wildly unpopular farce of a candidate despite a virtually unified establishment behind it, and not only is it the minority party in both the Senate and the House, but it is getting crushed at historical record rates on the state and local levels as well.
U.S. officials arrive in Australia to begin assessing asylum seekers (Reuters)
U.S. officials have arrived in Australia to begin assessing asylum seekers held on Papua New Guinea’s Manus Island and Nauru for resettlement in the United States, Prime Minister Malcolm Turnbull said on Saturday.
Legendary Marine General James Mattis may be tapped to be Trump's defense secretary (Business Insider)
Retired Marine Gen. James Mattis is in the running to lead the Pentagon for President-elect Donald Trump, according to reports.
Post-Election, Targeting The New Heartland Demands A New Approach (Forbes)
We all endured an extended election cycle filled with an unprecedented amount of vitriol. A strong and powerful brand was revealed. Love it or hate it, the Trump brand stands for something. It is clear in message and consistent in delivery. It is also currently showing the ability to adapt to its surroundings and expectations.
What Trump's early picks say about his administration (Politico)
The president-elect is rewarding the incendiary figures who helped guide his improbable campaign, but is also throwing a bone to establishment Republicans.
Hero’s Burial for Ferdinand Marcos Draws Protests From Dictator’s Victims (NY Times)
Opponents of a hero’s burial for the Philippine dictator Ferdinand E. Marcos expressed outrage on Friday over his surprise, private funeral at the national cemetery in what they called a “sneaky” maneuver to flout the judicial process.
Mike Pence Gets ‘Booed Like Crazy’ At ‘Hamilton’ (The Huffington Post)
When Vice President-elect Mike Pence went out for a night of theater in Manhattan, he probably didn’t expect to be the opening act.
Some of the attendees at a Friday night showing of “Hamilton,” Lin-Manuel Miranda’s Founding Fathers-themed Broadway musical, were apparently not thrilled to see the Indiana governor at the show.
Ivanka Trump’s Presence at Meeting With Japan’s Leader Raises Questions (NY Times)
The potential for conflicts of interest between President-elect Donald J. Trump and his family’s business ventures emerged again Thursday evening, when a photograph was distributed that showed his daughter Ivanka at a meeting between Mr. Trump and the prime minister of Japan.
Trump's national security adviser vows to tackle North Korea nuclear threat: Yonhap (Reuters)
U.S. President-elect Donald Trump's national security adviser says North Korea's nuclear program would be given a high priority under the new administration, a South Korean official who held talks with him said on Saturday.
Health and Biotech
Zika is no longer a public emergency — but it is 'here to stay' (Lydia Ramsey and Reuters)
The World Health Organization (WHO) declared on Friday that the Zika virus and related neurological complications no longer constitute an emergency. Even so, the virus is still around, and the agency said it would continue to work on the outbreak through a "robust program."
Lung Cancer Patient First to Undergo CRISPR Gene Editing (Singularity Hub)
The CRISPR-Cas9 “drag-and-drop” gene editing technique has been used in its first human trial, reports Nature. Scientists at Sichuan University in Chengdu, China began a trial last month to treat a lung cancer patient.
Life on the Home Planet
Modern War Institute: The most effective weapon on the battlefield is concrete (Business Insider)
Forget a Marine and his rifle, forget rockets, mortars, air support, tanks; forget everything — the most effective weapon on the modern battlefield is concrete, according to Major John Spencer of the Modern War Institute at West Point.
China's Deep Space Craft Will Be Guided By X-Ray Pulses From Distant Stars (Popular Science)
To support its big plans for deep space exploration, including a manned Lunar mission and the Martian lander, China just launched the world's first x-ray navigation system.
The North Pole is 36 degrees hotter than it should be right now (Science Alert)
The Arctic is currently in the midst of polar night, where the Sun hardly ever rises. Usually, it’s the time when things get really cold and vast, thick ice sheets form for the winter.
