Financial Markets and Economy
Goldman Says Trump's Presidency Will Benefit Stocks in Almost Every Sector (Bloomberg)
After years of slowing earnings growth and little in the way of excitement for many Wall Street analysts, many are now hopeful that President-elect Donald Trump will finally make things interesting.
Treasury Pick Mnuchin Says Tax Cuts to Double U.S. Growth (Bloomberg)
U.S. Treasury Secretary-nominee Steven Mnuchin outlined an economic agenda aimed at almost doubling the growth rate of the current expansion, saying he will boost jobs by making tax reform his overriding priority.
As Mexico Welcomes Oil Giants, Pemex Future Hangs on an Auction (Bloomberg)
Pemex’s chance to enter the modern oil era hangs in the balance of the country’s Dec. 5 auction.
Goldman Sachs Goes Long Commodities in Reflation Trade (Bloomberg)
Jeff Currie, head of commodities research at Goldman Sachs, explains the fundamentals behind his firm's recent upgrade of commodities to "overweight," with a focus on price growth in base metals.
Fed's Kaplan Speaks: Economy, Monetary Policy, China (Bloomberg)
Federal Reserve Bank of Dallas President Robert Kaplan speaks about the economy and monetary policy. Kaplan, speaking at the Economic Club of New York, also discussed the oil market, China's economy and the dollar.
Newfield CEO: 'A Lot of Activity' for U.S. at $55-$60 Oil (Bloomberg)
Lee Boothby, chairman, president, and chief executive officer at Newfield Exploration, reacts to OPEC's agreement to cut oil output and discusses what the deal means to U.S. oil drillers.
ECB's Draghi Speaks: Euro-Area Economy, Need for Reforms (Bloomberg)
European Central Bank President Mario Draghi speaks about the euro-area economy, monetary policy and the need for governments to implement reforms. Draghi, speaking in Madrid, renewed his call for euro-area governments not to miss the "window of opportunity" provided by low interest rates to make economic adjustments.
No Love for Portugal Bonds as Debt-Burden Woes Eclipse Stability (Bloomberg)
Its Prime Minister Antonio Costa just got his second budget through parliament, its economy is picking up and the country stands out as a beacon of stability in the midst of the turmoil set off by Brexit, a referendum in Italy that might bring down the government and rising populism.
Bevan: Italy Caught in EU's Fiscal 'Straightjacket' (Bloomberg)
In today's "Morning Must Read," Bloomberg’s Francine Lacqua and Tom Keene highlight comments from Bloomberg View columnist Mohamed El-Erian on markets and politics.
Are Markets Underestimating a Potential Trade War? (Bloomberg)
Cliff Tan, East Asia head of global markets research at Bank of Tokyo-Mitsubishi UFJ, discusses the Trump transition and the outlook for China's economy with Bloomberg's Rishaad Salamat and Haidi Lun on "Bloomberg Markets."
Oil Price Frenzy: Big Opportunity or Sucker’s Bet? (Investing Daily, EconMatters)
Wall Street is giddy over the latest oil price bounce, but you should be leery. The energy market has played Lucy-with-the-football before.
Why OPEC’s Breakthrough Might Be Short-Lived: QuickTake Q&A (Bloomberg)
The oil-producing nations of OPEC achieved an elusive consensus on reducing output. Can it last? OPEC members have broken quota agreements before, and the fruits of this cut — the rally in oil prices that began immediately — might last only a few months.
Banks at Risk From Post-Brexit Property Turbulence, BOE Says (Bloomberg)
Falling commercial real estate prices after the U.K.’s vote to leave the European Union pose a threat to bank stability because of the market’s reliance on foreign capital, Bank of England said.
Cabinet Hopes Fizzling, Christie Faces State in Fiscal Crisis (Bloomberg)
Governor Chris Christie, scorned by New Jersey voters, seemingly had a political future working for Donald Trump. Now, with doubts he’ll join the president-elect’s administration, he’s pledged to finish his second term amid an unprecedented statewide financial crisis.
PBOC Headache Worsens as New $50,000 Conversion Quota Looms (Bloomberg)
People’s Bank of China Governor Zhou Xiaochuan already has one policy headache with the currency falling to near an eight-year low. He could have an even bigger one next month.
Indiana agrees $7 million tax break to keep Carrier jobs in state: company (Reuters)
Indiana state officials have agreed to give United Technologies Corp (UTX.N) $7 million worth of tax breaks to encourage the company to keep at least 1,069 jobs at its Carrier unit in Indianapolis, Carrier and the state said on Thursday.
Fed’s Kaplan: U.S. Oil Output Could Reach 11 Million Barrels a Day or More (The Wall Street Journal)
SAN ANTONIO—Federal Reserve Bank of Dallas President Robert Kaplan said Thursday U.S. oil production has the potential to rise by more than 2 million barrels a day from current levels due to new finds, improved technology and already-productive fields.
Giant Aluminum Stockpile Was Shipped From Mexico to Vietnam (The Wall Street Journal)
VUNG TAU, Vietnam—One of the world’s largest aluminum stockpiles, which until a few months ago was stored under hay and plastic tarp in a Mexican desert, has been moved to a remote port here in southern Vietnam.
Hedge fund managers admit it: They’re delighted that Donald Trump “conned America” (Salon)
President-elect Donald Trump may have been elected on a pledge to “drain the swamp,” but the swamp creatures themselves seem pretty pleased with how he’s staffing his new administration.
Bond Blooodbath Leaves Entire Treasury Curve Underwater For 2016 (Zero Hedge)
The collapse of the US Treasury market in the last two days has sent the entire curve (from 2Y to 30Y) higher in yield on the year….
U.S. Gallup Good Jobs Rate Dips to 45.7% in November (Gallup)
The Gallup Good Jobs (GGJ) rate in the U.S. was 45.7% in November, down from 46.4% in October. However, the November estimate is nearly a full percentage point higher than the 44.9% recorded in November 2015 and is higher than any GGJ rate recorded for the month of November since Gallup began tracking this measure in 2010.
Companies
Cheniere Energy CEO on Liquefied Natural Gas Demand (Bloomberg)
Jack Fusco, chairman and chief executive officer at Cheniere Energy Partners, discusses growth in global demand for liquefied natural gas and the development of new investments in the United States.
Delta pilots get 30 percent raise by 2019 in new contract (Reuters)
Delta Air Lines Inc (DAL.N) pilots on Thursday agreed to a new contract that delivers a 30 percent pay raise by 2019, as the aviation industry deals with mounting demand for higher wages to fly planes at a time of big profits.
Nestle's Willy Wonka Moment (Bloomberg)
Willy Wonka's big idea was the ever-lasting gobstopper. Nestle SA has gone one better: low-calorie Kit Kats.
Caterpillar says Wall Street 'too optimistic' on 2017 profit estimate (Reuters)
Caterpillar Inc, the world's largest construction and mining equipment maker, said on Thursday analysts' earnings expectations for 2017 were "too optimistic" as oil prices remained volatile.
A small hedge fund manager threw shade at Tesla's Elon Musk at a private conference and said the stock was going to zero (Business Insider)
A hedge fund manager dissed Tesla at a private investor confab in New York earlier this week.
Mark Spiegel of Stanphyl Capital, a small fund based in New York, pitched a bet against the carmaker at the Robin Hood Investors Conference.
Technology
Netflix Unveils Download Feature for Offline Binge-Watching (Bloomberg)
Netflix Inc. is making some TV shows and movies available to watch offline, providing its users a feature that has become a must-have in emerging markets with spotty internet access as well as for American binge-watchers on the go.
Amazon Echo and Google Home stuck in an infinite loop (Holy Kaw)
Want to have endless hours of fun? Just get yourself an Amazon Echo and a Google Home and set up two calendar events like this. The result? Madness.
London to Phase Out Diesel Buses From 2018 to Tackle ‘Toxic’ Air (Bloomberg)
London Mayor Sadiq Khan pledged to stop buying double-decker buses that run purely on diesel from 2018, as part of his drive to clean up the capital’s toxic air.
Here's what the inside of Uber's self-driving car looks like (Business Insider)
Uber reached out to roughly 1,000 regular users when it first launched the pilot program in September, asking if they would like the opportunity to hail a ride in a self-driving car. The program has since expanded the scope of the pilot, but Uber won't provide specific numbers as to how many people got an invite.
3D Glasses Can Give Your Doctor a Complete View of Your Insides (Bloomberg)
EchoPixel’s software stitches together data from CT scans, MRI machines, and ultrasounds to generate 3D images that medical professionals and patients can examine and manipulate using 3D glasses and a stylus.
This Solar Fabric Could Let You Charge Your Phone With Your Shirt (Singularity Hub)
Solar energy is becoming ever more widespread, with panels going up not only on houses and office buildings, but on cars, buses, and road signs. The latest advancement in solar technology will put solar energy on another new and somewhat unexpected surface: people. Not directly on us, though—on our clothes.
How Google is tackling fake news, and why it should not do it alone (Search Engine Land)
Following the US election and Brexit, increased focus is being placed on how social networks and search engines can avoid showing “fake news” to users. However, this is a battle that search engines cannot — and more fundamentally, should not — fight alone.
21 technology tipping points we will reach by 2030 (Business Insider)
Many emerging technologies you hear about today will reach a tipping point by 2025, according to a report from The World Economic Forum’s Global Agenda Council on the Future of Software & Society.
Politics
Donald Trump’s scariest pick so far? Right-wing fruitcake Michael Flynn as national security adviser (Salon)
From the looks of it, Donald Trump plans to staff his administration with every plutocrat and retired general he’s ever met. So far he’s named billionaire Betsy DeVos, billionaire Wilbur Ross, along with multimillionaires Elaine Chao, Steve Mnuchin and Tom Price.
Does Mitt Romney Fit in Trump's White House? (Bloomberg)
U.S. President-elect Donald Trump met once again with former Massachusetts Governor Mitt Romney as talk continues about a potential position as Secretary of State. Bloomberg's Timothy O'Brien examines Romney's place in a Trump White House on "Bloomberg Surveillance."
How to Boost Your Social Security Check by 85 Percent (Bloomberg)
For Americans, few decisions are as financially consequential as choosing when to take Social Security. Or as hard.
Steven Mnuchin’s Defining Moment: Seizing Opportunity From the Financial Crisis (The Wall Street Journal)
On a muggy morning in July 2008, hundreds of customers stood outside IndyMac Bank branches in Southern California, trying to pull their savings from the lender, which was doomed by losses on risky mortgages.
Sanctuary Cities Are Safe, Thanks to Conservatives (Bloomberg)
President-elect Donald Trump says he will make “sanctuary cities” help deport immigrants by taking away their federal funding if they don’t change their policies. The good news is that he and Congress can’t do it — not without violating the Constitution.
How China Views Trump (Project Syndicate)
Donald Trump’s stunning victory in the US presidential election has shaken the world. From Mexican President Enrique Peña Nieto’s conspicuous silence to French President Francois Hollande’s statement that it opens up a “period of uncertainty” to the Kremlin’s barely concealed giddiness, Trump has not been received internationally like past US presidents.
The new Secretary of Health and Human Services is a member of a fringe medical organization. Here’s what that means. (Science Blogs)
I’m always hesitant to write about matters that are more political than scientific or medical, although sometimes the sorts of topics that I blog about inevitably require it (e.g., the 21st Century Cures Act, an act that buys into the myth that to bring “cures” to patients faster we have to neuter the FDA and a retooled version of which is still being considered).
Does A Trump Administration Equal Status Quo for Drug Pricing? Think Again (Forbes)
Like many Americans, I was surprised by the results of the 2016 U.S. Presidential election. Many fully expected a Hillary Clinton victory. With that expectation was the belief that drug pricing would remain a key focus of the political debate.
Why Socrates was opposed to democracy (Holy Kaw)
Socrates was one of the most influential philosophers in Western history. But he was opposed to democracy, one of our most cherished values. Here’s why.
Remember, America: Hating the press is not American (Columbia Journalism Review)
We must fight a president-elect who obsessively attacks the press on Twitter, fight death threats toward reporters and editors, fight unrelenting anti semitism on social media, fight the resurrection of the Nazi-Germany term “Lugenpresse.”
Bernie Sanders: Trump isn’t saving jobs, he’s giving corporations money for nothing (US Uncut)
While Donald Trump is celebrating his agreement with furnace manufacturer Carrier as great for American jobs, Bernie Sanders argues the opposite.
The dire consequences of India’s demonetisation initiative (The Economist)
SUPPOSE that one day the government of a large and fast-growing economy became convinced that its highest priority was to purge the country of black-economy millionaires hoarding piles of illicit cash.
Trevor Noah’s interview with Tomi Lahren is critical in today’s political climate (Think Progress)
On Wednesday night’s The Daily Show, Trevor Noah interviewed Tomi Lahren, a conservative commentator for The Blaze whose videos receive millions of views on Facebook. In a 26-minute extended interview, available online, Noah debates her on her concerns and attempts to understand what she stands for.
Hillary Clinton's Popular Vote Lead Surpasses 2.5 Million (Infowars)
Hillary Clinton’s popular vote lead over Donald Trump has surpassed the 2.5 million benchmark, according to a tally Wednesday evening.
Health and Biotech
Surprising monkey study could lead to 'functional' HIV cure (Reuters)
Dr. Anthony Fauci doesn't get too excited about the results of animal studies, and he doesn't make house calls.
But when a drug already taken by thousands of people for intestinal conditions appeared to control the monkey version of HIV, it got the attention of the director of the National Institutes of Allergy and Infectious Diseases.
Is Radical Life Extension Good for Society? (Singularity Hub)
The aging literature is replete with treatments that could prolong lifespan by 20-40%, at least in lab animals. Interventions such as caloric restriction, rapamycin and metformin have been studied for decades for their anti-aging capacity. Although there is still some discrepancy in their effectiveness in primates, the biomedical community agrees that they’re promising.
Life on the Home Planet
Four New Names Officially Added to the Periodic Table of Elements (NY Times)
It’s official. Chemistry’s highest gatekeepers have accepted the newly proposed names for elements 113, 115, 117 and 118.
Please welcome to the periodic table: Nihonium, Moscovium, Tennessine and Oganesson.
Great Barrier Reef Threatened by Climate Change, Chemicals and Sediment (NY Times)
Climate change and the flow of farm chemicals and coastal sediment into the waters that wash over one of Australia’s most significant nature areas, the Great Barrier Reef, pose the biggest threats to its survival, according to a government report to Unesco released early Friday.
Is organic food really healthier? (Market Watch)
When you load up your shopping cart with organic leafy greens, are you getting more nutritional benefits than consumers on the other side of the produce aisle? More than half of Americans now believe organic food is healthier than conventionally-grown produce, even though there is no evidence to prove it.
Virginia School Pulls 'To Kill A Mockingbird', 'Huck Finn' From Shelves (Infowars)
The Accomack County Public Schools removed “To Kill a Mockingbird” and “The Adventures of Huckleberry Finn” after a parent filed a complaint for the books’ use of racial slurs, according to multiple media outlets.
