Financial Markets and Economy
Dow Sets Record as Bank Stocks Rally, Investors Shrug Off Italy (Bloomberg)
U.S. stocks climbed and the Dow Jones Industrial Average set a record as a rally in financial and technology shares reversed a dip in early trading after Italian voters rejected a constitutional referendum.
Japan's Labor Shortage Is Worst in the Least Productive Industries (Bloomberg)
Japan’s aging and shrinking population is causing labor shortages that should be helping workers win higher pay.
Futures Traders Love Small Caps at the Same Time They're Shorting the S&P 500 (Bloomberg)
Enthusiasm for U.S. small-cap stocks does nothing but increase, even as bullishness shows signs of waning for their larger brethren about a month after Donald Trump’s election.
China Is Transforming Southeast Asia Faster Than Ever (Bloomberg)
China’s investment is transforming its smaller Southeast Asian neighbors like never before while helping turn Cambodia, Laos and Myanmar into bigger destinations for its exports.
Southeast Asia's Top Market Is Set for Another Boost (Bloomberg)
Vietnamese stocks, already the best-performing Southeast Asian shares in the past year, are set for another boost — the listing of Saigon Beer Alcohol Beverage Corp. on the Ho Chi Minh City Stock Exchange Tuesday.
OPEC Cut May Call Time on In-Flight Free Drinks (Bloomberg)
The on-board giveaways, famously rolled out to every passenger in the 1970s by Singapore Airlines Ltd., will be unsustainable for some carriers after OPEC’s production cuts announced last week drive up the cost of fuel, according to aviation analysts. Other options include cutting unprofitable routes, retiring gas-guzzling aircraft and raising fares.
ECB Buys Record Amount of Debt as QE Frontloaded Before Holidays (Bloomberg)
The European Central Bank bought a record monthly amount of assets under its quantitative-easing program in November in an attempt to frontload purchases before market liquidity may dry up during the holiday season.
A second major drugmaker just committed to limiting price increases (Business Insider)
Insulin prices have rising — increases that mean some people are spending as much on monthly diabetes-related expenses as their mortgage payment.
OPEC Target Gets Harder as African Members Boost November Output (Bloomberg)
OPEC’s mission to implement last week’s historic deal to curb production for the first time in eight years just got a little bit harder after three of its African members increased output in November.
Treasuries Decline Led by Shorter Maturities as Fed Set to Hike (Bloomberg)
Treasuries declined as data showed U.S. service industries expanded in November at the fastest pace in 13 months while Federal Reserve officials signaled an interest-rate increase next week is likely.
DOW HITS ALL-TIME HIGH: Here's what you need to know (AMZN) (Business Insider)
The Dow Jones Industrial Average climbed to a new intraday high on Monday. Meanwhile, West Texas Intermediate crude oil rose to the highest level since last July, extending its rally after OPEC agreed to limit production last week.
What you need to know on Wall Street right now (Business Insider)
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
Italy's prime minister Matteo Renzi announced his resignation in Rome shortly after midnight local time on Monday, after losing the critical referendum on which he staked his political career.
White-Collar Overtime Rule Delayed: What Business Owners Need To Know (Forbes)
A federal judge in Texas has dealt a critical blow to the Department of Labor’s planned change to the Fair Labor Standards Act (FLSA) overtime regulation, better known as the white-collar overtime provision. The sweeping change – which was expected to go into effect on December 1 – is now on hold.
Trump wants to unshackle Main Street banks (CNN Money)
Main Street banks believe they've been unfairly swept up by the tsunami of regulation triggered by the 2008 Wall Street meltdown.
Boring Wall Street Analyst Notes Are Out. Bold, Funny Are In (Bloomberg)
Call it clickbait for Wall Street.
But instead of 17 Cat Vines That Will Slay You Every Time, Bank of America Merrill Lynch is putting its hard-won reputation as the world’s top-ranked researcher on the line as it seeks to redefine how to sell ideas to the financial elite.
Fundstrat Global Advisors released a list of 23 contrarian stock ideas that analysts don't like right now.
Why Investors Keep Repeating Their Mistakes (ETF.com)
Tim will be speaking at the Inside ETFs conference in Florida in January, so ETF.com CEO Dave Nadig sat down with him to preview some of Tim’s thoughts on investor behavior.
Is Private Company Ownership a Risk for Mutual Funds? (Morning Star)
With high-profile private firms such as Uber and Airbnb appearing in some mutual fund portfolios in recent years, investors may be wondering what to make of such exposure.
We’re about to measure the recreation economy — already bigger than autos and pharma — in a new way (Market Watch)
The U.S. economy could be even stronger if the contributions of snowboarders — and fishermen and trail guides and mountain-bikers and scores more professions that make recreation their business — are factored into the Gross Domestic Product calculus.
Doubleline’s Open-Ended Mutual Funds Post First Outflow Since 2014 (Barron's)
Doubleline’s open-ended mutual funds posted net outflows of $990.5 million last month, their first since the start of 2014.
For the first eleven months of the year, the funds are still easily in the black, with inflows of $11.3 billion.
Know Your Audience (A Wealth Of Common Sense)
AQR is arguably one of the top fund firms in the world right now. They manage over $170 billion in a wide variety of quantitative investment strategies. They are able to marry financial research with real-world investible strategies as good as anyone in the marketplace.
Companies
Walmart is opening a new kind of gas station that offers more than just coffee, snacks, and fuel.
The convenience stores, called Walmart Pickup and Fuel, also offer same-day pickup for groceries ordered online.
Ford Sells $2.8 Billion in Auto Debt to Boost Tech Spending (Bloomberg)
Investors piled into Ford Motor Co.’s first automotive borrowing in almost four years, allowing the company to slash interest rates on a $2.8 billion debt sale as it boosts spending on self-driving cars, mobility services and electrified vehicles.
Sears executives quietly leave as earnings loom (Business Insider)
Sears has lost two top executives within the last week, sending a dire warning about the health of America's once-leading retailer just days ahead of its quarterly earnings report.
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Amazon just launched a cashier-free convenience store (The Verge)
Amazon just unveiled a grocery store without lines or checkout counters. Amazon Go, a 1800-square-foot retail space located in the company’s hometown of Seattle, lets shoppers just grab the items they want and leave; the order gets charged to their Amazon account afterwards.
The manufacturer that Trump convinced to keep 1,000 jobs in the US is raising prices (Business Insider)
United Technologies Corp., Carrier's parent company, said it is raising prices for its heating, ventilation, and air conditioning equipment by up to 5%, starting January 1. The decision to raise prices was first announced on November 23, the week before the Trump deal was finalized.
McDonald’s Wants to Be the New Starbucks (Fortune)
The fast food company is investing in $12,000 espresso machines.
McDonald’s is challenging Starbucks and Dunkin’ Donuts in the coffee business as part of an effort to attract more customers.
Technology
Microsoft's New Chatbot Zo Won't Talk Politics or Racism (Bloomberg)
Microsoft Corp. is letting users try a new chatbot on the app Kik, nine months after it shut down an earlier bot that internet users got to spout racist, sexist and pornographic remarks.
Mark Zuckerberg reviewed the coolest stuff Facebook’s engineers are working on (Business Insider)
Every month or two, Facebook asks its engineers to take the day off from their regular duties to tackle any project they want.
Smartphone Turns Emergency Response System With Google’s Trusted Contacts App (The Wall Street Journal)
Now that smartphones allow the internet to follow us wherever we go—sometimes even into dangerous situations—personal safety has become an area of increased interest among top tech firms. Google’s new Trusted Contacts mobile app lets you connect to friends and family in the event of an emergency.
This accessory fixes everything that's wrong with Apple's new MacBook Pro (CNet)
The company's decision to include only two USB-C ports (four on the more expensive Touch Bar model) have forced users to rely on expensive and clunky dongles to connect an external hard drive, access an SD card or even charge their iPhone.
Looking to make 2017 the year you take advantage of the cloud?
Expedia IT guy made $300,000 by hacking own execs (CNN News)
A former Expedia IT professional admitted on Monday to illegally trading on secrets he discovered by hacking his own company's senior executives.
Microsoft researchers sound off on the next decade in tech (Tech Crunch)
It’s Computer Science Education Week, in case you didn’t know, and in honor of this hallowed period Microsoft is publishing the thoughts of a few of its scientists and engineers on what will change in the tech world over the next decade.
Dude, where’s my flying car? Lilium Aviation raises $10.7 million for vertical take-off and landing jet (Venture Beat)
Flying cars have long been the centerpiece of fantastical future visions, but personal flying machines never quite materialized. One startup, however, is looking to change that.
Android 7.1.1 is rolling out now (Engadget)
Google's excellent Pixel phones launched with Android 7.1, a minor update to Nougat that nevertheless included a few handy features. Now, Google has announced that Android 7.1.1 has started rolling out to other Android phones and provide a lot of those features to more users.
Cleo Pocket Photography Drone May Help Aerial Vehicles Soar Into The Mainstream (Digital Trends)
Camera drones are a wonderful thing. They get shots that we can’t get on our own. Whether it’s a familiar hike or someplace new, a camera drone can provide a new perspective. Unfortunately, these were not made for the average consumer.
Politics
President-elect Donald Trump's list of candidates for secretary of state keeps growing as he faces mounting pressure to name someone amid diplomatic missteps with foreign nations.
First Republican 'faithless elector' announces intent to vote against Trump (The Guardian)
A Republican presidential elector has become the first to announce that he intends to defect from Donald Trump when he casts his vote as part of the electoral college, vowing to try and block the president-elect from reaching the White House.
Brazil's Senate president ousted over embezzlement charges (The Guardian)
Brazil’s supreme court on Monday removed Renan Calheiros as president of the Senate after he was indicted last week on charges of embezzlement, a court spokesman said.
House Majority Leader Kevin McCarthy declined on Monday to support President-elect Donald Trump's proposal to impose a 35% tariff on companies that leave the US.
Trump Commerce pick said in TV appearances he supported TPP (CNN Money)
Wilbur Ross, the billionaire investor who is Donald Trump's pick to be Commerce Secretary, advocated for the Trans-Pacific Partnership in television appearances this year.
The last time a losing candidate had more popular votes than Clinton was in 1876 — here's the bizarre story (Business Insider)
Hillary Clinton has beaten President-elect Donald Trump by over 2.5 million votes so far in the popular vote tally, and as a result of Green Party candidate Jill Stein's fundraising effort, there's a recount underway in Wisconsin.
Watch Joe Biden’s Emotional Return To The Senate (The Huffington Post)
Vice President Joe Biden made an emotional return to the U.S. Senate on Monday when it voted to rename part of a major piece of legislation for his late son, Beau.
Donald Trump And The Republicans: The Art Of The Steal (The Huffington Post)
During the campaign Donald Trump boasted that he could kill someone on Fifth Avenue and it wouldn’t affect his standing among his supporters. Whether or not this is true, this appears to be the approach that Trump and his fellow Republicans are taking to their role in governing.
Trump picks Ben Carson to be HUD secretary (Politico)
President-elect Donald Trump has chosen Dr. Ben Carson, a onetime political rival who became one of his leading surrogates on the campaign trail, to lead the Department of Housing and Urban Development.
Trump meets former Vice President Gore in New York: Gore (Reuters)
U.S. President-elect Donald Trump on Monday met with former Vice President Al Gore, an environmental activist who has devoted years to fighting climate change, Gore told reporters.
New York asks U.S. government for $35 million in Trump security costs (Reuters)
New York City asked the U.S. government for up to $35 million to cover security costs for protecting President-elect Donald Trump in his home atop a Manhattan skyscraper, Mayor Bill de Blasio said on Monday.
Life on the Home Planet
Watch a US-led coalition airstrike knock out an ISIS headquarters near the group's last Iraqi stronghold (Business Insider)
The Iraqi ground effort to wrest away control of the country's second-biggest city, Mosul, from ISIS has dragged on since mid-October, and it looks set to continue into the new year.
How Climate Change Could Make Extreme Rain Even Worse (TIME)
Climate change could drive a 400% increase in the number of extreme summer downpours in some parts of the United States by 2100, exacerbating flash flooding events that have wrecked havoc in communities across the country in recent years, according to new research.
Why Is It Snowing In Hawaii? (Popular Science)
Some recent headlines might make it sound like huge snow dumps on Hawaii are a rare and unusual occurrence, but they're just playing into your assumptions about how the cold stuff works.
Over 8.5 million people live in New York City, which means public spaces that allow for walking, biking, and lounging are indispensable. And the city is always looking to improve them.
