Financial Markets and Economy
European Stocks Rally for a Third Day Ahead of ECB Meeting (Bloomberg)
European stocks on Wednesday added to the previous session’s sharp gains, boosted by advances in miners and banks. Optimism the European Central Bank will extend its stimulus program at Thursday’s meeting has spurred equity gains this week, particularly in so-called peripheral markets perceived as riskier.
Oil Extends Drop as U.S. Output Seen Countering OPEC Supply Cuts (Bloomberg)
Oil extended declines below $51 a barrel amid speculation a production boost from U.S. shale producers will counter the first output cuts from OPEC in eight years.
A huge accounting mistake shows that Britain is £6 billion worse off than we thought (Business Insider)
LONDON — The Office for National Statistics (ONS) admits it calculated the UK's trade deficit wrong.
The ONS discovered a "processing error" related to the trade in "erratic" goods, which includes gold, silver, precious stones, aircrafts, and ships.
China's Yuan Pessimists Are Multiplying (Bloomberg)
China is tightening capital controls as the imminent renewal of a foreign-exchange conversion quota adds to depreciation pressure on the yuan.
Oman Plans to Sell as Much as $2 Billion of Bonds Amid Deficit (Bloomberg)
Oman, the largest Arab oil producer that’s not an OPEC member, plans to sell between $1.5 billion to $2 billion of bonds internationally in 2017 to plug a deficit caused by low crude prices.
U.A.E. Oil Minister Says OPEC Will Act Again If Prices Decline (Bloomberg)
A cut in global oil output by 1.8 million barrels a day would be enough to balance the crude market, and OPEC is ready to take further action if prices fail to stabilize, United Arab Emirates Energy Minister Suhail Al Mazrouei said in Abu Dhabi.
Economic ‘Boom’ to Hit Denmark After Half Decade Below Zero (Bloomberg)
After half a decade of negative interest rates, Denmark’s economy is headed for an economic “boom” and risks running out of the labor resources needed to support sustainable growth, the central bank said on Wednesday.
One of Europe's most influential business people confirms Brexit has killed appetite to invest in London (Business Insider)
LONDON — One of Europe's most influential industrialists questioned London's future as a financial centre in the wake of Brexit and said the UK is no longer "first on the list" for new investments here.
Australia's Economy Posts Worst Decline Since 2008 (Reuters)
Australia’s economy shrank last quarter as businesses, consumers and government all cut back on spending, a shock result that threatens both the first recession in a quarter of a century and the country’s vaunted triple-A credit rating.
India Unexpectedly Keeps Rates Unchanged Before Fed Decision (Bloomberg)
India’s central bank unexpectedly kept interest rates unchanged before a possible increase in U.S. borrowing costs this month, as Governor Urjit Patel awaits clarity on the impact of the cash clampdown.
European stocks are on a charge (Business Insider)
Stocks across Europe are charging on Wednesday as optimism over the future returns to the continent's financial sector ahead of a crucial European Central Bank meeting on Thursday.
British industry was already doing terribly — and it is getting even worse (Business Insider)
Industrial output in the UK fell by 1.3% in the month of October making an already troubling picture for the sector even more bleak in the aftermath of the vote to leave the European Union, according to the latest data released by the Office for National Statistics on Wednesday.
Companies
Shell and Total Said to Sign Initial Oil Deals With Iran (Bloomberg)
Royal Dutch Shell Plc and Total SA will sign initial agreements on Wednesday to develop oil and gas fields in Iran, in the first European petroleum deals in the Persian Gulf country since sanctions eased earlier this year, an Oil Ministry official said.
AT&T deal under scrutiny; Italian bank watch; Starbucks CEO faces investors (CNN Money)
Senate hearing on AT&T-Time Warner deal: The CEOs of AT&T (T, Tech30) and Time Warner (TWX) are set to defend their $85 billion mega-merger at a congressional hearing scheduled for 10 a.m. ET.
Coca-Cola and Pepsi Now Have Something Else in Common (Fortune)
Conventional wisdom has long held that there are two types of people in this world: Coca-Cola people, and Pepsi people. New market research indicates that might not be true anymore.
Pfizer fined record £84.2m over NHS overcharging (The Guardian)
Drugs giant Pfizer has been fined a record £84.2m by the UK’s competition regulator after the price charged to the NHS for an anti-epilepsy drug was increased by up to 2,600%.
Technology
Apple supplier Foxconn is in talks to invest in the U.S. (CNN News)
Taiwan-based Foxconn is a giant contract manufacturer that plays a key role in assembling iPhones for Apple (AAPL, Tech30), employing hundreds of thousands of workers in mainland China.
Apple Says the iPhones Catching Fire in China Are Probably Not Its Fault (Reuters)
Apple AAPL 0.77% said external factors were the likely cause of iPhone 6 battery fires detailed in a Chinese consumer protection report that featured widely in state media earlier this week and created a buzz on social media.
Apple is going start publishing its AI research (CNet)
Apple's AI research department is going to be breaking its long silence and start publishing papers, according to a report by Bloomberg.
Despite It's Drones 'Trying To Land In Trees,' Google Insists It's Committed To Delivery Project (Digital Trends)
Despite difficulties in designing a reliable enough drone capable of supporting an efficient delivery service, Google’s parent company Alphabet says it’s intent on seeing the ambitious project through to completion.
Sony's Project Field brings card games to life (Engadget)
From Skylanders to Amiibo, "Toys to life" have been a pretty lucrative way for video game companies to make money. Sony has been more-or-less absent from the field, but today it's announcing something not too dissimilar: Project Field.
Meet the robot security guard of the world’s largest physics experiment (Quartz)
A train-like robot has recently started patrolling the 27-km-long underground tunnel housing the world’s biggest particle accelerator.
TIM the robot travels on tracks fastened to the tunnel’s ceiling and checks important parameters of the Large Hadron Collider, which allows scientists to observe the collision of particle beams traveling almost as fast as light.
Politics
Hospital Groups Warn Of Huge Losses If Obamacare Is Repealed (Talking Points Memo)
Two major hospital groups released a joint report Tuesday warning that if Republicans repealed the Affordable Care Act without a replacement following the model of their 2015 repeal legislation, it would have a negative financial impact on hospitals amounting to hundreds of billions of dollars over the next 10 years.
With Clinton's Loss, Washington Groups Seek New Missions (Associated Press)
WASHINGTON (AP) — They're at opposite ends of the political spectrum, but two Washington groups that had been focused squarely on Hillary Clinton now have something in common: preserving their very existence.
Obama, in Major National Security Speech, Defends Counterterrorism Legacy (NY Times)
TAMPA, Fla. — In his final planned address on national security as commander in chief, President Obama said on Tuesday that for eight years, his administration protected the nation against major terrorist attacks from abroad while adhering to American values and the rule of law.
3 ways Democrats can beat Trump at his own game (Market Watch)
Since the presidential election, many Democrats and others who are deeply concerned about the incoming Trump administration have been on the defensive.
Here's Why the Michigan Election Recount Is Suddenly in Doubt (Associated Press)
Michigan’s presidential recount suddenly appears in doubt after a state appeals court said the Green Party candidate’s poor showing disqualified her from seeking a second look at the votes.
Democrats face stinging budget defeat in Trump era (Politico)
It's been an article of faith for Democrats throughout President Barack Obama's budget wars: Any extra dollar for the military has to be matched by a dollar for domestic programs.
China calls Iowa governor Branstad 'old friend' after report of ambassador pick (Reuters)
China said on Wednesday the governor of the U.S. state of Iowa, Terry Branstad, was an "old friend" after a report that he had accepted President-elect Donald Trump's offer to become the next U.S. ambassador to China.
Life on the Home Planet
Syrian troops in control of Aleppo's Old City after rebels withdraw (The Guardian)
Syrian government forces control all of Aleppo’s historic Old City after rebel fighters withdrew in the face of army advances overnight, the Syrian Observatory for Human Rights has said.
New York City Has 5 Babies Born With Zika-Related Brain Issue (NY Times)
At least four babies have been born in New York City with Zika-related brain developmental symptoms since July, the city’s health department said on Wednesday, bringing the total number of such births to five.
A hunk of sea ice bigger than India has vanished (Science Alert)
Sea ice off the coast of Antarctica and the Arctic hit record lows in November, and scientists are now reporting that, as of December 4, we’ve lost 3.76 million square kilometres of the stuff – more than the total area of India.
Bird flu warning: keepers told to keep poultry inside (The Guardian)
All bird keepers, from poultry farmers to families with a few chickens, have been ordered to house their animals for a month to protect the UK from a virulent outbreak of avian flu on mainland Europe.
Indonesia Earthquake: Dozens Killed As Rescuers Search For Survivors In Rubble (Reuters)
The death toll from a strong earthquake that hit northern Indonesia's Aceh province on Wednesday has doubled to at least 50, Indonesia's disaster agency said, as rescuers searched dozens of collapsed buildings for trapped survivors.
