Financial Markets and Economy
OPEC Deal Will Create Oil-Supply Deficit in First Half, IEA Says (Bloomberg)
Global oil markets will swing from surplus to deficit in the first half of 2017 as OPEC and other producers follow through on an agreement to cut supply, according to the International Energy Agency.
These 'Disturbing' Trends Still Haunt Chinese Stocks, Says BofA (Bloomberg)
Many of the "disturbing" trends that affected mainland equities just before they crashed in mid-2015 are still present and some have even gotten worse, said David Cui, a Singapore-based strategist at Bank of America.
Chinese Stocks Erase Decline as PetroChina Jumps on Oil Advance (Bloomberg)
Chinese stocks erased declines in afternoon trading to scratch out a gain for the day, with PetroChina Co. leading the rebound as oil prices held near a 17-month high.
BOE Wonders If Scarcity Is Just a Figment of Your Imagination (Bloomberg)
Rather than having consumption constrained by the finite resources of our environment, scarcity could be something that is only present at a psychological level, once basic needs have been met, said a post published on the BOE’s Bank Underground blog on Tuesday.
China Home Sales Rose 16% in November at Slowest Pace This Year (Bloomberg)
The value of new homes sold rose 16 percent to 910 billion yuan ($132 billion) last month from a year earlier, according to Bloomberg calculations based on data the National Bureau of Statistics released Tuesday. The increase compares with a 38 percent year-on-year gain the previous month.
Italy's biggest bank is trying a €13-billion fix for its bad debt problem (Business Insider)
UniCredit is cutting 14,000 jobs and raising €13 billion (£11 billion) in a record share sale as part of a plan to streamline its business and restructure its balance sheet.
China Retail, Factory Pick Up Show Continued Momentum in Economy (Bloomberg)
China’s economic stabilization held in November, offering policy makers more room to switch focus away from stimulus and toward curbing financial risks.
Italy's biggest bank to slash 14,000 jobs (CNN Money)
The sweeping overhaul announced Tuesday by UniCredit SpA will push the total number of expected job losses at the Milan-based bank to 14,000 by 2019. That's about 10% of its employees.
10 things you need to know before European markets open (Business Insider)
Good morning! Here's what you need to know on Tuesday.
The strike, by members of train drivers union Aslef and the Rail, Maritime and Transport Union (RMT), is spread over December 13, 14 and 16 and is believed to cost the economy £20 million ($25.3 million) a day.
Boeing's Iran deal won't prevent production cut (CNN Money)
As Boeing (BA) wades into the murky political waters of selling planes to Iran Air, the company suggested the rate for its most profitable big airliner might have dropped further without the deal.
U.K. Inflation Accelerates to Highest in More Than Two Years (Bloomberg)
The jump to 1.2 percent from 0.9 percent in October means consumer prices are rising at the fastest pace since October 2014. Economists had anticipated an increase to 1.1 percent.
How Much Farther Can the Stock Market Rise? (Barron's Asia)
Stocks were up modestly this year through Election Day on November 8. But since Donald Trump’s upset victory, the Dow Jones Industrial Average has tacked on an additional 8%, to close Monday at 19,796. For the year, the Dow is up more than 13%.
Silver Fixing By Banks Proven In Traders Chats (Cold Core)
Since 2003, we have believed and written about how the silver and gold markets are manipulated and "fixed" by banks. Even then there was circumstantial evidence to suggest this was the case.
Global Stocks Jump, Dow Set For 16th Post-Election Record High After UniCredit Restructuring; Fed Looms (Zero Hedge)
Yesterday's brief hiccup in what has been an otherwise relentless rally in global risk assets is all but forgotten this morning, as European and Asian stocks, and US equity futures, all rise in quiet trading ahead of tomorrow's FOMC meeting, with the Dow set to make a 16th consecutive post-election all time high.
Companies
FedEx, UPS fight to keep up with holiday demand (The Wall Street Journal)
United Parcel Service Inc. and FedEx Corp. are straining to keep up with holiday shipping volumes that have blown past expectations, delaying the delivery of some of the millions of online orders shoppers have placed since Thanksgiving.
Sony Regains Investment Grade at Moody’s After Almost 3 Years (Bloomberg)
Extensive restructuring has helped restore Sony’s financial profile with a more stable earnings base, Moody’s said in a statement Tuesday. Sony was cut to junk at Moody’s in January 2014.
3M Sees Sales Growth in 2017 (The Wall Street Journal)
3M Co. is anticipating sales growth next year after the consumer and industrial products maker recently lowered its expectations for sales to be flat in 2016.
Lufthansa Flight from Houston to Germany Diverted After Bomb Threat (Reuters)
A Lufthansa flight headed to Germany from Texas was diverted to a New York City airport on Monday, following a bomb threat called in to the airline’s headquarters, officials said.
Marks & Spencer chairman Robert Swannell to retire (The Guradian)
Robert Swannell, a former investment banker, has overseen a tricky time at the high street stalwart, appointing long-term staffer Steve Rowe to take over as chief executive a year ago from former boss Marc Bolland.
Technology
Apple in 2017: Biggest year ever? (CNet)
The launch of the large-screen iPhone 6 and 6 Plus in late 2014 caused Apple's fortunes to soar. It became the most profitable company in the world, and the following year, with the 6S and 6S Plus, was even bigger. But enthusiasm waned in 2016 with iPhone unit sales falling for the first time since the device hit the market in 2007.
Google's dream of a steering-wheel free future is reportedly being curtailed (Business Insider)
Google's plan of creating a futuristic fleet of self-driving, steering-wheel-free cars is being put on the backburner, as the company focuses on more practical uses for its automotive technology, according to a new report from The Information's Amir Efrati.
Google bought the firm behind that Amazon Alexa smartwatch (Engadget)
Cronologics, the company that developed what it hoped would be an alternative smartwatch OS to Android Wear, has been acquired by Google for an unknown sum. The startup was founded by former Google employees, ironically enough, and recently launched the Alexa-powered and Amazon-blessed CoWatch.
Become an ultimate good guy with this comprehensive cybersecurity bundle (Science Alert)
Cybersecurity is becoming a huge consideration for companies and governments alike – and demand for people with the right skills to find and stop hackers is on the rise.
HMD announces $26 Nokia 150 phone, the first after inking 10-year licensing deal (Venture Beat)
HMD Global, the business vehicle set up for the express purpose of bringing Nokia-branded mobile devices to market, has announced the first phone to emerge from the 10-year licensing arrangement announced earlier this month.
How digital photography reinvented itself to become better than ever (Digital Trends)
“Early digital cameras were 3 to maybe 6 megapixels, and that didn’t really translate into the availability to have very large images,” Mead said. “Whereas when you’re shooting slides, hey, it’s as big as your enlarger can go, then that’s how big you can actually print.”
Android Pay is now available in Japan (Tech Crunch)
Android Pay continues its international rollout with a launch in Japan today, some six weeks after Apple’s own mobile payment service reached Japanese shores.
Your eyes will unlock tighter security for your phone (CNet)
Your eyes are more than just a window to your soul. They may be the window to your phone, too.
Politics
Socialism for the Rich, Capitalism for the Poor: An Interview With Noam Chomsky (TruthOut)
The United States is rapidly declining on numerous fronts — collapsing infrastructure, a huge gap between haves and have-nots, stagnant wages, high infant mortality rates, the highest incarceration rate in the world — and it continues to be the only country in the advanced world without a universal health care system.
The Trump Boom? (Project Syndicate)
After years of hibernation, will the US economy rouse itself for a big comeback over the next couple of years? With an incoming Republican administration hell-bent on reflating an economy already near full employment, and with promised trade restrictions driving up the price of import-competing goods, and with central-bank independence likely to come under attack, higher inflation – likely exceeding 3% at times – is a near-certainty.
Here's What Bill Gates Had to Say About His Call with Donald Trump (Fortune)
It seems that Bill Gates hasn’t lost all hope about the prospects for clean energy innovation in the U.S. under the incoming President Donald Trump, according to an interview with Bloomberg.
Trump says he will announce his secretary of state pick on Tuesday (Business Insider)
President-elect Donald Trump said he will announce his pick for his administration's secretary of state Tuesday morning.
Republican leaders join call for probe of Russian hacking of U.S. election (Market Watch)
Momentum to hold investigations into alleged Russian hacking during the U.S. presidential election picked up steam on Monday, with the Senate’s top Republican joining Democrats, the White House and other GOP leaders in calls for a probe, despite repeated dismissals by President-elect Donald Trump of intelligence assessments of the hacking.
President-elect Donald Trump's weeks-long search for a secretary of state is apparently over, and former Massachusetts Gov. Mitt Romney will not be nominated.
Focus on voters' 'wellbeing' to counter populism, says former head of UK civil cervice (Business Insider)
Politicians need to consider voters' feelings of wellbeing to counter the rise of populism and win elections, according to the former head of the British civil service.
Life on the Home Planet
The battle for Aleppo is drawing to a close as thousands of civilians are still trapped in the eastern part of the city.
Polar bear numbers seen declining a third from Arctic sea ice melt (Reuters)
Rising temperatures that melt sea ice in the Arctic will probably reduce the polar bear population by a third over the next few decades, and the same warming trend is likely to worsen the decline of wild reindeer, scientists said on Monday.
Threat Of ISIS To Last For 'Years To Come,' Jihadi Experts Warn (Newsweek)
The threat posed by the Islamic State militant group (ISIS) will last for “years to come,” despite projected territorial losses in Iraq and Syria, a grouping of top experts on jihadism warned late Monday.
Iran to work on nuclear-powered boats after U.S. 'violation' of deal (Reuters)
Iran's President Hassan Rouhani ordered scientists on Tuesday to start developing systems for nuclear-powered boats, in reaction to what he called the United States' violation of a global atomic deal.
