Financial Markets and Economy
European Stocks Little Changed in Thin Trading Before Holidays (Bloomberg)
The Stoxx Europe 600 Index fell less than 0.1 percent at 11:57 a.m. in London. In a reversal of the recent rotation into cyclical shares, miners and banks declined as defensive stocks including utilities, real estate and technology firms advanced.
German Business Confidence Improves as Growth Strengthens (Bloomberg)
German business sentiment rose to the highest level in almost three years in December, signaling growth in Europe’s largest economy picked up speed toward the end of the year.
Indian Stocks Fall on Thin Volumes as Consumer Firms Pace Losses (Bloomberg)
India’s consumer companies countered a rally in energy stocks as the benchmark equity equity index declined for a fourth day amid thin volumes.
China powerless against Trump's economic threats but can beat war drums (The Telegraph)
With a single incendiary comment on Taiwanese independence, US president-elect Donald Trump has abrogated a central tenet of US foreign policy for the last 37 years and seems to have picked a deliberate fight with China.
The Eurogroup is the real villain in Greece today, not the IMF (The Telegraph)
When Greece finally leaves the euro it will happen almost imperceptibly, with a collective yawn and a fatalistic shrug of the shoulders.
Here's a super-quick guide to what traders are talking about right now (Business Insider)
Very Quiet globally. US Futures up small with Industrials leading. In Europe, Quiet trade with defensive stocks including utilities, real estate and technology firms rising.
Paschi Starts Share Offer as Italy Prepares Possible Rescue Plan (Bloomberg)
Banca Monte dei Paschi di Siena SpA is attempting to sell shares on the market while the government prepares a plan to inject as much as 15 billion euros ($15.7 billion) into Italian banks should the fundraising fail, according to a person with knowledge of the matter.
Pound Is ‘One of the Most Undervalued’ Currencies Among the G-10 (Bloomberg)
The currency is now approaching the 50-day moving average against the dollar, a level below which it hasn’t closed this month. Meanwhile, the euro was hovering near its 200-day moving average against sterling, a level that hasn’t been breached in a year.
Asian Stocks Pare Gains as Philippine Market Joins in Decline (Bloomberg)
Asian shares pared gains as Philippine stocks added to declines in the Chinese market Monday, while Australian and New Zealand benchmarks rose.
The Japanese yen is climbing (Business Insider)
The currency is up by 0.6% at 117.2330 per dollar as of 7:53 a.m. ET.
Still, the yen has weakened by about 10% against the dollar since the election of Donald Trump in November.
Barron's couldn't find anyone that thinks the stock market will tank in 2017 (Business Insider)
Once again, all the analysts were in agreement that "this bull market has legs," as the headline of the article by Vito Racanelli said. That sentiment usually gets market bears excited, since Barron's cover is used as an unscientific contrarian indicator; basically, believe the opposite of whatever the magazine reports as consensus.
EU Pivots Away From Distorted Energy Markets Toward Gas (Bloomberg)
The European Union seeks to tackle energy market distortions with policies that will eliminate coal and favor natural gas-fired and renewable power while reducing the cost of lowering emissions.
Hong Kong Equity Investors Get That Sinking Feeling, Again (Bloomberg)
For the first time in four months, the city’s benchmark equities gauge has fallen into the red for the year. The Hang Seng Index’s losses since its Sept. 9 high are approaching 10 percent, while the gauge is close to breaking below the closely-watched 200-day moving average.
A small hedge fund that says its reports have led to CEO resignations has a new big short (Business Insider)
A small short-seller that says its reports have led to the resignations of several CEOs has a new big short.
U.S. Startups Are Piling on Debt (Bloomberg)
His New York-based startup doubled annual revenue this year and is on track to break even in 2017. Valued at about $200 million in April, the marketing automation company counts Bain Capital and Goldman Sachs among its backers—a source of validation in the eyes of many venture investors.
Companies
Apple Fights $13.6 Billion Tax Bill as EU Lifts Lid on Case (Bloomberg)
Apple Inc. has set up a court battle with European Union competition watchdogs who ordered Ireland to claw back a record 13 billion euros ($13.6 billion) in unpaid taxes from the iPhone maker.
One of Costco customers' favorite perks is turning into the retailer’s biggest weakness (Business Insider)
The joy of bargain hunting is being replaced by the convenience of e-commerce — and Costco is struggling to keep up.
Wells Fargo Lining Up Robot Stock Pickers for Its First Ever ETF (Bloomberg)
First JPMorgan Chase & Co. Then Goldman Sachs Group. Now, Wells Fargo & Co. wants to charge into the biggest asset management battleground, exchange-traded funds.
Technology
Uber Mideast Rival Valued at $1 Billion After Funding Round (Bloomberg)
Dubai-based ride-hailing app Careem Networks FZ raised $350 million from investors including Japanese e-commerce giant Rakuten Inc and Saudi Telecom Co., valuing it at about $1 billion.
Google's Waymo teases first photos of self-driving van (CNN)
The company revealed late Sunday a first look at its self-driving Chrysler Pacifica minivans. The sleek white vans look like any other Pacifica, except for the autonomous sensors that protrude from the corners and roof of the vehicle.
GE Teams With Designer Rebecca Minkoff On iPhone Case With Built-In Selfie Lighting (Digital Trends)
GE is bringing the same technology that’s used to fill cities with light to a smartphone case. On Monday, the company unveiled an iPhone case equipped with front-facing LEDs aimed at producing more flattering selfies. Lit by GE is a result of a collaboration between the tech company and Rebecca Minkoff, a fashion accessory designer.
Computers Now Recognize Patterns Better Than Humans Can (Scientific American)
If someone showed you a single character from an unfamiliar alphabet and asked you to copy it onto a sheet of paper, you could probably do it. A computer, though, would be stumped—even if it were equipped with state-of-the-art deep-learning algorithms such as those that Google uses to categorize photographs.
UK ministers to discuss safe driving modes with phone makers (Engadget)
While lawmakers are doing their part to reduce the number of drivers making calls and sending texts while behind the wheel, ministers believe phone companies also have a part to play.
Here's our first 'look' at the new 2018 Chevrolet Traverse (Roadshow)
Rumors are swirling that General Motors has two crossovers coming to the 2017 North American International Auto Show in Detroit. Now, Chevrolet's confirmed that the rumors are at least half true.
Samsung could ring LG for phone batteries after Note 7 debacle (CNet)
Samsung seems to be doing everything within its power to avoid a repeat of the great Galaxy Note 7 battery crisis of 2016.
That might even include buying batteries from LG, according to a Reuters report published Monday.
Politics
Trump nominates trading firm founder Viola as Army secretary (Reuters)
President-elect Donald Trump plans to nominate Virtu Financial founder Vincent Viola as secretary of the Army, the Trump transition team said on Monday.
President-elect Donald Trump over the weekend selected Rep. Mick Mulvaney to head the Office of Management and Budget, which oversees the creation of the federal budget for the president.
Trump private security force ‘playing with fire’ (Politico)
President-elect Donald Trump has continued employing a private security and intelligence team at his victory rallies, and he is expected to keep at least some members of the team after he becomes president, according to people familiar with the plans.
Murdoch denies pressuring UK prime ministers ahead of Sky submission (Reuters)
Rupert Murdoch said on Monday he had never asked a British prime minister for anything, seeking to play down his influence ahead of what is likely to be a politically charged approval process for his purchase of the pay-TV group Sky (SKYB.L).
U.S. electors expected to officially confirm Trump victory (Reuters)
The U.S. Electoral College is expected on Monday to officially select Republican Donald Trump as the next president in a vote that is usually routine but takes place this year amid allegations of Russian hacking to try to influence the election.
China says discussing return of undersea drone with U.S. military (Reuters)
The Chinese and U.S. militaries are having "unimpeded" talks about the return of U.S. underwater drone taken by a Chinese naval vessel in the South China Sea last week, China's foreign ministry said on Monday.
‘It’s Time’ — Mr. President-Elect, Please Listen To These Americans (The Huffington Post)
The addiction crisis in America is real. And you need not look any further than your own city block to understand the gravity of this epidemic. I’ve written often this past year about my personal struggle with addiction and journey in recovery, the friends I’ve lost to fatal drug overdoses and the need for addiction policy reform.
What President Obama Should Have Said At His Last Press Conference (The Intercept)
OBAMA: Good afternoon, everybody. What a year, right? Just last night, I tried to sign on to Twitter to wish everyone a happy holiday, but Michelle wouldn’t give me my password. She said it embarrassed her when no one retweets my jokes. I guess I’m just too boring.
Health and Biotech
Small is Beautiful (Scientific American)
In the world of clinical trials where data rules with near-total power, there is a constant drumbeat that sounds like “more data … more data … more data.” This increasingly loud and rapid pounding has led many people to believe the only way to determine if a new drug or treatment has any value is to rely on the results of large clinical trials.
Life on the Home Planet
Plants Closed, Cars Stopped as China Faces Smog ‘Red Alert’ (Associated Press)
Beijing — Engulfed in choking smog, some northern Chinese cities limited the number of cars on roads and temporarily shut down factories on Monday to cut down pollution during a national "red alert."
'The Big Short' author Michael Lewis tells us what scares him most about Trump and Wall Street — and why his new book is 'a love story without the sex' (Business Insider)
Lewis, the author of "The Big Short" and "Moneyball," didn't go the typical romance route, though. His new book, "The Undoing Project," tells the story of Daniel "Danny" Kahneman and Amos Tversky, two best friends who revolutionized cognitive psychology.
Lessons For Our Time From Rachel Carson (Moyers And Company)
For many years, public-spirited citizens throughout the country have been working for the conservation of the natural resources, realizing their vital importance to the nation. Apparently, their hard-won progress is to be wiped out, as a politically minded administration returns us to the dark ages of unrestrained exploitation and destruction.
Boron has been detected on Mars for the first time (Scientific American)
Boron is a chemical signature of evaporated water, and while we still don't know if Mars once hosted life, the discovery is further evidence that the planet was once plentiful with water, and therefore habitable.
How to pick the safest low-calorie sweetener, based on science (Business Insider)
Artificial sweeteners are perhaps one of the most pervasive and controversial food products on the market. They can be found in everything from diet sodas to low-calorie baked goods and sports drinks.
Gunmen Kill 10, Including Canadian, in Attacks on Police (Assiociated Press)
Karak, Jordan — Gunmen assaulted Jordanian police in a series of attacks Sunday, including at a Crusader castle popular with tourists, killing seven officers, two local civilians and a woman visiting from Canada, officials said. Several armed men barricaded themselves inside the castle for hours, hemmed in by special forces soldiers.
