Financial Markets and Economy
The US economy grew by 3.5% in the third quarter, stronger than previously reported, according to the Department of Commerce's third estimate released on Thursday. It was the fastest pace in two years.
U.S. Economic Growth Revised Up to 3.5% Pace in Third Quarter (Bloomberg)
The U.S. economy expanded more than previously reported last quarter on bigger contributions from a range of factors including services spending, intellectual property and construction by state and local governments.
Orders for U.S. Business Equipment Increase More Than Forecast (Bloomberg)
Orders for U.S. business equipment climbed more than forecast in November, a sign corporate investment is starting to firm up.
How Trump Could Accidentally Fuel a Global Trade Boom (Bloomberg)
Far from jolting the U.S. into a protectionist lurch, might President-elect Donald Trump unwittingly help buoy global trade next year?
Copper Stockpile Surge Clouds Bullish Outlook for Market (Bloomberg)
At a time when banks from Goldman Sachs Group Inc. to Societe Generale SA are predicting that the global copper market is about to tighten, a 62 percent surge in stocks on the London Metal Exchange is a reminder of the oversupply the industry has faced in recent years.
Philippines Holds Key Rate as Emerging Nations Brace for Fed (Bloomberg)
The Philippines left its benchmark interest rate at a record low as emerging nations brace for a steeper tightening path in the U.S.
The administration of Donald Trump may be getting ready to crack down on goods coming into the US.
Indian Stocks Erase Year’s Gain After Seven-Day Losing Streak (Bloomberg)
Indian stocks fell for a seventh-straight day and the benchmark Sensex erased this year’s gain as uncertainty persisted over prospects for economic growth and corporate profits.
Asian Stocks Fall After U.S. Shares Slide, Oil Stays Under $53 (Bloomberg)
Asian shares fell for a third straight day on Thursday following a slide in U.S. equities and as crude oil remained below $53 per barrel, hurting producers such as Cnooc Ltd.
GDP In Q3 Was Even More Awesome Than We Thought (Fortune)
The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years, amid solid consumer spending and a jump in soybean exports.
Treasury yields rise after strong GDP number (Market Watch)
Treasury yields ticked higher on Thursday after official data showed the U.S. economic growth accelerated in the third quarter more quickly than previously believed.
Consumers slam on the brakes as personal incomes lose steam in November (Market Watch)
Consumer spending eased in November as incomes stagnated, and following several strong months of spending gains.
Saudi Arabia Said to Consider Sale of Islamic Bonds Next Quarter (Bloomberg)
Saudi Arabia has met with banks to discuss the potential sale of shariah-compliant bonds in the first quarter to help plug its budget deficit, according to five people familiar with the matter.
Debt Funds Get Last Laugh in Punch Taverns Brawl (Bloomberg)
If Heineken's proposed acquisition of about 1,900 Punch Taverns pubs goes through, a group of debt funds can claim victory in one of the toughest restructuring fights of recent years.
Trump May Have a $300 Million Conflict of Interest With Deutsche Bank (Bloomberg)
Now that guarantee — employed to extract better terms on hundreds of millions of dollars of loans to the Trump Organization — is at the center of a delicate loan-restructuring discussion at Deutsche Bank AG, which is under investigation on several fronts by the U.S. Department of Justice.
Jobless Claims in U.S. Increased to Six-Month High Last Week (Bloomberg)
The number of Americans filing applications for unemployment benefits rose more than expected to a six-month high last week, potentially reflecting seasonal swings in a still-healthy labor market.
Here's a super-quick guide to what traders are talking about ahead of a ton of economic data (Business Insider)
Here comes economic data. The third estimate of third-quarter GDP, initial jobless claims, and personal consumption and income numbers all cross early in Thursday's trading session.
Germany Gets Free Power for Christmas as Wind Power Set to Surge (Bloomberg)
The price of power for delivery on Christmas Day in Germany turned negative as a surge in wind generation is forecast to boost supply.
U.S. Third Quarter GDP Revised Up to 3.5% Gain (The Wall Street Journal)
WASHINGTON—The U.S. economy advanced at a faster pace last quarter than previously estimated, but the stronger gains only help bring the year’s growth rate back in line with the long, sluggish expansion.
Mortgage rates soar to 2 1/2-year high, Freddie Mac says (Market Watch)
The 30-year fixed-rate mortgage averaged 4.30% during the December 22 week, a big jump from 4.16% in the prior week. The 15-year fixed-rate mortgage averaged 3.52%, up 15 basis points during the week.
Durable goods orders fell less than forecast in October, according to a report from the Commerce Department released on Wednesday.
Orders for things built to last such as appliances fell 4.6% (-4.8% forecast.)
Swedroe: Thinking Can Hurt Your Investments (ETF.com)
One of the most common arguments I hear against passive investing (which we can define as the use of a systematic approach to gain exposure to a factor or factors) goes like this: How can good management that is “thinking” not be superior to “nonthinking” management? I have found most investors harbor a strong opinion on this question.
Swedroe: Investors Prefer ‘Gambling’ Stocks (ETF.com)
Behavioral finance is the study of human behavior and how that behavior leads to investment errors—including the mispricing of assets. I find it to be the most interesting area of financial research, as it provides us with important insights we can use to improve investor behavior and produce better investment results.
Companies
How Google Saved $3.6 Billion Taxes From Paper 'Dutch Sandwich' (Forbes)
Reports from Dutch regulatory filings say that Alphabet Inc.’s Google saved $3.6 billion in taxes in 2015 alone by moving $15.5 billion offshore. The reports about the $3.6 billion savings–in just one year–aren't flattering.
Is Amazon Europe’s Next Top Model? (Bloomberg)
The online shop Zalando has trampled brick-and-mortar fashion retailers—and earned a market value topping $9 billion—by offering stylish wares from the likes of Tommy Hilfiger, Versace, and Adidas. Now, Zalando faces a rising internet threat of its own: Amazon.com.
Technology
By rolling out a small fleet of self-driving vehicles in San Francisco without first getting a permit from the California DMV, Uber reverted to an old habit and played chicken with regulators.
AT&T’s DirecTV Now Gets Off to a Bumpy Start (The Wall Street Journal)
After a long day at work earlier this week, Richard Maltz plopped down at his Chicago home and began watching “People Magazine Investigates” through DirecTV Now, AT&T Inc.’s new streaming-video service.
How T-Mobile Is Getting More Complicated With Unlimited Plans (Fortune)
T-Mobile became the fastest growing wireless carrier over the past few years by simplifying its mobile plans while throwing in more and more consumer-friendly features. This week, the carrier made a few changes that seemed to move in the opposite direction.
VW will roll out a new electric self-driving concept car at the Detroit auto show (Business Insider)
Volkswagen, still reeling from its Dieselgate emission-cheating scandal, will expand it lineup of all-electric concept cars.
Apple gives app makers more time to switch to HTTPS connection (Engadget)
Earlier this year, Apple required all app developers to switch on App Transport Security by January 1st, 2017. The feature (introduced with iOS 9 back in 2015) would have boosted apps' security, since it forces them to connect to the internet over HTTPS. Unfortunately, not everyone took advantage of the feature, and Google even released some codes that allowed developers to bypass ATS.
Politics
Brexit: 18 months that will shape the U.K.'s future (CNN Money)
It has been six months since Britain voted to leave the European Union, and the herculean task facing the government and its negotiating team is finally coming into focus.
Theresa May scraps rule allowing ministers to pick private office staff (The Guardian)
Theresa May has scrapped controversial government rules which allowed ministers to hand-pick staff for their private offices.
Trump's Labor secretary doesn't like Trumponomics very much (CNN Money)
In past speeches and op-eds, the Carl's Jr. and Hardee's CEO has slammed policies that are now tenets of Trump's economic plan. He argued that they betray fiscal conservatism.
Senate Republicans Changed the Playbook on Judicial Nominees (The Huffington Post)
As we approach the end of the year, Republicans are looking forward to filling the many judicial vacancies—especially the Garland vacancy on the Supreme Court—left at the end of Barack Obama’s presidency.
Obama White House rebuffed plan to combat Russian influence (Politico)
The White House opposed a Republican-led push earlier this year to create an executive-branch task force to battle Russia’s covert information operations, according to a document obtained by POLITICO.
China foreign minister says U.S. ties face new uncertainties (Reuters)
China-U.S. relations face new uncertainties but with mutual respect for core interests they will remain stable, China's foreign minister said, adding one individual will not impede ties, a likely reference to U.S. President-elect Donald Trump.
Trump names adviser Conway as his presidential counselor (Reuters)
U.S. President-elect Donald Trump on Thursday named his former campaign manager Kellyanne Conway to serve as counselor to the president, his transition team said in a statement.Conway, 49, currently a senior adviser on Trump's transition team, is widely credited with helping him bring a more disciplined approach to campaigning that helped him win the November presidential election.
Health and Biotech
First babies from menopausal mothers’ own eggs may be born soon (New Scientist)
Earlier this year, a fertility clinic in Athens, Greece, claimed it had reversed the menopause in a group of their patients. The team injected the women’s ovaries with platelet-rich plasma from their own blood. This approach is widely used for bone and joint injuries – the idea is to kickstart resident stem cells into action, although whether it works is unclear.
Life on the Home Planet
Jihadists Kill 16 Troops in Turkey’s Deadliest Day in Syria (Bloomberg)
Turkish forces and allied Syrian rebels besieged the Islamic State stronghold of Al-Bab in northern Syria after three separate suicide bombings left Turkey reeling from its bloodiest day on the Syrian front.
The best pictures taken by astronauts on the International Space Station in 2016 (Business Insider)
Astronauts on the International Space Station get to enjoy the spectacular view of Earth every day, and they love to take photos of it! Earth Science and Remote Sensing Unit at NASA's Johnson Space Center picked the best 16 photos of 2016 that were taken from the ISS.
A Water Crisis on the Central Coast (California Today)
We’re entering the wet time of year, but the drought continues to transform communities around the state. And now, Santa Barbara is almost out.
Real-Life Red-Nosed Reindeer Faces Climate Change Threats (Scientific American)
At the top of the globe in the Canadian Arctic Archipelago, near the North Pole, a thin layer of soil above the permafrost thaws for just three months each year. When it does, the tundra bursts into bloom. The flowers are favorite summer foods of the Peary caribou, Rangifer tarandus pearyi, a petite, white-bearded subspecies of reindeer.
Vehicles still leaving Aleppo after overnight evacuation: U.N. official in Syria (Reuters)
Vehicles were still streaming out of eastern Aleppo on Thursday morning after an evacuation overnight monitored by the U.N., a United Nations official in Syria told Reuters on Thursday.
