Financial Markets and Economy
Treasuries Rise on Mixed U.S. Economic Data, China Growth Worry (Bloomberg)
Treasuries were set for their first weekly advance since the U.S. election after domestic economic data came mixed and reports indicated that Chinese President Xi Jinping is open to slower economic growth.
Dollar Falls Back From China-Fueled High, Sets New Low Vs. Yen (Bloomberg)
The dollar retreated from its best levels of the session in mid-morning trading though still held gains against half of its G-10 peers after rising modestly following a report that China’s president Xi Jinping is open to China’s growth dropping below the government’s 6.5 percent target.
Sales of New U.S. Homes Rise to Second-Fastest Pace Since 2008 (Bloomberg)
Purchases of new U.S. homes increased in November to the second-fastest pace in almost nine years as the beginning of a spike in mortgage rates persuaded buyers to quickly sign contracts.
What you need to know on Wall Street right now (Business Insider)
Deutsche Bank has reached a $7.2 billion settlement with the Department of Justice on an important mortgage-backed securities case, sending the share price higher.
U.S. Stocks Rise on Thin Volume; Canadian Shares Little Changed (Bloomberg)
U.S. equities rose in light trading before the Christmas holiday, with gains in health care shares outweighing declines in consumer-discretionary and energy companies. Canada’s stock benchmark was little changed.
DoJ vs big banks: $60 billion in fines for toxic mortgages (CNN Money)
Since the global financial crisis, the world's largest banks have agreed to pay close to $60 billion in fines just to the U.S. Department of Justice for creating and selling toxic mortgage-backed investments.
Dollar holds near-14-year high against rivals in preholiday trade (Market Watch)
The U.S. Dollar Index DXY, -0.16% which measures the buck against a half-dozen rivals, was unchanged at 103.03, hovering near its 14-year highs. For the week, the index rose 0.1%. The greenback has gained 5.2% since November’s presidential election.
iHeart Lenders Said to Oppose Exchange Offer in Messy Debt Saga (Bloomberg)
A group of bondholders is planning to reject iHeartMedia Inc.’s latest effort to push out maturities in a setback to the biggest U.S. radio operator teetering under $21 billion in debt, according to people with knowledge of the matter.
Farmers Cheer Macri Tax Cut as Rest of Argentina Jeers Slump (Bloomberg)
The popularity of Argentine President Mauricio Macri has faded since he took office a year ago, as Latin America’s third-largest economy slid into recession and inflation soared. But his appeal among the nation’s farmers remains as strong as ever.
Stocks did virtually nothing leading into the holiday weekend.
All major indices managed to scrape into the green, but still finished little changed. From all of us on the Business Insider Markets team, we wish you and your family a happy holidays.
How politics rocked the currency market in 2016 (Market Watch)
The division between emerging- and developed-market currencies became increasingly blurred in 2016. And market strategists say politics are largely to blame.
They're Back: Foreign Central Banks Quietly Unleash A Treasury Buying Spree (Zero Hedge)
According to the most recent TIC data, reported here last week, foreign Treasury holders and especially China, were dumping US paper like there's no tomorrow. In fact, according to the latest available data as of the end of October, foreign central banks had liquidated a record $403 billion in Treasuries in the LTM period.
Companies
Does Wal-Mart have the answer to make America save again? (Market Watch)
Despite improvements in the U.S. economy, many Americans struggle to save even small amounts of their money. About half of U.S. adults don’t have $400 saved for an emergency, and about a third of non-retired adults have absolutely no retirement savings or pension at all, according to the Federal Reserve.
Barclays refuses to settle with US DoJ over 'craptacular loans' (The Guardian)
Barclays is refusing to settle with the US Department of Justice over allegations it deliberately sold mortgage bonds to investors that it knew contained “craptacular loans”.
ConocoPhillips drops use of revenue figure first flagged by MarketWatch (Market Watch)
ConocoPhillips has changed the way it will report revenue, according to correspondence released by the Securities and Exchange Commission that shows the agency took action after MarketWatch flagged the issue.
TJX, Burlington, and other off-price retailers could benefit most from 2017 tax reform (Market Watch)
With tax reform predicted for 2017, off-price retailers, which have a high proportion of domestic sales and fewer imports, are probably in the best position to benefit, Wells Fargo analysts say.
Technology
How Sony, Microsoft, and Nintendo Are Preparing For Their Gaming Future (Fortune)
The times are certainly changing for the traditional console video game business. The key players—Sony, Microsoft, and Nintendo—remain the same, but the ecosystem has vastly expanded.
Tesla, Porsche take top honors in Consumer Reports Owner Satisfaction Survey (Roadshow)
We critics may help sway buyers, but when it comes down to it, if the owner isn't satisfied, that's what matters most. Consumer Reports just published its annual Owner Satisfaction Survey, and the results look good — for Porsche and Tesla, at least.
A microscopic snowman, a humanoid robot, and more (Popular Science)
This snowman, which was promoted on Tumblr this Wednesday in honor of the winter solstice, is only 3 microns tall, making it the world's smallest.
We Drove the Jaguar F-Pace R and Maserati Levante S (Fortune)
Alfieri Maserati and his brothers founded what became Maserati in 1914, and eight years later, Sir William Lyons founded Jaguar. One built Italian stallions that ruled racing. The other constructed British bombshells that did the same. Since then, both marques have tried their respective hands at various model types—sedans, grand tourers, sports cars, convertibles.
Volkswagen is starting a ride-hailing service in Rwanda (Engadget)
Volkswagen is trying to put its PR woes behind it. And to do so, it's looking to invest in Africa, the cradle of civilization, with a ride-hailing service and a production facility. The automaker will set up the former in Rwanda, with Reuters reporting the latter will be in Kenya.
A flying Christmas tree quadcopter is the gift we want this year (Digital Trends)
From drones that can dive like birds to ones encased in giant flying hamster balls, we’ve seen our fair share of experimental unmanned aerial vehicles over the past 12 months.
After Super Mario Run, Nintendo plans 2 or 3 new mobile games per year (Tech Crunch)
Super Mario Run may have its detractors, but it’s also managed to rack up nearly 10 million downloads per day in its App Store debut, officially topping 50 million downloads as of Friday. Those numbers, combined with its early revenue generating power, have Nintendo still keen on exploring more in mobile, with plans to release around two or three new mobile games per year beyond 2017.
T-Mobile’s ‘free’ streaming music service blocked in Netherlands over net neutrality concerns (Reuters)
The Dutch Consumer and Markets regulator (AFM) on Friday ordered T-Mobile to stop offering a streaming music product which did not count toward customers’ data usage.
Politics
Jamie Dimon on Trump, Taxes, and a U.S. Renaissance (Bloomberg)
I would do it for moral reasons alone. But it is good business. We are the largest bank in Detroit. The National Bank of Detroit was started by General Motors in 1933 in the Depression when most banks were closing. That bank merged with First Chicago, Bank One, and then with JPMorgan Chase.
Congressional Democrats issued scathing statements aimed at the Obama administration over the US's abstention from a Friday UN Security Council vote demanding Israel stop building settlements in occupied Palestinian territory.
Just how far will Trump go on China and Mexico? (CNN Money)
China and Mexico have been put on notice once again: President-elect Donald Trump's new trade team doesn't like how they deal with America.
US abstention allows UN to demand end to Israeli settlements (The Guardian)
The United Nations security council has adopted a landmark resolution demanding a halt to all Israeli settlement in the occupied territories after Barack Obama’s administration refused to veto the resolution.
Inside Trump’s dalliance with Democrats (Politico)
When Donald Trump rang West Virginia Democrat Joe Manchin after the two spent an hour together at Trump Tower last week, the president-elect made a surprise proposition.
Putin Gives A Surprising Response to Trump’s Nuclear Plans (Fortune)
Russ0ia's Vladimir Putin said on Friday he was unfazed by President-elect Donald Trump's plans to boost the U.S. nuclear arsenal, praising Trump for being in touch with U.S. public opinion while branding the Democrats sore election losers.
Health and Biotech
It's official: We finally have an Ebola vaccine that's up to 100% effective (Science Alert)
Researchers have developed an Ebola vaccine which provides 100 percent protection against one particularly dangerous strain of the disease, based on final field tests on thousands of people in West Africa.
Life on the Home Planet
A film shoot at a Malta airport about a hijacked plane was interrupted when a Libyan plane that was hijacked in real life landed on the runway, BBC reported on Friday.
Berlin attacker manhunt ends in shootout but questions remain (The Guardian)
The hunt for Europe’s most wanted man ended in a gun battle outside a Milan train station in the early hours of Friday but left authorities facing tough questions about how an armed suspected terrorist had been able to travel hundreds of miles on public transport before being caught.
6 more mysterious radio signals have been detected coming from outside our galaxy (Science Alert)
Back in March, scientists detected 10 powerful bursts of radio signals coming from the same location in space. And now researchers have just picked up six more of the signals seemingly emanating from the same region, far beyond our Milky Way.
FBI warns of possible Islamic State-inspired attacks in U.S. (Reuters)
U.S. federal authorities cautioned local law enforcement on Friday to be aware that supporters of Islamic State have been calling for their sympathizers to attack holiday gatherings in the United States, including churches, a law enforcement official said.
How Do You Distinguish Between Religious Fervor and Mental Illness? (Scientific American)
Last year, a news column circulated the web, announcing the American Psychological Association had decided to classify strong religious beliefs as mental illness. According to the article, a five-year study by the APA concluded that devout belief in a deity could hinder “one’s ability to make conscientious decisions about common sense matters.”
