Financial Markets and Economy
Trump's 'big' spending hopes nudge world stocks higher (Reuters)
World stocks hovered just off all-time highs and were on course for a fourth straight month of gains on Tuesday, as investors awaited a speech by U.S. President Donald Trump for signals on infrastructure spending and tax cuts.
'Big Money' Is Missing Out on India's Stock Rally (Bloomberg)
Overseas investors are in a bind: Bank of America Merrill Lynch estimates it will take at least till September to gauge the earnings-growth potential of Indian companies given jolts on the policy front, yet the nation’s benchmark index is among Asia’s best performing this year.
China Opens Currency Derivatives to Lure Overseas Bond Investors (Bloomberg)
Foreign institutions that invest in the interbank bond market can trade products including forwards, swaps, cross-currency swaps and options with domestic settlement agents, the State Administration of Foreign Exchange said in a statement posted on its website Monday.
Good morning! Here's what you need to know in markets on Tuesday.
1. Donald Trump is calling for the biggest increase in US military spending since the height of the wars in Iraq and Afghanistan, seeking to add $54 billion (£43.3 billion) to the Pentagon’s budget to combat what he views as threats from a "dangerous world."
French Inflation Rate Unexpectedly Drops, Ending Months of Gains (Bloomberg)
The slowdown to 1.4 percent from 1.6 percent compares with the median forecast of economists for a pickup to 1.7 percent. Food and energy prices recorded the biggest year-on-year increases in prices, according to the data published Tuesday by Insee.
March Hike Suddenly Real for Traders Ahead of Trump Speech (Bloomberg)
The bond market is growing a little less skeptical about the idea that the Federal Reserve could raise interest rates in just over two weeks.
The S&P 500 is on track for its largest monthly gain in nearly a year (Market Watch)
So much for worries about a February selloff.
The U.S. stock market is on track for solid monthly gains, with just one session to go in February and stock futures pointing to a muted open.
Defense stocks rise but broader European market hesitates before Trump speech (Market Watch)
European stocks sought firm direction Tuesday, with earlier gains clipped as investors prepared to hear from U.S. President Donald Trump about his plans to boost growth in the world’s largest economy.
Swiss Economy Probably Expanded 0.4% at the End of 2016: Chart (Bloomberg)
Nearly two years since a surge in the franc threatened to choke off exports and cause a recession, Switzerland’s economy appears to have regained much of its old form.
U.S. stocks struggle to resume record run as traders wait for Trump’s speech (Market Watch)
U.S. stock futures on Tuesday pointed to little change at the open, as analysts said a speech tonight by President Trump could determine the market’s next move following its record-setting rally.
All's Not Placid Beneath Stock Market Surface With Trump on Tap (Bloomberg)
They’re anxious before Donald Trump’s address to Congress Tuesday, after a run-up that lifted the Dow Jones Industrial Average every day since the president promised a “phenomenal” plan to cut taxes.
5 Things Analysts And Investors Want To Hear In Trump Speech (Associated Press)
Trump's broad campaign promises to sharply cut taxes, reduce red tape and boost spending on infrastructure have helped lift the stock market to record highs. Yet without some further guidance on specific plans, investors might grow impatient.
Companies
Starbucks to Make Italian Debut With Upscale Roastery Cafe (Bloomberg)
Starbucks Corp., setting up shop in Italy for the first time, will open a Roastery location in Milan next year, turning to its upscale brand to gain a foothold in the country that birthed espresso.
South Korean Prosecutors to Indict Samsung’s Lee on Corruption Charges (Bloomberg)
South Korea’s special prosecutor plans to indict Jay Y. Lee, the de facto head of Samsung Group, on bribery charges in the latest blow to the country’s largest conglomerate amid a generational handover.
S. Africa Welfare Agency CEO Defends Post Office Contract Talks (Bloomberg)
The head of South Africa’s welfare agency defended his decision to initiate talks with the Post Office as a contingency plan in case a contract to distribute grants with Cash Paymaster Services, a unit of Net 1 UEPS Technologies Inc., couldn’t be extended by the deadline next month.
Valeant’s profit beats expectations (Reuters)
Canada’s Valeant Pharmaceuticals International Inc reported a better-than-expected quarterly profit on Tuesday, helped by lower costs and strength in its Bausch and Lomb eyecare business.
Target lowers outlook after same-store sales drop more than expected (Reuters)
Target Corp. forecast a surprise drop in full-year sales at established stores on Tuesday and reported a steeper-than-expected fall in holiday-quarter sales due to “unexpected softness” at its stores.
Technology
Google reveals the latest plans for its futuristic campus (Engadget)
Google's plans for its futuristic Mountain View campus changed yet again when it swapped lands with LinkedIn last year. The tech titan has recently submitted its updated proposal to City of Mountain View, and its computer renders show us what Google's new vision looks like.
JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours (Bloomberg)
The program, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of lawyers’ time annually. The software reviews documents in seconds, is less error-prone and never asks for vacation.
Wal-Mart Upgrades App to Add Pharmacy Refills, Money Transfers (Bloomberg)
Wal-Mart Stores Inc., looking to lock in more customers with its mobile-phone app, is updating the software so it can be used to refill prescriptions and skip the line at the pharmacy counter.
This stress-free dumbphone slips easily into your wallet (Mashable)
Days after discovering the Kado Wallet phone charger, I've now found a phone — a rather good-looking dumbphone if you ask me — at Mobile World Congress 2017 that's equally as small and slim.
Apple’s next iPhone will have a curved screen (The Wall Street Journal)
Apple Inc. has decided to adopt a flexible display for one model of the new iPhone coming out this year and has ordered sufficient components to enable mass production, people familiar with the matter said.
Table Tennis-Playing Robot PIngpongs It's Way Into The Record Books (Digital Trends)
Once unable to “even return a Ping-Pong ball” but now officially recognized by Guinness World Records for being the “first robot table tennis tutor,” Omron’s imposing bat-holding contraption has evidently come a long way over the last few years.
We had a 'Snake' battle on the new Nokia 3310, and I lost so badly (Mashable)
Before there was Candy Crush or Pokémon Go, there was only one game everyone played on their cellphones: Snake.
Politics
When asked if Obama was responsible for organizing some of the protests — including the widely-publicized demonstrations at GOP town hall meetings of late — Trump had this response…
Trump Ordering Review Of Obama Rule Protecting Small Streams (Associated Press)
President Donald Trump will sign an executive order Tuesday mandating a review of an Obama-era rule aimed at protecting small streams and wetlands from development and pollution.
Here's What To Expect When Donald Trump Addresses Congress (Forbes)
President Donald Trump delivers his first address as president to a joint session of Congress on Tuesday, February 28th. Will it be a carefully crafted performance via teleprompter? A rally style ad lib? Or some weird combination of the two? Technically, it's not a State of the Union address … or is it? Cartoon by Ted Rall.
President Donald Trump provided a confusing answer Monday when asked whether a special prosecutor should investigate connections his campaign and administration might have had with Russia.
Senate confirms billionaire investor Wilbur Ross as commerce secretary (Associated Press)
he Senate has confirmed billionaire investor Wilbur Ross as commerce secretary as President Donald Trump adds to his economic team.
Trump looks for reset with speech to Congress (Reuters)
Donald Trump gets a chance to put the rocky start to his presidency behind him on Tuesday night with a speech to the U.S. Congress where he will lay out his plans for the year including a healthcare overhaul and military buildup.
Trump to sign measure to bolster U.S.'s historically black colleges (Reuters)
U.S. President Donald Trump will sign a measure on Tuesday aimed at boosting government support for the nation's historically black colleges, a senior White House official said.
Trump accuses Obama of being behind town hall protests (Politico)
President Donald Trump blamed his predecessor, Barack Obama, for the outbreak of town hall protests across the country targeting Republican lawmakers and for the media leaks that have plagued his first month in office.
House Republicans Are Helping Donald Trump Keep His Tax Returns Secret (The Huffington Post)
Rep. Bill Pascrell (D-N.J.) on Monday proposed a resolution to invoke an obscure law allowing the Internal Revenue Service to turn over the president’s tax returns to the House Ways and Means Committee for review.
Trump Plans to Begin E.P.A. Rollback With Order on Clean Water (NY Times)
President Trump is expected to sign an executive order on Tuesday aimed at rolling back one of former President Barack Obama’s major environmental regulations to protect American waterways, but it will have almost no immediate legal effect, according to two people familiar with the White House plans.
Former US ambassador in talks to be deputy secretary of state (Business Insider)
Former ambassador to China and Singapore, and former Utah Gov. Jon Huntsman is said to be in talks for the deputy secretary of state post, US officials told The Wall Street Journal on Monday.
Trump on replacing healthcare law that took years to craft: 'Nobody knew it could be so complicated' (The Guardian)
Donald Trump told a room full of state governors on Monday that “nobody knew” replacing the massive Affordable Care Act, which expanded health coverage to 20 million Americans, would prove to be so “complicated”.
Health and Biotech
The 12 Deadliest Drug-Resistant Bacteria Have Officially Been Ranked (Science Alert)
In the face of rising antibiotic resistance, the World Health Organisation (WHO) has published its first ever list of the deadliest superbugs that threaten human health.
Life on the Home Planet
Rise in Arctic Ocean acid pinned on climate change (Engadget)
Climate change isn't just manifesting in polar regions through ice cracks. Researchers have learned that the Arctic Ocean saw a rapid rise in acid levels between 1994 and 2010, most likely from airborne carbon dioxide (aka a greenhouse dissolving into the water).
This Strange Physical Phenomenon Could Help Us Predict Where Massive Earthquakes Strike (Business Insider)
Earthquakes happen when there's a sudden release of energy from Earth's outer shell, causing the surface to shake. They're measured on the Richter scale, which basically records what level the tremor was: enough to shake a few tiles off a roof, or sufficient enough to destroy the building altogether.
Melting snow new danger for those fleeing to Canada from U.S. (Reuters)
Asylum seekers crossing in the dead of night into Canada from the United States may face a new danger in coming weeks, as heavy snowpack melts in the flood-prone U.S. northern plains and province of Manitoba.
