Financial Markets and Economy
Oil slips after U.S. crude stocks build to record high (Reuters)
Oil prices ended slightly lower on Wednesday as record high U.S. crude supplies tempered expectations that the market will rebalance as evidence emerges that OPEC producers are complying with an agreement to cut production.
Dow Surges 303 Points to Top 21000 (The Wall Street Journal)
The Dow Jones Industrial Average surged more than 300 points to cross 21000 for the first time, as investors embraced optimism from President Donald Trump and Federal Reserve officials.
Euro-Area Manufacturing Picks Up as Inflation Pressures Build (Bloomberg)
Euro-area manufacturing accelerated for a sixth month in February amid signs that inflation pressures may be starting to build as factories struggle to keep up with demand.
Here are the 13 US housing markets that would be most affected by rising interest rates (Business Insider)
US homebuyers are most concerned about rising interest rates, but they still plan to go ahead with their initial buying plans, according to survey results released by Zillow Group Mortgages.
Investors Clamor for U.S. Corporate Debt as New Sales Slow (Bloomberg)
Investment-grade corporate bond sales were $95.8 billion in February, the worst February since 2014 and 14 percent below the monthly average for issuance for the last three years, according to data compiled by Bloomberg.
Venezuela is down to its last $10 billion (CNN)
Venezuela only has $10.5 billion in foreign reserves left, according to its most recent central bank data.
For rest of the year, Venezuela owes roughly $7.2 billion in outstanding debt payments.
Gold And Silver: Opportunity Of A Lifetime? (Forbes)
Over the past 39 years, I have rarely used the words “opportunity of a lifetime.” However, I feel there is a good chance of another one in progress. Let’s look at gold since the late 1970s. History may not exactly repeat, but often it rhymes.
China’s Richest Win, Mexican Billionaires Lose With Trump Effect (Bloomberg)
The 36 Chinese billionaires on the Bloomberg Billionaires Index have increased their wealth by 13.2 percent since the real estate mogul was elected U.S. president on Nov. 8, a $39.2 billion increase that’s pushed their combined net worth to $336 billion.
Bitcoin climbs to a fresh record high (Business Insider)
An aggressive bid has the cryptocurrency up 2.1% at $1,204.43 per coin as traders continue to pile in ahead of the upcoming Securities and Exchange Commission ruling on whether or not it will approve at least one of the three proposed bitcoin-focused exchange-traded funds by the March 11 deadline.
Six Chinese Billionaires Spring Up With Delivery Fortunes Worth $47 Billion (Bloomberg)
Shuttling parcels around for Alibaba and other retailers is creating China’s latest wealth explosion, with a surge in shares of S.F. Express making Wang Wei the country’s third-richest man.
S&P 500 Could Top 4,000 in Eight Years and It's Not Because of Trump (Bloomberg)
Donald Trump’s first five weeks on the job have been pretty good for the stock market. By one measure, investors haven’t seen anything yet.
Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO (Bloomberg)
Saudi Arabian Oil Co. expanded its ownership of refineries and petrochemical plants in Indonesia and Malaysia with investments totaling $13 billion as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market.
Old School Trading Pits to Remain After High-Tech Exchange Deal (Bloomberg)
When Roma Colwell-Steinke arrived at the Chicago Board Options Exchange in October 1989, she couldn’t believe how many floor traders there were in their colorful jackets, calling out orders.
Fed’s Beige Book says business optimism has cooled a bit (Market Watch)
The Federal Reserve’s so-called Beige Book, a collection of anecdotes about the economy gathered before the central bank makes interest-rate decisions, said “businesses were generally optimistic about the near term but to a somewhat lesser degree than in the prior report.”
How Blockchain Is Changing Finance (Harvard Business Review)
Our global financial system moves trillions of dollars a day and serves billions of people. But the system is rife with problems, adding cost through fees and delays, creating friction through redundant and onerous paperwork, and opening up opportunities for fraud and crime.
Companies
SEC advisory committee to question Snap's transparency for investors (Reuters)
An investor committee that advises the U.S. Securities and Exchange Commission will next week review if Snap Inc's decision to deny shareholders voting rights might also reduce the social media company's public disclosures on executive pay and other governance matters, the head of that committee told Reuters on Wednesday.
Snap values itself at nearly $24B with its IPO pricing (Tech Crunch)
Snap has given a final price for its IPO, setting the company’s valuation at nearly $24 billion with a price of $17 per share, according to a report by The Wall Street Journal.
Foxconn Still Looking at Building U.S. Plant as It Opens Factory in China (The Wall Street Journal)
The world’s largest electronics manufacturer is still talking about building a flat-panel plant in the U.S. But in China, Foxconn Technology Group is moving ahead with an $8.8 billion factory that underscores how big a gap remains.
Best Buy surprises with weak holiday sales, bleak forecast (Reuters)
Best Buy Co Inc (BBY.N) reported an unexpected decline in same-store sales for the holiday quarter and warned of another surprise drop this quarter, highlighting electronic retailers' ongoing struggles with competition from online stores.
Technology
Facebook adds more suicide prevention tools (CNet)
Facebook is adding more tools to help prevent suicide.
The social network is integrating help into Facebook Live and Messenger and using artificial intelligence to streamline reporting of suicidal red flags, according to a company blog post Wednesday.
Reprintable Paper Becomes a Reality (The Conversation)
Since its invention around 100 B.C. in China, paper as a material for spreading information has greatly contributed to the development and spread of civilization. Even in today’s information age, with electronic media omnipresent in homes, offices and even our pockets, paper still plays a critical role.
Chevy's Augmented Reality Test Drive Puts You Behind The Wheel Of Your Dream Car (Digital Trends)
But the car company isn’t employing Unreal Engine 4 to drive a new video game experience. Instead, this technology is changing the concept of car customization at Chevrolet.
Amazon affiliate pay changes are making websites nervous (Engadget)
If you've been around the web for long enough, you've probably noticed that some sites depend heavily on Amazon affiliate links to make money. Engadget uses them for product page "buy now" buttons, but there are some sites where they absolutely dominate — think The Wirecutter and others where store links are front and center.
Foursquare lets other apps use its core location tech (Engadget)
Foursquare has been willing to offer its place data to outside partners, but it has long kept its location awareness tech, Pilgrim, close to the vest. Now, though, it's opening things up: the company has released a developer kit for Pilgrim, letting other apps take advantage of Foursquare's positional wizardry.
Google Is Ramping Up MacOs Protection In Safe Browsing To Combat Malware (Digital Trends)
Safe Browsing, Google’s in-browser warning system, has announced a number of new updates to help protect against malware in MacOS.
FCC votes to negate broadband privacy rules (Tech Crunch)
As new FCC Commissioner Aji Pai telegraphed last week, the Commission voted today to stay a set of privacy rules for broadband providers, adopted last year, which would have come into effect tomorrow.
Politics
In speech, Trump tries to turn from divisive to deal-maker (Reuters)
U.S. President Donald Trump showed a different side in his first address to Congress. This Trump was part deal-maker, part salesman, asking for unity and trying to repackage his populist message in more palatable terms.
Left Out of Trump’s Big Speech, Russia Wonders What It Means (Bloomberg)
After months as the focus of heated controversy over its alleged interference in the U.S. presidential election campaign, Russia is pondering what it means to be left out of Donald Trump’s first address to Congress.
EU to Reject Trump’s Protectionism at Summit, Draft Shows (Bloomberg)
European Union leaders will seek to distance themselves from President Donald Trump’s views on trade and looser financial regulation when they hold a summit next week as they set out their vision ahead of crucial elections in the coming months.
White House Says Conway Acted 'Inadvertently' When She Plugged Ivanka's Products (NPR The Two Way)
White House adviser Kellyanne Conway acted "inadvertently" when she urged shoppers to buy Ivanka Trump's products on Fox and Friends last month and won't make the same mistake again, the Trump administration says.
Donald Trump Asks Congress to Unite Behind Health Care, Tax Overhauls (The Wall Street Journal)
President Donald Trump turned from the ominous language that characterized his major campaign speeches as he delivered Tuesday an impassioned plea for Congress to capitalize on a political uprising and unite behind major overhauls of health-care and tax laws.
Trump’s Softer Tone Masks Hard Road Ahead for Agenda in Congress (Bloomberg)
President Donald Trump on Tuesday cast aside the dark rhetoric of carnage and conflict that defined the start of his administration and left in its place a recitation of familiar campaign promises with few details on how he’d turn them into reality.
France's Fillon denounces probe, fights on for presidency (Reuters)
Conservative Francois Fillon promised on Wednesday to fight "to the end" in France's presidential election despite a deepening financial scandal, but his campaign suffered new blows as a top aide resigned and a party backing him suspended its support.
UK PM May's Brexit plan suffers hitch in parliament (Reuters)
Britain's upper parliamentary house dealt a defeat to Theresa May's government on Wednesday, voting for a change to her Brexit plan that says she can only trigger divorce talks if she promises to protect EU citizens' rights.
Health and Biotech
Gene therapy ‘cures’ boy of blood disease that affects millions (New Scientist)
A teenage boy with an inherited disease that affects millions worldwide seems to have been cured using gene therapy. The treatment appears to have stopped the painful symptoms of sickle cell disease, demonstrating the potential for gene therapy to treat common genetic diseases.
Autoimmune disorders linked to an increased risk of dementia (New Scientist)
People who have autoimmune disorders may be 20 per cent more likely to develop dementia. That’s according to an analysis of 1.8 million hospital cases in England.
Life on the Home Planet
Ex-CIA spy freed in Portugal, avoids extradition over kidnapping (Reuters)
A former CIA officer convicted of involvement in the 2003 kidnapping of an Egyptian cleric in Italy was released by authorities in Lisbon, Portugal on Wednesday after winning a last-minute reprieve from extradition.
In Mosul, Residents Rebuild as Iraqi Forces Fight Islamic State (The Wall Street Journal)
Ibrahim Akram carried a 3-foot hookah pipe down a bombed-out street recently in the part of Mosul recaptured from Islamic State by Iraqi forces, basking in the freedom to enjoy a smoking habit that drew beatings from the extremists.
U.S. general wants Russia to open up major exercise to observers (Reuters)
The U.S. Army's top European commander on Wednesday called on Russia to open its major military exercise later this year to observers to assuage the anxieties of its neighbors.
South Korea, U.S. begin large-scale annual drills amid North Korea tension (Reuters)
South Korean and U.S. troops began large-scale joint military exercise on Wednesday conducted annually to test their defense readiness against the threat from North Korea, which routinely characterizes the drills as preparation for war against it.
Traces in rock may be the oldest evidence of life on Earth ever (New Scientist)
Are we closing in on life’s cradle? What is claimed to be the oldest evidence of life on Earth yet found backs the idea that the first microbes originated around hydrothermal vents on the seafloor – but the work is already proving controversial.
