Financial Markets and Economy
U.S. Household Wealth Rose $2.04 Trillion in Fourth Quarter (Bloomberg)
Household wealth in the U.S. continued to increase in the fourth quarter as financial assets and real-estate values appreciated, figures from the Federal Reserve’s financial accounts reports, previously known as the Flow of Funds, showed Thursday.
ALBERT EDWARDS: The Fed is about to cause a bond market 'bloodbath' (Business Insider)
Societe Generale strategist Albert Edwards says higher interest rates will trigger a 1994-style "bloodbath" in the bond market.
This Crazy, Expensive Stock Market Is for Speculators, Not Investors (The Wall Street Journal)
Eight years ago today, investors were more pessimistic than they had been in many decades. Stocks had crashed back to where they stood almost 13 years earlier, banks were failing and comparisons to the Great Depression of the 1930s were routine. It was a great time to buy.
Treasuries Slump Worsens Before Jobs as Oil Drops: Markets Wrap (Bloomberg)
Oil’s lowest settlement since November added to concern that commodity-fueled inflation will wane. The selloff in Treasuries continued, while U.S. stocks finished little changed as European Central Bank optimism on global growth bolstered the euro.
Oil drops to lowest since OPEC deal, U.S. crude below $50/bbl (Reuters)
Oil fell about 2 percent on Thursday in heavy trade, extending the previous session's slump to prices not seen since an OPEC-led pact to cut production was agreed, as record U.S. crude inventories fed doubts about the effectiveness of the deal to curb a global glut.
The Russian ruble is plunging as oil tumbles below $50 (Business Insider)
The Russian ruble is plunging on Thursday. The petro-currency is down by 2.1% at 59.3843 per dollar as of 7:49 a.m. ET.
This move follows the earlier drop in oil prices. Brent crude oil, the international benchmark, is down by 2.0% at $52.02 per barrel as of 7:51 a.m. ET.
China Inflation Heads Off in Two Directions (The Wall Street Journal)
Another day, another confusing set of Chinese data—this time two measures of inflation heading in different directions.
Shale Billionaire Hamm Says Industry Binge Can ‘Kill’ Oil Market (Bloomberg)
Harold Hamm, the billionaire shale oilman, said the U.S. industry could "kill" the oil market if it embarks into another spending binge, a rare warning in a business focused on fast growth to compete with OPEC.
A Father of Fracking Seeks to Emulate Shale Boom in Alaska (Bloomberg)
A pioneer of the U.S. shale revolution wants to take fracking to America’s final frontier. Success could help revive Alaska’s flagging oil fortunes.
How to Become an International Gold Smuggler (Bloomberg)
As the minutes ticked by on the afternoon of April 28, 2015, Harold Vilches watched stoically while customs officers at Santiago’s international airport scrutinized his carry-on.
BILL GROSS: 'Our highly levered financial system is like a truckload of nitro glycerin on a bumpy road'Bond investor Bill Gross on Thursday warned that investors should not be tempted into buying high-flying equities and corporate bonds, given the possibility that US President Donald Trump might fail to enact policies that fuel economic growth.
What to Watch at Thursday’s ECB Meeting (The Wall Street Journal)
It’s two years since the European Central Bank launched its giant bond-purchase program, known as quantitative easing, and its efforts finally appear to be bearing fruit. Inflation in the 19-nation eurozone has suddenly jumped to 2%, slightly above the ECB’s target, after hovering around zero for years.
Euro, Bund Yields Spike As Draghi "No Longer Sees Urgency In Taking Further Actions" (Zero Hedge)
ECB President Draghi said the "balance of risks to growth has improved" and noted that The ECB had "removed reference to signal a sense of urgency." This combined with the removal of references to the use of all instruments has sparked EUR strength and Bund weakness.
Companies
Samsung Group chief denies all charges as 'trial of the century' begins (Reuters)
The head of South Korea's Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the "trial of the century" amid a political scandal that has rocked the country.
PPG Makes $22 Billion Offer for Paint Rival Akzo Nobel, Is Rejected (The Wall Street Journal)
Dutch paints and chemicals maker Akzo Nobel NV said Thursday it had rejected a €20.9 billion ($22.1 billion) offer from U.S. peer PPG Industries Inc., setting up a trans-Atlantic standoff between two long-lived industrial giants amid a wave of consolidation in the sector.
Rio Tinto Chairman Jan du Plessis to Step Down (The Wall Street Journal)
Rio Tinto said Chairman Jan du Plessis plans to step down in the coming year, ending a run of more than eight years at the world’s No. 2 mining company, which is facing scrutiny from authorities over some of its former African operations.
Toshiba's Westinghouse calls in U.S. bankruptcy lawyers: sources (Reuters)
Westinghouse Electric Co LLC, the U.S. nuclear power plant developer owned by troubled Japanese electronics giant Toshiba Corp, has brought in bankruptcy attorneys from law firm Weil Gotshal & Manges LLP, people familiar with the matter said on Wednesday.
Technology
STMicro shares slump on concerns over Apple supplies (Reuters)
Shares in chipmaker STMicroelectronics slumped on Thursday, making them among the worst performers in Europe, on concerns that it could be late on supplying some components for Apple's next-generation smartphone.
Airbnb closes $1B round at $31B valuation, profitable as of 2H 2016, no plans for IPO (Tech Crunch)
After the vacation marketplace Airbnb last year filed SEC forms raising $555.5 million, today the company filed a new form D that has closed off its Series F with an additional $447.8 million, bringing the total to more than $1 billion — or $1,003,312,065, to be exact.
Google's 4K digital whiteboard will retail for $5,000 in May (Engadget)
Google announced pricing and availability for its upcoming 4k digital whiteboard, dubbed the Jamboard, during its Next cloud computing conference in San Francisco on Thursday. The company first unveiled the device back in October and expects it to reach store shelves sometime in May.
Google Updates G Suite With New Google Drive Services For Business Customers (Digital Trends)
During the Google Cloud Next conference in San Francisco, the company introduced several new Google Drive tools for the enterprise sector. These include the official public rollout of Team Drives along with Google Vault for Drive, Drive File Stream, and a few more.
Crashing Drones Into Test Dummies for Safety (Bloomberg)
About 30 yards away, an eight-rotor unmanned copter hovered, buzzing like a swarm of bees. The 21-pound drone tilted forward, accelerated sharply and slammed into Hank’s head, smacking the crash-test dummy’s neck backward and embedding shards of shattered propeller in his plastic face.
China expresses concern at revelations in Wikileaks dump of hacked CIA data (Reuters)
China expressed concern on Thursday over revelations in a trove of data released by Wikileaks purporting to show that the CIA can hack all manner of devices, including those made by Chinese companies.
This small SUV nudges you when you start drifting off (Venture Beat)
Introduced with the 2017 model, the Honda CR-V has an interesting feature related to driver attention. It could help sleepy drivers, but even more, it could help drivers who check their phones too often and make sure they are paying attention.
5 Of The Maddest Gadgets At The London Wearable Tech Show (Digital Trends)
Is the world tired of wearable technology before it has even really taken off? We hardly saw any new wearables during Mobile World Congress, but at the London Wearable Technology Show, all kinds of fun, innovative, unusual, and just plain mad new gadgets were on display.
Politics
Opposition Mounts as GOP’s Health Bill Undergoes Review (The Wall Street Journal)
Groups representing hospitals, doctors and seniors are urging House Republican leaders to put the brakes on their plan to overhaul the Affordable Care Act, saying it risks stripping too many people of insurance and in some cases would hurt industry finances.
Ryan Ready to Twist Arms to Sell Obamacare Plan to House GOP (Bloomberg)
House Speaker Paul Ryan has used a soft touch to win over rebellious conservatives. But, with his Obamacare replacement bill at stake, he’s delivering a tougher message: It’s time to fall in line.
Gutting Dodd-Frank Is Hard, So Republicans Focus Elsewhere (Bloomberg)
Here’s the latest indication Wall Street regulations won’t be gutted anytime soon: Republicans who write financial laws are starting to focus on other things.
FBI Is Probing How WikiLeaks Obtained CIA Spy Tools (The Wall Street Journal)
Investigators are scrambling to uncover how an apparent trove of Central Intelligence Agency hacking tools ended up on a WikiLeaks website, and the initial focus is likely to fall on outside contractors at the spy agency, according to people familiar with the matter.
Macron consolidates lead over Le Pen in French election polls (Reuters)
Centrist Emmanuel Macron saw his position as favorite to win France's presidential election boosted on Thursday in two polls, with one showing him ahead of far-right leader Marine Le Pen in the first round of the two-stage contest.
Trump SEC nominee's online bio is scrubbed (Politico)
An online biography of Jay Clayton, the Wall Street lawyer tapped by President Donald Trump to lead the Securities and Exchange Commission, has been removed from the website of his firm as of Thursday.
Homeland Security Finally Vows To Fully Join Investigation Into ‘Hate-Inspired Attacks’ (The Huffington Post)
The Department of Homeland Security has pledged to support from the federal level on down investigations into crimes that include numerous bomb threats to Jewish institutions nationwide and shootings of Indian nationals.
Sturgeon says Scotland could hold independence vote in 'autumn of 2018' (Reuters)
Scotland could hold an independence referendum in the autumn of 2018, just months before Britain is due to leave the European Union, Scottish First Minister Nicola Sturgeon told the BBC, and a second poll in a month suggested rising support for secession.
GOP Congressman Asks Why Men Should Have To Pay For Prenatal Care (The Huffington Post)
Rep. John Shimkus (R-Ill.) suggested Wednesday that one reason Republicans are unhappy with the Affordable Care Act is because men must pay for health care plans that cover maternity services.
Health and Biotech
Simple Blood Tests for Rapid Concussion Diagnosis (Scientific American)
On playing fields across the country, nervous trainers stand on the sidelines, hoping none of their players will sustain a head injury. After years of denial, organizations such as the National Football League are finally beginning to recognize the dangers of concussion.
Life on the Home Planet
EPA chief disagrees that carbon dioxide is primary cause of global warming (Chicago Tribune)
The new chief of the Environmental Protection Agency said Thursday he does not believe that carbon dioxide is a primary contributor to global warming, a statement at odds with mainstream scientific consensus and his own agency.
Marines had swapped nude photos of female soldiers since last May (Engadget)
Last Saturday, the California-based Center for Investigative Reporting revealed that a Facebook group, Marines United, had been distributingnude photos of servicewomen for some time.
Three-Way Contest for Raqqa to Shape Mideast (The Wall Street Journal)
All roads lead to Raqqa—and as the Syrian conflict enters its sixth year, the outcome of the scramble for Islamic State’s de facto capital will shape the balance of power in the Middle East for the foreseeable future.
A 2,600-Year-Old Palace Has Been Discovered Under a Shrine Demolished by ISIS (Science Alert)
In some rare good news for locals of the war-torn city of Mosul in northern Iraq, a 2,600-year-old Assyrian palace has been discovered underneath a shrine that was demolished by ISIS back in 2014, complete with untouched artefacts and marble sculptures.
Syrian force a 'few weeks' from Raqqa, U.S. Marines deploy (Reuters)
U.S.-backed Syrian forces said on Thursday they were closing in on Islamic State-held Raqqa and expected to reach the city outskirts in a few weeks, as a U.S. Marines artillery unit deployed to help the campaign.
