Financial Markets and Economy
Top News: Trump's Second Travel Ban Is Blocked by U.S. Judge in Hawaii (Bloomberg)
A Hawaii federal judge halted President Donald Trump’s revised travel ban, slamming it for discriminating against Muslims and handing the administration another setback on a core campaign issue.
The decision by U.S. District Judge Derrick Watson blocks a 90-day ban on new visa approvals for people from six Muslim-majority nations. States and advocacy groups were joined by technology companies and universities in challenging the executive order that they said damaged the economy and was at odds with the nation’s founding principles.
Yellen Calms Fears Fed's Policy Trigger Finger Is Getting Itchy (Bloomberg)
Federal Reserve Chair Janet Yellen sought to reassure investors that the central bank’s latest interest-rate increase wasn’t a paradigm shift to a trigger-happy policy driven by fears of faster inflation.
Does the Stock Market Care Who the President Is? (A Wealth of Common Sense)
Plenty of ink has been spilled by pundits, economists, portfolio managers, strategists and the financial media about what President Donald Trump’s economic plans, cabinet selections, trade talk, fiscal policy and other ideas will mean for the markets. Some see the Trump rally since early November as a sign that investors believe his policies will be market-friendly for the next four years. Others see the surge — part of the eight-year long bull market — as little more than a sugar high and predict Trump is likely to crash the markets through policy mistakes or a poorly worded tweet.
Pound Tumbles in Delayed Reaction as May Gets Brexit Go-Ahead (Bloomberg)
The pound tumbled against all of its Group-of-10 peers, touching an eight-week low versus the dollar, after U.K. Prime Minister Theresa May was given the go-ahead to trigger Brexit.
Proof Wall Street Is Still a Boys’ Club (Bloomberg)
Last week a statue of a young girl was temporarily installed in New York’s Financial District to mark International Women’s Day. Called The Fearless Girl and sponsored by State Street Corp., she was depicted bravely facing off against the bronze bull that’s become a symbol of Wall Street.
How the Fed Convinced Markets It’ll Raise Rates This Week (Bloomberg)
Investors see a Federal Reserve rate increase this week as a sure bet, a major shift from the small chance they assigned to a March hike coming out of the central bank's last meeting on Feb. 1.
The Monumentally Expensive Quest to Pull Off an Alaskan Oil Miracle (Bloomberg)
In the subzero twilight, when the Arctic winds snarl, snow and cloud stretch to every horizon in a seamless vault of spectral white. Beyond the tundra, five miles out on the frozen sea, oil workers from a tiny outfit called Caelus Energy have welded the drilling rig shut against trespassing polar bears.
Why Robert Shiller Is Worried About the Trump Rally (Bloomberg)
The last time Robert Shiller heard stock-market investors talk like this in 2000, it didn’t end well for the bulls.
Oil Rises as U.S. Crude Supplies Drop First Time Since December (Bloomberg)
Futures rose 2.4 percent in New York, the biggest gain since January. U.S. crude inventories fell by 237,000 barrels last week, according to an Energy Information Administration report on Wednesday.
Le Pen Win Would Wipe Out 25% From French Bank Shares, Citi Says (Bloomberg)
rench lenders would lose about a quarter of their market value on average should the anti-euro candidate win in May, Citigroup analysts forecast. While they see a low likelihood of that given recent voting polls, lessons from unexpected outcomes in the U.K. and U.S. last year has Citigroup asking “what if?”
German investor morale improves less than expected in March (Reuters)
The mood among German investors improved less than expected in March, a survey showed on Tuesday, as uncertainty about the outcome of major European elections and their effect on the growth outlook for Europe's biggest economy remained high.
Fed raises rates, sees two more hikes this year (Yahoo Finance)
For the first time this year, the Federal Reserve raised interest rates, a widely expected move following strengthening economic reports and signals from Fed officials.
As Trump Targets Nafta, Car Industry Aims to Roll With the Changes (The Wall Street Journal)
Auto executives say they can adapt to taxes or other curbs on imports, even as industry advocates insist such moves will dent sales and eat into profit.
High-frequency trading has reshaped Wall Street in its image (Market Watch)
So wrote Credit Suisse on Wednesday, in a report that outlines the huge impact that high-frequency trading has had on Wall Street, resulting in much higher overall trading activity and a bias toward parts of the market that are easiest to trade with high-frequency strategies. In other words, high-frequency has reshaped the financial industry in its image.
It's a Good Time to Find a Job in These Countries, But Don't Expect a Big Raise (Bloomberg)
Unemployment is falling almost everywhere. Wages aren’t rising much anywhere.
From York, U.K. to Montreal, and Osaka to Seattle, it’s a pretty good time to be looking for a job as a member of the labor force in many developed countries.
Trump Shift Puts Landmark Korean Trade Pact at Risk (The Wall Street Journal)
American and Korean captains of industry gathered on Wednesday in a convention center here to mark the fifth anniversary of the U.S.-South Korean trade pact. But it was a nervous celebration.
Where does the Fed go from here? Wall Street pros weigh in (Market Watch)
The U.S. central bank on Wednesday raised interest rates on cue, but it left Wall Street wondering about its next step. After a lot of aggressive talk recently by Federal Reserve honchos, Fed Chairwoman Janet Yellen appeared to dial back expectations for another rate hike in June.
G-20 Checks In for Detox as Germany Seeks Backing for Free Trade (Bloomberg)
Currency complaints and the threat of trade wars are making global economic affairs the most toxic they’ve been in years. So the world’s top policy makers are heading for a spa treatment.
U.K. Jobless Rate Matches Lowest Since 1975 as Pay Slows (Bloomberg)
The U.K. jobless rate matched its lowest since 1975 in the three months through January but Britons are seeing their wages go nowhere.
After the Fed rate hike, credit-card holders could pay an extra $1.6 billion (Market Watch)
The Federal Reserve raised its target range for federal funds by a quarter percentage point to 0.75%-to-1% on Wednesday, and signaled two more rate increases in 2017. Put another way, this increases how much banks will be charged to borrow money from Federal Reserve banks.
Steve Cohen Is Trying to Teach Computers to Think Like Top Traders (Bloomberg)
Steven A. Cohen got rich by going with his gut on big trades. Now the billionaire trader is experimenting with another path: automating the decisions of his best money managers.
Companies
Waning Sales Force Layoffs By Gun Maker in New York (The Wall Street Journal)
Remington Outdoor Co. has laid off more than 120 workers at an upstate New York factory in response to falling demand for firearms, dealing a blow to an upstate village of 8,000.
Volkswagen leaves door open on M&A as VW brand struggles (Reuters)
Volkswagen (VOWG_p.DE) left the door open to a potential tie-up with Fiat Chrysler or another rival on Tuesday, as a drop in operating profit at its biggest car brand showed the challenges it still faces 18 months on from its emissions scandal.
Macquarie Loosens Trading-Research Link With a la Carte Service (Bloomberg)
The Australian bank introduced a service this year that helps solve two problems facing asset managers: they have to trade a lot before getting access to research from big brokers; and regulations taking effect next year will prohibit that kind of arrangement.
The Most Important Player in the AIG CEO Resignation: Carl Icahn (The Wall Street Journal)
The person at the center of last week’s surprise change atop insurance giant American International Group Inc. wasn’t Peter Hancock. It was activist investor Carl Icahn.
Here’s what Tesla plans to do with the $1.15 billion in stock and debt it aims to raise (Market Watch)
Tesla Inc. said late Wednesday it will sell $250 million in stock and $750 million in convertible senior notes to cut down on risk ahead of the Model 3 launch.
Zara Owner's Margin Shrinks to Eight-Year Low on Currencies (Bloomberg)
Inditex SA’s profitability shrank to an eight-year low as the world’s largest clothing retailer was confronted with adverse currency swings, higher garment costs and increasing competition.
Technology
Musk's bold offer of Tesla batteries won't solve Australia's power problems: Russell (Reuters)
Australia is becoming an interesting microcosm on how to, or how not to, transition an economy from being predominantly powered by coal to more climate-friendly alternatives.
Fossil's smartwatches start receiving Android Wear 2.0 (Engadget)
Fossil may have been a bit late to introducing Android Wear watches, but it's one of the fastest out of the gate with the Android Wear 2.0 upgrade. The fashion brand has started rolling out Google's latest software to its Q Founder, Q Marshal and Q Wander watches as of today.
How machine learning can solve wireless network issues (Venture Beat)
Wi-Fi is crucial to the way we work today. Fast, reliable, and consistent wireless coverage in an enterprise is business-critical. Many day-to-day operations in the enterprise depend on it. And yet, most of the time, IT teams are flying blind when it comes to individual experience. This springs from two main challenges.
We-Vibe Settles For $3.7M In 'Spying Vibrator' Data Suit (Forbes)
Like other vendors of smart sex toys, the makers of We-Vibe couples' toys have recently faced concern over collection of customers' intimate data via the company's connected vibrators. Following a customer lawsuit, the Canadian start-up now must also pay the price of having users feel their privacy's been invaded.
Why you probably won’t bother owning a car soon (Venture Beat)
In 2015, only seven companies were licensed to test prototypes for autonomous vehicles on California roads. Today, that number has more than doubled, with 27 companies now licensed.
Seriously, this skull-drilling robot is good news for humanity (Tech Crunch)
When someone invents a robot specifically made to drill into the skulls of unconscious, immobile humans, you’d be forgiven for feeling a natural reaction along the lines of “for the love of god, why?” But trust me, this particular robotic trepanation station is a good idea.
Popular teen social app Wishbone hacked (Engadget)
Popular teen social networking app Wishbone was hacked, according to a report today from Motherboard. Now, millions of email addresses and thousands of cell phone numbers are circulating the internet, many of them from kids under 18.
Politics
Debt Ceiling Fight May Be Too Tempting for Trump to Pass Up (Bloomberg)
Treasury Secretary Steven Mnuchin has raised the alarm on the U.S. debt ceiling, and Republican leaders insist they won’t push it to the limit as in past years by using it as a bargaining chip for deep spending cuts.
Tillerson used email alias at Exxon to talk climate: New York attorney general (Reuters)
U.S. Secretary of State Rex Tillerson, the former chairman and chief executive of Exxon Mobil Corp, used an alias email address while at the oil company to send and receive information related to climate change and other matters, according to New York Attorney General Eric Schneiderman.
New York to Get More Rain and Less Snow (Bloomberg)
A slight wobble in the path of a late-winter storm will mean more rain and sleet and less snow than predicted for New York and the U.S. East Coast even as the system grows in strength on its journey north.
No Evidence Trump Tower Was Tapped, House Intelligence Chairman Says (Bloomberg)
The House Intelligence Committee has found no evidence so far to back up President Donald Trump’s claim that Trump Tower was wiretapped during last year’s presidential campaign, the panel’s Republican chairman said Wednesday.
South Korean prosecutors to summon ousted president Park (Reuters)
South Korean prosecutors will summon ousted president Park Geun-hye for questioning as a suspect in a corruption case that led to her impeachment, a prosecution official said on Tuesday, amid a political crisis that has gripped the country for months.
Exit poll gives Dutch PM Rutte big lead over far-right Wilders (Reuters)
The Netherlands' center-right Prime Minister Mark Rutte roundly saw off a challenge by anti-Islam, anti-EU Geert Wilders in an election on Wednesday, exit polls said, a huge relief to other EU governments facing a wave of nationalism.
Where Are the Battlegrounds in the Dutch Election? (Bloomberg)
In the last election in 2012, Prime Minister Mark Rutte's Liberals emerged as the largest party while Labor, his eventual coalition partner, swept the big cities. This year's election is looking much more open.
Saudi deputy crown prince, Trump meeting a 'turning point': Saudi adviser (Reuters)
Saudi Arabia hailed a "historical turning point" in U.S.-Saudi relations after a meeting between U.S. President Donald Trump and Deputy Crown Prince Mohammed bin Salman highlighted the two leaders' shared view that Iran posed a regional security threat.
GOP Senators Say House Health Bill Won’t Pass Without Changes (The Wall Street Journal)
Republican senators, alarmed by a nonpartisan report showing millions would lose insurance under the GOP health-care plan, warned Tuesday that the bill wouldn’t become law without fundamental changes.
Angela Merkel to Meet Donald Trump Amid Host of Policy Differences (The Wall Street Journal)
President Trump often slammed Angela Merkel on the campaign trail, calling her refugee policy “insane.” When the German chancellor meets her new American counterpart for the first time this week, she will come face to face with the gaping differences over that and a host of trade and other policies clouding a vital trans-Atlantic relationship.
Tillerson's email alias was prompted by business needs, Exxon says (Reuters)
U.S. Secretary of State Rex Tillerson, while chief executive of Exxon Mobil Corp (XOM.N), used an alias for emails with employees and board members because his primary account was jammed with too many messages, the oil company said on Tuesday.
House Republicans Take Their Own Path on Trump’s Border Wall (Bloomberg)
President Donald Trump’s promise to build a fortified barrier on the U.S.-Mexico border is about to hit a wall of its own: Members of Congress with different ideas on how to curb illegal immigration.
Conservative website only media on Tillerson plane to Asia (Reuters)
U.S. Secretary of State Rex Tillerson flew to Asia accompanied by only one journalist on his aircraft, a reporter from a website founded by former Republican political operatives, in a departure from decades of practice.
After six years, Assad now secure but his country carved up as war thunders on (Reuters)
Six years since the start of the uprising against President Bashar al-Assad, he is winning on the battlefield but Syria's civil war is far from over, with his once stable country broken into fiefdoms ruled by rebels and warlords.
Life on the Home Planet
U.S. East Coast Braces for Late-Winter Blizzard (The Wall Street Journal)
A classic nor’easter is expected to lash the East Coast with snow and blizzard conditions Tuesday, bringing a late blast of winter to a region where residents only recently thought spring was in the air.
Russia appears to deploy forces in Egypt, eyes on Libya role – sources (Reuters)
Russia appears to have deployed special forces to an airbase in western Egypt near the border with Libya in recent days, U.S., Egyptian and diplomatic sources say, a move that would add to U.S. concerns about Moscow's deepening role in Libya.
EU headscarf ban ruling sparks faith group backlash (Reuters)
Companies may ban staff from wearing Islamic headscarves and other visible religious symbols under certain conditions, the European Union's top court ruled on Tuesday, setting off a storm of complaint from rights groups and religious leaders.
German police raid flats, shut mosque visited by Berlin truck attacker (Reuters)
German authorities on Tuesday raided apartments linked to a mosque in the city of Hildesheim visited by Tunisian failed asylum seeker Anis Amri, who drove a truck into a Berlin Christmas market in December and killed 12 people.
Somali pirates hijack first commercial ship since 2012 (Reuters)
Pirates have hijacked an oil tanker with eight Sri Lankan crew on board, Somali authorities said on Tuesday, the first time a commercial ship has been seized in the region since 2012.
Iraqi troops seize main bridge, advance on mosque in battle for Mosul (Reuters)
Iraqi government forces battling Islamic State for Mosul took control of a main bridge over the Tigris river on Wednesday and advanced towards the mosque where the group's leader declared a caliphate in 2014, federal police said.
