News You Can Use From Phil’s Stock World

Financial Markets and Economy

The Biggest Risk From the Dollar's Drop May Not Be What You Would Guess (Bloomberg)

Whipsawed by the greenback and confronted by U.S. policy confusion, carry trades were supposed to be a rare bright spot for investors who want to stay away from the world’s biggest reserve currency.

These Charts Show Alarm Bells Ringing on the Trump Trade (Bloomberg)

Investors on Monday further unwound trades initiated in November resting on the idea that the election of Donald Trump and a Republican Congress meant smooth passage of an agenda that featured business-friendly tax cuts and regulatory changes.

Republicans’ Tax Overhaul Likely to Face Its Own Slings and Arrows (The Wall Street Journal)

Bruised and beaten by an intraparty fight over health care, Republicans are heading for what they see as safer political ground: A major tax bill. But they might be heading right into another minefield.

‘Project Scalpel’: Behind Big Banks’ Plan to Save $2 Billion (The Wall Street Journal)

Big banks have cut more than $40 billion of costs since the financial crisis. They aren’t done.

While prospects for revenue growth at banks have brightened since the election, a handful of the biggest firms are considering ways to slash still more from their back-office budgets.

Dollar hits four-month low as Trump trade deflates (Reuters)

The dollar fell to its lowest since November against a basket of currencies on Monday as investors lost confidence in prospects for a U.S. fiscal spending boost under President Donald Trump after his failure to pass a major healthcare reform bill.

China state firms eye land around Panama Canal: waterway authority (Reuters)

Chinese state firms have expressed an interest to develop land around the Panama Canal, the chief executive of the vital trade thoroughfare said, underlining China's outward push into infrastructure via railways and ports around the world.

The World Loves 'Made In Germany' [Infographic] (Forbes)

Products made in Germany enjoy the highest reputation among consumers worldwide, according to a new study. Statista's Made-In-Country-Index (MICI) 2017, shed light on the global reputation of products produced in 49 different countries (plus the EU).

Trump to sign order on Tuesday easing energy regulations: officials (Reuters)

President Donald Trump will sign an order on Tuesday aimed at making it easier for companies to produce energy in the United States, administration officials said on Sunday.

Risk Rout Eases as U.S. Stocks, Dollar Trim Losses: Markets Wrap (Bloomberg)

The selloff in riskier assets sparked by the Republicans’ health bill failure eased as investors assessed the prospects for the Trump administration’s pro-growth policies.

Will The Stock Market Crash In 2017? Investors Predict 10% ‘Correction’ In Share Prices (International Business Times)

The Dow Jones Industrial Average (DJI), like the Nasdaq Composite (IXIC) and Standard & Poor’s 500 (GSPC) indexes, appeared to recover somewhat from a precipitous drop on Monday morning from Friday’s market close.

After Health-Care Debacle, Markets Worry Trump Is ‘All Talk, No Action’ (NY Mag)

On Friday, President Trump’s plan to finance a large supply-side tax cut by throwing millions off of Medicaid died without a vote. This came as relief to America’s hospitals, retirees, low-income families, and children born with medical conditions.

SocGen Reveals The Best Trading Strategy Of The Year (Zero Hedge)

Despite the recent modest drop in stocks, the S&P remains just shy of all time highs, and near valuations which according to Goldman are at nosebleed levels and which market participants recently admitted are the most overvalued since 2000.

Companies

Toshiba shares rise after report Westinghouse may file bankruptcy Tuesday (Reuters)

Shares in Toshiba Corp (6502.T) rose on Monday morning after a report that U.S. unit Westinghouse Electric Co could file for bankruptcy protection as early as Tuesday and is seeking support from South Korea's Korea Electric Power Corp (015760.KS).

Amazon’s store of the future is delayed. Insert ‘Told ya so’ from skeptical retail execs. (Recode)

When I asked Target’s chief information and digital officer about Amazon’s new store of the future in January, he smiled.

Huishan Had Emergency Creditor Meeting Before Rout, Lender Says (Bloomberg)

China Huishan Dairy Holdings Co.’s creditors held an emergency meeting on Thursday to discuss a cash shortage at the milk producer, according to a peer-to-peer lender that attended the gathering.

Faraday Future cancels plans to build an assembly factory in California (Tech Crunch)

Faraday Future, the would-be Tesla rival facing well-documented challenges in terms of capitalization and efforts to bring its first production vehicle to market, has scrapped plans to construct an assembly facility and “experience center” (read: showroom) in Vallejo, California on Mare Island.

Shell and Anadarko mull clean break from Permian venture – executive (Reuters)

Royal Dutch Shell Plc (RDSa.L) and Anadarko Petroleum Corp (APC.N) may let a 10-year joint venture in the oil-rich Permian Basin of Texas expire and split their properties, hoping to speed up development, according to a senior Shell executive.

The Biggest Loser: Freeport-McMoRan Tumbles 4.7% (Barron's)

Freeport-McMoRan (FCX) led the S&P 500 today lower today after metal prices fell on concerns that President Donald J. Trump won’t be able to pass his pro-growth agenda.

Deutsche Bank in Bind Over How to Modify $300 Million Trump Debt (Bloomberg)

A small detail in Deutsche Bank AG’s loans to Donald Trump’s real-estate business has turned into a headache at the bank, as its effort has stalled to restructure part of the $300 million or so in debt.

Asset sales plan secures EU backing for $130 billion Dow, DuPont merger (Reuters)

Dow Chemical and DuPont won the blessing of the European Union for their $130 billion merger on Monday by agreeing to sell substantial assets including key research and development activities.

Technology

Uber puts self-driving cars back on the road following crash (The Washington Post)

The ride-hailing company said Monday that its vehicles would hit the streets of San Francisco, Pittsburgh and Tempe, Ariz., by the end of the day and resume picking up paying riders in the latter two cities.

Elon Musk's new company said to seek brain-computer link (CNet)

Elon Musk believes we are ready for a mind meld, but instead of connecting the brains of two Vulcans, a la "Star Trek," the billionaire entrepreneur wants to link human brains with computers.

Idaho is the second state to allow unmanned robots to deliver to your front door (Recode)

Idaho has become the second U.S. state to pass legislation to permit unmanned, ground-based delivery robots to rove around on sidewalks across the state.

Tesla Model 3 Ramp Up Aims to Crush BMW and Mercedes (Bloomberg)

One year ago this week, Elon Musk took to a stage to unveil his most important vehicle yet: the $35,000 Model 3. The electric five-seater accelerates as fast as the the best-selling luxury sport sedans in America—the BMW 3 Series and the Mercedes C Class—and costs about the same.

Family upset that Apple won’t unlock dead son’s iPad (Cult Of Mac)

Liam Wright from the U.K. died of bone cancer in December. He reportedly recorded his last wishes on his iPad because he found it too difficult to have the conversation with his family.

Competitive video gaming will be a $1.5 billion industry by 2020, researchers say (Business Insider)

You can say "it’s not a sport" all you want, but competitive video gaming — also known as eSports — is a thing, and, as this chart from Statista shows, it’s only expected to get bigger.

Politics

23 people ask the Justice Department to launch a criminal inquiry into its chief, Jeff Sessions (The Washington Post)

Nearly two dozen people from five states are accusing Attorney General Jeff Sessions of lying to the Senate Judiciary Committee about his communications with the Russian government and subsequently trying to cover up that lie, according to a complaint sent to the Department of Justice.

Kushner offers to meet with Senate Intel Committee over Russia meetings (CNN)

President Donald Trump's son-in-law, Jared Kushner, has volunteered to speak to the Senate Intelligence Committee as part of its investigation into Russian meddling in the US election, a White House spokesman said Monday, kicking off a critical week for Congress on the issue.

Forget ObamaCare, RyanCare, and any Future ReformCare–the Healthcare System Is Completely Broken (Of Two Minds)

As with many other complex, opaque systems in the U.S., only those toiling in the murky depths of the healthcare system know just how broken the entire system is.

Trump Signs Legislation Rolling Back Obama-Era Regulations (Associated Press)

It's part of a larger GOP effort to eliminate an array of regulations issued during President Barack Obama's final months in office and comes days after Trump's effort to repeal and replace "Obamacare" failed. Trump has made overturning what he deems government over-reach a centerpiece of his first months in office.

Democrats Weigh Next Steps on Neil Gorsuch’s Nomination (The Wall Street Journal)

Judge Neil Gorsuch, President Donald Trump’s pick for the Supreme Court, encountered no major problems in his Senate confirmation hearings last week, leaving Democrats with a thorny strategic choice about how hard to fight a nomination they likely can’t stop.

France's Le Pen says the EU 'will die', globalists to be defeated (Reuters)

The European Union will disappear, French presidential candidate Marine Le Pen told a rally on Sunday, promising to shield France from globalisation as she sought to fire up her supporters in the final four weeks before voting gets underway.

'Religious left' emerging as U.S. political force in Trump era (Reuters)

Since President Donald Trump's election, monthly lectures on social justice at the 600-seat Gothic chapel of New York's Union Theological Seminary have been filled to capacity with crowds three times what they usually draw.

How a Battle Over Fish Could Batter Brexit Talks (Bloomberg)

From the complexity of Europe’s fishing rules and the difficulty Britain has in breaking free from them, to the U.K. potentially using its leverage to get a better deal on other issues, it’s not hard to see why haggling over fish presents the Brexit negotiations in microcosm.

White House looks past conservatives on tax reform – to Democrats (Reuters)

Fresh off a defeat on U.S. healthcare legislation, the White House warned rebellious conservative lawmakers that they should get behind President Donald Trump's agenda or he may bypass them on future legislative fights, including tax reform.

U.S. government watchdog to review Mar-a-Lago trips, Trump hotel profits (Reuters)

A U.S. government watchdog has agreed to review how classified information is kept secure at President Donald Trump's Mar-a-Lago resort in Florida, the agency said on Monday, after Democratic lawmakers raised concerns about the issue last month.

Life on the Home Planet

Kremlin rejects U.S., EU calls to free detained opposition protesters (Reuters)

The Kremlin on Monday rejected calls by the United States and the European Union to release opposition protesters detained during what it said were illegal demonstrations the previous day and accused organizers of paying teenagers to attend.

United Airlines bars teenage girls in leggings from flight (Reuters)

Two teenage girls wearing leggings were barred from boarding a United Airlines flight on Sunday because they did not meet a dress code for special pass travelers, a company spokesman said amid a furor on social media.

Iraq Military Contradicts Claim U.S.-Led Coalition Airstrike Killed Civilians, Blames Islamic State (The Wall Street Journal)

The Iraqi military said Sunday a blast that killed scores of civilians in western Mosul was triggered by an Islamic State booby trap, contradicting local officials and residents who claimed a U.S.-led coalition airstrike caused the deaths.

The Raiders Are Leaving Oakland Again, This Time for Las Vegas (NY Times)

The N.F.L. on Monday approved the move of the Oakland Raiders to Las Vegas, casting aside decades of fears that putting a team in the gambling capital would corrupt the game, while sending the team to a new, growing but far smaller market.

U.S. tourist killed in London would not have borne ill feelings toward attacker: family (Reuters)

The family of U.S. tourist Kurt Cochran who was killed in last week's assault on the British parliament said on Monday he would not have borne any ill feelings toward the attacker.