Financial Markets and Economy
Earnings Elation Is Giving Trump Stock Bump Its Margin of Error (Bloomberg)
Mystified about how the Trump stock bump keeps surviving presidential setbacks? Look at a pillar of the trade that predates his election.
Huge range of sterling forecasts clouds horizon for Brexit talks (Reuters)
A company wanting to insure its revenues or financial investments against further falls in the currency could pay 4.8 percent on Tuesday, back to late 2015 levels, for "put" options that start generating a profit if sterling falls to $1.20.
The Great Nevada Lithium Rush to Fuel the New Economy (Bloomberg)
John Rud has been riding the peaks and valleys of the commodities markets around North America since he left the University of Oregon 55 years ago with a master’s degree in geology. “The valleys are real broad, and the peaks are real narrow,” he likes to say. Copper in Canada. Silver in Texas.
Euro-Area Economic Confidence Unexpectedly Slips in March (Bloomberg)
Euro-area economic confidence unexpectedly slipped this month, an indication that the region’s recovery may not be as immune from political uncertainty as anticipated.
German engineering industry expects rise in exports to U.S. (Reuters)
Germany's engineering association expects exports to its top foreign market, the United States, to rise this year after a slide in 2016 as business sentiment is underpinned by a rising oil price and the absence of last year's election uncertainty.
Businesses That Serve Immigrants Feel Pinched by Trump’s Moves (The Wall Street Journal)
With business drying up at her store that cashes checks, wires money and sells office supplies, Nadine Robinson fears she won’t be able to make payroll and rent.
European Stocks Hold Steady as Traders Assess Fed Rate-Hike Path (Bloomberg)
European stocks were little changed as investors assessed the trajectory of Federal Reserve interest-rate increases in 2017 and studied the U.S. administration’s plans to proceed with its tax and investments agenda.
Firms demand EU deal ensures their survival as May triggers Brexit (Reuters)
Carmakers and airlines easyJet and Ryanair demanded Britain secure a Brexit deal which preserves their access to Europe, warning any barriers to trade could risk the future of car plants and ground flights between the UK and the continent.
EU Blocks LSE, Deutsche Börse Merger (The Wall Street Journal)
The European Union on Wednesday formally blocked the proposed tie-up between Deutsche Börse AG and London Stock Exchange Group PLC primarily on concerns the merger would effectively create a monopoly in the clearing of fixed-income trading in Europe.
Asian Stocks Fall Before U.S. GDP, Jobs Data; Energy Shares Rise (Bloomberg)
Asian equity investors continued to look to the U.S. for guidance as most markets in the region fell ahead of data that could give clues to the sustainability of gradual rates increase in the world’s biggest economy.
The UK and European stock markets are totally flat the day after Prime Minister Theresa May triggered Article 50 of the Lisbon Treaty and formally began the process to take Britain out of the EU.
Five Things You Need to Know to Start Your Day (Bloomberg)
The busy week for Fed speakers continues, the work begins on Brexit, and euro-area inflation starts to weaken. Here are some of the things people in markets are talking about today.
The pound is rising against the dollar and euro the day after Article 50 was triggered (Business Insider UK)
The pound is up 0.24% against the dollar to $1.2465 at 12.50 p.m. BST (7.50 a.m. ET) and up 0.5% against the euro to €1.1608 at the same time.
Oil producers may keep output lower for longer, say traders (The Wall Street Journal)
Oil producers’ efforts to cut production have fallen short of draining the overhang of stocks to the level they were targeting, meaning cuts are likely to go on longer, oil traders said.
Gold trades lower, on pace for 3rd straight decline (Market Watch)
Gold futures on Thursday traded lower, putting prices for the yellow metal on track to register a third straight decline as the U.S. dollar regained its footing above a key level.
What Should Investors Know About Guyana's Oil Industry? (Forbes)
Guyana is not usually mentioned as one of the top targets for investment in Latin America. The country, which has a population of around 800,000 and a landmass roughly equivalent in size to Kansas, sits sandwiched between Suriname and Venezuela.
Companies
McDonald’s to switch to fresh beef in quarter pounders (The Wall Street Journal)
McDonald’s Corp. will switch to fresh beef from frozen in its Quarter Pounder burgers at the majority of its restaurants nationwide by mid-2018 in one of the biggest moves the company has made to turn around its struggling U.S. business.
HSBC's Turkey Unit Sees Return to Profit After Restructuring (Bloomberg)
HSBC Holdings Plc’s Turkish unit is aiming to post a profit this year after the parent company scrapped plans for a sale and reorganized the lender.
Aramco Hires JPMorgan, Morgan Stanley, HSBC for IPO Roles (Bloomberg)
Saudi Arabian Oil Co. has appointed JPMorgan Chase & Co., Morgan Stanley and HSBC Holdings Plc for key roles on its initial public offering, according to people familiar with the matter, as it moves ahead with its plans for what could be the world’s biggest share sale.
Ford is hiring 400 BlackBerry engineers to work on connected cars (The Wall Street Journal)
Ford Motor Co. is hiring 400 engineers from BlackBerry Ltd’s BBRY, -0.71% mobility-solutions unit to work on development of internet-connected vehicles, according to people briefed on the matter.
Amazon and Facebook Hit Unexpected Obstacle in India: China (The Wall Street Journal)
As the U.S.’s top tech brands ramp up operations in India, they are running into unexpected resistance: Their Chinese equivalents are stepping in to bolster their Indian competitors with billions of dollars in investments and expertise.
Technology
Phone scammers are tricking people with claims of an iCloud hack (Business Insider)
If you get a phone call claiming to be from Apple warning of an iCloud breach, beware: It's a trick.
Telephone scammers are cold-calling people, claiming that iCloud, Apple's cloud service, has been hacked, and asking them to give up their accounts details.
The Samsung Galaxy S8 voice assistant Bixby won't recognise British accents when the phones launch in the UK (Business Insider UK)
Samsung has touted Bixby, its rival to Siri, Cortana, and Google Assistant, as a major new feature on the Galaxy S8 and S8+, but the voice assistant won't recognise British accents when the phones launch in the UK.
Toyota is using AI to hunt for new battery materials (Engadget)
Toyota has turned to artificial intelligence for help in the hunt for new advanced battery materials and fuel cell catalysts. The Toyota Research Institute (TRI) is investing $35 million into the project and is teaming up with various institutions and companies, including MIT and Stanford University.
Marshall's next long-lasting wireless headphone has a familiar look (Engadget)
Until now, if you wanted a set of wireless headphones that matched your Marshall guitar amp, you had to choose between two on-ear options. Today, the company revealed an over-ear model in the Monitor Bluetooth.
Politics
'No turning back': PM May triggers 'historic' Brexit (Reuters)
Prime Minister Theresa May formally began Britain's divorce from the European Union on Wednesday, declaring there was no turning back and ushering in a tortuous exit process that will test the bloc's cohesion and pitch her country into the unknown.
After GOP Health Bill’s Demise, More States Weigh Expanding Medicaid (The Wall Street Journal)
A growing number of states are considering expanding their Medicaid programs under the Affordable Care Act, after last week’s abrupt collapse of the GOP health bill and a development that could make it harder for Republicans to undo the law in the future.
Paul Manafort Received Loans From Another Former Trump Adviser’s Bank (The Wall Street Journal)
Paul Manafort, the onetime campaign chairman for President Donald Trump who did lucrative consulting for Ukrainian tycoons, faced foreclosure on several real-estate investments but received a $16 million lifeline through another former Trump adviser, real estate and court records show.
Germany to block right-winger from ceremonial post in parliament (Reuters)
German Chancellor Angela Merkel's coalition will change the rules for the ceremonial post of doyen of parliament after it emerged that an anti-immigrant party member might qualify for it later this year.
Police union warns Trump 'sanctuary city' cuts could risk safety (Reuters)
Leaders of the largest police union in the United States have warned President Donald Trump that he could endanger public safety if he follows through with cuts in federal grants to immigrant "sanctuary cities," the union's director told Reuters after a White House meeting.
U.K. Triggers Brexit (Bloomberg)
Welcome to TOPLive. The U.K. will start the clock on two years of negotiations to withdraw from the European Union, a divorce that will redefine the country’s relationship with its largest trading partner and bring to an end decades of political integration on the continent.
Health and Biotech
FDA Approves Drug for Primary Progressive Multiple Sclerosis (The Wall Street Journal)
The Food and Drug Administration approved a multiple-sclerosis drug called Ocrevus, the first treatment for the most severe type of the disease, known as primary progressive MS.
Life on the Home Planet
Engineers repair Syria's Tabqa dam spillways after shelling (Reuters)
Spillways at the Tabqa Dam in Syria are working normally after engineers managed to carry out repairs, a local alliance of Kurdish and Arab militias said on Wednesday, despite shelling by Islamic State that temporarily halted their work.
Malaysia inspects North Korean coal ship for possible U.N. sanctions breach (Reuters)
Malaysia briefly prevented a North Korean ship carrying coal from entering its port in Penang because of a suspected breach of United Nations sanctions, a port worker and Malaysian maritime officials told Reuters on Wednesday.
