Financial Markets and Economy
Bond Traders Are No Fools, Dismissing Bluster of Four Rate Hikes (Bloomberg)
To kick off the second quarter, bond traders will look to a fresh reading on the job market to gauge which Federal Reserve speaker has the best grip on the U.S. economy.
Abu Dhabi’s Plowing Ahead With These 10 Mega Projects During an Oil Slump (Bloomberg)
Abu Dhabi, which sits on about 6 percent of the world’s oil reserves, has pushed ahead with a construction program that began before crude prices slumped in 2014.
OPEC Deal Pushes Russian Oil Output Down 1.6 Percent From Peak (Bloomberg)
Production of crude and condensate fell to 11.05 million barrels a day, down 1.6 percent from Russia’s post-Soviet high of 11.23 million barrels in October, according to data from the Energy Ministry’s CDU-TEK statistics unit.
The advance estimate of first-quarter gross domestic product — which measures the value of everything Americans create and do — is expected on April 28. And based on data from January through March that's already available, the GDP reading could be weaker than expected.
OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Fall (Bloomberg)
Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo.
Egypt Central Bank Sees Pound's Real Exchange Rate Appreciating (Bloomberg)
Egypt’s improved competitiveness after the Nov. 3 floating of the currency is unlikely to be negatively affected by an expected appreciation of the pound’s real effective exchange rate in the short term, the central bank said.
Abu Dhabi’s Plowing Ahead With These 10 Mega Projects During an Oil Slump (Bloomberg)
Abu Dhabi, which sits on about 6 percent of the world’s oil reserves, has pushed ahead with a construction program that began before crude prices slumped in 2014.
There's a simple reason why the Fed should stop raising interest rates (Business Insider)
Federal Reserve Chair Janet Yellen said the primary reason for raising interest rates in March was a simple one: the central bank is confident in a steadily improving economy.
Dow’s 4,400-point rally in a year and a half has Wall Street debating the stock market’s next move (Market Watch)
“All you need in this life is ignorance and confidence, and then success is sure,” according to the eminently quotable Samuel Clemens, a.k.a. Mark Twain. That may be the dynamic Wall Street has been applying lately.
A 'sleeping beast' in the markets is about to be unleashed (Business Insider)
The bond market has been quiet. Too quiet in fact.
That's about to change, says Societe Generale's fixed income team led by Vincent Chaigneau.
Stocks crashed the last 2 times a measure of corporate profits was this bad (Wolf Street)
Wall Street claims surge in stocks is based on rising corporate earnings.
So, let’s see. The Commerce Department’s Bureau of Economic Analysis released its third estimate of fourth quarter 2016 GDP and corporate profits on Thursday.
Young Americans Have No Interest in the Most In-Demand Jobs, New Data Finds (Inc.)
In a decade, who's going to fix your vehicle, deliver your mail or landscape your yard? Probably not the teenagers you know, at least if they have anything to say about it. According a survey of 400 teenagers, conducted by market research agency C+R Research, young Americans aren't interested in doing the work which will need to be done in the future.
Auto loans to consumers who have very low credit scores and may not be able to pay them back are starting to worry Wall Street.
Many auto loans, including those considered subprime, are securitized and sold to investors.
Weekend Reading: Washington, We Have A Problem (Real Investment Advise)
In this past weekend’s missive, I discussed the failure of Congress to get the Affordable Care Act (ACA) repealed, much less replaced. The problem, of course, is the failure to repeal the ACA leaves in question the ability to pass other agenda based items such as tax reform, border wall construction, repatriation or immigration reform.
Venezuela Bonds Crash As Political Situation Turns "Explosive" (Zero Hedge)
Venezuela sovereign bonds crashed on Friday as a result of soaring political tensions after the annulment of the country's legislature by its high court on Wednesday, a move that ignited protests, invoked international condemnation and prompted the opposition to call for a military response to what it deemed a "coup."
Stocks End Best Quarter In Years With A Whimper But Gold Is Winner (Zero Hedge)
So Q1 is over and this happened.
Companies
Goldman Sachs is among the worst performing stocks in the Dow so far this year (Business Insider)
The financial sector gained 26% in the months following the election of Donald Trump on his plans to roll back regulations. The stand out performer in the space was none other than Goldman Sachs, which soared 32% from election night until the end of the year.
GE CEO on disagreeing with Trump: 'We're cowards if we don't' (CNN)
General Electric CEO Jeff Immelt says he tries to stay out of politics — but he's found it necessary to speak out against some of President Trump's policies.
Chipotle's biggest competitor is a soup-and-sandwich chain (Business Insider)
Chipotle has dominated the growth of fast-casual Mexican dining in America.
According to UBS analysts, its biggest competition is from Panera Bread, the fast-casual chain that serves up sandwiches, soups, and salads.
Technology
Robinhood, the app that lets you trade stocks without paying any fees, is reportedly now valued at $1.3 billion, according to a report in TechCrunch, citing sources.
Apple's latest hire is a sign that it's focusing on services, not devices (Business Insider)
Apple's latest hire should give you a good clue about where its priorities as a business lie.
The new guy doesn't have anything to do with phones. Or watches. Or cars. Or augmented reality glasses.
Why Apple is redesigning the next iPhone, in 1 simple diagram (Business Insider)
Wall Street analysts agree on one thing about Apple's next iPhone, expected to launch this fall: it's going to come with a major redesign, featuring much smaller bezels around the phone's screen.
After a slew of leaks, Samsung this week unveiled its latest high-end smartphones: the Galaxy S8 and Galaxy S8+. As expected, they come with big screens, tiny bezels, powerful specs, a weird laptop dock, and, lo and behold, 3.5mm headphone jacks.
The 7 most insanely expensive cars of 2017 (Business Insider)
It's only April and automakers from Mercedes to Lamborghini have already shown off some truly stunning, new cars.
Politics
Senator: No doubt whatsoever Russia interfered (CNN)
Intel Committee member Sen. Angus King said Friday there was "no doubt whatsoever that the Russians were behind the effort to interfere with our election."
Conservative Split Over Import Tax Imperils Trump’s Overhaul (NY Times)
One conservative group produced colorful flow charts warning millennials that a “border adjustment” tax proposed by Speaker Paul D. Ryan would raise prices on “the Jose Cuervo tequila that’s in your happy hour margarita.”
Speier on Nunes controversy: 'Absolutely convinced it started in the Oval Office' (Politico)
Rep. Jackie Speier, a member of the House Intelligence Committee, said Saturday she is “absolutely convinced” the White House generated the bizarre scenario that has embroiled committee chair Rep. Devin Nunes -— in which he reportedly obtained information from administration officials regarding foreign surveillance of Trump campaign officials, and then presented it to the president.
Those Indecipherable Medical Bills? They’re One Reason Health Care Costs So Much. (NY Times)
The catastrophe struck Wanda Wickizer on Christmas Day 2013. A generally healthy, energetic 51-year-old, she suddenly found herself vomiting all day, racked with debilitating headaches. When her alarmed teenage son called an ambulance, the paramedics thought that she had food poisoning and didn’t take her to the emergency room.
Lindsey Graham Jokes About Michael Flynn, Devin Nunes at Town Hall (NBC News)
Sen. Lindsey Graham at a town hall on Saturday again pledged he will ensure a "bipartisan and fair" investigation into Russia's alleged meddling in the presidential election — and said recent developments involving Michael Flynn are "getting weirder by the day."
Trump vs. Congress: Now What? (NY Times)
On Monday, Jan. 9, less than two weeks before President Trump’s inauguration, the House speaker, Paul Ryan, hosted a dinner at his office in the Capitol with members of Trump’s inner circle.
New EPA documents reveal even deeper proposed cuts to staff and programs (The Washington Post)
The Environmental Protection Agency has issued a new, more detailed plan for laying off 25 percent of its employees and scrapping 56 programs including pesticide safety, water runoff control, and environmental cooperation with Mexico and Canada under the North American Free Trade Agreement.
Maryland’s only Republican congressman faces harsh crowd in town hall (The Washington Post)
A conservative member of the House Freedom Caucus came under fire from a hostile liberal crowd at a town hall meeting in the typically Republican-friendly Eastern Shore of Maryland on Friday.
With Trump Approval, Pentagon Expands Warfighting Authority (Associated Press)
Week by week, country by country, the Pentagon is quietly seizing more control over warfighting decisions, sending hundreds more troops to war with little public debate and seeking greater authority to battle extremists across the Middle East and Africa.
Mitch McConnell: Democrats Would Have Blocked A GOP Supreme Court Nominee Too (The Huffington Post)
Senate Majority Leader Mitch McConnell (R-Ky.) on Sunday defended his decision not to consider the nomination of Merrick Garland to the U.S. Supreme Court, arguing that Democrats would have done the same thing if they’d controlled the Senate and a vacancy on the court had opened up during an election year.
Life on the Home Planet
Russia develops hypersonic 4,600 mph Zircon missile (Fox News Tech)
The race to develop an unstoppable and unbeatable weapon capable of defeating all the military defense systems in the world is getting much too close for comfort.
Grim Search Resumes in Colombia After Deadly Flood (Associated Press)
A grim search for the missing resumed at dawn Sunday in southern Colombia after surging rivers sent an avalanche of floodwaters, mud and debris through a small city, killing at least 200 people and leaving many more injured and homeless.
How to properly shake hands in 14 different countries (Business Insider)
In Brazil and the United States, a firm handshake is expected. This would be off putting in the UK, as the British like to greet each other with a lighter handshake.
Fire Hits Dubai High-rise Complex Near World's Tallest Tower (Associated Press)
An inferno burned early Sunday in a high-rise tower complex being built alongside Dubai's largest mall, its thick black smoke shrouding the world's tallest building nearby in this desert metropolis where skyscraper blazes remain a worry.
U.S.-backed forces repel Islamic State attack near Syrian dam (Reuters)
U.S. backed Syrian forces repelled a major counter-attack by Islamic State militants holding out at the country's largest dam and in the nearby town of Tabqa, the group and activists said on Sunday.
