Financial Markets and Economy
There’s more than 60% chance of a global recession within the next 18 months, economist says (CNBC)
Global growth is expected to slow down significantly in the coming months as borrowing levels dominate in both China and Europe and "Trump-mania" is set to fade, a chief economist at Danish investment firm Saxo Bank told CNBC on Monday.
China first-quarter auto sales strongest since 2014 despite tax cut rollback (Reuters)
China auto sales grew 7 percent in the first quarter, China's automakers association said on Tuesday, with the strongest January-March period since 2014 setting up the world's largest auto market for a better-than-expected year.
Here's when US markets are open and closed during each holiday in 2017 (Business Insider)
It's always good to know when the markets are open and when you can take the day off.
The New York Stock Exchange has a list of the days on which the biggest stock market in the world is closed for business.
U.S. Moves Have 'Potential to Blow Up,' Says Ian Bremmer (Bloomberg)
Ian Bremmer, president and founder of Eurasia Group, discusses market reaction and U.S.-Russia relations after military strikes in Syria.
NY Makes Tuition Free, But Students Must Stay After College (Associated Press)
Democratic Gov. Andrew Cuomo said Monday that the requirement was added to protect the state's investment in a student's education by ensuring they don't take advantage of free tuition and then leave New York.
FTSE 100 takes flight as airline shares rise (BBC News)
Airline shares helped to lift London's stock market higher, with the FTSE 100 index up 44.71 points, or 0.6%, at 7,393.65 shortly before midday.
Oil rises on Libyan field shutdown, Syria missile strike (Reuters)
Oil rose toward $56 a barrel on Monday, supported by another shutdown at Libya’s largest oilfield over the weekend and geopolitical tensions following last week’s U.S. missile strike on Syria.
Inflation, retail sales face same chill that jobs growth did (Market Watch)
The pace of hiring in the U.S. backed off in March after strong gains in the first two months of the year. Now the same thing could happen to inflation and retail sales.
Best Asian Currency Raises Questions on RBI's Rupee Policy (Bloomberg)
The rupee’s recent surge, uninterrupted by any strong central-bank intervention, has left traders and strategists asking one question: Has the Reserve Bank of India changed its stance on currency management?
U.S. Credit Card Debt Tops $1 Trillion for the First Time Since the Recession (Fortune)
America's credit card debt has reached more than $1 trillion—the highest level since the country's last recession in 2008, according to new data from the Federal Reserve.
Millennials in China are Twice as Likely to Own Homes as Young Americans (Money)
Seventy percent of young adults in China are homeowners, according to a recent HSBC survey. The study, which looked at more than 9,000 people born between 1981 and 1998 in nine countries, found that the home ownership rate of Chinese millennials is nearly double the global average.
Impressive Market Resilience Shouldn't Be Taken for Granted (Bloomberg)
Add me to those who, once again, were impressed by the resilience that financial markets demonstrated to unanticipated news last week. Remember the May 2013 "Taper Tantrum"? It used to take weeks for markets to digest unexpected events and bounce back.
Russia could soon control a U.S. oil company (CNN)
In a crazy twist of international events, Russia's state-owned oil company Rosneft might end up owning Citgo, a US energy company based in Houston, Texas.
U.K. consumer price inflation 2.3% vs. 2.3% forecast (Investing.com)
Consumer price inflation in the U.K. remained unchanged last month, official data showed on Tuesday.
In a report, National Statistics said that U.K. consumer price inflation remained unchanged at a seasonally adjusted annual rate of 2.3%, from 2.3% in the preceding month.
Emerging market bonds have been doing great — but could soon run into trouble (Charles Schwab)
Emerging market bonds were big winners among fixed income asset classes in the first quarter. The total return for the Bloomberg Barclays Emerging Markets USD Aggregate Bond Index rose an impressive 3.3%, compared with 0.8% for the Bloomberg Barclays U.S. Aggregate Bond Index.
INFOGRAPHIC: The 25 most creative cities in the US (Visual Capitalist)
Much has been written about the role of the creative economy as a key indicator of economic health. The “rise of the creative class” and “creative clusters” are concepts that inform the larger conversation on cities as the economic drivers of regions.
Natural Gas Plant Makes A Play For Coal's Market, Using 'Clean' Technology (NPR)
President Trump wants America to use more "clean coal" to make electricity. He hasn't elaborated on what kind of coal that might be.
The EU27 and the Brexit negotiations (The Economist)
Most EU member states believe that Britain’s withdrawal from the bloc must be costly, and that any future trade arrangement must offer the departing country worse terms than full membership did.
Natural Gas And The Injection Season (Andrew Hecht, Seeking Alpha)
Natural gas continued to drive the shorts mad this past week. Last year, the energy commodity traded to the lowest price since 1998 when it hit $1.611 per MMBtu in March. This year the lows came in late February at $2.522, 56.5% above last year's nadir.
The Fed’s Message Turns Aggressive (Market Views)
They say that economic recoveries don’t simply die of old age. Typically, the Fed has been the actor that has tipped mature economic recoveries over the edge. There is a lot that could be said this week but we want to contain our enthusiasm into a digestible report.
What Scares Me Is the Absence of the Fear of Loss (Real Clear Markets)
Over the years, like just about everyone else who has ever invested or traded in equity markets, I have spent some time studying market tops.
Is A 'Decade Of Disorder' Ahead For Global Oil Markets? (S&P Global Platts)
Low oil prices and a lack of upstream spending are fueling a looming, worldwide supply crisis for the 2020s, some oil industry experts say.
Jim Rickards: The Numbers Impacting the Fed (The Wall Street Examiner)
To begin the discussion Sarge prompted Rickards’ on his read regarding the trajectory of monetary policy in the United States. Rickards noted, “I see the Federal Reserve raising rates in June — the market is getting there, they’re not quite ready yet though.
Russia Stocks Sink: Syria, OPEC Deal & Tillerson In Play (Barron's)
The Russian equity market is down for a second trading session following the U.S. airstrikes in Syria last Thursday.
Shares on the Moscow Exchange were down 3.8% in recent local trading, while the ruble was higher by roughly 0.2% against the U.S. dollar.
Prominent Short Seller Crushed After AT&T Buys Straight Path For 160% Premium (Zero Hedge)
In an announcement that caught many by surprise, on Monday morning, AT&T said it would acquire Straight Path Communications, a holder of licenses to wireless spectrum, for $1.25 billion in an all-stock deal.
Bernanke's Former Advisor: "People Would Be Stunned To Know The Extent To Which The Fed Is Privately Owned" (Zero Hedge)
With every passing day, the Fed is slowly but surely losing the game.
Only it is not just former (and in some cases current) Fed presidents admitting central banks are increasingly powerless to boost the global economy, even if they still have sway over capital markets.
Chinese Stocks Sink on Rising Geopolitical Tensions (Barron's Asia)
The Hang Seng China Enterprises Index, which tracks Chinese companies listed in Hong Kong, was down 1.3% in early afternoon trading.
"Think 1999": Morgan Stanley Sees Huge 30% Surge In Stocks "Investors Cannot Afford To Miss" (Zero Hedge)
With Morgan Stanley's Adam Parker having left the investment bank to continue his career at Eminence Capital, it was up to his replacement, Michael Wilson to come up with the Initiation of coverage report for the "Classic Late Cycle." So, in keeping a stiff upper lip, and breaking away from the gloom that appears to have recently gripped his colleagues over at Goldman Sachs, Wilson had no choice but to keep a stiff upper lip and keep the Punch Bowl full (to paraphrase Bill Dudley's famous March 30 speech).
Companies
U.S. Airlines More On Time, Lose Fewer Bags As DOT Grades Up (NBC News)
The airlines are getting better at sticking to their schedules and are losing fewer bags. Their customers seem to be complaining less often.
3D Printing Titanium Parts Could Save Boeing Millions on Dreamliner Production (Reuters)
Boeing (BA, -0.14%) hired Norsk Titanium to print the first structural titanium parts for its 787 Dreamliner, a shift that the Norwegian 3D printing company said would eventually shave $2 million to $3 million off the cost of each plane.
Toshiba files results unapproved by auditor; warns of 'going concern' risk (Reuters)
Toshiba Corp (6502.T) filed twice-delayed business results on Tuesday without an endorsement from its auditor and warned its very survival was in doubt, deepening a prolonged crisis at the Japanese conglomerate.
Uber returns to Taiwan two months after service halt (CNet)
You just can't stop Uber, as Taiwan has just discovered.
The global ride-hailing service will relaunch its operations in the nation this Thursday after exiting two months ago, reports the Central News Agency.
Foxconn Offers Up to $27 Billion for Toshiba’s Chip Business (The Wall Street Journal)
Foxconn Technology Co. offered up to ¥3 trillion ($27 billion) for Toshiba Corp.’s computer-chip business, people familiar with the matter said, another bold bid for a pillar of Japan’s high-tech industry.
Technology
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Expedia wants you to virtually step into your hotel room before you book (Mashable)
It's hard picturing how a hotel room could feel just based on pictures alone, but Expedia's got a futuristic solution for you.
The travel giant is working on offering virtual reality versions of its listings, as more people have access to VR gear at home.
Is Hyperloop worth the hype? Elon Musk’s super-fast transport system faces big technical challenges (Salon)
A 1,600-foot steel tube outside of Las Vegas is foretelling the future of high-speed transport that will be designed and built by Americans and that could help revitalize the country’s post-industrial Rust Belt.
Tesla shows off a new Panasonic-made low-profile residential solar panel (Tech Crunch)
Tesla is still hoping to begin installations of its solar roof tile product later this year, but that’s not really a great option unless you’re building new or replacing your existing roof, so it makes sense that it would continue to also offer retrofit solar options, like the new Panasonic panels it began advertising on its site quietly over the weekend.
Netflix reaches 75% of US streaming service viewers, but YouTube is catching up (Tech Crunch)
According to new data from comScore released this morning, more than half (53 percent) of Wi-Fi households in the U.S. are now using at least one over-the-top streaming service, with Netflix being the primary choice.
Samsung Rushed Galaxy S8 Despite Design Flaw, Says Analyst (Forbes)
It's been quite an impressive past few months in the smartphone world.
Most of the top Google Android smartphone makers have now unveiled – at CES 2017 in January and Mobile World Congress (MWC) in February – their mass-market flagship device for the year including Huawei (P10), LG (G6), Samsung (Galaxy S8) and Sony (Xperia XZ Premium).
Qualcomm Blasts Apple Over Alleged Chip Manipulations (Fortune)
Qualcomm fired back at Apple in court on Monday, saying the iPhone maker's January lawsuit should be rejected. Qualcomm also made its own claims seeking damages, accusing Apple of harming its business and breaching deals between the two companies.
The 3 Social Networks That Matter to Your Business and Why (Inc.)
As a business, using social media as a marketing tool is a necessity, not a suggestion. But all channels aren't created equal. Here are the top three social networks to focus on today.
Tough water-repellent coating could lead to faster ships (Engadget)
You've no doubt seen footage of water-repellent coatings that seemingly defy the laws of nature. However, they have a catch: they're often too fragile to be useful in situations where they're likely to face a lot of abuse, whether it's the clothes on your back or a ship on the ocean.
INFOGRAPHIC: Millennials are watching less TV — and it's great news for Netflix (Visual Capitalist)
Since launching in the United States in 1948, cable television quickly emerged as the media consumption method of choice for families around the world.
What Will Happen When Your Company’s Algorithms Go Wrong? (Harvard Business Review)
When you’re ready to incorporate artificial intelligence technologies in your business, the analysis you should perform is this: What can possibly go wrong? What is our product or service expected to do?
Twitter shareholders will vote on turning the company into a cooperative owned by its users (Business Insider)
On May 22, Twitter shareholders will vote on whether to investigate a radical proposal: Turning the social network into a cooperative owned by its users.
Latest Piper Jaffray survey shows teen interest in iPhone & Apple Watch continue to rise (9To5Mac)
In an effort to gauge the teen shopping market, Piper Jaffray releases a “Taking Stock with Teens” survey every six months. The survey offers up a variety of different tidbits about the minds of teen shoppers, including some interesting information about Apple.
Politics
Donald Trump’s approval ratings are up because he bombed a foreign country (Salon)
President Donald Trump’s surprise missile strike against Syria may have unsettling geopolitical ramifications, but politically speaking, it appears to be a thunderous success for the president among the American people.
Trump has visited a Trump-branded property every 2.8 days of his presidency (The Washington Post)
For the 10th weekend in a row, President Trump is visiting a Trump-branded property — every weekend except the first two after his inauguration.
For the sixth weekend in a row, he’s golfing at one of those properties; he’s golfed on nine of those 10 weekends.
Jeff Sessions is reviving the war on drugs, and it’s going to hurt minorities (Salon)
President Barack Obama may have taken steps to reverse the war on drugs, but it looks like Attorney General Jeff Sessions is going to roll back the clock.
The Trump presidency is in a hole (The Economist)
Donald Trump won the White House on the promise that government is easy. Unlike his Democratic opponent, whose career had been devoted to politics, Mr Trump stood as a businessman who could Get Things Done.
US Marshals providing rare security for Secretary DeVos (CNN)
An unusual security arrangement for Education Secretary Betsy DeVos is costing taxpayers upwards of $1 million per month.
Yellen Signals Shift From Stimulating Economy to Sustaining Growth (NY Times)
Janet L. Yellen, the Federal Reserve chairwoman, said Monday that the Fed was shifting its focus from stimulating the economy to keeping growth on an even keel.
Robert Bentley, Alabama Governor, Resigns Amid Scandal (NY Times)
Gov. Robert Bentley resigned Monday, his power and popularity diminished by a sex scandal that staggered the state, brought him to the brink of impeachment and prompted a series of criminal investigations.
TRUMP-TAXES: President Scraps Tax Plan, Timetable Threatened (Associated Press)
President Donald Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax system.
Obama to give speech in Berlin to mark Reformation anniversary (DW Made For Minds)
Germany's protestant church has secured a coup: Barack Obama will address the annual assembly to mark the 500th anniversary of the Reformation. It could be Obama's first major appearance since leaving the presidency.
GOP Owns Health Care Dilemma Now, And Voter Skepticism (Associated Press)
Move over, "Obamacare." The health care debate has shifted to ideas from President Donald Trump and GOP lawmakers in Congress, and most people don't like what they see.
John McCain: Trump Team ‘Partially To Blame’ For Syria Chemical Attack (The Huffington Post)
Sen. John McCain (R-Ariz.) said Sunday that he believes rhetoric from President Donald Trump’s administration is “probably partially to blame” for Syria’s deadly chemical weapons attack on its civilians last week.
Trump considers investigation of international trade partners (The Washington Post)
President Trump is considering an executive action that would launch a formal investigation into the way U.S. trading partners use subsidies and a tactic known as “dumping” to skew imports and exports, a White House official said Sunday evening.
Health and Biotech
China Emerges as Powerhouse for Biotech Drugs (The Wall Street Journal)
A new cancer drug licensed by Eli Lilly & Co. was discovered by a six-year-old startup on the outskirts of Shanghai, and derived from the ovary cells of Chinese hamsters. Lilly now is planning to test it on Americans.
Life on the Home Planet
There Was Nothing Normal About America’s Freakish Winter Weather (Bloomberg)
So weird, in fact, it’s had an almost biblical feel: a February tornado in Massachusetts; record wildfires across the Great Plains and beyond; more snow than ever in the Sierra Nevada; and temperatures whiplashing from balmy to frigid, killing crops and coaxing flowers out of their winter slumber.
Great Barrier Reef at 'terminal stage': scientists despair at latest coral bleaching data (The Guardian)
The findings have caused alarm among scientists, who say the proximity of the 2016 and 2017 bleaching events is unprecedented for the reef, and will give damaged coral little chance to recover.
A Row With China Over U.S. Missiles Is Devastating South Korea's Tourism Industry (Rachel Premack, Seoul, TIME)
The food, soap operas and bouncy K-pop tunes that comprise the so-called Hallyu or Korean Wave are a global phenomenon, but no country has embraced South Korean soft power as enthusiastically as China.
WATCH: Passengers horrified as security officers drag a screaming man off overbooked United flight (Raw Story)
United Airlines is coming under heavy criticism after it had security officers forcibly remove a passenger from an overbooked flight.
Video of United Airlines Passenger Creates Furor in China, Too (NY Times)
A day after the forced removal of a passenger from a United Airlines flight provoked a social media furor in the United States, a similar outcry followed in China, after state-run news outlets here described the man as being of Chinese descent.
This Russian Hacker's Wife Says He Was Arrested For Being "Linked To Trump's Win" (BuzzFeed News)
For years Pyotr Levashov, aka Peter Severa, was known to authorities as one of the world’s most prolific spam kingpins.
Levashov, who lived in St. Petersburg, traveled freely under a lifestyle so lavish that one fellow Russian hacker told BuzzFeed News it “would have embarrassed an oligarch.”
Pope opens free launderette for Rome's homeless people (The Guardian)
Pope Francis has opened a free launderette in Rome in the latest of a series of initiatives aimed at poor people that has included help with housing, showers, haircuts, meals and medical care.
