Financial Markets and Economy
Wall Street gears up for busiest earnings week in years (Reuters)
Corporate America is set to unleash its biggest profit-reporting fest in at least a decade next week, with more than 190 members of the S&P 500 index .SPX delivering quarterly scorecards, according to S&P Dow Jones Indices data.
Draghi Says ECB Hasn’t Seen Evidence of Durable Eurozone Inflation Rise (The Wall Street Joural)
European Central Bank chief Mario Draghi warned Friday that the bank has yet to see evidence of a durable rise in eurozone inflation, indicating ECB rate-setters are preparing to leave their policy mix unchanged next week.
U.S. Stocks End Two-Week Losing Streak as Industrials Rally (Bloomberg)
U.S. stocks posted their first weekly advance since the end of March as bond yields rose amid gains in industrial and financial companies.
For real-time odds on the stock market's faith in President Donald Trump, look no further than recent weakness in industries most closely tied to his proposed policies: banks, builders, and retailers.
Morgan Stanley Says Klaus Kleinfeld Steps Down From Bank's Board (Bloomberg)
Morgan Stanley said Klaus Kleinfeld, who stepped down as chief executive officer of Arconic Inc. this week, resigned from the bank’s board of directors.
The 22 most prominent venture capital investors in Europe in 2017 (Business Insider)
2017 is a time of serious political upheaval — but in the startup world, life must go on.
OPEC panel recommends six-month extension of oil output cuts – source (Reuters)
An OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said, in an effort to clear a glut of crude that has weighed on prices.
Tax Credits For Going Green, Grab Them Before It's Too Late (Forbes)
Here’s good news for Earth Day: there are still generous tax breaks out there for greening your home. Congress let the federal tax credits for geothermal and wind power home energy systems expire at year-end 2016, but it extended the federal solar sweetener, a tax credit worth 30% off the sticker price of a solar power system for your home.
Many investors may be overexposed to US stocks. Here's why it may make sense to look abroad (Business Insider)
This week's episode of The Bottom Line with Henry Blodget included an interview with Jurrien Timmer, Director of Global Macro at Fidelity Investments.
All the data is pointing to one thing — Britain's economy is heading for the rocks (Business Insider)
Another week brings more troubling data points that suggest Britain's economy is starting to feel the pain of Brexit.
Will Economic Illiteracy Trigger a Trade War? (Project Syndicate)
Nearly 100 days after US President Donald Trump took office, he and his commerce secretary, Wilbur Ross, continue to commit an economic fallacy that first-year economics students learn to avoid.
OIl: Decent increase for Oil Rig Count (Calculated Risk)
CR note: This graph shows the evolution of the EIA's Short-Term Energy Outlook (STEO) production forecasts by month. The production outlook keeps increasing.
Bitcoin value rises over $1 billion as Japan, Russia move to legitimize cryptocurrency (CNBC)
Bitcoin is up nearly $100 in the past week, hitting levels not seen since mid-March after Japan legalized the cryptocurrency as a payment method and Russia is seeking to regulate it too.
Why the crude rally has fizzled, continued: Market analysis series (S&P Global Platts)
Many oil analysts take as a fait accompli that OPEC-led production cuts thus far are key to balancing the crude market. If this is the case, though, why hasn’t it happened yet?
Three Things To Know About Today's Job Market (Forbes)
With Donald Trump’s “Buy American, Hire American” executive order, the U.S. labor market, particularly in high tech, is back in the news. Contrary to the tone of the executive order, indicators show the tech job market is strong. Here are some things to know.
Companies
Bebe is closing all its stores by the end of May (Reuters)
Struggling apparel retailer Bebe Stores Inc said on Friday it would close all its stores by the end of May, barely a month after announcing it was exploring strategic alternatives following four years of losses.
Elizabeth Warren on Big Banks and Their (Cozy Bedmate) Regulators (NY Times)
Wells Fargo’s board and management are scheduled to meet shareholders at the company’s annual meeting Tuesday in Ponte Vedra Beach, Fla. With the phony account-opening scandal still making headlines, and the company’s stock underperforming its peers, it’s a good bet the bank’s brass will have some explaining to do.
Dividend Aristocrat Cardinal Health (CAH) Drops 12% – Buying Opportunity or Value Trap? (Value Walk)
The company previously cut its profit guidance in October 2016, but today’s news was clearly still a big surprise.
Many investors like owning dividend aristocrats such as Cardinal Heath because they have been less volatile than the broader market (learn about all 51 dividend aristocrats here).
Technology
Facebook wants to embrace great journalism — try telling that to their algorithms (Mashable Asia)
Even at F8, the company's giant developer conference taking place this week, it's saucing on the charm.
"We don't always get it right, but you have our commitment to keep trying," Dan Rose, Facebook's vice president of partnerships, said at Tuesday's event.
Phone Maker Taps Nigerian Demand For Low-Cost Smartphones (Bloomberg)
A smartphone manufacturer has set up its first factory in Nigeria’s commercial hub of Lagos to provide Africa’s biggest mobile market with low-cost smartphones amid an economic recession.
Google car spin-off says Uber is involved in a 'cover up' and is 'hiding a device' (Business Insider)
Uber's star engineer Anthony Levandowski was "enticed" to copy valuable technology from Google and is now involved in a "cover up" to hide a device based on that technology, according to a new legal filing by Google's self-driving car unit Waymo.
Tesla CEO Elon Musk announced that the company plans to unveil its electric semi truck, called ‘Tesla Semi’, in September, which is sooner than most industry watcher anticipated.
Amazon is already a pillar in many industries. Outside of online retail, Amazon is also a force in television streaming, music, food and e-readers. With its most recent venture, Amazon is looking to expand its reach even further.
The next version of uTorrent will run in your browser (Engadget)
uTorrent is the most popular Bittorrent client in the world, but it's clearly getting a bit long in the tooth. You can expect some big changes soon, though.
Volkswagen shows off its vision for a driverless future (Engadget)
Back in March, the Volkswagen Group dropped rendered concept images of its futuristic Sedric, an autonomous vehicle that would take riders to their destination at the touch of a button — no human driving required.
Politics
Trump Makes Paperwork, Not Jobs, in ‘Economic Nationalism’ Push (Bloomberg)
President Donald Trump spent the week talking tough about trade and foreign workers, but his actions will do more this year to create paperwork at federal agencies than jobs for Americans.
Canada’s Plan to Be the World Leader in Legal Weed (Bloomberg)
Amid the scarred tracts of Alberta’s struggling oil region, an industry is taking shape that could give this part of western Canada an economy that’s a bit more green.
‘Pivotal Moment’ for Democrats? Gerrymandering Heads to Supreme Court (NY Times)
The hand-to-hand political combat in House elections on Tuesday in Georgia and last week in Kansas had the feel of the first rounds of an epic battle next year for control of the House of Representatives and the direction of national politics as the Trump presidency unfolds.
South Korea Tells Trump It's Actually Never Been a Part of China (Bloomberg)
South Korea’s government wants to know whether Chinese President Xi Jinping gave alternative facts on the nation’s history to Donald Trump.
Border Lawmakers Balk at Donald Trump’s Wall Request (The Wall Street Journal)
Not a single member of Congress who represents the territory on the southwest border said they support President Donald Trump’s request for $1.4 billion to begin construction of his promised wall, according to a Wall Street Journal survey, testing the administration’s ability to reach a deal on government funding next week.
How Late-Night Comedy Fueled the Rise of Trump (The Atlantic)
A month after the election, Trevor Noah, the host of The Daily Show, published an op-ed in The New York Times that sought to position himself and his show as instruments of healing in a broken land.
Jeff Sessions decries nonexistent New York murder epidemic (Think Progress)
Attorney General Jeff Sessions, who has more power over how American law is enforced than any other single living human being, is concerned about New York City.
White House could provoke a spending showdown over funding for border wall (The Washington Post)
House Republicans are apparently ready for yet another attempt to snatch health insurance away from constituents who need it. Someone should remind Speaker Paul Ryan of a saying often attributed to his legendary predecessor Sam Rayburn: “There’s no education in the second kick of the mule.”
A Fake and a Fraud (NY Times)
Donald Trump’s mounting reversals, failures and betrayals make it increasingly clear that he is a fake and a fraud.
For many of us, this is affirmative reinforcement; for others, it is devastating revelation.
Data Just Confirmed The Real Reason Behind Trump’s Presidential Win (Good)
In the immediate aftermath of Trump’s shocking electoral victory, dozens of very confident op-eds crowded the bulk of progressive home pages, claiming to know why it happened and what we (the shocked) had missed.
Trump’s ethical squalor is worse than you thought (The Washington Post)
President Trump’s ethical sloth and financial conflicts of interest are unique in American history. (The Harding and Grant administrations were rife with corruption, but the presidents did not personally profit.)
Russia tried to cozy up to Trump advisers to infiltrate the campaign (Business Insider)
Russia sought to gain influence with the Trump campaign during last year's presidential election, in part by cozying up with campaign officials, according to a new report from CNN.
11 Quick Facts About A Potential Government Shutdown (Forbes)
Congress hasn't presented a funding bill for signature. Without the bill, the government isn't authorized to pay its bills which means that the lights won't stay on.
How Trump's Swamp-Draining Words Compare With HIs Actions (Associated Press)
President Donald Trump began promising to "drain the swamp" while campaigning, with his rally crowds often chanting along with him. In October he outlined a few proposals he said would get the drainage started: Clamping down on lobbying, fundraising and even the number of terms lawmakers can serve.
Trump to hold a White House science fair, extending an Obama tradition (STAT)
A White House official said Friday that the science fair, an annual tradition started by former President Barack Obama in 2010, will continue under President Trump. No date has been finalized.
Senators Seek Data On Americans Caught Up In Surveillance (Associated Press)
A Democratic privacy advocate and libertarian-minded Republican are asking the nation's top intelligence official to release more information about the communications of American citizens swept up in surveillance operations.
Health and Biotech
Medicaid Could Have Saved $1 Billion If Medical Marijuana Was Legalized (Forbes)
A new report published in Health Affairs found that if all states had legalized medical marijuana in 2014, Medicaid could have saved $1 billion in spending on prescriptions.
Study Finds a Link Between Diet Drinks and Strokes That Cause Dementia (Science Alert)
So you thought you'd live life to the max and reduce your sugar intake to zero by switching to diet fizzy drinks? If only it were that simple.
New research is hinting that what might be good for your waist-line just might pose a problem for your brain later.
Life on the Home Planet
Hundreds more join Mosul exodus as Iraqi forces retake another western district (Reuters)
Pushing carts loaded with bags, babies and the elderly, hundreds of people fled Mosul on Saturday after Iraqi forces retook another district in the west of the city from Islamic State.
5 dinosaur eggs were just discovered at a construction site in China (Business Insider)
Five dinosaur eggs were found in the Guangdong province of China. The eggs are believed to be 70 million years old. Three of the five eggs were destroyed but were still visible in the fossil. They likely belonged to a plant-eating dinosaur in the Cretaceous period.
Time-lapse photos show just how quickly the world's glaciers are disappearing (Popular Science)
The rapid melting of Iceland's Sólheimajökull glacier is tangible. When I visited in 2013, our guide punctuated every few steps by saying, "Ten years ago the glacier would have started here …. five years ago the glacier would have started here."
