Financial Markets and Economy
Companies in the S&P 500 are moving independently of one another to an extent rarely seen, and that's good news for stock pickers.
The World’s Advanced Economies Should Think Twice About Curbing Migration (Bloomberg)
Analysis of United Nations data by Fitch Ratings shows halting immigration would drastically reduce the potential working population of Group-of-Seven nations, leaving aging societies more dependent on a smaller labor force and resulting in greater financial stress on pension systems and potentially slower growth.
Euro Rises to Five-Month High as Macron, Le Pen Win French Vote (Bloomberg)
The euro surged to the strongest in five months against the dollar after centrist Emmanuel Macron and nationalist Marine Le Pen won the first round of the French presidential election.
Traders are getting worried about the 'place to be' in the market (Business Insider)
Tech companies are expected to have the best earnings season in the S&P 500 this quarter.
Hedge Funds Jump on Gold as Life Raft Amid Dollar's Sinking Ship (Bloomberg)
Hedge funds increased their wagers on a gold rally to the highest since November, betting that this year’s 12 percent advance has more to go. Investors are also loading up on the metal through exchange-traded products, pouring $487 million into SPDR Gold Shares on Wednesday.
Be Smart When You Compare Reagan's Economy to Obama's (Bloomberg)
If I were teaching a college-level course on political economy, my midterm exam would ask students to spot the errors in an op-ed with the headline, "Do You Want Reagan’s Economy or Obama’s? "
What Would a Le Pen Victory in France Mean for Markets? (The Wall Street Journal)
On Sunday, the anti-euro leader of the far-right National Front appeared to have made it through to the second round alongside centrist Emmanuel Macron, according to early projections.
London House Prices Post Biggest Annual Decline in Eight Years (Bloomberg)
The average asking price in the city fell 1.5 percent to 636,777 pounds ($813,000) this month from a year earlier, the largest annual decline since May 2009, property website Rightmove Plc said on Monday.
If Saudi Future's So Bright, Why Can't These Banks Find Buyers? (Bloomberg)
Saudi Arabia is about to cast off its oil-dependence, build brand-new industries and open its economy to foreign investment, according to the government.
Stanley Fischer, the vice chairman of the Federal Reserve, on Friday delivered an unusually sharp warning to President Donald Trump and his plan to "do a number" on post-crisis reforms aimed at reining in Wall Street.
BAML: The '$1 trillion flow that conquers all' explains everything happening in markets (Business Insider)
The global markets all come down to central banks.
At least that's the argument of Michael Hartnett, the chief investment strategist for Bank of America Merrill Lynch.
Quants Fire Back at Paul Tudor Jones After His Attack on Risk Parity (Bloomberg)
Paul Tudor Jones says automated trading strategies are poised to blow up the market when volatility returns. That’s not going over well at one of the biggest quant shops on Wall Street.
The Challenge of Our Disruptive Era (The Wall Street Journal)
I am a historian, and that usually means I’m a killjoy. When people say we’re at a unique moment in history, the historian’s job is to put things in perspective by pointing out that there is more continuity than discontinuity, that we are not special, that we think our moment is unique because we are narcissists and we’re at this moment.
Euro surges to 5-month high against dollar after French election (Market Watch)
The euro jumped sharply against other global currencies on Sunday as polls closed in the first round of France’s presidential election, with centrist former economy minister Emmanuel Macron in the lead according to initial projections.
4 things investors need to know about France’s presidential runoff (Market Watch)
The counting continues, but it looks clear that centrist Emmanuel Macron will face off against far-right National Front leader Marine Le Pen in a May 7 French presidential election runoff that could decide the fate of the European Union.
Asian markets rally after French election results (Market Watch)
Global financial markets have staged a relief rally after centrist French presidential candidate Emmanuel Macron won the first round of voting there and solidified his prospects of becoming France’s next leader.
Bloomberg is taking a shot at the New York Stock Exchange (again) (Bloomberg)
Bloomberg is taking a shot at the New York Stock Exchange. Again.
The financial data giant just filed a letter with the Securities and Exchange Commission, complaining about changes to the fee schedule for some trading data from America's biggest stock exchange.
Companies
Subway Sandwiches: Death by a Thousand Cold Cuts (Bloomberg)
The thing about Subway’s sandwiches is that they’re … adequate. If you are trapped somewhere with nothing but fast-food options, and you don’t want to blow most of your day’s calories on something deep-fried or slathered in cheese, there’s always Subway.
DHL to Invest $268 Million in India as National Tax Spurs Demand (Bloomberg)
Deutsche Post DHL Group will invest 250 million euros ($268 million) in India by 2020 to expand its logistics business and tap demand as the South Asian nation introduces a national sales tax that is set to boost movement of freight.
Refunds Coming to Theranos’s Arizona Customers (The Scientist)
A day after diagnostics company Theranos announced that it had reached a settlement with the Centers for Medicare and Medicaid Services (CMS) involving conditions at its blood-testing labs in California, the company said that it had resolved another legal battle.
Theranos is being accused of running fake tests using outside lab gear (Business Insider)
New court filings allege that Theranos used a shell company to purchase commercially available lab equipment and faked blood tests in presentations with prospective investors and business partners, The Wall Street Journal reported Friday.
Sony Surges as Analysts Say Profit May Reach Highest Since 1998 (Bloomberg)
Sony Corp. shares jumped the most in almost three months after the company’s better-than-projected preliminary earnings boosted analyst confidence in its ability to hit the highest profit levels in almost two decades.
Technology
New iPhone Screen Puts Blue-Colored Spotlight on Japan Supplier (Bloomberg)
The iPhone’s success has transformed the fortunes of dozens of suppliers, from glass manufacturers to the maker of robots that cut metal cases.
Facebook And The Cost Of Monopoly (Stratechery)
The shamelessness was breathtaking.
Having told a few jokes, summarized his manifesto, and acknowledged the victim of the so-called “Facebook-killer” in Cleveland, Facebook founder and CEO Mark Zuckerberg opened his keynote presentation at the company’s F8 developer conference.
The Arrival Of Artificial Intelligence (Stratechery)
The history of computers is often told as a history of objects, from the abacus to the Babbage engine up through the code-breaking machines of World War II. In fact, it is better understood as a history of ideas, mainly ideas that emerged from mathematical logic, an obscure and cult-like discipline that first developed in the 19th century.
Here's what it was like to drive the Ford Focus RS with The Stig from 'Top Gear' (Business Insider)
Wannabe racers can rejoice. Ford brought its 350-horsepower "hot hatch" Focus RS from Europe to the US. The RS went on sale last year, and for about $36,000, you'll be hard-pressed to find a more trackworthy ride that can also serve as a daily driver and errand-runner.
VentureBeat is hiring an AI reporter (Venture Beat)
As startups and big corporations invest money and talent into AI, VentureBeat aims to cover both the broad ways AI will change life as we know it and the technical infrastructure underpinning it.
Politics
France Votes for Presidential Finalists After Tight Campaign (Bloomberg)
French voters headed to the polls Sunday to select two candidates for the presidential runoff, an election that will determine how far the populist wave can go in Europe.
French presidential election: How Macron is predicted to win and face Le Pen in the second round of voting (The Telegraph)
Emmanuel Macron and Marine Le Pen are set to progress from the first round in the race for the French presidency.
A Hundred Days Of Trump (The New Yorker)
On April 29th, Donald Trump will have occupied the Oval Office for a hundred days. For most people, the luxury of living in a relatively stable democracy is the luxury of not following politics with a nerve-racked constancy. Trump does not afford this.
Mexico’s Revenge (The Atlantic)
When donald trump first made sport of thumping Mexico—when he accused America’s neighbor of exporting rapists and “bad hombres,” when he deemed the country such a threat that it should be contained by a wall and so clueless that it could be suckered into paying for its own encasement—its president responded with strange equilibrium.
Berkeley Once Stood for Free Speech. Now It Rolls Over. (Bloomberg)
In the 1960s, students at Berkeley helped change the world by igniting the Free Speech Movement, a seminal moment in the history of 20th-century civil liberties. Fifty years later, Berkeley leftists seem to have decided that free speech was a mistake — and the administration seems intent on helping them roll it back.
Bond Bulls See Opportunity as Government Shutdown Deadline Nears (Bloomberg)
With days to spare before Congress has to reach a deal to keep the U.S. government running, bond traders see a potential showdown breathing new life into the Treasury market’s rally.
No. We don't have enough teenagers.
When I was an officer in the Air Force, I was a data scientist, and at one point we were tasked with determining what level of violence in Iraq could be considered "normal" so that we could declare victory and leave with dignity.
A dark and familiar cloud is hanging over France's high-stakes presidential election (Business Insider)
France's upcoming presidential election has turned into a de facto referendum on whether to halt or strengthen the nationalist fervor sweeping the west that propelled US President Donald Trump into the White House last year and spurred Britain's exit from the European Union.
Comey Tried to Shield the F.B.I. From Politics. Then He Shaped an Election. (NY Times)
The day before he upended the 2016 election, James B. Comey, the director of the Federal Bureau of Investigation, summoned agents and lawyers to his conference room. They had been debating all day, and it was time for a decision.
Trump's FCC Votes to Allow Broadband Rate Hikes for Schools and Libraries (Motherboard)
President Trump's recently-installed Federal Communications Commission chief, Republican Ajit Pai, has made clear that he wants to roll back US rules protecting net neutrality, the principle that all internet content should be equally accessible to consumers.
Macron-Le Pen face-off: EU supporter vs. economic nationalist (CNN)
Far-right firebrand Marine Le Pen and centrist candidate Emmanuel Macron, set to face off in a May 7 French election with major implications for the future of Europe, have very different views on the economy.
Angela Merkel reportedly had to explain the 'fundamentals' of EU trade to Trump 11 times (Business Insider)
President Trump did not understand that the US cannot negotiate a trade deal with Germany alone and must deal with the European Union as a bloc, a senior German official told The Times of London.
President Trump released a statement on Earth Day declaring that his administration is committed to maintaining the health of the environment.
Health and Biotech
Generic Drug Woes Aren't Going Away (Bloomberg)
Cardinal Health Inc. on Tuesday announced a $6.1 billion deal for a Medtronic PLC medical supplies unit. But this deal was overshadowed by the gruesome earnings forecast Cardinal released at the same time.
Life on the Home Planet
Obesity blamed for sharp rise in kidney cancer in UK (The Guardian)
Obesity is to blame for a surge in kidney cancer in the UK, causing an extra 20,000 cases in the last 10 years, according to a leading charity.
‘Furious’ Is Fastest in Weekend Marked by Small Film Debuts (Bloomberg)
Universal Pictures’ “The Fate of the Furious” led the North American box office for the second weekend, beating five new releases that all opened in fewer than 2,500 locations.
Afghan Taliban's brazen attack eclipses Trump's 'mother of all bombs' (Reuters)
Eight days after the U.S. military dropped its largest ever conventional bomb on suspected Islamic State fighters in eastern Afghanistan, Taliban militants breached an army base in the north of the country and killed scores of local soldiers.
The "True" Human Diet (Scientific American)
People have been debating the natural human diet for thousands of years, often framed as a question of the morality of eating other animals. The lion has no choice, but we do.
U.S. warns piracy has returned to waters off Somalia (The Wall Street Journal)
Piracy has made a worrisome return to the waters off Somalia after a five-year hiatus, U.S. defense officials said, prompting commercial shippers, the military and others to revisit the issue.
