Financial Markets and Economy
European stocks had a huge day after Emmanuel Macron took the lead in the French elections (Business Insider)
Stocks across continental Europe had a huge day on Monday after the French presidential vote set the stage for a final run-off between centrist Emmanuel Macron and far-right National Front candidate Marine Le Pen.
U.K. Economy May Have Had Its Weakest Quarter in a Year: Chart (Bloomberg)
The U.K. economy’s powerhouse performance since the Brexit vote may be starting to lose momentum.
Asian Shares Extend Gains as Global Relief Offsets China Risks (Bloomberg)
Asian shares climbed for a fourth straight day, keeping a global equities rally intact, as investors shrugged off concerns over North Korea and China’s financial risks.
Oil Veteran Says OPEC Needs Year to Pull Off Elusive Mission (Bloomberg)
OPEC needs a year more to accomplish what’s at the moment proving to be mission impossible, according to a veteran oil analyst.
Cash-Loving Switzerland Wins Banknote of Year for 50-Franc Bill (Bloomberg)
The Swiss National Bank’s 50-franc ($50) bill was named banknote of the year by a group of international connoisseurs, beating out 18 competitors including the Bank of England’s controversial polymer note as well as ones from the Seychelles and Macedonia.
Gold and Bullion Miners Tumble as French Vote Cuts Haven Demand (Bloomberg)
Gold futures fell to the lowest in almost two weeks and bullion mining stocks sank as investors favored riskier assets on expectations that Emmanuel Macron will become France’s next president. Copper and other industrial metals rose.
European Stocks Hold Steady Close to Highest Level Since 2015 (Bloomberg)
European stocks were little changed after climbing to their highest level since 2015 on Monday as investors assessed the rally brought on by a political centrist winning France’s first-round election amid corporate earnings.
The euro is steady the day after its Macron inspired rally (Business Insider)
The single currency jumped more than 2% on Sunday evening as it became clear that centre-left candidate Emmanuel Macron had secured a place in the second round of the French presidential election, winning the biggest share of the vote at the same time.
European Banks Seen Losing More Share Amid Bond Trading Upturn (Bloomberg)
European investment banks are set to lose more ground to U.S. rivals in fixed-income and equities trading when they report first-quarter results this week.
Treasury Bond Gurus Blindsided Again as Reflation Trade Falters (Bloomberg)
It’s never been easy being a bond-market prognosticator. But while history is strewn with botched calls and embarrassing revisions, 2017 is shaping up to be particularly tricky for would-be forecasters.
Oil and Mining Giants Detail Road Map to Reduce Carbon by Half (Bloomberg)
A group of companies and non-profit agencies that includes energy giants Royal Dutch Shell Plc and BHP Billiton said global greenhouse gas emissions could be cut in half by 2040 without impeding economic development, in part by converting grids to use mostly renewable power.
Indexing Pivotal in S&P Global’s Rebound From Crisis Scandal (The Wall Street Journal)
Once vilified for its role in the financial crisis, S&P Global Inc. is emerging as one of the biggest beneficiaries of the rise of passive investing.
Cocoa Growers Will Work Together on Strategy to Fight Rout (Bloomberg)
Cocoa-growing countries will fight a price rout by banding together and coordinating production strategies, the chairman of the International Cocoa Organization said.
European stocks snag modest gains after French-election rally (Market Watch)
European stocks nudged higher Tuesday, with attention turned to earnings reports and a deal involving luxury-fashion company Christian Dior a day after equities rallied on the first-round result in France’s presidential election.
In bid to revamp health care, Trump could hurt one of U.S.'s biggest job creators (CNN)
In many ways, the health care industry has been a great friend to the U.S. economy. Its plentiful jobs helped lift the country out of the Great Recession and, partly due to the Affordable Care Act, it now employs one in nine Americans — up from one in 12 in 2000.
U.S. stocks poised to build on rally, with flood of earnings ahead (Market Watch)
U.S. stocks look set to continue the start-of-the-week rally, as investors focus on the prospect of tax reforms, though a flood of earnings from the likes of Caterpillar Inc. and McDonald’s Corp could affect gains.
World’s Biggest Stock Markets Haven’t Been This Split Since 2008 (Bloomberg)
An intensifying crackdown against leverage in Asia’s biggest economy has rocked the hither-to unflappable Shanghai Composite Index over the past week, sending it to a three-month low last session.
Hedge Funds Prize Open Japan (Bloomberg)
In the past two weeks, Hong Kong-based Oasis Management Co. has managed to score victories against two of the country's oldest and biggest companies.
It’s Time to Put Some Money Into Banks (Barron's)
It took a 10% pullback, but bank stocks look attractive once again.
The six majors—Bank of America (ticker: BAC), Citigroup (C), Goldman Sachs Group (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), and Wells Fargo (WFC)—trade for an average of 12 times projected 2017 earnings and 11 times estimated 2018 earnings (see table).
Oil rises as bargain hunters snap to attention (Market Watch)
Oil prices rose Tuesday as bargain hunters sprung into action on the heels of further weakness that futures to their lowest level since late March.
US Stocks Advanced Last Week — First Weekly Gain In April (The Capital Spectator)
The US equity market scored its first weekly advance this month, delivering the top performance in April’s third week among the major asset classes, based on a set of exchange-traded products.
Companies
Uber’s C.E.O. Plays With Fire (NY Times)
Travis Kalanick, the chief executive of Uber, visited Apple’s headquarters in early 2015 to meet with Timothy D. Cook, who runs the iPhone maker. It was a session that Mr. Kalanick was dreading.
Oracle is building a 'transformational' startup inside the company (Business Insider)
Oracle doesn't want to be accused of missing the boat when it comes to the next wave of tech.
It is launching two new Solution Engineering Centers where it plans to build out all kinds of cutting new technology, such as "artificial intelligence, augmented and virtual reality and many other exciting technology trends that interest us all," according to an employment ad first spotted by Bloomberg's Brian Womack.
Ericsson’s Margin Beats Estimates as CEO Targets Profitability (Bloomberg)
Ericsson AB Chief Executive Officer Borje Ekholm promised to intensify efforts to cut costs and get rid of more than $1 billion in unprofitable contracts in his bid to revive the ailing Swedish wireless network supplier.
Masters in Business: Coming to Silicon Valley (Ritholtz)
I am very excited to share some podcast related news: We are taking MIB on the road out west to California, specifically, Silicon Valley.
Last time we did this, our interviewee was with Vanguard’s Jack Bogle.
Technology
Alphabet’s Waymo offering families rides in self-driving cars (The Wall Street Journal)
Waymo LLC, the autonomous car unit of Google-parent Alphabet Inc., will dramatically expand its testing efforts by making hundreds of self-driving vehicles available to families and urban commuters in the Phoenix area.
Samsung's Clever Emoji App Aims To Help Those With Language Disorders (Digital Trends)
While some may consider emojis a frivolous absurdity that serve to undermine more traditional forms of communication, others see them simply as a fun way to spice up chat messages or as an effective way to clarify a point.
Three Hard Lessons the Internet Is Teaching Traditional Stores (The Wall Street Journal)
With brick-an
d-mortar stores closing at a record pace, retail in the U.S. feels like it’s at a tipping point. Many of the stores that once filled the malls of America have become “zombies,” while online retailers capture ever more of the most valuable consumers—the young and affluent.
Apple threatened to drop Uber's app over iPhone tagging (updated) (Engadget)
Uber is no stranger to trouble, but it may have landed in some especially hot water two years ago. New York Times sources claim that Apple CEO Tim Cook held a face-to-face meeting in early 2015 to call out Uber's Travis Kalanick (and threaten to remove his app from the App Store) after learning that Uber was not only violating iOS app privacy guidelines, but was trying to cover it up.
Samsung is fixing Galaxy S8 display just days after launch (CNN)
The company is issuing new software for the S8 after customers complained of red-tinted display screens. The update comes just days after Samsung launched its flagship phone in the U.S. and South Korea.
Shoetopia Is A 3D-Printed, Biodegradable Shoe Design Prototype (Digital Trends)
For shoes, 3D-printing may be the next logical step. The idea is that 3D-printed shoes could be an affordable way to manufacture customized shoes quickly. And two design students have already designed a prototype, 3D-printed shoe made of eco-friendly materials.
The Ford Mustang — America's iconic Pony Car — has been winning hearts and minds in the US since its introduction in 1965.
Forget Solar Panels — These New Self-Charging Solar Batteries Don't Need Them (Digital Trends)
Scientists are working on a battery that may recharge itself, without any input from you at all. While it sounds unbelievable, it actually uses an established technology we’re all likely familiar with, just in a very new way.
Politics
Le Pen's father criticizes her presidential campaign as she steps back from party (Reuters)
French far-right veteran Jean-Marie Le Pen said on Tuesday his daughter Marine, who faces centrist Emmanuel Macron in a May 7 presidential runoff, should have campaigned more aggressively for Sunday's first round, following the example of Donald Trump.
Trump's First 100 Days: Chris Christie Gives Him A 'B' Grade (Newsweek)
President Donald Trump’s performance during his first 100 days in office is worthy of a “B” New Jersey Governor Chris Christie said Monday, during an interview on CNN's "The Lead with Jake Tapper."
Government costs could rise $2.3 billion without Obamacare payments: study (Reuters)
The U.S. government's costs could increase by $2.3 billion in 2018 if Congress and President Donald Trump decide not to fund Obamacare-related payments to health insurers, according to a study released Tuesday by the Kaiser Family Foundation.
Senate confirms Trump's agriculture secretary (Reuters)
The U.S. Senate on Monday confirmed former Georgia Governor Sonny Perdue as secretary of agriculture, leaving all but one of President Donald Trump's Cabinet positions filled.
Chuck Schumer Still Talks To Trump. But He Doesn’t See A Detente Coming. (The Huffington Post)
As Donald Trump approaches the end of his first 100 days in office, the top Democrat in the U.S. Senate says he’s been surprised by the failure of the White House to splinter the Democratic Party.
Ryan on the hot seat to deliver for Trump (Politico)
Paul Ryan is entering a crucial stretch of his speakership, with the White House pressing him to notch wins on President Donald Trump's priorities even as he faces the same internal dynamics that sunk his predecessor.
Health and Biotech
Medical marijuana may be a salve for the US opioid epidemic (New Scientist)
Does cannabis really have medicinal properties? As the trend to legalise medical marijuana continues, there is growing evidence that it does help relieve some conditions, leading to hopes that it may help curb the US opioid addiction epidemic.
Life on the Home Planet
UK does more to protect marine areas overseas than at home (New Scientist)
The UK government must do more to manage protected areas in its seas to ensure they are not just “paper parks”, members of the parliament have said.
Iraqi forces using siege and stealth to evict Islamic State from Mosul (Reuters)
Iraqi forces are using siege and stealth tactics to drive Islamic State militants out of Mosul's Old City, an Iraqi general said, as his forces sought to minimize casualties among hundreds of thousands of people trapped in the cramped, historic neighborhood.
U.S. Nuclear Submarine Arrives In South Korea (Newsweek)
An American nuclear submarine armed with 154 tomahawk missiles arrived in South Korea Tuesday morning as North Korea prepares to celebrate the 85th birthday of its armed forces.
Scientists Think We Could Reach the Brightest Star in the Sky in 69 Years (Science Alert)
If you're going to send a nano-spacecraft powered by photons across the galaxy – travelling at a fraction of the speed of light, no less – you better have a good idea on how to slow that sucker down when it reaches its ultimate destination.
Air strikes kill at least 12, damage hospital in Syria's Idlib: medics, monitor (Reuters)
Syrian or Russian air strikes killed more than a dozen people and severely damaged a hospital in and around a town in rebel-held Idlib province on Tuesday, local medical workers and a monitoring group said.
