Financial Markets and Economy
Stocks Dip As Media, Health Care Companies Fall; Banks Jump (Associated Press)
U.S. stocks dipped Wednesday as media and health care companies took losses. The Federal Reserve left interest rates unchanged, but bond yields and banks rose as investors felt rates will increase soon.
Trump's Commodities Rally Is Almost Gone (Bloomberg)
Commodities are sinking to a five-month low, almost erasing the rally that followed Donald Trump’s surprise election win.
Now Everyone Can Be Quadruple-Leveraged Day Traders (Bloomberg)
U.S. regulators just approved the first set of quadruple-leveraged exchange-traded funds. This sounds somewhat terrifying on its face, and indeed the idea of it immediately spurred outrage on social media and elsewhere.
Aussie Bonds Follow Losses in Treasuries After Fed: Markets Wrap (Bloomberg)
Australian bonds tracked a retreat in U.S. Treasuries after the Federal Reserve signaled it’s looking past a recent deceleration in economic growth. Copper extended a rout, dragging materials producers lower.
Fed Rate Rise Unlikely Wednesday, but Possible June Move in Focus (The Wall Street Journal)
Next to no one expects Federal Reserve officials to raise short-term interest rates at the conclusion of their two-day policy meeting Wednesday. Investors are pricing in a 95% chance that the Federal Open Market Committee leaves its benchmark rate unchanged in a range of 0.75% to 1%, according to CME.
US Federal Reserve says economic weakness temporary as rates held steady (The Telegraph)
America's central bank has kept interest rates on hold and said the recent softness in economic data is "transitory" and unlikely to prevent interest rate rises later this year.
Asian stocks retreat, dollar holds gains on hawkish Fed statement (Reuters)
Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve delivered a hawkish policy statement.
China to step up crackdown on illegal forex deals in 2017 (Reuters)
China will step up its crackdown on illegal foreign exchange deals this year as authorities boost authenticity and compliance checks on trade and investment, its forex regulator said on Wednesday.
SEC Probes Solar Companies Over Disclosure of Customer Cancellations (The Wall Street Journal)
Federal regulators are investigating whether solar-energy companies are masking how many customers they are losing, according to a person familiar with the matter.
China's Silk Road push in Thailand may founder on Mekong River row (Reuters)
China's plan to blast open more of the Mekong River for bigger cargo ships could founder on a remote outcrop of half-submerged rocks that Thai protesters have vowed to protect against Beijing's economic expansion in Southeast Asia.
Saudi Arabia pushes through pain of breaking oil habit (CNN)
Under pressure from a collapse in oil prices, Deputy Crown Prince Mohammed bin Salman last April unveiled his Vision 2030 to transform the kingdom's economy.
Puerto Rico files for biggest US municipal bankruptcy (CNN)
It's the biggest municipal bankruptcy filing ever in the US. Puerto Rico currently owes its creditors a whopping $70 billion, far higher than Detroit's $18 billion bankruptcy in 2013.
The world's biggest fund managers are complaining that making money is hard (Reuters)
Top investment fund managers at the Milken Institute Global Conference this week said they had little choice but to focus on unusual and complicated corners of the financial markets as stock markets have risen and interest rates remain low.
One Sign That the Retail Industry Isn’t Dead Yet (Bloomberg)
Customers cussed at him and threw ice cream at him. Finally, Don-Wesley Andrews had enough. He quit McDonald’s in Sacramento, California, for a job at Wal-Mart.
Bonds, Bullion Slip After Fed Sends June Rate Hike Odds Spiking To 94% (Zero Hedge)
From just below 70% before to 94% now, June is on like Donkey Kong
Slumping Car Sales Are Latest Data to Rattle Bets on Growth (The Wall Street Journal)
A soft patch in the economy is damping expectations for a stimulus-driven, postelection boom, prompting many investors to retreat from bets on growth.
The 20 best colleges for your money (Business Insider)
A college education is a huge investment of both time and money — so it's helpful to know which schools and programs are worth it.
Companies
GENE MUNSTER: Tesla is the next Apple (Gene Munster, Loup Ventures)
Apple is the world’s largest company with a market cap of nearly $770 billion as of this writing. Tesla is one of the world’s largest automakers with a market cap of close to $55 billion, although we think the Tesla story is just getting started.
Should Apple buy Disney? Tesla? The Raiders? (CNN)
Apple (AAPL, Tech30) said in its latest earnings report Tuesday that it now has $256.8 billion in cash and investments on its balance sheet. Yup. More than a quarter of a trillion dollars. Talk about money burning a hole (or canyon as the case may be) in your pocket!
Why Tesla’s Cash Crunch May Be Worse Than You Think (Fortune)
Elon Musk has long been an enthusiastic advocate of controversial pro-forma accounting. Recently, Tesla's founder and CEO introduced a creative new cash flow metric that's supposed to present a truer picture of the electric automaker's finances than do the official numbers.
Einhorn, nursing losses on Tesla, says investors 'hypnotized' by Musk (Reuters)
Hedge fund manager David Einhorn said on Wednesday that investors remain charmed by Tesla Inc Chief Executive Elon Musk, boosting the stock by 30 percent in the first quarter, even though the electric car maker's performance did not justify such gains.
JPMorgan to Move Hundreds of Staff to Three EU Offices on Brexit (Bloomberg)
JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg to preserve easy access to the European Union’s single market after Brexit, the firm’s head of investment banking said.
3 Top REITs to Buy in 2017 (The Motley Fool)
Medical Properties Trust (NYSE:MPW), as the name suggests, owns healthcare facilities. However, the company has chosen to focus its investments on the physical real estate associated with hospitals as opposed to other medical properties because these buildings are the heartbeat of local healthcare.
Taco Bell Naked Chicken Chalupas, lower taxes boost Yum's profit (Reuters)
Yum Brands Inc (YUM.N) posted a better-than-expected quarterly profit, helped by lower taxes, vigorous sales of Taco Bell's Naked Chicken Chalupas and lower costs at KFC restaurants.
Buffett to face big crowd as Berkshire grows bigger (Reuters)
As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc (BRKa.N) shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett.
Technology
Microsoft's future phones might not even look like phones (Mashable Asia)
Despite launching its last flagships, the Lumia 950 and 950 XL, in November 2015, Microsoft's not giving up on phones yet. In fact, Microsoft's future devices may not even look like phones as we know them today, according to the company's CEO.
How to Prepare for an Automated Future (The Upshot)
We don’t know how quickly machines will displace people’s jobs, or how many they’ll take, but we know it’s happening — not just to factory workers but also to money managers, dermatologists and retail workers.
Hulu officially launches live TV service: 50+ channels from $39.99/month (9To5Mac)
Hulu is officially launching its new live TV streaming service after several months of teasing out the new product. Hulu with Live TV will be available in beta on Apple TV, iPhone, iPad, and other platforms to start with over 50 channels available from $39.99/month.
China to Start Security Checks on Technology Companies in June (The Wall Street Journal)
China will launch new security reviews on foreign and domestic technology suppliers starting June 1, implementing a key element of its new cybersecurity law aimed at tightening state control over technology and information.
Waymo has 'no smoking gun' in Uber self driving car case -U.S. judge (Reuters)
A U.S. judge on Wednesday said he had not seen clear evidence that Uber Technologies Inc had conspired with an engineer on its self driving car program to steal trade secrets from Alphabet Inc's (GOOGL.O) Waymo, and that he was wrestling with whether to issue an injunction against the ride service.
NSA collected Americans' phone records despite law change: report (Reuters)
The U.S. National Security Agency collected more than 151 million records of Americans' phone calls last year, even after Congress limited its ability to collect bulk phone records, according to an annual report issued on Tuesday by the top U.S. intelligence officer.
Politics
Shinzo Abe Announces Plan to Revise Japan’s Pacifist Constitution (NY Times)
Prime Minister Shinzo Abe of Japan announced on Wednesday a plan to revise a pacifist Constitution that has been in place since it was enacted by American occupiers in 1947.
Introducing the Trump Rule: Ignore every proposal he makes (Los Angeles Times)
Remember March, when Democrats were in a swivet over President Trump’s budget proposal – the one that threatened to gut the Environmental Protection Agency, eliminate funding for public broadcasting and the arts, and use the money for a border wall?
Putin Meets Erdogan as Russia Pursues Syria Diplomacy Blitz (Bloomberg)
Russian President Vladimir Putin continued his diplomatic push for a plan to establish safe zones in Syria backed by peacekeepers as he began talks with Turkish leader Recep Tayyip Erdogan in the Black Sea resort of Sochi on Wednesday.
GOP’s Health-Bill Woes Show New Power of Party’s Centrist Wing (The Wall Street Journal)
The latest Republican effort to reshape the nation’s health-care system teetered on the brink of collapse in the House, reflecting a new assertiveness by GOP centrists, a group that in recent years has rarely wielded such power.
Trump's Messaging Keeps Friends Confused And Enemies More So (NPR)
President Trump has a flair — perhaps a genius — for counter-programming, which can be described as the art of upstaging your rivals just when they think they're about to have their spotlight moment.
Macron, Le Pen clash on euro, terrorism, in French pre-election TV showdown (Reuters)
Far-right candidate Marine Le Pen and centrist Emmanuel Macron clashed over their vision of France's future, the euro and ways of fighting terrorism in an ill-tempered televised debate on Wednesday before Sunday's run-off vote for the presidency.
U.S. senators seek sanctions, other ways to address Venezuela crisis (Reuters)
An influential group of Republican and Democratic U.S. senators introduced sweeping legislation on Wednesday to address the crisis in Venezuela, including sanctioning individuals responsible for undermining democracy or involved in corruption.
Trump vows to broker Israeli-Palestinian peace, offers no new policies (Reuters)
President Donald Trump vowed on Wednesday to do “whatever is necessary” to broker peace between Israel and the Palestinians as he hosted Palestinian President Mahmoud Abbas at the White House, but offered no sign of how he could revive long-stalled negotiations.
Public Trust in Government Remains Near Historic Lows as Partisan Attitudes Shift (Pew Research Center)
The 2016 election ushered in a new era in Washington defined by unified Republican control of the White House and both chambers of Congress. The changes in the dynamics of power in Washington have registered with members of both political parties.
Life on the Home Planet
'Sextortion' case fuels legal debate over phone passwords (CNN)
An extortion case involving bikini-clad models, social media celebrities and racy images has sparked an intriguing legal debate over phone security and the Fifth Amendment.
North Korea says American was detained for 'attempted subversion' (Reuters)
North Korea said on Wednesday an American man it had detained in late April, the third U.S. citizen being held by the isolated country, was intercepted because he was attempting to commit "hostile acts".
As U.S. and China find common ground on North Korea, is Russia the wild card? (Reuters)
When North Korean leader Kim Jong Un sent Lunar New Year greetings this year, the first card went to Russian President Vladimir Putin, ahead of leaders from China and other allies of the isolated country, according to its official news agency.
On Serbian airwaves, a battle for heart of Balkans (Reuters)
The 21st-floor offices of Studio B boast an unrivalled view of the Serbian capital, taking in Orthodox Church domes, a Gulf-financed property development and a citadel built by Celtic, Roman, Ottoman and Austro-Hungarian rulers.
