Financial Markets and Economy
Oil steadies but rattled by concern about OPEC's clout (Reuters)
Oil rose on Tuesday but faced headwinds from concern over slowing demand and the rise in U.S. crude output that has shaken investors' faith in the ability of OPEC to rebalance the market.
Investors Lighten Up on U.S. Stocks, Bet on Europe (The Wall Street Journal)
Investors are pulling money out of the U.S. stock market at one of the highest rates in years, moving billions of dollars to other markets and scaling back a long-held bet that U.S. growth would bring superior returns.
Iron Ore Sags Again as Forced-Sale Speculation Gathers Momentum (Bloomberg)
Iron ore futures are under pressure again in Asia — signaling a possible return to the $50s for the benchmark spot price — as concern builds about the outlook for rising supply and China’s clampdown on leverage ripples through markets, possibly triggering forced sales.
Visiting the White House Can Boost Your Stock Price. So Who’s Visiting Trump? (Bloomberg)
New research shows that visiting the White House during the Obama years yielded a payoff in the stock price of the visitor's company. Will the same be true of the Trump years?
BOE Preview: Pound, Gilt Yields Seen Capped on Brexit Caution (Bloomberg)
The Bank of England is likely to revise higher its inflation outlook for the year, though Governor Mark Carney is bound to talk down expectations for a rate increase anytime soon, analysts say ahead of this week’s monetary-policy review.
Goldman Says Fed Hikes, Commodity Gains to Come Hand-in-Hand (Bloomberg)
Commodities investors needn’t fear the Federal Reserve. Raw materials perform best when the U.S. central bank is hiking rates, according to Goldman Sachs Group Inc., which used the findings of a study to buttress its overweight call on the asset class while acknowledging risks to its view.
Traders Stake $12 Billion on Dollar Extending Gains Versus Yen (Bloomberg)
Investors bet at least $12 billion this week on the dollar extending its rally against the yen, as the odds improve for a Federal Reserve rate increase next month and technical charts favor bulls.
Elliott Takes Akzo Nobel to Court to Oust Chairman in PPG Bid Battle (The Wall Street Journal)
U.S. activist investor Elliott Management Corp. has asked a Dutch court to force Akzo Nobel NV to hold a special shareholder meeting seeking the removal of its chairman, its latest attempt to strong-arm the paint maker into sale talks with rival PPG Industries Inc.
Australian Path to Surplus Built on Revenue Surge (Bloomberg)
Australian Treasurer Scott Morrison delivered his federal budget Tuesday evening in Canberra, seeking to boost the government's flagging poll ratings through a A$75 billion ($55 billion) infrastructure plan that aims to support growth and jobs.
Refugee Turned Fintech Chief Aims to Upend a $444 Billion Market (Bloomberg)
Refugee, economist, whistle-blower, entrepreneur — Ismail Ahmed has played many roles in his odyssey from war-torn Somalia to London’s fintech frontier.
Europe's Freeze Casts a Cloud Over Region's Booming Sugar Output (Bloomberg)
Efforts by farmers to bolster sugar output in the world’s top beet producer before a new quota-free regime begins may be blown off course by the weather.
Oil Slips as Libyan Output Climbs to Highest Level Since 2014 (Bloomberg)
Crude slipped as Libyan production climbed to the highest in more than two years as the OPEC member restores output.
Job openings flat in March as economy took a breather (Market Watch)
There were 5.74 million job openings, the Labor Department said Tuesday, the same number as previously reported in February, which was cut to 5.68 million. The number of hires dipped to 5.26 million from 5.25 million.
Italian Bonds May Be Traders' Next Obsession After French Vote (Bloomberg)
After months of fretting about France, the market is wasting no time in finding a new obsession — and this time Italy is finding itself in the crosshairs.
This extremely quiet market could be setting a trap for investors (Market Watch)
One may have popped up yesterday. On Monday, the S&P and Nasdaq nailed record closes as the VIX VIX, +1.02%, affectionately known as the “fear index”, fell to the lowest level since December 1993.
Companies
Valeant Shares Surge as Drugmaker Boosts Cash Pile, Forecast (Bloomberg)
Valeant Pharmaceuticals International Inc. sabid it’s making progress selling assets and is bringing in more cash, helping chip away at its debt and allowing it to boost its full-year forecast.
This regional grocery chain just beat out Trader Joe's to be named best in America (Business Insider)
A regional grocery chain that most Americans have never visited was just named the best in the US.
Wegmans ranks as Americans' favorite grocery chain, according to Market Force Information's annual survey of the industry, which was released on Tuesday.
Technology
Amazon Plans to Unveil New Echo (The Wall Street Journal)
Amazon.com Inc. is due to unveil a new Echo speaker with a screen that will incorporate video calling capabilities, according to people familiar with the matter, keeping the online retailer one step ahead of tech rivals in seeking to control smart homes.
Garmin Quatix 5 Marine Watch Is Designed For Open Waters (Digital Trends)
If you’re the type who prefers the open water to the open road, Garmin wants your business. The wearable company’s Quatix 5, the newest in its line of “marine” watches, packs compatibility with onboard boat systems, high-precision navigation tech, and more activity-tracking features than most sea captains can shake a compass at.
Electric Cars Will Be at an Economic Disadvantage Until 2025 (Bloomberg)
Carmakers readying a salvo of electric cars will be stung by ramp-up costs until about 2025, amid an industry-wide push to make the vehicles more appealing to the mass market, according to automotive supplier Continental AG.
Korea is building a 'city' for self-driving cars (Engadget)
South Korea will soon open an 88 acre facility with everything an autonomous car might encounter, including expressways, parking areas and bus-only lanes, according to the Korea Business Times.
Politics
Former Trump security aide was Russia blackmail risk: ex-U.S. official (Reuters)
Former Acting U.S. Attorney General Sally Yates said on Monday she warned the White House in January that then-national security adviser Michael Flynn had been compromised and could have been vulnerable to blackmail by Russia.
Republicans Confront Health-Bill Backlash (The Wall Street Journal)
House Republicans may have won the battle to pass a health-care overhaul, but the fight over public messaging that is now ramping up could be critical to the shape of the bill that emerges from the Senate and to any final compromise.
Macron’s Brand New Party Shoots for Parliament Takeover (The Wall Street Journal)
After winning his bid to lead France, Emmanuel Macron got to work Monday on his next challenge: gaining control of its parliament.
French ex-prime minister Valls offers to back Macron in June elections (Reuters)
French president-elect Emmanuel Macron won an offer of support from Socialist ex-prime minister Manuel Valls on Tuesday as he and his aides worked on strategy ahead of parliamentary elections that will be crucial to his ambitious reform plans.
Jakarta's Christian governor jailed for blasphemy against Islam (Reuters)
Jakarta's Christian governor was sentenced to two years in jail for blasphemy, a harsher-than-expected ruling that critics fear will embolden hardline Islamist forces to challenge secularism in Indonesia, the world's largest Muslim-majority nation.
Trump’s infrastructure vision rejected in Texas | Senate Republicans form all-male panel on health bill (Market Watch)
President Donald Trump’s plan for investing $1 trillion in U.S. infrastructure with the help of a public-and-private partnership has hit a speed bump in the second-most populous state, according to Bloomberg.
Turks in Germany won't be allowed to vote on death penalty: Merkel (Reuters)
Turks living in Germany will not be allowed to vote in any referendum on reinstating the death penalty, Chancellor Angela Merkel said in remarks broadcast on Tuesday.
Moon Jae-in poised to become South Korea’s next president, exit polls show (Market Watch)
South Korean voters were poised Tuesday to elect Moon Jae-in as the country’s next leader, exit polls showed, ending nine years of conservative rule and bringing to power a forceful advocate for closer ties with North Korea.
Obama: 'You get the politicians you deserve' (Politico)
Former President Barack Obama, speaking to an audience in Italy on Tuesday, urged citizens to participate in democracy and warned that “you get the politicians you deserve.”
Venezuelans Accused of Rebellion Are Hauled Into Military Court (Bloomberg)
Hundreds of Venezuelans arrested in the past week have been tried in secretive military courts, a new maneuver by the government of President Nicolas Maduro as he fights to retain his grip on power in the face of escalating political opposition and massive street protests.
Qatar says Syria 'de-escalation' plan not an alternative to political transition (Reuters)
Qatar's foreign minister on Tuesday welcomed a Russian-brokered agreement for "de-escalation" zones in Syria but said the plan was no substitute for a political transition that would see President Bashar al-Assad step down.
Life on the Home Planet
Russia showcases Arctic hardware in Red Square military parade (Reuters)
Russia rolled out air defense systems built to operate in sub-zero Arctic conditions on Tuesday as it showcased its military might at a parade on Moscow's Red Square.
Racist soldier's militant double life shocks Germany (Reuters)
In January 2014, the commander of a French military academy rejected the master's thesis of an elite German army officer under his charge for its extremist argument that human rights could lead to the genocide of Western races.
Chicago Police Warn Officers of Assault-Style Weapons Threat (The Wall Street Journal)
This city’s police officers have been warned of the increasing use by gang members of rifles able to pierce police body armor, after a spate of shootings with assault-style weapons.
Germany detains second soldier suspected of planning 'extremist' attack (Reuters)
German police have detained a second soldier suspected of involvement in a plan by an army officer and a student to carry out an attack, possibly on left-wing politicians who don't oppose immigration, the federal public prosecutor said on Tuesday.
Up to 245 Missing After 2 Mediterranean Shipwrecks, Says UN (Associated Press)
Two wrecks of migrant ships in the Mediterranean have claimed as many as 245 lives, including those of at least five children, according to survivor accounts given to U.N. agencies and authorities in Sicily, where dozens of rescued migrants were taken.
Turkey Seeks 40 Separate Life Terms for Nightclub Attacker (Associated Press)
Prosecutors in Istanbul are seeking 40 consecutive life sentences for the man who attacked a nightclub in Istanbul during New Year's celebrations, killing 39 people, Turkey's state-run news agency reported Tuesday.
