Financial Markets and Economy
China central bank denies reports it told banks to deposit dollars (Reuters)
China's central bank has not adopted any measures requiring commercial banks to deposit dollars with it, the People's Bank of China (PBOC) said on Friday.
China Considers Changing Yuan Fixing Formula to Curb Swings (Bloomberg)
China is considering changes to the way it calculates the yuan’s daily reference rate against the dollar, a move that’s likely to reduce exchange-rate volatility while undermining efforts to increase the role of market forces in Asia’s largest economy.
China Exerts More Control Over Its Currency With Tweak to Yuan Fix (The Wall Street Journal)
China’s central bank said it was tweaking the mechanism for setting the yuan’s daily fix to smooth out fluctuations against the dollar, an acknowledgment that the country is hitching the yuan’s value closer to the U.S. currency.
China's reforms not enough to arrest mounting debt: Moody's (Reuters)
China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.
Wall Street to CEOs: Disrupt Your Industry, or Else (The Wall Street Journal)
Investors and boards long obsessed with quarterly profits are now hunting for leaders to make big, fast bets to fend off upstarts shooting for the moon.
Traders can make a killing chasing the 'smart money' (Business Insider)
To profit from the stock market, be sure to follow the "smart money." Just figure out where hedge funds are investing, and then do the same.
It's a strategy that would have worked this year if executed properly, as the stocks most widely held by hedge funds have outperformed the broader market.
China's teapot refiners set to slow crude imports as tanks overflow (Reuters)
As OPEC extends production cuts in a bid to tighten the oil market, China's independent refiners – awash with crude and facing disappointing local demand – are poised to slow purchases of oil for at least the next two months.
Big stock market shocks aren't scaring investors anymore (Business Insider)
Big stock market shocks don't scare investors anymore. In fact, swift declines are welcomed with open arms.
Traders have been taking advantage of share weakness to "buy the dip," or expand positions by purchasing shares at a discount. And that's helped the equity market recover from short-term selloffs faster than ever before.
Companies
Amazon’s Brush With $1,000 Signals the Death of the Stock Split (The Wall Street Journal)
On Thursday, shares of Amazon.com Inc. almost brushed $1,000 before closing at $993.38. The price increase, up from around $68 a decade ago, reflects the company’s growth and dominance.
Einhorn Call for GM Changes Rejected by Shareholder Advisers (Bloomberg)
Two shareholder advisory firms have recommended support for current General Motors Co. board members and against creating a dual share class, proposals advanced by activist investor David Einhorn to boost the automaker’s stock.
Amazon is opening its first brick-and-mortar location in New York City — take a look inside (Business Insider)
On Thursday, Amazon will officially open its first brick-and-mortar store in New York City — its seventh in the US.
Tucked inside The Shops at Columbus Circle in midtown Manhattan, the physical location uses millions of Amazon customer ratings and reviews as its guide to providing customers with a unique shopping experience.
Technology
Tesla’s Model X Is Missing the American SUV Craze (Bloomberg)
While Tesla Inc.’s Model S has been a hit and thousands lined up to order the upcoming Model 3 sedan, the Model X sport utility vehicle hasn’t met the chief executive officer’s expectations. Model X deliveries have yet to keep pace with the Model S, as Musk predicted, and U.S. registrations of the SUV have slipped the last two quarters, according to IHS Markit.
Researchers find a more effective way to test self-driving cars (Engadget)
It's tricky to test self-driving cars. Even if you have hundreds of thousands of miles under your belt, it's still difficult to account for every possible real-world peril. Researchers think they can fast-track that experience, however.
Awesome Tech You Can't Buy Yet: Fish Drones, Bottle Gardens, AI Longboards (Digital Trends)
Flying a drone over solid ground is one thing, but flying it over water is a whole ‘nother ball game. With all manner of electronics on board, an unexpected aquatic landing is almost always a death sentence for your drone, which makes flying it much more stressful.
Sana's smart sleep goggles for insomniacs will be out in 2018 (Engadget)
These sleep googles by a company called Sana Health cost a lot more than your typical mask, but it promises peaceful sleep 10 minutes after you put them on. That's because they more than just block the light: they have mechanisms inside that chunky, VR-headset-like frame that give them the power to use audio-visual stimulation.
Politics
G7 leaders divided on climate change, closer on trade issues (Reuters)
Under pressure from Group of Seven allies, U.S. President Donald Trump backed a pledge to fight protectionism on Saturday, but refused to endorse a global climate change accord, saying he needed more time to decide.
Merkel pushes back against renewed Trump criticism of surplus (Reuters)
Chancellor Angela Merkel pushed back on Friday against renewed criticism of Germany's trade surplus from U.S. President Donald Trump, who told EU officials Germany was "very bad" on trade and suggested it was selling too many cars in the United States.
Trump Likely to Maintain Obama’s Sanctions Against Russia (The Wall Street Journal)
President Donald Trump is leaning toward maintaining sanctions against Russia that were adopted by the Obama administration in response to Moscow’s alleged interference in the U.S. presidential election, a senior administration official said Thursday.
Republican wins Montana special election despite assault charge (Reuters)
Republican Greg Gianforte defeated a political novice to win Montana's seat in the U.S. House of Representatives on Thursday, barely 24 hours after he was charged with assaulting a reporter who asked him about the Republican healthcare bill.
Trump directly scolds NATO allies, says they owe 'massive' sums (Reuters)
U.S. President Donald Trump on Thursday intensified his accusations that NATO allies were not spending enough on defense and warned of more attacks like this week's Manchester bombing unless the alliance did more to stop militants.
BMW, Mercedes Become Latest Carmakers Caught in Trump Crossfire (Bloomberg)
BMW, Mercedes-Benz and VW are getting their turn in the crosshairs of U.S. President Donald Trump, who’s making a habit out of attacking the visible — and free trade-dependent — auto industry.
Theresa May says she wants Britain to 'lead the world in preventing tourism' (Business Insider)
Theresa May wants Britain to "lead the world in preventing tourism," she said today in her first embarrassing slip up of the general election campaign.
Chinese foreign minister urges Seoul to resume talks with North Korea (Reuters)
Chinese Foreign Minister Wang Yi said on Friday that the use of force on the Korean peninsula would only worsen the situation, and that Beijing was expecting South Korea would make efforts to resume talks with North Korea.
Trump Saves Worst for Last in First Foreign Trip (Bloomberg)
Donald Trump looks to have saved the worst for last in his lengthy first trip abroad as U.S. president: a G-7 summit that will involve debates on climate change and free trade with leaders who would probably rather be dealing with his predecessor.
Life on the Home Planet
Waiting for `The Big One' to Shake San Francisco: QuickTake Q&A (Bloomberg)
What happens to the San Francisco Bay area when the next major earthquake strikes? That’s the question seismologists are pondering as a key milestone approaches for a quake on the so-called Hayward Fault, which runs along the East Bay waterfront occupied by Oakland, Berkeley and other towns.
Philippine president urges IS-linked rebels to halt siege, start talks (Reuters)
Philippine President Rodrigo Duterte appealed to Islamist militants on Friday to abandon hostilities and start dialogue in an effort to end their bloody occupation of a southern city that experts called a major blow to regional security.
Indonesia makes arrests as Islamic State claims Jakarta attacks (Reuters)
Indonesian police arrested three people on Friday suspected of being linked to suicide bombings in Jakarta, as the Islamic State group claimed responsibility for the attacks that killed three police officers at a bus station and wounded 12 others.
UK police say they've arrested some key players behind Manchester bombing (Reuters)
British police have arrested a "large part of the network" behind this week's Manchester suicide bombing but more arrests are likely, the country's top counter-terrorism officer said on Friday.
