Financial Markets and Economy
Markets Need a 30% Stock Drop or 50% Higher U.S. Yields. Or Not. (Bloomberg)
At least, that’s how it usually goes. Yet that hasn’t borne out in the U.S. stock and bond markets. The S&P 500 index is near a record high after gaining about 14 percent since the end of October. Meanwhile global bonds have rallied for five straight months, the longest stretch to start a year since 2003. The benchmark 10-year Treasury yield, at 2.20 percent, is close to its 2017 low.
There’s a New Way to Control Inflation (Bloomberg)
The Federal Reserve would never get a medal in archery. Since January 2012, when it publicly adopted a target of 2 percent for annual inflation, it has undershot in 59 of 63 months. John Williams, president of the Federal Reserve Bank of San Francisco, believes there’s a way to help the institution improve its aim.
The pound is falling after a new poll predicted a hung parliament (Business Insider)
The pound is falling against the euro and dollar on Wednesday after a new poll suggested that next week's election could return a hung parliament.
Stocks just got a majorly bullish signal (Business Insider)
US consumer sentiment has proved fickle in recent decades, gyrating unexpectedly and generally keeping investors on their toes.
Oil prices extend losses as concern grows over still-heavy (Market Watch)
Oil futures slid anew on Wednesday, underscoring investors’ belief that the extended production caps by major producers and the summer driving season in the U.S. won’t do much to crimp still-heavy global supplies.
Corporate America investing in itself is going to be what powers stocks higher (Business Insider)
When it comes to boosting stock prices, few things are more important than the willingness of companies to invest in themselves.
This is the future of investing, and you probably can't afford it (Business Insider)
Big money investors have always sought an edge. Everything from star traders to fast computers to unique analysis can give a big hedge fund an advantage over competitors. The latest battleground is data.
Red-hot tech stocks are getting a boost from an unexpected source (Business Insider)
That's been the logic employed by tech stock bears who have thrown in the towel on short positions over the last year. And the buying volume that results from what's commonly referred to as a "short squeeze" has been a crucial driver of tech gains during the period.
Steve Cohen reportedly is prepping the biggest hedge-fund launch ever (Business Insider)
Steve Cohen is looking to raise $20 billion for his big hedge-fund comeback, The Wall Street Journal reported.
That would make his fund the biggest US hedge-fund launch, coming about four years after his previous hedge-fund firm, SAC Capital Advisors, was barred from managing external money and pleaded guilty to insider trading.
Oil Falls Amid Doubts OPEC Curbs Will Counter Shale Production (Bloomberg)
Oil fell amid doubts that prolonged cuts by OPEC and its allies will succeed in clearing a surplus while U.S. output remains so resilient.
Italy Unemployment Rate Fell to Almost 5-Year Low in April (Bloomberg)
Italy’s jobless rate fell in April to an almost 5-year low, pointing to improved growth prospects for the rest of this year.
Howard Schultz told Starbucks workers that Trump is creating 'chaos' that is impacting the economy in leaked video (Business Insider)
Donald Trump is creating "chaos" that is impacting the American economy, according to Starbucks' longtime CEO and current chairman Howard Schultz.
The Business of Litigation Finance Is Booming (Bloomberg)
The buying and selling of lawsuits—a decade-old practice in the U.S. known as litigation finance—continues to expand. Consider Pierce Sergenian, a six-lawyer trial boutique started this year by John Pierce and David Sergenian, refugees from the litigation powerhouse Quinn Emanuel Urquhart & Sullivan.
European stocks slip as inflation falls, U.K. election nerves set in (Market Watch)
European stock markets mostly headed lower on Wednesday, as investors digested the latest bout of uncertainty surrounding the U.K. election and assessed a sharper-than-expected fall in eurozone inflation.
14 more billionaires just joined Warren Buffett and Bill Gates in pledging to give away most of their money (Business Insider)
Fourteen billionaires and billionaire couples have committed to donating most of their fortunes to philanthropic causes, joining Warren Buffett and Bill Gates in signing the Giving Pledge, the organization announced Tuesday.
U.S. stock futures steady, set to close month on a high note (Market Watch)
U.S. equities were set to finish May with solid monthly gains, though the direction looked less certain on Wednesday, with stock futures straddling the flat line amid weak oil prices.
How to Lose the Most Money Investing in Stocks (Behavioral Value Investor)
Invest in Bad Businesses: Pick businesses in tough, unpredictable industries with rapid change. Make sure they also lack any competitive advantage.
Pound falls again after pollster predicts May will lose majority in election (Market Watch)
The British pound came under fresh pressure on Wednesday, after a projection from a polling company indicated U.K. Prime Minister Theresa May’s Conservative Party could lose its parliamentary majority in the June 8 general election.
Two Markets With Parallel Paths (Points And Figures)
Right now if you read about the venture capital market, or if you read about the stock market you will notice similarities.
Companies
Airbnb might go public if Spotify has a successful listing (Business Insider)
Airbnb is apparently keeping a close eye on Spotify's rumoured listing.
Specifically, Airbnb might want to mimic Spotify's unconventional route to going public, according to The Wall Street Journal.
Apple is stepping up its war to steal Android customers (Business Insider)
Apple is trying to steal away Google's customers.
Lululemon Thinks Its Men's Line Can Become A Billion-Dollar Business. Will Guys Buy $100 Yoga Pants? (Forbes)
What does it mean to be a Lululemon man? It's a thought I've pondered like a sweaty Zen master all month. The workout brand that launched a yoga pants revolution–one $100 pair at a time–has focused historically on women's gear.
Deal of the Week: Toshiba Memory Chip Sale Hinges on Nationalism (Bloomberg)
Most mergers and acquisitions don't involve nationalistic pride and potential government intervention. Toshiba's potential sale of its memory-chip business is different.
Whirlpool to Ask U.S. for Broad Barriers on Washer Imports (The Wall Street Journal)
Whirlpool Corp. plans Wednesday to ask the U.S. government to impose broad barriers on imports of household washing machines, part of the company’s efforts to fight what it calls unfair trade practices by South Korea-based rivals spanning half a dozen countries, company executives said late Tuesday.
Theranos directors trusted Elizabeth Holmes more than their own eyes (Ars Technica)
When former US Secretary of State George Shultz underwent a Theranos blood test, it involved a standard vein draw—not the company’s proprietary finger prick blood collection. Though at the time Theranos claimed to only use its proprietary testing, the discrepancy didn’t bother Shultz, then a member of the company’s board of directors.
Technology
New renders show the iPhone 8 will probably be bigger than the iPhone 7 (Business Insider)
It's looking more like the iPhone 8 will be bigger in size than the iPhone 7, but smaller than the iPhone 7 Plus.
New Nest camera zooms in and recognizes faces (CNN)
You've seen it in every cheesy police procedural: A suspect is caught on grainy security camera footage. Someone tells the computer tech to "enhance!" and a pixelated blob magically morphs into a recognizable face.
24 Billion Clicks Via 700 Ad Networks Reveals 15.2% Mobile Ad Fraud Rate (Forbes)
Eight ad networks are 100% fraud. 35 ad networks are 50% or greater. But overall, 17.17% of all mobile ads that marketers pay to place in front of consumers are fraudulent.
Here's How We Can Achieve Mass-Produced Quantum Computers (Science Alert)
Still waiting patiently for quantum computing to bring about the next revolution in digital processing power? We might now be a little closer, with a discovery that could help us build quantum computers at mass scale.
Epson's AR glasses give your drone a virtual playground (Engadet)
It's fun learning how to fly a drone, but a company called EdgyBees recently launched an AR game that could make honing your piloting skills even more fun.
Politics
Trump Blasts Germany Again for Trade Deficit and NATO Support (Bloomberg)
President Donald Trump blasted Germany anew over trade and defense, ratcheting up a dispute with Chancellor Angela Merkel that risks getting personal and undermining a trans-Atlantic bond that is the bedrock of U.S.-European relations.
Spicer dodges questions on why Trump cited anonymous Fox report after decrying anonymous sources (Business Insider)
White House press secretary Sean Spicer ducked a series of questions on Tuesday about President Donald Trump's promotion of a Fox News story based on an anonymous source. Days earlier, Trump blasted such stories as "made up."
POLL: Trump Promises Unfulfilled By House GOP Health Bill (Associated Press)
President Donald Trump has called the House-passed health care bill a "great plan," but a new poll finds that three out of four Americans do not believe it fulfills most of his promises.
Trump's personal attorney is now in the crosshairs of the House and Senate Russia probes (Business Insider)
The House and Senate intelligence committees have asked President Donald Trump's personal attorney, Michael Cohen, to provide information about his contacts with Russian officials as part of their probes into Russia's election interference and whether any of Trump's associates colluded with Moscow.
UK government sued for third time over illegal air pollution from diesels (The Guardian)
Environmental lawyers are taking the government to the high court for a third time in a bid to remove “major flaws” from minister’s plans to tackle the UK’s illegal levels of air pollution.
Pay No Attention To That American President Over There (The Huffington Post)
At first glance, it looks like the Great Disrupter, Donald Trump, is out to destroy the Atlantic Alliance, which has more or less kept the peace in Europe since World War II.
Trump: Kathy Griffin 'should be ashamed of herself' (Politico)
Comedian Kathy Griffin “should be ashamed of herself,” President Donald Trump wrote on Twitter Wednesday morning, for appearing in a video in which she holds a severed and fake-blood-covered prop version of the president’s head.
Donald Trump Asks World Leaders To Call Him On His Cell Phone. That Can Only Mean 1 Thing. (The Huffington Post)
President Donald Trump is being gleefully mocked over his latest reported request to world leaders.
On Tuesday, The Associated Press reported that Trump was encouraging his global counterparts to call him directly on his cell phone if they wanted to talk to him.
Life on the Home Planet
Philippines Vows to Save Hostages as Fight Corners Militants (Associated Press)
Philippine authorities have reached out to parties who may be able to talk with Muslim militants in a bid to secure the freedom of hostages in a southern city where a week of fighting has killed 129 people, officials said Wednesday.
BBC driver and German Embassy guard among 80 killed in massive Kabul bomb (Business Insider)
Eighty people have been killed and 350 have been wounded after a powerful bomb exploded during the morning rush hour in the centre of the Afghan capital on Wednesday.
At Least 80 Killed in Blast Near Embassies in Afghan Capital (The Wall Street Journal)
A bomb exploded near heavily guarded embassies and military bases in the Afghan capital on Wednesday, killing at least 80 people and wounding more than 300 others, many as they headed to work on foot or in buses, the interior ministry and witnesses said.
Death Toll in Sri Lanka Mudslides, Floods Exceeds 200 (Bloomberg)
The Disaster Management Center said Wednesday that 202 people are confirmed dead. More than 77,000 have been displaced and over 1,500 homes destroyed since rains began swamping the southern and western areas of the Indian Ocean island nation last Friday.
Philippines says Islamists keep up week-long fight with prisoners, looted guns (Reuters)
A week-long assault by Islamist rebels in a southern Philippine city is being fuelled with stolen weapons and ammunition and fighters broken out of jails, the military said on Wednesday, as troops battled militants resisting ground and air attacks.
