Financial Markets and Economy
Oil Set for Biggest Weekly Loss in a Month as Rebalancing Drags (Bloomberg)
Oil headed for its biggest weekly drop in four weeks as U.S. supply data signaled that OPEC’s efforts to re-balance oversupplied markets need more time.
A hedge fund veteran is trying to bring quant trading to a new market — sports betting (Business Insider)
"A good analogy is that we’re building these robots to let them run around the floor," Andreas Koukorinis, the founder of Stratagem, told Business Insider.
One of the biggest markets in the world is facing a $1 trillion disconnect — here's how it can be fixed (Business Insider)
Trillions of dollars in Treasurys are set to flood the US investment landscape over the next five years, setting up a reckoning in one of the world's biggest markets.
Bank Bonds That Are So 1980s Prove a Windfall for This Canadian Firm (Bloomberg)
In a world where corporate bonds look expensive and it’s tough to find yield, one firm has been digging around in an overlooked corner of the bank bond market.
One Price Of Uncertainty: Corporates Selling Off Non-Core European Assets (Forbes)
Hence, the conclusion from a new survey that predicts one result of Britons' decision to exit, stage right, the European Union will be for corporates to unload non-core European assets – and such activity in the first half of 2016 is already giving weight to the prediction.
Russia Can ‘Live Forever’ With $40 Oil in Warning to Hedge Funds (Bloomberg)
A race to the bottom in oil prices may not have many winners, but Russia is certain it can survive. It’s less sure about hedge funds.
My Smart Beta ETF Premised on Cats Rang Up an 849,751% Return (Bloomberg)
I mean, that’s what my Bloomberg said. I’d just entered in an index built from companies with “cat” in their names — yes, the furry felines — hit a button and watched it back-test to an 849,751 percent return.
'Axis of love': Saudi-Russia detente heralds new oil order (Reuters)
A meeting between the two men who run Russia and Saudi Arabia's oil empires spoke volumes about the new relationship between the energy superpowers.
Monte Paschi Wins EU Backing on Revamp, Paving Way to Rescue (Bloomberg)
European Union and Italian officials agreed on a plan to restructure Banca Monte dei Paschi di Siena SpA, allowing Italy to inject capital to rescue the world’s oldest bank.
London’s Brexit Apocalypse Is Nowhere in Sight (Bloomberg)
Thirty years ago, London’s Isle of Dogs was a barren expanse of abandoned wharves and crumbling warehouses, never recovered from the wartime attentions of the Luftwaffe. Even the names of nearby boat basins were reminders of Britain’s lost empire and postwar decline: the West and East India docks.
U.S. trade deficit climbs 5.2% in April to $47.6 billion (Market Watch)
The deficit climbed to $47.6 billion in April from a revised $45.3 billion in March, the Commerce Department said Friday. Economists polled by MarketWatch had forecast a $46.5 billion gap.
U.S. jobs growth slows to 138,000 in May (Market Watch)
The U.S. added a modest 138,000 new jobs in May and hiring earlier in the spring was weaker than initially reported, adding to evidence that the tightest labor market in years is making it harder for companies to fill open jobs.
Treasury yields decline after weaker-than-expected jobs report (Market Watch)
Treasury yields slid after May jobs data showed the U.S. economy created just 138,000 jobs, below the consensus expectation of 185,000 produced by a MarketWatch survey of economists.
U.S. Trade Gap Widened 5% in April (The Wall Street Journal)
The trade gap in goods and services with other nations increased 5.2% from a month earlier to $47.62 billion, the Commerce Department said Friday. Imports grew 0.8% while exports fell 0.3%.
Treasury yields steady ahead of key jobs number (Market Watch)
Treasury yields steadied on Friday as traders await a key nonfarm-payrolls report that could help to confirm strength in the U.S. labor market and influence the Federal Reserve’s monetary-policy plan.
Oil is nosediving (Business Insider)
The price of oil is falling on Friday, amid concerns about oversupply. US West Texas Intermediate is down 2% to $47.07 a barrel at 12.12 a.m.
Jobs report: US adds 138,000 jobs as unemployment falls to 4.3% (The Guardian)
The Bureau of Labor Statistics announced on Friday that the unemployment rate fell to 4.3%, the lowest level since 2001, all but guaranteeing that the Federal Reserve will raise interest rates at its next meeting later this month.
Companies
Uber Posts $708 Million Loss as Finance Head Leaves (The Wall Street Journal)
Uber Technologies Inc. said its head of finance is leaving as the ride-hailing company reported continued big losses despite increasing revenue, adding to an exodus of top officials and setting the stage for a second major executive search.
Snapchat's Spectacles are finally on sale in Europe — here's where to buy them (Business Insider)
On Friday morning, the social media company's first hardware product went on sale across the continent. In short: They're just a pair of sunglasses with a video camera built-in. But when they first debuted in the US they proved an instant hit, thanks to Snapchat's canny marketing, a limited supply, and use of pop-up "Snapbot" vending machines to sell them.
The Whistleblower Behind Caterpillar’s Massive Tax Headache Could Make $600 Million (Bloomberg)
In the the spring of 2008, finance executives from Caterpillar Inc. gathered for a few days of meetings in the Peoria Civic Center, a few blocks from company headquarters. Early in the proceedings, Eugene Fife, chairman of the audit committee, reminded the attendees that they cradled Caterpillar’s reputation in their hands.
Elliott’s Brash Activism Can’t Sway Dutch Paint Giant (The Wall Street Journal)
The Dutch paint giant faced down a protracted, $27.6 billion takeover attempt from U.S. rival PPG Industries Inc., in the process dealing a blow to the U.S. investor’s aggressive style of activism.
Amazon's ad business may be nearing a 'tipping point' (Business Insider)
It's constantly referred to as a "sleeping giant" in ad circles. WPP CEO Martin Sorrell says it keeps him up at night. And now, some ad buyers are seeing Amazon quickly emerge as a crucial ad vehicle, one that could someday have a serious impact on Google and Facebook.
May Tremors Rock U.S. Junk-Bond Faith as Investors Flee ETFs (Bloomberg)
BlackRock Inc.’s iShares iBoxx High-Yield Corporate Bond ETF, symbol HYG, the biggest ETF focused on speculative-grade debt, suffered $1.5 billion of outflows in May, the most in a year.
Technology
Denmark Is Killing Tesla (and Other Electric Cars) (Bloomberg)
Sales in Denmark of Electrically Chargeable Vehicles (ECV), which include plug-in hybrids, plunged 60.5 percent in the first quarter of the year, compared with the first three months of 2016, according to latest data from the European Automobile Manufacturers Association (ACEA).
Google was one of the first companies to show off self-driving car tech, but it's pretty late into the autonomous truck game. Well after companies like Daimler, Komatsu and Uber unveiled their own platforms, Waymo has started testing a single truck on public roads, it told Buzzfeed and Reuters.
How to back up and protect all your data (Popular Science)
When you sit down at the computer, you probably don't want to spend your time backing up your files and data. It may not be as entertaining as Netflix or Facebook, but it just might be the most important job you can do on your desktop or laptop machine.
Logitech Circle review: This smart security camera can go wireless (Popular Science)
Of all the home security cameras we've tested so far, the Circle takes the prize for quickest setup. Once we took it out of the box, we had it up and running in about three minutes.
Intel starts MLB 'Game of the Week' VR live streams (Engadget)
We'd heard that Major League Baseball had virtual reality streaming aspirations, and a partnership with Intel is making them a reality. The two have reached a three-year deal for the Intel True VR Game of the Week, a Tuesday broadcast (blacked out in local markets) that will live stream via Intel's True VR app.
Snapchat's first episode of MTV's 'Cribs' lands June 3rd (Engadget)
MTV is finally ready to debut its first Cribs episode for the new generation — and, yes, it's broadcasting the show on Snapchat, just like it promised last year.
Politics
Fearing Trump's next move, liberals urge Supreme Court conservative Kennedy to stay (Reuters)
Liberal activists are urging U.S. Supreme Court Justice Anthony Kennedy, a conservative with whom they often disagree, to put off any thought of retirement, fearing President Donald Trump would replace him with a jurist further to the right.
Ex-FBI chief Comey to testify next week in Russia probe (Reuters)
Former FBI Director James Comey will testify next Thursday before a U.S. Senate panel investigating Russia's alleged meddling in the 2016 U.S. election, in a hearing that could add to difficulties facing President Donald Trump.
Trump ‘Self-Help’ Infrastructure Plan Irks State, Local Leaders (Reuters)
Mayors and state lawmakers from both parties are blasting President Donald Trump’s proposed transportation budget and $1 trillion infrastructure initiative, saying his plans would cut federal funding for critical projects and leave them holding the bill.
Ex-FBI chief Comey to testify next week in Russia probe (Reuters)
Former FBI Director James Comey will testify next Thursday before a U.S. Senate panel investigating Russia's alleged meddling in the 2016 U.S. election, in a hearing that could add to difficulties facing President Donald Trump.
Comey to Testify That Trump Asked Him to Back Off Flynn Investigation (The Wall Street Journal)
Former FBI Director James Comey is expected to testify as early as next week before a Senate committee that President Donald Trump asked him to back off the investigation of former national security adviser Mike Flynn, according to a person familiar with the matter.
Everywhere Trump Traveled Before Air Force One (Bloomberg)
President Donald Trump finally took his first foreign trip—after waiting longer than any president since Lyndon Johnson—raising an intriguing question about his past: Where did he travel when he was just Private Citizen Trump?
Prime Minister May loses ground in latest UK poll (Reuters)
British Prime Minister Theresa May's gamble on a snap election was under question on Thursday after the latest opinion polls showed her Conservative Party's lead was dwindling just a week before voting begins.
House Intelligence Panel Issues Seven Subpoenas as Russia Probe Ramps Up (The Wall Street Journal)
The House Intelligence Committee issued seven subpoenas on Wednesday, in a sign that its investigation into alleged Russian meddling in the 2016 election is advancing in scope and intensity, according to people familiar with the matter.
He Quit a $2 Million Job to Help Run France (Bloomberg)
A few days after defeating Marine Le Pen in the French presidential election, Emmanuel Macron addressed a group of more than 400 ardent supporters at the Musée du Quai Branly in Paris. Each had been vetted to represent Macron’s new party, La République en Marche, or Republic on the Move, in France’s fast-approaching legislative elections in June.
South Korea's Moon sends aide to U.S. to quell fears over anti-missile system (Reuters)
South Korean President Moon Jae-in's top security aide left for Washington on Thursday as the new leader tries to reassure his country's main ally he will not scrap a deal to host a missile defense system that has angered China.
Talking Taxes: What’s Your Fair Share? (The Wall Street Journal)
Washington is embroiled in a big debate about taxes, and of course Republicans and Democrats disagree about some very big, fundamental issues.
Trump Takes Battle Over Travel Ban to Nation’s Highest Court (Bloomberg)
President Donald Trump’s administration asked the U.S. Supreme Court to immediately reinstate his stalled travel ban, aiming to reverse a string of courtroom losses and setting up the biggest legal showdown of his young presidency.
Rouhani Vows to Shed Iran Sanctions as Trump Piles on More (Bloomberg)
A day after winning re-election last month, Iran’s President Hassan Rouhani reaffirmed a campaign pledge: that he’ll find a way to free his country from sanctions that hobble its economy.
French president excoriates Trump in English over US withdrawal from climate deal (Business Insider)
French President Emmanuel Macron delivered a stinging rebuke to US President Donald Trump's decision to withdraw the US from the Paris Agreement on climate change on Thursday.
Life on the Home Planet
Huge ice age methane blowout is ill omen for glacier retreat (New Scientist)
Call it the largest fart in Earth’s history. As the most recent ice age came to a close 12,000 years ago, retreating glaciers in the Barents Sea north of Norway triggered unprecedented blowouts of methane gas from massive dome-like features on the seabed.
The Warriors win Game 1 of the NBA Finals: Here are the plays everybody will be talking about (Business Insider)
The Golden State Warriors won Game 1 of the NBA Finals easily, 113-91 over the Cleveland Cavaliers. Here are the plays everybody will be talking about Friday:
Stephen Curry caught LeBron James napping. In a wild first quarter, the Warriors outscored the Cavs 35-30.
An Additional Sixth Sense Has Been Detected on The Tongue (Science Alert)
For millennia, scientists have been trying to figure out if the mammalian tongue can specifically taste water, or if our brains are responding to the after-effects of something we tasted earlier.
General leading Philippine battle with Islamists relieved of command (Reuters)
The general leading an offensive against pro-Islamic State militants holed up in a southern Philippine town has been relieved of his command, an army spokesman said on Friday, the 11th day of the country's biggest security crisis in years.
