Financial Markets and Economy
Tech-stock wreck destroys $514B this year (USA Today)
The bad year for stocks is getting worse by the minute – and tech investors are feeling the brunt of the pain.
The 462 information technology stocks in the broad
Russell 3000 index have shredded a total of $514 billion this year thanks to their average decline of 13.4%, according to a USA TODAY analysis of data fromS&P Capital IQ .
Citi: 'We Should All Fear Oilmageddon' (Bloomberg)
A feedback loop of the U.S. dollar, crude, capital flows, and emerging markets.
The world's biggest steel maker just lost $7.9 billion (Business Insider)
Another day, another two scalps for the commodity price crash.
Two huge resources firms reported results on Friday, and you can add both to the pile of giants getting crushed by the falling price of raw materials.
ArcelorMittal, the world's biggest steelmaker, and BG Group, the FTSE 100-listed oil giant, both took big hits last year, according to financial results released on Friday morning.
European stocks becalmed as investors await U.S. jobs report (Market Watch)
Stocks across Europe sought firm direction Friday, as investors waited for the high-profile monthly U.S. jobs report and faced the prospect of a losing week for European equities.
The Stoxx Europe 600 rose 0.1% to 329.05, but has been darting in and out of positive territory throughout the session. For the week, however, the index looked solidly in the red, as it is poised to drop 3.6%. That would break two previous weeks of gains.
China's Foreign Reserves Poised for Record Drop on Yuan Defense (Bloomberg)
China's foreign-exchange reserves, already at a three-year low, are poised to post a second consecutive record monthly drop as policy makers intervene to support the yuan.
China cracks down on illegal GM crops ahead of Syngenta deal (Business Insider)
Chinese officials have issued warnings to seed dealers and farmers not to use unapproved genetically modified seeds in the country's main crop belt, shortly after Greenpeace said it had found widespread GM contamination in corn.
Crude prices higher as a weak dollar lends support (Market Watch)
Crude oil prices advanced on Friday, as U.S. dollar weakness lent some support to prices despite fundamentals remaining weak.
Light, sweet crude futures for delivery in March rose 36 cents, or 1.1%, to $32.08 a barrel on the New York Mercantile Exchange. April Brent crude on London’s ICE Futures exchange gained 21 cents, or 0.6%, to $34.67 a barrel.
How Much Global Oil Output Halted Due to Low Prices? Just 0.1% (Bloomberg)
After a year of low oil prices, only 0.1 percent of global production has been curtailed because its unprofitable, according to a report from consultants Wood Mackenzie Ltd. that highlights the industrys resilience.
Profit fell more than 50% at France's biggest bank (Business Insider)
It's tough being a big investment bank at the moment.
Profit at BNP Paribas, France's biggest bank, fell 52% in the fourth quarter.
Income fell to €665 million (£511 million) from more than €1 billion a year earlier.
Dollar Set for Biggest Weekly Loss Since 2009 Before Jobs Data (Bloomberg)
The dollar is headed for its biggest weekly decline since 2009, and Fridays payrolls report is unlikely to offer much in the way of redemption.
The oil price plunge is 'net good' for the UK economy (Business Insider)
Oil prices have plunged by over 70% since the summer of 2014. Energy giants are suffering as British companies like BP reported a 51% fall in profits and are cutting 7,000 jobs as a result.
Just Eat Boosts Global Presence With Four Online Takeaway Deals (Bloomberg)
Just Eat Plc shares jumped after a bundle of international acquisitions underlined the ambitions of Britain’s largest online takeaway marketplace to expand beyond a crowded domestic market.
Volvo braces for U.S. slowdown as fourth-quarter profit just lags (Business Insider)
Global truck maker Volvo forecast a steeper slowdown in the North American heavy-duty truck market this year and said it would cut production there after posting a slightly smaller than expected rise in fourth quarter earnings.
Volvo, a rival of German Daimler and Volkswagen's truck brands, is contending with falling demand for commercial vehicles in the United States and Brazil and a steep plunge in purchases of its construction equipment in China.
Billionaire Loses Goldin Touch With Asia's Worst Stock: Chart (Bloomberg)
Few people will be happier to see Hong Kong’s stock market shut for the first three days of next week than shareholders of Goldin Properties Holdings Ltd. The developer controlled by billionaire Pan Sutong has plunged 52 percent this year, the most among the roughly 1,000 members of MSCI Inc.’s benchmark Asian gauge, in a rout that’s wiped about $11 billion in value since its 2015 peak.
Cheap Soybeans Threaten Palm Oil's Top Spot in Indian Kitchens (Bloomberg)
Indian housewives and food processors are using more soybean oil than ever, cutting the countrys reliance on palm oil shipped from Southeast Asia.
Best Asian Bonds Get Tailwind as Indonesia to Force Funds to Buy (Bloomberg)
Indonesian efforts to boost local demand for its sovereign bonds will add a tailwind for notes already benefiting from slowing inflation, an interest-rate cut and a resilient rupiah.
Politics
Sanders Fights Clinton for 'Progressive,' Without Much Progress (Bloomberg View)
The first hour of tonight's debate between Bernie Sanders and Hillary Clinton was full of fireworks — Clinton clearly came out ready to brawl, and Sanders was eager to take her on. The debate was substantive. But it was also, I'm fairly sure, the least policy-specific hour of a Democratic presidential debate ever.
Where Do Americans Think the Economy Is Headed? (The Atlantic)
Close divisions over President Obama’s record and a continued anxiety over the pace of the economy’s recovery point toward a volatile and polarized 2016 presidential election, the latest Allstate/National Journal Heartland Monitor suggests.
Despite months of steady job growth, the survey finds most Americans gloomy about the trajectory of the national economy and split closely over prospects for their own finances. Respondents divide almost exactly in half over Obama’s impact on the economy as well as his overall job performance, with each question separating Americans along deeply etched grooves of race, age, and party allegiance.
Technology
This Robot Changes Color Like a Chameleon (Gizmodo)
Imagine a world where robots creep up on you: Electric motors just a gentle whir, hard shells changing color to blend in with their surroundings. Well, there’s no need to imagine—it’s happened.
Researchers form the Guoping Wang of Wuhan University in China have created a robot that changes color with its surroundings, much like a chameleon. It uses a series of plasmonic displays to achieve the feat.
This solar innovation by a Swedish artist uses surprisingly simple technology to save lives (Quartz)
Petra Wadström, a Swedish designer and artist now in her 60s, doesn’t have an engineering background. Back in 2005, when she came up with the idea for Solvatten—a piece of equipment that makes contaminated water safe to drink—she also didn’t know much about solar power.
Health and Life Sciences
Wolbachia Bacteria Might Stop Zika and Dengue Viruses (Forbes)
A funny sounding bacteria that you’ve never heard of—Wolbachia—will likely be an important weapon in the fight against Zika, dengue, and other viruses plaguing the tropics. These arbovirus infections have been exploding in Latin America and the Caribbean and scientists are scrambling to stop the onslaught.
Earlier this week, I wrote about one exciting new technology, the genetically modified Oxitec mosquito, which works by preventing eggs from hatching…
Health Tip: Understanding Metabolism (Medicine Net Daily)
It seems some people can eat whatever they want and not gain an ounce, while others have to watch every nibble.
Blame differences in metabolism, the process our bodies use to convert food to fuel. The Academy of Nutrition and Dietetics sets the record straight on some popular misconceptions.
Life on the Home Planet
New Tarantula Species Named After Johnny Cash (Time)
A new species of tarantula discovered near Folsom State Prison in California has fittingly been named for the country singer Johnny Cash, who memorialized the jail in his 1955 song “Folsom Prison Blues.”
The spider, Aphonopelma johnnycashi, is among 14 new tarantulas discovered in the U.S. during a search that spanned a decade, SkyNews reports.
