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Financial Markets and Economy

Here's Why the Global Reflation Trade Might Be Over (Bloomberg)

The softening in China's inflation momentum suggests the best days of the global reflation rally might be behind us. 

China has been the central growth driver for the world economy, even though the U.S. became the "flag-bearer of the reflation trade" in the fourth quarter, UBS AG strategists Bhanu Baweja and Manik Narain said.

Trump's message to bankers: Wall Street reform rules may be eliminated (Reuters)

President Donald Trump told a group of chief executives on Tuesday that his administration was revamping the Wall Street reform law known as Dodd-Frank and might eliminate the rules and replace them with "something else."

Saudi Arabia Said to Cut Oil Output to Lowest Since January (Bloomberg)

Saudi Arabia pared its oil production last month to the lowest since January, staying below the output level it pledged to maintain as part of a global deal to reduce crude supplies, according to a person with knowledge of the data.

China Producer Price Reflation Moderates as Commodities Cool Off (Bloomberg)

China’s producer prices surged again at close to the quickest pace since 2008 last month, though pulled back slightly from February, suggesting the reflationary boon to industrial profits is set to moderate.

Saudis to Seek Bids for 700-Megawatt Wind and Solar Projects (Bloomberg)

Saudi Arabia will begin seeking bids next week from renewable-energy companies to build wind and solar plants with a combined capacity of 700 megawatts as part of the kingdom’s $50 billion program to boost power generation and cut its oil consumption.

Why China Chasing The Fed Could Be Bad News For the Stock Rally (Bloomberg)

If officials in Asia’s largest economy continue to pace policy tightening in the U.S., the uptick in borrowing costs has the potential to choke consumer and private-sector spending more than it has in the past, Charles Schwab & Co.’s chief global investment strategist said in an interview in Hong Kong.

American Drivers Won't Pay Much More at the Pump This Summer (Bloomberg)

American drivers paying the the most for gasoline since 2015 can take some comfort from forecasts that prices don’t have much further to rise.

Clean Energy Investment Drops 17% as China and U.S. Scale Back (Bloomberg)

Clean-energy investment fell 17 percent in the first quarter, keeping pace with last year’s decline, as the U.S. and China both scaled back support for wind and solar farms.

Bigger Corporations Are Making You Poorer (Vice)

A wave of new research shows how as corporations get bigger, the share of money out there going to actual workers declines.

The 10 most important things in the world right now (Business Insider)

Hello! Here's what you need to know on Wednesday.

1. The United Airlines CEO has finally apologised for the violent removal of a fare-paying passenger from one of the airline's flights. After two poorly received releases that seemed to blame the passenger, Oscar Munoz said sorry to 69-year-old Dr. David Dao who is recovering in a hospital and says "everything" is injured.

UK economy to face uncertainty for at least two years (London Business School)

The cloud of uncertainty hanging over the British economy won’t lift until March 2019 at the earliest, according to Linda Yueh, Adjunct Professor of Economics at London Business School.

Global Exporters' Crisis (Forbes)

The world is currently in the midst of an exporters' crisis. The stagnation in global consumption levels and decline of commodity prices have led to increased instability and insecurity in countries heavily dependent on exports.

Fake Investment News Could Be Here to Stay (Barron's)

The Securities and Exchange Commission is trying to rid the nation of phony stock stories. It’s safe to say that the agency has a steep climb ahead of it.

"Mortgage Rates Hit New 2017 Lows" (Calculated Risk)

Mortgage rates moved lower today–significantly in some cases–with the average lender making it back to 2017's lows for the first time since January.  Rates came close to 2017's lows in late February and again last week before officially crossing the line today.

The Debt Crisis Of 2017: Once Their Vacation Ends, Congress Will Have 4 Days To Avoid A Government Shutdown On April 29 (The Economic Collapse)

April 2017 could turn out to be one of the most important months in U.S. history that we have seen in a very long time.  On April 6th, Donald Trump attacked Syria on the 100th anniversary of the day that the U.S. officially entered World War I, and now at the end of this month we could be facing an unprecedented political crisis in Washington.

Copper at 2-week low, zinc at 3-month low (The Daily Telegraph)

Copper steadied on Tuesday after hitting a two-week low as the world's top two copper mines continue to recover from recent disruptions, while zinc fell to a new three-month trough.

How Far Can The USDJPY (And S&P) Drop: Goldman's Top Chartist Explains (Zero Hedge)

With today's capitulation puke in the USDJPY sending the pair tumbling below the key 110 psychological level, the lowest level since November as longs finally threw in the towel, traders are wondering how far can it drop.

Companies

Tesla’s Market Surge Has Even Fans Looking for Feet of Clay (NY Times)

In the past four weeks, exuberant investors have driven up the share price of Tesla, putting the upstart in the league of car companies that have been in the business for a century.

A Forgotten Giant More Prized Than Amazon (Bloomberg)

Someone is getting it badly wrong on Japan's biggest retailer.

Analysts haven't had a single buy rating on supermarket and mall giant Aeon Co. since September 2015, according to data compiled by Bloomberg.

Tesco full-year pre-tax profits hit by fine (BBC News)

Supermarket giant Tesco has reported a fall in full-year pre-tax profit after it was fined for overstating its profits in 2014.

It said it had taken a £235m charge after it agreed a deferred prosecution with the Serious Fraud Office and the Financial Conduct Authority in March.

Walmart’s latest shot at Amazon: Giving you discounts to pick up online orders in store (Recode)

Another day, another chapter in the price war between Walmart and Amazon.

Walmart announced today that it plans to offer discounts on products through Walmart.com for online shoppers who agree to pick up orders at a nearby store instead of requesting home delivery.

Tesla Investors Press for Board Members Without Ties to Musk (Bloomberg)

An influential group of investors is pressing Tesla Inc. to add two board directors who don’t have ties to Elon Musk, a sign that concerns over the electric-car maker’s corporate governance remain as its shares soar.

How United and Delta Manage Overbooked Flights Differently (The Wall Street Journal, paywall)

United and Delta airlines both bumped scores of passengers because of operational problems this past weekend, but one airline ended up facing world-wide outrage and the other managed more deftly.

How Delta masters the game of overbooking flights (PBS)

Delta started this practice back in 2011, and it works like this: When passengers on overbooked flights check in online or at the check-in kiosk, they’re asked what the dollar value of the travel voucher they would accept as compensation for volunteering their seats. They give you a hint, too — “Delta accepts lower bids first.” By the time you reach the gate, the gate attendants already have a list of passengers to call up to confirm they’ll fly standby. If your bid is low enough, you’ll be on that list.

To the moon: Amazon is on track to crack $1,000, Wall Street predicts (USA Today)

Eleven analysts forecast this week that Amazon (AMZN) will hit $1,000 a share in 2018, with nine of them forecasting it will go even higher, according to S&P Global Market Intelligence. Among the most rosy —  a prediction of $1,250 — would amount to a nearly 40% surge from Tuesday's price of $902.

Airlines Add to United’s Social Media Woes Following Its Latest Controversy (Skift)

Everybody apparently has something to say about a recent debacle in which a passenger was forcibly ejected on a United flight and now, some airlines are trying to turn it into a marketing opportunity.

Technology

Toyota Shows Robotic Leg Brace To Help Paralyzed People Walk (Associated Press)

The Welwalk WW-1000 system is made up of a motorized mechanical frame that fits on a person's leg from the knee down. The patients can practice walking wearing the robotic device on a special treadmill that can support their weight.

Taser Is Giving Body Cameras to Any Cops Who Want Them (Bloomberg)

Taser International Inc. has become by far the leading U.S. supplier of police body cameras, which departments have rushed to adopt in the years since the shootings in Ferguson, Mo., and elsewhere led to public demands for greater accountability.

Robots could soon cooperate on surveillance (Engadget)

Computers are getting better at spotting objects, but they tend to work in isolation. What good would a security robot be if it couldn't share info about an intruder with other machines? Cornell scientists might have an answer.

Politics

In Moscow, Rex Tillerson Vies to Succeed Where Obama Failed With Tough Stance on Syria (Josh Lederman, AP)

The Trump administration veered toward deeper conflict with Russia Tuesday as Secretary of State Rex Tillerson arrived in Moscow, gambling that an unpredictable new president armed with the willingness to threaten military action gives the U.S. much-needed leverage to end Syria's carnage.

Trump says 'I like Steve' Bannon; won't definitively say he has confidence (CNN)

President Donald Trump did not give a definitive answer when asked by the New York Post on Tuesday whether he still has confidence in his chief strategist, Steve Bannon.

Trump Administration To Lift Federal Hiring Freeze (Associated Press)

The federal government hiring freeze implemented by President Donald Trump as one of his first acts in office will be lifted Wednesday. But budget director Mick Mulvaney says many jobs will remain unfilled as the White House embarks on a government-wide effort to overhaul the executive branch and significantly reduce its work force.

White House calls for deep agency cuts (Politico)

The White House on Wednesday will direct federal agencies to make deep personnel cuts over the next year, according to the White House budget chief and documents provided to POLITICO.

The Trumps’ war for nepotism (The Washington Post)

Donald Trump's political career is all about rewriting the political rule book — taking long-standing norms that the establishment says he can't violate, thumbing his nose at them, and then waiting for his base to rally to his side.

FBI monitored former Trump campaign adviser Carter Page on Russia (CNN)

The FBI obtained a warrant to monitor President Donald Trump's former campaign adviser, Carter Page, last summer on suspicions he knowingly engaged in clandestine intelligence activities on behalf of Moscow, The Washington Post is reporting.

Sheldon Adelson's Office 'Contacted Sean Spicer' Over His Holocaust Remarks (TIME)

White House Press Secretary Sean Spicer was reportedly contacted by the office of Republican mega-donor Sheldon Adelson for remarks he made Tuesday downplaying atrocities committed by Adolf Hitler during the Holocaust.

What if the French second round pits Mélenchon against Le Pen? (The Economist)

The script for France’s presidential election was supposed to be clear. Investors accepted that Marine Le Pen, the anti-European Union, pro-Russia, far-right candidate, would make it through to the second round. 

White House Seeks Car-Efficiency Talks With California (Bloomberg)

The White House will seek to convene negotiations between federal regulators, carmakers and California officials for a pact on auto-efficiency standards through 2025 to ensure consistent rules in all 50 states.

Leaked documents show Trump administration plans more mining and drilling on public lands (Think Progress)

A leaked document says that extracting coal, oil, and natural gas from public lands will be the top priorities for the Bureau of Land Management under President Donald Trump, a sharp reversal from the previous administration.

N.J. Gov. Christie Is Least Popular Governor in U.S., Poll Finds (The Wall Street Journal)

A recent nationwide survey has found New Jersey Gov. Chris Christie is the least popular governor in the country, with only one in four Garden State voters approving of his performance.

Trump: I want to pass health care before doing tax reform (Politico)

“We're going to have a phenomenal tax reform, but I have to do health care first,” Trump said, according to an excerpt of an interview with Fox Business Network released Tuesday and set to air Wednesday. “I want to do it first to really do it right.”

Jared Kushner hid dozens of meetings with Russians from his application for top-secret security clearance (Salon)

Jared Kushner, the White House’s key diplomat and business innovator, did not disclose dozens of encounters with foreign leaders when he applied for top-secret security clearance, The New York Times reported on Thursday.

Republican Survives a Tight House Race to Win Kansas Seat (NY Times)

Ron Estes, the Republican candidate for an empty House seat in Kansas, survived a surprisingly competitive race in a heavily conservative district on Tuesday, according to The Associated Press.

Q&A: Why Unseating Assad Risks Unleashing Even More Chaos (Bloomberg)

The statement by U.S. Secretary of State Rex Tillerson that the reign of President Bashar Assad's family "is coming to an end" suggests the U.S. is taking a much more aggressive approach about the Syrian leader.

Fox News executives are reportedly debating whether Bill O'Reilly should keep his job (Business Insider)

Fox News executives may be talking about giving Bill O'Reilly the boot.

O'Reilly announced on his show Tuesday that he was taking a vacation, but New York Magazine cited four network sources who said Tuesday night's program could be O'Reilly's last on the network.

Crowd shouts 'You lie' at a Congressman who also shouted the same thing at Obama (Associated Press)

The South Carolina representative who shouted "You Lie" at President Barack Obama during a joint session of Congress was on the receiving end of the same words in his district this week.

Trump’s Shift on Russia Brings Geopolitical Whiplash (NY Times)

A week ago, President Trump was accused of being a tool for the Russians, an unwitting agent of influence, so full of admiration that he defended President Vladimir V. Putin against critics who called him a killer.

What’s at Stake in Trump’s Proposed E.P.A. Cuts (NY Times)

The Trump administration’s proposed cuts to the Environmental Protection Agency budget are deep and wide-ranging. It seeks to shrink spending by 31 percent, to $5.7 billion from $8.1 billion, and to eliminate a quarter of the agency’s 15,000 jobs.

Life on the Home Planet

A Woman’s Death Sorting Grapes Exposes Italy’s ‘Slavery’ (NY Times)

Her husband can still recall how Paola Clemente used to set two alarms to make sure she woke in the middle of the night — 1:50 a.m. — to catch the private bus that would take her and dozens of other women to the vineyards.

It's Official: People in Fly-Over States Are Less Success-Oriented (Inc.)

Every once in a while, you stumble across a data set that creates a real "Aha!" moment. I experienced that today, when the folks at CashNetUSA sent me a map ranking U.S. states by the level of motivation shown by the people who live there.

California Moves to Become ‘Sanctuary State,’ and Others Look to Follow (NY Times)

A 42-year-old immigrant was on her way to church in Mendota, a small city in California’s Central Valley, one afternoon last month when the police stopped her because the tinted windows on her 2006 Nissan were too dark.

New York Yankees now worth a big league-high $3.7 billion, according to latest valuations (Associated Press)

Forbes ranks the New York Yankees as baseball's most valuable team for the 20th straight year and lists the Tampa Bay Rays with the lowest valuation.

Origins and Destinations of the World’s Migrants, from 1990-2015 (Pew Research Center)

The figures in this interactive feature refer to the total number (or cumulative “stocks”) of migrants living around the world as of 1990, 2000, 2010 or 2015 rather than to the annual rate of migration (or current “flows”) in a given year.