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Frontrunning: May 17

Courtesy of ZeroHedge. View original post here.

  • Here’s What the Latest Trump-Comey News Is Doing to Markets (BBG)
  • Dollar Slide Worsens With U.S. Stocks Near Records: Markets Wrap (BBG)
  • Turmoil Puts GOP Agenda at Risk (WSJ)
  • Trump Faces Deepest Crisis of His Presidency (BBG)
  • Trump’s $1 Trillion Plan Helps Wall Street More Than Rural America, Democrats Warn (BBG)
  • States Wage Battles Over High Drug Prices (WSJ)
  • Chinese state media says U.S. should take some blame for cyber attack (Reuters)
  • In America’s largest oilfield, whir of activity confounds OPEC (Reuters)
  • Highflying Emerging-Market Hedge Funds Fail to Impress Investors (WSJ)
  • Germany asks U.S. for classified briefing on Lockheed’s F-35 fighter (Reuters)
  • Trump’s Tweets Leave His Aides in an Awkward Spot (WSJ)
  • Trump Tries to Reassure Erdogan After U.S. Plan to Arm Kurds (BBG)
  • Target Sales Fall as Traffic and Average Orders Decline (WSJ)
  • Fyre Festival Was Buried Under Millions in Debt Before It Even Began (BBG)
  • How Trump’s Rust Belt Voters Have Changed Since the Election (BBG)
  • The U.S. Army Wants to Replace Its Helicopters With These (BBG)
  • A question of trust: Merkel treads carefully with Trump (Reuters)
  • Women in 30s Now Having More Babies Than Younger Moms in U.S. (BBG)

Overnight Media Digest

WSJ

- President Donald Trump asked then-FBI Director James Comey to back off the investigation of former National Security Adviser Michael Flynn shortly after Flynn had resigned. on.wsj.com/2pV7QvJ

- U.S. industrial output rose sharply in April, the latest evidence that economic growth is picking up following a lackluster start to the year. Industrial production jumped 1.0 percent from a month earlier, the Federal Reserve said. on.wsj.com/2pUWs33

- Twitter’s co-founder Biz Stone is rejoining the company to focus on its culture, in an attempt to revive morale amid many executive departures and slumping growth. In his new role, Stone will also aim to convey elements of Twitter’s culture externally, he said in a blog post. on.wsj.com/2pV8edT

- France’s privacy watchdog slapped Facebook with a 150,000 euro ($166,515.00) fine on allegations the social media giant’s privacy policy breaching French law. France’s Commission Nationale de l’Informatique et des Libertés, or CNIL, accused Facebook of compiling massive amounts of personal data for targeted advertising without granting users the option of objecting to it. on.wsj.com/2pUUVu0

FT

JPMorgan Chase & Co Chief Executive Jamie Dimon responded to criticism from angry shareholders over his role advising President Donald Trump on economic matters, saying he would help “any president” in office.

Symphony Communication Services LLC, the maker of a Wall Street online chat service, said it has raised $63 million in new funding led by French bank BNP Paribas SA.

British budget airline easyJet Plc said it was looking to bigger planes to help keep a lid on costs after it reported a larger than expected first-half loss.

Several Spanish banks have shown interest in a potential merger with Banco Popular, as its new management considers options for how to cope with billions of euros in toxic assets.

NYT

- Just weeks after ESPN laid off about 100 journalists and on-air commentators, the “Worldwide Leader in Sports” unveiled a new programming slate on Tuesday filled with big personalities but short on the kind of highlight shows that for many years were the foundation of the network. (nyti.ms/2pUOG9x)

- Developing nations and environmental groups condemned the presence of corporate lobbyists at a climate change talk session in Germany, but the United States defended it. (nyti.ms/2pV0RD1)

- The 25 best-paid managers earned a collective $11 billion in 2016. But some big names, like William Ackman and John Paulson, did not make the cut. (nyti.ms/2pV0vfD)

- Bill Maris, who stepped down in August from a venture capital fund associated with Google, announced on Tuesday that he has opened a new fund, Section 32, with about $150 million under management. (nyti.ms/2pUYz6P)

- U.S. President Donald Trump’s appetite for chaos, coupled with his disregard for the self-protective conventions of the presidency, has left his staff confused and squabbling. And his own mood, according to two advisers who spoke on the condition of anonymity, has become sour and dark, and he has turned against most of his aides — even his son-in-law, Jared Kushner — describing them in a fury as “incompetent,” according to one of those advisers. (nyti.ms/2pV38Ox)

- As Puerto Rico faces an economic meltdown, residents are preparing to vote in June in a nonbinding referendum on whether to try to become the 51st state. (nyti.ms/2pV3LHU)

Canada

THE GLOBE AND MAIL

** The National Energy Board faces a “crisis of confidence” and needs to be fundamentally overhauled, including loosening its ties to Calgary, a government-appointed panel concluded in a report released on Monday. (tgam.ca/2rlVX3U)

** The BC Liberal government is plotting a course toward an early test of its strength in the legislature, working to rewrite its budget with enough appeal to opposition MLAs – specifically, Green MLAs – to allow it to survive a vote in the House as early as June. (tgam.ca/2pEvRMo)

** Federal Health Minister Jane Philpott says she’s concerned that a physician with financial ties to Big Pharma was allowed to vote on new national standards for prescribing opioids. (tgam.ca/2rlOaSK)

NATIONAL POST

* * Aboriginal chiefs backing a pipeline through northern British Columbia plan to challenge Prime Minister Justin Trudeau’s “ill-conceived” moratorium on oil tanker traffic off the northern section of Canada’s West Coast. (bit.ly/2rktMm4)

** WestJet Airlines Ltd’s pilots recent decision to unionize will create challenges for the company’s ambitious growth strategy, analysts say, and brings uncertainty as the airline looks to expand internationally and launch an ultra low cost carrier. (bit.ly/2qn5bPz)

** BCE Inc is launching an app-based television package in an effort to attract younger customers as viewing habits shift from traditional cable subscriptions to online video streaming. (bit.ly/2qnrxjp)

Britain

The Times

- A Labour party government in Britain would stifle innovation, deter business investment, cost jobs and damage growth, business groups, including British Chambers of Commerce, said yesterday as they rounded on the party’s manifesto. bit.ly/2qtGi2m

- Profits at the CYBG Plc that owns Clydesdale Bank fell as restructuring and conduct costs and sluggish growth took its toll on the mid-sized lender. bit.ly/2qtWiSl

The Guardian

- Tata Steel Ltd has taken a step towards helping secure the future of its UK operations –- including the Port Talbot works in south Wales –- by reaching an outline agreement over the restructuring of its pension scheme. bit.ly/2qu1CVK

- The European court of justice has raised a ray of hope for British trade negotiators with a surprise ruling that will make it harder for national parliaments to block key components of any future post-Brexit deal between the EU and the UK. bit.ly/2qtJg7g

The Telegraph

- The wind developer Dong Energy A/S said the size of its giant offshore blades, currently in UK waters, will double again within seven years. The company will officially open the second phase of its giant Burbo Bank offshore wind farm off the coast of Merseyside coast later today by showcasing its 8 MW turbines, the largest ever used. bit.ly/2qtS9xD

- Vodafone Group Plc has signalled accelerating growth and promised a turnaround in its struggling UK business, boosting its shares at the end of a mixed year at home and abroad, in which losses topped 6 billion euros ($6.66 billion). bit.ly/2qtFkTM

Sky News

- Lloyds Banking Group Plc has been freed from partial state ownership for the first time in almost a decade with the Government set to confirm it has sold its remaining holding in UK’s biggest high street lender. bit.ly/2qtHOlb

- Labour Party has set out plans to raise an extra 6.4 billion pounds ($8.27 billion) a year from the top 5 percent of earners in UK to pay for “a fairer, more prosperous society for the many, not just the few”. bit.ly/2qtEE0R

The Independent

- Tesco Plc has announced it will run 100 percent on renewable electricity in the UK and Ireland this year and worldwide by 2030 in a move which one solar panel company said would create “huge demand” in the sector. ind.pn/2qu0Fg8

- Inflation in Britain jumped unexpectedly to 2.7 percent in April, the highest since September 2013, as the slump in the pound since last June’s Brexit vote hit home. ind.pn/2qtLhQO


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