Financial Markets and Economy
Euro zone inflation jumps past ECB target (Reuters)
Euro zone inflation surged to a four-year high last month, zooming past the European Central Bank’s target and piling pressure on rate setters to open talks about when and how extraordinary stimulus measures will be scaled back.
This Is Now the Third-Longest Economic Expansion in U.S. History (The Wall Street Journal)
The road back from the recession that struck in 2007 has been messy: sluggish growth, slumping productivity, stubbornly high measures of unemployment. But there’s an aspect of this recovery that may be redemptive: It’s been unusually long.
Saudi Arabia Still Bears Brunt of Oil Cuts as OPEC Output Drops (Bloomberg)
Saudi Arabia continued to lead OPEC’s efforts to cut production, helping the organization get closer to a goal set out in a historic accord last year.
Stocks Aren't Overvalued (Bloomberg)
There is no shortage of pundits, advisers, analysts, strategists or alarmists who warn that stocks are overvalued and that a sizable setback could occur at any time.
U.S. Consumer Comfort Hits 10-Year High on Economic Outlook (Bloomberg)
Consumer comfort rose to an almost 10-year high in the final week of February on increased optimism about the U.S. economy and more favorable views about personal finances and the buying climate, the weekly Bloomberg Consumer Comfort Index showed Thursday.
The risk of a bear market in stocks in 2017 is close to zero (Market Watch)
In 2004, Christopher Chabris and Daniel Simons conducted what’s become the best-known experiment in psychology.
The New York Federal Reserve is the latest to be worried about China's debt boom (Wolf Street)
China’s debt boom, or “credit boom” in more palatable terms – whose true extent remains purposefully obscure – and what it might do to the Chinese economy and by extension to the global economy is starting to worry some folks at the New York Fed.
Winklevoss Twins Await Imminent SEC Decision on Bitcoin ETF (Bloomberg)
Tyler and Cameron Winklevoss will know within days whether they’ve won approval to begin offering their bitcoin-based exchange traded fund, with the digital currency’s record rally hanging in the balance.
Car Dealer's First Overflow Lot in 37 Years Exposes U.S. Pileup (Bloomberg)
For the first time in his 37 years working at New Jersey car dealerships, Larry Kull had to rent extra space to store unsold new Honda vehicles — one of the latest signs that the record U.S. auto market is cooling.
Peak gasoline demand looms with engine efficiency gains (Reuters)
Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said.
Oil Majors’ Costs Have Risen 66% Since 2011 (Value Walk)
The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. Oil prices have stabilized and the cost cutting measures implemented over the past three years should allow companies to turn a profit even though crude trades for about half of what it did back in 2014.
Bitcoin hit an all-time high of $1,172.09. Traders are happy because the SEC is expected to rule on a Bitcoin ETF by March 11.
Meanwhile, Bloomberg reports China Is Developing its Own Digital Currency.
Fake Risk, Fake Return? (Value Walk)
With seemingly everyone from the blogosphere to the Tweeter-in-chief chiming in on fake news, have investors considered their risk/return profile may also be “fake”? When it comes to investing, who or what can we trust, is the market rigged, and why does it matter?
Weekly Natural Gas Storage Report (US Energy Information Administration)
Working gas in storage was 2,363 Bcf as of Friday, February 24, 2017, according to EIA estimates. This represents a net increase of 7 Bcf from the previous week. Stocks were 187 Bcf less than last year at this time and 295 Bcf above the five-year average of 2,068 Bcf. At 2,363 Bcf, total working gas is within the five-year historical range.
No Recession Signaled By Business Cycle Index: Update – March 2, 2017 (Georg Vrba, Seeking Alpha)
The BCI at 215.7 is above last week's downward revised 214.7, and for this Business Cycle is at a new high indicated by the BCIp at 100. The 6-month smoothed annualized growth BCIg at 12.3 is above last week's downward revised 12.2. No recession is signaled.
Retail Buying Panic: S&P ETF Saw Biggest Inflow In 27 Months Yesterday (Zero Hedge)
If yesterday's exuberant spike in stocks (surging Dow above 21,000), on a day when economic growth expectations were crushed, was not enough to scare you about the ebulient animal spirits in the markets, then perhaps this will.
I'm Not Predicting, I'm Observing (Ben Hunt, Seeking Alpha)
George Soros has a great line, one that I've stolen many times: "I'm not predicting. I'm observing." We really don't have a crystal ball, and it really is a dumb idea to pretend that we do.
The Illusion of Progress (Of Two Minds)
The core narrative of politics everywhere is progress, i.e. "moving forward." If progress isn't being made, politicos and the system are failing.
UK real wages decline of over 10% is the most severe in the OECD (equal to Greece) (Touch Stone)
The decline in UK real wages since the pre-crisis peak is the most severe in the OECD, equal only to Greece. Both countries saw declines of 10.4% per cent between 2007 Q4 and 2015Q4.
What You Should Know About Dodd-Frank and What Happens If It’s Rolled Back (Harvard Business Review)
On February 3 President Trump issued an executive order directing the Treasury Department to conduct a sweeping review of financial regulation, including Dodd-Frank, the financial reform bill passed, in 2010, as part of the Obama administration’s response to the 2008 financial crisis and subsequent recession.
Stockman: "Trump Will Create A Debt Crisis Like Never Before" (Zero Hedge)
Having warned that "everything will grind to a halt on March 5th" due to the under-appreciated debt-ceiling debacle that looms over Washington, and exclaiming that "what is going on today is complete insanity," former Reagan Budget Director David Stockman is rapidly losing faith that anything can be done.
Art Bubble Bursting: Gauguin Painting Collapses 74% To $22 Million (Zero Hedge)
Russian billionaire Dmitry Rybolovlev paid €54 million or $85 million for a landscape by Paul Gauguin in a private transaction in June 2008. Yesterday, he incurred a whopping 74% loss on his store of value "investment" as reported by Bloomberg.
Companies
Grocery Delivery Startup Instacart In Talks to Raise $400 Million In Fresh Funding (Fortune)
A year ago, tech executives were using Instacart as an example of “peak unicorn,” saying it could not justify its large valuation.
Looks like it's about to climb even higher.
Black Tap Makes Viral Milkshake Creations a Branded Effort (The Wall Street Journal)
At Black Tap, pricey milkshakes topped with everything from candy to baked goods have become more than just a statement of excess.
Chevron is first oil major to warn investors of risks from climate change lawsuits (Think Progress)
For the first time, one of the major publicly owned fossil fuel companies admitted publicly to investors that climate change lawsuits poses a risk to risk to its profits.
Credit Suisse Ups Exxon To Hold: Its Days Of Lagging The S&P Are Over (Barron's)
Analyst Edward Westlake and his team boosted their rating on the stock from Underperform to Neutral, and increased their price target from $78 to $83. Westlake writes that since his team downgraded the shares in early 2015, they have unperformed the S&P 500 by about 25%, but that recent trends are looking more favorable for Exxon.
Amazon Deforestation, Once Tamed, Comes Roaring Back (NY Times)
A few months ago, a representative from Cargill traveled to this remote colony in Bolivia’s eastern lowlands in the southernmost reaches of the vast Amazon River basin with an enticing offer.
Valeant's New Bonus Math Puts Debt Holders in Driver's Seat (Bloomberg)
The drugmaker has changed how it calculates executive cash bonuses. Their incentives are no longer tied to adjusted earnings per share, which were used as an executive incentive when the company was a market darling.
Snap lost $514 million last year and warns that it 'may never be profitable' (Business Insider)
Snapchat parent company Snap Inc. posted a net loss of $514.6 million in 2016, according to the initial public offering prospectus it filed on Thursday.
Technology
Daimler has figured out that taking on Tesla is about more than just cars (Business Insider)
On Thursday, Mercedes-Benz parent company Daimler announced that it's leading an $82-million investment in ChargePoint, a California-based company that provides comprehensive charging services for electric vehicles.
Jaguar just gave a closer look at its Tesla rival coming in 2018 — and it's gorgeous (Business Insider)
Jaguar just gave us a closer look at the Tesla rival it plans to release in 2018.
Jaguar first showed off the I-PACE, the automaker's electric SUV concept, at the Los Angeles Auto Show last November. At the time, Jaguar said the concept will serve as the basis for a production model set to arrive next year.
Mercedes is reportedly pouring $562 million into delivery van drones — here's a glimpse of what's to come (Business Insider)
Mercedes-Benz is getting into package deliveries.
In September, the Mercedes announced a "multimillion" investment in drone startup Matternet, the creator of an autonomous drone. The Wall Street Journal reported that the investment totals €500 million ($562 million) over the next 5 years.
Get ready for robots made with human flesh (ArsTechnica)
Two University of Oxford biomedical researchers are calling for robots to be built with real human tissue, and they say the technology is there if we only choose to develop it. Writing in Science Robotics, Pierre-Alexis Mouthuy and Andrew Carr argue that humanoid robots could be the exact tool we need to create muscle and tendon grafts that actually work.
30 big tech predictions for 2017 (BI Intelligence)
Technology is disrupting nearly every part of our daily lives.
Smartphones have allowed us to stay connected to each other at literally every moment of our lives, whether it's on our daily commutes or on faraway vacations.
I Scientists Gather to Plot Doomsday Scenarios (and Solutions) (Bloomberg)
Artificial intelligence boosters predict a brave new world of flying cars and cancer cures. Detractors worry about a future where humans are enslaved to an evil race of robot overlords.
Virginia is the first state to legalize delivery robots (Engadget)
America is now one step closer to becoming a sci-fi utopia, thanks to a new law passed in Virginia. On Friday the state's governor signed a ruling which will allow delivery robots to use its sidewalks and crosswalks from July 1st.
Natural Selection Is About to Be Overpowered by the First-Ever Mammalian Gene Drive (Singularity Hub)
The year is 2050. The place, New Zealand. Technological advances have dramatically changed the lives of the island’s human inhabitants, but on first blush, its animals remain untouched.
Politics
Marine Le Pen stripped of immunity by MEPs over Isis tweets (The Guardian)
MEPs have removed Marine Le Pen’s parliamentary immunity, allowing French prosecutors to take legal action against the far-right leader for tweeting gruesome images of killings by Islamic State militants.
Attorney General Jeff Sessions : ‘I Will Recuse Myself’ If Necessary (NBC News)
Attorney General Jeff Sessions denied meeting with Russian officials during the course of the presidential election to discuss the Trump campaign, he told NBC News in exclusive remarks early Thursday.
Creating a Fox News for the left (Columbia Journalism Review)
Donald Trump would not be president today were it not for the help of Fox and Friends. Their frenzied cheerleading for the birther candidate and their relentless bashing of Hillary Clinton wasn’t the only reason for last November’s outcome, but it was an indispensable one.
Dear Politicians, Lying Under Oath Has Always Been A Grave Offense (Forbes)
This morning, the world is waking up to the revelation of yet another tie between the Trump administration and Russia. As The Washington Post first reported, current attorney general Jeff Sessions twice met with a Russian diplomat last year; meetings that he did not disclose in his confirmation hearings within the Senate Judiciary Committee.
Has Trump Already Sidelined His Secretary of State? (Bloomberg)
After meeting Donald Trump for the first time, in New York on Dec. 6, Rex Tillerson told his wife, Renda, that the president-elect had offered him the job of secretary of state. Tillerson had spent his entire 41-year career at Exxon Mobil Corp., the previous decade as chief executive officer.
Tweets suggest McCaskill met with Russian ambassador, despite denials (Washington Examiner)
Tweets by Sen. Claire McCaskill, a Democratic member of the Senate Armed Services Committee, suggest she met with the Russian ambassador at least twice during a period she denied doing so.
Melania Trump calls for the ‘gift of nature,’ not health insurance, to heal sick children (Think Progress)
First Lady Melania Trump paid a visit to Children’s Hospital in Washington, D.C. on Wednesday, where she called on the power of nature to heal seriously ill children.
Trump’s “Office of Immigrant Crime” has sinister implications — and dark echoes of history (Salon)
In the hours leading up to President Trump’s speech to the joint session of Congress on Tuesday night the news networks were giddy with excitement. They had been told by a “senior White House official” in a private luncheon with news anchors that the president was now in favor of comprehensive immigration reform.
The Real Trump Vs. The Trump In Friont Of Congress (CC)
Despite the "presidential" tone of Donald Trump's first congressional address, he offered misleading information about police brutality, tax reform and government corruption.
Jeff Sessions said that people who commit perjury must be removed from office (Think Progress)
The Washington Post reported Wednesday night that Attorney General Jeff Sessions spoke to Russia’s ambassador twice last year, despite testifying before the Senate Judiciary Committee that “I did not have communications with the Russians.”
Most Americans continue to oppose U.S. border wall, doubt Mexico would pay for it (Factank)
As was the case throughout the presidential campaign, more Americans continue to oppose (62%) than favor (35%) building a wall along the entire U.S. border with Mexico.
Conservatives are willing to combat climate change — when it’s not called “climate change” (Salon)
The election of Donald Trump as president is catastrophic in many ways, but perhaps one of the worst implications is what it means for the environment. Trump is a climate change denialist who has repeatedly accused climate scientists of conspiring to hoodwink the public.
The Three Donald Trumps Speak (NY Times)
Dear Advice Lady: Everybody is saying how reasonable President Trump sounded in his big speech to Congress, but it made me crazy! I was yelling at the TV the whole time. If he bothers me this much when he’s trying to be statesmanlike, how am I going to make it through four years?
Busted again: Fox caught using ‘militant Nazi’ collaborator as expert on Swedish violence (Raw Story)
Fox Business Network reportedly used a neo-Nazi collaborator to bolster President Donald Trump’s suggestion that Sweden was experiencing an uptick in violence due to Muslim immigrants.
Health and Biotech
The WHO Says These 12 Deadly Superbugs Pose the Greatest Health Threats to Humans (Fortune)
Global health officials on Monday unveiled a first-of-its-kind list of the world's most deadly "superbugs" in a bid to urge businesses and governments to get serious about developing new antibiotics.
Life on the Home Planet
Biologists say half of all species could be extinct by end of century (The Guardian)
One in five species on Earth now faces extinction, and that will rise to 50% by the end of the century unless urgent action is taken. That is the stark view of the world’s leading biologists, ecologists and economists who will gather on Monday to determine the social and economic changes needed to save the planet’s biosphere.
Australia’s record-breaking summer heat linked directly to climate change (Think Progress)
The record-breaking heat seen across southeast Australia in the last few months was made 50 times more likely by climate change, according to new analysis that links the heat directly to global warming.
The Case for Eating Weed at Work (Bloomberg)
When Jeffrey Zucker needs to get a lot done at work, he eats half a weed gummy. Far from putting him at risk of a Maureen Dowd-level stupor, the 5-milligram dose of THC he gets gives him just a slight buzz that makes him more focused and creative, he says.
2 transgender women were killed in New Orleans in 48 hours (CNN)
New Orleans' transgender community is on edge after two transgender women were killed within 48 hours of each other.
Rattled by Russia, Sweden Plans to Bring Back Conscription (Bloomberg)
Sweden plans to bring back military conscription to counter Russia’s military buildup in the Baltic Sea, in a move that underscores how tensions are mounting along Europe’s borders with the nuclear superpower.
Historic population losses continue across Puerto Rico (Factank)
Population losses in Puerto Rico have accelerated in recent years, affecting every corner of the island and continuing the largest outmigration in more than 50 years, according to a Pew Research Center analysis of newly released county-level Census Bureau data.
