- Dollar halts charge as bashed bonds steady (Reuters)
- BOJ Fires Warning at Bond Market With Unlimited Buying Plan (BBG)
- Trump Flouts Traditions Heading Into an Office Defined by Them (BBG)
- Mr. Hedge Fund Goes to Washington, Looking for Ally in Trump (BBG)
- Donald Trump’s Son-in-Law, Jared Kushner, Could Get Key White House Role (WSJ)
- U.S. panel urges ban on China state firms buying U.S. companies (Reuters)
- Why Bond Vigilantes Are Stirring in Age of Trump: QuickTake Q&A (BBG)
- AT&T Deal to Test Business Climate Under Trump (WSJ)
- Theranos Whistleblower Shook the Company—And His Family (WSJ)
- Republicans Now Control Record Number of State Legislative Chambers (CNSNews)
- Mexico central bank may deliver big rate hike after peso’s Trump tumble (Reuters)
- The Strange Consequences of India’s Banknote Ban (BBG)
- Yellen Will Talk Trump in Thursday’s Testimony (BBG)
- Yellen Likely to Be Questioned on Impact of Election (WSJ)
- The NSA’s Spy Hub in New York, Hidden in Plain Sight (Intercept)
- Apple Wants Cutting-Edge iPhone Screens, But Most Suppliers Aren’t Ready (BBG)
- Deutsche Bank could seek repayment of manager bonuses: sources (Reuters)
- Brazil arrests former Rio governor in corruption probe: police (Reuters)
- China’s interference in Hong Kong reaching alarming levels: U.S. congressional panel (Reuters)
- Russia starts blocking LinkedIn website after court ruling (Reuters)
- Philippines’ Duterte says may follow Russia’s withdrawal from ‘useless’ ICC (Reuters)
- EU delays ChemChina/Syngenta merger decision to March 29 (Reuters)
- Merkel expected to say on Sunday if she’ll run for office in 2017 (Reuters)
- U.S. opens door to oil exports after year of pressure (Reuters)
Overnight Media Digest
WSJ
– Donald Trump’s son-in-law, who became a close adviser in the presidential campaign, is likely to take a top White House job, people familiar with the presidential transition say. http://on.wsj.com/2f22ucL
– Tyler Shultz says he wanted to shield the reputation of former Secretary of State George Shultz, a Theranos director and his grandfather. His efforts opened a rift in the family. http://on.wsj.com/2fXhYiS
– President-elect Donald Trump is making overtures to Democrats as his transition efforts ramp up, meeting with New York Mayor Bill de Blasio and signaling support for a public-works building program similar to one his partisan opponents have long favored. http://on.wsj.com/2eHGKYn
– China’s currency dropped to the lowest level in eight years Wednesday, extending a rapid decline over the course of a few days and demonstrating what officials and analysts say is the government’s increasing tolerance of a cheaper yuan as it combats a lagging economy and growing asset bubbles. http://on.wsj.com/2fVnpjJ
– Businesses will watch to see if phone giant AT&T Inc can push its merger with Time Warner Inc through a still-undefined presidency. Cabinet appointments will help determine the outcome. http://on.wsj.com/2eGzOLe
– The Minnesota police officer who fatally shot a legally armed black motorist during a traffic stop in a Twin Cities suburb has been charged with second-degree manslaughter, Ramsey County Attorney John Choi said Wednesday. http://on.wsj.com/2ghkq8i
– Facebook Inc said it has uncovered several more flawed measurements related to how consumers interact with content, raising more questions about the metrics marketers lean on to decide whether to buy ads on the social media network. http://on.wsj.com/2ggxPxx
FT
Saudi Arabia is set to disclose how much crude lies beneath the desert kingdom’s sands as it prepares to sell shares in Saudi Aramco.
Japanese internet retailer Rakuten Inc signed a new four-year deal with Barcelona worth at least 220 million euros ($235.40 million), sealing one of the world’s largest football shirt sponsorships.
Rio Tinto Plc’s former head of energy and mineral division Alan Davies said he “has been left with no option but to take the strongest possible legal action in response” to his dismissal.
Rolls-Royce Holdings Plc warned there were challenging conditions ahead for its marine and industrial engine businesses. However, the company said it was on track to meet profit expectations for this year.
NYT
– Congressional Democrats, divided and struggling for a path from the electoral wilderness, are constructing an agenda to align with many proposals of President-elect Donald Trump that put him at odds with his own party. http://nyti.ms/2fyMHWX
– An emotional Hillary Clinton on Wednesday asked her supporters not to lose heart after a crushing election loss and to continue working for a better country. http://nyti.ms/2fyH0be
– President-elect Donald Trump said his transition was not in disarray, assailing news media reports about firings and infighting and insisting in an early-morning Twitter burst that everything was going “so smoothly”. http://nyti.ms/2fyMLpw
– Over the past few months, a laid-off Wal-Mart employee named Wang Shishu, has helped organize a national movement in China against the retail giant. http://nyti.ms/2fyOniO
– The federal authorities will announce a roughly $264 million settlement with the JP Morgan Chase and its Hong Kong subsidiary, according to people briefed on the matter who spoke on the condition of anonymity. tp://nyti.ms/2fyG7zq
– Wall Street banks are still too big to fail, and the hundreds of thousands of pages of regulations created in the eight years since the crisis are not adequate protection against another financial shock, says Neel Kashkari of the Federal Reserve Bank of Minneapolis. http://nyti.ms/2fyOZp1
Canada
THE GLOBE AND MAIL
** Bombardier Inc raised $1.4 billion in its first return to the bond market in 21 months, refinancing some debt and buying more time for its turnaround plan. https://tgam.ca/2fzkaQP
** The Bank of Canada says it won’t necessarily move in lockstep with the Federal Reserve if the U.S. central bank moves to hike its key interest rate next month, as widely expected. https://tgam.ca/2fzoJdT
** A committee of Performance Sports Group Ltd’s shareholders has filed a legal objection to a proposed auction of the insolvent company’s assets, arguing the bidding structure makes it too hard for anyone to compete with an offer tabled by a group led by Sagard Capital Partners LP. https://tgam.ca/2fzkUW1
** Finance Minister Bill Morneau says Canada is ready to discuss difficult trade issues with the new U.S. administration, including softwood lumber and livestock, and he is confident of finding a “win-win” solution. https://tgam.ca/2fzmWW6
NATIONAL POST
** The International Energy Agency’s latest World Energy Outlook expects Canadian output to grow to 6.1 million bpd by 2040 if governments stick to their Paris agreement pledges – but that is 1.5 million bpd lower than the IEA’s “Current Policies Scenario”, which assumes there are no new international policy measures to combat climate change. http://bit.ly/2fzlmDH
** Prime Minister Justin Trudeau was foolish to signal his willingness to re-negotiate the North American Free Trade Agreement, former U.S. senator and Donald Trump insider Rick Santorum said on Wednesday. http://natpo.st/2fzeiHn
** Canada and Cuba are on a good footing to enhance an already-good relationship with a visit to Prime Minister Justin Trudeau this week, say experts, despite uncertainty around the policy of U.S. president-elect Donald Trump. http://natpo.st/2fzlfbg
Britain
The Times
* Rolls-Royce Holdings Plc Chief Executive Officer Warren East, whose company’s shares have fallen 27 percent since April last year, said to investors that after thousands of job cuts, including hundreds in senior management, he is focusing his attention on the company’s future strategy. http://bit.ly/2f22pWm
* UK’s Financial Conduct Authority said Wednesday that they would put safeguards in place before launching a new savings product, Lifetime Isas, for the under-40s just days after it was dubbed as ‘a mis-selling scandal waiting to happen.’ http://bit.ly/2f260UB
The Guardian
* Labour party parliamentarian Frank Field, also the chairman of the House of Commons work and pensions select committee, has asked HM Revenue & Customs for an immediate probe into tax avoidance scheme used by recruitment agencies that is depriving the taxpayer of “hundreds of millions” of pounds. http://bit.ly/2f2079Z
* Royal Bank of Scotland Group Plc could face a settlement of more than $12 billion in a decade old mis-selling scandal in the United States, said the UK Financial Investments, which controls the taxpayer’s stake in RBS, to the Treasury Select Committee. http://bit.ly/2f1XTXX
The Telegraph
* Rio Tinto Plc has fired two executives amid an investigation over illegal payments of $10.5 million to a consultant related to an iron ore project in Guinea. http://bit.ly/2f1YKYT
* Brexit is unlikely to lead to a sudden decline in London’s status as one of the leading centres for the global capital markets, Barclays Plc Chief Executive Officer Jes Staley has predicted. http://bit.ly/2f21uVT
Sky News
* Ralf Speth, chief executive of Britain’s biggest car maker Jaguar Land Rover Ltd, has said that the company would have to “see the facts” before deciding whether to continue manufacturing in the United Kingdom. http://bit.ly/2f1WD78
* Royal Dutch Shell Plc announced closure of its Glasgow operation with the loss of 380 jobs as a new report from the International Energy Agency warns of a “boom/bust” cycle in the oil industry. http://bit.ly/2f1U1pT
The Independent
* The Treasury said that the Bank of England has been conferred formal powers to control lending in the fast-growing buy-to-let mortgage market. http://ind.pn/2f1W5hR
* The United Kingdom’s unemployment rate has come down to 4.8 percent in September, from 4.9 percent previously, the lowest since the summer of 2005, according to a report from the Office for National Statistics. http://ind.pn/2f1ZQUo
via http://ift.tt/2fYZeQ9 Tyler Durden