Here’s what’s been happening on Wall Street overnight

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The Trump administration, to the surprise of few, is making headlines out of Davos. But most of the noise thus far isn’t coming from President Donald Trump himself, but rather Treasury Secretary Steve Mnuchin.

Mnuchin applauded the weakness of the US dollar during a talk in Davos on Wednesday. The dollar promptly tanked, and world leaders and investors raised their eyebrows.

Deutsche Bank macro strategist Alan Ruskin noted that if the stock market likes a weak dollar, then the White House will too.

Mnuchin attempted to walk back “the first serious economic misstep by the Trump administration,” saying the short-term position of the dollar was “not a concern of mine” and denying that he was hyping a trade war.

Here’s what else is happening in markets and econ news:

In finance, billionaire investors are bemoaning the difficulty of making a good trade these days.

Seth Klarman, founder of $US30 billion hedge fund The Baupost Group, says it’s harder than ever to find good investment ideas.

Oaktree Capital’s Howard Marks lamented the lack of potential returns across a wide range of asset classes. He says traders are behaving in uncharacteristic fashion as a result and ‘unrealistic’ investors are getting desperate. Marks isn’t a fan of the shiny new GOP tax law either.

Meanwhile, Wall Street is begging Ford to be more like Tesla. The carmaker just acquired two startups that have nothing to do with cars as we know them.

Kroger is in talks with Alibaba about a potential partnership, a deal that could thwart Amazon’s Whole Foods ambitions.

Big marketers like Airbnb and eBay are using Facebook to see which ads are a waste of money. CNN’s $US25 million bet on a YouTube star has failed.

Boutique investment bank Moelis & Co. announced its managing director promotions – here are the names.

In crypto news:

Lastly, here’s what rapper 50 Cent said about the $US8 million he made in bitcoin:‘Ima keep it real I forgot I did that sh–‘.

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