Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
There’s a bunch of economic news out, so let’s get to it:
- Trump is reportedly putting off one of his biggest economic promises until next year
- Copper is tumbling following a report that Trump will wait on infrastructure spending
- Trump said he’s trying to find a country “where we actually have a surplus of trade” — here are the top 15
- Treasury Secretary Mnuchin said the Trump administration is “committed to get tax reform done” by August
- He also said the stock market is a report card for the White House
- And that a strong dollar is a “good thing,” contradicting what Trump has said at times
- Here’s what the signature on your dollar bills will soon look like
- The Fed plans to raise rates “fairly soon” if the economy cooperates
- The Fed isn’t sure whether Trump will be good or bad for the economy — but it thinks investors are ignoring the risks
There’s a fair bit of fund management news too:
- TOP HEDGE FUND: There’s a lot to be excited about under Trump, but nobody’s talking about it
- ValueAct’s Ubben: “Everything about Trump I think is inflationary”
- A $US3.7 billion hedge fund interviewed dozens of job candidates, and what it discovered was damning
- Paul Singer’s Elliott Associates is taking the attack on his latest target to the next level
- An investment company is making plans to launch what could be the first exchange-traded fund to profit on marijuana
- A hedge fund millionaire took a stand for his anti-Trump beliefs, and he could lose his job
Elsewhere in finance news, Barclays nearly tripled pre-tax profits to £3.2 billion, but kept quiet about its Brexit contingency plans. And here’s the definitive breakdown of the gloomy state of Wall Street.
In deal news, here’s how a tiny investment bank landed a role on one of the biggest tech deals of all time. Snap’s IPO looks like a “very risky” investment, according to a London tech banker. And NYSE plans a trial run for Snap IPO.
Tesla on Wednesday reported a smaller-than-expected loss for the fourth quarter and topped expectations for revenues. It also announced that its CFO is leaving the company, and
left out a critical piece of information in its 2017 guidance.
Elsewhere in the auto world, Carlos Ghosn is stepping down as Nissan’s CEO — but he will still be running the show.
Here are the top Wall Street headlines from the past 24 hours
MORGAN STANLEY: It’s possible that Warren Buffett will buy an airline – Warren Buffett has recently been loading up on airline stocks.
British former EU official on Brexit: “There’s a risk of a complete breakdown” – The Brexit talks risk a “complete breakdown” of relations between the UK and Europe, warned one of Britain’s most senior former European Commission officials.
REPORT: Morgan Stanley is set to move 300 jobs from London to Dublin or Frankfurt because of Brexit – US banking giant Morgan Stanley is planning to move 300 jobs out of London as a result of the Brexit vote, and has already started looking for office space in a number of European cities, according to a report from Bloomberg.
The owner of Victoria’s Secret is plunging after forecasting weaker-than-expected sales – L Brands on Wednesday forecast a steeper drop in February comparable sales as its biggest brand, Victoria’s Secret, faces slowing demand, sending the company’s shares down 17% in trading on Thursday.
A legendary deal-maker was asked about the one mistake he made again and again, and his answer was brutal – Henry Kravis is a Wall Street legend.
The $US65 ticket to Europe is finally here — and Norwegian Air says it will please Trump – The era of cheap flights to Europe is officially upon us.
Tour the exclusive, $US25,000-a-year club where athletes and billionaires vacation in Hawaii – An average of eight million people visit the Hawaiian islands each year. But it’s not likely that many of those tourists will have an experience that parallels what members can have at Kohanaiki, an exclusive club near Kona on the Big Island of Hawaii.