What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

President Donald Trump has set off yet another international spat — this time in the normally moribund arena of financial regulation.

The ECB president, Mario Draghi, took issue with the Trump administration’s declared intention of repealing post-financial-crisis regulations on large US banks, whose destabilization can and have caused global problems.

In related news, here’s how Trump could escalate a trade war with China, according to Goldman Sachs. And Trump could name China a “currency manipulator” in the coming weeks, according to Deutsche Bank.

Trump is promising a big shake-up at the FDA — here’s what that could mean. Biotech execs have spoken out out against Trump’s immigration ban. And Tesla and SpaceX have joined 97 other companies in opposing the ban.

In other news, something that “usually only happens in recessions” is popping up in the US economy.

Wall Street dealmakers used to be sent to Hong Kong or London to win new business. Now they’re being sent to places like Seattle, Denver, and Atlanta
. French bank BNP Paribas is spending €3 billion to “build the bank of tomorrow”

And these are the top trends that will define the banking industry in 2017, according to Greenwich Associates.

Renaissance Technologies, a secretive hedge fund firm that has legendary status on Wall Street, is attracting new money. And top quant fund PDT Partners discovered four ways millennials differ from older employees.

Lastly, here are t
he 25 best Caribbean islands, ranked.

Here are the top Wall Street headlines from the past 24 hour

$100 BILLION FUND: There’s more to investing in the US than betting on Trump — US stocks on the whole have been rallying since President Trump got elected.

Meet the power players who help Evan Spiegel run $25 billion Snap Inc. — CEO Evan Spiegel may be the public face of Snap Inc., but it’s taken more than his hard work to turn what started as a disappearing photo app into a potentially $25 billion social network and camera company.

One gym is taking the workout world by storm Planet Fitness, the low-cost fitness center known for its motivational mottos, is taking the nation by storm.

Michael Kors is tumbling after whiffing on sales and guidance — Michael Kors released fiscal third-quarter earnings just above expectations, but a miss on sales and guidance has sent the stock lower.

GM beats on 4th-quarter earnings and books record 2016 global sales — The automaker said fourth-quarter net income fell to $1.19 a share, factoring out one-time items, in part because of $500 million in foreign-exchange losses, and the company forecast that 2017 profits would be flat to slightly up from 2016.

Korea is 20 years away from a “demographic time bomb,” IMF says — Economists have coined an unsettling term to describe a phenomenon in countries with low fertility rates and poor economic growth: demographic time bomb.

The incredible life and career of Warren Buffett, the billionaire every investor looks to for inspiration — Warren Buffett isn’t your typical billionaire.

The Porsche 911 Carrera is everything a sports car should be — We don’t lack for sports cars in this world.

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