What you need to know on Wall Street today

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

President Donald Trump fired back Tuesday amid a wave of criticism from Germany, adding to apparently strained relations with German Chancellor Angela Merkel.

“We have a MASSIVE trade deficit with Germany, plus they pay FAR LESS than they should on NATO & military,” Trump tweeted. “Very bad for U.S. This will change.”

Trump’s attacks on Germany show he misunderstands a basic fact about Europe, according to Business Insider’s Pedro da Costa. In related news, Trump on Tuesday said the Senate should get rid of the legislative filibuster so that it could pass healthcare and tax-cut bills.

In Wall Street news, Steve Cohen is reportedly prepping the biggest hedge-fund launch ever, and David Einhorn was just dealt a blow in his battle to shake up GM.

Deutsche Bank is making a big bet on the future of finance.

In economic news, Japan’s demographic time bomb is a bad omen for the US. A likely shift in the mortgage market is creating “prisoners” in housing. Oil companies are set to struggle rehiring workers they laid off during the crash.

And the Bank of England studied Dr. Seuss books to make its writing clearer and more accessible.

In markets news, red-hot tech stocks are getting a boost from an unexpected source. Amazon‘s stock price hit the $US1,000 mark for the first time in early trading on Tuesday. And the bitcoin bubble could just be getting started.

The CIO of a $US114 billion investment firm sees “stormy weather” ahead for stocks. And the cofounder of the company that helped bring the world BroBible wants to help millennials get rich.

One of the most hated drug companies on Wall Street is facing another nasty probe. And an artist put a statue of a urinating dog next to “Fearless Girl” in protest.

In autos, Ford’s new CEO may be about to go on a Silicon Valley shopping spree. Tesla’s former Autopilot head is launching a self-driving-car company — and it could have a big advantage. And the Alfa Romeo Giulia Quadrifoglio is a 505-horsepower Italian challenge to everything BMW holds dear.

This animated timeline shows how Silicon Valley became a $US2.8 trillion neighbourhood.

Lastly, the one-time office of a millionaire railroad executive has been reborn as one of New York’s hottest bars.

NOW WATCH: SCOTT GALLOWAY: WeWork is arguably the most overvalued company in the world

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.