Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
You could hear it in every earnings call, and see it in every analyst note. There’s a lot going on in the world, and one group of traders stands to benefit.
From JPMorgan to Morgan Stanley, Goldman Sachs to Citigroup, executives highlighted their macro trading businesses, the units that help clients bet on moves in interest rates and in the foreign exchange market — the financial instruments most sensitive to shifting political winds and economic uncertainty.
Speaking of which, Donald Trump was inaugurated as the 45th president of the United States on Friday. You can follow all the latest news from the event here. Here are the headlines:
- TRUMP: “This American carnage stops here”
- Boeing, Chevron, and other huge companies are spending $90 million on Trump’s inauguration
- The stock market is booming, but Trump can’t take all the credit
- Trump is creating a huge problem for the future of the auto industry
- BREMMER: “The Pax Americana … is over”
- GEORGE SOROS: Trump is a con man and he will fail
- LARRY FINK: “We are going to be living a world of a strong dollar”
- Democrats are wearing “Protect Our Care” pins at the inauguration to protest the repeal of Obamacare
- President Obama made one of history’s greatest stock market calls in March 2009
- Here’s how much debt the US government added under President Obama
In other news, Wall Street has found a company that Donald Trump would love to beat up on.
The giant Walgreens-Ride Aid merger could be in trouble, and their stocks plunged. And Bristol-Myers shares are sliding after some bad news on its lung cancer drug.
A top investment expert at a $487 billion fund talked to us about her outlook for 2017, Europe and Trump. And we talked to one of Wall Street’s top Japan experts about the BOJ, Abenomics, and the future of the yen.
Donald Trump’s Treasury Secretary nominee Steven Mnuchin had his confirmation hearing on Thursday. Here are the headlines:
- Trump’s Treasury pick failed to disclose $100 million in assets — until the last minute
- MNUCHIN: The US may need ‘a 21st century version’ of Glass-Steagall‘
- A Democratic Senator grilled Mnuchin over Trump’s debt to foreign countries
- Mnuchin has a history with Sears that shows why going from business to government is a minefield
- “This is the seventh time I’ve asked”: Republican senator grills Trump Treasury pick over foreclosure profits
In tech news, the world’s largest asset manager is loading up on Apple. And Snap is calling a fired employee’s lawsuit a “late-breaking bid” to air “sensationalist allegations” as the company prepares for its long-awaited IPO.
Here are the top Wall Street headlines from the past 24 hours
A manager at a one-time $8 billion hedge fund has been reportedly found guilty of securities fraud – A one-time portfolio manager at a New York hedge fund that shuttered last year amid an insider trading scandal has been found guilty of federal securities fraud
MORGAN STANLEY: A ‘correlation crash’ is happening in the markets – Cross-asset correlations that existed in markets before the 2016 US election have crashed for the first time in over a decade, according to Morgan Stanley.
A big part of the American Dream is dying – One of the most important parts of the American Dream is the hope that your children will be better off than you are. Unfortunately, that is becoming less common.
JPMorgan hikes Jamie Dimon’s pay to $28 million – JPMorgan directors paid chief executive Jamie Dimon $28 million in total compensation for 2016, a 3.7% increase from the prior year, the company said on Thursday.
CASHIN: The stock market may be about to enter “weeks, or even months of struggling” – The stock market has had a rip-roaring start to 2017, but that may be about to come to an end.
HSBC is cutting about 100 senior bankers around the world – HSBC has begun cutting around 100 senior jobs in its investment banking division worldwide this week.
Trump’s infrastructure plan probably won’t provide a big boost to metals – The so-called Trump rally that ensued following the November election spread its wings beyond just the stock market.
Former Chancellor George Osborne just got a job at the world’s biggest asset manager – Former Chancellor of the Exchequer George Osborne will take up a role as an adviser to the world’s biggest asset manager, BlackRock.
Japan is the cheapest stock market in the developed world – Last year, the markets were distinguished by a lack of persistence. In many respects, investor behaviour in the second half of the year was the mirror image of the first six months. However, one element remained consistent, at least among U.S. investors: a preference for domestic over international equities.