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.

As President-elect’s Donald Trump’s transition rolls on, more and more attention is being paid to possible selections for a variety of high ranking positions, and meetings that might help decide these appointments.

On Monday, Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard. And in related news, Business Insider’s Josh Barro has a theory about the fight in the president-elect’s team over former Wall Streeter Mitt Romney.

In economic news, Texas executives can’t wait for the end of Obama’s “disastrous socialist policies.” The Mexican peso’s crash is hurting some US companies. And there could be an unexpected side effect of Donald Trump’s infrastructure spending.

The “final nail in the coffin” may be coming for the Federal Reserve’s freedom. And the Bank of Japan has become the biggest whale in Japan’s stock market.

In deal news, it turns out the Chinese government is behind a major deal for a US tech company. Elliott Management has a new target. Samsung might split itself in two. Time Inc shares skyrocketed after a billionaire reportedly offered to buy it.

And OPEC is making a last-ditch bid to save the oil deal the markets want.

In Wall Street news, Standard Chartered is preparing to cut 10% of its corporate, institutional banking staff. And Silicon Valley Bank is thinking about removing names from résumés to prevent unconscious bias against job candidates. Here’s why New York City has two economic centres — Midtown and downtown.

North America can expect to mint a new billionaire every six days for the next five years.

Lastly, t
his is how you persuade a VC to give you millions.

Here are the top Wall Street headlines at midday

We’re now approaching what is traditionally a strong period for US stocks – The US S&P 500 stock index has been on a tear in recent weeks, adding a nifty 6.22% from the lows of November 4.

MORGAN STANLEY: These 12 stocks have the most downside – Morgan Stanley has released its list of “Global Secularly Challenged Stocks,” identifying a total of 81 stocks that have “exposure to longer-term secular challenges, and where the risk-reward is unfavorable.”

“In the history of Europe, nationalism has always meant wars” – With financial markets poised to react to the pivotal Italian constitutional referendum on December 4, consensus suggests that a ‘yes’ vote to the reforms will be positive for asset prices and a ‘no’ represents a sell signal.

KRUGMAN: Trump is the “worst man we could have made president” – Paul Krugman, the Nobel-winning economist and New York Times columnist, on Monday went after President-elect Donald Trump once again.

Four charts that show China’s accelerating debt problem China’s debt to GDP ratio keeps rising.

Tesla is entering the solar business at a risky time Solar has generally been a difficult business, and that isn’t looking to change under President-elect Donald Trump.

Stephen Leroux told us how he rescued one of the world’s most iconic champagne houses from extinction It was 1985, and bottles of Charles Heidsieck champagne were flying off the shelves.

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