Today's Headlines

Bloomberg:

• Dimon's Annual Letter: Key Takeaways on Brexit, Tech and Taxes. (video) Jamie Dimon, JPMorgan Chase & Co.’s chief executive officer, used his annual letter to shareholders to comment on potential fallout from the U.K.’s decision to leave the European Union, detail the bank’s investments in technology and urge a cut in the U.S. corporate tax rate. Here are some key passages from his 45-page letter.
• Oil Traders Drain Hidden Caribbean Hoards as OPEC Cuts Bite. (video) During the oil price rout, islands in the Caribbean were exhibit A for the longest-lasting glut in three decades, with millions of barrels stored there. Now, that oil is flowing again, a sign the market is rebalancing. Since mid-February, between 10 million and 20 million barrels have left the Caribbean, according to estimates from traders who asked not to be named because their data is proprietary. The draw, hardly noticed by most in the market, reflects the impact of the output cuts orchestrated by OPEC and Russia. 
• Boeing(BA) Wins $3 Billion Iran Sale in Potential Test for Trump. Boeing Co. landed its second jetliner sale to an Iranian airline since the 1970s, a $3 billion deal that sets up a test of the planemaker’s ties with President Donald Trump.
• Retailers Drop as Bad News Keep Piling Up on 2017's Worst Stocks.
• Ralph Lauren(RL) to Close Flagship Fifth Avenue Store, Cut Jobs. Ralph Lauren Corp., reeling from tumbling sales and profit, will close its flagship Polo store on Fifth Avenue, revamp its e-commerce operations and cut jobs in a $370 million shake-up. As part of the changes, Ralph Lauren will shift its digital operations to a platform run by Salesforce.com Inc.’s Commerce Cloud, the company said on Tuesday. It’s also streamlining its organization and shuttering other offices and stores.
• GM(GM) Hooking 30,000 Robots to Internet to Keep Factories Humming.
• Staples(SPLS) Jumps on Report That It's in Talks With Buyout Firms.

Wall Street Journal:

• Syrian Activists Say Dozens Dead in Idlib Chemical Attack. Syrian regime or allied Russian aircraft accused of carrying out the attack, which left at least 11 children dead.
• Trump and China: Ahead of Summit, Both Sides Try to Reset Volatile Relationship. President Donald Trump and China’s leader Xi Jinping meet this week for their first summit; success hinges on whether aides have created grounds for a breakthrough.

Barron's:

• Caterpillar(CAT): 4 Reasons Goldman Sees 30% Upside.

Fox News:

• Susan Rice defiant amid growing calls for her to testify under oath. (video)

CNBC:

• White House reportedly looks at two new tax options to replace divisive border adjustment. (video)
• Bank of America's CEO says lending to start-ups, homebuyers would expand if deregulation happens.
• UBS says Apple's(AAPL) iPhone 8 unlikely to cost $1,000, upgrades earnings outlook.

Zero Hedge:

• Richmond Fed President Lacker Resigns After Admitting He Leaked Confidential Fed Information.
• Susan Rice Responds To Trump Unmasking Allegations: "I Leaked Nothing To Nobody".
• Tesla(TSLA Overtakes GM As America's Most Valuable Car Company.
• Paul Ryan Quashes Hope For Quick Second Try At Healthcare Bill.
• Susan Rice Ordered "Detailed Spreadsheets Of Intercepted Phone Calls" With Trump Team.
• Manhattan Apartment Prices Tumble In Q1 As Sellers Fret Over Rising Rates.
• CNN Rages Against 'Susan Rice Bombshell', Urges Viewers To Ignore Story.
• Amazon(AMZN) Stock $100 Away From Making Jeff Bezos World's Richest Man.
• US Factory Orders Rise At Fastest In 3 Years. (graph)
• St. Petersburg Suicide Bomber Identified As 22-Year-Old Kyrgyz Native.
• February Trade Deficit Shrinks, Smaller Than All Estimates.

The Telegraph:

• Deflation danger over for European Central Bank but fresh debt drama looms.