Bloomberg:
- Merkel Says U.K. Will Pay Price If EU Immigration Is Curbed. German Chancellor Angela Merkel said the U.K. will pay a price if it curbs immigration from the European Union after Brexit, highlighting her uncompromising stance on the fundamentals of future relations. “This isn’t meant maliciously, but you can’t have all of the good things and then say there’s a limit of 100,000 or 200,000 EU citizens” allowed to enter the U.K., Merkel said on a panel in Berlin on Wednesday. “That won’t work. At that point, we’ll have to think about which restrictions we do on the European side to compensate for that.”
- Europe Stocks Drop Most in Eight Months as Trump Concern Deepens. European stocks tumbled as the impact of a worsening U.S. political crisis spread throughout the world after a report that President Donald Trump had asked the FBI director to drop an investigation into a former top aide. The Stoxx Europe 600 Index slid 1.2 percent at the close in the biggest drop since September. The benchmark had rallied as much as 21 percent since a Nov. 4 low amid bets for stronger global growth and increased U.S. fiscal spending following Trump’s election, reaching a 21-month high earlier this month.
- Apple(AAPL) Falls on Concerns About Trump's Tax Reform. Apple has $240 billion in cash and equivalents outside the U.S., about 93 percent of its total reserves, and Trump has proposed a tax cut to repatriate offshore holdings. The stock fell as much as 3.5 percent, the most since November, to $150, while the S&P 500 fell as much as 1.4 percent.
- Fed's Cut in Its Big Bond Hoard Likely to Begin at Glacial Pace. (video) If you thought the Federal Reserve’s interest rate increases have been gradual, wait until you see what it has planned for its $4.5 trillion balance sheet. The central bank looks likely to begin reducing its bond holdings at a glacial pace given how uncertain officials are about the impact on financial markets, monetary policy and the economy. The aim, according to New York Fed President William Dudley, is to ensure that the drawdown is “a very modest, minor event.”
- Tech Stocks Surge as Hedge Funds Bail Out. The rally in America’s biggest technology companies is making the smart money look dumb. In a quarter when Apple Inc., Amazon.com Inc. and Alphabet Inc. rose three times as fast as the market, regulatory filings show hedge funds were net sellers of a combined 7.5 million shares. On paper, that’s $600 million of lost upside since March 31, since each stock has kept rising.
Wall Street Journal:
- Washington Tumult Jolts Stocks, Sends Dollar Lower. The ICE U.S. Dollar Index, a closely watched measure of the dollar’s value, is set to erase its post election gains.
- Trump Trade Reboot Spurs U.S. Push by China’s Sovereign-Wealth Fund. In an interview, CIC President Tu Guangshao says fund hopes to “significantly increase” direct investments in U.S.
- Iran Nuclear Deal in Play as Hard-Line Candidate Gains on President. Voters choose Friday between candidates with conflicting visions—President Hassan Rouhani, who has made an opening to the West, and a political newcomer wary of where such a path leads.
MarketWatch.com:
Reuters:
- U.S. to renew sanctions waivers on Iran Wednesday -U.S. Officials. The administration of President Donald Trump on Wednesday will extend sanctions relief on Iran that was called for under the 2015 Iran nuclear deal, two U.S. officials told Reuters.
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