Reuters

White House Bars CNN, NYT, Others From Media Briefing

CNN's political reporter Sara Murray has confirmed that CNN has been blocked from attending a White House press briefing this morning. Other reports note that The New York Times, LA Times, and Politico were also blocked. ABC, NBC, CBS, and FOX were allowed in but AP and Time have boycotted the event.

Retail Stocks Surge On Report Trump Opposes House Version Of Border Tax

The White House appears to have flip-flopped again because earlier today, according to Axios, Goldman's ex-president Gary Cohn, and chief economic advisor to President Trump, told a group of CEOs that the White House does not support the House GOP version of a border adjustment tax.

Police Fire Tear Gas, Rubber Bullets To Break Up Anti-Immigrant Protests In South Africa

South African police used rubber bullets, tear gas and water cannon to disperse anti-immigrant protesters in the capital, Pretoria.  Armed police had formed a barrier between rival crowds of citizens and non-nationals marching in Pretoria, but both sides began shouting at one another and brandishing rocks and sticks, prompting police to disperse the angry mobs.

Beijing Responds To Trump Charge China Is A "Grand Champion At Currency Manipulation"

"China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi" but "If you must attach the label 'grand champion' to China, then I think China is a grand champion. But we are the grand champions of economic development."

Frontrunning: February 24

  • Futures drop along with oil prices (Reuters)
  • The U.S. Is the World’s Third-Best Equity Market Since 1900 (BBG)
  • U.S. Talks With Mexico Clouded by Mixed Message (WSJ)
  • A Tea Party for the left? Liberals hope so (Reuters)
  • Kushner, Ivanka Trump Block Attack on Paris Pact (WSJ)
  • Saudi Arabia’s Oil Wealth Is About to Get a Reality Check (BBG)

China Prepares For "Regime Collapse" In North Korea

The noose around Kim Jong-Un is getting tighter: asked whether China had a contingency plan for a North Korean collapse, defence ministry spokesman Ren Guoqiang said Beijing has maintained its usual policy towards Pyongyang, and urged the “relevant parties to refrain from any actions that will escalate tensions”.

Bundesbank Prepares For Record Losses Once ECB Starts Hiking Rates

Germany's central bank reported its smallest profit in more than a decade in 2016 after setting aside a record amount of provisions against future losses on the bonds it is buying as part of the ECB's stimulus programme, its annual report showed on Thursday. "It is fair to ask ... when we can take our foot off the monetary policy pedal," Bundesbank President Jens Weidmann said.

ValueAct's Jeff Ubben Is Selling On "Overextended Valuations", Builds $3 Billion Cash Pile

Speaking at a Reuters activist conference, ValueAct's Jeffrey Ubben, said that his firm had been taking money out of the capital markets as valuations have become overextended, leaving it with $3 billion in cash.   "I really feel that the large-cap activist plays are very treacherous with high PEs (price-to-earnings) and not a lot of growth."

 

Frontrunning: February 23

  • Trump to Brainstorm on Job Policies With Corporate CEOs (BBG)
  • Border-Adjustment Tax Divides Energy Sector (WSJ)
  • French Bonds Rally After Macron Boosts Presidential Campaign (BBG)
  • Boeing Fighter Jet, Feared Dead, Gets New Life From Trump Tweets (BBG)
  • Treasury Secretary Steven Mnuchin Sees Tax Overhaul by August (WSJ)
  • Why Mexico Is Trump’s First Line of Defense on Immigration (BBG)