- Record highs for Wall Street quartet send other stocks higher (Reuters)
- Oil prices rise to highest this month on hopes of OPEC deal (Reuters)
- OPEC Likely to Reach Output Consensus, Delegate Says (WSJ)
- Trump’s Targets in First 100 Days: Trade, Regulation, Corruption (BBG)
- Trump Poised to Push Nafta Changes, Pressure Mexico on Trade (WSJ)
- China Touts Its Own Trade Pact as U.S.-Backed One Withers (WSJ)
- Trump to kill trade deal on day one (Reuters)
- Overtime Pay Rule to Go Into Effect, but May Not Last (WSJ)
- Republican mavericks gain leverage (Reuters)
- Steven A. Cohen Makes Move Into Index Funds (WSJ)
- Bitter lessons of Japan’s 2011 tsunami put to use with latest quake (Reuters)
- Court says Republican gerrymandering in Wisconsin was unconstitutional (Reuters)
- Electric Shock Means Global Gasoline Demand Has All But Peaked (BBG)
- Volkswagen puts conquering Americas at heart of turnaround plan (Reuters)
- Nasdaq’s New CEO Prepared Years for the Job. Then Trump Happened (BBG)
- Poultry Companies Face New Rules for Chicken Pricing Index (WSJ)
- U.S. strike destroys bridge, restricts Islamic State in Mosul: official (Reuters)
- AIG joins list of finance companies looking to move from Britain (Reuters)
- $100 Billion Chinese-Made City Near Singapore ‘Scares the Hell Out of Everybody’ (BBG)
- Nominating Mnuchin for Treasury Will Dredge Up Mortgage Memories (BBG)
Overnight Media Digest
WSJ
– President-elect Donald Trump said on Monday he has ordered his transition team to draft a list of executive actions he could take “on day one to restore our laws and bring back our jobs”. on.wsj.com/2gaZhbI
– Rather than kill Nafta, Donald Trump and his advisers appear set to push for substantial changes to the treaty governing U.S. trade with Mexico and Canada, an effort that could prove difficult to negotiate and perilous to the regional economy. on.wsj.com/2fUXMPD
– U.S. companies are barred from doing business with people and entities named on the government’s designated-terrorist list. The firm that touts the Butterball turkey is being investigated over such alleged ties. on.wsj.com/2fiMX8p
– An international race to lower corporate taxes is back in the global spotlight after Britain recommitted to slashing rates and as the election of Donald Trump puts U.S. corporate-tax overhauls on the front burner. on.wsj.com/2gdOBuB
– Small companies have been among the biggest winners since Election Day, with the Russell 2000 index of small-cap stocks up 11 percent, as investors bet on a rollback of taxes and regulations and more infrastructure spending. on.wsj.com/2fKQyjM
– Amazon.com has been in talks for live game rights with the National Basketball Association, Major League Baseball, the National Football League and more. on.wsj.com/2eZJ4dy
– Abigail Johnson will succeed her father as chairman of Fidelity Investments early next month, solidifying her control of the Boston money manager. on.wsj.com/2fW0wfG
FT
* A powerful earthquake rocked northern Japan on Tuesday, the Japan Meteorological Agency said, generating a tsunami that hit the same region devastated by a massive quake, tsunami and nuclear disaster in 2011.
* Michael Sherwood, co-head of Europe at Goldman Sachs is retiring, after a three decade long career.
* Long-time Fidelity Investments Chairman Edward C Johnson III will retire next month and will be succeeded by his daughter, Abigail Johnson, the company said on Monday.
NYT
– Exxon Mobil, which has been accused of scheming to pay surrogates to deny the threat of climate change, is trying to turn the tables by calling its opponents the real conspirators. It is fighting state attorneys general, journalists and environmental groups in an all-out campaign to defend its image. http://nyti.ms/2gwSdKH
– Donald Trump’s charitable foundation will not be paying any of the $25 million settlement to resolve a series of lawsuits concerning Trump University. Representatives for Trump sent a letter on Friday to Eric Schneiderman, the New York State attorney general, stating that no funding for the settlement would come from “any charitable foundation or other charitable entity.” http://nyti.ms/2gwWga9
– Facebook owned Instagram is rolling out two more new features. The company is unveiling one feature focused on live video and one on ephemeral messaging. The new features thrust Instagram more directly into competition with Twitter and into a heightened rivalry with Snap. http://nyti.ms/2gwWYUy
Canada
THE GLOBE AND MAIL
** Donald Trump has unveiled plans for his first 100 days in the White House, including withdrawing from a massive Pacific Rim trade pact, cracking down on visa abuse and easing restrictions on the development of shale energy and coal. https://tgam.ca/2gc0bow
** The British Columbia government is pledging to act “quickly” to revise farm tax breaks so they can’t be exploited by investors who buy agricultural land but do little or no farming. https://tgam.ca/2gbZwmN
** The economic impact of a large earthquake would lead to massive financial losses and “put the national economy in jeopardy,” according to a new report from the Conference Board of Canada. https://tgam.ca/2gbX7sj
NATIONAL POST
** The federal government’s plan to phase out coal-fired power ahead of schedule will affect taxpayers in Nova Scotia, New Brunswick and Saskatchewan, but have little effect in Alberta, the province with most coal-generated electricity plants in the country. http://bit.ly/2gbZnA3
** Shares of Canada’s largest solar panel maker slumped Monday as its prospects for profitability dimmed amid a supply glut that is casting a shadow over the entire industry. http://bit.ly/2gc0Ypr
** Wind Mobile is changing its name to Freedom Mobile in an attempt to ditch lingering baggage associated with its brand before it launches its new LTE network in its biggest markets, Toronto and Vancouver. http://bit.ly/2gbTDWK
Britain
The Times
Michael Sherwood, the most senior British executive at Goldman Sachs Group Inc, is to leave, bringing an end to a 30-year career that recently became embroiled in the BHS collapse. http://bit.ly/2fWCMbk
The amount of money in a bank that is safeguarded by the government is expected to be raised early in the new year after the Bank of England said on Monday it was considering restoring the deposit guarantee limit to 85,000 pounds ($106,190.50) only a year after it was cut 75,000 pounds. http://bit.ly/2fWCu4h
The Guardian
Citigroup Inc has replaced HSBC Holdings Plc and joined JPMorgan Chase & Co to top a list of banks potentially posing the greatest risks to the global financial system in, according to an annual ranking by the Financial Stability Board. http://bit.ly/2fWMeeA
Patients could be told to bring two forms of identification including a passport to hospital to prove they are eligible for free treatment under new rules to stop so-called health tourism. The most senior official in the Department of Health told MPs on Monday that he was looking at making hospitals check patients’ papers to find out whether they should be paying, a proposal he admitted was “controversial”. http://bit.ly/2fWJQoq
The Telegraph
Britain’s aerospace industry is pitching for a slice of the 2 billion pounds pledged by Prime Minister Theresa May to boost science and technology research, saying the cash will help deliver high-skill, high-value jobs for the country. http://bit.ly/2fWGBNF
IBM Corp has committed to a multi-million pound project to build four new data centres in UK, the latest in a series of UK investments by major U.S. technology groups. http://bit.ly/2fWD4it
Sky News
Chesnara Plc, owner of Countrywide Assured, is in advanced talks to buy Legal & General Group Plc’s Dutch operations, in the latest example of European insurance industry consolidation. http://bit.ly/2fWB89A
Prime Minister Theresa May has promised to cut business tax to the lowest level in the G20 but has come under fire for watering down plans to put workers on company boards. In a bold pledge in her first speech to a CBI conference, May suggested the government could cut corporation tax below the 15 percent promised by Donald Trump during his campaign. http://bit.ly/2fWN9vy
The Independent
Richard Branson’s Virgin Group is to help bankroll a campaign set up in secret by Blairite former ministers and advisers to derail Brexit, according to an email seen by the Independent. http://ind.pn/2fWKTEE
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