Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Topics today include:
Investors Buy High and Sell Low
ETFs Gaining Dominant Use by Investment Advisors
The Rich Want Robo Advisor Tools
Oil Shortfall Could be Coming
Twitter Bot Fools Trump Fans
Why One Fed Official is Smarter than the Rest
Bond Market Sees No Inflation for 10-15 Years
Bond Market Shows Little Risk of Impending Recession
Iran File Suit for $2 Billion from U.S.
Articles about events, conflicts and disease around the world
OPEC Turmoil Could Turn IEA’s Balanced Market Into Shortfall (Bloomberg) The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output disruptions, that will turn into a significant shortfall.
Einstein 2.0: gravitational waves detected for a second time (Reuters) The ground-breaking detection of gravitational waves, ripples in space and time postulated by Albert Einstein 100 years ago, that was announced in February was no fluke. Scientists said on Wednesday that they have spotted them for a second time. The researchers said they detected gravitational waves that washed over Earth after two distant black holes spiraled toward each other and merged into a single, larger abyss 1.4 billion years ago. That long-ago violent collision set off reverberations through spacetime, a fusion of the concepts of time and three-dimensional space. These gravitational waves were observed by twin observatories in the United States late on Dec. 25, 2015 (early on Dec. 26 GMT). The detectors are located in Livingston, Louisiana, and Hanford, Washington. Here is a beautiful rendition of a black hole from R&D:
ATwitter Bot Is Beating Trump Fans (The Daily Beast) Many Donald Trump supporters on Twitter spent Tuesday afternoon unknowingly arguing with a robot. @Assbott, which mostly tweets about professional wrestling and baseball, was created to immediately reply to Trump’s tweets, then respond with nonsense sentences to any user who interacts with it. But many of the presumptive Republican nominee’s fans didn’t recognize it wasn’t a person and continued fighting with it until they finally abandoned the conversation. About 10 users per hour continued tweeting at @Assbott well into Tuesday night
New Evidence Donald Trump Didn’t Pay Taxes (The Daily Beast) David Cay Johnston reviews court records from Donald Trumps past income tax cases. The story is too complex to summarize - you'll just have to read it.
One Fed official thinks the Fed should raise rates one more time in 2016, hold rates steady until 2018, and then ...(Business Insider) Along with the Federal Reserve's latest monetary policy statement (in which the Fed kept rates pegged at 0.25% to 0.50%), the Fed also submitted its latest "dot plot," which is a forecast from each of the Fed's 17 members. But something curious happened this time around. For one thing, with markets expecting no more rate hikes in 2016, the dots showed that everyFed official expects at least one more 0.25% rate hike this year. Additionally, one Fed official then projected it would not be appropriate for the Fed to raise interest rates in 2017 or 2018. And what's more, one official declined to give a projection for where interest rates are likely to be over the longer run. (Econintersect: This last official is obviously the wisest of them all.) For complete detailed coverage of the Fed meeting today see 15 June 2016 FOMC Meeting Statement: Federal Funds Rate Was Not Changed.
Egypt Says It Found Main Wreckage Sites of Lost EgyptAir Jet (Bloomberg) Investigators found the main wreckage sites of EgyptAir Flight 804, which crashed last month with 66 people on board. A search mission has obtained images of the Airbus Group SE A320 jetliner’s wreckage, Egypt’s aviation ministry said in a statement. It didn’t specify the location. The sites were found by the John Lethbridge, a vessel from Deep Ocean Search Ltd. that joined the hunt to scan the ocean floor, the ministry said.
Iran files complaint with ICJ to recover $2 billion frozen in U.S. (Reuters) Iran has filed a formal complaint with the International Court of Justice to recover nearly $2 billion in assets frozen in the United States, Iranian President Hassan Rouhani said on Wednesday. The U.S. Supreme Court ruled in April that the assets must be turned over to American families of people killed in the 1983 bombing of a U.S. Marine Corps barracks in Beirut and other attacks blamed on Iran.
Russia doping: New Wada report reveals obstructions to testing (BBC News) Anti-doping officials in Russia are being stopped from testing athletes and threatened by security services, says a World Anti-Doping Agency report. The report was published two days before athletics' governing body rules on whether Russian competitors can take part in the Rio Olympics this summer. In November, Russia's athletes were banned after a Wada report highlighted widespread failing in testing. The country's athletics chiefs had pledged to make wholesale changes
Other Scientific, Health, Political, Economics and Business Items of Note - plus Miscellanea
Mutual fund investors continue to suffer from buying high, selling low: Morningstar (Investment News) Mutual fund investors continue to suffer the consequences of their actions by sometimes zigging when they should be zagging to try and navigate market conditions. The latest research from Morningstar measuring investor performance against the performance of mutual funds in which they invest, shows that investors still face challenges in using mutual funds correctly. Investors, on average, make more than 1% less that a fund would return if bought and held.
Changes afoot in how advisers manage portfolios (Financial Planning) In less than a decade, ETFs have become the most important investment tool in advisers’ toolboxes. More than 80% of industry pros now use the passive funds – that’s double from 10 years ago, according to a recent study by the FPA. Other dramatic wealth management shifts, from the reasons planners now give for rebalancing asset allocations, to the outlook on the U.S. economy, were revealed by the FPA’s Trends in Investing survey. Click through the slideshow to learn more about strategies advisers – or their competitors – are utilizing today.
Both the United States and Europe are showing more economic improvements than expectations.
Economic data from Japan indicates improvements.
The weaker dollar has led to emerging market outperformance.
Are these improvements strong enough to withstand the Brexit uncertainty?
Johnson Publishing announces sale of Jet, Ebony magazines (Omaha.com) Ebony and Jet magazines, which have chronicled African-American life for the past 71 years, have been sold to an Austin, Texas-based private equity firm. Johnson Publishing Co. announced Tuesday that Ebony and digital-only Jet were sold to Clear View Group but didn't disclose the sale price. The Chicago Tribune reports (http://trib.in/1VYkBDc ) Johnson Publishing will retain its Fashion Fair Cosmetics business and its Ebony photo archive, which is for sale.
Robo surprise: What we didn't see coming (Financial Planning) Investment advisors and financial planners saw the value of automated software in addressing the needs of clients with small investment accounts. What they didn't foresee was the demand for "robo planning" among high net worth clients. View slide show.
How is Your Day Going (Doug O'Dell, Facebook)
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