Opening Bell: 2.14.17

Credit Suisse piles on more job cuts; Morgan Stanley goes all-in on China; Playboy prints nudes again; and more.
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Credit Suisse to Eliminate 5,500 Jobs in Latest Cost-Cutting Drive (NYT)

“We will not relent on the pace of cost reductions going forward,” Mr. Thiam said during a conference call with analysts on Tuesday. A spokesman said that the bank first targeted consultants and contractors as part of its job reductions and that those jobs reflected the majority of last year’s cuts.

Goldman Sachs simulations point to a problem for global growth: The Trump White House (CNBC)

"Our simulations suggest that Mr. Trump's policies could boost growth slightly in 2017 and 2018, but are likely to weigh on growth thereafter if trade and immigration restrictions are enacted," Goldman said. "Moreover, the risks around our base case appear asymmetric: a larger fiscal package could boost growth moderately more in the near term, but a more adverse policy mix would likely lead to a significant slowdown, higher inflation, and tighter policy in subsequent years."

Down on China? Not Morgan Stanley (FT)

Positive views on parts of China get more rare the further you travel from Beijing. As the report notes, international investors hold their most extreme underweight position on Chinese equities of any point in the past decade. With that in mind, few if any big international banks we can think of have nailed their colours to the mast quite so comprehensively as MS has just done.

Murders, robberies of drivers in Brazil force Uber to rethink cash strategy (Reuters)

On a Thursday night last September, Uber driver Osvaldo Luis Modolo Filho accepted a ride request from a teenage couple on the eastern edge of Sao Paulo, to be paid in cash. A few blocks from their destination, the passengers drew two blue-handled kitchen knives. They repeatedly stabbed the 52-year-old and drove away with his black SUV as he lay bleeding in the road. Two of his fatal wounds were so deep police would first mistake them for bullet holes. Uber said he was its first driver to be murdered in Brazil. He would not be the last.

Killed This but Forgot to Stuff Garlic in its Mouth (Cliff Asness)

Employee stock options are, always have been, and always should be, accounted for by all honest people as an expense. Pretend social justice warriors should focus elsewhere.

US Weekly mocks Sean Spicer with some pretty sound investment advice (Yahoo)

In response to a story published by the Washingtonian about the White House possibly seeking his replacement, Press Secretary Sean Spicer tweeted, “Getting government updates from @Washingtonian is like getting stock tips from @USWeekly.” US Weekly responded. But its response wasn’t as snarky as it could’ve been. In fact, it was arguably sound investment advice. “Thanks, Spicey!” the US Weekly Twitter account exclaimed. “@USWeekly does not recommend investing in individual stocks. Stick with a broad mix of low-cost index funds.”

Anatomy of a Bull Market (Newfound Research)

The current bull market is slow by historical standards. It ranks 17th in velocity out of the 23 market cycles that we studied. This same phenomenon occurred in the bull market that followed the Great Depression, the only bear market that was more severe than the Financial Crisis.

Playboy, Shedding a Policy Change, Brings Back Nudes (NYT)

“When you have a company, and the founder is responsible for kick-starting the sexual revolution, and then you pluck out that aspect of the company’s DNA by removing the nudity, it makes a lot of people, including me, sit and say, ‘What the hell is the company doing?’”

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